Core Insights - Anew Health Ltd. is preparing for a Nasdaq IPO aiming to raise approximately $7.2 million, with a valuation of up to $200 million, focusing on pain relief through traditional Chinese medicine (TCM) principles [2][8] Company Overview - Established in 2007, Anew operates four pain management centers in Hong Kong under the ANKH brand, utilizing non-invasive treatments based on TCM concepts [5] - The company combines TCM with modern technologies such as lasers and ultrasound to address pain and health issues [6] Financial Performance - Anew's revenue for the latest fiscal year was $40 million, a slight decrease from $40.8 million the previous year, while contracted sales increased nearly 20% to $39.5 million [7] - Average spending per customer rose by 3.2% to $6,478, and the number of customers served increased by 15.5% to 10,039 [9] Expansion Plans - The company plans to allocate over half of its IPO proceeds for expansion in Hong Kong and other markets with significant Asian populations, including Singapore, Malaysia, Japan, South Korea, Canada, and the U.S. [10][12] - Anew intends to use 30% of the funds for a new service center in Hong Kong and 25% for centers in other markets [10] Cost and Profitability - Anew's net income fell by about 50% to $5.5 million due to increased operational costs associated with expansion and one-time bonuses [13] - The company reported a working capital deficit of approximately $7.8 million, although it maintains a solid cash position with $11 million available [14] Valuation Metrics - The IPO pricing range suggests a valuation between $200 million and $300 million, resulting in a price-to-sales (P/S) ratio of 5 to 7.5, which is higher than some peers but reflects Anew's profitability [15][16]