Core Viewpoint - Anew Health, a Hong Kong-based company utilizing traditional Chinese medicine principles for pain management, plans to raise approximately $7.2 million through an IPO in the U.S., with a valuation cap of $200 million [1][2]. Company Overview - Anew Health has submitted an IPO application in the U.S. to promote its pain treatment technology based on traditional Chinese medicine [2]. - The company operates four pain management centers in Hong Kong under the "ANKH" brand and was founded in 2007 [5]. - Anew Health employs non-invasive, non-drug therapies focusing on the body's internal life force, referred to as "Qi and blood" in traditional Chinese culture [5][6]. Financial Performance - For the fiscal year ending March 2025, Anew Health reported total revenue of $40 million, slightly down from $40.8 million in the previous year. However, contract sales increased nearly 20%, rising from $33.2 million to $39.5 million [6]. - The average spending per customer grew by 3.2% year-on-year to $6,478, while the number of clients served increased by 15.5%, from 8,692 to 10,039 [6]. Expansion Plans - Anew Health plans to allocate 30% of the IPO proceeds for new service centers in Hong Kong and 25% for establishing centers in other markets [7]. - The company is considering expansion into countries such as Singapore, Malaysia, Japan, South Korea, Canada, and the U.S., targeting areas with significant Asian populations familiar with traditional Chinese medicine [7]. - The workforce has increased by 19% to 175 employees, with a focus on supporting business expansion [7]. Valuation and Market Position - Anew Health's valuation is estimated between $200 million and $300 million, with a price-to-sales ratio (P/S) of 5 to 7.5 times, which is at the high end of the global industry trading range [8]. - The company has achieved profitability, which is a distinguishing factor compared to many peers in the industry, potentially justifying its premium valuation [8].