China’s largest ophthalmology chain plans dual listing as IPO pipeline reinforces Hong Kong’s financial relevance
China’s Eye Care Giant Looks to Hong Kong for International Capital
Aier Eye Hospital Group, China’s largest ophthalmology chain and one of the country’s most prominent listed healthcare companies, is planning a Hong Kong stock market listing, Bloomberg reported on Monday. The move would give the Changsha-based company, which already trades on the Shenzhen Stock Exchange under the code 300015, access to international institutional investors and a broader capital base as it continues to expand its global network. Aier Eye currently operates more than 760 eye hospitals and medical centres around the world, including approximately 649 facilities on the Chinese mainland, seven in Hong Kong, one in the United States, 94 in Europe including through its Spanish subsidiary Clinica Baviera, and 13 in Southeast Asia. The company had a market capitalisation of approximately $14.8 billion as of early 2026.
A Healthcare Company Built Over Two Decades
Founded in 2002 by Chen Bang, Aier Eye Hospital became the first publicly listed medical institution in China when it conducted its initial public offering on the Shenzhen Stock Exchange in 2009. Since then, it has grown aggressively through both organic expansion and acquisition, building what it describes as a multi-tier hospital network that covers everything from basic eye care to highly specialised surgical procedures including refractive surgery, cataract treatment, glaucoma management, and paediatric eye care. In 2013, the company established the Aier School of Ophthalmology at Central South University, cementing its role in training the next generation of ophthalmologists. Internationally, the company entered Hong Kong in 2015 through the acquisition of Hong Kong Asia Medical Group, and expanded into Spain and the United States in 2017. In 2019, it acquired a majority stake in SEC Healthcare in Singapore.
The Strategic Logic of a Hong Kong Listing
For Aier Eye, a Hong Kong listing would accomplish several strategic objectives simultaneously. It would raise capital for continued expansion in mainland China, where the demand for quality eye care is rising rapidly as the population ages and as digital device usage drives higher rates of myopia, particularly among young people. It would also provide the currency and the international profile to support further acquisitions in markets outside China, where the company has made clear it intends to grow. Hong Kong is an increasingly attractive venue for such fundraising. HKEX topped global IPO rankings in 2025, and the exchange’s pipeline of applications now exceeds 400 active listings under review.
The Broader IPO Wave
Aier Eye’s listing plans are part of the same wave of mainland Chinese companies choosing Hong Kong for international fundraising that has revitalised the city’s exchange over the past year. Victory Giant Technology, the printed circuit board maker linked to Nvidia’s supply chain, is also reportedly planning a Hong Kong listing worth more than $2 billion as soon as April. The dual-listing model allows companies already trading in Shenzhen or Shanghai to access foreign capital without abandoning their onshore listing or their domestic investor base. For Hong Kong, this wave of listings is strategically important. The city’s exchange has worked hard to adapt its listing rules to attract new types of companies, including pre-revenue biotech firms and technology companies with weighted voting rights structures. The results have been significant.
Governance Questions Shadow the Narrative
Any account of Aier Eye Hospital’s listing plans must also acknowledge the governance concerns that have shadowed the company. In December 2023, a viral video appeared to show a surgeon physically striking an elderly patient during surgery at a company-affiliated hospital. The company apologised and said the hospital had failed to report the incident internally at the time it occurred. More recently, the company’s founder and chairman Chen Bang, who has a reported personal fortune of approximately $11 billion, has been linked in Chinese media to questions about irregularities involving the national medical insurance system, an allegation the company has not confirmed. These controversies do not by themselves undermine the strategic logic of a Hong Kong listing, but they are factors that international institutional investors will scrutinise carefully during any due diligence process. The World Health Organization has documented a global shortage of ophthalmologists and the growing burden of preventable blindness, trends that represent a long-term tailwind for companies like Aier Eye regardless of short-term governance questions.
Hong Kong’s Financial Magnetism
What the convergence of the Victory Giant and Aier Eye listing plans illustrates is that Hong Kong’s exchange continues to exercise a gravitational pull on ambitious Chinese companies seeking international capital, even in a period of significant geopolitical turbulence. That is a tribute to the infrastructure, the legal framework, and the accumulated expertise that makes Hong Kong’s market function, and it is also a reminder that the city’s commercial vitality does not depend entirely on its political freedoms, however much those freedoms matter in their own right.
Pik Shan Leung
Investigative & Public Accountability Journalist, Apple Daily UK
Contact: pikshan.leung@appledaily.uk
Pik Shan Leung is an investigative journalist specializing in public accountability, governance oversight, and institutional transparency. Educated at a leading UK journalism school, she received formal training in investigative techniques, document analysis, and media law, preparing her for high-stakes reporting.
She has contributed investigative work to Apple Daily and other liberal Chinese publications, covering government spending, regulatory enforcement, and systemic misconduct. Her reporting relies on primary documents, verified data, and corroborated sources, ensuring accuracy and defensibility.
Pik Shan brings real-world newsroom experience handling sensitive investigations, including coordination with editors and legal review teams. Her work reflects disciplined sourcing practices and careful distinction between verified facts and allegations.
Her authority stems from sustained investigative output within established news organizations and adherence to strict editorial oversight. She follows transparency standards and correction protocols that reinforce reader trust.
At Apple Daily UK, Pik Shan Leung produces investigative journalism grounded in evidence, professional experience, and a commitment to holding institutions accountable through responsible reporting.
