2025-12-30
Pet Hospital Chain Ringpai Eyes Hong Kong IPO Amid Weak Performance
The company hopes to become Hong Kong's first publicly listed pet hospital chain, hoping investors will overlook its weak performance metricsKey Takeaways:Ringpai has filed to list in Hong Kong, reporting cumulative losses of 450 million yuan over the past three yearsThe pet hospital operator continued to bleed red ink in the first half of this year, reporting a loss attributable to ordinary shareholders of 28.42 million yuanPet ownership has surged as a lifestyle choice among increasingly affluent Chinese in the last two decades, fueling early investor enthusiasm about the sector's big potential. But the reality has been far less to bark about, with most pet-oriented businesses offering up options that often leave investors in the financial doghouse.One of those is veterinary leader New Ruipeng, whose recent struggles included a failed attempt at a U.S. listing a couple of years ago. Now, Ruipeng's biggest rival, Ringpai Veterinary Hospital Management Holdings Co. Ltd., is hoping to find its own home in the financial markets with its filing this month for an IPO in the hot Hong Kong market.Ringpai founder Li Shoujun is certainly qualified for the job, graduating from Inner Mongolia Agricultural University in 1988 and earning a PhD in preventive veterinary medicine from China Agricultural University in 2005. He worked at Tianjin Fuyuan Food from 1988 to 1997, before striking out on his own between 1998 and 2001 to establish Ruipu (Tianjin) Biological Pharmaceutical and Ruipu (Baoding) Biological Pharmaceutical.Leveraging his extensive background in animal health and growing business savvy, Li spotted an opportunity presented by China's booming economy and rising wealth, which were fueling a new craving for pet ownership. Catering to that demand, he founded Ringpai in 2012, betting that pet healthcare would quickly become a big business.Top-tier investors have agreed with Li's vision. The company's backers include the likes of ...Full story available on Benzinga.com