Sage Bella has passed the HKEX listing hearing; Tencent and GaoRong Capital are shareholders—the largest postpartum care and rehabilitation group in Asia.

According to a Hong Kong Exchanges and Clearing (HKEX) disclosure dated June 9, Sage Bella Limited has passed the listing hearing for the Main Board of the HKEX, with UBS Group and China International Capital Corporation (CICC) serving as joint sponsors. Compiled | Prospectus Edited | Arti This article is for informational purposes only and does not constitute any trading advice. Xiang Hua, aged 37, holds bachelor’s and master’s degrees from Oxford University. After a senior executive career at UBS, he returned to China to launch his own venture—a move that undoubtedly added multiple layers of prestige to his company. In 2017, he founded Sage Bella, embarking on his entrepreneurial journey with a vision to reshape the family care industry. Xiang Hua was named to Fortune China’s 2024 “40 Under 40” list of top business leaders in China. Per the prospectus, Sage Bella is China’s leading postpartum care and rehabilitation group, also offering family care services and women-focused nutritional food products. The company aims to become Asia’s leading integrated family care brand group by continuously expanding its portfolio—strengthening its presence in existing business segments and markets, launching new products to enter emerging sectors such as elderly care, and extending its service network beyond its current operational footprint in mainland China, Hong Kong, Singapore, and the United States into promising new markets. According to Frost & Sullivan, Sage Bella is: (i) the largest postpartum care and rehabilitation group in Asia and China (measured by revenue from maternity centers in 2024); (ii) China’s fastest-growing scaled postpartum care and rehabilitation group (measured by compound annual revenue growth from 2022 to 2024); and (iii) the first maternity center operator headquartered in mainland China to expand operations outside the mainland. In 2024, the company held approximately 1.2% of the market share in mainland China’s maternity center segment (measured by revenue). During the reporting period, the company operated the following core business lines: Maternity Centers: The company provides postpartum care and rehabilitation services through maternity centers, most of which are located in leased premium hotels. It operates these centers under three brands: Sage Bella (a luxury flagship brand targeting high-net-worth families), Ai Yu (a premium brand targeting upper-middle-income families, emphasizing mental wellness through soothing environments), and Xiao Sage Bella (a light-luxury brand targeting young middle-class families). Family Care Services: Under the Yu Jia brand, the company arranges skilled infant caregivers to deliver customized home-based care services. Food Products: The company primarily sells food products via e-commerce platforms, catering to women’s nutritional needs across different life stages. Most Sage Bella maternity centers are situated within premium hotels, while some operate as standalone Sage Bella centers. This high-end accommodation experience complements the company’s postpartum care services, delivering consistently superior, standardized, and personalized professional care. Its asset-light strategy—including flexible leasing arrangements with hotels—not only facilitates rapid expansion but also minimizes capital expenditure and shortens the payback period for new centers. Sage Bella’s food business operates through Guanghe Tang, a brand acquired by the company in October 2021. With over two decades of expertise in nutrition, health, and wellness, Guanghe Tang is one of China’s leading players in women-focused food products.

Technology-empowered industry leader in home care—Sage Bella delivers outstanding interim financial results.

According to the announcement, in the first half of 2025, Sage Bella Group (including entrusted-managed maternity centers) generated total revenue of RMB 523 million, representing a 35% year-on-year increase. Of this, the Group’s consolidated revenue amounted to RMB 450 million, up 25.6% year-on-year—reflecting steady growth in its core businesses. Revenue from entrusted-managed centers reached RMB 73 million, surging 160% year-on-year, underscoring the strong effectiveness of its asset-light model. Concurrently, the company achieved full profitability, recording net profit of RMB 327 million and adjusted net profit of RMB 38.8 million, with an adjusted net profit margin of 8.6%, up 3.8 percentage points year-on-year. Accompanying this financial growth is comprehensive store expansion across Sage Bella’s network. In the first half of the year, the company opened 36 new locations, bringing its global total to 113 stores—further increasing its market share. Given the pronounced Matthew effect inherent in the postpartum care industry, Sage Bella’s aggressive expansion has accelerated market consolidation, cementing its position as the de facto industry leader. Sage Bella’s dual growth in revenue and net profit stems primarily from across-the-board improvements in gross margin: overall gross margin rose from 34.0% in the same period last year to 37.6%, an increase of 3.6 percentage points. Its three core business segments—maternity centers, family care services, and health food—performed especially strongly. As the core pillar of the business, the maternity center segment leveraged its global network of 113 locations to generate total revenue of RMB 460 million from both entrusted-managed and self-operated centers—a 36.5% year-on-year increase. Self-operated maternity center revenue reached RMB 387 million, up 25.3% year-on-year. This growth was driven by enhanced service quality and operational efficiency: Sage Bella’s secondary sales and repeat-purchase rate hit a record high of 93.8%, while customer referral rates rose to 40.2%. Meanwhile, membership numbers surged 105.8% year-on-year, reflecting heightened customer recognition and strengthened brand influence. According to the announcement, the company plans to continue actively opening new maternity centers in the second half of the year while further optimizing operational efficiency to ensure steady performance growth. Family care services—serving as both a strategic complement to maternity centers and an extension of the company’s care service scope—also delivered robust results. In the first half of 2025, revenue from family care services increased sharply by 41.7% year-on-year, with gross margin remaining stable at 36.5%, up 1.4 percentage points year-on-year. A total of 3,150 certified infant caregivers and the newly launched ‘100-Day Accompaniment’ bundled sales product were key drivers behind this strong performance. The synergy between service delivery and product innovation has earned high customer approval, with both contract duration and average service length showing significant increases during the reporting period. Additionally, Sage Bella’s health food strategy—anchored by its acquisition of Guanghe Tang—has seen sustained investment and development in recent years.

Barentz strengthens APAC leadership for personal & home care division

just now

Barentz BV appointed Phia Shuan Heng as head of personal & home care for Southeast Asia and expanded Rushina Dudhwala's role to strengthen APAC leadership and customer relationships effective September 21.

chemweek

2026-09-22

Barentz strengthens APAC leadership for personal & home care division

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