Citi withdraws from China International Capital Corporation and rehires China Jianyin Investment; Zhengya Dental Clinic makes a second attempt at IPO

Recently, Zhejiang Zhengya Dental Co., Ltd. (hereinafter referred to as “Zhengya Dental”) has initiated IPO counseling.

Zhengya Dental’s core product is invisible braces, which have served approximately 1.5 million patients, ranking third in the industry, only behind Angelalign and Invisalign.

With such a prominent position in the market, Zhengya Dental has long had plans to go public.

As early as May 2023, Zhengya Dental completed its first IPO counseling registration with the Zhejiang Securities Regulatory Bureau, but the process was ultimately halted.

Now, as it reattempts its IPO, Zhengya Dental has undergone a major change in its sponsorship institutions.

Note from XinFeng: During the previous IPO counseling process, Zhengya Dental’s sponsors included China International Capital Corporation (CICC) and Guohai Securities, but this time, CITIC Construction Investment has been appointed.

From an industry perspective, it is no easy feat for dental companies to pursue an A-share IPO.

Jiahong Dental once ambitiously aimed for a Shenzhen Stock Exchange ChiNext IPO in 2021 but withdrew at the last minute before the hearing.

Since then, Jiahong Dental has shifted its strategy to the Beijing Stock Exchange and completed IPO counseling in December 2025, but there has been no further progress on the IPO so far.

In terms of commercialization, the industry faces certain pressures.

On one hand, the National Healthcare Security Administration officially issued the “Guidelines for the Establishment of Oral Medical Service Price Items (Trial)”, standardizing the pricing of public hospital oral medical services, with a focus on orthodontic treatment prices. This breaks the previous “tacit understanding” where medical institutions and brands set prices independently, significantly compressing profit margins across the entire industry chain.

On the other hand, adult orthodontic projects costing tens of thousands of yuan have strong discretionary consumption attributes, and market demand has shown signs of temporary weakness.

Under the multiple impacts of stricter policy regulation, market prices returning to rationality, and weakening consumer demand, whether Zhengya Dental’s second IPO counseling with CITIC Construction Investment can succeed remains uncertain.

Risk Warning and Disclaimer

Market risks exist; investments should be cautious. This article does not constitute personal investment advice and does not consider individual users’ specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investment is at your own risk.