A+H dual listings signal China healthcare’s shift toward global expansion

Hong Kong serves as a key platform for global capital access.

The recent surge in A+H dual primary listings in Mainland China and Hong Kong is emerging as a key strategic shift amongst healthcare companies, according to UOB.

The report noted that Hong Kong is increasingly being used as a strategic platform for companies to access international capital, attract talent, and expand overseas.

“It is a strategic response to the maturity of the domestic market and the immense opportunities of global expansion,” it added.

Beyond expanding globally for growth, Chinese healthcare companies are also advancing in AI diagnostics, surgical technology, smart hospital operations, drug R&D, and integrated digital platforms linking patients, providers, and payers.

Uob noted that Edge Medical is seeing strong overseas-led growth momentum. Management guided that 2026 performance may exceed expectations. Cumulative overseas surgical robot installations have now surpassed 100 units, with around 50 units added year-to-date—almost matching full-year 2025 deployments.

In China, market share has risen to about 30%, up from 22% in 2025, narrowing the gap with Da Vinci at roughly 37%. This expansion is supported by the MSP2000 system, which was approved in the EU in October 2025 and by NMPA in March 2026. The company is also planning share buybacks to support EPS.

At the same time, competition is intensifying, with peers such as Mindray and United Imaging Healthcare increasing investment in next-generation surgical robotics.

Aier Eye Hospital Group is also accelerating its overseas expansion through the acquisition of majority stakes in Clínicas do Brasil and Contact-Gel for about (BRL530m).

The deal creates an 81-centre ophthalmology platform across Brazil, marking a key step in its Latin America strategy.

The move also supports its broader A+H listing ambitions. Overseas revenue reached $458.43m (RMB3.1b) in 2025, up 16.5% year-on-year and accounting for 13.68% of total revenue. 

Meanwhile, ByteDance is expanding further into healthcare through a $887.28m (RMB 6b) investment in an AI-powered hospital complex in Beijing, which is expected to be completed by 2029.

The project marks a deeper push into offline healthcare delivery and will integrate AI capabilities into clinical services and hospital operations.

In parallel, ByteDance is spinning off its AI drug discovery unit Anew Lab into an independently funded entity, while retaining a controlling stake.

The platform is developing molecular structure prediction models and an end-to-end AI drug discovery system spanning molecule generation to virtual cell simulations.

It is also advancing early-stage drug candidates targeting autoimmune diseases, including psoriasis and ankylosing spondylitis, which are currently in preclinical development.