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So-Young International

Medical aestheticsChina
πŸ“‰ Public < $1B
PeakΒ $1.82 BillionToday
~-89%
from peak
  1. πŸ¦„
    Became a unicorn
    2018
  2. πŸ“ˆ
    Peak valuation
    $1.82 Billion ’19
  3. πŸ’”
    Became a Unitard
    2021
  4. πŸ’Έ
    Last valuation
    ~$200M
Current status
Listed on Nasdaq (SY) at roughly $0.2B market cap β€” down nearly 90% from its 2019 peak

How it happened

So-Young International (ζ–°ζ°§) was China's leading online platform for discovering, reviewing and booking medical-aesthetic procedures β€” effectively a marketplace and community for cosmetic surgery. It listed on Nasdaq in May 2019 at about $1.38B and peaked near $1.82B, but tightening regulation of the medical-aesthetics industry, fake-review and quality scandals across the sector, and shrinking margins eroded its value. The stock has since traded near $0.2B β€” down roughly 90% from its peak β€” leaving it long below the $1B unicorn line despite a recent partial rebound.

Source: Macrotrends / stockanalysis / Nasdaq (China's leading medical-aesthetics platform; May 2019 Nasdaq IPO at ~$1.38B, peak market cap ~$1.82B; regulatory pressure and losses; market cap ~$0.2B in 2025-26, far below $1B)

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