Jin Xing launches So-Young (ζ°ζ°§), a community where users review cosmetic procedures and book the surgeons who do them.
Wikipedia
2018
π¦
2018
Joins the unicorn club
Late private funding values China's biggest medical-aesthetics platform above $1B.
Crunchbase
May 2019
May 2019
Rings the Nasdaq bell
The IPO prices at about a $1.38B valuation, and the stock pops on debut.
Nasdaq
2019
π
2019
The peak: $1.82B$1.82B
The post-IPO high crowns the face of China's cosmetic-surgery boom.
Macrotrends
2021
2021
Beijing cracks down on beauty
Regulators tighten the screws on medical-aesthetics marketing while fake-review and clinic-quality scandals sap trust across the sector.
Reuters
2021
π
2021
Slips out of the club
Margins shrink, the stock keeps sliding, and So-Young falls below the $1B line.
Macrotrends
2025
2025
A tenth of the peak
The market cap hovers near $0.2B despite a partial rebound.
stockanalysis
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)
