← Back to the club

So-Young International

Medical aestheticsChina
New to Unitard
πŸ“‰ Public < $1B
PeakΒ $1.82 BillionRecorded estimate
~-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 estimate
    ~$200M
Current status
Listed on Nasdaq (SY)

The rise & fall

7 moments Β· 2013–2025

The key moments.

2013
Founded in Beijing
Jin Xing launches So-Young (ζ–°ζ°§), a community where users review cosmetic procedures and book the surgeons who do them.
Wikipedia
2018
Joins the unicorn club
Late private funding values China's biggest medical-aesthetics platform above $1B.
Crunchbase
May 2019
Rings the Nasdaq bell
The IPO prices at about a $1.38B valuation, and the stock pops on debut.
Nasdaq
2019
The peak: $1.82B$1.82B
The post-IPO high crowns the face of China's cosmetic-surgery boom.
Macrotrends
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
Slips out of the club
Margins shrink, the stock keeps sliding, and So-Young falls below the $1B line.
Macrotrends
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)

Founder

  • Jin Xing
    Founder, Chairman & CEO
    No public profile matched

Disclosed investors (8)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round Β· Crunchbase β†— Β· 2026-10-23 Β· Methodology Β· Leaderboard

More from the club

Same fate Β· public market decline
Agora$5.01BJumia$5BREE Automotive$3.1BMicrovast$3BUcommune$3B
πŸ¦„