According to the Hong Kong Stock Exchange disclosure on August 19, Future Wear Health Technology Co., Ltd. (referred to as "Future Wear") has submitted its listing application to the main board of the Hong Kong Stock Exchange, with CSCI International acting as the sole sponsor. The company previously filed its listing application on December 17, 2025.

Company Overview

According to the prospectus, Future Wear is a health technology company that develops smart devices for relaxation, recovery, and daily health management, with its product portfolio encompassing wearable devices and home products. The product lineup includes smart relaxation wearable devices, fitness recovery and body-shaping equipment, smart health watches, and health-focused home products. Many of the company's products incorporate established health technologies such as medium-frequency pulses and transcutaneous electrical nerve stimulation (TENS), both of which are commonly used therapies for pain relief and muscle rehabilitation, integrating proven technology into lightweight consumer devices for daily health management.

The company's products are designed for everyday life scenarios, including home, office, fitness, and travel settings, addressing needs such as alleviating discomfort, tracking key health indicators, supporting fitness recovery, and promoting household health, offering both immediate relief and long-term health management. The company also applies technologies widely used in the medical field to consumer electronics, helping to bridge the gap between professional medical standards and personal health tools.

The company is a well-known provider of smart relaxation wearable solutions for the neck and waist, and also offers smart relaxation wearable devices suitable for the shoulders, waist, eyes, knees, and legs. The products combine pulse stimulation, kneading, heat therapy, and red light technology to provide users with non-invasive daily relaxation. Users can adjust massage techniques and intensity through a mobile app and upgrade massage modes online. Core technologies include TENS, which blocks pain signal transmission through electrical stimulation.

As of May 31, 2026, the company holds 1,554 registered patents globally, including 306 granted invention patents, and has also submitted 447 pending patent applications, including 384 invention patent applications. The company's design capabilities have been recognized with numerous awards, including the Red Dot Design Award and the iF Design Award.

According to Frost & Sullivan data, measured by gross merchandise value, the company ranks first among domestic players in China's smart relaxation wearable device industry, holding a domestic market share of 21.6% in 2025. The company has also played a leading role in formulating the national standard for "Household and Similar Use Low-Frequency Massage Devices" under the guidance of the Ministry of Industry and Information Technology, contributing to the formalization of industry standards for smart relaxation wearable devices.

Financial Data

Revenue

For the fiscal years 2023, 2024, 2025, and the five months ended May 31, 2026, the company generated revenue of approximately RMB 1.046 billion, RMB 1.045 billion, RMB 1.218 billion, and RMB 646 million, respectively.

Gross Profit

For the fiscal years 2023, 2024, 2025, and the five months ended May 31, 2026, the company recorded gross profit of approximately RMB 514 million, RMB 510 million, RMB 603 million, and RMB 311 million, respectively.

Annual/Period Profit

For the fiscal years 2023, 2024, 2025, and the five months ended May 31, 2026, the company recorded annual/period profits of approximately RMB 127 million, RMB 135 million, RMB 132 million, and RMB 62 million, respectively.

Industry Overview

Smart health wearable devices refer to intelligent devices worn on the human body that deeply integrate AI, the Internet of Things, high-precision biosensing, and big data analytics technologies, designed to provide scenario-based, personalized, and closed-loop health management services. These devices continuously collect multidimensional physiological and environmental signals through high-precision sensors and utilize real-time AI algorithms to analyze data, generating actionable insights, issuing timely alerts, and providing personalized health recommendations or interventions.

In 2025, the global sub-health population was estimated at 5.35 billion people, accounting for 65.3% of the world's population, highlighting this as a widespread public health concern. Analyzed by age structure, the 25 to 44 age group has the highest prevalence rate at 88.7%, primarily attributed to enormous work pressure, irregular lifestyles, and psychosocial stress. The 45 to 64 age group follows closely with a prevalence rate of 81.4%, influenced by cumulative health risks and long-term stress exposure.

In 2020, the global smart wearable health device market reached USD 26.4 billion. By 2025, this technology's global market grew to USD 46.6 billion, representing a compound annual growth rate (CAGR) of 12.1% from 2020 to 2025. Driven by increased health awareness and growing emphasis on active health management such as exercise and relaxation, the smart relaxation wearable device segment has also experienced rapid growth. This segment expanded from USD 4.9 billion in 2020 to USD 9.1 billion in 2025, with a CAGR of 13.1%, and is expected to reach USD 18.6 billion by 2030.

The "others" segment, which includes smart hearing aids and smart ventilators, is growing steadily as an independent category. Looking ahead, with breakthroughs in non-invasive detection technology and improvements in the medical insurance payment system, smart health watches are expected to become the core gateway for personal health management. This market is projected to exceed USD 11 billion by 2030. As a key segment of this market, smart health early-warning watches are positioned for proactive health management, focusing on early disease detection and emergency intervention. They utilize high-precision sensors and AI algorithms to conduct real-time monitoring and proactive alerts for major health risks such as arrhythmia, abnormal blood pressure, and falls, while also capturing pathological signals. They can assist in clinical decision-making or home-based chronic disease management. Compared to general smart watches, they offer more professional health monitoring and warning mechanisms with stronger medical attributes. The market size of this segment has expanded from USD 1.7 billion in 2020 to USD 4.1 billion in 2025, achieving a CAGR of 19.7%.

China's smart monitoring and tracking wearable device market also holds the largest share. Within China's smart health wearable market, the two largest sub-markets are smart watches and smart patch-type monitoring devices. The former grew from RMB 22.4 billion in 2020 to RMB 42.6 billion in 2025, achieving a CAGR of 13.7%, and is expected to reach RMB 86.5 billion by 2030. The latter increased from RMB 0.9 billion in 2020 to RMB 2.9 billion in 2025, with a CAGR of 25.2%, and is expected to reach RMB 6.7 billion by 2030. China's smart health watch market grew from RMB 2.7 billion in 2020 to RMB 6.9 billion in 2025, with a CAGR exceeding 20.4%. It is expected to reach RMB 22.8 billion by 2030, with a CAGR exceeding 25.5% from 2026 to 2030.

Looking forward, as the consumer market becomes increasingly segmented and application scenarios expand, particularly with the rising user proportion and penetration rate in lower-tier markets such as third- and fourth-tier cities, coupled with the coverage of primary healthcare networks, China's smart health early-warning watch market is expected to grow further. The continuous expansion of community health service centers and village clinics has raised health monitoring awareness among residents in underserved areas, driving demand for smart health early-warning watches.

Board Information

The board of directors will consist of six directors, including two executive directors, one non-executive director, and three independent non-executive directors. Directors serve a term of three years and may be re-elected upon expiration of their term.

Ownership Structure

As of the latest practicable date (August 12, 2026), Mr. Liu, Ms. Xu, Xiao'e Ballet, and Future Life Investment are the controlling shareholders of the company. Among them, Future Life Investment holds 69.67% of shares, Mr. Liu directly holds 8.82%, Ms. Xu directly holds 5.45%, and Xiao'e Ballet holds 2.00%. Together, the four parties collectively control 85.94% of the company's voting rights pursuant to a concert party arrangement.

Intermediary Team

Sole sponsor: CSCI International Capital Limited. Company legal counsel: Cooley HK for Hong Kong and US law; Beijing Guofeng Law Firm for PRC law. Sole sponsor legal counsel: Jia Yuan Law Offices for Hong Kong and US law; Beijing Jingtian & Gongcheng Law Firm for PRC law. Reporting accountant and independent auditor: Ernst & Young. Independent property valuer: Jones Lang LaSalle Corporate Appraisal and Advisory Limited. Industry advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch. Compliance advisor: Hongbo Capital Limited.