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China's Angelalign Tiger Growth Story

Updated: Dec 15, 2021




Earlier this year Goldman Sachs valued Angelalign at 28 B HK$. By Q3 2021, the company’s market valuation climbed to 59.3 B HK$ (+112% versus Q1 2021). The company’s IPO in June 2021 at HKSE was marked by the following highlights:


1. Stock price climbed as high HK$490 from the issue price of HK$173.

2. The relatively small number of new shares issued by Angelalign (11% of its stock → 16.8 million shares) led to an enthusiastic subscription by investors.

3. The top 25 investors allocated more than 50 percent of the offered shares. The global offering allowed company to raise 2.91 B HK$ (USD 375 M).


Shanghai-based Angelalign Technology Inc. and US based Align Technologies (brand: Invisalign) closely dominate the lion’s share of the fast-growing clear aligner market in Mainland China.Overall, the country’s clear aligner market is expected to grow to USD 11.9 billion by 2030 from USD 1.5 billion in 2020.


In FY 2020, Angelalign's revenue climbed to 816.5 M RMB from 645.9 M RMB in FY 2019 (+26% YoY). Besides this, the company’s Net Profit increased 2X from 67.7 M RMB in FY 2019 to 150.9 M RMB in FY 2020.


Soon, the company wants to execute on its strategic growth plans including – entry into new geographic markets, expansion of manufacturing facilities, technology upgradation and higher brand recognition.


With clear aligner’s penetration of the total orthodontic treatments performed in Mainland China in FY 2020 reaching only 10 percent approximately, the market opportunity for further category growth is still largely unexplored – a proof of Angelalign’s future growth potential.



While on one hand, Mainland China has among the highest prevalence rates of complicated malocclusion (class II and III) in the world – almost 2X than those in US, on the other hand, there are still significant access to barriers for clear aligner & other forms of cosmetic treatment – not only due to large unmet need of required number of dental professionals, but also due to limited insurance coverage. According to Industry analysts, it is widely believed that technology enablers such as intraoral scanners, outcome visualization applications and even new DTC based commercial models may change the landscape soon – accelerating the adoption of clear aligners.


To find out more about Angelalign Technology’s growth story, key financials and other relevant updates, please download our Research Report here. Please note that this feature is only available to registered site members.

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