Le Tree Holdings Makes Strategic Entry into China’s Medical Beauty Market with Dual Acquisitions
Key Points from the Announcement
- Le Tree Holdings Limited has completed two major transactions in China:
- The subscription of a 66.67% equity stake in Xiamen LeTree Meilian Technology Co., Ltd. (JV Company) for RMB 1 million.
- The acquisition, by the JV Company, of 100% equity in Xiamen Shiming Jingzi Medical Beauty Clinic Co., Ltd. (Target Company) for RMB 1.005 million.
- Both deals were completed in May 2026, and the companies are now indirect subsidiaries of Le Tree Holdings.
- These moves mark a strategic expansion into the beauty and medical aesthetics sector in China.
- The transactions were executed at significant discounts to book value, with implied price-to-book ratios of 0.63x (JV Company) and 0.67x (Target Company).
- The Target Company is a licensed light medical aesthetics clinic with strong profitability (RMB 766,413 net profit in FY2025).
- The Vendor of the Target Company is a related party, being the brother-in-law of Le Tree’s Executive Chairman and CEO, Lin Yiyi, who abstained from voting on the deal.
- The transactions are expected to positively impact net tangible assets and earnings per share for FY2026.
- Both transactions fall below SGX Mainboard Rule 1006 thresholds for discloseable transactions but may still be of significant strategic interest given the Group’s business transformation.
Detailed Breakdown of the Transactions
1. JV Company Subscription
- Le Tree’s wholly owned PRC subsidiary subscribed for 66.67% of the JV Company for RMB 1 million, making it an indirect subsidiary.
- As at 31 December 2025, the JV Company had unaudited net asset and net tangible asset values of RMB 1,387,235, with FY2025 revenue of RMB 392,590 and net profit of RMB 105,024.
- Post-subscription, the JV Company’s net asset value rises to RMB 2,387,235.
- The purchase was made at an implied price-to-book value of 0.63x, representing a 37% discount to book value.
- The strategic rationale includes establishing a JV relationship and entry into China’s fast-growing beauty sector.
2. Target Company Acquisition
- The JV Company acquired 100% of Xiamen Shiming Jingzi Medical Beauty Clinic for RMB 1,005,000.
- As at 31 December 2025, the Target Company had unaudited net asset and net tangible asset values of RMB 1,503,573, FY2025 revenue of RMB 1,999,009, and net profit of RMB 766,413.
- The acquisition was at 0.67x book value and a 1.3x price-to-earnings multiple, both considered attractive by the Board.
- This deal gives the Group a 66.67% effective interest in the Target Company, broadening its service offering into licensed medical aesthetics.
- All consideration was paid in cash.
Strategic and Shareholder Implications
- These acquisitions represent the Group’s formal pivot into the beauty and wellness sector, following shareholder approval at the November 2025 EGM.
- With both deals completed at a discount to book value, and the Target Company delivering a robust profit margin, the Board expects a positive impact on financials for FY2026.
- The entry into medical aesthetics could unlock new revenue streams and synergies within the Group’s expanding business model.
- Related party transaction: The Vendor of the Target Company is the brother-in-law of Lin Yiyi (Executive Chairman & CEO), who abstained from voting. This fact may be sensitive for governance-focused investors.
- The deals are not classified as discloseable transactions under SGX rules (relative figures under 5%), but the strategic shift and potential earnings impact may be price sensitive for investors.
Documents and Transparency
- Copies of the Capital Increase Agreement and Share Transfer Agreement are available for inspection at the Company’s registered office for three months.
Conclusion
Le Tree Holdings’ dual transactions in Xiamen mark a significant strategic shift into China’s lucrative medical beauty sector. The deals were struck at attractive valuations and are expected to boost shareholder value in FY2026. Investors should note the related party aspect of the Target Company acquisition and closely watch the Group’s performance as it pivots to its new core business in personal care, beauty, and wellness.
Disclaimer: This article is for information purposes only and does not constitute investment advice. Investors should conduct their own due diligence or consult a professional advisor before making any investment decisions. The information provided is based on company announcements and may be subject to change or further clarification by Le Tree Holdings Limited.
乐树控股大举进军中国医美市场，完成双重收购
公告要点汇总
- 乐树控股有限公司在中国完成两项重大交易：
- 以人民币100万元认购厦门乐树美联科技有限公司（合资公司）66.67%股权；
- 合资公司以人民币100.5万元收购厦门思明憬姿医疗美容诊所有限公司（目标公司）100%股权。
- 两项交易均已于2026年5月完成，相关公司现为乐树控股的间接子公司。
- 公司正式战略性进军中国美业及医美领域。
- 交易以低于账面价值成交，合资公司和目标公司的市净率分别为0.63倍和0.67倍。
- 目标公司为持有医美资质的轻医美诊所，2025年度净利润人民币76.64万元，盈利能力强劲。
- 目标公司原股东为公司董事长兼CEO林依依的妹夫，林依依已回避董事会相关表决。
- 预计本次交易将提升集团2026财年每股净资产和盈利能力。
- 尽管交易未达到新交所披露标准，但对集团业务转型及未来表现具有重要意义。
交易详细信息
1. 合资公司认购
- 乐树控股全资子公司以人民币100万元认购合资公司66.67%股权，成为间接子公司。
- 截至2025年12月31日，合资公司未经审计净资产为人民币138.72万元，2025年营业收入39.26万元，净利润10.5万元。
- 认购完成后，合资公司净资产增至238.72万元。
- 交易市净率仅为0.63倍，折价约37%。
- 为公司进军中国美业铺路。
2. 目标公司收购
- 合资公司以人民币100.5万元收购目标公司全部股权。
- 截至2025年12月31日，目标公司未经审计净资产为人民币150.36万元，营业收入199.9万元，净利润76.64万元。
- 收购市净率0.67倍，市盈率1.3倍，董事会认为极具吸引力。
- 本次收购后，集团对目标公司持股为66.67%。
- 交易全额现金支付。
对股东及投资者的意义
- 本次双重收购是公司自2025年11月特别股东大会通过业务转型决议后的首次重大落地动作。
- 交易均以低于账面价值成交，目标公司盈利能力突出，未来有望显著提升集团财务表现。
- 布局医美行业有望开拓新收入增长点，提升集团整体业务协同效应。
- 目标公司为关联交易，投资者应关注公司治理透明度。
- 尽管交易未触及强制披露红线，但业务转型及业绩提升预期或将影响股价表现。
文件查阅
- 增资协议及股权转让协议可在公司注册地址预约查阅，期限三个月。
结论
乐树控股通过本次厦门双重收购，正式进军中国高增长医美市场。交易价格极具吸引力，预计将提升2026年每股净资产及盈利能力。建议投资者关注公司治理及新业务表现，密切跟踪后续财报披露。
免责声明： 本文仅供信息参考，不构成投资建议。投资者应独立判断或咨询专业人士作出投资决策。信息基于公司公告，后续或有变动，敬请关注乐树控股最新披露。
