NewTimeSpace | Stock Price "Halved" in April; 160 Health (02656.HK) Sees Over HKD 35 Billion in Market Value Evaporate in One Month

Following a significant correction on March 18, 2026, the share price of 160 Health (02656.HK) has continued to decline recently, falling into a deep valuation pit.

NewTimeSpace has learned that in March 2026, the stock price of 160 Health briefly surpassed HKD 150, with its market capitalization crossing the HKD 50 billion milestone. As of the close on April 13, the company was quoted at HKD 44.42, dropping 9.83% for the day, with its market value shrinking to HKD 14.95 billion.

April Stock Price "Halved"; Market Value Falls Below HKD 15 Billion

160 Health debuted on the Hong Kong Stock Exchange on September 17, 2025, with an offer price of HKD 11.89 per share. The stock surged 137.3% on its first trading day, closing at HKD 28.22 per share.

Subsequently, 160 Health entered a period of continuous gains. On March 9, 2026, the company was officially included in the Stock Connect list, allowing eligible mainland investors to begin purchasing shares, which further drove up the price. By March 17, 2026, the stock closed at HKD 151, representing a cumulative increase of nearly 1,200% from its issue price, with a market capitalization of HKD 50.811 billion.

The turning point arrived on March 18, 2026. After hitting a record high of HKD 158.4 per share in early trading, the stock plummeted 31.52% by the end of the day, followed by another 10% drop the next day.

After entering this downward trend and briefly stabilizing, the stock weakened further after April 1, 2026. On April 8, it suffered another sharp decline of 32.40%, followed by persistent losses.

As of the close on April 13, 160 Health was priced at HKD 44.42, down 9.83% for the day. Since the start of April 2026, the cumulative decline has reached 57.25%. The current market value of HKD 14.95 billion represents an evaporation of over HKD 35 billion from its previous peak of HKD 50.811 billion.

Reflecting on its performance over the six months since listing, the stock price once skyrocketed over 11 times its issue price. However, in the 16 trading days following the March 18 crash, the price has plummeted 70.58%, resulting in a "roller coaster" market trend since March 2026.

Notably, prior to this major decline, the controlling shareholder of 160 Health proactively extended the lock-up period to signal confidence in the stock price. On March 13, 160 Health announced that the controlling shareholder, Luo Ningzheng, and his concert parties voluntarily extended their initial lock-up commitment by six months to September 16, 2026.

Turnaround to Profitability; Launch of the Integrated Model

NewTimeSpace noted that just before the March 18 plunge, 160 Health issued a positive profit alert on March 17. The company announced it expected to record an adjusted net profit of between RMB 3 million and RMB 5 million for the year ended December 31, 2025, compared to an adjusted net loss of RMB 31.5 million for 2024.

On March 27, 2026, 160 Health released its first annual results post-listing. Data showed that 2025 revenue reached HKD 652 million, a year-on-year increase of 5.02%. The net loss for the year was HKD 74.533 million, narrowing by 31.1% compared to the previous year. The adjusted net income for 2025 was approximately HKD 4.061 million, marking a successful turnaround to profitability.

In terms of business structure, revenue from digital healthcare solutions last year was RMB 209 million (+7.6% YoY), with a high gross margin of 80.9%. Sales revenue from pharmaceutical and healthcare products reached RMB 443 million (+3.9% YoY). The company’s cost control efforts have also begun to yield results, with selling and marketing expenses decreasing from RMB 117 million in 2024 to RMB 87.5 million in 2025, a reduction of approximately 25.4%.

Prior to the results announcement, 160 Health reported positive progress in its digital healthcare solutions business. In 2025, the company reached "160 AI Hospital" operational partnerships with 82 public hospitals (Grade II-A and above), a year-on-year increase of over 720%. Notably, 52 new public hospitals were added in the fourth quarter of 2025, representing a 420% quarter-on-quarter growth.

Furthermore, the explosive popularity of OpenClaw transformed AI medical agents from concept to reality, further boosting the hype surrounding AI healthcare.

On March 10, 2026, 160 Health announced that the group, relying on an integrated model of "Platform + AI Agent + Operations," is progressively deploying "Medical Digital Employee" systems for medical institutions, promoting the practical application of AI agents like OpenClaw in clinical settings.

These numerous positive factors initially drove the strong stock performance of 160 Health. Following the release of the 2025 results, the company's fundamentals and valuation may have entered a new stage of assessment.

Surrounded by Giants; Integrated Model Faces Challenges

Currently, the digital health services market in which 160 Health operates is experiencing exponential growth.

According to Frost & Sullivan, the overall digital health services market is expected to increase from RMB 221.5 billion in 2024 to RMB 706.8 billion by 2029, with a compound annual growth rate (CAGR) of 26.1%.

China's "AI + Medical" market size is projected to grow from RMB 8.8 billion in 2023 to RMB 315.7 billion by 2033, a ten-year CAGR of 43.1%. The AI Agent track is considered to have its "Year of Implementation" in 2026, and the AI Agent medical market could reach RMB 41.8 billion by 2031.

160 Health plans to rely on its "Platform + AI Agent + Operations" integrated model to deploy digital employee systems for hospitals, driving the application of AI agents represented by OpenClaw.

It is understood that 160 Health connects more than 40,000 medical institutions, including a large number of Class A tertiary hospitals. The hospital SaaS system the company has cultivated for years serves as the most ready-made "operating system" for AI implementation in China’s medical scenarios.

Currently, 160 Health’s value foundation is clear: AI cooperation validation with 82 public hospitals, a confirmed profitable business model, and the liquidity dividend from Stock Connect. These elements formed the market's expectation for a revaluation from a "registration platform" to a "Medical AI Portal."

However, domestic giants such as JD.com and Baidu are also actively positioning themselves in the AI medical industry, making competition increasingly fierce.

Since late 2025, the domestic AI medical track has seen a wave of intensive product launches. Ant Group released "Ant Afu," Baidu launched "Wenxin Health Butler," JD Health released the evidence-based AI product "Zhiyi," ByteDance launched "Xiaohe AI Doctor," and Tencent and iFLYTEK's "Xiaoyi" have all entered the fray.

In this fast-growing "blue ocean," 160 Health faces competition from traditional internet healthcare giants, cross-sector tech majors, and startups focused on vertical tracks.

Furthermore, Alibaba Health released its medical LLM product "Hydrogen Ion" (H-Ion), positioned as a doctor’s version of GPT. Baidu also recently released "DoctorClaw," a professional AI assistant for doctors. This marks tech giants officially entering the Medical Agent track as product providers rather than just technical partners for hospitals, actively launching finalized AI agent products.

The entry of giants like Baidu changes the competitive landscape from the supply side and may influence hospitals' decisions when procuring AI solutions, posing competitive pressure on companies like 160 Health that rely on the "Platform + AI" model.

In a competitive landscape surrounded by giants, whether 160 Health can convert its existing hospital connection advantages into a sustainable business model and transform AI product breakthroughs into true competitive barriers remains to be tested by time.

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