HK Stock Connect Insight | HEALTHYWAY INC (02587.HK) Market Cap Slides to HKD 599 Million After Stock Connect Exit; Interim Revenue Rose 49.7% to RMB 775 Million

On November 10, 2026, HEALTHYWAY INC strengthened; as of 13:40, the stock was quoted at HKD 0.685, up 5.38%, with a turnover of about HKD 299,000 and a market capitalisation of about HKD 599 million based on the latest price.

Data show that HEALTHYWAY INC's share price fluctuated and recovered over the past week (November 3 to November 10). On October 22, it fell to an intraday low of HKD 0.570 and has since rebounded from that level.

Over a longer period, HEALTHYWAY INC rose about 7.0% in the past month, fell about 67.8% in the past three months and fell about 87.6% over the past 52 weeks. The stock has retreated continuously from the HKD 20.850 at which it traded when it joined Stock Connect in March 2025, and its current market capitalisation of HKD 599 million is less than 20% of the HKD 4 billion threshold under the Stock Connect small-cap removal rule.

On September 7, 2026, the Hang Seng Composite Index rebalancing took effect, and HEALTHYWAY INC (02587.HK) was removed from the Hang Seng Composite Index and accordingly removed from Stock Connect. From the effective date, mainland Stock Connect investors may only sell and cannot open new purchases.

It is understood that HEALTHYWAY INC listed on the Main Board of HKEX on December 30, 2024 at an offer price of HKD 7.800, offering 25 million H shares globally and raising gross proceeds of about HKD 195 million; the company listed directly on the HKEX Main Board and is not an A+H structure. On February 21, 2025, Hang Seng Indexes announced the quarterly review results as at December 31, 2024, under which the company was included in the Hang Seng Composite Index and was added to Stock Connect with effect from March 10, 2025. Based on the latest disclosure, the company has 874,271,300 issued shares.

In terms of historical share price performance, the company was included in Stock Connect on March 10, 2025, closing at HKD 20.850 that day. As valuations in the digital health sector retreated and share liquidity contracted, the share price fell continuously and is now about 96.7% below its level on the inclusion date; its market capitalisation on the first trading day was about HKD 6.846 billion, while the current market capitalisation has fallen to about HKD 599 million.

Public information shows that HEALTHYWAY INC's principal business is digital health medical services, operating through two segments — enterprise services and digital marketing services, and health medical services — serving pharmaceutical companies, insurers, hospitals and individual users. In the first half of 2026, revenue from enterprise services and digital marketing services was RMB 708 million, accounting for 91.36% of total revenue, while health medical services contributed RMB 63.725 million, or 8.22%. As at June 30, 2026, the platform had more than 229.8 million registered users, 17,047 partner medical institutions and more than 953,000 linked doctors.

On the financial side, in the first half of 2026, the company's revenue was RMB 775 million, up 49.72% year on year; gross profit was RMB 243 million, with a gross margin of 31.4%, slightly higher than 31.2% a year earlier; profit attributable to owners of the company was RMB 9.161 million, up 29.65%, and profit for the period was RMB 10.19 million, up 44.74%. For the full year 2025, revenue was RMB 1.563 billion, up 30.13%, net profit was RMB 54.338 million, turning profitable, and the gross margin was 30.48%.

On new business, the company's self-developed AI digital employee system generated first-year commercial revenue of more than RMB 32 million in 2025, helped reduce labour costs by 34% year on year, and raised the number of households served by a single health steward from 250 to 2,500. On August 28, 2026, the company announced that about HKD 107 million of unused IPO proceeds would be redeployed to AI agent technology research and regional ecosystem development.

On products and business developments, HEALTHYWAY INC signed an AI medical assistant project with Tangyuan County Central Hospital in April this year; in July it partnered with Xi'an Healthcare Group to build AI medical assistants for the first 30 primary care institutions; and in September it won China Mobile's national health and wellness services project for 2026 to 2028.

Yuanda Information noted that HEALTHYWAY INC's county medical community solutions have moved from pilot to rollout, aligned with the policy goal of basically achieving county-level medical community coverage by 2027, with an input-output ratio of about 1:10 on its Henan project and successive contracts in Xiangtan, Anji and Jishou; the company also has real-world research capabilities that allow it to upgrade from a digital marketing service provider to a full-lifecycle partner for pharmaceutical products.