Mirae Asset Capital (China), an asset management firm under South Korea’s multinational financial services group Mirae Asset Financial Group, has led a $50-million Series C funding round in Chinese medical aesthetics startup Puliyan.
Mirae Asset Capital (China), which primarily invests in healthcare, medical services, and other industries with high-growth potential in China, bankrolled the Nanjing-based startup in the Series C round alongside returning investors Alwin Capital and Huatai Zijin Investment, the startup announced on Thursday.
Puliyan, founded in May 2018, targets specifically the segment of regenerative aesthetics, which aims for long-term improvements in skin health and vitality by stimulating the body’s natural healing process. That differentiates it from traditional medical aesthetics that primarily target immediate but potentially shorter-lived aesthetic results.
Regenerative aesthetics represents an emerging sector in China at a time when the overall medical aesthetics industry’s compounded annual growth rate is projected to slow down in the five years from 2024-2028 to about 10%, versus 10-15% in the prior years, according to a Deloitte report in July.
Puliyan said that it has obtained two Class III medical device registration certificates from the National Medical Products Administration (NMPA), China’s regulator of medical devices. The NMPA-approved Class III certificates, which are designed for medical devices with the highest risk, require the applicant to submit comprehensive documentation and adhere to stringent regulatory requirements.
The certificates have enabled Puliyan to commercialise two regenerative aesthetic products: Sculptra, a collagen-stimulating injectable treatment used for deep-tissue regeneration and the correction of age-related changes like wrinkles; and thread lifting, a minimally invasive cosmetic treatment designed to lift and tighten sagging skin by stimulating collagen production.
This deal marks an important move for Mirae Asset in China’s medical aesthetics industry, which is “undergoing a phase of transformation and upgrading” to regenerative aesthetics from traditional medical aesthetics, said Wang Jinyin, or Jim Wang, co-CEO of Mirae Asset Capital (China).
Wang said that Mirae Asset will support Puliyan in “perfecting its product offerings and expanding clinical applications.” The investor group plans to help the Chinese company in forming its going-global strategy and promote the overall regenerative aesthetics industry development, he said.
With over 4,000 square metres (43,055 square feet) of fully automated production facilities and supporting inspection equipment, Puliyan plans to invest the Series C financing in new product introduction.
The company said that its ongoing registration for a pipeline of regenerative aesthetic products, such as collagen water-light needles and long-acting collagen implants, are largely made from bio-derived, recycled materials.
Mirae Asset, founded in 1997 and headquartered in Seoul, is one of Asia’s largest financial groups with over $620 billion in assets under management globally, including more than $15.8 billion in equity investments, as of June 2025. The financial group operates from 19 markets worldwide, such as the US, China, South Korea, and India, with investment products across various asset classes.
