In 2003, when Lin Yuming, a seller of medical equipment in Putian, Fujian province, watched expectant mothers in endless queues and delays at China's overburdened public hospitals, he spotted a business opportunity. He launched Harmonicare Medical Holdings, a chain of women's hospitals complete with pink decor and pianos in the foyer.

In July, now Beijing-based Harmonicare Medical was listed in a HK$1.6 billion ($206 million) public offering in Hong Kong and is ramping up its expansion.

Its 2014 revenue was 936 million yuan ($146 million).