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NewGenIVF Group Limited (NASDAQ: NIVF) is a Bangkok‐based provider of fertility services in Asia. The company operates clinics in Thailand, Cambodia, and Kyrgyzstan, offering in vitro fertilization (IVF), egg and sperm donation, and surrogacy services. As of October 17, 2025, shares of NIVF closed at $1.29, down 36.30% on the day, with a trading volume of 553,640.
Corporate structure and experience
Founded and led by Chairman and CEO Siu Wing Fung Alfred, NewGenIVF’s management team collectively brings over ten years of experience in the fertility industry. The company’s principal executive offices are in Bangkok, Thailand, and it maintains regulatory compliance with U.S. Securities and Exchange Commission (SEC) requirements as a foreign private issuer.
Fertility Services by Ashton Mullins
Business developments
On March 31, 2025, NewGenIVF announced the termination of its binding term sheet with European Wellness Investment Holdings Limited, concluding a planned reverse merger due to the latter's failure to deliver draft audited financials.
On June 12, 2025, the company announced a planned investment of US$45 million in the United Arab Emirates real estate market, targeting properties near Wynn Al Marjan Island in Ras Al Khaimah and additional sites in Abu Dhabi. NewGenIVF engaged UAE real estate expert Samira Aissani and initiated plans for an additional US$45 million capital raise to support these acquisitions.
On July 31, 2025, Nasdaq issued an Equity Corporate Actions Alert (ECA2025-407) detailing a reverse stock split and CUSIP number change for NIVF.
In filings with the SEC, NewGenIVF submitted Form 6-K on October 9, 2025, which included unaudited interim results for the six months ended June 30, 2025. On October 10, 2025, the company filed an amended registration statement on Form F-1/A to update its disclosures related to a proposed offering.
Financial and strategic analysis
According to market data, NewGenIVF’s trailing-twelve-month revenue is approximately US$4.77 million, with an EBITDA of US$3.92 million, a gross margin of 31.51%, and a net margin of 12.83%. The debt-to-equity ratio stands at 37.02%. The company’s market capitalization is roughly US$2.83 million, based on 2.15 million shares outstanding.
Strategically, NewGenIVF is diversifying beyond its core IVF services through real estate investments in the UAE. The termination of the reverse merger indicates a pivot towards organic growth and alternative capital-raising mechanisms. Hedge-fund activity in the first quarter of 2025 reported one institutional investor increasing its position and ten reducing stakes; Citadel Advisors LLC added 24,798 shares, while MMCAP International Inc. SPC exited 50,000 shares.
Market position and industry context
NewGenIVF operates in a competitive global fertility market influenced by demographic trends, rising healthcare spending in Asia, and growing demand for assisted reproductive technologies. Its clinics serve both domestic patients and medical tourists. The move into UAE real estate aligns with management’s strategy to mitigate sector-specific risks and capitalize on growth opportunities in a region expecting major resort-related development by 2027.
tl;dr
NewGenIVF is initiating a US$45 million investment in real estate in Ras Al Khaimah and Abu Dhabi and planning an additional US$45 million capital raise. The company terminated a planned reverse merger on March 31, 2025, and filed SEC Form 6-K and Form F-1/A in October 2025. Future outlook depends on the returns from real estate investments and the execution of its diversification strategy.
