Core Viewpoint - Baize Medical Group Limited is planning to go public on the Hong Kong Stock Exchange, with a global offering of 133 million shares and an expected fundraising amount between HKD 562 million and HKD 898 million [1][3]. Company Overview - Baize Medical was established in July 2017 and is primarily engaged in investment and provision of medical services related to oncology, operating 8 hospitals across various provinces in China [5][6]. - The company has a registered capital of RMB 1.234 billion and is fully controlled by Beijing Baibai Medical Management [3][5]. Financial Performance - The revenue for Baize Medical for the years 2022, 2023, and 2024 was approximately RMB 803 million, RMB 1.072 billion, and RMB 1.189 billion, respectively, showing a growth trend despite ongoing losses [6][7]. - The net losses for the same years were RMB 75.5 million, RMB 24.4 million, and RMB 3.6 million, indicating a narrowing loss margin [6][8]. - Adjusted net profits (non-IFRS) for the years were approximately -RMB 75.3 million, -RMB 9.6 million, and RMB 12.5 million, with adjusted EBITDA of RMB 35.3 million, RMB 122.3 million, and RMB 135.6 million [8]. Business Operations - The company operates 6 for-profit hospitals and manages 2 non-profit hospitals, focusing on cancer-related medical services, including diagnosis, treatment, rehabilitation, and palliative care [5][6]. - As of December 31, 2024, Baize Medical's hospitals employed 1,119 practicing physicians and had a total of 2,829 medical professionals providing various oncology services [9][10].

Group 1 - The core viewpoint of the article is that Baize Medical (02609.HK) is launching an IPO to raise approximately HKD 624 million for enhancing its oncology services and acquiring hospitals [1][2] - The company plans to issue 133 million shares globally, with a price range of HKD 4.22 to HKD 6.75 per share, and the final price will be announced by June 20 [1][2] - Baize Medical has established a business model that combines online and offline services, focusing on comprehensive oncology medical services [3] Group 2 - Baize Medical ranks first among private oncology medical groups in China by the number of early cancer screening centers and fourth in terms of oncology service revenue from its own hospitals, with a market share of 0.6% [3] - The company has shown significant operational growth, with inpatient numbers increasing from 30,700 in 2022 to 46,400 in 2024, and outpatient visits rising from 547,900 to 833,000 during the same period [3] - Despite the growth in revenue from CNY 803 million to CNY 1.189 billion, Baize Medical has faced continuous losses, amounting to CNY 75.51 million, CNY 24.41 million, and CNY 3.56 million over the past three years [4]