Investment Rating - The report suggests a cautious subscription for the company [1] Core Insights - The company ranks 10th in China's digital integrated health services and health insurance market based on revenue for 2024, according to a report by Sullivan [2] - The integrated health services and health insurance market in China is projected to grow from RMB 6,226.1 billion in 2020 to RMB 8,149.4 billion in 2024, with a compound annual growth rate (CAGR) of 7.0%, and is expected to reach RMB 11,804.0 billion by 2029, with a CAGR of 7.7% from 2024 to 2029 [2] - The company provides a comprehensive platform for health services and insurance funding resources, catering to users' overall health needs [2] Financial Performance - The company's revenue from continuing operations for the past years is as follows: RMB 394 million in 2023, RMB 490 million in 2024, RMB 945 million in the first nine months of 2025, and RMB 656 million in the same period [3] - The corresponding net profits were RMB -9.098 million, RMB 97.169 million, RMB 8.99 million, and RMB 86.045 million [3] - The estimated market capitalization post-IPO is approximately HKD 4.7 billion, with the IPO price corresponding to a price-to-earnings (PE) ratio of about 40.0X for 2025, indicating a high valuation [3]

Group 1 - The core point of the article is that Beijing Qingsong Health Network Technology Co., Ltd. has recently completed a cornerstone investment round, raising 100 million RMB, with the investment firm being CICC Capital [1] - The company was established in 2018 and is located in Beijing, primarily engaged in technology promotion and application services [1] - The registered capital of the company is 10 million RMB, and it has completed the cornerstone investment round by 2025 [1] Group 2 - Beijing Qingsong Health Network Technology Co., Ltd. has made investments in three external companies [1] - The company holds 19 trademark registrations and 1 patent, along with 8 administrative licenses [1] - The sole shareholder of the company is Beijing Qingsong Yikang Information Technology Co., Ltd. [1]

Group 1 - The company, Easy Health (02661), plans to conduct a global offering of 26.54 million shares from December 15 to December 18, 2025, with a share price of HKD 22.68, and expects trading to commence on December 23, 2025 [1] - Easy Health ranks 10th in China's digital integrated health services and health insurance market based on 2024 revenue, according to a report by Sullivan [1] - The company provides a comprehensive range of health-related services, including early disease screening, health check-ups, medical appointment services, and the sale of health products [1] Group 2 - The company has entered into a cornerstone investment agreement with 澳琴合鸣, which will subscribe for approximately 4.8018 million shares at the offering price, totaling around RMB 100 million [2] - The net proceeds from the global offering are estimated to be approximately HKD 513.4 million, with 40% allocated to enhancing brand awareness and user engagement, 20% for medical and real-world research, 20% for improving AI and big data capabilities, 10% for expanding into more regions and overseas markets, and 10% for working capital and other general corporate purposes [2]

Core Viewpoint - QingSong Health (02661.HK) is set to launch its IPO in Hong Kong from December 15 to December 18, 2025, with an expected listing date on December 23, 2025, aiming to raise approximately HKD 6.02 billion [3][4]. Group 1: IPO Details - Total number of shares offered globally is 26,540,000, subject to the exercise of the over-allotment option [2]. - The offering price is set at HKD 22.68 per share, with additional fees including a 1.0% brokerage commission and various transaction fees [2]. - The initial allocation for public offering is 10%, with no mechanism for reallocation [4]. Group 2: Use of Proceeds - The net proceeds from the IPO are estimated to be around HKD 5.13 billion, with allocations as follows: approximately 40% for brand awareness and user engagement, 20% for medical and real-world research, 20% for enhancing AI and big data capabilities, 10% for market expansion, and 10% for working capital and general corporate purposes [5]. Group 3: Shareholder Structure - After the IPO, the controlling shareholder, Ms. Yang Ying, will hold approximately 33.94% of the voting rights through various arrangements [5][6]. - Other notable investors include IDG, Sunshine Insurance, and Tencent, with public shareholders holding 12.86% [5][6]. Group 4: Company Overview - Established in 2014, QingSong Health focuses on providing digital integrated health services and health insurance solutions, ranking 10th in China's digital integrated health services market by revenue in 2024 [6]. - The company offers a variety of personalized health services, including screening, health consultations, medical appointment services, and health product sales [6].

Group 1 - The company, Easy Health (02661.HK), plans to globally offer 26.54 million shares, with 2.65 million shares available in Hong Kong and 23.89 million shares for international offering, along with an over-allotment option of 3.98 million shares [1] - The subscription period is set from December 15 to December 18, with a maximum offer price of HKD 22.68 per share, and the entry fee is approximately HKD 4,581.75 for a board lot of 200 shares [1] - The total expected fundraising amount is HKD 602 million, with a net amount of HKD 513 million, which will be used for enhancing brand awareness, increasing user engagement, strengthening partnerships, improving technology capabilities in AI and big data, medical research, working capital, and expanding into more regions and overseas markets [1] Group 2 - The company has introduced cornerstone investors, including Guangdong Hengqin Guangdong-Macao Deep Cooperation Zone Aoqin Harmony Investment Partnership (Limited Partnership), who will subscribe to approximately 4.80 million shares at the offer price [1] - Easy Health is expected to be listed on the main board by December 23, 2025, with China International Capital Corporation Hong Kong Securities Limited and China Merchants Securities (Hong Kong) Co., Limited acting as joint sponsors [1] - The company's net profits for the fiscal years 2023, 2024, and the first half of 2025 are projected to be HKD 73.645 million, HKD 10.398 million, and HKD 86.045 million, reflecting year-on-year changes of 3,673.27%, -85.88%, and 437.92% respectively [2]

Group 1 - The company plans to globally offer 26.54 million shares, with 2.65 million shares available in Hong Kong and 23.89 million shares for international sale, along with an over-allotment option of 3.98 million shares [1] - The subscription period is set from December 15 to December 18, with a maximum offer price of HKD 22.68 per share and an entry fee of approximately HKD 4,581.75 for 200 shares [1] - The total expected fundraising amount is HKD 602 million, with a net amount of HKD 513 million, aimed at enhancing brand awareness, user engagement, and partnerships, as well as improving technology capabilities in AI and big data [1] Group 2 - The company has introduced cornerstone investors, including Guangdong Hengqin Guangdong-Macao Deep Cooperation Zone Aoqin Harmony Investment Partnership, which will subscribe to approximately 4.80 million shares at the offer price [1] - The company is expected to be listed on the main board by December 23, 2025, with China International Capital Corporation Hong Kong Securities Limited and China Merchants Securities (Hong Kong) Co., Limited acting as joint sponsors [1] - The company reported net profits of CNY 73.645 million, CNY 10.398 million, and CNY 86.045 million for the fiscal years 2023, 2024, and the first half of 2025, reflecting year-on-year changes of 3,673.27%, -85.88%, and 437.92% respectively [2]

Group 1 - The core viewpoint of the article is that Easy Health (2661.HK) is launching an IPO with a share price of HKD 22.68, aiming to raise up to HKD 601 million [1] - The company is offering 26.54 million shares, with 10% allocated for public offering in Hong Kong and the remainder for international placement [1] - The expected listing date for the stock is December 23 [1] Group 2 - The net proceeds from the IPO will be allocated as follows: approximately 40% for enhancing brand awareness, increasing user engagement, and strengthening partnerships [1] - About 20% of the funds will be used for medical research and real-world studies [1] - Another 20% is designated for improving technological capabilities in AI and big data [1] - 10% will be used for expansion into more regions and overseas markets [1] - The remaining 10% is allocated for working capital and other general corporate purposes [1]

Group 1 - The company plans to conduct a global offering of 26.54 million shares from December 15 to December 18, 2025, with 10% allocated for Hong Kong and 90% for international sales, at a price of HKD 22.68 per share [1] - The shares are expected to start trading on the Hong Kong Stock Exchange on December 23, 2025 [1] - According to a report by Frost & Sullivan, the company ranks 10th in China's digital integrated health services and health insurance market based on 2024 revenue [1] Group 2 - The net proceeds from the global offering, assuming the over-allotment option is not exercised, are estimated to be approximately HKD 513.4 million [2] - The company intends to allocate approximately 40% of the proceeds to enhance brand awareness, increase user engagement, and strengthen partnerships [2] - About 20% of the proceeds will be used for medical research and real-world studies, another 20% for improving capabilities in AI and big data, 10% for expansion into more regions and overseas markets, and 10% for working capital and other general corporate purposes [2]

QingSong Health Corporation 輕松健康集團 （於開曼群島註冊成立的有限公司） 股份代號：2661 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 QingSong Health Corporation 輕鬆健康集團 QingSong Health Corporation 輕松健康集團 重要提示 重要提示：閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 QingSong Health Corporation 輕鬆健康集團 （於開曼群島註冊成立的有限公司） 全球發售 | 全球發售項下的發售股份總數 | ： | 26,540,000股股份（視乎超額配股權行使與否而定） | | --- | --- | --- | | 香港發售股份數目 | ： | 2,654,000股股份（可予重新分配） | | 國際發售股份數目 | ： | 23,886,000股股份（可予重新分配及視乎 | | | | 超額配股權行使與否而定） | | 發售價 | ： | 每股股份22.68港元，另加1.0 ...

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