明基医院赴港IPO三度折戟背后：民营医院冲上市的困局与变数

Core Viewpoint - Mingji Hospital has faced multiple failures in its attempts to go public on the Hong Kong Stock Exchange, attributed to unfavorable industry conditions and low market expectations for comprehensive hospitals [1][3][5]. Group 1: Company Performance - Mingji Hospital generated revenues of 23.36 billion, 26.88 billion, and 26.59 billion from 2022 to 2024, with profits of 895.5 million, 1.67 billion, and 1.09 billion respectively, indicating a strong performance compared to many peers in the private healthcare sector [3][5]. - Despite its profitability, Mingji Hospital's limited number of facilities (only two hospitals) hinders its ability to attract investor confidence regarding future growth potential [4][5]. Group 2: Industry Environment - The private healthcare sector is currently facing significant challenges, with over 50% of private hospitals projected to incur losses in 2024, highlighting a broader industry struggle [3][5]. - Recent changes in national healthcare policies and stricter regulations have increased operational costs for private hospitals, further complicating their ability to secure funding and go public [5][22]. Group 3: IPO Challenges - Mingji Hospital's repeated failures to list are indicative of a structural dilemma within the healthcare sector, where many private hospitals are encountering similar obstacles in their IPO pursuits [1][7][8]. - The capital market's confidence in private healthcare has waned, with fewer investment institutions showing interest in conducting due diligence on private hospitals since 2023 [5][22]. Group 4: Future Prospects - Mingji Hospital is actively seeking solutions to its growth challenges, including investments in new facilities, but these efforts have yet to yield profitable results [4][5]. - The hospital's expansion plans face stiff competition in regions already saturated with healthcare providers, particularly in Suzhou, where the number of tertiary hospitals has reached 32 [5][22].