明基医院(02581)12月12日至12月17日招股 拟全球发售6700万股 引入禾荣科技等基石投资者

Core Viewpoint - BenQ Hospital (02581) plans to conduct an initial public offering (IPO) from December 12 to December 17, 2025, aiming to issue 67 million shares at a price range of HKD 9.34 to HKD 11.68 per share, with trading expected to commence on December 22, 2025 [1] Group 1: Company Overview - BenQ Hospital is a private for-profit general hospital group in mainland China, leveraging advanced hospital management practices from Taiwan [1] - The group currently operates two general hospitals and is the largest private for-profit general hospital group in East China, holding a market share of 1.0% in the region [1] - Nationally, the group ranks seventh among private for-profit general hospital groups in China, with a market share of 0.4% [1] - The group ranks first in bed revenue among all private for-profit general hospital groups in mainland China for 2024 [1] Group 2: Fundraising and Use of Proceeds - The group has entered cornerstone investment agreements with He Rong Technology, He Fu (China), and Suzhou Zhanxing, with total subscriptions amounting to USD 39.9 million [2] - Assuming a mid-point offer price of HKD 10.51, cornerstone investors will subscribe to approximately 29.55 million shares [2] - The estimated net proceeds from the global offering, assuming the same mid-point price, will be approximately HKD 626 million [2] - The intended use of net proceeds includes: 74.3% for expansion and upgrading of existing hospitals, 16.0% for potential investments and acquisitions, 8.0% for upgrading the "Smart Hospital" initiative, and 1.8% for working capital and general corporate purposes [2] Group 3: Financial Performance - The group's revenue increased from RMB 2.336 billion in 2022 to RMB 2.688 billion in 2023, with a slight decrease to RMB 2.659 billion projected for 2024 [3] - Revenue for the six months ending June 30, 2024, was RMB 1.33 billion, slightly decreasing to RMB 1.313 billion for the same period in 2025 [3] - The gross profit margin improved from 16.4% in 2022 to 18.9% in 2023, before slightly declining to 18.1% in 2024 [3] - Net profit for the years 2022, 2023, and 2024 was RMB 89.6 million, RMB 168 million, and RMB 109 million respectively, with net profit margins of 3.8%, 6.2%, and 4.1% [3]