CMC(SH:603122) Ge Long Hui·2025-12-11 23:28Core Viewpoint - BenQ Hospital (02581.HK) plans to globally offer 67 million shares, with 6.7 million shares for Hong Kong and 60.3 million shares for international distribution, aiming for a price range of HKD 9.34 to HKD 11.68 per share [1][2] Group 1: Company Overview - The company is a private for-profit comprehensive hospital group in mainland China, leveraging operational management experience from Taiwan [1] - Currently operates two private for-profit hospitals and is the largest in the East China region with a market share of 1.0% based on total revenue for 2024 [1] - Ranked seventh among private for-profit comprehensive hospital groups nationwide with a market share of 0.4% [1] - Holds the top position in bed revenue per bed among all private for-profit comprehensive hospital groups in mainland China for 2024 [1] Group 2: Operational Metrics - As of June 30, 2025, the company’s two hospitals have a total construction area of approximately 400,000 square meters and 1,850 registered beds [2] - The hospital group has over 1,000 experienced doctors, including 35 experts from Taiwan and overseas [2] - In 2024, the group expects over 2 million outpatient visits and more than 22,000 inpatient surgeries [2] Group 3: Fundraising and Use of Proceeds - The company has established cornerstone investment agreements totaling USD 39.9 million (approximately HKD 311 million) for share purchases [2] - Assuming a share price of HKD 10.51, the net proceeds from the global offering are expected to be approximately HKD 626 million [3] - The intended use of proceeds includes approximately 74.3% for hospital expansion and upgrades, 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 [3]