明基医院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
Zhi Tong Cai Jing·2025-12-12 00:14

Core Viewpoint - BenQ Hospital (02581) plans to conduct a global offering of 67 million shares from December 12 to December 17, 2025, with a share price range of HKD 9.34 to HKD 11.68, aiming to list on the Hong Kong Stock Exchange on December 22, 2025 [1] Group 1: Company Overview - The company is a private for-profit general hospital group in mainland China, leveraging advanced hospital management experience from Taiwan [1] - It 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, it ranks seventh among private for-profit general hospital groups in China, with a market share of 0.4% [1] - The company ranks first in bed revenue among all private for-profit general hospital groups in mainland China for 2024 [1] Group 2: Investment Agreements - The company has entered into cornerstone investment agreements with He Rong Technology, He Fu (China), and Suzhou Zhanxing, totaling USD 39.9 million for share subscriptions [2] - Assuming a share price of HKD 10.51, cornerstone investors will subscribe to approximately 29.55 million shares [2] Group 3: Financial Performance - 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 in 2024 [3] - Revenue for the six months ending June 30, 2024, was RMB 1.33 billion, slightly decreasing to RMB 1.313 billion in the corresponding period of 2025 [3] - Gross margin improved from 16.4% in 2022 to 18.9% in 2023, then decreased to 18.1% in 2024 [3] - Net profit for 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] Group 4: Use of Proceeds - The estimated net proceeds from the global offering, assuming a share price of HKD 10.51, will be approximately HKD 626 million [2] - The intended use of proceeds includes 74.3% for expanding and upgrading 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]