Core Viewpoint - Ming Kee Hospital is set to list on the Hong Kong Stock Exchange after multiple attempts, with its IPO expected to take place between December 12 and December 22, 2023, despite previous setbacks due to compliance and operational issues [1][2]. Company Overview - Ming Kee Hospital is a private profit-oriented general hospital group in mainland China, operating two hospitals in Nanjing and Suzhou, with a valuation of approximately $375 million after the last round of equity transactions [2]. Financial Performance - For the years 2022 to 2024, the company's revenue is projected to be RMB 2.336 billion, RMB 2.688 billion, and RMB 2.659 billion respectively, with net profit expected to rise from RMB 89.55 million in 2022 to RMB 168.03 million in 2023, before declining to RMB 108.92 million in 2024 [3][5]. - In the first half of 2023, the hospital reported revenue of RMB 1.312 billion, with a net profit of only RMB 49 million, reflecting a year-on-year decline of over 23% [3][5]. Market Position - Ming Kee Hospital ranks as the largest private profit-oriented general hospital group in East China and seventh nationwide, holding a market share of 0.4% [3]. Operational Challenges - The fluctuation in net profit is attributed to the current medical insurance payment policies, particularly the DRG payment system, which has led to a decrease in average patient spending per hospitalization [4]. Growth Strategy - To overcome growth bottlenecks, Ming Kee Hospital plans to expand its operational scale, with plans to add at least 1,800 beds across its two hospitals over the next six years [5]. IPO Structure and Market Response - The company is utilizing the new IPO allocation mechanism "Mechanism B," which allows for a predetermined allocation of shares to public offerings, with 10% allocated for public sale and 90% for international placement [7][8]. - The IPO price range is set between HKD 9.34 and HKD 11.68, aiming to raise up to HKD 780 million, but the high valuation has led to lukewarm market reception, with the stock trading below the IPO price shortly after listing [10].
定价过高认购遇冷致暗盘大跌，“机制B”也难救明基医院？