数闯A股未果 莲池医院转战港股

Core Viewpoint - Lianchi Hospital Group has submitted its prospectus to the Hong Kong Stock Exchange, marking its fifth attempt to go public after multiple unsuccessful attempts in various markets since 2015. The company aims to leverage its growth in the maternal and pediatric healthcare sector, despite facing increased short-term debt pressure due to recent acquisitions [1][6]. Financial Performance - Lianchi Hospital's revenue has shown steady growth, with 2024 revenue projected to reach 418 million yuan, a 17.39% increase from 2023's 356 million yuan. For the first nine months of 2025, revenue is expected to further increase by 20.3% to 359 million yuan [3][4]. - The net profit for 2024 is anticipated to grow by 19.14% to 67.59 million yuan, with a further increase of 17.67% to 55.51 million yuan for the first nine months of 2025 [3][4]. Business Focus - The company primarily focuses on the "one elderly, one child" sector, with maternal and pediatric medical services contributing approximately 90% of its revenue. In 2023, maternal and pediatric services accounted for 59.5% of total revenue, while orthopedic services contributed 28.3% [2][3]. Recent Acquisitions - To strengthen its market position, Lianchi Hospital has accelerated its expansion through acquisitions, including the purchase of Hefei Xinhai Maternity Hospital and Chongqing Changcheng Orthopedic Hospital in 2024 and 2025, respectively. However, these acquisitions have led to a significant increase in current liabilities, which rose to 195 million yuan by September 2025 [4][6]. Listing Journey - Lianchi Hospital's journey to go public has been tumultuous, with multiple changes in listing plans across different exchanges, including attempts at the New Third Board, ChiNext, Shenzhen Stock Exchange, and Beijing Stock Exchange. The decision to pursue a listing on the Hong Kong Stock Exchange is seen as a strategic move to meet capital needs and regulatory requirements [6][7]. Market Context - The choice to list in Hong Kong comes amid a trend of private hospitals like Zhuozheng Medical and Mingji Hospital also seeking listings there. The market response to these listings has been mixed, raising questions about the viability of Lianchi Hospital's decision [7].