三闯A股未果、流动负债激增，莲池医院转战港股谋上市

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 "elderly and children" healthcare sector, despite facing increased short-term debt pressure due to recent acquisitions [1][5]. Financial Performance - Lianchi Hospital's revenue has shown consistent growth, with 2023 revenue at RMB 356.43 million, projected to increase by 17.39% to RMB 418.41 million in 2024, and further to RMB 359.96 million in the first nine months of 2025, reflecting a year-on-year growth of 20.3% [2][3]. - The net profit for 2024 is expected to rise by 19.14% to RMB 67.59 million, with a further increase of 17.67% to RMB 55.51 million in the first nine months of 2025 [2][3]. Business Focus - The company primarily focuses on the "elderly and children" sector, with its core business in maternal and child healthcare and orthopedic services, which together account for approximately 90% of its revenue [1][3]. - Maternal and child healthcare services contributed 59.5%, 65.5%, and 61.8% to total revenue from 2023 to the first nine months of 2025, while orthopedic services accounted for 28.3%, 26.1%, and 30.8% respectively [3]. Expansion and Debt Pressure - Lianchi Hospital has accelerated its expansion through acquisitions, including Hefei Xinhai Maternity Hospital and Chongqing Great Wall Orthopedic Hospital, which has led to a significant increase in current liabilities, rising to RMB 195 million [1][3]. - As of September 2025, the company's net current liabilities increased from RMB 60.99 million in 2024 to RMB 195 million, while cash and cash equivalents stood at only RMB 77.4 million, indicating notable short-term debt pressure [3]. Listing Journey - The company has faced a tumultuous journey in its attempts to go public, having shifted its listing plans multiple times across different exchanges, including the New Third Board, ChiNext, and the Beijing Stock Exchange, before finally targeting the Hong Kong market [4][5]. - The choice to list in Hong Kong is seen as a strategic move to meet listing standards and address capital needs, as the Hong Kong market is perceived to have a more flexible approach to financing and a shorter listing cycle [6].