Group 1 - The company, Easy Health (02661), plans to conduct an initial public offering (IPO) from December 15 to December 18, 2025, offering a total of 26.54 million shares at a price of HKD 22.68 per share, with 10% allocated for Hong Kong and 90% for international sales [1] - According to a report by Sullivan, the company ranks 10th in China's digital integrated health services and health insurance market based on 2024 revenue [1] - The company provides a comprehensive range of health-related services, including early disease screening, health check-ups, medical appointment services, and the sale of health products, aiming to offer affordable health solutions [1] Group 2 - The company has entered into a cornerstone investment agreement with 澳琴合鸣, which will subscribe for approximately 4.8018 million shares, totaling around RMB 100 million at the IPO price [2] - The net proceeds from the global offering are estimated to be approximately HKD 513.4 million, with 40% allocated to enhancing brand awareness and user engagement, 20% for medical and real-world research, 20% for improving AI and big data capabilities, 10% for expanding into more regions and overseas markets, and 10% for working capital and general corporate purposes [2]

Group 1 - The company, Easy Health (02661.HK), plans to globally offer 26.54 million shares, with 2.654 million shares available in Hong Kong and 23.886 million shares for international offering, subject to reallocation and the exercise of the over-allotment option [1] - The offering price is set at HKD 22.68 per share, with trading expected to commence on December 23, 2025 [1] - The company ranks 10th in China's digital integrated health services and health insurance market based on revenue for 2024, and 7th in the digital health services market [1] Group 2 - The net proceeds from the global offering are estimated to be approximately HKD 513.4 million, assuming no exercise of the over-allotment option [2] - The intended use of the net proceeds includes approximately 40% for enhancing brand awareness and user engagement, 20% for medical and real-world research, 20% for improving AI and big data capabilities, 10% for expansion into more regions and overseas markets, and 10% for working capital and other general corporate purposes [2] - The company has entered into a cornerstone investment agreement with Guangdong Hengqin Yuemao Deep Cooperation Zone Aoqin Harmony Investment Partnership, agreeing to subscribe for approximately RMB 100 million worth of shares at the offering price, totaling 4.8018 million shares [1][2]

Core Viewpoint - The company, Qingsong Health Group, has submitted a listing application to the Hong Kong Stock Exchange after a previous application expired, indicating a renewed effort to go public and raise capital for growth initiatives [1]. Group 1: Financial Performance - The company's projected revenues for 2022, 2023, 2024, and the first half of 2025 are approximately CNY 394 million, CNY 490 million, CNY 945 million, and CNY 656 million respectively, showing significant growth potential [1]. - Net profits are expected to fluctuate, with estimates of approximately CNY -9.1 million, CNY 97.2 million, CNY 8.99 million, and CNY 86.1 million for the same periods, indicating volatility in profitability [1]. Group 2: User Base and Services - Qingsong Health focuses on providing digital comprehensive health services and health insurance solutions, catering to users seeking holistic health solutions, including screening, health checks, medical appointments, and health product sales [2]. - The registered user numbers are projected to be around 155 million, 164 million, 168 million, and 168 million for the years 2022 to 2025, while active users are expected to decline from 71 million to 23 million over the same period [2]. Group 3: Revenue Dependence - The company relies heavily on its top five clients, with their revenue contributions being 75.4%, 71.7%, 65.6%, and 65.9% of total revenue from 2022 to the first half of 2025, and the largest client contributing 35.1%, 25.3%, 22.9%, and 25.0% respectively [3]. - The procurement from the top five suppliers accounts for 42.0%, 36.1%, 70.1%, and 77.4% of total procurement during the same periods, indicating a significant reliance on a limited number of suppliers [3]. Group 4: Fundraising Purpose - The funds raised from the IPO will primarily be used to enhance brand awareness, increase user engagement, strengthen partnerships, invest in medical and real-world research, improve AI and big data capabilities, and expand into new regions and overseas markets [2].