Core Viewpoint - BenQ Hospital Group has submitted its fourth IPO application to the Hong Kong Stock Exchange, with CICC and Citigroup as joint sponsors, amidst a challenging environment for private healthcare companies seeking to go public [1][6]. Group 1: Company Overview - BenQ Hospital is a private, profit-oriented comprehensive hospital group in mainland China, operating two hospitals and leveraging operational management experience from Taiwan [1][2]. - The group is the largest private profit-oriented comprehensive hospital group in East China by total revenue for 2024, holding a 1% market share in the region and ranking seventh nationally with a 0.4% market share [1]. Group 2: Operational Performance - As of June 30, 2025, the total building area of the two hospitals is approximately 400,000 square meters, with 1,850 registered beds and over 1,000 experienced doctors, including 35 experts from Taiwan and overseas [2]. - The number of inpatient visits increased from 67,100 in 2022 to 81,900 in 2023, and further to 86,200 in 2024, with 42,400 visits in the first half of 2025 [3]. - Outpatient visits rose from 1.68 million in 2022 to 2.15 million in 2024, with 1.06 million visits in the first half of 2025 [3]. Group 3: Financial Performance - The company reported revenues of CNY 2.336 billion, CNY 2.688 billion, CNY 2.659 billion, and CNY 1.312 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively, showing significant fluctuations [3]. - The net profits for the same periods were CNY 89.6 million, CNY 168 million, CNY 109 million, and CNY 48.7 million, indicating volatility in profitability [3]. - The gross profit margins were 16.4%, 18.9%, 18.1%, and 15.9% for the respective years, with a decline noted in 2024 [4]. Group 4: Market Context - The IPO attempts coincide with a wave of private healthcare companies seeking to go public, referred to as the "Odyssey Year of Private Medical IPOs" in 2023, amidst various pressures affecting investment value [5][6]. - The net proceeds from the IPO are intended for hospital expansion and upgrades, potential investments and acquisitions, smart hospital upgrades, working capital, and general corporate purposes [6]. Group 5: Shareholding Structure - BenQ Hospital is primarily controlled by Qisda Corporation, which holds 95.02% of the shares, providing a strong backing from a diversified technology group [7]. - Qisda Corporation, founded in 1984 and listed on the Taiwan Stock Exchange, operates across various sectors, including healthcare, which may offer synergistic opportunities for BenQ Hospital [7].