Core Viewpoint - BenQ Hospital Group has submitted its IPO application to the Hong Kong Stock Exchange for the fourth time, with CICC and Citibank as joint sponsors, amidst a challenging environment for private healthcare companies seeking to go public [1][2][11]. 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 [6]. - As of 2024, BenQ Hospital is the largest private profit-oriented comprehensive hospital group in East China, holding a market share of 1% in the region and ranking seventh nationally with a market share of 0.4% [6]. Group 2: Operational Performance - The two hospitals operated by BenQ Hospital have a total construction area of approximately 400,000 square meters and 1,850 registered beds, supported by a team of over 1,000 experienced doctors, including 35 experts from Taiwan and overseas [6]. - The number of inpatient visits increased from 67,100 in 2022 to 81,900 in 2023, and further to 86,200 in 2024, while outpatient visits rose from 1,680,600 in 2022 to 2,146,500 in 2024 [8]. - Revenue figures for the reporting periods were CNY 2.336 billion, CNY 2.688 billion, CNY 2.659 billion, and CNY 1.312 billion, with net profits of CNY 896 million, CNY 1.68 billion, CNY 1.09 billion, and CNY 487 million, indicating significant fluctuations [8]. Group 3: Financial Metrics - The gross profit margins for BenQ Hospital during the reporting periods were 16.4%, 18.9%, 18.1%, and 15.9%, showing a decline in 2024 [9]. - Revenue from medical services accounted for approximately 98.7% to 99% of total revenue across the reporting periods, highlighting its primary income source [8]. Group 4: Market Context - The IPO attempts by BenQ Hospital are part of a broader trend of private healthcare companies seeking to go public, referred to as the "private healthcare IPO odyssey year" in 2023, with many companies facing challenges related to policy, profitability, and valuation [11]. - 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 [12]. Group 5: Ownership Structure - BenQ Hospital is primarily owned by Qisda Corporation, which holds 95.02% of the shares, providing a strong backing from a well-established technology and healthcare group [13].