The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of QingSong Health Corporation 轻松健康集团 (Incorporated in the Cayman Islands with lim ...

Group 1: Global Energy Markets - Black Sea CPC Blend crude oil exports are forecasted to increase to 1.7 million barrels per day (bpd) in December, up from 1.45 million bpd in November, indicating a potential rise in global oil supply [2] - Earlier in 2025, CPC Blend exports fluctuated, with April initially set at 1.7 million bpd before being revised down to 1.6 million bpd, and May volumes around 1.5 million bpd, while August exports remained stable at 1.66 million bpd [3] Group 2: China's Regulatory Reforms - China is implementing significant regulatory reforms in its financial oversight, enhancing investor protection through improved accounting oversight, with new regulations effective from December 2024 [4] - The Ministry of Finance plans to strengthen supervision of accountants following a substantial fine of 441 million yuan ($60 million) imposed on PwC for its audit of China Evergrande Group [5] Group 3: China's Healthcare Reforms - China aims to reform its healthcare system to evenly distribute high-quality medical resources across the country, addressing disparities between urban and rural areas [6] - Initiatives include improving medical insurance payment mechanisms, streamlining reimbursement systems, and simplifying online application processes to reduce the financial burden on patients [7] Group 4: Qatar's Trade Surplus - Qatar recorded a merchandise trade surplus of QAR 13.558 billion in October 2025, reflecting continued strength in its foreign merchandise trade [8] - In October 2023, Qatar reported a surplus of nearly QAR 19 billion (approximately $5.13 billion), despite a year-on-year decrease in both exports (23.5%) and imports (22.1%) [9]

Core Insights - Billionaire David Tepper's Appaloosa hedge fund significantly reduced its stake in UnitedHealth Group, selling 92% of its shares after a substantial purchase earlier in the year, indicating a strategic shift in investment focus [2][3][4] UnitedHealth Group - Appaloosa had a long-standing investment in UnitedHealth Group, having added approximately 2.28 million shares in Q2 2025, capitalizing on what was perceived as a discount [3] - Tepper's decision to sell 2.25 million shares in Q3 2025 suggests profit-taking, as this sale could have yielded a gain of around 29% if shares were bought at the lowest point and sold at the highest [4] Whirlpool - Appaloosa increased its stake in Whirlpool by 1,967% in Q3 2025, indicating a strong belief in the company's valuation after a significant drop in share price [7] - Whirlpool's current market cap is $4 billion, with shares trading at $78.75, down over 40% from earlier peaks [8] Qualcomm and Advanced Micro Devices (AMD) - Tepper significantly boosted Appaloosa's position in Qualcomm by 256% and initiated a new position in AMD, reflecting a strategic pivot towards companies expected to thrive in the AI chip market [10][12] - Qualcomm is recognized as a major player in edge AI applications, while AMD is seen as a strong competitor to Nvidia in the AI chip sector [12] KraneShares CSI China Internet ETF - Appaloosa also increased its stake in the KraneShares CSI China Internet ETF by 85%, diversifying its portfolio further into international markets [9]

Core Viewpoint - Rosen Law Firm is encouraging investors of Molina Healthcare, Inc. who incurred losses exceeding $100,000 during the specified class period to seek legal counsel before the December 2, 2025 deadline for a securities class action lawsuit [1][2]. Group 1: Class Action Details - Investors who purchased Molina securities between February 5, 2025, and July 23, 2025, may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by December 2, 2025 [3]. - The Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a proven track record in securities class actions [4]. Group 2: Allegations Against Molina Healthcare - The lawsuit alleges that Molina failed to disclose several material adverse facts, including issues related to medical cost trend assumptions and a dislocation between premium rates and medical costs [5]. - It is claimed that Molina's near-term growth relied on a lack of utilization of various health services, which could lead to a significant cut in financial guidance for fiscal year 2025 [5]. - The lawsuit asserts that the positive statements made by Molina regarding its business and operations were materially misleading and lacked a reasonable basis [5].

Core Viewpoint - Universal Health Services (UHS) has shown strong performance in its recent earnings report, with significant growth in earnings and revenues, leading to an upward revision of its financial guidance for 2025 [3][11]. Financial Performance - UHS reported Q3 2025 adjusted earnings per share (EPS) of $5.69, exceeding the Zacks Consensus Estimate by 22.1% and reflecting a year-over-year increase of 53.4% [3]. - Net revenues reached $4.5 billion, marking a 13.4% year-over-year improvement and surpassing the consensus estimate by 4.2% [3]. - Adjusted EBITDA rose 27.4% year over year to $670.6 million, exceeding the estimate of $577.4 million [5]. Segment Performance - In Acute Care Hospital Services, adjusted admissions grew 2% on a same-facility basis, with net revenues improving 12.8% [6]. - Behavioral Health Care Services saw adjusted admissions increase by 0.5%, with net revenues rising 9.3% on a same-facility basis [7]. Operational Costs - Total operating costs for the quarter were $4 billion, an 11% increase year over year, driven by higher salaries, wages, and benefits [5]. Financial Position - As of September 30, 2025, UHS had cash and cash equivalents of $112.9 million, down 10.4% from the end of 2024 [8]. - Long-term debt decreased by 11.5% year over year to $4 billion, while total equity increased by 7.1% to $7.2 billion [9]. Share Repurchase Program - UHS repurchased shares worth approximately $234.3 million in Q3 and approved a $1.5 billion increase to its stock repurchase program, bringing the total remaining authorization to $1.8 billion [10]. Revised Guidance - The company revised its 2025 net revenue guidance to a range of $17.306-$17.445 billion, indicating a projected growth of 9.8% from 2024 [11]. - EPS is now expected to be between $21.50 and $22.10, reflecting a 31.2% growth from the previous year [12]. Market Outlook - Estimates for UHS have been trending upward, and the stock currently holds a Zacks Rank 2 (Buy), suggesting an expectation of above-average returns in the coming months [15].

Group 1 - Premier has been acquired by Patient Square Capital and will operate as a wholly owned subsidiary, with its board resigning under the purchase agreement [3][7] - The acquisition was valued at $2.6 billion, with Premier stockholders receiving $28.25 in cash per share, and the deal closed earlier than anticipated [7] - Premier's revenue for the quarter ended September 30 was reported at $240 million, a decrease of 3% year over year, while net income from continuing operations fell by 79% to $15.3 million [4] Group 2 - The acquisition follows Premier's exploration of strategic alternatives, including a potential sale, due to declining stock prices and financial challenges [4] - Premier has divested some assets, including its non-healthcare GPO operations and is winding down its employee health benefits subsidiary, Contigo Health [5] - Patient Square's portfolio includes other healthcare firms such as ChenMed, Access Telecare, and CorroHealth, indicating a focus on value-based care and revenue cycle management [5]

Group 1 - The Annual General Meeting (AGM) for Ramsay Healthcare is being held, with a warm welcome extended to attendees both in-person and online [1] - The meeting acknowledges the Traditional Custodians of the land, specifically the Gadigal people of the Eora Nation, and pays respect to Elders and First Nations employees [2] - The Board of Directors is introduced, including Natalie Davis, the Group CEO and Managing Director, and other board members such as Helen Kurincic and Craig Drummond [3][4]

Core Insights - Universal Health Services, Inc. (UHS) is a healthcare company that provides care and receives reimbursement through Medicare, Medicaid, and individual insurance plans [1] - UHS owns a small insurance subsidiary known as Prominence Health, which serves as a part of its operations [1] Company Overview - UHS operates primarily in the healthcare sector, focusing on providing care and managing reimbursements from various government and private insurance programs [1] - The company has diversified its operations by owning Prominence Health, enhancing its service offerings [1]

Core Insights - Rising healthcare costs are significantly impacting American workers' wages and overall economic competitiveness, as highlighted by Warren Buffett [1][2] - The shift in corporate taxes and healthcare spending is altering investment decisions and wage structures, with healthcare spending increasing from 5% to 17% of GDP [2] - Buffett's remarks emphasize that medical costs are a major threat to American economic competitiveness, affecting both executives and policymakers [2] Group 1: Corporate Partnerships - In 2018, Amazon, Berkshire Hathaway, and JPMorgan Chase formed a nonprofit to address healthcare spending for their employees, aiming for a simpler and more transparent healthcare approach [3][4] - The partnership represented a significant corporate effort to reshape healthcare benefits and was seen as a potential model for other employers [5] Group 2: Outcomes and Challenges - The initiative, named Haven, ended in 2021 due to the resistance to major changes within the healthcare system, despite the companies learning valuable lessons from the experience [6]

Core Viewpoint - The Portnoy Law Firm has initiated an investigation into Ardent Health, Inc. for possible securities fraud following significant financial disclosures that negatively impacted the company's stock price [1][3]. Financial Disclosures - On November 12, 2025, Ardent reported a $43 million reduction in revenue due to changes in accounting estimates regarding the collectability of accounts receivable [3]. - The company also disclosed a $54 million increase in its professional liability reserves related to claims in New Mexico [3]. - Following these disclosures, Ardent's stock price experienced a significant decline during pre-market trading on November 13, 2025 [3]. Legal Actions - Investors are encouraged to contact the Portnoy Law Firm to discuss their legal rights and potential claims for recovering losses [2]. - The firm has a history of recovering over $5.5 billion for investors affected by corporate wrongdoing [4].