Core Viewpoint - The maternity center industry is facing significant challenges, with a wave of bankruptcies and closures, particularly among mid-range centers, while high-end centers show some resilience [1][4][6]. Group 1: Industry Challenges - The maternity center industry has seen a dramatic increase in the number of centers, with a nearly 80% growth in first-tier and new first-tier cities over the past five years, while demand has only increased by 40% to 50% [4][6]. - The closure of over 67 maternity centers, including the notable case of Aijia, has triggered a wave of bankruptcies across the industry, with more than ten centers shutting down in the first two months of the year [1][4]. - A forecast suggests that 2025 could be the most challenging year for the maternity center industry, with potential closures of up to 60% of centers [2]. Group 2: Market Dynamics - High-end and ultra-high-end maternity centers are exhibiting growth, with a compound annual growth rate (CAGR) of 31.5% and 29.9% respectively from 2018 to 2023, outperforming mid-range and budget segments [6]. - The collaboration between maternity centers and high-end hotels is emerging as a trend, with centers like Saint Bella successfully turning profitable by leveraging hotel resources [2][8]. - The average contract value for postpartum care services at Saint Bella centers has shown a slight increase, indicating a potential for revenue growth despite overall industry challenges [7]. Group 3: Financial Performance - Saint Bella reported a total revenue of 523 million yuan in the first half of 2025, a 35% year-on-year increase, with a net profit of 327 million yuan, marking a significant turnaround [8]. - The rental costs for maternity centers operating within hotels have remained substantial, accounting for 22.5% of revenue in 2023, highlighting the financial pressures faced by these businesses [10]. Group 4: Future Outlook - The industry is expected to evolve towards a lighter asset model, allowing high-end maternity centers to utilize hotel resources effectively, thereby reducing costs associated with renovations and dining [6][12]. - Despite the potential for growth, the high costs of labor and rent continue to pose significant challenges for scaling operations within the maternity center sector [11][12]. - The overall market for maternity services is under pressure, with a significant reduction in the number of operational centers, dropping from over 5,000 to around 2,470 in just two years [13].

Group 1 - The company, Kingyung Investment (01328), announced the acquisition of 315,000 shares of Saint Bella (02508) at a total cost of approximately HKD 2.309 million, excluding transaction costs, at a price of HKD 7.3286 per share [1] - Between July 28, 2025, and August 1, 2025, Redwood, a wholly-owned subsidiary of the company, purchased a total of 1.83 million shares of Saint Bella for approximately HKD 13.823 million, at an average price of HKD 7.5536 per share [1] - Following these acquisitions, the group holds a total of 1.83 million shares of Saint Bella, representing about 0.29% of the total issued shares of Saint Bella as of the announcement date [1] Group 2 - The group primarily engages in providing investment management services and strategic direct investment [1] - The company maintains a positive outlook on Saint Bella's financial performance and future prospects, viewing it as a leading postpartum care and recovery group in China that also offers home care services and products catering to women's needs [1] - The investment in Saint Bella aligns with the group's investment criteria and serves the overall interests of the company and its shareholders [1]

Group 1 - The core announcement indicates that King Yong Investment (01328) plans to further acquire shares of Saint Bella (02508) through its wholly-owned subsidiary Redwood, with a total cost of approximately HKD 2.309 million, excluding transaction costs, for 315,000 shares at an average price of HKD 7.3286 per share [1] - Between July 28, 2025, and August 1, 2025, Redwood will acquire a total of 1.83 million shares of Saint Bella for approximately HKD 13.823 million, at an average price of HKD 7.5536 per share [1] - After these acquisitions, the group will hold a total of 1.83 million shares of Saint Bella, representing about 0.29% of the total issued shares of Saint Bella as of the announcement date [1] Group 2 - The group primarily engages in providing investment management services and strategic direct investment [1] - The group maintains a positive outlook on the financial performance and future prospects of Saint Bella, which is recognized as a leading postpartum care and recovery group in China, also offering home care services and food products catering to women's needs [1] - The investment in Saint Bella aligns with the group's investment criteria and serves the overall interests of the company and its shareholders [1]

Core Viewpoint - 圣贝拉有限公司 (02508.HK) was listed on the Hong Kong Stock Exchange, closing at HKD 8.80, a rise of 33.74% from its final offering price of HKD 6.580 [1][3]. Summary by Relevant Sections Share Issuance and Capital Structure - The total number of shares offered globally by 圣贝拉 was 109,733,000, with 7,710,000 shares allocated for the Hong Kong public offering and 62,023,000 shares for international offering [1][2]. - At the time of listing, the total number of issued shares was 609,733,000 [2]. Financial Details - The total proceeds from the offering amounted to HKD 722.04 million, with net proceeds of HKD 629.95 million after deducting estimated listing expenses of HKD 92.09 million [3][4]. - The company plans to allocate approximately 29% of the net proceeds to expand its postpartum care network, 37% for launching new services and products, 6% for training family care professionals, 18% for research and development activities, and 9% for working capital and other general corporate purposes [4]. Financial Performance - 圣贝拉's revenue for the years 2022, 2023, and 2024 is projected to be RMB 471.52 million, RMB 559.91 million, and RMB 798.67 million, respectively [6][7]. - The company reported losses of RMB 411.58 million in 2022, RMB 238.89 million in 2023, and an expected loss of RMB 543.28 million in 2024 [6][7]. - The net cash flow from operating activities for the same years was RMB 24.11 million, RMB 56.70 million, and RMB 49.08 million, respectively [8].

Group 1 - The company, Sheng Bella, plans to conduct an IPO from June 18 to June 23, 2025, offering 95.42 million shares at a price of HKD 6.58 per share, with trading expected to commence on June 26, 2025 [1] - Sheng Bella is recognized as the largest postpartum care and recovery group in Asia and China, with a market share of approximately 1.2% based on revenue from maternity centers in 2024 [1] - The company aims to become Asia's leading integrated family care brand group by expanding its service network beyond existing markets in mainland China, Hong Kong, Singapore, and the United States [1] Group 2 - The company has entered into cornerstone investment agreements, with investors agreeing to subscribe for shares totaling up to USD 41.5 million, subject to certain conditions [2] - The estimated net proceeds from the global offering are approximately HKD 541 million, with 29% allocated for expanding the postpartum care network and 37% for launching new services and products [2] - Additional allocations include 6% for training professional family care experts, 18% for research and development activities, and 9% for working capital and other general corporate purposes [2]