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IPO Plus - IPO

To-be Listed
Name▼
/
Code▼
 Industry Offer Price Lot Size Entry Fee Closing Date
Grey Market Date▼
Listing Date▲
Guoxia Technology
02655.HK		 New energy and environmental protection 20.1 100 2,030.26 2025/12/11 2025/12/15 2025/12/16
HashKey Holdings
03887.HK		 Investment Holdings & Assets Management 5.95-6.95 400 2,808.04 2025/12/12 2025/12/16 2025/12/17
Zhihui Mining
02546.HK		 Diversified Metals & Minerals 4.1-4.51 1,000 4,555.48 2025/12/16 2025/12/18 2025/12/19
CiDi
03881.HK		 Advanced hardware and software 263 10 2,656.52 2025/12/16 2025/12/18 2025/12/19
B&K Corp-B
02396.HK		 Biotechnology - Pharmaceuticals 38.2-51 200 10,302.88 2025/12/17 2025/12/19 2025/12/22
BenQ BM Holding
02581.HK		 Health Care Services 9.34-11.68 500 5,898.90 2025/12/17 2025/12/19 2025/12/22
Nanhua Futures
02691.HK		 Investment Banking & Brokerage 12-16 500 8,080.68 2025/12/17 2025/12/19 2025/12/22
Impression Dahongpao
02695.HK		 Movies & Entertainment 3.47-4.1 1,000 4,141.35 2025/12/17 2025/12/19 2025/12/22
BenQ BM Holding (02581.HK)
Summary
We are a private for-profit general hospital group in mainland China, and have adopted the hospital operation and management experiences from Taiwan. We currently own and operate two private for-profit general hospitals. As measured by total revenue in 2024, we are the largest private for-profit general hospital group in the East China region, with our market share being 1.0% in the East China region, according to Frost & Sullivan. By the same measure, we are the seventh largest private for-profit general hospital group nationwide, with our market share being 0.4% in the PRC, according to the same source. As measured by average revenue per registered bed in 2024, we rank the first among all private for-profit general hospital groups in mainland China, according to the same source.

As of June 30, 2025, our two hospitals had a total combined GFA of approximately 400,000 sq.m. and 1,850 registered beds, as well as an experienced team featuring more than 1,000 doctors, including 35 experts from Taiwan or overseas. In 2024, we recorded over two million outpatient visits and performed over 22,000 inpatient surgeries.

‧ Nanjing BenQ Hospital. Having commenced operations in 2008, Nanjing BenQ Hospital has been rated as a Grade A Class III hospital since 2022, being the first private hospital so rated in Nanjing, Jiangsu Province. As measured by total revenue in 2024, Nanjing BenQ Hospital is the third largest private for-profit general hospital in the PRC, with its market share being 0.3% in the PRC, and the largest private for-profit general hospital in Jiangsu Province, with its market share being 2.0% in Jiangsu Province, according to Frost & Sullivan. In addition, Nanjing BenQ Hospital was recognized as one of the first batch of National Chest Pain Center Accreditation Units and a National Health Management Demonstration Base of the PRC. Nanjing BenQ Hospital has established various national and provincial key disciplines and medical specialties. As a medical university affiliated hospital that engages in medical treatment, teaching, research, and operation, it is a large-scale healthcare institution integrating multi-disciplinary clinical care and a platform for medical training and research.

‧ Suzhou BenQ Hospital. Having commenced operations in 2013, Suzhou BenQ Hospital is a Class III general hospital. Suzhou BenQ Hospital was accredited by the Joint Commission International (JCI) in 2020, and was also recognized as a National Chest Pain Center, Certified Atrial Fibrillation Center and National Stroke Prevention and Treatment Center of the PRC. With an acute understanding of market demands, Suzhou BenQ Hospital has pursued a differentiated development strategy and accumulated distinctive strengths in departments such as obstetrics and gynecology, as well as pediatrics. In 2023 and 2024, Suzhou BenQ Hospital was recognized as an “Elderly-Friendly Medical Institution in Jiangsu Province” by Jiangsu Commission of Health. It was also among the first batch of pilot medical institutions in Suzhou to offer palliative care services, according to Frost & Sullivan.

As of the Latest Practicable Date, we operate two hospitals in Jiangsu Province and as such, our business is primarily influenced by the market dynamics and prevailing competition in Jiangsu Province instead of the PRC as a whole. For details, see “Industry Overview — The Healthcare Service Market in Jiangsu Province” of this document.

The DRG payment system, introduced in the PRC in 2019, applies to inpatient services and reimburses hospitals based on standardized rates for diagnosis-related groups rather than actual treatment costs. This DRG payment system aims to reduce unnecessary costs incurred during treatments. Implementation is encouraged but not mandatory, except for hospitals in regions where it has been formally adopted, such as Jiangsu since 2022. If a hospital is a Medical Insurance Designated Medical Institution and the DRG payment system has been implemented in the region where such hospital is located, that hospital must follow the requirements imposed by the DRG payment system. The DRG payment system has impacted hospital revenues by limiting reimbursements to pre-set amounts, requiring hospitals themselves to cover any excess costs. Average spending per inpatient visit has decreased since the application of the DRG system in China, according to Frost & Sullivan. In response to the implementation of the DRG system, some hospitals have adjusted their financial and operational strategies and successfully adapted by enhancing their cost management. See also “— Implementation of the DRG Payment System” of this section.

Even amidst the impact of the COVID-19, the number of patient visits at our hospitals grew rapidly during the Track Record Period. The total inpatient visits at our two hospitals in aggregate increased from 67.1 thousand in 2022 to 81.9 thousand in 2023, and further to 86.2 thousand in 2024. The total inpatient visits at our two hospitals remained stable at 42.4 thousand in the six months ended June 30, 2024 and 2025. The total outpatient visits at our two hospitals in aggregate increased from 1,680.6 thousand in 2022 to 2,002.3 thousand in 2023, and further to 2,146.5 thousand in 2024. The total outpatient visits at our two hospitals in aggregate amounted to 1,096.3 thousand and 1,057.4 thousand in the six months ended June 30, 2024 and 2025. Our Directors believe that, during the Track Record Period and up to the Latest Practicable Date, the COVID-19 did not have any material negative impact on our business, financial condition and results of operation.

Our Controlling Shareholder, Qisda Corporation, which was founded in 1984 and listed on the Taiwan Stock Exchange (stock code: 2352.TW) in 1996, is a global technology group with businesses spanning across IT, healthcare services and products (comprising hospital operation through the Group as well as sales of medical equipment and medical products), smart solutions, networking, and communication. Its brand influence and advanced technology will continue to provide us with synergetic business opportunities. As the sole undertaker and brand of Qisda Corporation’s healthcare services business, we plan to accelerate the expansion of our hospital network and form regional medical alliances by strengthening cooperation with primary, secondary and community healthcare institutions, thereby continuously identifying new growth drivers. We believe that the extensive experiences accumulated from operating two large-size general hospitals over the years and the support from our Controlling Shareholder will continue to support our business expansion. This will enable us to successfully integrate newly acquired or established healthcare institutions in different regions, so as to swiftly replicate our success and achieve sustainable growth.



Source: BenQ BM Holding (02581) Prospectus (IPO Date : 2025/12/12)
Listing Market MAIN
Industry Health Care Services
Background Others
Major Business Area China
Corporate Information
No related information.
 
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