BRIEF: BenQ BM tumbles in Hong Kong trading debut
Private hospital operator BenQ BM Holding Cayman Corp. (2581.HK) opened 30.4% lower in its Hong Kong trading debut on Monday, and continued to slide to close down 42.29% at HK$5.39 by the midday break.
The company sold67 million shares at an offer price of HK$9.34 per share, representing the bottom of its indicated range, raising net proceeds of HK$555 million ($71 million). The Hong Kong portion of the offering for local investors was 5.28 times oversubscribed, while the international tranche was slightly oversubscribed.
BenQ Medical is the largest private for-profit general hospital operator in Eastern China. It operates two hospitals with a combined area of about 400,000 square meters and a total of 1,850 registered beds, supported by a medical team of more than 1,000 doctors. In 2024, the company logged more than 2 million outpatient visits and over 22,000 inpatient surgeries. In the first half of this year, its revenue fell 1.3% year-on-year to 1.31 billion yuan, while its net profit dropped 23% to 48.7 million yuan.
The company said it will use 74.3% of the IPO proceeds to expand and upgrade its existing hospitals, with 16% allocated to identifying potential investment and acquisition opportunities. Another 8% will be used to upgrade its “smart hospital” systems.
By Lee Shih Ta
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