Company Overview
| Stock Name | KN Hospital |
|---|---|
| Stock Code | 02120 |
| Company Full Name | To be extracted |
| Industry | Healthcare |
| Principal Activities | 提供精神科醫療服務，包括治療和一般醫療服務及藥品銷售，運營和管理精神科醫療機構網絡 |
| Listing Date | 2015-11-20 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國浙江省溫州市黃龍住宅區盛錦路 |
| Business Address (Hong Kong) | To be extracted |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.knhosp.cn |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism A |
|---|---|
| Offer Price | HK$ 38.70 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | RMB 1.0 / shares |
| Offer Period | To be extracted |
| Global Offering Shares | 17,600,000 shares |
| HK Public Offer Shares (Initial) | 1,760,000 shares (10.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 15,840,000 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 70,400,000 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 9.5% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 681,120,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 273.1M |
| Est. Threshold | HK$ 9.05B |
| Analysis Result | HK market cap below threshold, need +3215% |
Valuation & Financials
| Market Cap (at Offer Price) | To be extracted |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 盈利約人民幣51.2百萬元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2012 | 2013 | 2014 | 2015-06 |
|---|---|---|---|---|
| Revenue | 170,813 | 226,363 | 296,296 | 160,743 |
| Cost of sales | -111,673 | -139,512 | -181,313 | -95,505 |
| Gross profit | 59,140 | 86,851 | 114,983 | 65,238 |
| Other income and gains, net | 1,065 | 4,692 | 689 | 93 |
| Selling and distribution expenses | -2,607 | -4,879 | -2,092 | -516 |
| Administrative expenses | -29,076 | -34,875 | -45,611 | -26,589 |
| Operating profit | 28,334 | 52,063 | 67,818 | 38,113 |
| Net finance costs | -10,370 | -4,487 | 749 | -1,027 |
| Profit before tax | 17,964 | 47,576 | 68,567 | 37,086 |
| Income tax expense | -4,733 | -11,383 | -17,369 | -9,732 |
| Profit for the year | 13,231 | 36,193 | 51,198 | 27,354 |
| Profit attributable to owners | 13,231 | 36,193 | 51,198 | 29,130 |
Balance Sheet
| Item | 2012 | 2013 | 2014 | 2015-06 |
|---|---|---|---|---|
| Cash and cash equivalents | 19,639 | 67,583 | 37,271 | 39,824 |
| Trade and bills receivables | 52,029 | 63,145 | 84,532 | 106,592 |
| Inventories | 7,192 | 7,302 | 7,911 | 8,391 |
| Total current assets | 126,229 | 165,003 | 170,556 | 207,488 |
| Total assets | 226,667 | 305,679 | 372,339 | 572,734 |
| Total current liabilities | 195,037 | 69,772 | 84,405 | 106,327 |
| Total liabilities | 202,601 | 96,818 | 111,249 | 220,939 |
| Total equity | 24,066 | 208,861 | 261,090 | 351,795 |
| Equity attributable to owners | 24,066 | 208,861 | 261,090 | 351,171 |
| Interest-bearing borrowings | 121,506 | 0 | 0 | 0 |
Cash Flow Statement
| Item | 2012 | 2013 | 2014 | 2015-06 |
|---|---|---|---|---|
| Net cash from operating activities | 22,608 | 37,078 | 33,328 | -14,018 |
| Net cash from investing activities | -39,315 | -12,885 | -60,663 | -60,982 |
| Net cash from financing activities | 18,007 | 23,751 | -2,977 | 77,553 |
| Net increase in cash | 1,300 | 47,944 | -30,312 | 2,553 |
| Purchase of PP&E | -34,566 | -43,696 | -60,871 | -49,279 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 49.1 |
|---|---|
| First Day Open | HK$ 44.0 |
| First Day Change | 26.87% |
| First Day Volume | 13746900.0 |
| First Day Turnover | 640369000.0 |
| Use of Proceeds | 1、約50%或305.6百萬港元將用于通過我們多元化的擴張模式在精神科醫療服務供不應求的地區擴張及提升我們的醫療機構網絡及包括我們現有及未來發展中的機構在內的運營能力；
2、約25%或152.8百萬港元將用于溫州康寧醫院的改造及升級項目，以擴張其運營規模及高端醫療服務能力；
3、約10%或61.1百萬港元將用于科研、教學及人員培訓用途，包括擴大我們與經挑選的國內外精神科醫療機構及大學的合作；
4、約8%或48.9百萬港元將用于發展我們的移動和在線醫療咨詢平臺并改進我們的信息科技基礎設施，而我們相信這將進一步提升我們的品牌知名度及患者覆蓋能力；
5、約7%或42.8百萬港元將用作營運資金及其他一般企業用途。 |
Underwriting Syndicate
Joint Sponsors (2)
Joint Bookrunners (3)
Joint Lead Managers (3)
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Dragon Billion China Master Fund | 108,507,060 HKD | — | 4.40% | — | 6 months | 2016-05-20 |
| 2 | OrbiMed Funds | 139,509,630 HKD | — | 5.10% | — | 6 months | 2016-05-20 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 管偉立 | — |
| Company Secretary | 王健、吳詠珊 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 管偉立先生及王蓮月女士（配偶權益）持有約33.53%，德福基金持有約21.85%，王紅月女士持有約9.72%，北京鼎暉維鑫持有約5.45% |
|---|
