IPO Timeline Raw facts
Company Overview
| Stock Name | Benq Holding |
|---|---|
| Stock Code | 02581 |
| Company Full Name | BenQ BM Holding Cayman Corp. |
| Industry | Healthcare |
| Principal Activities | We are a private for-profit general hospital group in mainland China, currently owning and operating two general hospitals, providing comprehensive medical services, including inpatient medical services and outpatient medical services. |
| Listing Date | 2025-12-22 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 中國 江蘇省 南京市建鄴區 河西大街71號 |
| Business Address (Hong Kong) | 香港 銅鑼灣 希慎道33號 利園一期 19樓1901室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | benqmedicalcenter.com |
| 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 B |
|---|---|
| Offer Price | HK$ 9.34 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 500 shares |
| Entry Threshold | HK$ 4,670 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-12 to 2025-12-17 |
| Global Offering Shares | 67,000,000 shares |
| HK Public Offer Shares (Initial) | 6,700,000 shares (10.0%) |
| Public Offer Lots (Initial) | 13,400lots (Pool A6,700lots，Pool B6,700lots) |
| International Placing Shares (Initial) | 60,300,000 shares (90.0%) |
| Offer Ratio | ~21.48% |
| Total Shares Post-IPO | 311,945,001 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 44.1% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 625,780,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 500 | HK$ 4,670 |
| 2 lots | 1,000 | HK$ 9,340 |
| 3 lots | 1,500 | HK$ 14,010 |
| 4 lots | 2,000 | HK$ 18,680 |
| 5 lots | 2,500 | HK$ 23,350 |
| 6 lots | 3,000 | HK$ 28,020 |
| 7 lots | 3,500 | HK$ 32,690 |
| 8 lots | 4,000 | HK$ 37,360 |
| 9 lots | 4,500 | HK$ 42,030 |
| 10 lots | 5,000 | HK$ 46,700 |
| 12 lots | 6,000 | HK$ 56,040 |
| 14 lots | 7,000 | HK$ 65,380 |
| 16 lots | 8,000 | HK$ 74,720 |
| 18 lots | 9,000 | HK$ 84,060 |
| 20 lots | 10,000 | HK$ 93,400 |
| 30 lots | 15,000 | HK$ 140,100 |
| 40 lots | 20,000 | HK$ 186,800 |
| 50 lots | 25,000 | HK$ 233,500 |
| 60 lots | 30,000 | HK$ 280,200 |
| 70 lots | 35,000 | HK$ 326,900 |
| 80 lots | 40,000 | HK$ 373,600 |
| 90 lots | 45,000 | HK$ 420,300 |
| 100 lots | 50,000 | HK$ 467,000 |
| 120 lots | 60,000 | HK$ 560,400 |
| 140 lots | 70,000 | HK$ 653,800 |
| 160 lots | 80,000 | HK$ 747,200 |
| 180 lots | 90,000 | HK$ 840,600 |
| 200 lots | 100,000 | HK$ 934,000 |
| 400 lots | 200,000 | HK$ 1,868,000 |
| 600 lots | 300,000 | HK$ 2,802,000 |
| 800 lots | 400,000 | HK$ 3,736,000 |
| 1,000 lots | 500,000 | HK$ 4,670,000 |
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,400 lots | 700,000 | HK$ 6,538,000 |
| 1,800 lots | 900,000 | HK$ 8,406,000 |
| 2,000 lots | 1,000,000 | HK$ 9,340,000 |
| 3,000 lots | 1,500,000 | HK$ 14,010,000 |
| 4,000 lots | 2,000,000 | HK$ 18,680,000 |
| 6,700 lots | 3,350,000 | HK$ 31,289,000 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 954.5M |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +889% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 2,913,566,309 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Approximately 19.1x (based on offer price HK$9.34 and 2024 EPS) |
| Profit/Loss Status | Net profit RMB 108.9 million |
| Period-End Cash Balance | RMB 116.88 million |
| Listing Expenses | ~HK$ 78,100,000 |
| Listing Expenses / Funds Raised | ~11.1% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 4.72 |
|---|---|
| First Day Open | HK$ 6.5 |
| First Day Change | -49.46% |
| First Day Volume | 7845000.0 |
| First Day Turnover | 45482100.0 |
| Use of Proceeds | 1、約74.3%，或465百萬港元，將撥作擴建及升級現有醫院的資金；
2、約16.0%，或100百萬港元，將撥作潛在投資及并購機會的資金；
3、約8.0%，或50.0百萬港元，將撥作升級公司「智慧醫院」的資金；
4、約1.8%，或11.0百萬港元，將用作營運資金及一般企業用途。 |
Underwriting Syndicate
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
美迈斯律师事务所 通商律师事务所 Harney Westwood & Riegels 理律法律事务所 |
| Legal Advisor to Sponsors/Underwriters |
普衡律师事务所（香港）有限法律责任合伙 竞天公诚律师事务所 |
| Auditor and Reporting Accountant | 毕马威会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司 |
| Receiving Banks | 中国建设银行（亚洲）股份有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 禾荣科技 | 30,000,000 USD | 22,218,500 | 33.16% | 7.12% | 6 months | 2026-06-22 |
| 2 | 合富（中国） | 7,920,000 USD | 5,865,500 | 8.75% | 1.88% | 6 months | 2026-06-22 |
| 3 | 苏州战兴投 | 1,980,000 USD | 1,466,000 | 2.19% | 0.47% | 6 months | 2026-06-22 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 陳其宏 | — |
| Company Secretary | 黎映彤 | — |
| Executive Director | 萧泽荣 | HSIAO |
| Non-Executive Director | 陈其宏 | CHEN |
| Independent Non-Executive Director | 周行一 | CHOW |
| Non-Executive Director | 洪秋金 | HUNG |
| Independent Non-Executive Director | 王文聪 | WANG |
| Non-Executive Director | 王黎明 | WANG Liming |
| Independent Non-Executive Director | 陈瑞杰 | CHEN |
Major Shareholders
| Major Shareholders & Holdings | Wistron Technology Corporation directly and indirectly holds 232,736,837 shares, representing 74.61% of the issued share capital immediately after completion of the Global Offering. Wistron Technology Corporation holds its shares through its wholly-owned subsidiaries BenQ Corporation, Darly II Investment Co., Ltd., Darly Investment Co., Ltd. and Darly Venture (L) Ltd. |
|---|
Market Sentiment
The IPO recorded a moderate oversubscription of 6.28x from 9,291 valid applications, signaling restrained retail interest for a healthcare listing. The final price of HK$9.34 was set, but the reported hit rate of 0.0% is highly anomalous and likely indicates negligible retail allocations after reallocation, possibly due to the clawback-free Mechanism B design. This weak retail success rate suggests the offering leaned heavily toward institutional investors. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
With 6.28x oversubscription, both 甲尾 (A-tail) and 乙头 (B-head) expected lots are identically 1.0, showing no incremental allocation benefit from crossing tiers. This flat distribution implies relatively generous per-lot allocations compared to hotter IPOs, though the 0% hit rate suggests these figures may not reflect actual share distribution. Broker fee efficiency appears uniform across tiers, but the data anomaly warrants caution. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic details are completely missing, with zero holders and no regional or gender breakdowns. This absence aligns with the 0% hit rate, implying that no retail applicants received shares, thereby making demographic aggregation pointless. Without this data, typical patterns like mainland Chinese participation or Guangdong concentration cannot be observed. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
