IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Distinct Health |
|---|---|
| Stock Code | 02677 |
| Company Full Name | Distinct Healthcare Hldg Ltd |
| Industry | Biotech & Pharma |
| Principal Activities | We are a private healthcare service provider in China, with a strategic focus on serving the mid-to-high-end healthcare service market, targeting the mass affluent population with strong purchasing power and a preference for more personalized care. Our business commenced in 2012, and we have established a network covering some of China’s most economically developed cities, including Shenzhen, Guangzhou, Beijing, Chengdu, Suzhou, Changsha, Shanghai, Chongqing, Hangzhou and Wuhan. As of the Latest Practicable Date, we own and operate 19 healthcare service institutions in various locations in China, comprising 17 clinics and two hospitals. In addition, we operate four general practice clinics in Singapore and one general practice clinic in Malaysia. |
| Listing Date | 2026-02-06 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Principal Place of Business in Hong Kong Room 1901, 19/F, Lee Garden One 33 Hysan Avenue Causeway Bay Hong Kong |
| 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 | www.distinctclinic.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | and Transfer Campbells Corporate Services Limited |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 59.90 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 50 shares |
| Entry Threshold | HK$ 2,995 |
| Par Value | RMB 0.001 / shares |
| Offer Period | 2026-01-29 to 2026-02-03 |
| Global Offering Shares | 4,750,000 shares |
| HK Public Offer Shares (Initial) | 475,000 shares (10.0%) |
| Public Offer Lots (Initial) | 9,500lots (Pool A4,750lots，Pool B4,750lots) |
| International Placing Shares (Initial) | 4,275,000 shares (90.0%) |
| Offer Ratio | ~7.38% |
| Total Shares Post-IPO | 64,384,350 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | 海通国际资本有限公司 CE ADQ859 |
| Cornerstone Share | 30.4% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 284,525,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 50 | HK$ 2,995 |
| 2 lots | 100 | HK$ 5,990 |
| 3 lots | 150 | HK$ 8,985 |
| 4 lots | 200 | HK$ 11,980 |
| 5 lots | 250 | HK$ 14,975 |
| 6 lots | 300 | HK$ 17,970 |
| 7 lots | 350 | HK$ 20,965 |
| 8 lots | 400 | HK$ 23,960 |
| 9 lots | 450 | HK$ 26,955 |
| 10 lots | 500 | HK$ 29,950 |
| 12 lots | 600 | HK$ 35,940 |
| 14 lots | 700 | HK$ 41,930 |
| 16 lots | 800 | HK$ 47,920 |
| 18 lots | 900 | HK$ 53,910 |
| 20 lots | 1,000 | HK$ 59,900 |
| 30 lots | 1,500 | HK$ 89,850 |
| 40 lots | 2,000 | HK$ 119,800 |
| 50 lots | 2,500 | HK$ 149,750 |
| 60 lots | 3,000 | HK$ 179,700 |
| 70 lots | 3,500 | HK$ 209,650 |
| 80 lots | 4,000 | HK$ 239,600 |
| 90 lots | 4,500 | HK$ 269,550 |
| 100 lots | 5,000 | HK$ 299,500 |
| 120 lots | 6,000 | HK$ 359,400 |
| 140 lots | 7,000 | HK$ 419,300 |
| 160 lots | 8,000 | HK$ 479,200 |
| 180 lots | 9,000 | HK$ 539,100 |
| 200 lots | 10,000 | HK$ 599,000 |
| 400 lots | 20,000 | HK$ 1,198,000 |
| 600 lots | 30,000 | HK$ 1,797,000 |
| 800 lots | 40,000 | HK$ 2,396,000 |
| 1,000 lots | 50,000 | HK$ 2,995,000 |
| 1,200 lots | 60,000 | HK$ 3,594,000 |
| 1,400 lots | 70,000 | HK$ 4,193,000 |
| 1,600 lots | 80,000 | HK$ 4,792,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,800 lots | 90,000 | HK$ 5,391,000 |
| 2,000 lots | 100,000 | HK$ 5,990,000 |
| 3,000 lots | 150,000 | HK$ 8,985,000 |
| 4,750 lots | 237,500 | HK$ 14,226,250 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 1.9B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +397% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 3,856,622,565 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 80.2 million |
| Period-End Cash Balance | RMB 307.97 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | ~25.8% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 67.9 |
|---|---|
| First Day Open | HK$ 81.0 |
| First Day Change | 13.36% |
| First Day Volume | 2417400.0 |
| First Day Turnover | 202700000.0 |
| Use of Proceeds | 1、35%或約76.7百萬港元用于通過打造一個醫療人工智能應用的專業人才 庫、與領先的科研機構及公司開展戰略合作及外部采購；
2、30%或約65.7百萬港元用于升級現有醫療服務機構及設立新醫療服務機 構，以加深滲透力及覆蓋更廣泛的目標患者群；
3、25%或約54.8百萬港元用于在適當機會出現時收購一線城市及新一線城市 中業績良好的醫療服務機構；
4、10%或約21.9百萬港元用作營運資金及其他一般公司用途。 |
Underwriting Syndicate
Sponsor cum Overall Coordinator (2)
Overall Coordinators (5)
Joint Global Coordinators (9)
海通国际证券有限公司 CE AAF806
SPDB International Capital Limited CE BFZ375
CMB International Capital Limited CE AVM940
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
建银国际金融有限公司 CE AJO225
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
China Renaissance Securities (Hong Kong) Limited CE AZX839
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Futu Securities International (HONG KONG) Limited CE AZT137
Joint Bookrunners (12)
海通国际证券有限公司 CE AAF806
SPDB International Capital Limited CE BFZ375
CMB International Capital Limited CE AVM940
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
建银国际金融有限公司 CE AJO225
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
China Renaissance Securities (Hong Kong) Limited CE AZX839
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Futu Securities International (HONG KONG) Limited CE AZT137
XCap Partners Limited CE BOP567
Funde Securities Limited CE BHT984
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Joint Lead Managers (12)
海通国际证券有限公司 CE AAF806
SPDB International Capital Limited CE BFZ375
CMB International Capital Limited CE AVM940
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
建银国际金融有限公司 CE AJO225
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
China Renaissance Securities (Hong Kong) Limited CE AZX839
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Futu Securities International (HONG KONG) Limited CE AZT137
XCap Partners Limited CE BOP567
Funde Securities Limited CE BHT984
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Capital Market Intermediaries (12)
海通国际证券有限公司 CE AAF806
SPDB International Capital Limited CE BFZ375
CMB International Capital Limited CE AVM940
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
建银国际金融有限公司 CE AJO225
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
China Renaissance Securities (Hong Kong) Limited CE AZX839
ZHONGTAI INTERNATIONAL SECURITIES LIMITED CE BAA855
Futu Securities International (HONG KONG) Limited CE AZT137
XCap Partners Limited CE BOP567
Funde Securities Limited CE BHT984
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Stabilizing Manager (1)
海通国际资本有限公司 CE ADQ859
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
美迈斯律师事务所 竞天公诚律师事务所 凯博律师事务所 Helmsman LLC Robin Lynn & Lee |
| Legal Advisor to Sponsors/Underwriters |
苏利文•克伦威尔律师事务所（香港）有限法律责任合伙 通商律师事务所 |
| Auditor and Reporting Accountant | 罗兵咸永道会计师事务所 |
| Industry Advisor | 弗若斯特沙利文（北京）咨询有限公司上海分公司 |
| Receiving Banks | 招商永隆银行有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | (%) (%) (%) (%)Health Vision | 44,000,000 HKD | 700,850 | 14.75% | 1.09% | 6 months | 2026-08-06 |
| 2 | 金域医学检验 | 3,000,000 USD | 372,650 | 7.85% | 0.58% | 6 months | 2026-08-06 |
| 3 | 明略科技 | 2,000,000 USD | 248,400 | 5.23% | 0.39% | 6 months | 2026-08-06 |
| 4 | Galaxy Dynasty | 1,000,000 USD | 124,200 | 2.61% | 0.19% | 6 months | 2026-08-06 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 王志遠 | — |
| Company Secretary | 劉亦軒 | — |
| Executive Director | 王志远 | WANG Zhiyuan |
| Non-Executive Director | 曹少山 | CAO Shaoshan |
| Independent Non-Executive Director | 陈锐 | CHEN Rui |
| Executive Director | 施翼 | SHI Yi |
| Non-Executive Director | 张向东 | ZHANG Xiangdong |
| Independent Non-Executive Director | 王咏刚 | WANG Yonggang |
| Non-Executive Director | 魏国兴 | WEI Guoxing |
| Independent Non-Executive Director | 王高飞 | WANG Gaofei |
| Non-Executive Director | 陈小红 | CHEN Xiaohong |
| Independent Non-Executive Director | 高平阳 | GAO Pingyang |
| Non-Executive Director | 郝瑞 | HAO Rui |
Major Shareholders
| Major Shareholders & Holdings | As of the last practicable date, Mr. Wang (through Cheuk Sing Ho and others) held approximately 22.05% of the shares, Mr. Cao Shaoshan held approximately 22.05%, Mr. Zhang Xiangdong held approximately 22.05%, Nineteen Seventy-Seven held approximately 22.05%, Futu Trust Limited held approximately 8.38%, Waterwood DHC Project Ltd held approximately 12.58%, Fude Life held approximately 14.24%, 意像架構 held approximately 19.39%, Tencent held approximately 19.39%, H Capital held approximately 14.89%, Ms. Chen Xiaohong held approximately 14.89%, and Shenzhen Tiantu Capital Management Center (Limited Partnership) held approximately 6.64%. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO was massively oversubscribed by 2,730 times, signaling extreme market enthusiasm and scarce allocation. With a near-zero hit rate, most applicants received no shares, reflecting intense demand for this healthcare listing. The final offer price was set at HK$59.9, within the expected range, but the overwhelming subscription left many investors empty-handed. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
The A-tail (80,000 lots) expected 0.6403 lots, nearly identical to the 0.6437 lots for B-head (90,000 lots), making the larger B-head subscription highly inefficient. Investors in B-head locked up significantly more capital but gained merely 0.0034 extra lots, eroding returns after broker fees. This anomaly highlights minimal incremental benefit from crossing into the B-tier for this IPO. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese applicants comprised 55.8% of successful holders, suggesting strong cross-border interest and potential familiarity with the healthcare sector. The male-dominated profile (65.6%) and average age of 42.8 years point to a risk-tolerant, middle-aged investor base. Although regional data is not available, such mainland concentration often implies Guangdong province dominance. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
