Distinct Health 02677 Prospectus Information

IPO Timeline Raw facts

Broker Deadline

2026-02-03

Morning deadline

HKEX Deadline

2026-02-03

Noon deadline

Broker Results (T-2)

2026-02-04

Some brokers release in afternoon

Grey Market (T-1)

2026-02-05

Afternoon

HKEX Allotment (T-1)

2026-02-05

Evening

Registrar Allotment (T-1)

2026-02-05

Evening

Listing Day (T)

2026-02-06

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 (4,750lots, 4,750lots)
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)	HAITONG INTERNATIONAL CAPITAL LIMITED 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

HK Market Cap	HK$ 2.54B

26Q2 Regular Review
Inclusion Pathway	Small Cap Regular Path
Est. Threshold	HK$ 10.47B Market cap gap 76%
Analysis Result	Market cap below threshold (gap 76%)

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 Performance

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

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。

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

Joint Sponsors (2)

HAITONG INTERNATIONAL CAPITAL LIMITED CE ADQ859 SPDB International Capital Limited CE BFZ375

Sponsor cum Overall Coordinator (2)

HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806 SPDB International Capital Limited CE BFZ375

Overall Coordinators (5)

Joint Global Coordinators (9)

HAITONG INTERNATIONAL SECURITIES COMPANY LIMITED CE AAF806 SPDB International Capital Limited CE BFZ375 CMB International Capital Limited CE AVM940 China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459 CCB International Capital Limited 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)

Joint Lead Managers (12)

Capital Market Intermediaries (12)

Stabilizing Manager (1)

HAITONG INTERNATIONAL CAPITAL LIMITED CE ADQ859

Service Providers

Role	Institution
Legal Advisor to Company	美迈斯律师事务所 Jingtian & Gongcheng 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	Frost & Sullivan (Beijing) Inc., Shanghai Branch Co.
Receiving Banks	CMB Wing Lung Bank Limited

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

Chairman	王志遠
Company Secretary	劉亦軒

Executive Director (2)

#	Name	English Name	Type
1	王志远	—	Executive Director
2	施翼	—	Executive Director

Non-Executive Director (5)

#	Name	English Name	Type
1	曹少山	—	Non-Executive Director
2	张向东	—	Non-Executive Director
3	魏国兴	—	Non-Executive Director
4	陈小红	—	Non-Executive Director
5	郝瑞	—	Non-Executive Director

Independent Non-Executive Director (4)

#	Name	English Name	Type
1	陈锐	—	Independent Non-Executive Director
2	王咏刚	—	Independent Non-Executive Director
3	王高飞	—	Independent Non-Executive Director
4	高平阳	—	Independent Non-Executive Director

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%.

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 市场洞察 AI interpretation deepseek-v4-pro · AI-generated

市场情绪

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.)

申购档位分析

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.)

申购人群画像

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.)

Distinct Health 02677Prospectus Information

市场情绪

申购档位分析

申购人群画像