明基医院 02581 Prospectus Information

IPO Timeline

Broker Deadline

2025-12-17

Morning deadline

HKEX Deadline

2025-12-17

Noon deadline

Broker Results (T-2)

2025-12-18

Some brokers release in afternoon

Grey Market (T-1)

2025-12-19

Afternoon

HKEX Allotment (T-1)

2025-12-19

Evening

Registrar Allotment (T-1)

2025-12-19

Evening

Listing Day (T)

2025-12-22

First day of trading

Company Overview

Stock Name	明基医院
Stock Code	02581
Company Full Name	明基医院
Industry	Healthcare
Principal Activities	我們是中國內地一家民營營利性綜合醫院集團，目前擁有和運營兩家綜合醫院，提供綜合醫療服務，包括住院醫療服務及門診醫療服務。
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	卓佳证券登记有限公司 (Tricor 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 (6,700lots, 6,700lots)
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	机制B-无回补
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.

Pool A

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

Pool B

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

Valuation & Financials

Market Cap (at Offer Price)	HK$ 2,913,566,309
Pre-IPO Valuation (Last Round)	To be extracted
P/E Ratio	不適用（公司處於虧損狀態）
Profit/Loss Status	盈利約人民幣108.9百萬元
Period-End Cash Balance	人民币116,900,000元
Listing Expenses	To be extracted
Listing Expenses / Funds Raised	~11.1%
Total Pre-IPO Investment	To be extracted

First Day Performance

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

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

Joint Sponsors (2)

中国国际金融香港证券有限公司 CE AEN894 花旗环球金融亚洲有限公司 CE AAA137

Sponsor cum Overall Coordinator (2)

中国国际金融香港证券有限公司 CE AEN894 花旗环球金融亚洲有限公司 CE AAA137

Overall Coordinators (2)

中国国际金融香港证券有限公司 CE AEN894 花旗环球金融亚洲有限公司 CE AAA137

Joint Global Coordinators (3)

中国国际金融香港证券有限公司 CE AEN894 花旗环球金融亚洲有限公司 CE AAA137 中国信托商业银行股份有限公司 CE ABM849

Joint Bookrunners (8)

中国国际金融香港证券有限公司 CE AEN894 花旗环球金融亚洲有限公司 CE AAA137 Citigroup Global Markets Limited 中国信托商业银行股份有限公司 CE ABM849 富途证券国际（香港）有限公司 CE AZT137 利弗莫尔证券有限公司 CE BJN764 TradeGo Markets Limited CE BRO637 大华继显（香港）有限公司 CE AAW261

Joint Lead Managers (8)

Capital Market Intermediaries (8)

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

Chairman	陳其宏
Company Secretary	黎映彤

執行董事 (1)

#	Name	English Name	Type
1	萧泽荣	—	執行董事

非執行董事 (3)

#	Name	English Name	Type
1	陈其宏	—	非執行董事
2	洪秋金	—	非執行董事
3	王黎明	—	非執行董事

獨立非執行董事 (3)

#	Name	English Name	Type
1	周行一	—	獨立非執行董事
2	王文聪	—	獨立非執行董事
3	陈瑞杰	—	獨立非執行董事

Major Shareholders

Major Shareholders & Holdings	佳世達科技股份有限公司直接及間接持有232,736,837股股份，佔緊隨全球發售完成後已發行股本的74.61%。佳世達科技股份有限公司通過其全資子公司明基電通股份有限公司、達利貳投資股份有限公司、達利投資股份有限公司及Darly Venture (L) Ltd持有股份。

AI AI Analysis

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.)

Offering Structure

Subscription Tiers

IPO Timeline

明基医院 02581Prospectus Information

Market Sentiment

Tier Analysis

Demographics