BenQ Hospital Group Co., Ltd. (2581.HK) has launched its Hong Kong initial public offering (IPO). The subscription period runs from December 12 to December 17, 2025. The company plans to offer 67,000,000 shares globally, with a reallocation mechanism in place. The offer price ranges from HK$9.34 to HK$11.68 per share, with a board lot size of 500 shares and an estimated entry cost of approximately HK$5,898.90. Trading on the Main Board of the Hong Kong Stock Exchange is expected to commence on December 22. CICC and Citigroup are the joint sponsors of the offering.

BenQ: The Largest Private, For-Profit Hospital Group in East China

Offering Structure: Hong Kong public offering accounts for 6,700,000 shares (subject to reallocation), while international placing accounts for 60,300,000 shares (subject to reallocation).

Offer Price: HK$9.34–11.68 per share; 500 shares per board lot; estimated entry cost of approximately HK$5,898.90.

Offer Period: December 12–17 (pricing expected on December 18).

Listing Date: December 22.

Sponsors: CICC, Citi (Citigroup).

Company Overview

BenQ Hospital Group is a private, for-profit comprehensive hospital group in mainland China, drawing on Taiwan's hospital operational management experience. The group currently owns and operates Nanjing BenQ Hospital and Suzhou BenQ Hospital. According to a report by Frost & Sullivan, the company ranks as the largest private, for-profit hospital group in East China in terms of total revenue for 2024, with a market share of 1.0%, and is ranked seventh among similar groups nationwide. Nanjing BenQ Hospital is the first private hospital in Jiangsu Province to receive the Grade 3A rating, while Suzhou BenQ Hospital is a Grade 3 comprehensive hospital and has obtained JCI accreditation.

Financial Information

According to the prospectus, BenQ Hospital recorded revenues of approximately RMB 2.336 billion, RMB 2.688 billion, and RMB 2.660 billion for 2022–2024, respectively. Net profits for the same periods were approximately RMB 90 million, RMB 167 million, and RMB 109 million. For the first half of 2025, the company posted revenue of about RMB 1.312 billion and net profit of approximately RMB 49 million. Assuming the over-allotment option is not exercised, and based on the offer price of HK$10.51 per share (mid-point), the company expects to raise net proceeds of approximately HK$6.26 billion. The net proceeds are intended to be used as follows: approximately 74.3% for the expansion and upgrading of existing hospitals; approximately 16.0% for potential investments and acquisitions; approximately 8.0% for upgrading smart hospital systems; and approximately 1.8% for working capital and general corporate purposes.

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

Grey-market trading supported

* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for BenQ via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select BenQ, tap "Public Offer," enter your subscription quantity, and submit your order.

(Image source: uSMART HK App)