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新世纪医疗控股有限公司(1518.HK):新股速递

New Century Medical Holdings Limited (1518.HK): new Stock Express

致富證券 ·  Jan 2, 2017 00:00  · Researches

Main date:

Public release closing date: 12: 00 noon on January 11, 2017

Scheduled date: January 11, 2017

Announcement application results: January 17, 2017

Listing date: January 18, 2017

The guardian of the meeting:

Merrill Lynch Far East Limited China International Finance Hong Kong Securities Co., Ltd.

Summary of statistics:

Number of shares sold: 120000000 shares

Share of shares sold publicly in Hong Kong: 10.0%

Sales: HK $6.36 to HK $8.36

Estimated collection of funds: HK $763 million to HK $1.03 billion

Income per hand: HK $4222.12

A summary of the collection

The bazaar mainly provides private paediatric medical services in Beijing, focusing on the middle and high-end medical market, and its income mainly comes from the professional services of paediatrics and gynaecology provided by the three medical institutions in Beijing.

According to the statistics of the market in 2015, according to the data of Frost Sullivan, the three machines in the collection rank first in Beijing's private paediatric market and in the middle and high-end paediatric market, and rank second in China's middle and high-end private paediatric market. According to the statistics of pediatric hospitalization and hospitalization services in 2015, the collection ranks second among the providers of private paediatric services in Beijing.

Industry summary

According to Frost Sullivan data, the total income of China's paediatrics has increased from 41.6 billion yuan in 2010 to 71.6 billion yuan in 2014, with a compound annual growth rate of 14.6 percent. It is expected that the total income of the city will reach 1840 billion yuan in 2020, and the compound annual growth rate from 2014 to 2020 will reach 17.0%. As for the total income of the Beijing pediatric hospital market, the total income increased from 3.3 billion yuan in 2010 to 7.2 billion yuan in 2015, with a compound annual growth rate of 17.0 percent, and the market expenditure is expected to reach 16.8 billion yuan by 2020.

Cymbals

The growth of the market depends on the development of China's banking industry. The policies of the Chinese government have undergone major changes in the future, which may affect the reform of public hospitals and restrict private or foreign investment in medical services. at the same time, it has caused adverse effects such as restricting the sources of services and income provided or planned to be provided, and restricting the collection and increase of financial resources, which will have a negative impact on the centralized industry.

Valuation

According to the IPO document, if Group B's pre-emptive shares and ordinary shares classified as non-current assets have been sold as common shares, and about 2,760,000 restricted shares have been issued under the restricted share plan of the hypothetical set of shares announced in August 2016, and the dividend of 2754 million yuan has been declared and paid by Carrie Jardine, as of September 30, 2016, it is calculated that about 480 shares will be issued after the completion of the sale of outstanding shares. Shares should account for 743 million yuan to 949 million yuan per person's net worth of consolidated tangible assets without passing the nuclear equipment examination, which is equivalent to 1.73 to 2.21 Hong Kong dollars per share. (at the exchange rate of HK $1.00 to RMB 0.89477 yuan).

The translation is provided by third-party software.


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