On April 3, Rui Finance Wang Min, according to Hong Kong Stock Exchange documents, BenQ Hospital Group Co., Ltd. (hereinafter referred to as “BenQ Hospital”) submitted a prospectus to the Hong Kong Stock Exchange to be listed on the Hong Kong Main Board. CICC and Citibank are its sponsors.

According to the prospectus, BenQ Hospital focuses on providing continuous high-quality medical services to patients through multidisciplinary private for-profit general hospitals. During the track record period, its revenue mainly came from the provision of comprehensive medical services, including inpatient and outpatient medical services.

Currently, BenQ Hospital owns and operates two general hospitals, Nanjing BenQ Hospital and Suzhou BenQ Hospital, both of which are designated medical insurance hospitals. In addition, the group also invested in Guangxi Guigang Donghui Hospital.

Nanjing BenQ Hospital began operation in 2008 and became the first private hospital in Nanjing, Jiangsu Province to receive the top three ratings in 2022; Suzhou BenQ Hospital began operation in 2013 and is a level-3 general hospital.

According to Frost & Sullivan's data, in terms of revenue generated from medical services in 2022, BenQ Hospital is the largest private commercial general hospital group in East China, with revenue exceeding the second and third places; in terms of the same caliber, BenQ Hospital ranked fifth in the national private for-profit general hospital group, and is the only group in the top five that has a tertiary hospital; in terms of average revenue per registered bed in 2022, BenQ Hospital ranked first among all private commercial general hospital groups in mainland China.

As of December 31, 2023, BenQ Hospital's two hospitals have a total operating area of about 380,000 square meters, a total of 1,850 registered beds, and a team of over 900 doctors, including 35 experts from Taiwan and overseas. In 2023, BenQ Hospital received more than 2 million outpatient visits and more than 20,000 inpatient surgeries per year. BenQ Hospital built two general hospitals, Nanjing BenQ Hospital and Suzhou BenQ Hospital.

According to Frost & Sullivan's data, the market size (in terms of revenue) of private hospitals in China is expected to increase from RMB 319.1 billion in 2017 to RMB 607.4 billion in 2022, with a compound annual growth rate of 13.7% from 2017 to 2022; it is expected that by 2026, the market size of private hospitals will reach RMB 1094.3 billion, with a compound annual growth rate of 15.9% from 2022 to 2026.

In terms of performance, in 2021, 2022, and 2023, BenQ Hospital achieved operating revenue of approximately RMB 2,224 billion, RMB 2,336 million, and RMB 2,688 billion respectively; in the same period, BenQ Hospitals' annual profits were approximately RMB 69.075 million, RMB 89.55 million, and RMB 167 million, respectively.

According to the prospectus, BenQ Hospital was valued at US$375 million after the final round of equity transactions.