IPO News | The subscription for Minbase Hospital (02581) has ended with a total oversubscription amount of 368 million Hong Kong dollars, oversubscribed by 3.7 times.

Mingji Hospital (02581) will be listed for trading from December 12 to December 17 at noon. The latest subscription has ended and it is expected to be listed for trading on December 22. Market statistics show that as of 11am on Wednesday (December 17), Mingji Hospital has received a loan of HK$368 million from securities firms, with a public offering amount of HK$78.26 million, oversubscribed by 3.7 times. According to the issuance plan, Mingji Hospital plans to issue 67 million shares in Hong Kong at a price range of HK$9.34 to HK$11.68, raising up to HK$782 million. Each lot of Mingji Hospital consists of 500 shares, with an entry fee of HK$5898.9 per lot. Regarding the use of raised funds, approximately 74.3% will be used for the expansion and upgrading of existing hospitals; about 16% will be used to seek potential investment and merger opportunities; about 8% will be used to upgrade the "smart hospital"; and about 1.8% will be used for working capital and general corporate purposes. Mingji Hospital has attracted three cornerstone investors, He Rong Technology, Cowealth Medical China (603122.SH), and Suzhou Zhanxing, with a total subscription of $39.9 million. The controlling shareholder is Jiangsu Jiacheng Technology Co., Ltd., holding about 95% of Mingji Hospital's shares. When asked about the synergy with the parent company after listing, CEO Xiao Zerong stated that Jiacheng has strong financial support, and after listing, it can provide ample support in large equipment procurement and medical facility upgrades, strengthening the hospital's competitiveness. According to the prospectus, Mingji Hospital is a privately owned for-profit comprehensive hospital group in mainland China, currently operating two privately owned for-profit comprehensive hospitals, Nanjing Mingji Hospital and Suzhou Mingji Hospital. Based on Frost & Sullivan data, by total revenue in 2024, the company is the largest privately owned for-profit comprehensive hospital group in the East China region, with a market share of 1.0% in the region; by the same measure, the company ranks seventh among all privately owned for-profit comprehensive hospital groups in the country, with a market share of 0.4%; based on bed revenue in 2024, the company ranks first among all privately owned for-profit comprehensive hospital groups in mainland China.