"BenQ Medical Center" passed the hearing, the largest private for-profit general hospital in East China, with revenue exceeding 1.3 billion in the first half of the year

Source 丨 LiveReport Big Data

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On December 9, 2025, BenQ Medical Center passed the HKEx hearing and is about to list on the Hong Kong Main Board, with CICC and Citigroup as joint sponsors.

The company is the largest private for-profit comprehensive hospital group in East China, with revenue of RMB 2.659 billion in 2024 and net profit of RMB 109 million; revenue of RMB 1.312 billion in the first half of 2025 and net profit of RMB 49 million.

The company draws on the advanced hospital operation and management experience from Taiwan, China, and is a pioneer and leader in the private for-profit comprehensive hospital group in mainland China, currently owning and operating two comprehensive hospitals.

According to data from Frost & Sullivan, in terms of total revenue in 2024, the company is the largest private for-profit comprehensive hospital group in East China, with a market share of 1.0% in East China; on the same basis, the company ranks seventh among private for-profit comprehensive hospital groups in China, with a market share of 0.4% in China; in terms of revenue per bed in 2024, the company ranks first among all private for-profit comprehensive hospital groups in mainland China.

As of June 30, 2025, the total operating area of the company's two hospitals is approximately 400,000 square meters, with a total of 1,850 registered beds and a medical team of over 1,000 people, including 35 experts from Taiwan, China, and overseas. In 2024, the company's outpatient visits exceeded 2 million, and annual inpatient surgeries exceeded 22,000.

Nanjing BenQ Hospital began operations in 2008 and is the first private hospital in Nanjing, Jiangsu Province to receive a top-tier rating. In terms of total revenue in 2024, it is the third-largest private for-profit comprehensive hospital in China and the largest private for-profit comprehensive hospital in Jiangsu Province. In addition, it is also one of China's first batch of national chest pain center certification units and a "National Health Management Demonstration Base," having established multiple national and provincial key departments.

Suzhou BenQ Hospital began operations in 2013 and is a tertiary comprehensive hospital, having passed the Joint Commission International (JCI) certification in 2020. In addition, it is also a national chest pain center, atrial fibrillation center certification unit, and a national stroke prevention and treatment center in China.

The company's revenue mainly comes from providing comprehensive medical services, including inpatient and outpatient medical services.

Financial Performance

For the three years ended December 31, 2024, and the first six months of 2024 and 2025:

Revenue was approximately RMB 2.336 billion, 2.688 billion, 2.659 billion, 1.330 billion, and 1.312 billion, respectively, with a year-on-year decrease of 1.34% in the first six months of 2025;

Gross profit was approximately RMB 383 million, 508 million, 482 million, 257 million, and 209 million, respectively, with a year-on-year decrease of 18.73% in the first six months of 2025;

Net profit was approximately RMB 90 million, 167 million, 109 million, 63 million, and 49 million, respectively;

Gross margin was approximately 16.40%, 18.89%, 18.13%, 19.30%, and 15.90%, respectively;

Net margin was approximately 3.83%, 6.23%, 4.10%, 4.77%, and 3.71%, respectively.

Industry Overview

According to data from Frost & Sullivan, the revenue of private hospitals increased from RMB 437.9 billion in 2019 to RMB 944.7 billion in 2024, with a compound annual growth rate (CAGR) of 16.6% from 2019 to 2024, and is expected to reach RMB 1,882.7 billion in 2030, with a CAGR of 12.2% from 2024 to 2030.

In terms of revenue generated from medical services in 2024, Nanjing BenQ Hospital ranked third among all private comprehensive hospitals and private for-profit comprehensive hospitals in China, and seventh among all private for-profit comprehensive hospital groups in China.

In terms of revenue per bed in 2024, the company ranked first among all private for-profit comprehensive hospital groups in China.

Peer Comparison

The company's industry peers are: International Medical, China Resources Medical

Directors and Management

The board of directors will consist of seven directors, including one executive director, three non-executive directors, and three independent non-executive directors. Among them, Mr. Chen Qihong serves as the chairman and non-executive director, and Mr. Xiao Zerong serves as the executive director and CEO, mainly responsible for the group's overall strategic planning, business direction, and operation management.

Major Shareholders

In the pre-listing shareholder structure in Hong Kong:

Qisda directly holds 44.32% of the company's shares and indirectly holds shares in the company through Darly II Investment, Darly Investment, BenQ Corporation, and Darly Venture (L), with a total shareholding of 95.02%, making it the controlling shareholder.

Financing Situation

The company underwent three rounds of financing before listing. In the latest financing round in 2016, the company's post-transaction valuation was USD 375 million (approximately HKD 2.9 billion). Due to the long time since the previous round of financing and the company's development over the past nine years, its current valuation has also risen.

Intermediary Team

According to LiveReport Big Data statistics, BenQ Medical Center's intermediary team consists of 11 institutions, including 2 sponsors and 4 corporate lawyers, with overall project data being acceptable.

(This article was first published on the LiveReport WeChat public account, ID: livereport)