Private hospital group BENQ HOLDING (Stock Code: 02581.HK) made its debut on the Hong Kong Stock Exchange today, significantly underperforming market expectations. The stock opened at HK$6.5, marking a 30.41% drop from its IPO price of HK$9.34 per share. Excluding fees, this translates to a paper loss of HK$1,420 per lot of 500 shares.

In the previous day's gray market trading, the stock had already closed 23.98% lower at HK$7.10, resulting in a loss of HK$1,120 per lot. The public offering received lukewarm response, with the Hong Kong retail tranche only 6.28 times subscribed, while the international placement was 1.28 times subscribed—both figures notably lower than recent high-profile IPOs.

BENQ HOLDING is a for-profit comprehensive hospital group that adopts operational practices from Taiwan. Currently, it owns and operates two large-scale tertiary hospitals in Nanjing and Suzhou in mainland China, with a combined registered bed capacity of 1,850. The company enjoys certain brand recognition and has been listed among the best employers in the private hospital sector for multiple years. Its controlling shareholder is Qisda Corporation, a Taiwan-listed tech company.

Financially, the company has shown volatile growth. Revenue rose from RMB 2.336 billion in 2022 to RMB 2.688 billion in 2023 but dipped slightly to RMB 2.659 billion in 2024. Profitability has also been inconsistent, with annual net profit peaking at RMB 168 million in 2023 before falling to RMB 109 million in 2024. The net profit margin declined from 6.2% to 4.1% during the same period.