BENQ HOLDING (02581) plunged more than 8%, hitting a new record low of HK$4.12, representing a decline of over 55% from its initial public offering price of HK$9.34. The stock officially commenced trading on the Hong Kong Stock Exchange on December 22, and its share price was nearly halved on the first day of trading, marking the worst debut performance for a Hong Kong IPO this year. As of this writing, the stock was down 8.17%, trading at HK$4.16, with a turnover of HK$5.2648 million.

Public information indicates that BENQ HOLDING is a private for-profit comprehensive hospital group operating in mainland China, owning and operating two private for-profit general hospitals (Nanjing BenQ Hospital and Suzhou BenQ Hospital). Financially, for the years 2022, 2023, 2024, and the period ending June 30, 2025, the company reported revenues of RMB 2.34 billion, RMB 2.69 billion, RMB 2.66 billion, and RMB 1.31 billion, respectively. Corresponding net profits for the same periods were RMB 89.55 million, RMB 170 million, RMB 110 million, and RMB 48.7 million, respectively.

It is noteworthy that the public offering for BENQ HOLDING received a tepid response. Its Hong Kong public offering segment was only 6.28 times subscribed, while the international placement was a mere 1.28 times subscribed, both figures significantly lower than those for recent popular new listings. Furthermore, analysis suggests that the stock's median price-to-earnings (P/E) ratio during the IPO phase was as high as 29.8 times, substantially above the average P/E ratio of approximately 16.7 times for the private hospital sector in Hong Kong. This overvaluation is considered a direct cause for the significant drop below the issue price.