BenQ Medical Center Group Co., Ltd. (referred to as BenQ Medical Center) has updated its IPO prospectus, with China International Capital Corporation (CICC) and Citigroup serving as joint sponsors.

The prospectus reveals that BenQ Medical Center operates two private for-profit general hospitals in mainland China: Nanjing BenQ Hospital and Suzhou BenQ Hospital. According to Frost & Sullivan data, the group is the largest private for-profit general hospital operator in East China by 2024 revenue, holding a 1.0% market share in the region. Nationally, it ranks seventh among private for-profit general hospital groups with a 0.4% market share. Notably, it leads all such operators in bed-to-revenue efficiency.

**Hospital Operations** - **Nanjing BenQ Hospital**: Operational since 2008 and accredited as a top-tier (Grade 3A) hospital in 2022, it is Nanjing’s first private hospital to achieve this rating. It ranks as China’s third-largest private for-profit general hospital (0.3% national market share) and Jiangsu Province’s largest (2.0% provincial share). - **Suzhou BenQ Hospital**: Opened in 2013 as a Grade 3 general hospital, it holds Joint Commission International (JCI) certification and national accreditations for chest pain, atrial fibrillation, and stroke care centers.

As of June 30, 2025, the two hospitals span 400,000 sqm with 1,850 beds and a team of over 1,000 physicians, including 35 specialists from Taiwan and overseas. In 2024, outpatient visits exceeded 2 million, with over 22,000 inpatient surgeries performed annually.

**Business Model** Revenue primarily derives from comprehensive medical services, including inpatient and outpatient care, as well as health check-ups. The group emphasizes multidisciplinary, continuous care.

**Shareholder & Expansion** Parent company Qisda Corporation (listed on the Taiwan Stock Exchange since 1996), a global tech conglomerate spanning IT, healthcare, and smart solutions, holds a 95.02% stake. BenQ Medical Center, as Qisda’s exclusive healthcare arm, plans to accelerate expansion by forming regional medical alliances with primary and community healthcare providers.

**Financial Highlights (RMB)** - **Revenue**: - 2022: 2.34B; 2023: 2.69B; 2024: 2.66B; H1 2025: 1.31B - **Profit**: - 2022: 89.55M; 2023: 167M; 2024: 109M; H1 2025: 48.7M - **Gross Margin**: - 2022: 16.4%; 2023: 18.9%; 2024: 18.1%; H1 2025: 15.9%

**Industry Outlook** China’s private hospital revenue grew at a 16.6% CAGR from 2019 (RMB 437.9B) to 2024 (RMB 944.7B), projected to reach RMB 1.88T by 2030 (12.2% CAGR). Private hospitals, representing 66.5% of the sector in 2024, are expected to address rising demand for high-quality, customized care amid public hospital strains.

**Governance & Advisors** The board comprises seven directors (1 executive, 3 non-executive, 3 independent). Key advisors include: - **Sponsors’ Legal Counsel**: Paul Hastings (Hong Kong), Jingtian & Gongcheng (China) - **Auditor**: KPMG - **Industry Consultant**: Frost & Sullivan - **Property Valuer**: Cushman & Wakefield