Changes in Hong Kong stocks | BenQ Hospitals (02581) fell more than 8% to a new low in the listing price and has fallen by more than 55% from the offering price

The Zhitong Finance App learned that BenQ Hospital (02581) fell by more than 8%, hitting a new listing low of HK$4.12, down more than 55% from the offering price of HK$9.34. The stock officially landed on the Hong Kong Stock Exchange on December 22. The stock price almost fell short on the first day of listing, setting the worst performance on the first day of the Hong Kong IPO listing during the year. As of press release, it decreased by 8.17% to HK$4.16, with a turnover of HK$5.264,800.

According to public information, BenQ Hospital is a private for-profit general hospital group in mainland China. It owns and operates two private for-profit general hospitals (Nanjing BenQ Hospital and Suzhou BenQ Hospital). On the financial side, in 2022, 2023, 2024 and as of June 30, 2025, the company achieved revenue of 2.34 billion yuan, 2.69 billion yuan, 2.66 billion yuan and 1.31 billion yuan respectively; corresponding net profit for the same period was 89.55 million yuan, 170 million yuan, 110 million yuan and 48.7 million yuan, respectively.

Notably, BenQ Hospitals' response to this public offering was lackluster. The Hong Kong public offering was only 6.28 times subscribed, and the international placement was only 1.28 times subscribed, all far lower than recent popular IPOs. According to another analyst, the stock's median PE valuation during the IPO stage was as high as 29.8 times, far higher than the average price-earnings ratio of 16.7 times that of the Hong Kong private hospital sector. Overpricing was a direct cause of its sharp breakout.