NewTimeSpace | Stock Plummets Post-Listing: BenQ BM (02581.HK) Market Cap Shrinks by Nearly 60%

After several attempts at filing applications,BenQ BM(02581.HK) finally managed to go public, only to be met with a cold reception from the capital market.

On December 22, 2025,BenQ BM debuted on the Hong Kong Stock Exchange (HKEX) with an IPO price of HK$9.34. Its share price plunged nearly 50% by the close of its first trading day, marking the largest first-day decline for any HKEX newcomer in 2025. Subsequently, the stock continued its volatile downward trend, falling below HK$4.00 by the end of January.

Cornerstones Subscribed Approximately HK$300 Million, Market Cap Shrinks by Nearly 60% Post-IPO

Public records indicate thatBenQ BM is a private for-profit general hospital group in Mainland China. Drawing on advanced hospital operation and management experience from Taiwan, the company currently owns and operates two general hospitals: NanjingBenQ BM and SuzhouBenQ BM.

The controlling shareholder ofBenQ BM is Qisda Corporation, a company listed on the Taiwan Stock Exchange, which directly holds a 95.02% stake inBenQ BM.

NewTimeSpace has learned thatBenQ BM successfully went public only after submitting four separate IPO filings since April 2024. In this IPO, the company offered 67 million H-shares globally, accounting for 21.48% of the total shares after issuance. Of these, 90% were for international placement and 10% for public offering, with no over-allotment option. The public offering was oversubscribed by 6.28 times, while the international placement was oversubscribed by 1.28 times. With the offer price set at HK$9.34 per share, the total gross proceeds amounted to approximately HK$625.8 million, with net proceeds of about HK$554.5 million.

Furthermore,BenQ BM introduced three cornerstone investors for its IPO: Hipro Biotechnology, Healthcare Co., Ltd., and Suzhou Zhanxing Investment Industrial Fund. Together, they subscribed to shares totaling US$39.9 million (approximately HK$310 million), representing nearly 50% of the global offering.

Judging from the allocation results, market sentiment was relatively lukewarm. The dark market performance on the day before listing was equally dismal, closing at HK$6.97 with a decline of 25.37%.

Given the lackluster performance in both subscriptions and the dark market,BenQ BM opened significantly lower at HK$6.50 on its listing day, December 22, 2025, a drop of 30.41%. Selling pressure was released instantly after the opening, and the stock price plummeted without resistance. With no intraday rebounds, it closed at HK$4.72, down 49.46% from its offer price—nearly halving its value in a single day.

As of the close on February 3, 2026,BenQ BM was quoted at HK$3.88. Since its listing, the share price has cumulative fallen 58.46% from its offer price, with its market capitalization shrinking by nearly 60%.

Financials Under Pressure: IPO Price-to-Earnings Ratio Significantly Higher Than Industry Average

According to a Frost & Sullivan report, based on total 2024 revenue,BenQ BM ranked seventh among private for-profit general hospital groups in China, with a market share of 0.4%. Based on revenue per bed in 2024, it ranked first among all private for-profit general hospital groups in Mainland China.

As of the first half of 2025,BenQ BM’s two hospitals had a total of 1,850 registered beds and a medical team of over 1,000 doctors.

Regarding financial performance,BenQ BM recorded revenues of RMB 2.336 billion, RMB 2.688 billion, and RMB 2.659 billion for 2022, 2023, and 2024, respectively. Profits for these periods were RMB 89.55 million, RMB 167 million, and RMB 109 million, with profit margins of 3.8%, 6.2%, and 4.1%. In the first half of 2025, revenue stood at RMB 1.312 billion, with a profit of RMB 48.70 million.

Financial performance indicators show that operating revenue for 2024 and the first half of 2025 was RMB 2.659 billion and RMB 1.312 billion, year-on-year decreases of 1.07% and 1.34%, respectively. Profit attributable to shareholders was RMB 108.9 million and RMB 48.70 million, representing year-on-year declines of 34.95% and 23.18%.

Furthermore, under the DRG (Diagnosis-Related Group) payment system, total medical insurance payments have decreased, negatively impacting hospital profits to some extent. The average expenditure per hospitalization for patients at NanjingBenQ BM fell from RMB 18,500 in 2022 to RMB 16,900 in 2024, a decrease of 8.61%. At SuzhouBenQ BM, this figure dropped from RMB 17,100 to RMB 14,500 in 2024, a decline of 15.31%.

Regarding the decline in revenue, the company stated in its prospectus that this was primarily due to the infectious disease outbreak in early 2024 being more severe than in the same period of 2025. This led to fewer outpatient visits and a subsequent decrease in revenue from outpatient medical services in the first half of 2025, which offset the increase in revenue from inpatient medical services during the same period.

While the company's operational fundamentals are under pressure, the median price-to-earnings (PE) ratio at its offer price was approximately 29.8 times. This is significantly higher than the average PE ratio of approximately 17 times for the private hospital sector on the HKEX, according to Choice data.

36 New Medical Disputes Within Two Years: Reputation Issues Require Improvement

The healthcare industry demands extremely high levels of compliance and medical quality. Historical negative records often become a drag on a company's valuation after listing.

NewTimeSpace has learned thatBenQ BM disclosed in its prospectus that it received a total of 284 patient complaints (excluding medical disputes). Most of these were related to low procedural efficiency, poor service attitudes of certain medical professionals, insufficient communication with patients, and management issues.

On social media platforms like Xiaohongshu, many users have criticizedBenQ BM for issues such as organizational chaos, unreasonable scheduling, aggressive upselling of extra services, and overcharging for medications.

Furthermore, NewTimeSpace has learned that according to pre-listing data fromBenQ BM, a total of 303 medical disputes had occurred as of December 3, 2025. Among these, 63 cases involved patient deaths, and 83 medical disputes remained unresolved. In the prospectus submitted in April 2024, the number of medical disputes was 267, meaning 36 new disputes occurred in less than two years.

Additionally, in 2023, NanjingBenQ BM was ordered to undergo rectification by market supervision authorities due to a "reverse rounding" issue in its financial system. Between June 2021 and April 2023, it illegally processed over 260,000 transactions, resulting in overcharges totaling more than RMB 8,400.

Over the past two years, private hospitals have been enduring an unprecedented "winter." According to data from the National Health Commission and third-party industry monitoring agencies, as of the first half of 2025, a total of 1,247 private hospitals across the country have closed—an average of seven per day.

With the combined burden of declining performance and a poor reputation,BenQ BM has a long way to go before it can regain capital market recognition and return to its offer price level.

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