QINGSONG HEALTH (02661) IPO Oversubscribed by 1029.8 Times with HK$62.04 Billion in Margin Financing

Stock News12-18

QINGSONG HEALTH (02661) conducted its IPO subscription from December 15 to 18. By the close of the offering, the company received HK$62.04 billion in margin financing from brokers, oversubscribing its public offering of HK$60.19 million by 1029.8 times.

The company plans to issue 26.54 million shares, with 10% allocated for public subscription in Hong Kong at an offer price of HK$22.68 per share, raising HK$600 million in total. Each lot consists of 200 shares, with an entry cost of HK$4,581.8 per lot. Trading is expected to commence on December 23, with China International Capital Corporation (CICC) and CMSC International acting as joint sponsors.

Founded in 2014, QINGSONG HEALTH provides comprehensive health and insurance solutions, including early screening, health management, health insurance, and medical research support. The company aims to deliver accessible, accurate, and affordable health solutions. According to Frost & Sullivan, it ranks 10th in China's digital integrated health and insurance services market and 7th in the digital health services sector by 2024 revenue.

Originally known as "Qingsongchou," a major online disease crowdfunding platform in China, the company rebranded as QINGSONG HEALTH Group in 2019 after obtaining an insurance brokerage license in 2016. Its business spans insurance (Qingsong Bao), crowdfunding (Qingsong Chou), public welfare (Qingsong Gongyi), and health services (Qingsong Health).

The company has secured Aomen Qinhe Investment as a cornerstone investor, committing RMB 100 million to subscribe to 4.8 million shares at the offer price of HK$22.68 per share.

Financially, QINGSONG HEALTH reported revenues of approximately RMB 490 million, RMB 945 million, and RMB 656 million for the six months ended June 30 in 2023, 2024, and 2025, respectively. Net profits for the same periods were RMB 73.6 million, RMB 10.4 million, and RMB 86.0 million.

Proceeds from the IPO will be allocated as follows: 40% for brand enhancement and partnerships, 20% for medical and real-world research, 20% for AI and big data technology upgrades, 10% for regional and overseas expansion, and 10% for working capital and general corporate purposes.

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