BenQ BM Holding Cayman Corp.

Date of Prospectus: December 12, 2025

BenQ BM Holding Cayman Corp. Launches Ambitious Hong Kong IPO: In-Depth Investor Analysis and Strategic Outlook

BenQ BM Holding Cayman Corp. is set to debut on the Hong Kong Stock Exchange, offering investors significant exposure to China’s rapidly evolving healthcare sector. This comprehensive analysis covers IPO terms, cornerstone allocations, use of proceeds, company strengths, financials, risks, and the application process, equipping market participants with essential insights into this highly anticipated listing.

IPO Snapshot: Offer Details, Pricing, and Key Dates

BenQ BM Holding Cayman Corp. (Symbol: 2581) is offering shares to the public and institutional investors as part of its Hong Kong IPO. The company has positioned itself as a major player in healthcare services, with a robust offering structure and well-defined use of proceeds.

The offer price will be finalized by December 18, 2025.

Use of Proceeds: Capital Allocation and Growth Focus

All proceeds from the IPO are earmarked for business expansion, hospital development, related capital expenditure, and general working capital. This underlines a clear growth-driven strategy, with no allocation toward debt repayment, highlighting the company’s expansionary ambitions in China’s healthcare sector.

Placement Structure and Cornerstone Participation

The offering is split between the Hong Kong Public Offering (10%) and the International Offering (90%). In addition, the company has secured substantial cornerstone support:

Total cornerstone commitment: US\$39.9 million (approx. HK\$310.58 million), representing roughly 49.63% of the Offer Shares at the low end of the price range. Cornerstone investors have agreed to a lock-up period post-listing, and their shares will not count toward the free float at listing. No single cornerstone investor will become a substantial shareholder or have board representation.

Investor Participation and Book Quality

The IPO is structured to attract both retail and institutional investors, with strategic cornerstone participation indicating strong institutional confidence. The presence of multiple reputable cornerstone investors and a fully underwritten structure suggest robust book quality. The deal is expected to be supported on listing day by the involved underwriters and coordinators, increasing the likelihood of orderly market performance.

Deal Parties, Underwriters, and Structure

Lead investment banks, sponsors, and underwriters:

• Joint Sponsors: UOB Kay Hian (Hong Kong) Limited and others
• Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, Joint Lead Managers: Multiple parties (full details in prospectus)
• Hong Kong Underwriters: Named in the “Underwriting” section

The Hong Kong Public Offering is fully underwritten by the Hong Kong Underwriters. The International Offering will be underwritten per a separate agreement to be signed around the pricing date. The presence of recognized international banks and sponsors, combined with full underwriting, is a positive signal for listing-day support and price discovery.

Company Overview: Business Model, Products, and Market Position

BenQ BM Holding Cayman Corp. is a leading healthcare service provider with a focus on hospital operations and medical services in China. Key revenue streams include inpatient and outpatient services, medical procedures, and related healthcare offerings. The company has attracted strategic and professional investors, highlighting industry confidence in its business model.

Industry & Market Size: The company operates in the healthcare service sector in the PRC, a market with significant growth driven by rising demand for quality healthcare, an aging population, and increased medical spending.

Financial Health and Key Metrics

The company has demonstrated prudent financial management, with all Pre-IPO investment proceeds deployed for business expansion and working capital.

Market Position, Competitive Advantages, and Management

BenQ BM Holding Cayman Corp. leverages the experience of renowned industry investors and a seasoned management team. The company’s Pre-IPO investors include industry leaders and professionals, supporting business synergies and corporate governance. The company’s hospitals and healthcare services are positioned to capture a growing share of the Chinese healthcare market, though specific market share and ranking figures are not disclosed.

Management Team: The Board includes Mr. TSAI Chiang-Hai and other experienced directors and senior managers. Further details on management and their roles are available in the company’s materials.

Industry Trends, IPO Timing, and Market Environment

Healthcare sector demand in the PRC is robust, driven by demographic shifts, increased medical spending, and an ongoing push for higher-quality services. The company’s IPO comes at a time when healthcare is a policy priority, and recent regulatory developments have been navigated, including timely filings with the CSRC.

• Offer period: December 12–17, 2025
• Pricing date: Expected by December 18, 2025
• Listing date: December 22, 2025

The company has completed all required regulatory filings and has not experienced any material adverse changes as of the prospectus date. The capital-raising environment, as described in the prospectus, is supportive, with significant cornerstone and institutional interest.

Risk Factors: Key Exposures and Mitigations

Investors should note the following material risks:

• Immediate and significant dilution due to the offer price being above the net tangible asset value per share. Pro forma dilution is approximately 0.91% if all Pre-IPO options are exercised.
• Future sales by existing shareholders or lock-up expiries could pressure the share price.
• Dividend policy: There is no commitment to declare or pay dividends, and payout decisions will depend on business performance and board discretion.
• Regulatory risks: The company operates in a highly regulated sector and is subject to PRC and Hong Kong rules, including potential changes in healthcare policy or listing regulations.
• Market and operational risks: Including competition, industry cyclicality, and macroeconomic factors.
• No assurance of first-day gains: Investors may lose part or all of their investment.

Growth Strategy and Expansion Plans

The company’s strategy centers on aggressive business expansion, hospital development, and capital expenditure. All IPO proceeds will be directed toward these goals, with no earmarked funds for debt reduction, reinforcing a growth-oriented narrative. The company has not announced any specific new products, M&A, or international market entries, but is focused on scaling operations in China.

Ownership Structure, Lock-ups, and Employee Stock Options

• Pre-IPO shareholding is dominated by founders, Pre-IPO investors, and cornerstone participants.
• Post-IPO public float: 25.14% of total outstanding shares (78,438,164 shares), comfortably above the 25% minimum required.
• Cornerstone Investors: Subject to lock-up after listing; their shares are excluded from the initial free float.
• Employee Incentives: 2,877,000 shares (0.92% of total) covered by outstanding Pre-IPO options. All options vest over two years post-listing, with a five-year exercise window at US\$1.00 per share. No new options will be granted after listing.
• Lock-up Periods: Major shareholders and the company itself are subject to standard 6–12 month lock-up undertakings post-listing, prohibiting disposals or new issues without consent.

Valuation and Peer Comparison

At the offer price range, the implied market capitalization is HK\$2.9–3.6 billion. No specific P/E, P/B, or peer comparison figures are disclosed for BenQ BM Holding Cayman Corp. or sector comparables. Investors should focus on the pro forma net tangible asset value and cornerstone interest as key valuation signals.

Research Coverage and Analyst Opinions

Frost & Sullivan was commissioned to provide an independent market analysis, supporting the company’s sector positioning and growth potential. No explicit analyst price targets or external research opinions are included.

Listing Outlook: Subscription Appeal and Expected Trading Dynamics

Based strictly on prospectus disclosures, the BenQ BM Holding Cayman Corp. IPO appears to offer solid growth exposure to China’s healthcare sector, underpinned by strong institutional and cornerstone demand, prudent financial management, and a clear expansion strategy. The presence of reputable underwriters and the cornerstone tranche supports a stable listing. Investors should remain mindful of immediate dilution and the absence of a dividend commitment. The likely first-day trading range will depend on final pricing and overall market sentiment, but the foundation is set for an orderly debut, with moderate upside potential relative to the offer price if market conditions remain stable.

Prospectus Access and Further Information

To review the full offering details, visit: www.hkexnews.hk or www.benqmedicalcenter.com

How to Apply for Shares

Application for the Hong Kong Public Offering is fully electronic:

• Apply online via White Form eIPO service at www.eipo.com.hk
• Apply through the HKSCC EIPO channel by instructing your broker or custodian (who is a HKSCC Participant) to submit electronic instructions via the FINI system
• No physical applications are accepted
• Applicants must be at least 18 years old, with a Hong Kong address (for White Form eIPO), and be outside the United States and not a US Person
• Application window: 9:00 a.m., December 12, 2025 – 12:00 noon, December 17, 2025
• Applicants may be required to pay the maximum offer price (HK\$11.68 per share) plus brokerage and fees; refunds of excess application monies will be made if the final price is lower