Psychiatric hospital impact IPO revenue over 400 million a year

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kangning hospital is expected to become A shares the first mental hospital listed company; Plans to raise capital of 193 million, which has been listed on the Hong Kong

as wenzhou kangning hospital co., LTD. (hereinafter referred to as & other; Corning throughout the hospital &;) Impact of ipos, A shares of listed companies is expected to usher in the first mental hospital. 22 December evening, the SFC to disclose the kangning hospital ipo prospectus. In November 2015, corning hospital has landed in Hong Kong, December 25, Hong Kong kangning hospital’s shares fell 0.27%, to close at hk $37 per share.

revenues last year of 415 million, net profit 65.55 million

wenzhou kangning hospital co., LTD. Was established in February 1996, the registered capital is 73.04 million yuan. The company mainly to provide specialized medical service spirit and mental illnesses, for the spirit of the country’s largest private hospitals in China. Has 10 proprietary data shows, corning hospital specialized subject hospital, management four mental hospitals, etc., its main business focused on the Yangtze river delta region.

the offering is expected to raise money amount is 193 million yuan, mainly used in three hospital invest in the construction of the project, including plans to invest 130 million yuan of cangnan kangning hospital relocated expansion projects; Proposed pingyang kangning hospital construction project investment of 69.11 million yuan; Plans to invest 20.89 million yuan of wenzhou kangning hospital training center construction project. The prospectus disclosure, skimpy share is solved by company oneself.

according to the prospectus disclosure, corning hospital’s main business covers: diagnosis and treatment and other medical services and sales management services for other medical institutions and drug products.

2014-2015, corning hospital business income is 296.296 million yuan respectively, 296.296 million yuan, net profit of 51.1986 million yuan and 51.6219 million yuan respectively. 2016 operating income of about 415 million yuan, net profit of 65.551 million yuan. In the first half of this year to achieve the business income of about 283 million yuan, net income of 30.3055 million yuan.

according to the prospectus disclosure, 1-2014-2016 and 2014 in June, the company integrated gross margin was 38.98%, 38.06%, 34.51% and 38.98% respectively, a downward trend. Corning hospital, said the payment due to mental patients rely more on health care, so compared with ophthalmology, dental and other specialized medical institutions, specialist mental health institutions gross margin level is relatively low.

China health statistical yearbook disclosure and family planning, mental health service industry has developed rapidly in our country, the spirit of specialized subject hospital revenues remain more than 15% since 2010, from 16.458 billion yuan in 2010 to 2010 of 37.745 billion yuan, an average annual compound growth rate of 18.06%.

mental hospital admission people grown from 2010 in 935000 to 2015 in 1.597 million; Visits grown from 2010 in 20.4613 million to 2015 in 32.5061 million.

visits increased, but the psychiatric treatment has not been good show good effect, the mental patient’s show good rate showed a trend of decline: show good rate decreased from 73.5% in 2005 to 66.2% in 2014.

when listing there had been speculation that has break

on November 20, 2015, corning hospital in Hong Kong, a public offering price of hk $38.7 per share, net raised approximately hk $610 million, on the first day closing price of hk $49.1, the price 27% higher. As the first listed in the Hong Kong spirit of specialized subject hospital, theme is scarcity attracted investors, funds of listed two days by hype, November 23, 2015, shares up to hk $51.57 per share, market value of hk $3.74 billion.

but the high price of hk $51.57 over the next two years never breakthrough, share prices showed a trend of decline. Between December 2015 and March 2016, the share price dropped to near hk $38 near from hk $45. In the second half of 2016, the stock price dropped to near hk $33 near from hk $40. In the second half of this year, the stock recovery, now near the hk $37, has been below the issue price.

from the volume, corning listed in 4 months after hospital volume decline, in November 2015 fetched hk $974 million in December fell to 146 million hk dollar, from January 2016 to hk $125 million and hk $16.43 million in February 2016. Since this year average monthly volume only at about hk $10 million.

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