I have to look forward to it, people's common sense, not to mention, in the Hong Kong stock market, regardless of liquidity or valuation, less than A shares? This is why Corning Hospital has planned an A-share IPO after listing in Hong Kong stocks.
As the largest psychiatric hospital in China, it has also attracted more attention from the market since the listing of Hong Kong stocks. However, the company's share price movements are not satisfactory, and the issue has been more than two years since its release, and its share price has been hovering around the issue price. Until the end of 2017, Corning Hospital updated the A-share prospectus and the stock price rose.
Even if it has been "completely inspected", there are still some "symptoms" in Corning Hospital that need to be vigilant. The houses rented by its hospitals have property rights defects, or illegal construction, or fail to pass fire inspection; while rapid expansion, registered doctors have not increased Can keep up, have also hired non-health technicians to do related work...
Recently, the website of the China Securities Regulatory Commission disclosed the prospectus for Wenzhou Kangning Hospital Co., Ltd. (hereinafter referred to as Corning Hospital). The Corning Hospital plans to raise 193 million yuan for the relocation and expansion of Cangnan Kangning Hospital, the construction of Pingyang Corning Hospital and Wenzhou. Construction project of Corning Hospital Training Center.
Following the landing in the Hong Kong stock market in 2015, the country's largest privately-owned psychiatric hospital group is sprinting towards A-shares.
"Daily Economic News" reporter learned that as of June 30, 2017, Corning Hospital actually put into operation 10 self-owned hospitals and managed 8 medical institutions. In order to better understand this mentally specialized hospital company with annual revenue of more than 400 million yuan, the reporter recently visited a private hospital owned by Corning Hospital, Shenzhen Yining Hospital.
Renting a factory into a hospital
According to public information, Shenzhen Yining Hospital was established on September 22, 2014, and Corning Hospital indirectly holds 52% of its equity. This special hospital is located in the first phase of the Sanchao Technology Factory in Guankeng Road, Guanlan Street, Longhua New District, Shenzhen. It mainly provides general psychiatric medical services.
It is understood that Shenzhen Yining Hospital was put into operation in March 2017. As of June 30, 2017, Shenzhen Yining Hospital has been operating 160 beds and 40 medical staff.
Although it has been put into operation, the reporter of "Daily Economic News" found on the scene that the surrounding area of ​​Shenzhen Yining Hospital is still under construction. The entry and exit personnel can only bypass from one side and it is very inconvenient to enter the hospital. As for the inside of the hospital, there are two buildings named “Yihe Building†and “Silent Buildingâ€. The entrance of the hospital is closed and cannot be accessed at will.
The reporter consulted Shenzhen Yining Hospital as a patient's family. The insiders of the hospital told reporters that "the hospital is mainly hospitalized, although there are also outpatient departments, but because the medical insurance has not been fully docked, the clinic has not been opened on a large scale. Now that the (medical insurance fixed-point) agreement has been signed, the clinic will be opened after the medical insurance is subsequently received."
The data in the prospectus of the prospectus also confirmed the above statement.
From January to June 2017, the number of outpatients in Shenzhen Yining Hospital was only one, while the number of inpatients in hospitals was 14426, and the bed occupancy rate was 49.81%.
According to the prospectus of the prospectus, as of the end of June 2017, the total assets of Shenzhen Yining Hospital were 37.797 million yuan, the net assets were 2,067.84 million yuan, and the net profit loss from January to June 2017 was 2.879 million yuan. As of the end of 2016, Shenzhen Yining The total assets of the hospital are 2,276,800 yuan, the net assets are 20,967,900 yuan, and the net profit loss in 2016 is 6,746,800 yuan (unaudited).
In addition, the reporter learned that Shenzhen Yining Hospital was transformed from a factory building. The owner of the restaurant near the hospital told the reporter, “The original location was a factory, but no one has taken over. Later, the hospital renovated it and it took about a year to complete the renovation.â€
According to the prospectus of the prospectus, the housing area of ​​Sanyi Technology Factory rented by Shenzhen Yining Hospital is 18,834.23 square meters. The planned use is industrial, and it is actually used for medical purposes. The actual use does not meet the planning purposes recorded in the title certificate.
Corning Hospital stated in the prospectus that the temporary validity of the use of the house is valid for 5 years. If the time for temporarily changing the use of the house cannot be renewed, it will affect the business of the company's medical institutions. It has a negative impact on the company's performance.
Group revenue exceeds 400 million
In fact, the establishment of Shenzhen Yining Hospital is related to the continuous increase in the number of patients with mental illness. Insiders of Shenzhen Yining Hospital told the reporter of "Daily Economic News" that "there was only one mental hospital in Shenzhen - Shenzhen Kangning Hospital." (Reporter's Note: This Corning Hospital is not a Corning Hospital of A-share IPO, but Shenzhen The Mental Health Center, a public tertiary tertiary psychiatric hospital, was founded in 1980 and is a non-profit health institution. The treatment is very tense."
With the increasing pressure on life in modern society and the aging of the population, the prevalence of mental disorders in our country has gradually increased. According to the National Health and Family Planning Commission, as of the end of 2016, the number of patients with severe mental disorders in the country has reached 5.4 million. example.
The prospectus of the prospectus shows that because of the recurrent episodes of mental illness, the treatment cycle is longer, and patients need long-term inpatient care services, so the cost of treatment for mental illness is correspondingly higher. In recent years, China's mental health care service industry has developed rapidly. Taking the psychiatric hospital as an example, since 2010, the total income of mental hospitals in China has maintained a growth rate of more than 15%, from 16.458 billion yuan in 2010 to 37.745 billion yuan in 2015, with an average annual compound growth rate of 18.06%. .
As of June 30, 2017, Corning had actually put into operation 10 self-owned hospitals and 8 medical institutions. The number of self-owned beds actually operated by the company was 3,050, and the number of beds managed was 1,100.
The number of beds is large and the bed occupancy rate is also very high. Taking the core hospital Wenzhou Kangning Hospital as an example, from 2014 to the first half of 2017, except for the use rate of bed in 2016 is less than 90% (87.45%), the usage rate in other time periods is above 90%.
In 2016 and the first half of 2017, Corning Hospital's operating income was 415 million yuan and 283 million yuan respectively, and net profit was 65.55 million yuan and 30.305 million yuan respectively.
As early as November 2015, Corning Hospital listed on the Hong Kong Stock Exchange with the aura of the "First Paralympic Hospital". On the first day of listing, Corning Hospital closed at HK$49.1, up about 27% from the issue price of HK$38.7. On May 27, 2016, on the occasion of the half-year listing of Hong Kong stocks, Corning Hospital announced that it would consider applying for public offering of A shares and listing.
For the A-share listing plan, Corning Hospital has said that it is mainly due to two considerations: First, the mainland capital market can allow the company to gain more recognition, which will help enhance the brand influence of the company; second, the liquidity of the A-share market. It is much larger than the H-shares, and the A-share valuation is also higher. (China Economic Net)
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