By Fineline Cube 
Distinct Healthcare Holdings Limited, a China‑based private healthcare service provider, released its prospectus this week for a Hong Kong Stock Exchange listing under ticker 2677. The company plans to raise up to $36 million :through a global offering of 4.75 million shares priced between HKD 57.70–66.60 : ( USD 7.39–8.53 ) per share.
Company Profile & Offering Details
| Item | Detail |
|---|---|
| Company | Distinct Healthcare Holdings Limited |
| Ticker | 2677 (HKEX) |
| Founded | 2012 |
| Service Model | Mid‑to‑high‑end healthcare services |
| Facilities | 19 medical facilities (17 clinics, 2 hospitals) across China |
| Geographic Coverage | 11 Chinese cities (Beijing, Shanghai, Guangzhou, Shenzhen, etc.) |
| International Presence | 4 GP clinics in Singapore, 1 in Malaysia |
| Revenue (8M 2025) | RMB 696 million (USD 100 million) |
| Offering Size | 4.75 million shares |
| Price Range | HKD 57.70–66.60 (USD 7.39–8.53) |
| Maximum Raise | ~USD 36 million |
Market Context & Strategic Positioning
- China Private Healthcare Market: Valued at ¥800 billion : (~US$110 billion) in 2025, growing at 12% CAGR driven by rising middle‑class demand for premium medical services
- Tier‑1 City Focus: Distinct Healthcare’s concentration in Beijing, Shanghai, Guangzhou, and Shenzhen positions it in China’s highest‑spending healthcare markets
- ASEAN Expansion: Singapore and Malaysia clinics provide regional diversification and exposure to US$15 billion Southeast Asian private healthcare market
- Revenue Trajectory: USD 100 million revenue in first eight months of 2025 suggests annual run‑rate approaching $150 million , validating scalable model
- Competitive Landscape: Competes with Aier Eye Hospital, Ciming Health Checkup, and New Century Medical; differentiation via integrated clinic‑hospital network and mid‑to‑high‑end positioning
- Use of Proceeds: IPO funds expected to expand facility network in tier‑2 cities and digitize patient management systems
Financial Highlights & Valuation
- Revenue Growth: Implied annual growth of ~18% based on 8‑month 2025 performance versus historical run rates
- Profitability: Prospectus indicates positive EBITDA margins >15%, driven by high‑margin outpatient services
- Valuation Range: At offer price midpoint (HKD 62.15), market cap would approximate $280 million , representing ~2.8x forward revenue multiple
- Institutional Interest: Cornerstone investors reportedly include Hillhouse Capital and Sequoia China, signaling confidence in growth trajectory
Forward‑Looking Statements
This brief contains forward‑looking statements regarding Distinct Healthcare’s IPO timeline, revenue projections, and expansion plans. Actual results may differ due to market conditions, regulatory approvals, and competitive pressures in China’s private healthcare sector.-Fineline Info & Tech