Distinct Healthcare Holdings Limited has launched its Hong Kong IPO, with the subscription period from January 29 to February 3, 2026. The company intends to offer 4,750,000 shares globally, with an over-allotment option of 15%. The price range for the shares is HKD 57.70 to HKD 66.60 per share, with a minimum lot size of 50 shares. The entrance fee, based on the maximum offering price, is approximately HKD 3,363.58. The shares are expected to begin trading on the Hong Kong Stock Exchange’s main board on February 6, 2026. Haitong International Securities and Ping An International Financing are joint sponsors and overall coordinators.

Distinct Healthcare: China’s Third-Largest Private Mid-to-High-End Integrated Healthcare Provider

Offer Ratio: 10% for Hong Kong public offering (475,000 shares) and 90% for international placement (4,275,000 shares).

Issue Price: HKD 57.70–66.60 per share; 50 shares per lot; the entrance fee is approximately HKD 3,363.58 based on the maximum offer price.

Issue Period: January 29 to February 3, 2026 (pricing expected on February 4, 2026).

Listing Date: February 6, 2026.

IPO Sponsors: Haitong International Securities and Ping An International Financing.

Company Overview

Distinct Healthcare is a leading Chinese private healthcare service provider focused on the mid-to-high-end market. The company operates under a "family healthcare" model, blending both physical and online medical services. As of the latest available date, the company operates 19 medical facilities (17 clinics and 2 hospitals) across 11 cities in China, as well as five general clinics in Singapore and Malaysia. According to a report by Frost & Sullivan, Distinct Healthcare is the third-largest private mid-to-high-end integrated healthcare provider in China, with a market share of 2.0% based on revenue in 2024.

Financial Information

According to the prospectus, Distinct Healthcare reported revenues of approximately RMB 473 million, RMB 690 million, and RMB 959 million for the years 2022, 2023, and 2024, respectively. During the same period, the company incurred net losses of RMB 222 million and RMB 353 million, but recorded a net profit of RMB 80 million in 2024. For the eight months ending August 31, 2025, the company generated revenue of approximately RMB 696 million and a net profit of RMB 83 million. At the median offering price of HKD 62.15 per share, and assuming no exercise of the over-allotment option, the company expects to raise a net amount of approximately HKD 2.191 billion. The funds will be used for the deployment of artificial intelligence to enhance medical services and operational efficiency (approximately 35%), upgrading existing facilities and establishing new medical institutions (approximately 30%), strategic acquisitions (approximately 25%), and working capital (approximately 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

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* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for Distinct Healthcare via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select Distinct Healthcare, tap "Public Offer," enter your subscription quantity, and submit your order.

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