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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	REFIRE 02570.HK	Electrical Components & Equipment	145-165	20	3,333	2024/12/03	2024/12/05	2024/12/06
	Dmall 02586.HK	Application Software	30.21	100	N/A	2024/12/03	2024/12/05	2024/12/06

Summary

We are the largest private dental service provider in Wenzhou in terms of revenue in 2021, which accounted for approximately 25.2% (being larger than the aggregate market share of the second to fifth largest private dental service providers in Wenzhou in 2021) and 13.2% market share of the private and total dental service market in Wenzhou in 2021, respectively, according to the Frost & Sullivan Report. During the Track Record Period, we generated our revenue primarily from providing comprehensive dental services to individuals, covering primarily four dental sectors namely, general dentistry (口腔綜合治療科), reparative dentistry (口腔修復科), implant dentistry (種植牙科) and orthodontics and cosmetic dentistry (牙齒正畸科). We started to provide dental services to individuals of all ages in 2011, and since then we expanded our business gradually. As at the Latest Practicable Date, we owned and operated a network of five private dental hospitals in Wenzhou, namely Wenzhou Hospital, Lucheng Hospital and Wenzhou Oral Care in Wenzhou City Area, Rui’an Branch Hospital in Rui’an City and Longgang Hospital in Longgang City. We operate our business under the trade names of “溫州牙科”, “溫州鹿城口腔”, “龍港口腔” and “溫州口腔” together with our trademark registered in the PRC. General dentistry was our largest service type, representing more than 30% of our total revenue for the three years ended 31 December 2021. Revenue generated from general dentistry was increasing steadily during the Track Record Period. Despite their steady increase in revenue, their proportion to the total revenue of our Group decreased during the year ended 31 December 2021 as the proportion contributed by reparative dentistry and implant dentistry grew, and implant dentistry had become our largest service type for the five months ended 31 May 2022. Due to the impact of the outbreak of COVID-19, (i) the operation of our Group’s dental hospitals was temporarily suspended since 29 January 2020 and was partially resumed in March 2020; and (ii) our Group was not allowed to offer high risk dental services to our customers until full resumption of our operations in May 2020. Thus, our revenue derived from reparative dentistry and implant dentistry decreased from approximately RMB17.2 million and RMB9.4 million for the year ended 31 December 2019, respectively, to approximately RMB16.8 million and RMB7.9 million for the year ended 31 December 2020, respectively. ubsequently, due to the increase in the number of visits primarily as a result of the alleviation of the COVID-19 pandemic, our revenue generated from reparative dentistry and implant dentistry increased significantly to approximately RMB23.2 million and RMB16.6 million, respectively, for the year ended 31 December 2021. Our revenue derived from reparative dentistry and implant dentistry further increased from approximately RMB6.7 million and RMB3.4 million for the five months ended 31 May 2021, respectively, to approximately RMB9.6 million and RMB13.9 million for the five months ended 31 May 2022. The substantial increase in revenue generated from our reparative dentistry was mainly due to our increased number of visits primarily driven by Wenzhou Oral Care commenced its operation since November 2021. Our increased revenue from implant dentistry was also mainly due to the increased number of visits, which in turn was mainly due to (i) the commencement of Wenzhou Oral Care that increased our capacity; and (ii) our enhanced online marketing and promotion efforts primarily on implant dentistry. Compared with other regions, such as Hong Kong, Japan, Taiwan, U.S. and South Korea, where the number of dentists per million populations was between approximately 362 and 841 in 2021, the number of dentists per million populations in Wenzhou and China were only 207 and 202, respectively. Similarly, the penetration rates of dental services in Wenzhou, Beijing, and Shanghai are about 30%, 49.3%, and 45.0% in 2021, respectively. From the national perspective, the penetration of dental services in China was 25.0% in 2021, which is significantly less than other regions such as the U.S. (70.5%) and Taiwan (48.7%). For details, please refer to the section headed “Industry Overview – Overview of Dental Service in Wenzhou – Comparison of dental service market among selected regions” in this document. As such, according to the Frost & Sullivan Report, there is large room for growth in China dental service market. According to the Frost & Sullivan Report, among the top five private dental hospital groups in operation, there were a total of 16 branches in Wenzhou in 2021, while we operate five of them. Each of our Rui’an Branch Hospital and Longgang Hospital was the only private dental hospital in operation in Rui’an City and Longgang City, respectively, as at the Latest Practicable Date. Leveraging on our leading position in the dental service market with proven track record in Wenzhou and comfortable decoration and setup which offer soothing atmosphere to enhance patient experience, better equipped facilities, and more experienced dentists offering professional and holistic dental service bespoke to our patients’ particular needs, we believe we can differentiate ourselves from our competitors and are well-positioned to capture the growing market as highlighted in the Frost & Sullivan Report. Source: Meihao Medical Group (01947) Prospectus (IPO Date : 2022/11/30)
Listing Market	MAIN
Industry	Health Care Services
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Wang Xiaomin (62.00%)
Directors	Wang Xiaomin (Chairman and Chief Executive Officer and Executive Director) Zheng Man (General Manager and Executive Director) Ng Ming Chee (Independent Non-Executive Director) Tam Hon Shan Celia (Independent Non-Executive Director) Zhou Jian (Independent Non-Executive Director)
Company Secretary	Chan Yuk Wing
Principal Bankers	Wenzhou Bank
Solicitors	Ogier Jingtian & Gongcheng Commerce & Finance Law Offices
Auditors	Ernst & Young
Registered Office	Unit 11, 5th Floor, Bedford Factory Building, No. 51 Bedford Road, Tai Kwok Tsui, Kowloon, Hong Kong
Share Registrars	Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No	(852) 2862-8628
Internet Address	http://www.meihaomedical.com
Email Address	[email protected]
Tel No	(852) 3150-6788
Fax No	(852) 3150-6728

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