Shares in 1st Taiwan-listed long-term care center operator soar on debut

Taipei, Jan. 15 (CNA) Qing Song Health Co. made an impressive debut on the Taiwan Stock Exchange (TWSE) Wednesday, with shares in the first locally listed long-term health care center operator rising almost 20 percent.

Despite the Taiex, the TWSE's benchmark index, plunging 282.95 points, or 1.24 percent, amid concerns over inflationary pressure in the United States, Qing Song Health surged 19.40 percent from its issue price of NT$67.00 (US$2.03) to close at NT$80.00 on the main board.

Dealers attributed Qing Song Health's performance to honeymoon effects and rising demand for the company's services from Taiwan's rapidly aging society.

According to Qing Song Health, it generated NT$983 million in consolidated sales last year from its operations, which include medical care, nursing, rehabilitation, nutrition, social services and daily care services for disabled persons with physical and mental dysfunction and chronic disease.

The Taichung-headquartered company's revenues grew roughly 400 percent over the past five years, while its net profit almost doubled between 2022 and 2023 from NT$23.32 million to NT$59.39 million with earnings per share at NT$1.08 in 2023, compared with NT$0.42 in 2022.

On the listing ceremony, Qing Song Health Chairman Chen Mou (陳謀) said in the future, the company will integrate biotech and smart technology to strength its long-term care services to provide more products such as tours, meals, health management and smart assistive devices, which is expected to further drive the company's growth.

Chou Meng-hsien (周孟賢), Qing Song Health's president, said earlier that although his company currently focused on the market in central Taiwan, it will extend its reach to other five major cities in Taiwan.

In a longer term, Chou said, Qing Song Health is expected to expand its operations through acquisitions and mergers.