Recently, CNMO noticed that iFLYTEK issued an announcement that the company intends to spin off its holding subsidiary, iFLYTEK Medical, to be listed on the main board of the Hong Kong Stock Exchange. The size of iFLYTEK's issuance does not exceed 15% of the total share capital after the issuance. After the spin-off is completed, iFLYTEK will still maintain control of iFLYTEK Medical.
In fact, the spin-off of listed companies is an important means for the capital market to optimize the allocation of resources, which is conducive to the optimization of business structure, broadening financing channels and promoting diversified development of listed companies. iFLYTEK said that in order to further enhance the market influence of the assets to be spun off and enhance the comprehensive competitiveness of the listed company, it plans to spin off iFLYTEK Medical to be listed on the main board of the Hong Kong Stock Exchange.
Therefore, this spin-off will provide an independent listing platform for iFLYTEK Medical, which can meet its existing and future business expansion capital needs, promote iFLYTEK Medical to accelerate the development and iteration of products and services, flexibly respond to market changes, seize market opportunities to achieve rapid business growth, and further promote its internationalization strategy.
At the same time, after the spin-off and listing of iFLYTEK Medical, iFLYTEK can invest more resources in the research and development of general large models and other strategic emerging directions, and further build a first-mover advantage for long-term sustainable development in the era of digital economy. This not only strengthens the company's leading position in the process of artificial intelligence empowering people's livelihood and the digital and intelligent transformation of thousands of industries, but also brings new opportunities to build AI assistants for everyone and open up a broader C-end consumer product market. Therefore, this spin-off is of great significance to iFLYTEK and iFLYTEK Medical to highlight their main businesses, enhance their independence and long-term development.
Founded in May 2016, iFLYTEK Medical aims to achieve the mission of "AI diagnosis and treatment assistant for every doctor and AI health assistant for everyone", and builds an artificial intelligence medical solution system based on the world's leading core technologies such as medical semantic computing, text understanding, knowledge reasoning, and data mining. The system covers the whole medical process, from disease early warning, early screening, diagnosis, ** and efficacy evaluation to post-diagnosis and chronic disease management, to meet the wide range of needs of medical practitioners such as primary medical institutions, hospitals, patients and residents.
According to relevant information, in 2022, iFLYTEK Medical will achieve an operating income of 49.4 billion yuan, with total assets of 103.6 billion yuan. In 2023, large-scale model technology will bring new development opportunities to the healthcare industry. On October 24 of the same year, the iFLYTEK Xinghuo medical model was officially unveiled. The model has mastered the six core capabilities of massive knowledge question answering, complex language understanding, professional document generation, diagnosis recommendation, and multi-round interaction and multi-modal interaction in the medical field by virtue of the unique medical inquiry reasoning technology and enhanced medical professional knowledge ability, as well as the training, fine-tuning and reinforcement learning of authoritative medical literature, professional knowledge graph, and a large number of high-quality dialogue data. At present, the iFLYTEK Xinghuo medical model has been successfully applied to products such as the "iFLYTEK Xiaoyi APP", and plans to be further applied to AI-assisted diagnosis scenarios such as "Intelligent Medical Assistant" to improve the diagnosis and treatment capabilities of AI assistants.
As of December 2023, the "Intelligent Medical Assistant" has completed more than 700 million auxiliary diagnoses in 426 districts and counties in 31 provinces across the country, detected more than 5,400 unreasonable prescriptions, and corrected more than 1.33 million medical records. Through advanced artificial intelligence technology and application, iFLYTEK has effectively improved its primary diagnosis and treatment capabilities.