iFLYTEK (002230.)SZ) announced on the evening of January 9 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.
It is understood that the spin-off and listing of iFLYTEK Medical will help strengthen the connection with international customers and partners, attract global talents, and carry out technical and product cooperation with international scientific research institutions, medical institutions, academic institutions, etc., so as to further promote the overseas business expansion of iFLYTEK and the internationalization process of iFLYTEK Medical.
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.
This spin-off will provide iFLYTEK Medical with an independent listing platform to meet the capital needs of existing and future business expansion, 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 also direct more resources to 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: on the one hand, the company has strengthened its leading edge in the process of digital and intelligent transformation of artificial intelligence to empower people's livelihood and thousands of industries, and at the same time, it has also brought new opportunities for the company to build everyone's AI assistant in the era of artificial intelligence 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.
It is reported that iFLYTEK Medical was established in May 2016, with the mission of creating "AI diagnosis and treatment assistant for every doctor and AI health assistant for everyone", based on the world's leading medical semantic computing, text understanding, knowledge reasoning, data mining and other core technologies, to create an artificial intelligence medical solution system, aiming at the wide range of needs of medical practitioners such as primary medical institutions, hospitals, patients and residents, to achieve disease early warning, early screening, diagnosis, and efficacy evaluation. Post-diagnosis and chronic disease management cover the whole medical process.
Relevant information shows that in 2022, iFLYTEK Medical will achieve an operating income of 49.4 billion yuan, by the end of 2022, the total assets of iFLYTEK Medical will be 103.6 billion.
In 2023, the emergence of large-scale models will bring new development opportunities to the medical and health industry. On October 24 of the same year, the iFLYTEK Xinghuo medical model was officially launched. It relies on the unique medical inquiry reasoning technology and enhanced medical professional knowledge ability, and trains the model on authoritative medical literature, professional knowledge graph, and a large number of high-quality dialogue data, etc., and masters the six core capabilities of massive knowledge question and answer, complex language understanding, professional document generation, diagnosis recommendation, and multi-round interaction and multi-modal interaction in the medical field. It is understood that the iFLYTEK Xinghuo medical model has been successfully applied to products such as the "iFLYTEK Xiaoyi APP", and will be further applied to artificial intelligence-assisted diagnosis scenarios such as "Intelligent Medical Assistant" to further improve the diagnosis and treatment capabilities of AI assistants.
According to the information released by iFLYTEK, 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 after being reminded by the Intelligent Medical Assistant.