The Zhitong Finance App learned that on September 21, medical AI high-tech company Shikun (Beijing) Network Technology Co., Ltd. - B submitted a listing application to the main board of the Hong Kong Stock Exchange. The co-sponsors are Komo, B of A SECURITIS, and Bank of China International.
The company Sukun Technology was founded in 2017 and is headquartered in Beijing. As a high-tech medical AI company, Shikun Technology has independently developed the world's most advanced medical AI neural network, launched the “digital heart”, “digital brain”, “digital chest”, “digital abdomen”, and “digital musculoskeletal” platforms to form a “digital human body” full-scene imaging AI solution to provide intelligent diagnosis and treatment for the most critical human diseases such as heart disease, stroke, and cancer. Sukun Technology's AI covering key parts such as the heart, brain, lungs, and abdomen has obtained many registration certificates.According to the insight report, based on the number of medical device registration certificates from the National Drug Administration, the company ranked first among artificial intelligence medical imaging solution providers in China.
According to the prospectus,The company is a global leader in providing artificial intelligence medical imaging solutions for disease screening, diagnosis, and treatment selection and planning.The company's self-developed digital human artificial intelligence technology platform can “read” medical images to understand the human body, analyze lesions, and generate auxiliary diagnostic reports for doctors. As of the last practical date, its digital doctor product portfolio includes 12 products and 25 candidate products, covering five key treatment areas (including the heart, brain, abdomen, thorax and musculoskeletal systems).These products have been adopted and installed in more than 1,200 hospitals in China, including about 80% of the top 100 hospitals and more than 30% of the top three hospitals.
During the track record period, almost all of the company's revenue came from selling products to customers, including digital heart products, digital brain products, digital chest products, and related after-sales technical support. The five major customers include distributors and medical device manufacturers, all of which are independent third parties. In 2020 and the six-month period ending June 30, 2021, revenue from the five major customers was RMB 9.9 million and RMB 37.6 million respectively, accounting for 39.8% and 71.5% of the company's revenue, respectively. In the same period, the largest customers generated revenue of RMB 5.2 million and RMB 31.2 million respectively, accounting for 20.8% and 59.3% of revenue respectively.
In 2019, 2020, and the six-month period ending June 30, 2021, the company's revenue was 0.764 million yuan, 24.771 million yuan, 52.624 million yuan, gross profit was 0.637 million yuan, 20.677 million yuan, 44.333 million yuan respectively. The losses during the period were 91.298 million yuan, 129.065 million yuan, and 87.424 million yuan respectively.
The main financial ratios are as follows:
According to the company's directors,The company has sufficient working capital to cover at least 125% of costs over the next 12 months, including R&D expenses, sales and marketing expenses, administrative costs, financial expenses, and other operating costs (including any sales costs).
According to Tianyan Research, Shikun Technology has gone through 7 rounds of financing. Investors include Goldman Sachs China, Chunhua Capital, Genesis Partner Capital, Sequoia Capital, Yuanyi Capital, SagePartners Ruizhi Capital, WT Focus China Fund, Future Innovation Fund, China Finance Capital, China Jin Pucheng, Qiming Venture Capital, China Realty Insurance, Kelly Yi Fang Capital, China Science and Technology Innovation, China Development Bank, China Science and Technology Innovation, Pudong Silicon Valley Bank, Bohai Industrial Investment Fund, Bank of China International Investment, Jianxing Medical Fund, Qingzhou Capital, etc.