Chinanews.com, Sept. 22 / PRNewswire-Asianet /-- on Sept. 21, the high-profile AI digital doctor platform company Jukun (Beijing) Network Technology Co., Ltd. submitted a prospectus to the Hong Kong Stock Exchange for listing on the Hong Kong main board. JPMorgan Chase & Co, Bank of America Securities and Bank of China International Securities are its co-sponsors.

Among all the providers of medical imaging solutions based on artificial intelligence in the world, Sikun Technology ranks first in the field of treatment coverage, according to the Burning knowledge report. Sikun Technology's digital doctor pipeline products cover most key treatment areas, covering the heart, brain, abdomen, chest and musculoskeletal systems, and target some of the world's most common and deadly disease areas.

With the growing market demand, China's market for artificial intelligence medical imaging solutions is expected to enter a period of explosive growth, from less than 1 billion yuan in 2020 to 44.2 billion yuan in 2025, with a compound annual growth rate of 135.9%. It is expected to further increase to 155.4 billion yuan in 2030 and a compound annual growth rate of 28.6% from 2025 to 2030.

According to the prospectus, Jukun Technology was founded on June 22, 2017 by Ma Chune. Angel round financing in 2018, A round financing on June 15, 2018, A + round financing of 100 million on January 18, 2019, and D-round raised 686 million in 2021.

The Digital Doctor portfolio includes 12 products and 25 candidate products covering five key treatment areas, including heart, brain, abdominal, chest and musculoskeletal systems. According to the burning report, it ranks first among the providers of artificial intelligence medical imaging solutions in China according to the number of medical device registration certificates obtained by the State Drug Administration.

The flagship core product CoronaryDoc is an artificial intelligence software used to analyze coronary artery stenosis in patients with cardiovascular disease in CT mode. It is the first artificial intelligence software in China to analyze coronary artery stenosis in patients with cardiovascular disease in CT mode. CoronaryDoc is the first and only product of its kind in the world that has been approved by SDA Class III Medical device Registration Certificate and MDR CE certification.

CerebralDoc, one of the core products, is an artificial intelligence software based on CT program to assist in the diagnosis of vascular stenosis in the head and neck. CerebralDoc uses the optimized convolution neural network (3D-CNN) based on anatomical prior knowledge to automatically reconstruct the original head and neck CT images and generate diagnostic reports.

In terms of ownership structure, Mao Xinsheng and Ma Chune hold about 34.24%, Huagai Capital 10.22%, Yuanyi Capital 9.12%, Wuyuan Capital 9.11% through Shanghai Chenxi, Sequoia Capital 8.62%, Chuangshi Partners 8.53%, Qimingrong 3.64%.

Net loss of 87.424 million in the first half of 2021, total net loss of more than 300 million in three years

In terms of finance, Jukun Technology's revenue (revenue from contracts with customers) in 2019 and 2020 was 764000 yuan and 24.771 million yuan respectively. In the first half of 2021, Jukun Technology had revenue of 52.624 million yuan, compared with 6.739 million yuan in the same period in 2020.

Jukun's technology income mainly comes from the sales of artificial intelligence products, including digital heart, digital brain, digital chest and other products and related technical service support.

Up to now, Sikun Technology is still in a state of loss. In 2019 and 2020, Jukun Technology recorded a loss (net loss) of 91.298 million yuan and 129 million yuan respectively. In the first half of 2021, the net loss of Jukun Technology was 87.424 million yuan, compared with 46.99 million yuan in the same period in 2020.

The gross profit margin of more than 32 times revenue growth in one year is as high as 84.2%.

According to the prospectus, according to the entire financial statement, the total revenue of only one customer in 2019 totaled 760000, which increased nearly 32-fold by 2020, while revenue data for the first six months of 2021 also increased nearly sevenfold compared with the same period in 2020.

The gross margin increased from 5.7 million yuan at the end of June 2020 to 44.3 million yuan at the end of June 30, 2021, and the gross profit margin remained stable at 85.0% and 84.2%, respectively.

Jukun Technology mainly sells its products through local distributors and then sells them to hospitals and other medical institutions.

Travel expenses have increased significantlyThe first half of 2021341万

According to the prospectus, travel expenses mainly include travel and transportation expenses incurred by sales and marketing employees in marketing activities. In 2019, 2020 and the first half of 2021 were 2.56 million, 2.5 million and 3.41 million respectively, showing a significant increase.

Equity payment of 11.99 million in 2020An office building in which the lessor cannot provide a certificate of property right.

According to Chikun Technology, the employee welfare expenditure under administrative expenses mainly includes the salary, benefits and share payment expenses of administrative employees, while share payment expenses mainly point to the benefits provided by investors.

The prospectus revealed that there were defects in the ownership of a leased property in Beijing, which was mainly due to the lessor's failure to provide a certificate of ownership of the property to prove that it had the legal right to lease the property. If the lessor does not have legal ownership of the property, he may not be able to continue to use the property. In this case, it will have to be relocated to other sites, which may incur additional costs. The related property is used as one of the office buildings. In its prospectus, Jukun Technology hinted at the relevant risks, indicating that failure to obtain ownership of the leased property, failure to register the lease of the property, or failure to renew the current lease on reasonable terms, or failure to find an ideal alternative venue for offices and facilities may result in additional expenses or significant disruption to business operations.

Since 2021, a number of AI medical companies have chosen to list in Hong Kong. On March 16, Keya Ark, founded by Zhou Yahui, founder of Kunlun Wanwei, formally submitted its prospectus to the Hong Kong Stock Exchange. The deep vein score of Keya's core product is the first three types of artificial intelligence medical devices that can be commercialized in China certified by the State Drug Administration. At the same time, Keya Ark is the second artificial intelligence medical device company in the world that can be commercially approved in China, the United States and the European Union. Airdoc Eagle pupil Technology also submitted its prospectus to the Hong Kong Stock Exchange on June 21.

Although Jukun Technology has a "beautiful" prospectus, the follow-up competition is still not small, Chinanews.com will continue to pay attention to the follow-up!