According to a report from the Wise Financial APP, as disclosed by the Hong Kong Stock Exchange on March 28, Nao Dong Aurora Medical Technology Co., Ltd. (referred to as Nao Dong Aurora) has once again submitted an application for listing on the main board of the Hong Kong Stock Exchange, with China International Capital Corporation and Pu Yin International as its joint sponsors. It is known that Nao Dong Aurora had previously submitted a listing application to the main board of the Hong Kong Stock Exchange on August 8, 2023.

According to the prospectus, Nao Dong Aurora was established in 2012, and the company's product pipeline covers a wide range of cognitive impairments induced by vascular diseases, neurodegenerative diseases, mental illnesses, and developmental defects in children. As of the last practicable date (March 20, 2024, the same below), the company's core product, the brain function information management platform software system, has been commercialized for eight indications of four major types of cognitive impairments, and an additional 21 indications of cognitive impairments are under development. At the same time, the company's three other products have obtained regulatory approval in China, including Basic Cognitive Ability Test software (BCAT), Cognitive Ability Assistant Screening Assessment Software (SAS), and Dyslexia Assistant Screening Assessment Software (DSS). One product has obtained regulatory approval in the European Union for Cognitive Dysfunction Treatment Software, and five candidate products are in various preclinical and clinical development stages.

In terms of commercialization, the company is currently in the commercialization stage. As of the last practicable date, the system has been included in the provincial medical insurance reimbursement catalog in 30 provinces in China. According to Frost & Sullivan data, the company is also the first undertaking unit of projects initiated by the National Health Commission, helping the National Health Commission establish cognitive centers in more than 2,100 hospitals nationwide, and promoting the development of the cognitive impairment digital therapy market in China. In addition, the company has collaborated with hospitals to establish cognitive centers beyond the project initiated by the National Health Commission. The company has assisted in establishing cognitive centers in more than 80 hospitals in China, including leading hospitals with national medical center certifications in various medical specialties established by the National Health Commission.

In terms of research, as of the last practicable date, the company has established a multidisciplinary professional R&D team consisting of 126 members, including 28 members with master's degrees and 3 members with doctoral degrees. During this period, the company holds 36 patents and 75 patent applications in China, as well as 8 pending patent applications overseas. The company has developed two core foundational technologies, virtual human technology and AI technology, as the basis for the company's system, other products, and candidate products.

From an industry perspective, according to Frost & Sullivan data, the global market size of cognitive impairment digital therapy reached $2.1 billion in 2022, expected to increase to $4.2 billion in 2025, and $7 billion in 2030, with compound annual growth rates of 25.5% and 10.7%, respectively. China has even greater growth potential. In 2022, the market size of cognitive impairment digital therapy in China reached RMB 0.149 billion, expected to increase to RMB 1.952 billion in 2025, and RMB 9.568 billion in 2030, with compound annual growth rates of 135.5% and 37.4%, respectively.

In the prospectus, the company stated that due to strong market demand, the global and Chinese markets for cognitive impairment digital therapy are experiencing rapid growth. The company believes that it is poised to capture the rapid growth of the cognitive impairment digital therapy market globally and in China, achieving sustainable growth in business and revenue. It is worth noting that the company also acknowledges that it may ultimately fail to successfully develop and sell systems covering new indications, and that several AI-driven technologies related to the company's products are still in the early stages of development.

In terms of finances, in 2022 and 2023, the company achieved revenues of RMB 11.291 million and RMB 67.2 million, respectively; during the same periods, the company incurred losses of RMB 0.502 billion and RMB 0.359 billion, respectively.