Xunfei Healthcare Technology (2506)

On December 18, Xunfei Healthcare Technology announced that the company plans to globally offer 7.03555 million H-shares, with 703,600 shares available for public subscription in Hong Kong and 6.33195 million shares for international offering. The subscription period runs from December 18 to December 23, 2024, with an offer price set at HKD 82.8 per share. Huatai International, Guotai Junan Securities (Hong Kong), and Jianyin International are the joint sponsors. The shares are expected to begin trading on the Hong Kong Stock Exchange on December 30, 2024.

(Source: Xunfei Healthcare Technology Prospectus)

The company is an artificial intelligence-driven healthcare solution provider, dedicated to supporting a variety of medical services ranging from health risk warnings to chronic disease management. Its independently developed AI technology encompasses primary healthcare services, hospital services, patient services, and regional healthcare solutions, aimed at improving medical efficiency and service quality. According to Frost & Sullivan, the company ranks first in China’s healthcare AI industry in 2023, with a market share of 5.9%. Its majority shareholder is leading AI company iFlytek.

The company plans to raise approximately HKD 507.1 million through the global offering, primarily for R&D investment, product upgrades, commercialization enhancements, and acquiring related businesses. It is expected that 32.4% of the funds will be allocated to R&D, 26.6% to enriching products, 24.7% to expanding the service network, 6.4% for acquiring synergistic companies, and 10% for working capital.

Additionally, the company has signed agreements with multiple cornerstone investors, who have committed to purchasing approximately USD 35.57 million worth of shares at the offer price under certain conditions. Cornerstone investors include Star Group Limited and Da'an Investment Limited.

HealthyWay (2587)

On December 18, HealthyWay announced its subscription period from December 18 to December 23, 2024, planning to globally offer 25 million shares, with 10% allocated for Hong Kong public offering and 90% for international offering. The offer price will range from HKD 7.80 to HKD 8.80 per share, with a minimum subscription of 500 shares. The shares are expected to be listed on December 30, 2024.

(Source: HealthyWay Prospectus)

The company operates a digital healthcare service platform and is the fourth largest of its kind in China, ranking fifth by revenue in 2023, with a market share below 5%. Since 2001, the company has provided digital health services to individual users and expanded into enterprise services and digital marketing in 2015. Over the past 20 years, it has actively participated in the digital transformation of the health and wellness industry in China, driving business development.

The company expects to raise approximately HKD 121.2 million through the global offering, with an offer price of HKD 8.3 per share. Of the funds raised, 33.5% will be used for business development over the next three years, particularly in healthcare services; 27.0% for enterprise services and digital marketing; 21.0% for strategic investments or acquisitions to enhance the customer base and technical capabilities; 14.5% for R&D; and 4.0% for working capital and general corporate purposes.

Furthermore, the company has signed a cornerstone investment agreement with the Hengqin Guangdong-Macao Deep Cooperation Zone Industrial Investment Fund, which has agreed to subscribe for shares totaling RMB 95 million under specific conditions.

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（Source: uSMART HK）