BRIEF: Xunfei Healthcare to raise $75 million in Hong Kong IPO

2506.HK

Xunfei Healthcare Technology Co. Ltd. (2506.HK), the healthcare arm of artificial intelligence company iFlytek (002230.SZ), said it expects to raise about HK$580 million ($75 million) in its Hong Kong IPO. Xunfei said it plans to sell about 7 million shares for HK$82.80 apiece, according to its announcement on Wednesday.

Xunfei was founded in May 2016 with a focus on utilizing AI to deliver enhanced medical care. Using technologies such as voice and image recognition, it provides doctor services and chronic disease management for individuals while helping hospitals with diagnosis and information management. Its annual revenues rose from 321 million yuan in 2020 to 494 million yuan last year, but it is still losing money.

Xunfei’s shares will make their trading debut on Dec. 30. The company is just one of several making year-end IPOs in Hong Kong as interest in new listings picks up after two weak years. Other companies preparing to make their trading debuts before year-end include autonomous driving technology company Minieye Tech, chipmaker InnoScience and digital medical services provider HealthyWay.

By Doug Young

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