IPO Plus - IPO

Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
S.F. Holding 06936.HK	Air Freight & Logistics	32.3-36.3	200	N/A	2024/11/22	2024/11/26	2024/11/27
Jiuyuan Gene 02566.HK	Biotechnology - Medical Devices	11.48-12.56	200	N/A	2024/11/25	2024/11/27	2024/11/28
Mokingran 02585.HK	Watch & Jewellery	12-14.4	200	N/A	2024/11/26	2024/11/28	2024/11/29

Name▼

Code▼

Industry

Offer Price

Lot Size

Entry Fee

Closing Date

Grey Market Date▼

Listing Date▲

S.F. Holding
06936.HK

Air Freight & Logistics

32.3-36.3

200

N/A

2024/11/22

2024/11/26

2024/11/27

Jiuyuan Gene
02566.HK

Biotechnology - Medical Devices

11.48-12.56

200

N/A

2024/11/25

2024/11/27

2024/11/28

Mokingran
02585.HK

Watch & Jewellery

12-14.4

200

N/A

2024/11/26

2024/11/28

2024/11/29

Summary

We are a leading medical group specialized in medical imaging in China. According to Frost & Sullivan, the PRC third-party medical imaging center market is still at the ramp-up stage with a relatively late start in comparison with that in developed countries, and it accounted for approximately 1.1% of the PRC medical imaging service market in 2023. In 2023, we ranked first among all PRC third-party medical imaging center operators in terms of the number of medical imaging centers in the network, number of units of equipment, number of registrations by practicing radiologists who are registered with us as the primary workplace, average daily screening volume and fees paid by patients; and in terms of revenue generated from imaging center services in 2023, we ranked second among all PRC third-party medical imaging center operators, according to Frost & Sullivan. See “Industry Overview — Competitive Landscape.” We mainly compete in the PRC third-party medical imaging center market, a fast-growing segment whose market size grew at a CAGR of 29.0% from 2018 to 2023 and is expected to grow with a CAGR of 33.5% from 2023 to 2026, far exceeding that of 12.9% and 14.3% of the PRC medical imaging service market during the same periods, respectively. We are also the only operator and manager of a medical imaging platform that provides diversified imaging services and value to the entire medical imaging industry chain in China, as the other four players among top five players (in terms of fees paid by patients) in the PRC third-party medical imaging center market do not concurrently provide solutions and services comparable to our imaging solution services and Rimag Cloud services, according to the same source. We generate revenue mainly through the following medical imaging services and solutions: ‧ Imaging Center Services. We offer imaging examination and diagnostic services to patients and other healthcare consumers via our flagship imaging centers, such as MRI, CT, PET, X-ray, ultrasound, mammography. In addition, we provide medical institutions with services such as medical imaging service, equipment selection and configuration, infrastructure renovation services and operational management services based on their needs through our regional collaborative imaging centers, specialized medical consortium imaging centers and operational management imaging centers, and charge the medical institutions a service fee based on the content of the services provided. ‧ Imaging Solution Services. We commenced the provision of imaging solution services to customers in 2019. Our imaging solution services mainly help medical institution customers, such as hospitals, select and acquire appropriate imaging equipment that meets their development needs, and a series of accompanying modular solutions to maximize the utility value of imaging equipment. We are entitled to receive payment based on the medical imaging equipment and/or our modular services and solutions for factors including the market prices of imaging equipment we help select for customers, the content and number of service modules chosen by our customers, our costs in providing the relevant solutions and length of service term. ‧ Rimag Cloud Services. We have continually invested in and developed our Rimag Cloud platform to bolster the development of our imaging center services business, informatization management and data-driven operations. In 2018, as our products and services continued to mature, we commercialized our Rimag Cloud services and offered such services under our Rimag brand to the PRC medical imaging industry. We authorize customers to use our Rimag Cloud platform or some of its modules, and provide follow-up data storage, data analysis and other services and we charge customers service fees based on storage volume and number of usage instances, or fixed annual fees, among other things. Customers can also choose one-time purchases of software according to their resources and capacity, and we charge customers a one-time fee per software sale. During the Track Record Period, we have generated the majority of our revenue from provision of imaging center services. We have taken an approach to establish and operate a medical imaging center network and explore servicing models under the hierarchical diagnosis and treatment system in China with the aim to promote the extension of quality medical resources to the primary healthcare system and balance the distribution of such resources in line with favorable policies and industry trends since our inception in 2014. See “— Competitive Landscape.” Covering 17 provinces, autonomous regions and municipalities and spanning first- and second-tier cities to 59 county-level divisions, our medical imaging center network consisted of 97 imaging centers, including: (i) nine flagship imaging centers; (ii) 24 regional collaborative imaging centers; (iii) 50 specialized medical consortium imaging centers; and (iv) 14 operational management imaging centers as of December 31, 2023. We uphold the concept of “clinically targeted imaging services” throughout the establishment, management and operation of our medical imaging center network with advanced imaging equipment, quality professional team, standard operating procedure (“SOP”) system and personnel training system to ensure quality and consistent delivery of services. Through operating imaging centers owned by us and providing operational management services to other imaging centers, we have accumulated and maintained solid service capabilities in medical imaging. After rapid business expansion, we have realized the scale advantage in operating imaging centers and established a leading position in the PRC third-party medical imaging center industry. Benefiting from the increasing demand from patients for medical imaging examination and diagnosis and favorable government policies, the PRC third-party medical imaging center market has been steadily developing in recent years and is expected to further expand. According to Frost & Sullivan, the size of this market by revenue grew from RMB0.8 billion in 2018 to RMB2.9 billion in 2023, at a CAGR of 29.0%, despite the impact of the COVID-19 pandemic during the Track Record Period and is expected to reach RMB18.6 billion in 2030, growing at a CAGR of 30.7% from 2023 to 2030. We believe we are well positioned to capture the market potentials based on our leading position in the PRC third-party medical imaging center industry. Our Business Network and Its Participants We have created integrated one-stop business network centered around our imaging center services, imaging solution services and Rimag Cloud services. Our business network connects, and provides value to, the different participants in such business network, including medical institutions, patients and other healthcare consumers, radiologists and other medical professionals, imaging equipment providers, AI service providers and other participants such as universities. For a diagram that illustrates the interaction among the participants within our business network, see “Business — Our Business Network and Its Participants” in this document for further details. Our Business Model We generated revenue primarily from: (i) imaging center services; (ii) imaging solution services; and (iii) Rimag Cloud services during the Track Record Period. Imaging Center Services Our imaging center services include: (i) imaging examination and diagnostic services offered at our own imaging centers, among other things; and (ii) operational management services offered to imaging centers of our business partners. We provide the foregoing services through four types of imaging centers, namely: (i) flagship imaging centers; (ii) regional collaborative imaging centers; (iii) specialized medical consortium imaging centers; and (iv) operational management imaging centers. Source: Rimag Group (02522) Prospectus (IPO Date : 2024/05/30)
Listing Market	MAIN
Industry	Health Care Services
Background	H Shares
Major Business Area	N/A

Corporate Information

Substantial Shareholders	CHEN Zhaoyang (Total share: 16.58%); (H share: 9.21%) The Goldman Sachs Group, Inc. (Total share: 8.67%); (H share: 15.61%) [01339] The People's Insurance Company (Group) of China Limited (Total share: 5.41%); (H share: 9.75%)
Directors	CHEN Zhaoyang (Chairman and Chief Executive Officer and Executive Director) FENG Xie (Vice President and Chief Financial Officer and Executive Director) HE Yingfei (Vice President and Executive Director) LI Feiyu (Executive Director) LIU Senlin (Non-Executive Director) GUO Tao (Non-Executive Director) LUO Yi (Independent Non-Executive Director) WU Xiaohui (Independent Non-Executive Director) CHEN Yifei (Independent Non-Executive Director)
Company Secretary	HE Yingfei ZHANG Xiao
Principal Bankers	China Construction Bank
Solicitors	Clifford Chance Tian Yuan Law Firm Jingtian & Gongcheng
Auditors	PricewaterhouseCoopers
Registered Office	40th Floor, Dah Sing Financial Centre, No.248 Queen’s Road East, Wanchai, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.rimag.com.cn
Email Address	information@rimag.com.cn
Tel No	(86 10) 8224-0501
Fax No

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