New Stock News | Betimes Smart Express Hong Kong Stock Exchange Industry's First Direct Channel Data Connection Solution

According to the disclosure by the Hong Kong Stock Exchange on December 2, Bitonic Smart Cayman Holdings Limited (Bitonic Smart) has submitted an application to the Hong Kong Stock Exchange Main Board, with CIMB International as its exclusive sponsor. The prospectus shows that Bitonic Smart is a leading data empowerment company in the Chinese healthcare industry. The company has built a comprehensive intelligent data platform for the healthcare industry using Beijing Vastdata Technology assets and industry expertise as its core, leveraging its proven and scalable business model, as well as industry synergies, to achieve full-lifecycle coverage of healthcare industry products and seamless integration of channels in the pharmaceutical distribution field. According to a Frost & Sullivan report, Bitonic Smart pioneered the Channel Data Direct Connect (DDI) solution within China Meheco Group and the medical device industry in 2009. The DDI model enables direct, structured, and automated data exchange between manufacturing companies, numerous distributors, and sales terminals, improving data accuracy, strengthening traceability in complex distribution networks, and supporting more efficient channel supervision and compliance management. According to the Frost & Sullivan report, by 2024, revenue-wise, Bitonic Smart ranks second among third-party digital service providers for China Meheco Group and medical device companies. Bitonic Smart's digital and data governance comprehensive solutions for the healthcare industry include channel data governance services, risk management services, and management consulting services. The company's channel data governance services help clients collect and process channel data, building a clear and orderly data management foundation and processes for efficient channel data governance; the company's risk management services provide clients with channel risk management and compliance solutions by analyzing client data. In addition, Bitonic Smart's management consulting services provide market analysis based on data, offering valuable insights to clients to help them make strategic decisions. The company's solutions cover diverse business scenarios in different verticals, including pharmaceuticals, medical devices, animal health, and vaccines. By assisting clients in timely obtaining trustworthy channel data information, the company helps clients efficiently and accurately identify risks at various stages of their development, identify market opportunities, and improve data management efficiency. As of June 30, 2025, Bitonic Smart has accumulated over 3 million data tags, over a hundred million channel data cleansing rules, and over 21,000 channel profiles, demonstrating the company's strong data accumulation capabilities and leading data processing and management capabilities in the industry. Financials Revenue: In the fiscal years 2022, 2023, 2024, and the six months ended June 30, 2025, Bitonic Smart achieved revenues of approximately RMB 221 million, RMB 241 million, RMB 243 million, and RMB 126 million, respectively. Profit: In the fiscal years 2022, 2023, 2024, and the six months ended June 30, 2025, Bitonic Smart achieved annual/net profits and total comprehensive income of approximately RMB 45.224 million, RMB 33.772 million, RMB 49.297 million, and RMB 30.589 million, respectively. Gross Profit Margin: In the fiscal years 2022, 2023, 2024, and the six months ended June 30, 2025, the company's gross profit margins were 48.9%, 49.9%, 53.3%, and 53.5%, respectively. Industry Overview The distribution digitization services market for pharmaceutical and medical device companies is mainly divided into three main areas: channel digitization, marketing digitization, and user service digitization. From 2020 to 2024, the market size of distribution digitization services for pharmaceutical and medical device companies increased from RMB 21.9 billion to RMB 73.9 billion, with a compound annual growth rate of 35.5%. It is further expected to increase to RMB 142.4 billion by 2029, with a compound annual growth rate of 14.0% from 2024 to 2029. In 2024, the market size of distribution digitization services for China Meheco Group and medical device companies increased from RMB 5.6 billion in 2020 to RMB 6.5 billion in 2024, with a compound annual growth rate of 3.9%. It is expected to reach RMB 9.8 billion by 2029, with a compound annual growth rate of 8.4% from 2024 to 2029. Divided by service provider type, the market for distribution digitization services for pharmaceutical and medical device companies in China can be divided into two categories, third-party services and internal services. Driven by strong data integration, astonishing technological iteration speed, and outstanding professional service capabilities, third-party channel data and channel management system service providers are increasingly occupying a larger market share, enabling pharmaceutical and medical device companies to improve decision-making efficiency and adapt to rapidly changing market conditions. The market size of third-party distribution digitization services in the pharmaceutical industry increased from RMB 2.7 billion in 2020 to RMB 3.3 billion in 2024, with a compound annual growth rate of 5.0%. It is expected to reach RMB 5.4 billion by 2029, growing at a compound annual growth rate of 10.8% from 2024 to 2029. Board Information The board consists of six directors, including three executive directors and three independent non-executive directors. The board term is three years and is responsible for general management and business operations. Ownership Structure Ms. Huang is the founder of Bitonic Smart. As of November 23, 2025, Ms. Huang, through Pharmeyes Data (BVI), controls approximately 93.14% of the company's voting rights. Pharmeyes Data (BVI) consists of (i) Pharmeyes (BVI) holding 5% of the shares, with Pharmeyes (BVI) being fully owned by Ms. Huang; and (ii) Eterna Data holding 95% of the shares, with Eterna Data being ultimately controlled by Ms. Huang as a settlor and protector as a trust, and Pharmeyes (BVI) as the beneficiary. Therefore, Ms. Huang, Pharmeyes Data (BVI), Pharmeyes (BVI), and Eterna Data constitute a group of controlling shareholders of the company. Intermediary team Exclusive Sponsor: CIMB International Financial Limited Company Legal Advisors: Legal advice on Hong Kong and US law: Mayer Brown law firm; Legal advice on Chinese law: Guohao Law Firm (Shanghai Office); Legal advice on Chinese data compliance law: Guohao Law Firm (Beijing Office); Legal advice on Cayman Islands law: Harneys law firm Legal Advisors of the Exclusive Sponsor: Legal advice on Hong Kong law: Jointly operated by Vincent Wan & Co. LLP and Beijing Tongshang Law Firm; Legal advice on Chinese law: JunHe LLP Reporting Accountants and Auditors: Deloitte Touche Tohmatsu Certified Public Accountants Industry Consultants: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisors: Hoh Capital Limited