New Stock News | Full disease management service provider Vimi once again submitted a listing application to the Hong Kong Stock Exchange, with continuous losses in the past three years.

According to the disclosure of the Hong Kong Stock Exchange on April 20, Wemai Company (referred to as Wemai) submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with CMSC (Hong Kong) Limited acting as its exclusive sponsor. The company had previously submitted a prospectus to the Main Board of the Hong Kong Stock Exchange on June 27, 2025. However, just one week later, on July 3, 2025, Wemai rapidly submitted an updated prospectus. Company Introduction According to the latest prospectus, Wemai is a well-known provider of full-cycle management empowered by artificial intelligence (AI) in China. The entire full-cycle management industry in China is currently in its early stages, accounting for approximately 4.0% of the overall medical management industry in 2024. In this highly fragmented but vast field, Wemai held approximately 0.71% market share in 2024, making it one of the top three full-cycle management service providers in China. It is worth noting that only a few industry participants adopt a business model in collaboration with hospitals. Wemai ranks first in the Chinese hospital cooperation full-cycle management market, accounting for 5.2% of the market share by revenue in 2024. With deep clinical expertise, Wemai has developed CareAI - one of the first AI medical management platforms in China. The platform is built on a proprietary M.A.S. (multi-agent system) and MoM (mixed model) architecture, enabling it to provide human-like responses to health-related issues through the use of multi-agent collaboration and mixed model algorithms. By embedding CareAI deeply into solutions, the company is driving the industry towards a transition from single treatments to full-cycle, proactive health management. As a continuous digital health companion, CareAI provides medication reminders, symptom assessments, treatment instructions, lifestyle guidance, and automatically initiates clinical escalation processes to medical professionals when necessary. The platform leverages multiple industry-specific models or specialized intelligent agents, which have unique advantages in hospital/physician searches, hospital appointments, pre-diagnosis health planning, and patient consultation. During the historical period, Wemai generated revenue through (i) full-cycle management services; (ii) sales of various drugs and health products; (iii) insurance brokerage services; and (iv) IP-driven medical health marketing solutions. With the shift of the Chinese healthcare industry towards a more academic-oriented and patient-centric marketing model, Wemai has met the evolving needs of pharmaceutical clients in patient management and marketing activities. Utilizing an extensive network consisting of over 2,000 medical professionals and more than 20 provincial broadcast networks, Wemai collaborates with experts to develop tailored, non-promotional medical educational materials, such as overviews of treatment areas and drug mechanisms. These materials are then distributed through designated new media channels (such as Douyin and Xiaohongshu), providing accessible public health education while effectively supporting clients' business objectives. Financial Information Revenue For the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 6.28 billion, RMB 6.53 billion, and RMB 8.63 billion, respectively. Annual Loss For the fiscal years 2023, 2024, and 2025, the company incurred annual losses of approximately RMB 1.5 billion, RMB 1.93 billion, and RMB 2.9 billion, respectively. Industry Overview The Chinese medical management services market is mainly composed of the Chinese physical examination market, disease screening and genetic testing, health insurance, digital diagnosis and treatment market, and full-cycle management market. In 2024, the market size of the Chinese medical management services market was RMB 15.869 trillion, growing at a compound annual growth rate of 13.1% from RMB 10.603 trillion in 2020. With favorable government policies, increasing awareness of medical management services, and rising per capita disposable income, it is expected that by 2030, the Chinese medical management services market will reach RMB 44.615 trillion, with a compound annual growth rate of 17.8% from 2025 to 2030. Full-cycle management services provide patient-centered, comprehensive services across multiple medical settings within the hospital, covering the entire process from prevention, screening, diagnosis, treatment, rehabilitation, and long-term follow-up. In 2025, the market size of the Chinese full-cycle management market was RMB 887 billion, growing at a compound annual growth rate of 40.3% from RMB 163 billion in 2020. It is expected that the Chinese full-cycle management market will continue to grow rapidly, reaching RMB 3.654 trillion by 2030, with a compound annual growth rate of 32.7% from 2025 to 2030. Hospital cooperation in full-cycle management is a professional service delivery model delivered through direct on-site integration of public hospitals (public hospitals remain the main medical service providers and patient access points in China). The Chinese hospital cooperation full-cycle management market continues to grow, increasing from RMB 64 billion in 2020 to RMB 83 billion in 2024, with a compound annual growth rate of 6.7%. By 2030, the market is expected to further increase to RMB 275 billion, with a compound annual growth rate of 22.1% from 2024 to 2030, reflecting significant acceleration in application due to the expansion of hospital cooperation relationships and deepening policy support. Board Information Wemai's board of directors consists of nine directors, including six executive directors and three independent non-executive directors. Equity Structure As of the last practicable date, Mr. Qiu, the Chairman and CEO of the board of directors of Wemai, indirectly controls 23.14% of the voting rights of the outstanding shares through iChoice Holding. Additionally, Mr. Qiu is considered to have equity in 1,713,967 shares held by Wemai, and is entitled to 21,930,336 shares to be issued to ESOP BVI I. Following the completion of the compilation (assuming it is not exercised), Mr. Qiu and iChoice Holding will continue to be the largest single shareholder of the company, with Mr. Qiu controlling the voting rights of a total of 85,882,093 shares. On April 18, 2025, with the approval of the Wemai Technology Shareholders' Meeting, investors in the D+ series warrants exited Wemai Technology through a reduction in capital. After the reduction in capital, Mr. Qiu owns 50.64% of Wemai Technology, with the remaining 49.36% held by other registered shareholders. Intermediary Team Exclusive Sponsor: CMSC (Hong Kong) Limited Company Legal Advisors: K&L Gates, Junhe LLP, HLC Lawyers Exclusive Sponsor Legal Advisors: Mayer Brown, Beijing Tongshang Law Firm Reporting Accountant and Auditor: Ernst & Young Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Consultant: Rising Capital Financing Limited.