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Hong Kong, 18 July 2018

Essex Bio-Technology ( “EssexBio” or the “Group”—Stock Code:1061) is pleased to announce that Zhuhai Essex Technology Development Company Limited (“Zhuhai Essex”), an indirect wholly-owned subsidiary of EssexBio, entered into an investment agreement with Chengdu Shanggong Medical Technology Co.,Ltd.(成都上工醫信科技有限公司,” Chengdu Shanggong” or “Shanggong”), pursuant to which, Zhuhai Essex shall make a cash investment of RMB20,000,000 (equivalent to approximately HK$23,400,000) as capital contribution in Chengdu Shanggong. Upon completion of the investment, Zhuhai Essex will hold approximately 8% of equity of Chengdu Shanggong.
 
Chengdu Shanggong is a medical data analytics (AI Algorithm) company in the medical service in China, having fully curated, quality controlled approximately 700,000 retinal images of diabetic patients in China, which forms a retinopathy big data that enables AI Algorithm to perform its diagnosis. The AI Algorithm can screen retinal images of patients and detect diabetic retinopathy, which affects almost a third of diabetes patients that would otherwise be examined by highly trained ophthalmologists.
 
Patients in the PRC where there is a lack of highly trained ophthalmologists can now receive such diagnosis remotely as Shanggong’s AI Algorithm is a cloud solution.
 
The Board of Directors of EssexBio believes that the investment in Chengdu Shanggong will benefit the Group’s ophthalmology business expansion in the PRC in conjunction with one of its lead drugs, Iodized Lecithin Capsules（適麗順）, for retinopathy.
 
Mr. Ji Xin, founder and CEO of Shangong said: This strategic investment made by EssexBio will enable Shanggong to leverage on Essexbio’s salesforce to rapidly deploy its AI Algorithm in larger number of hospitals in all level cities.
 
About Chengdu Shanggong
 
Chengdu Shanggong is a medical data analytics (AI Algorithm) company in the medical service in China, having fully curated, quality controlled approximately 700,000 retinal images of diabetic patients in China, which forms a retinopathy big data that enables AI Algorithm to perform its diagnosis. The AI Algorithm can screen retinal images of patients and detect diabetic retinopathy, which affects almost a third of diabetes patients that would otherwise be examined by highly trained ophthalmologists.
 
Diabetic retinopathy is caused by damage to blood vessels in the eye and results in a gradual deterioration of vision. If caught early it can be treated, but a sufferer may experience no symptoms early on, making screening vital. It is diagnosed, in part, by having an expert to examine images of a patient’s retina, captured with a specialised device, for signs of bleeding and fluid leakage.
 
The AI Algorithm of Shanggong is some form of automated detection which could make the diagnosis more efficient and reliable, and could be especially useful in regions where the required expertise is scarce. The AI Algorithm has been deployed and is being used in more than 300 hospitals in China.
 
About Industry
 
In recent years, the PRC government has made great efforts to promote Internet healthcare services nationwide and establish a national Internet healthcare service infrastructure, via initiating a series of favourable policies endorsing the concepts of the telemedicine application system, smart healthcare and healthcare big data security system.
 
In addition, the emergence of new technology, such as Big data analytics, AI , Blockchain, is expected to accelerate the reformation of landscape of healthcare industry in China. With the increasingly extensive use of new technology, Internet healthcare can provide more convenient and secure access to healthcare services, narrowing the gap between China’s scarce and unevenly distributed medical resources and increasing healthcare demand. Furthermore, the use of big data analytics and AI is expected to shorten the conventional diagnostic process and lower patients’ medical-related costs, partially contributing to alleviating the financial burden of China’s social medical insurance.
 
According to Frost & Sullivan, the market size of PRC Internet healthcare industry reached approximately RMB 10.9 billion in 2016, and it is expected to reach RMB 198 billion in 2026, representing a strong CAGR of approximately 34%. Especially the eye care market and chronic disease market, which Chengdu Shanggong has been involved in, shall have large growth potential with the aging population and increasing demand for corresponding disease management.