On March 20, 2021, the Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') Shenzhen office successfully completed its relocation. Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan, Mr. Wang Chenhui, Managing Partner and Managing Director of Greater China at Frost & Sullivan, and the partner and executive team of Frost & Sullivan Greater China attended the relocation celebration ceremony at the Frost & Sullivan Shenzhen office to witness this important moment together. The Frost & Sullivan Shenzhen office is one of the important strategic deployments of Frost & Sullivan's Greater China region. Together with its Hong Kong office, it forms a dual-core base in the Guangdong-Hong Kong-Macao Greater Bay Area, providing high-quality services to clients in the region. With the company's development and progress, the further expansion of the Frost & Sullivan Shenzhen office scale will provide strong support for the company's sustained development and help Frost & Sullivan better serve clients in the Guangdong-Hong Kong-Macao Greater Bay Area.   Standing at an important juncture as the impact of the COVID-19 pandemic is gradually subsiding, the relocation of Frost & Sullivan's Shenzhen office not only heralds a new beginning in 2021 but also represents an important milestone for Frost & Sullivan Greater China to move towards a new height. Dr. Wang Xin, Global Partner and President of Frost & Sullivan Greater China, said at the relocation celebration: "The move to the Shenzhen office signifies another solid step for Frost & Sullivan towards becoming a top-tier capital market service provider, as well as a new starting point for our transformation into an innovative consulting firm."   New journey, set off again As one of the country's important strategic plans, the Guangdong-Hong Kong-Macao Greater Bay Area has significantly enhanced its economic strength and regional competitiveness, laying the foundation for building an international first-class bay area and a world-class urban agglomeration. Shenzhen, as one of the core cities in the bay area and a pilot demonstration zone for socialism with Chinese characteristics, is expected to continue playing a leading and exemplary role in intercity transportation connections, capital market openness, and the introduction of emerging industries.   The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is bound to be full of challenges, but it also contains infinite opportunities. As a globally experienced corporate growth consulting advisor, Frost & Sullivan has been deeply involved in global and Chinese capital markets for many years. It is expected that under the dividends of this round of development in the Greater Bay Area, the firm will seize the opportunities of the times. With its rich experience in capital market services, it will provide high-quality growth consulting, initial public offerings, capital matchmaking, market value management, and related services to clients at home and abroad, helping enterprises achieve innovative growth. Based on serving Hong Kong and overseas capital and financial markets, Frost & Sullivan will further leverage its global experience in the field of science and technology innovation to create a distinctive A-share and Science and Technology Innovation Board service platform.   A new journey is about to begin, and China will continue to advance towards the goal of realizing the great rejuvenation of the Chinese nation. The Frost & Sullivan Shenzhen office will also take the new location as a new starting point, continuously deepen its focus on the Guangdong-Hong Kong-Macao Greater Bay Area, and provide comprehensive assistance to client enterprises with more professional content, better services, and higher quality to help them understand industry trends, enhance competitiveness, and promote the steady and high-quality development of the Chinese economy.

On March 3rd, the New Shanghai Business Alliance's Health Industry Research Society held its fourth exchange meeting. The New Shanghai Business Federation, in collaboration with over 50 upstream and downstream entrepreneur representatives from the China Pharmaceutical Business Association, focused on the theme of 'The Breakthrough and Establishment of Internet-based Pharmaceutical Distribution', to jointly discuss the pain points and difficulties in the transformation of pharmaceutical distribution. Mr. Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China region, an expert in the biopharmaceutical industry, was specially invited to attend this event and deliver a keynote speech.   With the development of Internet + supply chain technology, traditional medical distribution models are facing new opportunities and challenges. A number of B2B, B2C, and O2O internet pharmaceutical distribution enterprises have risen rapidly, and a digital pharmaceutical market with a scale of hundreds of billions is taking shape.   Yu Gang, the rotating chairman of the New Shanghai Business Federation, the chairman of the New Shanghai Business Big Health Industry Alliance, and co-founder and chairman of Yiyao Network, stated that healthcare will surpass real estate and automotive to become the largest industry. This is an industry that will always be sunny and never set sun. The pain points in China's pharmaceutical distribution are low efficiency and lack of transparency caused by fragmentation and multi-level structures. The pain points in pharmaceutical companies' commercialization models are low efficiency and difficulty in penetrating lower-tier markets, but this also brings about opportunities for the industry. Driven by digital technology, the internet healthcare sector is facing three irreversible trends: population structure, policy trends, and technological changes. Mr. Mao Hua, Partner and Managing Director of Frost & Sullivan Greater China, started with the broader internet + healthcare market and shared the industry-wide landscape and development trends of digital health.   He pointed out that digitization is becoming a major trend in the healthcare sector, helping to address pain points such as the over-reliance on drug sales, uneven distribution of medical resources, and inverted demand in China's previous healthcare service system. As an emerging industry, digital big health holds tremendous market potential in China. Currently, a large number of participants are focusing on different directions in the digital big health market, actively exploring various business models. 'Pharmaceutical companies are placing increasing emphasis on digital strategies, strengthening their capabilities through the construction of online channels such as brand marketing, remote services, medical e-commerce, and disease management. The importance of digital health infrastructure services is also becoming increasingly prominent. Driven by policies, hospitals at all levels are actively building internet hospitals, realizing internet + off-site extensions, and accelerating the basic construction of digital healthcare.' He believes that driven by technological innovation, frequent favorable policies, and the improvement of residents' health awareness, the digital big health industry is expected to enter a new development period. During the roundtable discussion session, Chen Jun, Vice President of Eli Lilly & Company, Geng Yongzhong, General Manager of Sinopharm Shanghai Biomedical Co., Ltd., Zhou Jie, General Manager of First Pharmaceutical Co., Ltd., Dong Fating, co-founder of Donglei Brain Hospital, and Chen Kun, Vice President of Sales Operations at Yiyao.com, several entrepreneur representatives from different nodes in the big health field, gathered together to discuss heatedly the major theme of 'Internet pharmaceutical distribution' - both its breaking through and establishing itself.   As a globally renowned growth consulting firm, Frost & Sullivan integrates nearly 60 years of consulting experience from around the world. Over the past 23 years, it has dedicated itself to serving the booming Chinese market and has made the healthcare industry one of its core research areas. The Frost & Sullivan healthcare team possesses strong capabilities and rich experience in the field of life sciences. It has extensive medical enterprise clients in China and has established a vast customer network and patent database over the past 20 years, covering sales information on innovative drugs in China and financial information from multiple manufacturers. It has established good or deep cooperative relationships with experts across the entire industrial chain, ranging from KOLs to industry experts and government officials.   Frost & Sullivan has a team of senior technical consultants, many of whom have decades of clinical development experience in innovative drugs and medical devices both within and outside the enterprise sector. Over the past sixteen years, the Frost & Sullivan healthcare team has provided financing financial advisory, IPO industry advisory, technical advisory, strategic advisory, management advisory, and other services to hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare companies. It is a leader and witness to the development of China's pharmaceutical industry. In terms of the number of filings, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong healthcare IPOs, continuously occupying more than 90% of the market share from 2018 to 2020.

At the pre-media analyst conference for MWCS 2021, Gan Bin, Vice President of Huawei's Wireless Network Product Line, delivered a keynote speech titled "1+N, Innovating for a Win-Win 5G Future." Gan Bin stated: "The 1+N 5G target network aims to achieve further upgrades through innovation in a full range of products and solutions. This includes simplifying site re-upgrades, intelligent collaboration upgrades, extreme multi-user experiences upgrades, and flexible on-demand deployment of network capabilities." Frost & Sullivan (hereinafter referred to as "Frost & Sullivan") was invited to participate in this analyst pre-conference to jointly discuss the future development direction of extremely simplified 5G site deployments. Dr. Wang Xin, Global Partner at Frost & Sullivan and President of Greater China, stated that with the progress of large-scale deployment of 5G and the steady advancement of commercialization in 5G scenarios, urban residents will truly feel the improvement in urban management services and the convenience brought by 5G. The characteristic of 5G's Internet of Everything will enrich people's connections with surrounding things and facilitate collaborative communication between devices. At the same time, 5G will drive the process of urban intelligence, coordinating big data analysis capabilities to better serve urban residents. 5G has already become an important benchmark and strategic planning for countries to demonstrate their competitiveness in technology and economic development. The 'White Paper on the Economic and Social Impacts of 5G' released by the China Academy of Information and Communications Technology shows that it is estimated that by 2030, 5G will drive direct economic output in China to 6.3 trillion yuan, an added value of 2.9 trillion yuan, and create 8 million job opportunities.   As of the end of 2020, the three major domestic operators have deployed more than 800,000 5G sites in various cities. Against the backdrop of accelerating development of the 5G industry, telecom operators face many challenges in terms of 5G site deployment plans and implementation, mainly reflected in limited sky space, insufficient power supply from existing site power systems, and diverse and complex installation scenarios. Global 5G deployment has entered an accelerated phase. As a global leader in information and communication solutions, Huawei has deployed over 1,500 networks in more than 170 countries and regions over the past 30 years. Based on its rich experience in global commercial deployments, Huawei provides operators and industrial customers with a variety of global 5G commercial deployment solutions at the critical juncture of the 5G industry transformation, working hand in hand with operators to build a complete and leading 5G target network.   Building a high-quality, wide-bandwidth, cost-effective 5G network is at the core focus and exploration of operators and industry participants worldwide. Global operators are competing to accelerate the construction of 5G networks, with innovative solutions and reliable industry alliances being the main strategies for operators seeking business expansion and new growth. In the 5G era, operators have chosen either FDD or TDD first to reduce operating expenses, improve efficiency, and enhance market competitiveness. Huawei has currently joined hands with operator customers to deploy on a large scale using TDD Massive-MIMO and will continue to upgrade product specifications and energy efficiency through system-level innovation to help customers reduce network operating expenses. In the face of the FDD-first market, Huawei is evolving along the direction of high bandwidth and multiple antennas, further upgrading its product capabilities, significantly increasing cell capacity to 1.5 to 5 times that of 4T4R networks, and its product engineering specifications are comparable to those of TDD M-MIMO.   5G has a higher demand for spectrum bandwidth, but due to limited spectrum resources, it will coexist with multiple frequencies and modes for a long time in the future. Therefore, in scenarios where there are numerous devices on poles and the sky space is limited, making it impossible to deploy new 5G modules, Huawei has achieved a Sub-6G full-spectrum extremely simplified deployment with M-MIMO integration with traditional antennas. Huawei's latest generation Massive-MIMO has achieved lower weight, far below the industry average for similar products, allowing it to be carried by one person; lower power consumption, comparable to that of 4G RRU, and greater bandwidth. For scenarios with extremely limited space or high rent in dense urban areas, it can quickly achieve large-scale 5G deployments, continuously helping operators significantly save on site deployment and operational costs through minimal site renovations.   Frost & Sullivan has found that the number of 5G users nationwide has now exceeded 240 million. With the upcoming launch of new models in 2021, which will all be 5G phones, this will further promote a surge in 5G user growth. At the same time, there are already over five thousand innovative applications in the industry. As users continue to accelerate their upgrade and migration to 5G networks, it is expected that the number of 5G users will exceed five hundred million by 2021, and the penetration rate of 5G users will reach around 80% by 2025. In the face of explosive growth in 5G users and rapid improvement in penetration rates, 5G networks will face the problem of overload. Huawei has achieved a solution by innovating algorithms to maximize the potential performance of M-MIMO, enabling an upgrade in multi-user extreme experience under scenarios with high user density and strong interference, thereby maximizing network performance.   5G is not only a new driving force for promoting new information consumption on the consumer side, but also a new engine for the industrial upgrading and growth of various sectors across society and economy. Industrial Internet is one of the most important battlefields in the 5G era. By the end of 2020, the total number of 5G base stations applied in industrial Internet across the country had exceeded 30,000.   In the face of the commercial scenarios of 5G to B, Ding Yun, Executive Director and President of Huawei's Operator BG, stated that as of now, Huawei has deployed 5G demonstration applications in over 20 industries globally, such as coal mines, industrial manufacturing, ports, etc., and has signed more than 1,000 5G industry application contracts with operators worldwide. 4G changed life, and 5G empowers all sectors. Its speed, reliability, and large-scale interconnection are transformative for various aspects of enterprise and social development. 5G will become a new engine for the digital revolution of industries, bringing prosperity to mobile internet and industrial internet, such as ultra-high-definition streaming services, cloud VR/AR, connected vehicles/autonomous driving, industrial internet, etc. Since 2019, major cities such as Beijing, Zhejiang, and Guangdong have successively introduced 5G industry plans, driven by policies and coordinated by industries. Currently, the technical foundation, investment in industrial capital, and industry goals of 5G are already established and determined. In the next 5-10 years, 5G networks will continue to develop and optimize. Network construction and solution providers will also continue to offer more complete 5G network solutions to ensure that industrial transformation continues to evolve in depth and achieve greater value conversion.   In the context of industrial Internet scenarios, industrial users have additional requirements for networks compared to traditional consumer end-users who only focus on a single rate dimension. These include multi-dimensional needs such as uplink and downlink rates, end-to-end latency, and positioning, enabling more reliable connection at IoT endpoints and diverse scenario applications. Huawei's innovative 5GtoB Suite solution enables industrial users to achieve multi-dimensional differentiated capabilities, deploy flexibly on demand, and realize proactive network operation and maintenance as well as intelligent and precise planning of industry networks.   2021 is the first year of commercialization of 5G, marking a pivotal cross-era milestone for the industrialization and globalization of 5G globally. Currently, 140 operators from 59 countries/regions have launched commercial 5G networks. Huawei has joined hands with operators from multiple regions including South Korea, Saudi Arabia, and Europe to build high-quality 5G networks that are certified by multiple third-party institutions for the best experience. The development in various regions and fields around the world has already embarked on the process of digital transformation. Both the consumer (C) and business (B) markets show tremendous development and change driven by 5G. 5G networks will become a core component of social infrastructure and a major carrier for new models of industrial competition and national economic development.   As a global leader in 5G technology innovation and industrialization, both operators and solution providers for 5G target network construction must assume the important responsibility of ensuring that the value of 5G networks can be continuously stimulated and evolve forward, guaranteeing sufficient space for industrial value transformation. As an enterprise tasked with driving industrial transformation, Huawei will release a series of new technologies, cases, and solutions for 5G to C and 5G to B at the upcoming 2021 World Mobile Communications Conference & Shanghai. China has already built the world's largest 5G network, and in the next decade, as 5G lights up the golden development period of industrial transformation, 5G network technology will continue to innovate and upgrade, simplify and optimize, improve industry efficiency, accelerate digital transformation and intelligent upgrading of industries, and exert its transformative power to empower the new era.

On February 5, 2021, Whale Platform co-hosted the '2021 Whale Tide Forum and the First Whale Tide Award List Release Ceremony' online with ECI. As a strategic partner of Whale Platform, Mr. Wang Chenhui, Managing Partner and Executive Vice President of Frost & Sullivan's Greater China region (hereinafter referred to as 'Frost & Sullivan'), was invited to attend and serve as a judge for this selection event.   The 'Whale Wave Award' is the first award in China aimed at consumer enterprises since the central government proposed 'demand-side reform' at the end of last year. It was jointly initiated by Whale Platform, a leading Chinese reporter and expert service platform, and ECI, a global leader in digital innovation. The award was launched on December 17, 2020, in Shanghai, with the aim of enabling 'national trend' enterprises to voice China's voice to the world. At the same time, it also aims to inspire more outstanding Chinese enterprises to eventually grow into leading global trends.   At the release ceremony, Liao Dingfeng, the person in charge of Whale Platform, stated: 'In the past, it was the global trend that surged towards and influenced China; now, we aim to let Chinese trends lead the world. The purpose of Whale Platform's holding of the Whale Wave Awards is to enhance the recognition, status, and value of domestic brands.'   The inaugural 'Whale Wave Awards' were divided into three categories, including Leading National Trends, New Trend Forces, and Cool Cases Most Praised by Investors. Among them, the '2020 Most Investment-worthy Leading National Trends' are aimed at established brands with a long history in the consumer sector, the '2020 Most Investment-worthy New National Trends' are for emerging brands founded after 2015, while the '2020 Most Praised Investor-Covered Cool Cases of National Trends' reward enterprises that launched influential national trend brand promotion activities in 2020.   Since its inception, the 'Whale Wave Award' has attracted attention from the industry, attracting over a hundred companies to sign up for the competition. A professional judging panel composed of chief analysts from securities firms, well-known investment institutions, and brand advertising experts evaluated and scored the entries based on four dimensions: team strength, operational capability, capital strength, and growth potential, as well as case materials. Ultimately, 35 outstanding enterprises, including the domestic renowned new tea drink brand Xicha, stood out from more than a hundred candidates, with ten excellent cases selected as the '2020 Most Valued National Trend Cool Cases by Investors'.   Dr. Jia Lijun, Executive Chairman of ECI, expressed his congratulations to the winning companies in his speech on that day. He stated that with the innovation of the internet and the rise of national trends in China, a new round of consumption upgrading has been triggered. The Whale Wave Awards provide an excellent observation window for the investment and financing community.   Liao Dingfeng also stated that the selection of the Whale Wave Awards is just the beginning, and in the future, Whale Platform will continue to run this award to provide opportunities for more outstanding Chinese enterprises.

On January 27, 2021, the Digital Big Health Investment Summit was successfully held in Beijing. The conference focused on the digital big health industry chain and analyzed the industry pattern, development context, and investment opportunities from the perspectives of regulators, industry participants, investors, and professional service providers. Mr. Mao Hua, Partner and Managing Director of Frost & Sullivan's Greater China Region, an industry expert in the field of digital big health, was specially invited to attend this event and deliver a keynote speech.   At the summit, Mr. Mao Hua analyzed the overall landscape of the digital health industry ecosystem and pointed out that with the increasing penetration rate of digital healthcare, continuous deepening of technological innovation in the digital health field, frequent favorable policies for internet-based healthcare, and a significant improvement in residents' health awareness, online hospital services, digitization of offline pharmacies, and the digital upgrade of the entire medical and health industry chain are the core driving forces of the digital health market.   He stated that digital big health is an emerging industry with huge market potential in China. In the past, the penetration rate of digital big health in China's health industry was very low. However, as residents' disposable income continues to increase, people's awareness of health is also constantly improving. As an effective technical means to improve the diagnosis and treatment rate of chronic diseases, digitization is expected to drive growth in the pharmaceutical and medical service markets from the demand side. With the development of digital technology, various service providers on the digital big health industry chain redefine the standards of health and medical practice by providing convenient and efficient healthcare services, helping more patients access high-quality medical resources, realizing valuable health information sharing and communication between hospitals and doctors at all levels, and making digital big health an important part of China's health industry.   He believes that the introduction of a series of policies has emphasized the importance of digital health and defined the blueprint for market development. Previously, the state issued the 'Opinions on Promoting the Development of 'Internet + Healthcare', proposing a series of policy measures to promote the in-depth integration and development of the internet with healthcare. Driven by these policies, hospitals at all levels are actively building internet hospitals, realizing the extension of internet services outside the hospital walls, and accelerating the construction of digital medical infrastructure. 'In 2020, under the impact of the COVID-19 pandemic, digital health played an important role in maintaining necessary medical services through the internet, which also brought about fundamental changes in the behavior patterns of governments, medical institutions, doctors, and patients. This accelerated the popularization rate of digital medical services and promoted the development of the digital health market.'   In addition, he emphasized that technological progress will greatly transform the traditional healthcare service industry. Artificial intelligence and big data support hierarchical diagnostic systems, while the Internet of Things (IoT) and 5G are innovating health management methods in monitoring, prevention, diagnosis, and prognosis management. Stakeholders, including pharmaceutical companies and healthcare institutions, are gradually increasing their demand for related digital infrastructure construction, accelerating the transition to online services.   He believes that driven by technological development and a series of favorable policies, the digital big health industry is expected to see rapid development in the future, with bright prospects.   As a globally renowned growth consulting firm, Frost & Sullivan integrates nearly 60 years of global consulting experience. For 23 years, it has dedicated itself to serving the booming Chinese market and has made the health industry one of its core research areas. Over the past sixteen years, the Frost & Sullivan healthcare team has provided financing, financial advisory, IPO industry advisory, technical advisory, strategic advisory, management advisory services for hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare enterprises. It is a leader and witness in the development of China's pharmaceutical industry. In terms of the number of completed transaction projects, the Frost & Sullivan healthcare team maintains an absolute leading position in Hong Kong healthcare IPOs, continuously occupying more than 90% of the market share from 2018 to 2020. In the future, Frost & Sullivan will continue to explore cutting-edge industry opportunities and work together with enterprises to boost the innovation and upgrading of China's health industry.

2021 Frost & Sullivan Annual Conference January 18, 2021 “Lead Innovation and Forge Ahead” Frost & Sullivan Annual Conference Grandly held at the Shanghai Bolei Li Hotel In the toast speeches by Dr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan, and Mr. Wang Chenhui, Managing Partner and Executive Vice President of Greater China at Frost & Sullivan, all Frost & Sullivan employees raised their glasses to celebrate, officially kicking off the annual conference. As a global growth consulting firm, Frost & Sullivan integrates nearly 60 years of consulting experience globally, has served the booming Chinese market with dedication for 23 years, and helps clients accelerate their business growth with a global perspective, achieving industry benchmarks in growth, innovation, and leadership.   Using rich professional market knowledge and consulting tools, Frost & Sullivan has helped numerous clients achieve strategic goals, including Fortune Global 1000 companies, emerging enterprises, and investment institutions.     Unite as one to create more achievements Frost & Sullivan deeply cultivates the global and Chinese capital markets, providing comprehensive investment and financing services for enterprises. In recent years, Frost & Sullivan China has successfully helped nearly a thousand domestic and foreign companies list and raise funds on major global capital markets, serving over ten thousand listed companies.   In 2020, Frost & Sullivan continued its excellent performance, assisting hundreds of companies including JD Health, China Resources Vanguard, Popomart, Blue Moon, Simore International, Yunding New York, Mingyuan Cloud, Nongfu Spring, Best Buy China, Home Group, New Oriental Education, Midea Youpin, and One Education to successfully list in Hong Kong or overseas, accounting for nearly 60% of the advisory market share for companies going public in Hong Kong. Last year, Frost & Sullivan not only continued to firmly hold the top position in the advisory market for Hong Kong IPOs but also retained its leading position in the advisory market share for overseas IPOs, further expanding its market influence.     Lead Innovation and Transform and Upgrade Frost & Sullivan seizes opportunities of the times, is enterprising, transforms and upgrades, and continuously improves service quality. From selecting high-quality enterprises to providing professional knowledge, from enterprise growth consulting to initial public offerings, from capital matching to market value management, based on serving the Hong Kong and overseas capital and financial markets, Frost & Sullivan further leverages its global experience in the field of innovation to build a distinctive A-share and Science and Technology Innovation Board (STAR Market) service platform, considered the most powerful, professional, and influential industry research institution in the industry.     Rooted in China, deepen layout in Greater China The Greater China region is one of the most important core areas of Frost & Sullivan's global layout. Since opening its first office in Beijing in 1998, it has now established offices in eight locations: Beijing, Shanghai, Shenzhen, Nanjing, Chengdu, Xi'an, Hong Kong, and Taipei. In 2020, the second office in Shanghai welcomed its relocation, marking a new starting point for Frost & Sullivan's transformation and upgrade into an innovative consulting institution and also indicating Frost & Sullivan's firm determination to further deepen its layout in Greater China. The steady and rapid development of Frost & Sullivan is inseparable from the efforts of every employee. To demonstrate the power of role models, at this annual conference, Frost & Sullivan specially set up six awards: the Frost & Sullivan Rising Star Award, the Frost & Sullivan Outstanding Analyst Award, the Frost & Sullivan 5-Year Outstanding Contribution Award, the Frost & Sullivan 10-Year Contribution Award, the Frost & Sullivan Model Worker Award, and the Frost & Sullivan President's Special Award, to commend a group of employees who have performed outstandingly and excellently.   Based on a new starting point, Embark on a new journey. All Frost & Sullivan employees will as always delve deeply into excellence in service, understand industry trends, and help client enterprises grasp the future. In 2021, we also wish Frost & Sullivan continued prosperity and new heights.

On January 20, 2021, the 'Frost & Sullivan' event at the 2021 Yanxi HiMed Medical Innovation Carnival, themed 'Remaining True to Our Original Aspiration', was successfully held in the HiMed International Medical Innovation Space. As a globally renowned growth consulting firm, Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') combines nearly 60 years of consulting experience across the world. For 23 years, it has dedicated itself to serving the booming Chinese market and has made the health industry one of its core areas of focus. Over the past sixteen years, Frost & Sullivan's healthcare team has provided financing financial advisory, IPO industry advisory, technical advisory, strategic advisory, management advisory, and other services for hundreds of outstanding domestic and international biopharmaceuticals, medical devices, healthcare services, and internet healthcare enterprises. It is a leader and witness to the development of China's pharmaceutical industry and has been specially invited to attend this summit forum to deliver a keynote speech at the general session.   main question act speak At the event site, Mr. Yang Xiaocheng, Partner of Frost & Sullivan Greater China and Dean of the Frost & Sullivan China Research Institute, delivered a keynote speech titled 'The Chinese Medical Market in the Face of Great Changes'.   Last year, affected by the COVID-19 pandemic, the biotechnology industry has been a focus of market attention. Yang Xiaocheng pointed out that "Innovation begins with technology and is achieved through capital." The biotechnology industry is a typical technology-intensive, innovation-driven sector. The inherent uncertainty of industrial development makes it difficult to combine the biomedical field with traditional financial markets, which are precisely matched by the characteristics of shared interests and risks in the capital market. From a global perspective, driven by both technological progress and demand growth, the biotechnology industry has entered a golden period of development. Since 2014, biopharmaceutical-related companies have accounted for the largest proportion in the U.S. market IPO industry. From 2017 to 2019, the number of NASDAQ pharmaceutical company IPOs reached 50, 86, and 79 respectively, showing a decrease in 2019, but the total fundraising amount still rose to reach 72.34 billion yuan. Overseas investors continue to show enthusiasm for the pharmaceutical industry. The Hong Kong stock market has grown steadily, and its attractiveness is constantly strengthening. From 2017 to 2019, the number of Hong Kong stock market pharmaceutical company IPOs increased from 6 to 17, with the total fundraising amount for the pharmaceutical sector reaching 33.67 billion yuan in 2019.   He believes that with the launch of the Sci-tech Innovation Board and the acceleration of IPO review speed, the role played by the pharmaceuticals and biotechnology sectors in China's capital market will gradually increase. Since most biopharmaceutical companies are characterized by high upfront R&D investment, long investment cycles, high risks but also long-term high returns, their net profits in the early stages are relatively low, or even non-existent. The trial implementation of the registration-based system on the Sci-tech Innovation Board has given these companies greater inclusivity, no longer treating net profit as a rigid standard, but rather taking into account net profit, R&D capabilities, the industry the company is in, and development prospects. 'The fifth set of criteria allows unprofitable enterprises to go public. Pharmaceutical companies only need one core product to have completed phase II clinical trials to apply for listing on the Sci-tech Innovation Board (with an expected market value of not less than 4 billion yuan), bringing huge opportunities for biopharmaceutical companies to go public,' he said.   Yang Xiaocheng is full of anticipation for the development of the biotechnology industry. He said: "We believe that in the future, a group of domestic biotechnology companies with innovative technologies and products will emerge, achieving success through financing in the capital market."   It is reported that as a national-level technology enterprise incubator, Yanyixitang & HiMed platform organizes cross-year forums at the end of each year to promote exchanges and cooperation among incubated enterprises. The forum invites industry experts from various fields such as production, academia, research, investment, incubation, and application to jointly discuss the general trends and investment directions of the medical industry in 2021.

Against the backdrop of digitalization, networking, and intelligence, the International Cybersecurity Industry Event - Beijing Cybersecurity Conference (BCS) has emerged as a necessity. The conference focuses on current and future cybersecurity industry development, international cooperation, capital investment, cutting-edge technologies, new scenario applications, and talent cultivation, and builds a world-class exchange and cooperation platform involving government, industry, enterprises, capital, academia, and application. Over the years, the Beijing Cybersecurity Conference (BCS) has attracted security leaders from institutions, organizations, and enterprises from different countries and regions, attracting widespread attention and becoming an influential industry event in the cybersecurity sector.   The establishment of the BCS Expert Advisory Committee aims to gather industry expert forces and provide in-depth insights, foresight, and high-value perspectives on the cybersecurity industry. The Expert Advisory Committee consists of senior experts from industry associations, research institutions, enterprises, and other sectors. Mr. Wang Chenhui, Managing Partner and General Manager of Frost & Sullivan's Greater China region, was invited to serve as a member of the BCS Expert Advisory Committee.   Frost & Sullivan has been deeply involved in the field of cybersecurity for many years, collaborating closely with leading enterprises in the industry and tracking the latest information and developments in depth. Frost & Sullivan's research shows that in recent years, with the rapid development and popularization of internet and information technology, especially the progress of IoT and 5G network technologies, cybersecurity issues have received increasing attention, and their priority has gradually risen among governments and enterprises. To build a strong "moat" for cybersecurity, governments and enterprises will increase investment in cybersecurity, adopt more targeted security management solutions covering core links, gradually transform cybersecurity from passive defense to active defense, so that cybersecurity systems can not only resist cyberattacks but also prevent them before they occur.   Driven by national policy support, technological development, and vendor demand, Frost & Sullivan expects that in the coming years, the penetration rate of cybersecurity will continue to rise, while at the same time, the cybersecurity industry will remain highly active, continuously emerging with new technological innovation solutions to create a safer and more trustworthy online environment for governments and enterprises.

FT Chinese Network Tourism is one of Hong Kong's four pillar industries and has always been an important force supporting local employment. However, the sudden outbreak of the pandemic last year dealt a severe blow to the local tourism economy, leading to a sharp increase in unemployment rates in related sectors. On January 11th, FT Chinese Network wrote an article discussing the transformation path for Hong Kong's tourism industry to break through after the pandemic, suggesting that Hong Kong can alleviate difficulties by vigorously developing high-end medical tourism. In demonstrating the development space and growth potential of Hong Kong's medical tourism industry, data from Frost & Sullivan were directly cited.   # Frost & Sullivan's insights 01 The total expenditure on private medical care in Hong Kong reached HK$869 billion in 2019 and is expected to grow at a compound annual average rate of 7.6%, reaching HK$1340 billion by 2025; the global medical tourism industry is predicted to reach $658 billion by 2025, with Asia-Pacific accounting for about 40%. If Hong Kong can capture 10% of the Asia-Pacific market share, it will additionally increase revenue by about HK$200 billion, expanding the overall market size to HK$1,540 billion. 02 With such a huge industrial space, Hong Kong urgently needs to seize the current golden opportunity to extend into the high-end medical tourism market.   The global COVID-19 pandemic in 2020 inevitably hit Hong Kong's tourism market hard. From January to October last year, the number of visitors to Hong Kong plummeted by 92.9%. The unemployment rate in the consumer tourism-related industries rose sharply to 11.7% in the third quarter, and this data does not reflect the situation after the grounding and layoffs of Cathay Pacific Dragon Airlines in October that year and the completion of the government's employment support fund. Hong Kong's tourism industry itself relies on a single market, and its 'quantity-high-value' structural problem is difficult to cope with in the post-pandemic tourism ecosystem.   As one of Hong Kong's four pillar industries, in addition to contributing to GDP, tourism and related industries have always been an important force supporting local employment. Hong Kong must focus on developing diversified high-profit tourism products. The medical tourism market not only has high profits but also makes full use of Hong Kong's inherent tourism and medical resources, and Hong Kong has a concentrated industrial chain and a highly mature capital market. Therefore, efforts should be made to develop 'small quantity, high value' products to attract the wealthy class in emerging markets for high-end medical tourism.   In recent years, various regions around the world have been competing for this sunrise industry of healthcare tourism. The World Health Organization predicts that by 2020, healthcare-related services will become the largest and fastest-growing sunrise industry globally, accounting for 22% of global GDP together with leisure tourism. Among them, China is a major country in the overseas healthcare tourism market demand. According to a survey conducted by Shengnuojiayi, an overseas medical service provider in China at the beginning of 2020, 65% of the people who went abroad for medical treatment in 2019 came from high-income entrepreneurs and executives, while the United States, the United Kingdom, and Japan accounted for 99% of the overseas medical treatment market. Undoubtedly, Hong Kong's tourism resources are exceptionally rich, with its medical talents and technology ranking among the world's top. Hong Kong's open market environment can better mobilize international medical resources, and with its close development with the Chinese mainland, it has an absolute advantage in attracting the new rich class from China to travel to Hong Kong for medical tourism under the uncertain prospects of the COVID-19 pandemic in various countries and Sino-US relations.   Why has Hong Kong been overshadowed in the field of medical tourism in recent years?   The author believes that mainly there is no industry cooperation led by policy, social doubts, and the past reliance on China's market dividends by Hong Kong's tourism industry hindered the development of high-end tourism products. In fact, the market has already extended Hong Kong's medical resources to the mainland. For example, the listed Medlink Group in Hong Kong has cooperated with the online medical service brand Penguin Doctor in China, providing more convenient services for residents of the Greater Bay Area to travel to Hong Kong for medical treatment through online platforms and artificial intelligence technology. However, when comparing with other regions in the world's medical tourism markets horizontally, policy support or government-led development models are key to quickly establishing tourism brands in the short term. For example, Thailand implemented the 'Medical Hub of Asia' plan since 2004, and the Japanese government designated medical tourism as a national pillar industry in 2010.   Hong Kong has a highly market-oriented economic structure. As long as there is market demand and policy support, the industry will combine capital to expand its territory. First, market restrictions should be relaxed policy-wise to remove barriers between different industries and markets. For example, accelerating the interoperability of insurance industries between the two places and implementing the 'insurance pass' mechanism expected by the market can greatly enhance medical consumption capabilities. Other policies such as providing tax incentives or subsidies to private institutions that adopt medical technology and provide training, issuing medical tourism visas to passengers with medical needs, relaxing stay times or entry frequencies, etc., are needed. Policy first requires close cooperation among industries to develop attractive medical services and tourism products that can meet the needs of passengers after entering the country. It is best to form an inter-industry medical tourism association to lead cooperation in different fields such as medicine, tourism, aviation, and hotels. To build an international medical tourism city, it also requires government coordination between departments such as the Tourism Development Council and the Department of Health to improve industry supervision and strengthen brand promotion. As long as the vision and thinking are changed, Hong Kong's tourism industry will welcome new impetus for sustainable development.   As for the social doubts about the shortage of land and medical resources in Hong Kong, the author believes that this does not constitute a negative factor for developing the medical tourism market. Hong Kong indeed cannot build large comprehensive medical institutions in its city centers like Japan and Singapore. As long as the government moderately relaxes land use and integrates the private medical market network, it can form point-to-point connection boutique services by taking advantage of the transportation network. The shortage of medical resources in Hong Kong mainly lies in public institutions. The high-end private medical market operates independently and has a certain scale, but it has not formed a medical tourism brand. On the contrary, the author believes that policies should vigorously encourage the development of more medical service training and provide more local employment opportunities. As long as the policies are clear and supervision is in place, developing the high-end private medical market will not compete for public medical resources. On the contrary, if the industry outlook is bright, it can attract more people to engage in the healthcare industry.   According to reports from the Food and Health Bureau of Hong Kong and independent market research firm Frost & Sullivan, the total expenditure on private medical care in Hong Kong reached HK$869 billion in 2019 and is expected to grow at a compound annual average rate of 7.6%, reaching HK$1340 billion by 2025; the global medical tourism industry is predicted to reach $658 billion by 2025, with Asia-Pacific accounting for about 40%. If Hong Kong can capture 10% of the Asia-Pacific market share, it will additionally increase revenue by about HK$200 billion, expanding the overall market size to HK$1,540 billion. With such a huge industrial space, Hong Kong urgently needs to seize the current golden opportunity to extend into the high-end medical tourism market.   *This article is reprinted from 'FT Chinese Network', authored by Chen Huiran, with the original title 'Hong Kong Can Break Through Dilemmas through High-End Medical Tourism'.