Core Viewpoint - The article discusses the transformation of the ophthalmology sector in Hong Kong, highlighting the challenges and opportunities presented by technological advancements and regional integration within the Greater Bay Area. Clear Medical (01406.HK) is presented as a case study of a company that has faced significant operational challenges but is now on a path to recovery under new management led by Jiang Bo, who emphasizes the importance of technology and effective resource allocation in driving growth [2][4]. Group 1: Company Overview - Clear Medical faced continuous losses and cash flow issues after its 2022 IPO, primarily due to over-reliance on individual doctors and aggressive expansion strategies [2][4]. - In mid-2024, a new management team led by Jiang Bo implemented strategic changes, including closing underperforming locations and enhancing cash flow management, which helped the company begin to recover [2][4][6]. Group 2: Strategic Initiatives - The management's initial focus was on "stop the bleeding" and "counting the money," emphasizing the need for effective resource allocation to restore the company's financial health [6]. - Key actions included recovering loans from departed doctors and shutting down a high-rent center in Tsim Sha Tsui, which significantly reduced ongoing losses [7]. - The company expanded its insurance channel revenue from 0.7% to 6.3%, diversifying income sources and reducing reliance on individual doctors [7]. Group 3: Technological Integration - Clear Medical aims to leverage its position in introducing cutting-edge ophthalmic technologies, maintaining a competitive edge in Hong Kong's healthcare market [8][15]. - The company is actively collaborating with leading AI teams to integrate AI systems into clinical practices, positioning itself as a pioneer in this area within Hong Kong [12]. Group 4: Market Trends and Future Outlook - The ophthalmology sector is witnessing new demands driven by rising myopia rates among youth and an aging population, alongside technological innovations that are reshaping the industry [17]. - Clear Medical's strategy includes focusing on technological innovation to meet emerging needs and optimizing service experiences to blur the lines between healthcare and consumer services [17]. - The management is committed to ensuring compliance with regulatory requirements while working towards the company's relisting, emphasizing the importance of governance and transparency [18][19].

Group 1 - The article discusses the transformation of Clear Medical (01406.HK) under the leadership of Jiang Bo, who aims to turn the company around from continuous losses to profitability through strategic reforms and technological advancements [2][3][20] - Jiang Bo's management team, composed of professionals from diverse backgrounds, focuses on resource optimization and effective cash flow management to restore the company's financial health [3][7] - The company has implemented significant changes, including closing underperforming locations and enhancing revenue streams through insurance partnerships, resulting in a substantial reduction in cash outflow and EBITDA losses [6][19] Group 2 - The article highlights the ongoing transformation in the Hong Kong ophthalmology market, driven by technological advancements and regional integration, presenting both challenges and opportunities for companies like Clear Medical [2][8] - Clear Medical is positioned to leverage its technological capabilities and market potential, aiming to become a leader in the ophthalmology sector by introducing innovative solutions and collaborating with mainland institutions [12][18] - The company is adopting a "dual-wheel drive" technology strategy, focusing on both importing advanced technologies and promoting innovative domestic solutions to enhance service accessibility and effectiveness [12][18] Group 3 - Jiang Bo emphasizes that all great companies are fundamentally technology companies, and Clear Medical aims to integrate cutting-edge technologies, such as AI, into its operations to gain a competitive edge [10][11] - The management's approach is influenced by investment principles, focusing on value creation through strategic resource allocation and operational efficiency [15][16] - The company is committed to addressing emerging demands in the ophthalmology field, such as myopia prevention and treatment for age-related eye diseases, while also navigating the blurred lines between healthcare and consumer services [18][19]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 FF301 致：香港交易及結算所有限公司 公司名稱: 清晰醫療集團控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01406 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 HKD | | 50,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0 ...

Group 1 - The company announced the removal of Dr. Xie Weiyi from the board due to unresolved legal disputes and bankruptcy petitions against him, as well as formal notifications from the Hong Kong government regarding his unpaid debts [1] - The board sought legal advice from Cayman Islands counsel regarding the interpretation of Article 86(4) of the company's articles of association, which pertains to the disqualification of directors who suspend debt repayment or reach settlement agreements with creditors [1] - A board meeting was held on August 1, 2025, where a majority decision was made to revoke Dr. Xie Weiyi's directorship, effective immediately, with two directors opposing the decision due to conflicts of interest [1] Group 2 - Mr. Wang Can, an independent non-executive director, appointed Mr. Jiang Bo, an executive director, as his alternate to vote on resolutions during the board meeting, without extending this appointment to other roles [2]

Core Viewpoint - Clear Medical (01406) announced the removal of Dr. Xie Weiye from the board due to unresolved legal disputes and bankruptcy petitions, as well as formal notifications from the Hong Kong government regarding unpaid debts [1] Group 1: Board Decisions - The board of directors convened on August 1, 2025, to consider the removal of Dr. Xie Weiye's directorship based on Article 86(4) of the company's articles of association [1] - A majority vote resulted in the immediate removal of Dr. Xie Weiye from the board, with Ms. Zheng Yuling and Mr. Lu Zikang voting against the decision [1] - Dr. Xie Weiye was required to abstain from voting due to his significant interest in the matter [1] Group 2: Legal and Governance Considerations - The board sought legal advice from Cayman Islands counsel regarding the interpretation of Article 86(4) related to the suspension of debt repayment or reaching settlement agreements with creditors [1] - The company's Hong Kong legal advisors recommended that the board consider all facts when applying Article 86(4) to Dr. Xie Weiye [1] - The board acknowledged its fiduciary duties in maintaining corporate governance standards [1] Group 3: Proxy Voting - Mr. Wang Can, an independent non-executive director, appointed Mr. Jiang Bo, an executive director, as his proxy to vote on the resolutions during the board meeting due to his business trip [2]

CLARITY MEDICAL GROUP HOLDING LIMITED 清晰醫療集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1406） 鄭宇凌女士 王燦先生 慈瑩女士 董事會設有三個董事委員會。董事委員會的組成載列如下： 董事名單及其角色與職能 清晰醫療集團控股有限公司董事（「董事」）會（「董事會」）成員名單載列如下： 執行董事 蔣波先生 （行政總裁） 許勇先生 （聯席行政總裁） 盧子康先生 非執行董事 胡定旭先生 （主席） 獨立非執行董事 審核委員會 王燦先生 （主席） 鄭宇凌女士 1 薪酬委員會 王燦先生 （主席） 蔣波先生 提名委員會 胡定旭先生 （主席） 王燦先生 慈瑩女士 香港，二零二五年八月一日 2 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 CLARITY MEDICAL GROUP HOLDING LIMITED 清晰醫療集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1406） 本公司管理層已向董事會匯報(i)如本公司於二零二五年二月十二日及二零二五年 五月十九日所公告，針對執行董事謝偉業醫生（「謝醫生」）的多項未決法律訴訟及 破產呈請已啟動、(ii)香港政府機關就謝醫生的未償還款項向本公司發出的正式通 知及(iii)其他表明謝醫生可能未能結清未償還款項的事件。 就第86(4)條規定取消（其中包括）暫停還債或與債權人達成和解協議的董事的資格 的詮釋，董事會已尋求開曼群島法律顧問的法律意見。此外，本公司的香港法律 顧問建議董事會在考慮對謝醫生應用第86(4)條時計及全部事實。董事會亦獲悉彼 等在維護企業管治標準方面的受信職責。 1 根據上述意見，本公司於二零二五年八月一日召開董事會會議，以考慮宣告撤銷 謝醫生的董事職位。於 ...

Core Viewpoint - The article discusses the financial and governance crisis faced by Clear Medical (01406.HK), a Hong Kong-listed ophthalmology service provider, following multiple trading suspensions and allegations of systematic fraud during its IPO process [1][2][9]. Group 1: Company Background and IPO - Clear Medical was considered a "star IPO" in 2022, raising HKD 218 million at an issue price of HKD 1.60 per share [2]. - The company claimed that its founders received a fixed salary of HKD 200,000 per month, which contributed significantly to its reported profits during the fiscal years 2019-2021 [2]. - However, it was revealed that the founders actually received performance-based variable compensation, with one founder's actual salary reaching HKD 12.61 million in the 2019 fiscal year, contradicting the IPO disclosures [2][3]. Group 2: Financial Performance Post-IPO - Following the termination of fixed salary contracts by the founders, Clear Medical's net profit plummeted to a loss of HKD 3.19 million in the 2023 fiscal year, down from a profit of HKD 13.49 million in 2022 [3]. - The company distributed HKD 148 million in dividends from 2019 to 2021, exceeding its total profits during that period by 40% [3]. Group 3: Allegations and Key Individuals - An anonymous email alleged that a key figure, Mok Tsan San, acted as an intermediary for "illegal IPO funds" and attempted to manipulate the new management team [4][5]. - Mok has a controversial history, having been involved in companies that faced significant stock price declines and eventual delistings [5]. - The article highlights ongoing concerns regarding the old management team, particularly regarding their influence and potential attempts to undermine the new management [7][8]. Group 4: Regulatory Actions and Market Implications - The Hong Kong Securities and Futures Commission is expected to investigate the allegations, which raises broader concerns about the integrity of the IPO process and corporate governance in the Hong Kong market [9]. - The article emphasizes the need for a shift towards transparent and responsible management to restore trust in the Hong Kong capital market [9].

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 87,201,000, a decrease of 14,409,000 compared to HKD 101,610,000 in the same period of 2023[7] - The loss for the period narrowed to HKD 18,569,000 from HKD 20,019,000, showing an improvement of HKD 1,450,000[7] - Adjusted loss for the period was HKD 11,272,000, down from HKD 20,019,000, reflecting a reduction of HKD 8,747,000[7] - Operating loss before depreciation and impairment was HKD 4,016,000, significantly improved from HKD 15,922,000 in the previous year, indicating a positive change of HKD 11,906,000[7] - The company aims to maintain financial discipline and optimize cost structure despite rising operational expenses due to inflation[10] - The company is committed to delivering high-quality healthcare services as a core operational focus, believing that strategic adjustments will drive sustainable growth[10] - The group recorded a loss of approximately HKD 18.6 million for the six months ended September 30, 2024, compared to a loss of HKD 20.0 million for the same period in 2023[48] - The company recorded a total comprehensive loss of HKD 18,577,000 for the six months ended September 30, 2024[82] Revenue Breakdown - Revenue from refractive surgery, the largest revenue source, decreased from approximately HKD 58.0 million to approximately HKD 52.0 million, a decline of 10.3%[22] - Revenue from SMILE surgeries decreased from approximately HKD 31.0 million to approximately HKD 24.0 million, a decline of 22.6%[22] - Revenue from multifocal intraocular lens replacement surgeries decreased from approximately HKD 18.0 million to approximately HKD 10.8 million, a decline of 40%[22] - Revenue from implantable contact lens procedures increased by approximately HKD 9.1 million or 116.7% to about HKD 16.9 million for the six months ending September 30, 2024, compared to approximately HKD 7.8 million for the same period in 2023[23] - Revenue from other eye treatment procedures decreased by approximately HKD 7.6 million or 25.2% to about HKD 22.5 million for the six months ending September 30, 2024, from approximately HKD 30.1 million for the same period in 2023[24] - Revenue from diagnostic and examination services increased by approximately HKD 0.6 million or 9.8% to about HKD 6.7 million for the six months ending September 30, 2024, compared to approximately HKD 6.1 million for the same period in 2023[25] - Revenue from pediatric myopia prevention services decreased by approximately HKD 0.7 million or 22.6% to about HKD 2.4 million for the six months ending September 30, 2024, from approximately HKD 3.1 million for the same period in 2023[28] Operational Efficiency and Strategy - The management discussed plans for market expansion and potential new product developments in the upcoming quarters[9] - The company is focusing on enhancing operational efficiency to improve financial performance moving forward[9] - There are ongoing efforts to explore strategic partnerships and potential acquisitions to bolster growth[9] - The management remains optimistic about future revenue growth despite current challenges in the market[9] - The company aims to leverage new technologies in its product offerings to enhance competitiveness[9] - The group plans to acquire equity interests in ophthalmology clinics and hospitals in China to expand its "Clear" brand business[64] - The group plans to identify suitable partners for collaboration and expansion in the ophthalmology sector[64] Cost Management - Cost of used inventory increased from approximately HKD 19.1 million to about HKD 18.7 million, representing 21.4% of revenue for the six months ending September 30, 2024, up from 18.8% for the same period in 2023[30] - Consultant fees decreased to approximately HKD 30.2 million for the six months ending September 30, 2024, from about HKD 41.1 million for the same period in 2023, representing a decrease in percentage of total revenue from 40.5% to 34.6%[32] - Employee benefit expenses decreased to approximately HKD 24.0 million for the six months ending September 30, 2024, from about HKD 29.2 million for the same period in 2023, representing 27.5% of revenue[33] - Other expenses decreased from approximately HKD 20.6 million for the six months ended September 30, 2023, to approximately HKD 14.9 million for the same period in 2024, representing 20.3% and 17.1% of revenue, respectively[39] - Business development expenses significantly decreased from approximately HKD 8.9 million to HKD 2.8 million, primarily due to reduced promotional activities in the interim period[43] Cash Flow and Financial Position - The net cash flow from operating activities for the six months ended September 30, 2024, was HKD 1.9 million, compared to a net cash outflow of HKD 7.6 million for the same period in 2023[68] - As of September 30, 2024, the group had cash and cash equivalents of HKD 122.4 million, down from HKD 141.4 million as of March 31, 2024[67] - The current ratio as of September 30, 2024, was 3.84, compared to 4.4 as of March 31, 2024[67] - Total equity as of September 30, 2024, was HKD 174,027,000, down from HKD 189,522,000 as of March 31, 2024, reflecting a decrease of 8.1%[79] - The company’s total liabilities increased to HKD 44,487,000 as of September 30, 2024, compared to HKD 38,333,000 as of March 31, 2024[76] Share Incentive Plan - The company adopted a share incentive plan on November 23, 2022, aimed at rewarding contributions to growth and attracting suitable talent[128] - The total number of shares that can be issued under the share incentive plan is capped at 10% of the issued shares as of the adoption date, equating to 52,177,500 shares[129] - As of September 30, 2024, there are 24,217,195 shares available for grant under the incentive plan, accounting for about 4.6% of the total issued share capital[140] - During the six months ending September 30, 2024, a total of 3,892,125 shares vested, with no new grants or cancellations made[139] - The fair value of the incentive shares is calculated based on the market price of the company's shares at the grant dates, with expenses recognized amounting to HKD 1,352,000 for the six months ending September 30, 2024[141] Taxation and Compliance - The estimated taxable profit for the period was subject to a 16.5% tax rate, with a tax credit of approximately HKD 3.3 million recorded for the six months ended September 30, 2023, due to estimated pre-tax losses of approximately HKD 23.3 million[46] - Deferred tax expense for the period was HKD 900,000, compared to a tax credit of HKD 3,276,000 in the same period last year[107] - The review of the interim financial data did not reveal any matters that would lead to a belief that the data was not prepared in accordance with Hong Kong Accounting Standards[170] Shareholder Information - The company has issued a total of 528,917,125 ordinary shares, which is used to calculate the approximate percentage of equity ownership[172] - Dr. Xie Weiye holds 77,784,630 shares, representing 14.71% of the company's equity[171] - Innovative Vision Inc. owns 153,385,966 shares, accounting for 29.00% of the total equity[176] - Clear Lead Ventures Limited has a stake of 58,404,950 shares, which is approximately 11.04% of the company's equity[176] - The company did not declare an interim dividend for the six months ended September 30, 2024[61]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 87,201, a decrease of 14,409 compared to HKD 101,610 for the same period in 2023, representing a decline of approximately 14.2%[5] - The net loss for the period was HKD (18,569), an improvement from HKD (20,019) in the previous year, reflecting a reduction of about 7.2%[5] - Adjusted net loss for the six months ended September 30, 2024, was HKD (11,272), compared to HKD (20,019) in the same period last year, indicating an improvement of approximately 43.7%[5] - Operating loss before depreciation and impairment for the period was HKD (4,016), significantly improved from HKD (15,922) in the previous year, showing a reduction of about 74.8%[5] - The company reported a net loss of HKD 18,569,000 for the six months ended September 30, 2024, compared to a loss of HKD 20,019,000 for the same period in 2023[23] - The company recorded a loss of approximately HKD 18.6 million for the six months ended September 30, 2024, compared to a loss of HKD 20.0 million for the same period in 2023[69] Revenue Breakdown - Income from ophthalmic services was HKD 82,305,000, down 14.2% from HKD 95,832,000 year-on-year[17] - Revenue from refractive surgery decreased by approximately HKD 6.0 million or 10.3% to about HKD 52.0 million for the six months ended September 30, 2024, compared to approximately HKD 58.0 million for the same period in 2023[44] - Revenue from SMILE surgeries decreased by approximately HKD 7.0 million or 22.6% to about HKD 24.0 million for the six months ended September 30, 2024, compared to approximately HKD 31.0 million for the same period in 2023[44] - Revenue from implantable contact lens procedures increased by approximately HKD 9.1 million or 116.7% to about HKD 16.9 million for the six months ending September 30, 2024, compared to approximately HKD 7.8 million for the same period in 2023[45] - Revenue from other eye treatment procedures decreased by approximately HKD 7.6 million or 25.2% to about HKD 22.5 million for the six months ending September 30, 2024, from approximately HKD 30.1 million for the same period in 2023[46] - Revenue from diagnostic and examination services increased by approximately HKD 0.6 million or 9.8% to about HKD 6.7 million for the six months ending September 30, 2024, compared to approximately HKD 6.1 million for the same period in 2023[48] - Revenue from pediatric myopia prevention decreased by approximately HKD 0.7 million or 22.6% to about HKD 2.4 million for the six months ending September 30, 2024, from approximately HKD 3.1 million for the same period in 2023[50] - Other income totaled HKD 2,460,000, a decline of 24.3% compared to HKD 3,253,000 in the previous year[17] Assets and Equity - Total non-current assets as of September 30, 2024, amounted to HKD 64,902, a decrease from HKD 66,955 as of March 31, 2024[7] - Current assets totaled HKD 153,612 as of September 30, 2024, down from HKD 169,208 as of March 31, 2024, reflecting a decrease of approximately 9.2%[7] - Cash and cash equivalents were HKD 122,390 as of September 30, 2024, compared to HKD 141,431 as of March 31, 2024, indicating a decline of about 13.5%[7] - The total equity attributable to the owners of the company was HKD 174,027 as of September 30, 2024, down from HKD 189,522 as of March 31, 2024[9] Expenses and Cost Management - Total expenses for business development decreased to HKD 2,783,000 from HKD 8,870,000, a reduction of 68.7%[19] - Interest expense on lease liabilities was HKD 635,000, down from HKD 1,211,000, reflecting a decrease of 47.5%[19] - Other expenses decreased from approximately HKD 20.6 million for the six months ended September 30, 2023, to approximately HKD 14.9 million for the same period in 2024, representing a reduction from 20.3% to 17.1% of revenue[61] - Business development expenses significantly decreased from approximately HKD 8.9 million in the six months ended September 30, 2023, to approximately HKD 2.8 million in 2024, primarily due to reduced promotional activities[64] - Professional fees increased by approximately HKD 2.9 million or 362.5%, from approximately HKD 0.8 million to approximately HKD 3.7 million, due to the hiring of additional professional services[64] - Employee benefit expenses decreased to approximately HKD 24.0 million for the six months ending September 30, 2024, from about HKD 29.2 million for the same period in 2023, representing 27.5% of revenue[56] Strategic Focus and Future Plans - The company continues to focus on enhancing its ophthalmic services and exploring potential market expansion opportunities[12] - The company plans to acquire equity interests in ophthalmology clinics and hospitals in China to expand its "Clear" brand business[84] - The company plans to identify suitable partners for collaboration and expansion[85] - The company aims to provide high-quality healthcare services while ensuring sustainable growth through strategic adjustments[35] - The company has extended the expected timeline for utilizing the allocated but unutilized net proceeds due to operational challenges and uncertainties regarding acquisition opportunities in the Greater Bay Area and potential partners in China[102] Corporate Governance and Compliance - The company has maintained a high standard of corporate governance and complied with applicable codes[96] - The board is actively seeking suitable candidates to fill the vacancy of independent non-executive directors to comply with listing rules[104] - The interim financial results for the six months ending September 30, 2024, will be published on the company's website and the Hong Kong Stock Exchange[105]