Shensi Electronics, an intelligent identification and authentication supplier and service provider in Shandong, announced that it will jointly establish a subsidiary “Shensi Xuhui Medical Information Technology Co., Ltd.” with Wenzhou Xuhui. According to the announcement issued by Shensi Electronics, the registered place of the company to be established by the company is Jinan, and the registered capital is RMB 50 million. Shensi Electronics contributed 25.5 million yuan, accounting for 51% of the equity of the joint venture; Wenzhou Xuhui contributed 24.5 million yuan in cash and intellectual property, accounting for 49% of the equity of the joint venture.

Relevant information shows that Shensi Electronics, founded in 2004, was listed on the Growth Enterprise Market in June 2015. The company is mainly engaged in three application technologies: smart card application technology, biometric identification technology, and Electronic payment technology. The medical self-service system sorting solution launched by Wenzhou Xuhui is a software and hardware integrated medical self-service solution specially tailored for medical institutions.

As a comprehensive solution provider and service provider in the domestic identification field, Synthesis Electronics has achieved a year-on-year increase of 41.1% in revenue and a 17.0% year-on-year increase in after-tax profit in 2015. Shensi Electronics’ customers include state-owned enterprises such as Postal Savings Bank of China, China Unicom, and China Telecom. The application scope of intelligent identity terminal and industry application software products covers finance, public security, communication, human society, medical and other industries.

It is reported that the company’s face recognition technology is at the leading level in China. In the future, it will focus on fingerprint, iris, finger vein and other recognition technologies to realize the fusion, integration and chipization of various biometrics. Relying on the new generation of IT technologies such as the Internet of Things, cloud computing, big data, artificial intelligence, etc., using high-precision intelligent identification algorithms to replace passwords and keys, and developing artificial intelligence applications for scenarios and monitoring.

Industry insiders said that the establishment of a subsidiary with Wenzhou Xuhui this time indicates that Shensi Electronics will exert its strength in the medical field. In the future, face recognition and increased data will be used in a wide range of medical institutions.