Raising 3 billion yuan in 8 years and losing 500 million yuan last year, Taimei Technology grabbed the first share of medical SaaS

Wen | Hu Wenliu, a weekly magazine of Finance and Economics

Editor| Yang Jie

(Source: Visual China)

After 8 financings in 7 years, the luxury capital group "helped", and Taimei Technology is ready to grab the "first share of medical SaaS".

On December 29, the IPO of Taimei Science and Technology Innovation Board was accepted, and it is planned to issue no more than 100 million shares and raise 2 billion yuan for four projects: "Clinical Research Intelligent Collaboration Platform Upgrade Project", "Clinical Research Enterprise End System R&D and Upgrade Project", "Independent Imaging Evaluation System R&D and Upgrade Project" and "Pharmacovigilance System R&D And Upgrade Project".

There is no profit for eight years, and the average annual salary of directors and supervisors is one million

Founded on June 6, 2013, Taimei Technology 3 is a medical SaaS software and service provider, mainly providing digital solutions, clinical operation services, and medical conference services.

According to the prospectus, Taimei Technology's revenue increased from 59.9743 million yuan in 2018 to 303 million yuan in 2020; however, as of June 30, 2021, Taimei Technology was not profitable and had accumulated unmade losses.

Specifically, from 2018 to 2020, the net loss of Taimei Technology was 183 million yuan, 389 million yuan and 524 million yuan, respectively, and the net loss continued to increase; in the first half of 2021, Taimei Technology still failed to stop the decline, achieving revenue of 188 million yuan and a net loss of 158 million yuan. In this regard, Taimei Technology said that high research and development expenses, share payment costs and labor costs have made the company still in a state of continuous loss as of now.

However, the "Finance and Economics World" weekly found that in 2020, the directors and supervisors of Taimei Technology will have an average annual salary of up to one million yuan.

According to the prospectus, Taimei Technology has a total of 9 directors, including 3 independent directors, 3 supervisors, including 1 employee representative supervisor; 4 senior management personnel, including general manager, deputy general manager, board secretary, financial person in charge; and 5 core technical personnel. According to this, the number of directors and supervisors is not duplicated, and 15 people are accumulated.

In 2020, there are 15 senior directors and supervisors, and the cumulative salary of Taimei Technology is 15.279 million yuan, accounting for 22% of the 69.6310 million yuan of salaries payable to employees in 2020, and the average annual salary of directors and supervisors is as high as 1.0186 million yuan, of which Ni Xiaomei, the secretary of the board of directors, has an annual salary of up to 1.486 million yuan. It is worth noting that Wen Gang, supervisor of Taimei Technology, also serves as a director and vice chairman of 15 companies.

8 rounds of financing, the luxury capital group "blood transfusion" of 3 billion

According to public information, Taimei Technology was established in 2013, and from 2013 to 2021, it obtained a total of 8 rounds of financing, with a cumulative financing amount of 3 billion yuan, and investment institutions include Tencent Investment, Hillhouse Venture Capital, Ivy Capital, etc.

It is worth noting that on September 28, 2021, on the eve of the acceptance of the IPO, Taimei Technology just received more than 1.2 billion yuan of financing from the F round, and the investors included Tencent Investment, Hillhouse Venture Capital, etc. 12 investment institutions. This "surprise" financing is also the largest amount of money harvested since the establishment of Taimei Technology, involving the largest number of investors.

As of the date of signing of the prospectus, Taimei Technology has a total of 46 shareholders, the top five shareholders are Zhao Lu, Linzhi Tencent, Jingwei Chuangteng, Wuyuan Chenxi, Nanjing Kaiyuan, the shareholding ratio is 17.24%, 10.43%, 9.38%, 3.84%, 3.83%, respectively; among them, Linzhi Tencent is a wholly-owned subsidiary of Shenzhen Tencent Industrial Investment Fund Co., Ltd., and Tencent Holdings indirectly holds 12.06% of the shares of Taimei Technology through Nyingchi Tencent and Suzhou Panyi.

The shareholding of the actual controller is low, and there are risks in the special voting mechanism

Taimei Technology admits that there is a risk of the company's special voting share arrangement.

According to the prospectus, the controlling shareholder and actual controller of Taimei Technology is Zhao Lu, before the issuance, Zhao Lu directly held 17.24% of the shares, and directly and indirectly controlled 69.78% of the voting rights of Taimei Technology through 9 shareholding platforms such as Shanghai Xiaotang, of which 62.50% of the voting rights were held by Zhao Lu in the current effective Articles of Association.

The articles of association stipulate that before the issuance, Taimei Technology adopted the voting rights difference arrangement, that is, the controlling shareholder and actual controller Zhao Lu held a total of 9277.34 shares of Taimei Technology, which were set as special voting shares ("Class A shares"), and the remaining shareholders held by the company shares were ordinary shares ("Class B shares"), and the number of voting rights held by each Class A share was 8 times the number of voting rights of each Class B share, and in summary, the number of voting rights of Zhao Lu's Class A shares was 742 million votes.

For the special voting mechanism, Taimei Technology bluntly said that, on the one hand, in major business decisions, if the small and medium-sized shareholders hold different opinions with the controlling shareholders and the actual controller, it is more likely that they will not have sufficient ability to have a substantial impact on the voting results of the shareholders' meeting due to the relatively significant difference in the number of voting rights per share; on the other hand, if the actual controller uses the control position to exercise 69.78% of the voting rights or other means, it will adversely affect the business decisions and other matters. In particular, the interests of minority shareholders may be harmed.