Financial Associated Press (Shanghai, Editor Zhou Xinyang) - Innovation Qizhi submitted the watch to the Hong Kong Stock Exchange on monday (January 3) evening, which is the company's second time to hand over the table, with UBS, CICC and China Renaissance Capital as its lead underwriters.
Innovation Wonder is a unicorn company with kai-fu Lee, a technology investor, as chairman and a pre-IPO valuation of more than $1 billion.
According to Tianyancha data, the company has undergone multiple rounds of financing, including many well-known institutions, including SoftBank, innovation factories, and becoming capital. Innovation Factory is now its largest institutional investor, holding 30.01% of the shares.
According to Frost & Sullivan, Chuangxin Qizhi is the third largest enterprise AI solution provider in China, developing AI products and solutions for manufacturing, financial services and other industries.
Now the company has developed three AI platforms, ManuVision (Machine Vision Intelligence Platform); MatrixVision (Edge Video Intelligence Platform); and Orion (Distributed Machine Learning Platform).
At present, the company has provided AI products and solutions to more than 400 customers, including 93 in manufacturing from 16 in 2018 to 93 in 2020, and the number of customers in the financial services industry from 2 in 2018 to 18 in 2020.
Unlike many AI companies that started in vision focusing on smart cities (security), smart transportation, smart communities, etc., the most important application scenarios for innovative QI Zhi AI technology and solutions are manufacturing and finance, and in the financial industry, it is not front-end verification and customer service, medium-wind control, etc., but the data center infrastructure and operation of financial institutions, intelligent hybrid cloud management, intelligent data governance and applications. In 2020, the company's revenue from AI+ manufacturing and AI+ finance accounted for more than 80%.
According to the International Data Corporation (IDC), Chuangxin Qizhi is the developer of machine learning platforms with the fourth largest market share in China in 2020; the computer vision application solution and product supplier with the sixth largest market share in China from 2019 to 2020; and the quality control solution and product supplier of the ARTIFICIAL intelligence-enabled industry with the second largest market share in China in 2019.
Regarding the purpose of the offering, the prospectus discloses that it will continue to optimize the AI platform and strengthen research and development capabilities; continue to expand and enrich solutions; continue to enhance commercialization capabilities; continue to expand customers and deepen customer contacts; and continue to pursue strategic investments and acquisitions.
Financially, as of the first nine months of 2018, 2019, 2020 and 2021, the Company's revenue was RMB37.2 million, RMB229 million, RMB462 million, RMB298 million and RMB553 million, respectively.
The net loss for the above-mentioned period was $71.2 million, $244 million, $361 million and $438 million respectively, and the increase in loss was mainly due to the increase in the company's general and research and development expenses.