Aojie Technology opened and fell 33%, with a single loss of 24,000 Ali is the single major shareholder

January 14 news (Nanshan) communications chip manufacturer Aojie Technology (ASR) today officially listed on the Science and Technology Innovation Board. But. Aojie suffered a "green opening", broke at the opening, fell 32.47% by the time of publication, reported 111.02 yuan, a market value of 46 billion yuan, and a loss of more than 24,000 yuan.

It is worth noting that Ali is the single major shareholder of the company, and Sequoia, Hillhouse, Xiaomi and so on have participated in the investment. According to the prospectus, Aojie Technology achieved revenue of 1.081 billion yuan in 2020, an increase of 171.64% year-on-year; a net loss of 2.327 billion yuan, of which 1.767 billion yuan due to employee equity incentives and a net loss of 572 million yuan after deducting non-equity. From January to June 2021, Aojie Technology expects operating income of 817 million yuan to 903 million yuan, an increase of 81.18% to 100.25% year-on-year.

From the product point of view, the most important product of Aojie Technology is a cellular communication chip, accounting for more than 70% of the chip revenue, mainly used for 4G communication modules, its ASR3601 is used in functional mobile phones, Aojie Technology has not yet formed a smart phone baseband chip revenue.

The sponsor of the listing of Aojie Technology is Haitong Securities Co., Ltd. The company raised 6.883 billion yuan, which will be used for the research and development of commercial 5G enhanced mobile broadband terminal chip platform, 5G industrial Internet of Things chip project, commercial WiFi6 chip project, intelligent IPC chip design project, multiple wireless protocol fusion, multi-field high-precision navigation and positioning overall solution and platform project, R&D center construction project, and supplementary working capital project.

For Aojie Technology, the electronic team of China Merchants Securities suggested that the company is a scarce wireless communication platform chip enterprise in China; the domestic alternative market of the cellular baseband chip industry where the company is located is vast, and it is expected to march from the Internet of Things to the mobile phone field in the long run; the non-cellular Internet of Things chip industry is driven by AIOT to grow in the industry, and the cost advantage builds the company's moat. The company's fundraising project revolves around the chip research and development business. According to China Merchants Securities, the company's revenue from 2021 to 2023 will be 2.10 billion yuan / 3.50 billion yuan / 4.94 billion yuan, and the net profit attributable to the mother will be -493 million yuan / 0.01 billion yuan / 261 million yuan.