Lei Jianping reported on January 19
Qingdao Innovation Qizhi Technology Group Co., Ltd. (hereinafter referred to as Innovation Qizhi, stock code: 2121) has announced its listing plan on the main board of the Hong Kong Stock Exchange.
The total number of H shares offered by Innovation Qizhi globally was 44,744,400 shares. This includes the Hong Kong offering of 4,474,600 shares (subject to redistribution) and the international placement of 40,269,800 shares.
The issuance range of Chuangxin Qizhi is HK$26.30 to HK$27.30, and if calculated at the middle position of HK$26.8, the net proceeds are HK$1.092 billion.
The purposes of the Company's offering include approximately HK$491 million to enhance the Company's R&D capabilities, approximately HK$273 million to enhance the Company's commercialisation capabilities, approximately HK$109 million for potential strategic investments and acquisitions, approximately HK$109 million to enhance the Company's internal systems and upgrade our information infrastructure, and approximately HK$109 million for working capital and general corporate purposes.
Innovation Qizhi launched the IPO on January 17, 2022 and ended at 12:00 noon on January 20, 2022. Innovation Chi Chi Plans to list in Hong Kong on 27 January 2022, H Shares will be traded at 100 H shares per lot.
With the successful landing of "AI Brother" SenseTime in Hong Kong stocks and the continuous rise in stock prices, the enthusiasm of Hong Kong investors for high-tech stocks began to pick up.
SoftBank and a number of high-quality international investors participated in the subscription, as of 17:00 on the 18th, the retail subscription multiple has reached 3.7 times. With SenseTime's valuation level as an anchor, market funds are no longer anxious about the pricing and prospects of AI companies, and investors involved in the innovation of Qizhi new seem to be much calmer.
Once Innovative Qizhi is listed, Innovative Qizhi will also become the first stock of AI+ manufacturing.
9 months revenue of 550 million
Founded in March 2018, Innovation Qizhi is an incubator for the innovation workshop, providing artificial intelligence overall solutions for manufacturing, finance and other industries with the two-wheel drive mode of "technology products" + "industry scenarios".
AI solutions can be broadly divided into public services (To G) and enterprise services (To B) according to the target groups used. Compared with the former, enterprise-level AI solutions are more market-oriented, the needs are more diverse, and there is a fairly high market potential in the world, especially in China.
In the enterprise AI market, the influence of innovation qizhi can not be underestimated. Sullivan data shows that in terms of revenue in 2020, Innovation Qizhi is the third largest AI technology-driven solution provider in China's enterprise-level AI solution market and the largest AI technology-driven solution provider in China's manufacturing AI solution market.
Quitch has developed three proprietary AI platforms: ManuVision (Machine Vision Intelligence Platform); MatrixVision (Edge Video Intelligence Platform); and Orion (Distributed Machine Learning Platform).
Innovative ChiChi's AI products and solutions can significantly increase business value for customers in manufacturing, financial services and other industries:
AI+ Manufacturing. Guided by the development direction of new infrastructure and intelligent manufacturing, and with the AI capabilities of Innovative Qizhi in the industrial chain, industrial cloud platform and industrial automation, we currently provide AI products and solutions to customers in vertical industries, including steel metallurgy, energy and power, automotive equipment, panel semiconductors, 3C high-tech and engineering construction.
Innovative QIChi's AI products and solutions mainly help customers optimize business or production processes, reduce costs, improve operational efficiency, production flexibility and achieve intelligent transformation of business operations and information management.
AI+ Financial Services. The innovative AI products and solutions of Qizhi in the financial services industry are applied to intelligent data center intelligent infrastructure and operation, intelligent hybrid cloud management and intelligent data governance and application, aiming to help financial institutions improve the reliability of IT infrastructure and strengthen market competitiveness.
AI+ Other Industries. Innovation Qizhi also serves customers in other industries such as retail, information technology and other industries. Nova Chi Chi mainly provides AI products and solutions to customers in these industries to automate and optimize information management in certain aspects of their business operations, such as supply chain management.
According to Frost & Sullivan, the market size of China's enterprise AI market will reach about 139.4 billion yuan in 2020, and it is expected to reach about 836.6 billion yuan by 2025, with a compound annual growth rate of 43.1%. In 2020, China's enterprise AI market accounts for about 75% of the entire AI market, and is expected to increase to about 80% by 2025.
Thanks to the rapid growth of the enterprise AI market, the revenue of Innovation Qizhi has achieved continuous growth year after year.
According to the prospectus, the revenue of Chuangxin Qizhi in 2019 and 2020 was 229 million yuan and 460 million yuan, the gross profit was 71.61 million yuan and 135 million yuan, respectively, and the adjusted net loss was 160 million yuan and 145 million yuan, respectively.
Innovation Qizhi's revenue for the first nine months of 2021 was 553 million yuan, compared with 298 million yuan in the same period last year; adjusted loss was 81 million yuan, and the adjusted net loss for the same period last year was 86.59 million yuan.
The track of innovative Qizhi has great differences, mainly for the toB market, and deeply cultivates the golden track of AI+ manufacturing. "AI+ manufacturing" became the company's largest revenue industry.
As of September 30, 2021, Nova Qizhi held cash and cash equivalents of $1,655 million.
Innovation Qizhi's revenue continued to grow rapidly, and the loss rate continued to narrow, from 122% to 14.6%, with a full cash flow. The average annual compound growth rate of SenseTime from 2018 to 2020 was 36.8%, and the average annual compound growth rate of Innovation Qizhi reached 252.5% in the same period, which was nearly 7 times the growth rate of SenseTime in the same period.
Innovation Workshop Incubation CICC and SoftBank are shareholders
Innovative Qizhi is executive director Xu Hui, non-executive directors Dr. Kai-Fu Lee, Wang Hua and Zhou Wei, and independent non-executive directors are Ms. Xie Deren, Jin Keyu and Gao Yingxin.
Innovative Qizhi is also the brainchild of Innovation Factory CEO Kai-Fu Lee.
Kai-Fu Lee once said that artificial intelligence (AI) is a wave of technology that is sweeping through human society and will bring about earth-shaking changes to the global economy. Following the steam engine, electrification, and informatization, AI has led the fourth industrial revolution, integrating digitalization and automation, creating unprecedented value and industrial possibilities. AI is a general-purpose technology that will be as ubiquitous as electricity and eventually become a next-generation technology platform, which in turn will take the operational order of various industries to a whole new level.
Kai-Fu Lee also revealed that in the past four decades, the biggest ideal is to let artificial intelligence go out of the laboratory and develop into a wide range of application-driven technologies. The name of AInnovation is taken from "AI+Innovation", which also has the meaning of "being a 'flag' in the field of artificial intelligence".
As at the last practicable date, Innovation Factory, Innovation Factory Yucheng, Wang Hua and Ms. Tao Ning jointly held approximately 30.01% of the issued share capital of Innovation Qizhi (26.24%, 1.68%, 1.68% and 0.42% respectively). The Innovation Workshop and The Incubation of The Innovation Workshop are jointly controlled by Wang Hua, Ms. Tao Ning, Ms. Lang Chunhui and Mr. Zhang Ying through the Concerted Action Agreement signed by them.
Xu Hui, CEO of Innovation Qizhi, directly holds 9.25% of the shares, 1.29% of the shares of Innovation Wisdom controlled by him, 17.15% of the shares held by the employee incentive platform, and 42.3% of the shares held by other investors.
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