Not long ago, the review status of the IPO of Shanghai Hehe Information Technology Co., Ltd. (hereinafter referred to as "Hehe Information") was changed to "Suspension (Financial Update)", which was updated on December 31, 2021. As of now, hehe information has not updated the materials, and the review process is still in a suspended state.
Bedo Finance learned that Hehe Information submitted a listing application to the Sci-Tech Innovation Board of the Shanghai Stock Exchange on September 27, 2021 and was accepted. According to the prospectus, Hehe Information plans to issue no more than 25 million shares and intends to raise 1.49 billion yuan, with CICC as its sponsor.
According to the introduction, Hehe Information is an industry-leading artificial intelligence and big data technology enterprise, which is committed to providing innovative digital and intelligent services for global enterprises and individual users through core technologies, C-end and B-end products and industry solutions in the field of intelligent text recognition and business big data.
Among them, the C-end business of Hehe Information mainly provides C-end services for individual users with three core products of Scanning Cam King APP, Business Card King APP and Qixinbao APP, while the B-end business mainly provides enterprise customers with intelligent text recognition and business big data as the core services.
Hehe Information claims that it has more than 100 invention patents with independent intellectual property rights. According to the data of Wisdom Bud, Hehe Information and its affiliates (the main applicant is: Shanghai Hehe Information Technology Co., Ltd.) have a total of 319 published patent applications in 126 countries/regions, of which 128 are valid patents.
By field, the patent layout of Hehe Information mainly focuses on professional and technical fields such as servers, electronic devices, text images, Bluetooth communication, and handwriting input. However, the patent growth rate of Hehe Information in the past three years has shown a negative growth trend, and the patent growth rate in the past three years has been -86.36%, which is lower than the industry average.
It is worth mentioning that the First Round of Inquiry by the Science and Technology Innovation Board of the Shanghai Stock Exchange raised a total of 21 types of questions, mainly involving the attributes of science and technology, actual controllers, business qualifications, data compliance, business and market positioning. Hehe Information said that its business and technology essence belongs to the technological innovation enterprises in the field of artificial intelligence and big data.
In view of whether the issuer's core technology is mainly a general technology or a proprietary technology in the industry, whether the technical realization depends on third-party hardware, the comparison with the advanced nature of major competitors in the industry, and whether the relevant expressions of "industry-leading" and "world-leading" are objective and accurate, the Science and Technology Innovation Board Development and Review Committee requires the information to be explained and adjusted.
Hehe Information replied that its technology-based development of CamScanner and CamCard APP products are in a leading position in the competition in many national markets around the world, so it believes that these technologies are at the leading level in the international industry. Despite this, Hehe Information still revised the expressions "internationally leading" and "globally leading" to "industry-leading".
According to the declaration materials, the main body engaged in the credit reporting business of the enterprise at the beginning of the reporting period was Hehe Information and Belta, and did not file with the credit reporting agency, and the credit reporting business gradually shifted to Shanghai Shengteng from November 2018, and in July 2020, Shanghai Shengteng obtained the credit filing of the central bank's Shanghai headquarters.
However, the filing materials submitted by Shanghai Shengteng include, but are not limited to, the business development of Shanghai Shengteng and Hehe Information, and Hehe Information is still carrying out some credit reporting business. In addition, Shanghai Shengteng and Shanghai Zhaobei were involved in value-added telecommunications services, but neither of them obtained the Value-added Telecommunications Business License in a timely manner and have now been obtained.
In this regard, the Science and Technology Innovation Board Development and Review Committee requested Hehe Information to explain whether it has carried out personal credit reporting business and whether it has obtained relevant business qualifications; during the period of not obtaining business qualifications, the business content, number of customers, and amount of income of the issuer's credit reporting business and value-added telecommunications business, and the impact of the failure to obtain qualifications on the issuer's business development and this offering and listing.
Hehe Information said that it did not engage in personal credit reporting business and did not need to obtain personal credit reporting business qualifications in accordance with the "Regulations on the Administration of the Credit Reporting Industry". On July 24, 2020, Shanghai Shengteng, a subsidiary of the issuer engaged in corporate credit reporting business, obtained the credit reporting record of the central bank's Shanghai headquarters and obtained the relevant operating qualifications.
According to the introduction of Hehe Information, it has rectified the relevant business. Among them, the C-end business of enterprise credit reporting of Hehe Information and Suzhou Berta has been relocated to Shanghai Shengteng in December 2018, and the B-end business of enterprise credit information has been relocated to Shanghai Shengteng in June 2021, and the new business has been carried out by Shanghai Shengteng in the future.
However, the top five customers of Hehe Information and Suzhou Berta in each period are mostly large state-owned enterprises and group companies, and these customers have strict procedures and regulations for the selection of suppliers and the signing of contracts, and Shanghai Shengteng replaces Hehe Information and Suzhou Berta as the signatories of the contract, which requires a relatively long transition period for rectification.
Regarding data compliance, the Science and Technology Innovation Board Development and Review Committee requires Hehe Information to explain what data is obtained, stored and used for each business and research and development, the corresponding data source, data ownership, whether there is a sales data situation, and the main content, proportion and reasons for purchasing data from individual suppliers, and the fairness of prices.
At the same time, it includes the difference between the issuer's procurement from suppliers and the proportion of big data obtained independently during the reporting period, how to ensure the legitimacy of the source of enterprise data obtained by automated access, and the specific method and effectiveness of the issuer's investigation of the legality of suppliers and data sources;
During the reporting period, the specific circumstances, scope of impact and severity of the issuer's data management were not perfect, whether there were any infringements, disputes, potential disputes or possible penalties, the specific rectification situation and effect of the issuer's current imperfect situations, and the resolution mechanism of the issuer's data compliance disputes.
Hehe Information said that its individual suppliers had obtained the industrial and commercial information publicized by the national industrial and commercial publicity system through automated collection and other means. In April 2018, Hehe Information paid 1.6 million yuan to the individual supplier as a data procurement fee, accounting for 47.13% of the data procurement amount in 2018, and the unit price was 0.069 yuan per piece.
For such information, Hehe Information has not made any other purchases to the outside world. In contrast, the data procurement amount of Hehe Information for Ping'an Zhengxin and People's Data was 1.2 million yuan and 2.25 million yuan, the purchase quantity was 30.68 million and 22.55 million, and the unit price was 0.039 yuan / piece and 0.100 yuan / piece, respectively.
According to the reply of Hehe Information, in order to ensure the legal compliance of automatic data collection, Hehe Information has taken three measures in advance to evaluate whether the collected object is a commercial website, Robots agreement, whether the terms limit automatic collection, anti-crawler strategy and calculate the reasonable access crawling frequency, add and modify the product, legal affairs, data collection and other technical personnel to evaluate and test the data collection approval process, and regularly check whether the provisions of the collected website have changed.
According to Hehe Information, the data compliance defects before its rectification were the company's internal control and internal data management defects; the audit mechanism for user information collection and the user privacy policy were not perfect. However, according to public information, there were no administrative penalties or lawsuits involving the privacy of external users during the reporting period.
It is worth noting that there is still 1 unfinished data case of Hehe Information, and the plaintiff claims that the information of the untrustworthy person of the plaintiff company is displayed in the display information of the Client of Qixinbao, and proposes to delete the label of the untrustworthy person of the plaintiff company on the website of Qixinbao, stop publishing the relevant information of the plaintiff company, compensate for the loss of 100,000 yuan, and bear the litigation costs of the case.