Cambrian CTO Liang Jun leaves the company's stock price fell more than 9%

On March 15, Zhongke Cambrian Technology Co., Ltd. issued an announcement that Liang Jun, a core technical personnel of the company, notified the company to terminate the labor contract due to differences with the company. The Company has recently completed the relevant resignation procedures for him, and after leaving the company, Liang Jun will no longer hold any position in the Company.

According to the enterprise investigation information, Cambrian was established in March 2016, focusing on the research and development and technological innovation of artificial intelligence chip products, which are widely used in consumer electronics, data centers, cloud computing and many other scenarios. On July 20, 2020, Cambrian landed on the A-share Science and Technology Innovation Board.

Cambrian's stock price fell at the opening today, and as of press time, the stock price fell more than 9% to 73.21 yuan, with a market value of 29.344 billion yuan.

What is the impact of the departure of core technical personnel?

According to public information, Liang Jun worked in the basic business department of Huawei Technologies Co., Ltd. and Shenzhen HiSilicon Semiconductor Co., Ltd. from 2003 to 2017, and liang jun joined Cambrian as CTO in 2017. Previously, the information disclosed in the Cambrian prospectus showed that Liang Jun was "deputy general manager and chief technology officer".

Before leaving his post, Liang Jun was one of the core technical personnel of Cambrian. Talking about the impact of the departure of core technical personnel on the company, Cambrian Company said in the announcement that Liang Jun's departure will have a certain impact on the company's research and development management. The company has established a complete R & D system, formed a professional R & D team, reserves a wealth of patented technology, Liang Jun's departure will not affect the company's technological innovation, will not have a significant adverse impact on the company's overall R & D strength.

In terms of patents, the announcement said that Liang Jun had participated in research and applied for 138 invention patents and 10 PCT patents during his tenure, all of which were not single inventors. The ownership of these intellectual property rights belongs to Cambrian Corporation, there is no dispute over intellectual property rights, and its departure does not affect the integrity of Cambrian intellectual property rights.

In addition, the announcement shows that Liang Jun does not directly hold the shares of Cambrian Company, and his direct and indirect capital contribution to Beijing Aixi Science and Technology Center (Limited Partnership), a shareholder of Cambrian Company, totals 52,6415 yuan, accounting for 37.60% of the total capital contribution of Beijing Aixi Science and Technology Center (Limited Partnership).

Up to now, Cambrian Company has three core technical personnel Chen Tianshi, Liu Shaoli, Liu Daofu, all three are core members of cambrian founding team, long-term engaged in artificial intelligence and processor chip technology work, leading the company to complete the intelligent processor instruction set and microarchitecture and a series of independent innovation key technologies research and development.

Judging from the previous disclosure of the prospectus, the controlling shareholder and actual controller of Cambrian Company is Chen Tianshi. In addition, Liu Shaoli and Liu Daofu both indirectly hold Cambrian shares.

Increase in revenue and loss Increase in shareholder reduction

Cambrian was founded in 2016 and successfully landed on the Science and Technology Innovation Board in 2020, which took only 4 years, during which it experienced 6 rounds of financing and received capital support from many star companies and institutions.

On July 20, 2020, Cambrian landed on the A-share Science and Technology Innovation Board, becoming the first stock of domestic AI chips, with an issue price of 64.39 yuan per share, a total raised amount of about 2.582 billion yuan, and the stock price rose by 229% on the same day, and then rose for several consecutive days, and the market value even exceeded 100 billion yuan at one time.

However, cambrian stock prices have continued to decline since the listing, and the market value has also declined, and shareholders have also reduced their holdings after the lifting of some restricted shares in July last year.

In the announcement on February 15 this year, Cambrian disclosed that the Paleozoic Venture Capital Enterprise (Limited Partnership) of Suzhou Industrial Park and the Suzhou Industrial Park Zhikeshengxun Venture Capital Enterprise (Limited Partnership) under Yuanhe Origin planned to reduce their holdings by a total of about 1.97%. On February 23, Cambrian announced that three shareholders, Coopers, Ningbo Hangao and SDIC Venture Capital, respectively launched a stock reduction plan.

Recently, Cambrian released the 2021 annual performance express report announcement, the company's operating income in 2021 was 721 million yuan, an increase of 57.12% year-on-year; the net loss attributable to the mother was 847 million yuan, compared with the net loss attributable to the mother of the same period last year was 435 million yuan, an increase of 94.98% year-on-year. Among them, the revenue growth in 2021 is more than 57%, and Cambrian said that the operating income mainly comes from the cloud product line, the edge product line and the intelligent computing cluster business. As for the increase in performance loss in 2021, Cambrian said that the main reason is due to the increase in R&D expenses and management expenses in share payments and sales expenses.

Cambrian started from the development of "terminal intelligent processor IP" and developed a series of independent innovation key technologies such as intelligent processor instruction set and microarchitecture. The first product was launched in 2016: cambrian 1A processor, and the second and third generation products 1H processor and 1M processor were launched in 2017 and 2018, respectively. Since then, Cambrian launched the high-peak cloud intelligent chip Siyuan 100 in 2018, the second-generation product Siyuan 270 in 2019, the edge intelligent chip Siyuan 220 and the corresponding M.2 acceleration card in November 2019, and in November 2021, Cambrian launched the third-generation cloud AI chip Siyuan 370 and two acceleration cards based on the Siyuan 370 MLU370-S4 and MLU370-X4.

In 2017, 2018 and 2019, cambrian R&D investment accounted for 380.73%, 205.18% and 122.32% of the operating income, respectively.

From the four years of financial data from 2017 to 2020, its total operating income was 7.8433 million yuan, 117 million yuan, 444 million yuan and 459 million yuan, and the net loss was also high, 381 million, 4104.65 million, 1.179 billion and 435 million, respectively.