Approved for listing on the Science and Technology Innovation Board, the cloud from the inflection point of science and technology is coming?

The first battle of the AI Tigers in the capital market has been divided.

No one expected that before SenseTime, Kuangshi and Yitu, Yun had made its debut from science and technology, and now it is only one step away from the science and technology innovation board.

Songguo Finance learned that according to Jiupai News, on the evening of April 6, the CSRC disclosed that it agreed to the registration application of Yuncong Technology for the initial public offering of shares and listing on the Science and Technology Innovation Board. This also means that Yuncong Technology will start the issuance and underwriting work and land on the A-share market.

Yuncong Technology became the first listed company on the Science and Technology Innovation Board in the "AI Four Little Dragons", which is also the first science and technology innovation board enterprise in Nansha District, Guangzhou. According to its prospectus and a number of documents replying to the Listing Committee, the company's cumulative loss in the past three and a half years has reached 3 billion yuan, and the company estimates that if the company calculates the assumptions of the conditions for turning losses into profits, it can achieve a turnaround by 2025.

Founded around 2015, Cloud Technology is the latest of the "FOUR LITTLE DRAGONS OF AI".

The founder of Yuncong Technology is Zhou Xi, who studied under Professor Huang Xutao, the father of American computer vision, who has always been very interested in the commercialization of face recognition technology.

In 2010, founder Zhou Xi was introduced to China as an expert of the "Hundred Talents Plan" of the Chinese Academy of Sciences, and formed the largest face recognition research team of the Chinese Academy of Sciences. And this group of scientists are also the early employees of Cloud From Technology in 2015. This has also led to the cloud from the beginning of the technology to be labeled as the "national team".

Later financing also aggravated the "cloud from technology" national team gene, according to the tianyan check, from the B + round, yun from the beginning of the introduction of a number of state-owned funds into the bureau, such as China Internet Investment Fund, Shanghai state-owned enterprise reform and development equity investment fund, Guangzhou Nansha Financial Holdings and so on.

Relying on this layer of relationship, the cloud from the technology of the earliest layout is the field of smart finance. Set up a joint laboratory with four major banks to explore the intelligent scene of the bank.

At that time, traditional banks had pain points such as outdated marketing systems, inefficient customer service systems, and high manpower expenditures, and Cloud applied face recognition technology to the marketing, customer service and security of the "four major banks" from technology.

For another example, when users usually withdraw money from the ATM machine, they may encounter situations such as swallowing cards and service failures, and there will be many security risks. However, if on the hardware side of the ATM machine, equipped with the face recognition technology of cloud technology, it can greatly improve security.

Moreover, the biometric algorithm developed by Cloud from technology can also support mobile banking, online banking, and ATM face brush withdrawals to enhance user transaction experience.

At present, in the field of smart finance, the cloud has diversified services from technology and from the most basic face brush withdrawal to super cabinet identification, counter business identification, and risk control identification management for internal business personnel.

In addition, the field of smart security is also the earliest area of cloud technology. Compared with the traditional security giants, the cloud from the cloud of technology from the technology face recognition accuracy rate is as high as 99.8%. Relying on advanced algorithms and recognition technology, Cloud snatched the cake from the hands of the three giants of traditional video surveillance Hikvision, Dahua Andia. However, with the tightening of supervision in the field of security, the cloud has begun to enter more segments from technology.

In the second half of 2017, based on its self-developed artificial intelligence technology, the cloud began to enter the business fields of smart governance, travel, and commerce from technology, providing human-machine collaborative operating system and application software and artificial intelligence solutions for government and enterprise customers and manufacturers directly facing medium and large end customers.

In the industry, Yuncong Technology, Megvii Technology, Yitu Technology and SenseTime Technology are called the "AI Four Little Dragons", and the progress of the listing of these four companies has also attracted much attention. Combing through the current IPO process of the four companies, it can be seen that SenseTime landed on the Hong Kong Stock Exchange on December 30, 2021, and the IPO of Megvii Technology Innovation Board passed in September last year, and then submitted for registration, and the current review status is suspended (financial update).

Yitu Technology, which first submitted an IPO application, voluntarily withdrew its order in June last year and terminated the IPO process of the science and technology innovation board. Cloud from technology has also experienced a long road to listing. As early as December 2020, Yuncong Technology had already disclosed the initial public offering of shares on the Shanghai Stock Exchange and listed the prospectus on the Science and Technology Innovation Board. In July last year, Yuncong Technology successfully passed the review of the Listing Committee of the Science and Technology Innovation Board. It was finally approved in April this year.

According to the cloud from the technology prospectus, the company to human-machine collaborative operating system and artificial intelligence solutions of the two core businesses, from the perspective of revenue structure, artificial intelligence solutions business for its revenue of the main force, the business sector since 2018 in the total revenue accounted for 93.59%, 76.52% and 68.50% respectively.

According to the data, the revenue of Yuncong Technology from 2018 to 2020 was 484 million yuan, 807 million yuan and 755 million yuan respectively, and the net profit attributable to the parent company was a loss for three consecutive years, -200 million yuan, -1.763 billion yuan and -721 million yuan, respectively. The latest financial data shows that in the first half of 2021, the net loss of Cloud from Technology was 324 million yuan, an increase of 13.14% from the net loss of 286 million yuan in the same period of the previous year, and the net loss after deducting non-profit was 290 million yuan. According to these financial data, in the past three and a half years, the cloud has lost a total of 3.008 billion yuan from technology.

Yuncong Technology has calculated in the reply to the audit inquiry letter, combined with the current business plan, the order situation in hand and the relevant condition assumptions, if the company calculates the assumptions of the conditions for turning losses into profits, the expected time node for turning losses into profits is 2025.

In general, cloud technology is currently more based on the model of technology vertical solutions, more for the government market, has not yet achieved profitability. But for capital, no matter what kind of business it does, whether it can make a profit is the most important.