Lei Jianping on April 16
AI company Mobvoi Inc. (stock code: "02438") today launched its IPO with an offer price range of HK$3.7 to HK$4.1 per share.
Mobvoi plans to sell 84.568 million shares, with a total amount of HK$330 million at the mid-price.
Mobvoi cornerstone investors include Zhongguancun International Co., Ltd. and Jingkai Juzhi.
Among them, Zhongguancun International Co., Ltd. subscribed for HK $62.6 million, and Jingkai Juzhi subscribed for HK $32.4 million, for a total subscription of HK $95 million.
Mobvoi is expected to be listed on the Hong Kong Stock Exchange on April 24, 2024, and at present, the Hong Kong stock market lacks the concept of AIGC.
Annual revenue of 500 million
Mobvoi is an AI company with generative AI and voice interaction technology as its core business. According to the CIC Industry Report, Mobvoi is one of the few AI companies in Asia with the ability to build general-purpose large models. In terms of AIGC solution revenue in 2022, Mobvoi is the earliest AI company focusing on AIGC technology in China with the highest revenue.
According to the prospectus, Mobvoi's revenue in 2021, 2022, and 2023 will be 398 million yuan, 500 million yuan, and 507 million yuan respectively;
By business, Mobvoi's revenue is mainly composed of AI software (including AIGC solutions and AI enterprise solutions) and AIoT hardware. Among them, Mobvoi has the highest revenue from the AIGC solution, and it has grown rapidly in recent years.
From 2021 to 2023, the revenue of Mobvoi AI software will increase from 59.519 million yuan to 343 million yuan, and the corresponding revenue proportion will increase from 15.0% in 2021 to 67.7% in 2023, with a compound annual growth rate of 140%, of which the revenue of AIGC solutions will be 6.822 million yuan, 39.857 million yuan and 118 million yuan respectively, with a compound growth rate of more than 300% from 2021 to 2023.
In 2021, 2022, and 2023, the gross profit of Mobvoi will be 149 million, 336 million, and 326 million, respectively, and the gross profit margin in the past three years will be 37.5%, 67.2%, and 64.3% respectively.
Mobvoi's R&D expenditure increased from $91.5 million in 2021 to $119 million in 2022 and further to $155 million in 2023.
The increase in R&D expenses was mainly attributable to the increase in the number of employees in the R&D functions related to Mobvoi's solutions and the increase in technical service fees related to the development of large models, which was in line with the Group's strategy of enriching the solution matrix and optimizing the capabilities of the large model "Sequence Monkey" with multimodal generation capabilities.
Mobvoi's adjusted profit in 2021, 2022, and 2023 will be -73.44 million yuan, 109 million yuan, and 17.54 million yuan, respectively.
Sequoia and Zhen Fund are shareholders
Li Zhifei, the founder and CEO of Mobvoi, is a Ph.D. in computer science from Johns Hopkins University, a former scientist at Google headquarters, an expert in natural language processing and artificial intelligence, and the main developer of Joshua, the world's mainstream machine translation open source software.
Before the wave of large models swept the world, Li Zhifei had led the team to develop Chinese large models, and was the first leading expert to lead the boom of large models in China, and continued to explore AGI and commercialization.
Up to now, Mobvoi has completed multiple rounds of financing, and its shareholders include Sequoia Capital, Zhen Fund, SIG Haina Asia, Google, etc.
IPO前, Mobvoi Limited持股为26.72%, CMYU Limited持股为3.02%, Amberlei Limited持股为3%;
SIG holds 17.03% of the shares, Google holds 13.26%, Sequoia holds 10.92%, Goertek holds 10.03%, and Zhen Fund holds 3.07%.
Before the IPO, Mobvoi equity
GWC Robotics Investment Limited持股为2.93%，晉盟控股有限公司持股为2.47%，Skyteam Resources Limited、Everon Resources Limited分别持股为1.79%；
SO Artemis Limited持股1.47%，Perfect Nova Development持股为1.39%，Xu Xiao Ping通过Mighty Dream Limited持股为1.11%。
After the IPO, Mobvoi equity
After the IPO, Li Zhifei held 25.2% of the shares through Mobvoi Limited, 2.85% of the shares of CMWW Limited, and Dr. Lei held 2.83% of the shares through Amberlei Limited;
SIG holds 16.07% of the shares, Google holds 12.51%, Sequoia holds 10.3%, Goertek holds 9.46%, and Zhen Fund holds 2.89%.
GWC Robotics Investment持股2.77%，晋盟控股持股2.33%，Skyteam Resources、Everon Resources Limited分别持股为1.69%；
SOArtemis Limited持股1.38%，Perfect Nova Development持股为1.31%，Xu Xiao Ping通过Mighty Dream Limited持股为1.05%。
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