Recently, Mobvoi Inc. (HK: 02438) disclosed the offering announcement that it will offer shares from April 16 to April 19, and intends to offer 84.568 million shares globally, with another 15% over-allotment option. According to the announcement, Mobvoi's proposed issue price range is HK$3.70 to HK$4.10 per share, with 1,000 shares per lot.
Based on this calculation, the total amount of funds raised by Mobvoi's IPO is about HK$313 million to HK$347 million, corresponding to an IPO market value of about HK$5.519 billion to HK$6.115 billion. Based on the median (HK$3.90 per share), the total proceeds were approximately HK$390 million. According to Bedo Finance, Mobvoi is expected to be listed on April 24, 2024.
Tianyancha App shows that the main business entity of Mobvoi is Shanghai Yufanzhi Information Technology Co., Ltd., which was established in August 2012. At present, the registered capital of the company is only 105,000 yuan, the legal representative is Li Zhifei, and the wholly-owned shareholder is Shanghai Mobaiyi Information Technology Co., Ltd., which is wholly owned by Mobvoi HK Limited.
In this listing, Mobvoi has received orders from a number of cornerstone investors. Among them, Zhongguancun Development Group spent 62.6 million Hong Kong dollars (8 million U.S. dollars) through Zhongguancun International Co., Ltd., and Nanjing Xingang High-tech Investment Co., Ltd. invested 32.4 million Hong Kong dollars through Jingkai Juzhi, with a total subscription of 95 million Hong Kong dollars.
According to the prospectus, Mobvoi provides AI-generated content (AIGC) solutions, AI enterprise solutions, smart devices and accessories. According to the CIC report, in terms of revenue recognized in 2022, it ranked third in China with a market share of 1.4% in the field of AI speech technology and natural language processing (NLP) software solutions.
Mobvoi said in the prospectus that in the field of AIGC, it is one of the market participants in Asia that can build its own large models. According to reports, the company's self-built large model "Sequence Monkey" has multimodal generation capabilities, which can understand and generate human-like text, audio, images and videos.
As of the latest practicable date, Mobvoi has more than 15 million users worldwide, including content creators, enterprise customers and consumers. In 2021, 2022 and 2023, the company has about 2.8 million, 4.6 million and 4.2 million users, respectively.
Since 2020, Mobvoi has recorded more than 10 million AIGC solution users worldwide. In 2021, 2022 and 2023, its AIGC platform recorded approximately 1.5 million, 3 million and 4 million users, respectively. As of the Latest Practicable Date, its AIGC solution has attracted approximately 865,000 cumulative paying subscribers and generated more than 1 million payments.
In 2021, 2022 and 2023, Mobvoi's revenue will be 398 million yuan, 500 million yuan and 507 million yuan respectively, and the gross profit will be 149 million yuan, 336 million yuan and 326 million yuan respectively. However, Mobvoi has not been profitable. During the reporting period, the company recorded losses of 276 million yuan, 670 million yuan and 803 million yuan respectively for the year.
During the reporting period, the total comprehensive income attributable to equity shareholders of Mobvoi during the year was about 205 million yuan, 986 million yuan and 867 million yuan respectively. During the same period, the annual losses from continuing operations were RMB182 million, RMB685 million and RMB803 million, respectively, and the adjusted net profit was -73.439 million yuan, RMB109 million and RMB17.535 million, respectively, achieving a turnaround in 2022.
In terms of revenue structure, Mobvoi's revenue mainly comes from AI software solutions, smart devices and other accessories. Among them, the revenue of AI software solutions was 59.519 million yuan, 303 million yuan and 343 million yuan respectively, accounting for 15.0%, 60.6% and 67.7% respectively, and the revenue of smart devices and other accessories was 338 million yuan, 197 million yuan and 164 million yuan respectively in the same period.
Since its establishment, Mobvoi has received multiple rounds of financing, with a total financing of more than 255 million US dollars, with investors including Sequoia Capital, Zhen Fund, SIG Haina Asia, Google, etc. Among them, the latest Series D-2 financing took place in September 2019, with a financing size of about $100 million and a post-investment valuation of about $757 million.
Prior to this listing, Li Zhifei held 26.72% of Mobvoi's shares through Mobvoi Limited, Li Yuanyuan held 3.02% of the shares through CMWW Limited, and Lei Xin held 3.00% of the shares through Amberlei Limited, and the above three shareholders were acting in concert and held a total of about 32.74% of Mobvoi's shares.
Among them, Li Zhifei is the founder, chairman, executive director and chief administrative officer (CEO) of Mobvoi. According to the prospectus, Li Zhifei has more than 13 years of experience in the AI industry, and worked as a research scientist at Google Inc. (now known as Google LLC), mainly responsible for the algorithm research and development of its language translation model.
At the same time, SIG Haina Asia holds 17.03% of the shares of Mobvoi, Google holds 13.26% of the shares, Sequoia Capital holds 10.92% of the shares, Goertek holds 10.03% of the shares through Hong Kong Goertech, Zhen Fund holds 3.07% of the shares, Digital Growth holds 2.93% of the shares through GWC, and Jinmeng Holdings holds 2.47% of the shares.
此外，Skyteam Resources、Everon Resources、SO Artemis Limited、Perfect Nova Development Limited、Mighty Dream Limited等也是出门问问股东。