Lei Jianping on April 16
AI company Mobvoi Inc. (stock code: "02438") was listed on the Hong Kong Stock Exchange today at an issue price of HK$3.8.
Mobvoi's total fundraising was HK$321 million, deducting the listing expenses payable for the listing of HK$54.03 million, and the net proceeds were HK$267 million.
Mobvoi cornerstone investors include Zhongguancun International Co., Ltd. and Jingkai Juzhi. The sole general partner and fund manager of Jingkai Juzhi is Nanjing Xingang High-tech Investment, the sole limited partner is Nanjing High-tech Park Development Company, and the ultimate beneficiary is the Finance Bureau of the Management Committee of Nanjing Economic and Technological Development Zone.
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's winning rate is only 2%. Veteran long-term institutions, top hedge funds, and well-known investment institutions have all entered the market. At present, the Hong Kong stock market lacks the concept of AIGC, and with the listing, Mobvoi has also become the first AIGC stock in Hong Kong.
"Technology followers believe because they see, and technology innovators see because they believe. In the future, we will continue to uphold the spirit of a pioneer, continue to practice our belief in scientific and technological innovation, and create long-term social value that is truly sustainable and sustainable. Li Zhifei said at the listing ceremony that Mobvoi is a long-term practitioner of this spirit and a pragmatic person on the AIGC track.
Mobvoi's opening price was HK$2.98, down 21.6% from the issue price, and since then, the share price has rebounded, and the company's market capitalization is about HK$4.6 billion so far.
Annual revenue of 500 million
Founded in 2012, Mobvoi is an artificial intelligence company with generative AI and voice interaction technology as its core business, and is committed to providing AI CoPilot solutions for content creators, enterprises and consumers, including AIGC solutions, AI enterprise solutions, smart devices and accessories, etc.
At a time when many companies in the AIGC industry are still burning money and raising funds, Mobvoi has relied on its own products and cash flow to achieve profitability for two consecutive years.
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 the revenue composition of Mobvoi in recent years, overseas revenue accounts for nearly 50%, which is due to Mobvoi's international products and channel layout.
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.
Actively lay out the field of general large models
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.
As early as January 2020, before GPT-3 was released, Li Zhifei proposed at the company's annual meeting that "generative AI is the future" and laid out related projects. In June 2020, when GPT-3 was released, Li Zhifei was the first expert on the nature of large language models for popular science in China, and his "aesthetics of violence" became a classic expression widely used to describe the "emergence" of large models and Scaling Law.
In 2020, Mobvoi launched UCLAI, a large model that can understand and generate text, and released the first commercial application of generative AI in China, the AI dubbing platform "Moyin Workshop".
In 2023, Mobvoi will launch an upgraded version of the general large model "Sequence Monkey", as well as AIGC solutions such as the one-stop digital human production platform "Wonderyuan", the enterprise AI interactive digital employee generation platform "Wonderful", and the overseas version of "Magic Sound Workshop" "DupDub".
In the AIGC track, players mainly from small and medium-sized enterprises gather at the application layer, players represented by Internet manufacturers focus on the model layer, and Mobvoi is one of the few companies in the industry that "combines production and model", trying to create a new commercialization model for the industry.
Sequoia and Zhen Fund are shareholders
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%。
Zhen Fund and Sequoia are the founding shareholders of Mobvoi.
Fang Ai, founding partner and CEO of Zhen Fund, first met Mobvoi CEO Li Zhifei in Silicon Valley, when he was still working at Google, and participated in Zhen Fund's pitch meetup in Silicon Valley.
After a short conversation, Fang Aizhi immediately gave Li Zhifei three labels: scientist temperament, deep cultivation of the industry, and strong personal charm. The above three labels completely coincide with Fang Aizhi's three principles of looking at people.
So even though "Mobvoi" was just a demo app at the time, Fang Aizhi decided to vote for him. Mobvoi's Li Zhifei also became the first entrepreneur from Google invested by Zhen Fund.
Li Zhifei is one of the first people in Silicon Valley to return to China to start a business, he quit his job at Google in 2012 and took the initiative to participate in Zhen Fund's pitch day in the Bay Area.
Ten years ago, it was Li Zhifei who made many people know more about NLP. For example, Dai Yusen, the managing partner of Zhen Fund, and Liu Yuan, the partner of Zhen Fund, met closely with Li Zhifei several times during the past few weeks, and they learned from each other and gained a lot of inspiration.
Li Zhifei returned to China soon after to find Zhen and Sequoia China, and Zhen and Sequoia China hit it off and invested in Mobvoi. Li Zhifei then gave up his million-dollar annual salary in Silicon Valley to return to China to start a business.
Fang Aizhi said that Li Zhifei also recruited many of our real station international students and interns to join Mobvoi, which can be said to be the gathering place for international students back then. Li Zhifei is also the industry predecessor that many Google and Bay Area entrepreneurs who have returned to China and must visit.
Zheng Qingsheng, Partner of Sequoia China, said, "We have witnessed the development and growth of Mobvoi. The successful listing is the result of the continuous innovation and perseverance of Mr. Li Zhifei and the founding team. We look forward to the company at a new starting point and continue to create more value for users with excellent products and services. ”
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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