IPO Weekly Report of the Company's Research Office: Pony.ai, an autonomous driving unicorn, will IPO in the U.S. stock market

1. IPO dynamics

A shares

Trends at the meeting:

The A-share IPO has not been scheduled for 10 consecutive weeks and continues to be frozen.

Initial Public Offerings:

This week, there were no new listings on A-shares.

IPO Subscription:

This week, on April 25, Ole New Materials (SH688530) subscribed on the Science and Technology Innovation Board of the Shanghai Stock Exchange.

Before the May Day holiday, on April 29, Reddy's Intelligent Drive (SZ301596) will be subscribed on the GEM.

Hong Kong stocks

On April 19, Rongta Hezhong, a specialized printer manufacturer, submitted a prospectus to the Hong Kong Stock Exchange.

On April 22, China Resources Beverage, Yisou Technology, and Quanpin Culture and Education, a publisher of teaching and auxiliary books, submitted a prospectus to the Hong Kong Stock Exchange.

On April 23, AI SaaS vendor FTSE passed the hearing of the Hong Kong Stock Exchange.

On April 24, Hongying Service, a state-owned property company, passed the hearing of the Hong Kong Stock Exchange.

2. Hot spot tracking

On the first day of listing, there was no 6.9 billion Hong Kong dollars, and Tea Baidao sounded the alarm

On April 23, Tea Baidao, a new tea drink brand that came out of Sichuan, officially broke out of the IPO encirclement, and won the crown of "the second share of new tea drinks" after Nai Xue's tea.

Tea Baidao rang the gong of the Hong Kong Stock Exchange before Mixue Bingcheng, Gu Ming, and Shanghai Auntie, and the topic of "Tea Baidao Listing" immediately rushed to the second place in the hot search on Weibo. In order to celebrate the listing, Tea Baidao sprinkled 500,000 10 yuan no-threshold coupons.

In addition, Chabaidao is also the largest IPO on the Hong Kong Stock Exchange this year, with a market value of more than HK$20 billion and a fundraising scale of HK$2.586 billion.

But what is embarrassing is that on the day of listing, Chabaidao fell below the issue price of HK$17.5, a decline of more than 38% in intraday, and finally closed at HK$12.8 per share, down 26.86%, with a total market value of HK$18.914 billion, evaporating HK$6.947 billion in one day. (City boundary)

In the past, the online education unicorn homework gang relied on AI to go to sea, and it was going to quietly IPO in the United States

On April 25, it was reported that Job Gang had applied for a U.S. stock IPO in a confidential manner.

In 2021, there was news of "going public in the United States", but the plan came to an abrupt end, and then there were business adjustments such as layoffs.

In an interview with the Science and Technology Innovation Board Daily, one investor said that this may be due to the fact that there are some key information in the application documents that do not want to be known by competitors, but must be disclosed to regulators. This information includes key product descriptions and businesses, as well as near-term and long-term goals, and managers' descriptions of the company's recent operations. ”

Although Question.AI has a good record in going overseas, it is facing fierce competition.

Statistics from a number of third-party institutions show that Question.AI ranks behind Gauth, a similar AI education app launched by ByteDance.

According to the official website, Gauth's subject coverage is more complete, in addition to the disciplines covered by Question.AI, there are economics, calculus, statistics, literature, social sciences, etc. In terms of product form, Gauth is the search type, and Question.AI is a chat dialog like Kimi.

The above-mentioned investors said that Question.AI's competitors may not only be Gauth, which was incubated by the domestic giant ByteDance, but also overseas local start-ups. "AI education is currently a popular direction overseas, which is the way out for companies like Jobbang, but it has also become a challenge because of fierce competition. (Science and Technology Innovation Board Daily)

Tong Ren Tang Medical Care plans to be listed in Hong Kong

On April 18, Beijing Tong Ren Tang Medical Care Industry Investment Group Co., Ltd. planned to be listed on the main board of Hong Kong.

According to the company's website and bidding public service platform, the company's bidding for the main intermediary team of the listing currently includes the issuer's domestic lawyers, the issuer's overseas lawyers, the sponsor's domestic and the sponsor's overseas lawyers, industry consultants, financial printers, etc.

According to the data, Tong Ren Tang Medical Care Group was officially established in October 2019. It is a wholly-owned secondary group of Tong Ren Tang Group, with a registered capital of 300 million yuan. In the "1+N" health industry business map of Tong Ren Tang Group with pharmaceuticals as the core, the medical care group focuses on the development of the medical and elderly care sector, which is one of the five major sectors of Tong Ren Tang Group, and is committed to becoming a leading medical care and health industry group in China and one of the five major industrial peaks of Tong Ren Tang. (Reus.com)

With a valuation of more than $8.5 billion, Pony.ai, an autonomous driving unicorn, will go to the United States for an IPO

On April 22, the China Securities Regulatory Commission (CSRC) issued a notice on the filing of Pony.ai's overseas issuance and listing. Pony.ai's listing destination is the NASDAQ stock exchange or the New York Stock Exchange, and the number of common shares to be issued does not exceed 98,149,500 shares.

Founded in 2016 and co-founded by Peng Jun and Lou Tiancheng, former chief architects of Baidu's autonomous driving division, Pony.ai is the first company in China to carry out full-vehicle unmanned autonomous driving travel services in Beijing and Guangzhou, and the first batch of companies in China to implement unmanned autonomous driving tests in four first-tier cities.

According to Pony.ai's official website, the company has built three core businesses: autonomous driving travel services (Robotaxi), autonomous trucks (Robotruck), and passenger car intelligent driving (POV) with "virtual driver" technology as the backbone.

Pony.ai's Robotaxi business has started operating service charges. According to the data, in June 2022, Pony.ai obtained the first autonomous driving mixed traffic demonstration operation qualification in Guangzhou, and PonyPilot+, which operates in Nansha, officially started charging operation.

At present, Pony.ai has deployed unmanned autonomous driving fleets in the four first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen, and launched unmanned commercial charging services in Beijing, Guangzhou and Shenzhen.

Tianyancha shows that up to now, Pony.ai has received a total of 9 rounds of financing, involving an amount of more than 1.1 billion US dollars, and investors include Sequoia China, IDG Capital, Wuyuan Capital, Toyota Motor, Kunlun Wanwei, etc. After Series D financing, Pony.ai is valued at more than $8.5 billion. (Blue Whale Finance)

Panyuan Technology suspended the IPO again: overseas sales revenue was doubtful, and the financial director was frequently replaced

Recently, the auto parts manufacturer Panyuan Technology has once again suspended the GEM IPO application due to the update of financial information, and after three rounds of inquiries, it has still not passed the listing committee meeting, and has attracted attention for the authenticity of its overseas sales of large customers.

Founded in 2012, Panyuan Technology is mainly engaged in surface treatment and processing services for auto parts, automotive interior and exterior trim products and IGBT cooling systems. The actual controllers are Shen Yu and Teng Fangping, who together hold 56.04% of the company's shares.

From 2016 to 2020, the sales volume of Panyuan Technology to Certus Group were 3,698,600, 10,271,400, 11,775,000, 8,728,100 and 5,707,000 respectively. In 2019 and 2020, the company's sales unit prices to Certus Group were 7.57 yuan/piece and 8.03 yuan/piece, respectively, which were 55.12% and 96.33% higher than the sales unit prices of other customers, respectively.

According to the China Securities Journal, after passing the environmental protection acceptance in June 2018, Panyuan Technology had the qualification to put into production 8 million pieces of automotive interior and exterior trim parts, but before that, the company had sold more than 10 million products to the Certus Group alone. In addition, after investigation, Certus Group's customs bill of lading records also seriously mismatched the customer sales data disclosed by Zhejiang Fanyuan.

Wang Yunfeng, the former financial director of Panyuan Technology, resigned in July 2020, and his successors Wu Jibo and Huang Guoyong resigned from the company in May 2021 and September 2021 respectively, serving for 9 months and 3 months respectively, and Peng Yanjun, the company's current financial director, joined the company in December 2021. The Shenzhen Stock Exchange asked Panyuan Technology to explain the specific reasons for the resignation of the outgoing CFO. (Blue Whale Finance)