Lei Jianping on October 16
Qiniu Intelligent Technology Co., Ltd. (hereinafter referred to as "Qiniu Intelligent", stock code: "02567") was listed on the Hong Kong Stock Exchange today. The issue price of Qiniu Intelligent is HK$2.75, which is at the lower end of the issue range of HK$2.74 to HK$2.86.
Qiniu Intelligent offered 160 million shares this time, raising a total of HK$439 million, deducting the issuance expenses of HK$72.1 million, and the net proceeds were HK$367 million.
Heshun is a cornerstone investor, with a subscription amount of about HK$176 million, accounting for 3.16% of the total share capital of Qiniu Intelligence.
Qiniu Intelligent submitted a prospectus to the SEC in May 2021 to prepare for listing on NASDAQ, but Didi's listing in the United States stalled the road to listing of Chinese concept stocks in the United States, resulting in the abortive listing of Qiniu Intelligence in the United States.
After a lapse of 2 years, Qiniu Intelligent transferred to Hong Kong and rushed to the capital market, and now, Qiniu Intelligence was finally listed on the Hong Kong Stock Exchange, but its fate was ruined, and it suffered a sharp pullback in Hong Kong stocks.
Although Qiniu Intelligence is listed, Ali and other investment institutions are generally facing losses. The opening price of Qiniu Intelligent today is HK$1.6, down 41.8% from the issue price; As of now, the company's share price has fallen further, and the company's market capitalization is about HK$2.9 billion.
The annual revenue is 1.334 billion and the loss is 320 million
Founded in 2011, Qiniu Intelligence is headquartered in Shanghai, and has branches in Beijing, Shenzhen, Guangzhou, Chengdu, Hangzhou, Wuhan and other places.
Focusing on the online audio and video needs under the wave of digitalization, Qiniu Intelligence is deeply engaged in the fields of video on demand, interactive live broadcast, real-time audio and video, and camera cloud migration, and provides scenario-oriented audio and video services.
According to the prospectus, Qiniu Intelligence's revenue in 2021, 2022, and 2023 will be 1.471 billion yuan, 1.147 billion yuan, and 1.334 billion yuan respectively; gross profit was 291 million yuan, 229 million yuan and 280 million yuan respectively; The gross profit margin was 19.8%, 19.9% and 21%, respectively.
Qiniu Intelligence's losses in 2021, 2022, and 2023 will be 220 million yuan, 213 million yuan, and 324 million yuan respectively; The adjusted losses were 106 million yuan, 119 million yuan and 116 million yuan, respectively.
Qiniu Intelligence's revenue in the first quarter of 2024 was 342 million yuan, an increase of 26.2% from 271 million yuan in the same period last year; gross profit was 70.54 million yuan, compared with 49.52 million yuan in the same period last year; Gross margin was 20.6%, compared to 18.3% in the year-ago quarter.
The loss for the first quarter of 2024 was 148 million yuan, compared with a loss of 98.33 million yuan in the same period last year, with a loss rate of 43.2% during the period and a loss rate of 36.3% in the same period last year.
Qiniu Intelligence's adjusted net loss for the first quarter of 2024 was 24.24 million yuan, compared with an adjusted net loss of 30.74 million yuan in the same period last year.
As of March 31, 2024, Qiniu Intelligent held cash and cash equivalents of 237 million yuan.
The cumulative financing exceeded 3 billion
The executive directors of Qiniu Intelligent are Xu Shiwei and Ms. Chen Yiling; The non-executive Director is Lu Guihua, and the independent non-executive Directors are Wei Shaojun, Zhou Zheng and Dr. Shi Qing.
Qiniu Intelligent has raised more than 3 billion yuan, and its shareholders include Jingwei China, Qiming Venture Capital, Zhangjiang Hi-Tech, China State-owned Enterprise Structural Adjustment Fund and other institutions.
Qiniu Intelligent has received multiple rounds of financing, among which, Qiniu Cloud received millions of yuan in Series A financing in February 2012, which was invested by Jingwei China; In January 2013, it received tens of millions of dollars in Series B investment from Qiming Venture Capital and Jingwei China.
In August 2014, Qiniu Intelligent received a Series C financing of US$20 million, led by Broadband Capital, followed by Matrix Partners China and Qiming Venture Partners. In 2016, it completed the D round of financing of 55 million US dollars, with investors including Fangguang Capital, Harvest Investment, Zhangjiang Hi-Tech, Telstra and other institutions.
In August 2017, Qiniu Intelligent announced the completion of $85 million in Series E financing, led by Alibaba Group and Yunfeng Fund, and completed Series F and F-1 rounds of financing of $93 million in June 2020, with investment from the National Adjustment Fund, Bank of Communications International, and Hongzhao Fund.
Alibaba Cloud Fengqiming Jingwei is an important shareholder
Before the IPO, Xu Shiwei, the founder of Qiniu Cloud, held 17.96% of the shares, the co-founder and president Lu Guihua held 5.88%, and Alibaba held 17.69% through Taobao China.
云锋基金旗下Magic Logistics Investment Limited持股为12.44%，经纬中国持股为7.97%，Everest Lu Holding Limited（中国国有企业结构调整基金）持股为7.32%，启明创投旗下Qiming Funds持股为6.83%。
Broadband Capital holds 4.13% of the shares through CBC, Shanghai Shentai holds 1.71% of the shares, Yao Qiyong's Junbo Sheen holds 1.46% of the shares, China State-owned Enterprise Structural Adjustment Fund holds 7.32% of the shares through Yonglu, FG Venture holds 2.04% of the shares, Zheng Yufen's Golden Valley holds 0.26% of the shares, and Shao Gang's Harvest Yuanxiang holds 3.83% of the shares;
Shanghai Zhangjiang holds 2.55% of the shares, Shanghai Zhangjiang Science and Technology Investment holds 1.53%, Titanium Ventures holds 1.53%, BOCOM Asset Management holds 4.19%, and BOCOM Fund holds 0.67%.
After the IPO, Xu Shiwei held 16.52%, Lv Guihua held 5.41%, Alibaba held 16.27% through Taobao China, Yunfeng Fund held 11.44%, Jingwei China held 7.34%, and Qiming Funds, a subsidiary of Qiming Venture Capital, held 6.29%.
CBC holds 3.8%, Shanghai Shentai holds 1.58%, Junbo Sheen holds 1.35%, Yonglu holds 6.74%, FG Venture holds 1.88%, and Golden Valley holds 0.23%;
Harvest Yuanxiang holds 3.52%, Shanghai Zhangjiang holds 2.35%, Shanghai Zhangjiang Science and Technology Investment holds 1.41%, Titanium Ventures holds 1.41%, BOCOM Asset Management holds 3.85%, and BOCOM Fund holds 0.62%.
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