Among the four small tigers of artificial intelligence, Yitu, who has high hopes, still failed to break through the IPO mark.
As one of the most concerned artificial intelligence companies in China, it is known as the AI Four Dragons along with Megvii, YITU, SenseTime and Yuncong, with a total financing of more than $5 billion.
But to this day, although they have lined up to go public, they have not succeeded.
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In the field of domestic artificial intelligence, it is impossible to avoid the big name of Yitu. Even in the "Four Little Dragons", its performance is quite eye-catching.
In 2012, YITU was officially established, only one year later than Megvii Technology. In its early days, it became famous for its vehicle identification system. This technology was used by the Suzhou Public Security Bureau, which later became a benchmark case for the public security system and was awarded the Science and Technology Progress Award of the Ministry of Public Security.
In the third year of its establishment, its technology was favored by China Merchants Bank and successfully popularized 1500 outlets across the country.
In 2016, the company's chest CT intelligent auxiliary diagnosis system landed in a number of top three hospitals.
These achievements have made it famous and become a leader in the field of AI.
By 2019, YITU officially ushered in a highlight moment. With its absolute algorithm advantage, it won 10 A-level results in the Chinese Intelligent Competition, and it is still the team that has won the most.
Soon after, the world's leading venture capital institutions listed it as one of the top 100 start-ups.
Not only that, but it also appeared in the MIT Technology Review, becoming one of the world's "50 smartest companies."
In the process of IPO, YITU is also positive.
Last November, it led the other three, taking the lead in filing prospectuses. A month after that, Yun Cong, Kuang Shi, and Shang Tang arrived late.
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For this IPO, YITU attaches great importance to it internally.
Less than 10 days before the Spring Festival, it came and submitted a response of as many as 732 pages, 149 pages more than the prospectus.
Just when everyone thought that the crown of the "AI first stock" was none other than him, things changed.
Yitu Technology's internal attitude suddenly changed drastically, and it took the initiative to terminate the review, which also meant that all the previous efforts were in vain. As soon as the news came out, the outside world was curious about what had happened.
In this regard, the official interpretation is that it takes a long time to implement the requirements such as rules and regulatory verification, and the declaration is still in normal progress.
But close insiders got a different answer: there was a problem with the equity structure.
Subsequently, the matter was closed, and the first listing ended in failure.
In May, it was once again in front of the IPO. Unfortunately, due to the expiration of the financial information, the listing process was once again forced to be suspended.
It stands to reason that if it continues to submit data at this point, the declaration can proceed normally. Unexpectedly, Yitu once again "escaped from the front", and the initiative to withdraw the single action made people puzzled.
Behind the repeated "face changes", Yitu seems to be hiding some secrets.
In fact, there are traces to everything. In the years when artificial intelligence has been favored by capital, it can be described as "having food in hand and not panicking in the heart".
Until 2020, the valuation of the "Four Little Dragons" touched the ceiling, and the capital suddenly changed its face, turned around and left, leaving the "Four Brothers" everywhere to ask for charcoal in the snow. According to the cash on the account, it had to speed up the listing process.
In order to reduce the risk, it has made several layoffs, moves, and wage cuts during this period, and the number of employees has plummeted from 837 to less than 400.
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Today, Yitu is still facing the same dilemma, struggling to support in the "sea of stars" of artificial intelligence.
Not only it, but the other three have also been unable to "jump the dragon gate" and completely escape from the "line of life and death".
Industry insiders pointed out that at present, deep learning relies heavily on computing power and data, but there are not many scenes that really land. In the past, Yitu was very optimistic about the field of intelligent medical treatment, but even if a large amount of manpower, material resources and financial resources were invested, the results were very small and far from enough.
As for who can race successfully, there is still a lot of uncertainty.