The application for the initial public offering of shares on the cloud technology board was disclosed and approved by the CSRC on April 6.
The IPO application of cloud technology innovation board was accepted by Shanghai Stock Exchange in December 2020. After that, it went through two rounds of inquiries, and the meeting will be held in July 2021. The company plans to raise 3.75 billion yuan for man-machine cooperative operation system upgrading project, light boat system ecological construction project, artificial intelligence solution comprehensive service ecological project and supplementary working capital.
In the industry, cloud technology, Kuangshi technology, Yitu technology and Shangtang technology are called AI (Artificial Intelligence) four dragons. At present, the IPO processes of the four companies are different. Shangtang technology landed on the Hong Kong Stock Exchange at the end of last year, and the IPO of Kuangshi technology innovation board was held in September last year, and then submitted for registration. At present, the audit status is suspended (financial report update). The IPO path of Yitu technology's science and Innovation Board ended on June 30 last year.
Looking back at the prospectus of Yuncong Technology (Registration draft), the company is an artificial intelligence enterprise that provides efficient man-machine cooperative operating system and industry solutions, and is committed to promoting the industrialization process of artificial intelligence and the intelligent transformation and upgrading of various industries. During the reporting period, the main products and services of cloud technology can be divided into man-machine cooperative operating system and artificial intelligence solution according to the delivery content and business model.
Among them, man-machine cooperative operating system business refers to the company providing customers with self-developed basic operating system, application products, core components and technical services based on man-machine cooperative operating system. At the same time, the company launched a lightweight and fully functional "light boat" general service platform based on man-machine cooperative operating system, and introduced ecological partners to jointly develop AI applications and supporting SaaS services.
Artificial intelligence solution business refers to the intelligent upgrading solutions provided by the company to solve the business problems of customers in specific industries.
In terms of technical level, cloud technology has an independent, controllable and innovative core technology of artificial intelligence, which realizes the core technology closed loop from intelligent perception to cognition and decision-making. The artificial intelligence technologies independently developed by the company, such as cross mirror tracking, 3D structured light face recognition, double-layer heterogeneous deep neural network and antagonistic neural network technology, are at the leading level in the industry.
In terms of business layout, through years of technology accumulation and deep business cultivation, cloud technology has gradually realized mature application in the four fields of smart finance, smart governance, smart travel and smart commerce.
At the same time, the prospectus also lists a number of risk tips, including the fierce competition in the industry in which the company is located, the need to continuously invest in R & D in the later stage, the inability to make a profit in the short term, the risk of continuous expansion without making up for the loss, and so on.
From the perspective of the industry, Yuncong technology said that on the one hand, the company's artificial intelligence industry is facing the competition of artificial intelligence enterprises such as Shangtang technology, Kuangshi technology and Yitu technology, including the competition of the technical strength of core algorithms, as well as the competition of artificial intelligence applications and industry solutions; On the other hand, it is also faced with the challenge of Hangzhou Hikvision Digital Technology Co.Ltd(002415) and other visual equipment manufacturers to promote the transformation of AI enabled products. Such manufacturers have a deep accumulation in hardware R & D and supply chain, which makes emerging AI enterprises need to constantly seek differentiated advantages, and the overall market competition is fierce.
In addition, the artificial intelligence industry is still in the early stage of development, and the iteration speed of customized solutions of relevant technologies and application scenarios is fast. The company focuses on the R & D and application of artificial intelligence algorithms, relies on core technologies to build a man-machine cooperative operating system, and provides artificial intelligence solutions for smart finance, smart governance, smart travel, smart commerce and other fields. It needs to determine the R & D direction of new technologies, products and Solutions in combination with technological development and market demand, and continue to invest a lot of funds and personnel in the R & D process. In 2018, 2019 and 2020, the company's R & D expenses were 148189400 yuan, 454153800 yuan and 578073300 yuan respectively, accounting for 30.61%, 56.25% and 76.59% of the operating revenue of each period respectively.
The prospectus also suggests that from 2018 to 2020, the company's main business income was 483 million yuan, 780 million yuan and 751 million yuan respectively, and the net profits attributable to the owners of the parent company were -181 million yuan, -1708 million yuan and -690 million yuan respectively, which have not yet realized profits.
"If the company faces fierce market competition in a certain period of time in the future, the price of main products decreases, R & D investment continues to increase, and R & D achievements fail to be transformed in time, the policies of artificial intelligence industry have an adverse impact, and the demand of downstream industries slows down significantly, the company will face the risk of continuous expansion without making up for losses in the short term." Cloud technology said in the prospectus.
Similar to Yuncong technology, Shangtang technology, one of the four little dragons of AI, is also at a loss. Recently, the company announced its first financial report since its listing: in 2021, Shangtang technology achieved a revenue of 4.7 billion yuan, up 36.4% from 3.446 billion yuan in 2020; In 2021, the adjusted net loss of Shangtang technology was 1.414 billion yuan, compared with 878 million yuan in the same period last year, and the loss expanded by 61.5%.
