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On January 5, Chuangxin Qizhi has submitted the watch to the Hong Kong Stock Exchange, which is the company's second time to submit the table, and UBS Group, CICC and China Renaissance Capital are the joint sponsors.
It is reported that Innovation Qizhi began a road show yesterday to understand the intentions of institutional investors and is expected to raise about US$200 million (about HK$1.56 billion). Under the background of the continuous expansion of the artificial intelligence market, this undoubtedly adds another heat wave to the current AI company listing and fundraising boom.
01
"Not in the name"?
A different way!
Editors also believe that although this company does not seem to be as famous as the "FOUR AI Tigers", in fact, Chuangxin Qizhi is the third largest enterprise AI solution provider in China, mainly developing AI products and solutions for manufacturing, financial services and other industries. Crucially, it is a unicorn company with kai-fu Lee, a technology investor, as chairman and a pre-IPO valuation of more than $1 billion.
According to the data, Chuangxin Qizhi was previously a machine learning platform developer with the fourth largest market share in China, a computer vision application solution and product supplier with the sixth largest market share in China, and a quality control solution and product supplier in the artificial intelligence-enabled industry with the second largest market share in China.
Source: Qi cha cha
In addition, the editors consulted the information and learned that Innovation Qizhi had gone through several rounds of financing before submitting the form to the Hong Kong Stock Exchange, covering many well-known institutions, including SoftBank, Innovation Factory, and Becoming Capital. Innovation Factory is now its largest institutional investor, holding 30.01% of the shares.
It is not difficult to find that in the early stage of development since its inception, Innovation Qizhi has formed a core R&D team composed of Mr. Zhang Faen, chief technology officer, and about 40 algorithm engineers, and the patent growth rate of Innovation Qizhi in the past 3 years has been 1800.00%, far exceeding the average level of its peers.
In fact, now Innovation Qizhi has developed three AI platforms, ManuVision (Machine Vision Intelligence Platform); MatrixVision (Edge Video Intelligence Platform); and Orion (Distributed Machine Learning Platform). At present, it has provided AI products and solutions to more than 400 customers, and the number of customers has grown rapidly.
Source: Innovation Qizhi
Crucially, the editors also found that the revenue of innovative Qizhi from AI+ manufacturing and AI+ finance accounted for more than 80%. Therefore, unlike many AI companies that started in vision focusing on smart cities (security), smart transportation, smart communities, etc., the most important application scenarios for innovative QIZhi AI technology and solutions are manufacturing and finance.
Moreover, in the financial industry, it is not front-end verification and customer service, medium-wind control, etc., but the data center infrastructure and operation of financial institutions, intelligent hybrid cloud management, intelligent data governance and application.
02
The market continues to expand,
The road to "burning money" is long?
Coincidentally, last week, IDC released its latest artificial intelligence market report, in which the computer vision market reached $990 million in 2021H1, an increase of 33.0% year-on-year. The top five computer vision manufacturers in China are SenseTime, Megvii, Hikvision, Yuncong Technology and Innovation Qizhi.
Image source: IDC China
In terms of scale, the top five manufacturers have been able to rank among the world's leading ranks. Among them, the enterprises with obvious growth rate include Innovation Qizhi, SenseTime, Hikvision, etc., all of which are companies in the process of IPO or traditional IT giant-level manufacturers.
On the other hand, for the machine learning platform market, it still maintained rapid growth in 2021H1, with a market size of $260 million, an increase of 101.8% compared with the same period last year. The driving force driving the growth of the market in this period lies in the construction of AI middle offices by traditional government and enterprise customers on the one hand; on the other hand, it also lies in the continuous investment of manufacturers in technologies such as AutoML to reduce the threshold of machine learning.
The fourth paradigm still maintains a leading edge in the market, and HUAWEI CLOUD has also achieved rapid growth, followed by Nine Chapters Cloud Pole and Innovative Qizhi. Of course, there are many innovative enterprise participants in this market, such as Star Ring Technology, Tianyun Big Data and so on.
Editors believe that the market in the field of artificial intelligence is beyond doubt, but like most AI companies, the loss of Innovation Qizhi has shown signs of continuous expansion in recent years, mainly due to its general and research and development expenditures.
Obviously, the "burning money" road of AI companies will also continue, and the use of funds raised by the IPO of Innovation Qizhi is also relatively extensive, including continuous optimization of AI platforms and strengthening research and development capabilities; continuous expansion and enrichment of solutions; continuous improvement of commercialization capabilities; continuous expansion of customers and deepening customer contacts; and continued pursuit of strategic investment and acquisitions.
It can be seen that R&D investment and expansion of commercialization capabilities will continue to be the top priority of Innovation Qizhi's future work. However, last week, the "FIRST AI Stock" SenseTime technology has officially rang the bell on the Hong Kong Stock Exchange, and the stock has risen for several consecutive days after listing, and as of the close of trading on January 4, SenseTime's stock price was reported at HK$8.23, up more than 110% in 4 trading days.
In addition, Megvii Technology and Yuncong Technology have passed the IPO review. After years of technical practice, domestic AI companies may usher in a wave of listing tide, so innovation Qizhi wants to successfully break through in this round of competition, which is destined to be full of challenges and variables. (Proofreader: Marry)
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