Text | Zhou Youhui
Editor | Peng Xiaoqiu
As soon as the market opened today, the stock price of AI unicorn SenseTime plummeted, diving 43% within an hour.
(Picture: SenseTime’s latest stock price)
SenseTime was founded in 2014 by Tang Xiaoou, a professor at the Department of Information Engineering at the Chinese University of Hong Kong. It is currently the highest-ranking AI company by revenue. Its business covers four major sectors: smart business, smart city, smart life, and smart cars. Its strategic partners include Qualcomm , Huawei, Xiaomi Technology, Honda Motor, etc.
The stock price plunged as the ban on large outstanding shares was lifted. According to a report from Sina Hong Kong, all pre-listing investors and cornerstone shares have been lifted, involving 23.3 billion shares, accounting for 70% of the company’s total share capital. The company’s issue price is HK$3.85. As of press time, the latest quotation is HK$3.32, which means that cornerstone investors will lose all if they do not sell.
It is understood that SenseTime has introduced 9 cornerstones. The latest cornerstones are: the Mixed Ownership Reform Fund initiated and established by China Chengtong, Guosheng Overseas Hong Kong, Shanghai Artificial Intelligence Industry Equity Investment Fund, SAIC Hong Kong has not changed, newly introduced Shanghai Xuhui Capital, Guotai Junan Securities Investment, Hong Kong Science and Technology Park Venture Capital Fund, Seema Ophthalmology, Taizhou Cultural Tourism. According to the prospectus, investors held 22.362 billion shares before the company’s listing, and cornerstone investors held 1.033 billion shares.
Although Shangtang issued an announcement today saying that the management will extend the lock-up commitment to December 29, 2022, it is difficult to prevent the market value from collapsing.
The day before the ban was lifted, Shang Tang also spent huge sums of money to buy properties. It announced yesterday that it will purchase the Shanghai West Coast International Artificial Intelligence Center property for about 3.328 billion yuan, and has reached an agreement on detailed terms and conditions for the sale and purchase of the property. The parties are required to procure the buyer and seller to enter into a pre-sale agreement by 28 July 2022. The property is from the 4th floor to the 26th floor of the West Building of Shanghai West Bank International Artificial Intelligence Center, located in the 188N-W1B plot of Unit WS5 in the south extension of Huangpu River, Xuhui District, Shanghai.
(Source: Shanghai West Bund Development)
As one of the four AI dragons that first landed in the capital market, SenseTime’s market value once exceeded HK$240 billion, making it the one with the highest revenue but also the highest loss-making AI company in China.
(Source: Guohai Securities)
The latest annual report shows that Shangtang Group will achieve revenue of 4.7 billion yuan in 2021, a year-on-year increase of 36.4%, and a gross profit margin of 69.7%. Despite the increase in revenue, the adjusted net loss was still 1.42 billion yuan, an increase of 61.5% year-on-year. The main reason is that the investment in research and development has soared, and the investment in research and development is 3.06 billion yuan, accounting for 65.1% of the revenue.
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event tracking
- 2022-06-30The management of Shangtang Technology extends the lock-up period of shares, but it is still difficult to prevent a 40% plunge
- 2022-04-01To help Shanghai fight the “epidemic” together, SenseTime urgently develops a “six-in-one” convenient transportation system
- 2022-03-25 SenseTime released its first financial report after listing: revenue in 2021 will increase by 36.4% year-on-year, and loss will increase by 61.5% year-on-year
- 2021-12-30 Shangtang Technology officially landed on the Hong Kong Stock Exchange, opening up 1.56%
- 2021-12-23 SenseTime’s public offering ends, and the financing amount is only 40% of the initial offering
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