The Northeast Unicorn and the main company of “Jilin No. 1” have been accepted for IPO on the science and technology innovation board!
On December 23, Chang Guang Satellite Technology Co., Ltd. (hereinafter referred to as: Chang Guang Satellite) submitted a prospectus on the Shanghai Stock Exchange, preparing to be listed on the Science and Technology Innovation Board. “If things go well, Chang Guang Satellite will land in the capital market as soon as the first half of next year.”
It is reported that Changguang Satellite’s public offering of shares this time will not exceed 229.4098 million shares of the company, accounting for no less than 10% of the total share capital after the issuance, and the total share capital after the issuance will not exceed 2.2 billion shares. The company plans to raise 2.683 billion yuan, of which 1.269 billion yuan is used for the “Jilin No. 1” satellite constellation construction project (phase II), 213 million yuan is used for the “Jilin No. 1 billion yuan will be used to repay bank loans for the construction project of Jilin No. 1 Symbiosis Earth.
If calculated by issuing 10%, the market value of Changguang Satellite is about 25.73 billion yuan.
Compared with the post-investment valuation of Chang Guang Satellite’s Pre-IPO round of 12 billion yuan, its issuance market value has more than doubled, and this will also be for the Fangyuan Assets behind it, Changchun Optics and Machinery Institute, as well as Zhongji Financial Investment, Shenzhen Institutional investors such as Venture Capital, CICC, and Zhongke Chuangxing have brought rich returns.
Born in Changchun Institute of Optics and Mechanics, has 72 satellites in orbit, accounting for 13% of the country
Changguang Satellite was established in December 2014. The company was funded by the Jilin Provincial Government, the Changchun Institute of Optics and Mechanics of the Chinese Academy of Sciences, social capital and technical backbones. The total registered capital is 1.971 billion yuan. A commercial remote sensing satellite company that integrates remote sensing information services with the whole industry chain.
It is worth mentioning that Changguang Satellite was formerly known as Changguang Co., Ltd., which was funded and established by 28 shareholders including Changchun Institute of Optics and Mechanics, Small and Medium-sized Funds, Wenyu Aerospace, and Zhongyuan Aerospace. Changchun Institute of Optics and Mechanics is mainly engaged in the R&D and production of luminescent optics, applied optics, optical engineering , precision machinery and instruments.
Changguang Satellite Chairman and General Manager Xuanming served successively as a researcher, deputy director, deputy party secretary, party secretary, and director of the Changchun Institute of Optics and Mechanics from December 1990 to December 2014; since December 2014, he has ceased to serve as Changchun Director of the Institute of Optics and Mechanics, retired from the Changchun Institute of Optics and Mechanics in March 2020. From June 2007 to March 2015, he also served as the chairman of the listed company Aopu Optoelectronics .
In addition, Wang Dong, director, deputy general manager, secretary of the board of directors, and financial officer of Chang Guang Satellite, Zhu Ruifei, employee representative director, Jiang Huilin, independent director, Jia Hongguang, An Yuan, Zhang Lei, Zhong Xing, Dai Lu, Xu Kai, deputy general managers, Jia Xuezhi, assistant to the general manager, He Xiaojun, director of the First Research Office of Photoelectric Imaging Technology, and Kong Lin, director of the Space Environment Engineering Research Office, all worked in Changchun Institute of Optics and Mechanics.
On October 7, 2015, the “Jilin No. 1” constellation satellite independently developed by Chang Guang Satellite was successfully launched, creating a precedent for the application of commercial satellites in my country, and also creating a history of four satellites being successfully launched by a research and development team. The “Jilin-1” satellite is my country’s first self-developed commercial high-resolution remote sensing satellite, my country’s first self-developed satellite launched in the name of a province, and my country’s first self-developed “satellite-borne integration” satellite. “The commercial satellite, my country’s first self-developed meter-level high-definition dynamic video satellite, is also the first successful in-orbit imaging in a smart way in my country, and the first in-orbit technology verification of domestic CMOS.
According to reports, the first phase of the “Jilin-1” constellation project consists of 138 high-performance optical remote sensing satellites covering video, high-resolution, wide-format, infrared, and multi- spectral series. At present, Changguang Satellite has sent 73 “Jilin-1” satellite constellation network remote sensing satellites into designated orbits through 19 launches (among them, the Video 04 satellite has been decommissioned on August 31, 2022). So far, “Jilin-1” “The satellite constellation has 72 in-orbit remote sensing satellites, and has built the world’s largest sub-meter-level commercial remote sensing satellite constellation, which can provide customers with satellites with high temporal resolution, high spatial resolution, high spectral resolution, and fast wide-area coverage Remote sensing data and comprehensive application services of spatial information based on satellite remote sensing data.
It is worth mentioning that, according to the data of the UCS database, as of May 1, 2022, the total number of satellites in orbit around the world is 5,465. China ranks second with 541 satellites, accounting for about 10%. That is to say, the number of Changguang satellites in orbit accounts for about 13% of the country’s total.
Based on the existing satellites in orbit, the “Jilin No. 1” satellite constellation can revisit any place in the world 23 to 25 times a day, with the ability to cover the world twice a year and the country six times a year. Geographical surveying and mapping, land planning, agricultural and forestry production, ecological environmental protection, smart cities and other fields provide high-quality remote sensing information and product services, which are of great significance to the construction of digital China.
Cumulative revenue of 536 million yuan and a loss of over 1.2 billion yuan. It is estimated that 300 satellites will be in orbit by the end of 2025
According to the prospectus, in 2019-2021 and the first half of 2022, Changguang Satellite’s revenue will be 84.5601 million, 104 million, 312 million, and 35.5157 million yuan respectively, with a compound growth rate of 92.00% in the last three years. It should be noted that the customer concentration of Chang Guang Satellite is relatively high. The sales amount of the company’s top five customers (consolidated under the same control) accounted for 82.77%, 60.13%, 72.64%, and 60.62% of the current operating income.
During the reporting period, the net profits of Changguang Satellite were -392 million, -391 million, -220 million, and -207 million respectively. According to this, Changguang Satellite has accumulated revenue of about 536 million yuan and accumulated losses of about 1.21 billion yuan in three and a half years.
Source: Changguang Satellite Prospectus
Changguang Satellite stated in the prospectus that as of the end of the reporting period, the company had not yet made a profit and had accumulated unrecovered losses. The main reason is that the company is committed to building the “Jilin-1” satellite constellation, and it needs to bear a large satellite depreciation cost and a relatively high annual cost. High R&D investment.
At the same time, Changguang Satellite needs a certain process from the construction of the “Jilin-1” satellite constellation to the formation of system service capabilities, and the development of the commercial remote sensing satellite industry needs to go through a cultivation process, resulting in the company’s small initial sales scale and sales revenue cannot cover Satellite depreciation costs, research and development costs, personnel costs and other expenses incurred during the same period.
In terms of R&D investment, from 2019 to 2021 and the first half of 2022, the cumulative R&D investment of Changguang Satellite is 536 million yuan, accounting for 99.92% of the cumulative operating income. Except for 2021, when the ratio of R&D investment to operating income is 37.09%, during the reporting period, the ratio of Changguang satellites was above 170%.
As of June 30, 2022, Changguang Satellite has obtained 140 authorized invention patents, 25 utility model patents, and 376 software copyrights.
On December 27th, Changguang Satellite just held the launching ceremony of six satellites including “Jilin-1” high-scoring 03D34 satellite and “Jilin-1” MF02A03~04. These satellites will be launched at China Taiyuan Satellite Launch Center in the near future .
It is understood that Changguang Satellite is expected to have 138 satellites in orbit by the end of 2023, with the ability to revisit any point in the world for 10 minutes. The company also expects to have 300 satellites in orbit by the end of 2025, with global sky coverage capabilities, and further expand high-resolution infrared, hyperspectral, SAR and other observation methods to provide customers with more abundant remote sensing data products .
Over 2.7 billion yuan of investment has been harvested, and Shenzhen Venture Capital, Zhongjin, and Zhongke Stars are all here
Since its establishment, Changguang Satellite has received multiple rounds of investment from many well-known investment institutions, with a cumulative financing amount of over 2.7 billion yuan.
Changguang Satellite’s most recent financing occurred in November 2020. The company completed a Pre-IPO round of financing of 2.464 billion yuan, which set a new record for a single round of financing in China’s commercial aerospace industry. Investors include Shenzhen Venture Capital, Zhongke Chuangxing, Matrix Partners China, HKUST Xunfei, CICC, etc., with a post-investment valuation of 12 billion yuan.
According to an article at the end of 2021 on the official account “Changchun Publishing” of Changchun City, Jilin Province, Changguang Satellite is the first Chinese unicorn company in Northeast China and the only one in Jilin Province.
It is worth noting that Changguang Satellite’s equity is relatively dispersed, and there are no controlling shareholders and actual controllers.
According to the prospectus, the chairman and general manager of Changguang Satellite, Xuanming, directly holds 2.7672% of the shares of Changguang Satellite. Xuanming controls Changguang Satellite through Jilin Changguang and Beijing Changguang. The shareholding ratio is 0.8931% and 0.8119%, That is to say, Xuanming and its controlling entities hold a total of 4.4723% of the shares of Chang Guang Satellite.
At the same time, Wenyu Aerospace, Zhongyuan Aerospace, Zhuo Shen Chuangjing, ZTE Huasheng, Sun Mingchen, and Zhao Yongyang directly hold 200 million shares, 180 million shares, 30 million shares, 28.5714 million shares, and 11.239 million shares of Changguang Satellite , 25 million shares, the total direct shareholding ratio of the above-mentioned shareholders with concerted action relationship is 24.0948%.
Source: Changguang Satellite Prospectus
Before the IPO, Fangyuan Assets held 11.1692% of the shares, Changchun Optical Machinery held 11.1642% of the shares, and Wenyu Aerospace held 10.1492% of the shares.
In addition, Zhongji Financial Investment, the early investor of Changguang Satellite, holds 2.5373% of the shares, Shenzhen Venture Capital, the pre-IPO round investor, holds 2.1748%, Zhongjin Qizhi holds 1.4499%, and Zhongke Chuangxing holds 0.58% of the shares.
(Source of the first picture: Chang Guang Satellite)
This article is from the WeChat public account “Direct IPO” (ID: zhitongIPO) , author: Wang Fei, 36 Krypton is authorized to publish.
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