Huawei Hubble, another Hong Kong stock IPO is on the way.
On December 30, Beijing SIM Technology Co., Ltd. (hereinafter referred to as SIM Technology) submitted a listing application to the Hong Kong Stock Exchange, with CEB International as its sole sponsor.
Safety is a major problem that needs to be solved in the process of implementing autonomous driving technology. For this reason, autonomous driving technology requires a large number of tests before mass production and application. Among them, the number of scenarios , test efficiency, test cost, system iteration, problem discovery, etc. In terms of advantages, it can complement the real vehicle test and become an important path for the test, verification and evaluation of intelligent networked vehicles.
Saime Technology is an early player anchoring the segmented track of intelligent driving simulation test, specializing in new research based on intelligent networked vehicles, aiming to build the testing and evaluation capabilities of intelligent networked vehicles.
As one of the few providers in China that can combine self-developed security analysis tools and simulation testing tools, Saimu Technology has established in-depth cooperation with Huawei, and has received hundreds of millions of yuan in investment from Huawei Hubble.
The year before Huawei Hubble became a shareholder, Saime Technology’s valuation was about 105 million yuan, and after the stake, it climbed to 1 billion yuan. With the completion of the latest round of financing in March 2022, the valuation of Saimu Technology soared to 2.332 billion yuan 8 months after Huawei Hubble took a stake.
If all goes well, Huawei Hubble will also get rich rewards after Saimu Technology successfully lands on the Hong Kong Stock Exchange.
Deeply plowing the subdivision track of intelligent driving simulation test, which has been recognized by Hangzhou and Beijing successively
According to the prospectus, Saimu Technology was established in January 2014, formerly known as Beijing Limao Technology Co., Ltd., which is owned by CCID Group and Beijing Bangbang 51.0% and 49.0% respectively. The company was established to engage in mobile application network vulnerability detection business, however, the cooperation between CCID Group and Beijing Bangbang did not go as expected.
In the middle of 2017, CCID Group plans to develop the ICV algorithm testing and simulation system. CCID Group invites the management team through Ms. Ma Lei to research and develop the system. With relevant experience in technology-related industries and in view of the potential of the ICV testing industry and the possible future support from CCID Group, an entity under the Ministry of Industry and Information Technology that regulates the ICV testing industry, the management team began to develop a proprietary Core technology and testing tools, including the predecessor of Sim Pro.
In order to commercialize the research and development results, in March 2018, the management team invested in the company with personal funds and started operations related to ICV testing. It was also at this time that after the company officially changed its name to Beijing Saimu Technology Co., Ltd., Saimu Technology started its rapid development. This year, the company independently developed and commercially launched Sim Pro, an ICV simulation test, verification and evaluation tool chain. Subsequently, Saime Technology was appointed as one of the few ICV third-party testing agencies in Hangzhou.
Two years later, the Saime technology simulation test platform was designated as one of the few qualified ICV simulation test platforms in Beijing. Based on the relevant designations and appointments, Saimu Technology is qualified to apply for ICV open road test licenses in relevant cities to provide government-approved ICV tests and related services.
Source: Saimu Technology Prospectus
In June 2021, Sim Pro passed the ASIL D functional safety certification under the international standard ISO 26262. According to Frost & Sullivan, this makes it the world’s first ICV simulation test to obtain the world’s highest level of functional safety certification. Verify and evaluate the toolchain.
It is worth mentioning that in 2021, Saime Technology will also independently develop FuSa and SOTIF analysis tools for ICV-Safety Pro. One of the tool providers.
In addition, Saime Technology also operates a closed test site of nearly 300 acres, and supports multiple local governments to carry out road tests of intelligent connected vehicles, forming a comprehensive system of “simulation-closed site-open road”. At present, the scenario library of Seim Technology covers standards and regulations, expert knowledge, natural data collection and conversion, and expected functional safety.
According to Frost & Sullivan, in terms of revenue in 2021, Saime Technology is the fourth largest market player in ICV simulation testing tools and platforms in China and the largest Chinese market player in this market, with a market share of approximately 5.9% %. Saimu Technology is also one of the leading market players in China that can provide one-stop ICV testing, verification and evaluation solutions.
It is understood that the proceeds from this IPO of Saimu Technology will be mainly used for R&D and upgrading of core products Sim Pro or Safety Pro; expanding new application scenarios and industries; strengthening marketing capabilities; providing financial support for potential strategic acquisitions and investment opportunities.
Cooperating with Huawei to release a cloud platform for autonomous driving functions, Hubble is valued at 1 billion yuan after investment
In 2021, Saimu Technology will officially form a relationship with Huawei.
First of all, in April, Huawei and Saimu Technology formally signed a strategic cooperation agreement. Carry out research and cooperation on relevant standards and specifications.
After half a year, at the “Future Automobile Developers Conference”, Huawei’s smart car solution BU and Saime Technology officially released the joint development of the autonomous driving function cloud platform to realize the process analysis of functional safety and expected functional safety. It is accelerating the development and verification of intelligent networked vehicles and promoting industrial development.
Source: World Intelligent Connected Vehicle Conference
Huawei stated that this is the first domestic autonomous and controllable autonomous driving function cloud platform jointly built by the two parties. The excellent capabilities in the field of simulation evaluation can effectively solve the challenges faced by the testing and verification of autonomous driving algorithms, and achieve a significant improvement in simulation efficiency, quality and cost performance.
In an interview, He Feng, general manager of Saimu Technology, introduced that the cloud platform for autonomous driving functions is specially designed for the newly released “Opinions on Strengthening the Management of Intelligent Networked Vehicle Manufacturers and Product Access”, and is aimed at intelligent networked vehicle companies in the industry. A one-stop solution platform launched to meet the needs of enterprise security assurance capacity building, product process assurance, and test verification in the field of high-level autonomous driving.
In the prospectus, when referring to this cooperation, Saime Technology said that in 2021, Saime Technology and related customers (Huawei) will successfully launch China’s first cloud-based ICV simulation test platform, which can realize the whole process from security analysis to simulation testing. Cloud deployment of stack capabilities, which significantly improves test efficiency.
With the continuous deepening of the cooperation between the two parties, Saimu Technology has become Huawei’s investment project in the intelligent networked automobile business industry chain.
According to the prospectus, before the listing, Saime Technology completed three rounds of financing. Among them, 5 million yuan will be raised in March 2020; 160 million yuan in Series A financing in July 2021, jointly invested by Cornerstone Ventures, Huawei Hubble, Shunyi Science and Technology, CITIC Securities, and Jingwei Hengrun ; A+ in March 2022 The round of financing is 132 million yuan, and the investors are Gongqingcheng Junhe and Zhongguancun.
Source: Saimu Technology Prospectus
So far, Saimu Technology has raised a total of about 297 million yuan, and the implied post-transaction valuations after the above-mentioned rounds of financing are 105 million yuan, 1 billion yuan, and 2.332 billion yuan respectively.
In the first half of last year, the revenue was 6.39 million and the loss exceeded 25 million, and the core financial indicators continued to decline
According to the prospectus, in 2019-2021 and the first half of 2022, Saimu Technology’s revenue will be 8.066 million, 71.203 million, 107 million, and 6.398 million yuan respectively; net profit will be 5.594 million, 51.579 million, 37.571 million, and -25.789 million respectively Yuan.
Source: Saimu Technology Prospectus
Measured by non-IFRS, during the reporting period, the adjusted net profit of Saime Technology was 5.394 million, 40.584 million, 33.153 million, and -25.997 million yuan respectively.
It is worth noting that the gross profit margin of Saime Technology has continued to decline in recent years. The company’s gross profit margin in 2019-2021 and the first half of 2022 will be 96.9%, 72.2%, 59.9%, and -18.3%, respectively. In addition, Saimu Technology’s net profit margin has also dropped from 69.4% in 2019 to 35.1% in 2021.
Source: Saimu Technology Prospectus
In terms of R&D, during the reporting period, the R&D expenses of Saime Technology were 2.6 million, 800,000, 27.1 million, and 20 million yuan respectively. Wisdom Buds data shows that Saimu Technology has a total of 69 patent application information, including 63 invention patents, accounting for 91.30%.
It is worth mentioning that Saimu Technology has the risk of high customer concentration. During the reporting period, the revenue from the five largest customers of Saimu Technology accounted for approximately 96.5%, 100.0%, 93.4%, and 88.5% of the company’s total revenue, of which the revenue from the largest customer accounted for approximately 31.6% and 58.7% of the company’s total revenue, respectively. , 39.0%, 53.1%.
During the reporting period, the total purchases of Saimu Technology from the five largest suppliers accounted for approximately 94.3%, 91.0%, 99.6%, and 99.4% of the total purchases, of which the purchases from the largest supplier accounted for approximately 25.0%, 38.3%, 35.1%, 52.6%.
Before the IPO, Kongkong Technology held a 30.2% stake in Saimu Technology. The prospectus shows that Space Technology and Tongda (employee incentive platform) have been acting in concert since becoming shareholders of the company, holding a total of about 45.5% of the shares.
Among them, Kongkong Technology is wholly owned by the management team, and Hu Dalin, Ma Lei, and He Feng own about 64.1%, 25.6%, and 10.3% respectively; Tongda (as an employee motivation platform) is owned by Hu Dalin, Ma Lei, He Feng and 17 Other employees own approximately 50.0%, 43.5%, 2.1%, and 4.4%, respectively.
Source: Saimu Technology Prospectus
In addition, CCID Testing, a wholly-owned subsidiary of CCID Group, holds 28.1% of the shares of Saimu Technology, Beijing Bangbang holds 2.9%, and Gongqingcheng Zhiyuan holds 3.8%. 14.1%, A+ round investors hold a total of 5.6% of the shares, and A and A+ round investors such as Huawei Hubble and Cornerstone Venture Capital both hold 2.8% of the shares.
(Source of the first image: Hunting Cloud )
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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