On October 31, 2023/,Beijing Saimu Technology Co., Ltd.Beijing Saimo Technology Co., Ltd. (abbreviation”Saimu Technology”) Once again, a prospectus was submitted to the Hong Kong Stock Exchange to issue H shares for listing on the Hong Kong Main Board. This is another application after its submission expired on December 30, 2022.
Link to Saimu Technology's prospectus:
Main business
Saimu TechnologyAs a technology company focusing on simulation technology innovation, it is mainly engaged inIntelligent connected car(ICV) Design and development of simulation test products and provide relevant testing, verification and evaluation solutions.
Saimu TechnologyIt is one of several market participants in China that can provide one-stop ICV testing, verification and evaluation solutions. According to Frost & Sullivan's data, based on revenue in 2022,Saimu TechnologyIt is the second largest market participant in the ICV testing, verification and evaluation solutions industry in China, with a market share of 5.5%. Based on revenue in 2022,Saimu TechnologyIt is the second largest market participant in the ICV simulation testing tool and platform market in China, with a market share of about 5.8%, and the company is the only Chinese market participant among the top five market participants in this market in 2022.
Saimu TechnologyIndependently developed and commercialized the ICV simulation testing, verification and evaluation toolchain in 2018Sim Pro 。 In June 2021, Sim Pro passed the ASIL D functional safety certification under the international standard ISO 26262. According to Frost & Sullivan, this made it the world's first ICV simulation testing, verification and evaluation tool chain to obtain the world's highest level of functional safety certification.Saimu TechnologyIt has also independently developed FUSA and SotiF analysis tools for ICV-Safety ProAccording to Frost & Sullivan, this makes the company one of the few market participants in China that can combine integrated solutions that combine safety analysis and simulation testing functions.
As of October 26, 2023,Saimu TechnologyIt has participated in providing ICV simulation testing services and/or ICV closed site testing services in cities such as Beijing, Hangzhou, Zhengzhou and Shaoxing.
During the track record period,Saimu TechnologyEarn revenue by selling products and providing services.
Saimu TechnologyThe products are standardized and customized ICV related products, including:
ICV simulation testing tools and platformsTo support the development of simulation solutions with customized functions to meet the different needs of customers, the company determined the four determining elements of the ICV simulation test platform, including highly customized software, supporting simultaneous use by multiple or countless users, equipped with high-standard simulation testing hardware, and providing adaptation, debugging and related customized maintenance services. Additionally, the company sells standalone software for Sim Pro and Safety Pro tools.
ICV data platform and other productsSince 2021, the company has been selected by many Chinese state-owned enterprises to build cloud-based ICV data centers or platforms. Starting in 2022, other products, including hardware components such as servers, CPUs, and RAM, will also be provided. Value-added services including hardware customization services, integration, adaptation and debugging services will be provided before other products are sold.
Saimu TechnologyServices include:
ICV testing and related services, including simulation testing and related services, closed site testing and related services, and platform operation and maintenance services.
Consultancy and other servicesSince January 2019, the company has been providing consulting and other services to state-owned and private automobile manufacturers. The company assists automobile manufacturers in understanding and complying with domestic and international laws, regulations or standards related to ICV, especially software upgrades, OTA technology, simulation testing, SOTIF, FUSA stakeholders, and ICV-related cybersecurity and data security. It also assists government departments or their state-owned enterprises in organizing ICV and related industry conferences and seminars.
Shareholder structure
According to the prospectus,Saimu TechnologyIn the shareholder structure before listing,
Mr. Hu Dalin, Ms. Ma Lei, and Mr. He Feng each own about 64.1%, 25.6%, and 10.3%Spacebar Technology, holding 30.2% of the shares;
Mr. Hu Dalin, Mr. He Feng, Ms. Ma Lei, and 15 other employees of the Group have about 50.0%, 43.6%, 2.1%, and 4.3% employee incentive platforms respectivelyAccessible, holding 15.3% of the shares;
Spacebar TechnologyversusAccessibleAs a concerted actor, voting rights will be exercised and unanimous voting will be carried out in accordance with Spacebar Technology's voting instructions.
A wholly-owned subsidiary of CCID Group under the Ministry of Industry and Information TechnologyCCID testing, holding 28.1% of shares;
Dr. Kan owns about 9.1%, and the other 31 independent third parties own 90.9%Beijing Bangping, holding 2.9% of the shares;
Mr. Li Ren and Mr. Liu Jiang, passedKomsomolsk-shi Zhiyuan, holding 3.8% of the shares;
Beijing Shunyi State Assets Administration Commission and Beijing Shunyi Investment Fund, approvedBeijing Shunyi, holding 2.8% of the shares;
HUAWEI, PASSHubble, holding 2.8% of the shares;
Shares of Beijing Investment Development (600683.SH) and othersThe cornerstone of Beijing, holding 2.8% of the shares;
CITIC Investment, holding 2.8% of the shares;
Jingwei Hengrun(688326.SH), holding 2.8% of shares;
Nanchang Daohong Industrial Co., Ltd. owns 99%Army of Komsomolsk-on-Qingcheng, holding 2.8% of the shares;
Beijing's Haidian District State Assets Administration Commission owns 99%Zhongguancun, holding 2.8% of the shares.
Company performance
According to the prospectus, in the past year of 2020, 2021, 2022, and the first half of 2023,Saimu TechnologyThe operating income was 71 million yuan, 107 million yuan, 145 million yuan, and 22 million yuan, respectively, and the corresponding net profit was 515.79 million, 37.571 million, 48,686 million, and -11.065 million yuan, respectively.
Intermediary team
Saimu TechnologyThe main intermediary team for this IPO includes: Guangyin International as its exclusive sponsor and overall coordinator; CITIC Lyon as the overall coordinator; PwC as its auditor; Zhong Lun and Mingde as its Chinese lawyers and company Hong Kong lawyers respectively; Jingtian Gongcheng and Jingtian Gongcheng (Hong Kong) as their brokerage Chinese lawyers and brokerage Hong Kong lawyers respectively; and Frost Sullivan as independent industry advisors.
