On May 29, 2024, Beijing Saimo Technology Co., Ltd. (“Saimo Technology” for short) once again submitted a prospectus on the Hong Kong Stock Exchange to issue an H share listing on the Hong Kong Main Board. This is another application after it was submitted and expired twice on December 30, 2022 and October 31, 2023.
Link to the competition technology prospectus:
Main business
As a technology company focusing on innovation in simulation technology, Saimu Technology is mainly engaged in the design and development of intelligent connected vehicle (ICV) simulation test products and provides related testing, verification and evaluation solutions.
According to Frost & Sullivan, in terms of 2022 revenue, SiMu Technology is the largest market player in China's ICV testing, verification and evaluation solutions industry, with a market share of 5.3%. According to 2022 revenue, SiMu Technology is the largest market participant in the ICV simulation testing tool and platform market in China, with a market share of about 5.9%. SiMu Technology is one of several market players in China that can provide one-stop ICV testing, verification and evaluation solutions.
In 2018, SiMu Technology independently developed and commercialized the ICV simulation testing, verification and evaluation tool chain Sim Pro. In June 2021, Sim Pro passed ASIL D functional safety certification under the international standard ISO 26262. According to Frost & Sullivan data, this makes 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 Technology has also independently developed FUSA and Sotif analysis tools for ICVs - Safety Pro. According to Frost & Sullivan data, this makes the company one of the few market participants in China that can combine self-developed safety analysis and simulation testing functions.
As of May 19, 2024, SiMu Technology has participated in providing ICV simulation testing services and/or ICV closed site testing services in cities such as Beijing, Hangzhou and Shaoxing.
Saimu Technology earns revenue through the sale of products and services. Siemu Technology's products are standardized and customized ICV-related products, including:
ICV simulation testing tools and platforms support the development of customized functions to meet the different needs of customers. The company determined the four determining elements of the ICV simulation testing platform, including highly customized software, supporting simultaneous use by multiple or countless users, equipped with high-specification simulation testing hardware, and providing adaptation, debugging and related customized maintenance services. In addition, the company also sells standalone software for Sim Pro and Safety Pro tools.
ICV data platforms and other products. Since 2021, the company has been selected by many Chinese state-owned enterprises to build cloud ICV data centers or platforms. Starting in 2022, other products will also be provided, including hardware components such as servers, CPUs, and RAM. Value-added services including hardware customization services, integration, adaptation and debugging services will be provided before other products are sold.
Saimu Technology's services include:
ICV testing and related services, including simulation testing and related services, closed site testing and related services, platform operation and maintenance services.
Consultancy and other services. Since January 2019, the company has been providing consulting and other services to state-owned and private automobile manufacturers. The company helps automobile manufacturers understand and comply with domestic and foreign laws, regulations or standards related to ICV, especially software upgrades, OTA technology, simulation testing, SOTIF, Fusa stakeholders, and ICV-related cybersecurity and data security. In addition, 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, in Saimu Technology's shareholder structure before listing,
Mr. Hu Dalin, Ms. Ma Lei, and Mr. He Feng each own about 64.1%, 25.6%, and 10.3% of Space Technology, and hold 30.2% of the shares;
Mr. Hu Dalin, Mr. He Feng, Ms. Ma Lei, and 14 other group employees each have access to the employee incentive platform of about 50.0%, 44.1%, 2.1%, and 4.3%, and hold 15.3% of the shares;
Spacebar Technology and Tongda are acting in concert. They will exercise voting rights and vote unanimously in accordance with SpaceGrid Technology's voting instructions.
CCID Testing, a wholly-owned subsidiary of the CCID Group under the Ministry of Industry and Information Technology, holds 28.1% of the shares;
Dr. Kan owns about 9.1%, and 31 other independent third parties own 90.9% of Beijing's Panjiao and hold 2.9% of the shares;
Mr. Li Ren and Mr. Liu Jiang hold 3.8% of the shares through Gongqingcheng Zhiyuan;
The Beijing Shunyi State-owned Assets Administration Commission and the Beijing Shunyi Investment Fund hold 2.8% of the shares through Beijing Shunyi;
Huawei, through Hubble, holds 2.8% of the shares;
Beijing Cornerstone, in which Beijing Investment Development (600683.SH) and others participate, holds 2.8% of the shares;
CITIC Securities (600030.SH,06030.HK) holds 2.8% of the shares through CITIC Investment;
Jingwei Hengrun (688326.SH) holds 2.8% of the shares;
Nanchang Daohong Industrial Co., Ltd. owns 99% of the Gongqingcheng Military Union and holds 2.8% of the shares;
Zhongguancun, a subsidiary of the Beijing Haidian District State-owned Assets Administration Commission, holds 2.8% of the shares.
Directors and Executives
The board of directors of Saimu Technology consists of 9 directors, including:
3 Executive Directors: Mr. Hu Dalin (Chairman of the Board), Mr. He Feng (General Manager and Secretary of the Board), and Ms. Ma Lei (Deputy General Manager);
3 non-executive directors: Dr. Kan Zhigang, Dr. Yao Xiang, and Ms. Gong Xiao;
Three independent non-executive directors: Ms. Guo Lili, Mr. Huang Hua, and Mr. Huang Haojun.
Three members of the Supervisory Board: Dr. Cao Gang, Mr. Ni Jie, and Ms. Xue Na.
In addition to the executive director, senior executives include Mr. Yang Qiang, Deputy General Manager; Ms. Liang Jun, Chief Financial Officer; and Dr. Xue Xiaoqing, Director of the Forward-Looking Division.
Company performance
According to the prospectus, in the past 2021, 2022 and 2023, Saimu Technology's revenue was RMB 107 million, RMB 145 million, and RMB 176 million, respectively, and the corresponding net profit was RMB 37.571,000, RMB 48.86 million, and RMB 53.431 million, respectively.
Intermediary team
Saimu Technology's intermediary team for this IPO mainly includes: Guangyin International as its sole sponsor and overall coordinator; CITIC Lyon as the overall coordinator; PricewaterhouseCoopers as its auditor; Zhong Lun and Mingde as its Chinese lawyers and Hong Kong lawyers respectively; Jingtian Gongcheng and Jingtian Gongcheng (Hong Kong) are respectively its Chinese lawyers and Hong Kong lawyers; and Frost Sullivan is its independent industry advisor.
