On December 16, 2024, Beijing Geekplus Technology Co., Ltd. (hereinafter referred to as "Geekplus"), located in the Chaoyang District of Peking, submitted its prospectus to the Hong Kong Stock Exchange, intending to list on the Main Board.
The link to the prospectus of Geek Plus:
https://www1.hkexnews.hk/app/sehk/2024/106988/documents/sehk24121601246_c.pdf
Main Business
Founded in 2015, Geek Plus is a leading company in the global AMR (Autonomous Mobile Robot) market, committed to leading the automation and intelligent transformation of the traditional warehousing logistics industry with disruptive technology. The company provides a range of AMR solutions, empowering warehousing fulfillment and industrial handling scenarios, significantly improving supply chain efficiency while reducing reliance on labor.
According to the data from Zhi Shi Consulting:
By revenue in 2023, Geek Plus has become the largest provider of warehousing fulfillment AMR solutions in the world, maintaining this leading position for five consecutive years.
Geek Plus offers the industry's most comprehensive warehousing fulfillment AMR solutions, covering a variety of application scenarios and technological methods.
Geek+ has gained widespread recognition and acceptance from around 770 end customers worldwide for its technological innovation, commitment to product quality, and long-term reliable services, making the company the provider of AMR solutions with the largest global customer base. As of June 30, 2024, Geek+ has delivered approximately 46,000 AMRs to about 40 countries and regions globally.
Geek+ provides customers with efficient, reliable, and flexible AMR solutions, including Geek+ shelf-to-person picking solutions, Geek+ box-to-person picking solutions, Geek+ pallet-to-person picking solutions, intelligent sorting solutions, and intelligent handling solutions.
According to data from ZhiZhi Consulting, Geek+ AMRs lead the industry in mobility speed and endurance, with a maximum empty run speed of 4.5 meters per second and operational time exceeding 8 hours under rated conditions. The P series robots have a maximum empty run speed of 2.6 m/s and a full load run speed of 2 m/s, far exceeding the industry average. Geek+'s AMR solutions utilize proprietary technology to ensure outstanding reliability and accuracy. According to ZhiZhi Consulting, compared to AMRs developed by peers, Geek+'s AMRs demonstrate industry-leading robot control and scheduling technology, achieving a 99.99% picking accuracy rate, and support complex mixed scheduling for various types of robots and operations, enabling efficient operation in a variety of industrial scenarios.
Furthermore, Geek+'s AMR solutions can significantly reduce labor costs, typically achieving a relatively short payback period of 12 to 36 months. Additionally, the company's diverse robots can meet specific operational needs, providing high flexibility and rapid deployment. Complete system deployment can be accomplished within 1 to 3 months, allowing enterprises to quickly adapt to changing demands.
Geek+'s advanced technological architecture seamlessly integrates hardware, Software, and algorithms to provide cutting-edge solutions. The company has designed and developed the world's first universal robotic technology platform "RobotMatrix", the most comprehensive Software system platform in the AMR market, and one of the most advanced algorithms in the AMR market, known as the "Hyper+ Core Algorithm Platform."
Geek+'s revenue primarily comes from the sales of its core AMR solutions, alongside a small portion from RaaS services that provide standardized robot rental services and a complete set of operational support and management services to optimize customers' warehouse operations.
Shareholder Structure
The prospectus shows that in the shareholder structure before the IPO, Geek+ adopted a different voting rights structure, having issued approximately 1.159 billion shares of common stock, including about 0.219 billion Class A shares (each share having 5 votes, adjusted to 10 votes per share after IPO) and approximately 0.941 billion Class B shares (each share having 1 vote).
All Class A shares are held by a group of concerted actors, including:
Mr. Zheng Yong holds 38.14% of Class A shares through Tianjin Jizhi Chuangxiang, accounting for 7.19% of all shares, with 20.50% voting rights;
Mr. Li Hongbo holds 25.71% of Class A shares through Tianjin Jizhi Chuangzhi, accounting for 4.85% of all shares, with 13.8% voting rights;
Mr. Liu Kai holds 18.08% of Class A shares through Tianjin Jizhi Juhe, accounting for 3.41% of all shares, with 9.71% voting rights;
Mr. Chen Xi holds 18.08% of Class A shares through Tianjin Jizhi Heying, accounting for 3.41% of all shares, with 9.71% voting rights.
In addition, Mr. Zheng Yong holds Class B shares through controlling three employee incentive platforms, namely Haijizhi Huxing, Jizhi Gonghe, and Jizhi Huijia, holding 1.77%, 0.68%, and 0.39% respectively.
The aforementioned shareholders hold approximately 0.219 billion Class A shares and 0.033 billion Class B shares, totaling a 21.70% ownership, with 55.36% voting rights.
The following are all Class B shareholders:
Ms. Liu Hongyan, through Tianjin Chuangzhijia, controls another three employee incentive platforms, including Jizhigongying, Jizhihuiju, and Jizhihuocha, holding 0.85%, 0.58%, and 0.54% of the shares respectively, for a total holding of 1.98%;
Warburg Pincus holds 11.86% through Marcasite;
CPE holds 3.47% and 3.38% through Panxin Shanghai and Xiamen Yuanfeng respectively, for a total holding of 6.85%;
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Granite Asia (formerly GGV Capital) holds 3.10% and 3.10% through GGV VII Investments and GGV VII Plus respectively, for a total holding of 6.19%;
D1 Capital holds 6.19%;
Yunhui holds 3.55%, 1.18%, and 0.34% through Yunhui Phase II, Yunhui Internet of Things, and Gongqingcheng Guanzheng respectively, for a total holding of 5.06%;
ANT GROUP CO., LTD. holds 3.87% and 1.07% through Accelerator VI Ltd and Shanghai Yunzhang respectively, for a total holding of 4.93%;
The South China Greater Bay Area Concept Technology Innovation Industry Investment Fund holds 3.29% and 1.31% through Zhongwan Hezhi No. 2 and Zhongwan Hezhi respectively, totaling 4.60%.
Volcanic Rock holds 3.27%.
Redview Capital holds 3.20%.
Suzhou Gaorong holds 2.88%.
Xiangfeng Investment CHINA FUND INC (Vertex Ventures China) holds 2.79%.
Sailing Capital holds 1.80% and 0.73% through Sailing Huihong and Huasei Zhikang respectively, totaling 2.52%.
Vertex Growth Fund Pte. Ltd. holds 2.51%.
China Internet Investment holds 2.25%.
Morgan Stanley holds 1.75% through NHTV;
B Capital China holds 1.68%;
Hefei State-owned Assets Supervision and Administration Commission's Hefei Jianheng holds 1.31%;
Qingdao Gaoxin holds 1.25%;
Qingkang Huayue holds 0.70% through Tianjin Chuangyi and 0.50% through Qingdao Qingyue, totaling 1.20%;
Inner Mongolia Yili Industrial Group (600887.SH) holds 0.90% through Zhuhai Jianling;
Haier Group holds 0.42% each through Tianjin Minjia and Tianjin Jiesi, totaling 0.84%;
Agricultural Bank of China Capital holds 0.66% through Hefei Suihe;
Intel (INTC.US), holds 0.63%;
China International Capital Corporation Qicheng Fund, holds 0.45%;
Hong Kong Science Park Corporation, through HKSTPC, holds 0.36%;
LDV Partners Fund, holds 0.12%;
Fowor Investment, holds 0.06%.
Board of directors and executives
The board of Asia Vets consists of 12 directors, including:
4 executive directors: Mr. Zheng Yong (Director, Chairman and CEO), Mr. Li Hongbo (Chief Technology Officer, Vice President), Mr. Liu Kai (Vice President), Mr. Chen Xi (Vice President);
Four non-executive directors: Mr. Xia Zhijun (Partner of Xiangfeng Investment affiliated company), Mr. Bai Jin (Director of the Investment Department of Pangu Technology and Industrial Research in Peking), Mr. Li Ke (Managing Director of the Investment Department of China Fund Inc), Mr. Chen Hejiang (Executive Director of Warburg Pincus).
Four independent non-executive directors: Ms. Chen Chen (CEO and President of CHINA DONGXIANG (03818.HK)), Mr. Chen Shaohua (Re-engaged professor at Xiamen University School of Accounting), Mr. Han Yu (Former executive of ABB Group), Mr. Liu Dacheng (Associate Professor at Tsinghua University and Deputy Director of Tsinghua University Internet Industry Research Institute).
Board of Supervisors has 3 members: Mr. Huang Zheng, Mr. Duan Yongxin, Mr. Xie Yi.
In addition to the executive directors, the executives include Ms. Liu Hongyan, who is the financial officer and Board Secretary.
Company Performance
Financial data shows that in the past years 2021, 2022, 2023, and the first half of 2024, the operating revenue of Siasun Robot&Automation was 0.79 billion yuan, 1.452 billion yuan, 2.143 billion yuan, and 7.82 billion yuan respectively, with corresponding net losses of 1.05 billion yuan, 1.567 billion yuan, 1.127 billion yuan, and 550 million yuan, and adjusted net losses of 0.763 billion yuan, 0.815 billion yuan, 0.444 billion yuan, and 194 million yuan respectively.
Intermediary Team
The main intermediaries for this IPO include: Morgan Stanley and China International Capital Corporation as its joint sponsors; KPMG as its auditor; JunHe and Davis as its Chinese corporate lawyers, and Hong Kong and US lawyers; Haiwen and Ruisheng as its broker's Chinese lawyers, and broker's Hong Kong and US lawyers; ZInnov as its industry consultant.
