According to Bloomberg, Shangtang Technology is reportedly planning to submit a Hong Kong IPO application in the next few weeks. Sources say it will hire HSBC to arrange a Hong Kong IPO of at least 2 billion US dollars.
In response to the above news, Shangtang Technology stated that Shang Tang would not comment on market rumors.
“Shangtang Technology is a science and innovation enterprise that insists on originality and allows artificial intelligence to lead human progress. Since its establishment, it has been committed to promoting artificial intelligence to empower all industries. Shang Tang did not comment on market rumors. Thank you all for your interest and support for Shangtang Technology!” Shangtang Technology said in response.
Along with the news that AI vision technology company Yunchong Technology has been approved for listing, there have been frequent news recently that companies within the AI technology community have initiated listing financing. On August 15, the fourth model artificial intelligence platform company submitted a listing application to the Hong Kong Stock Exchange. Goldman Sachs and CICC are co-sponsors. Prior to that, news of the AI chip company Yuntian Lifei's debut on August 6 also came out even further.
As more and more favorable news of listing came out, artificial intelligence companies that had previously been at an impasse due to frequent listing setbacks have swept away the pessimistic market atmosphere shrouded in haze. However, for more and more AI companies, profit is still a question they have to answer during the listing process.
According to statistics, in the past four years, Yuncong Technology has accumulated losses of nearly 3 billion dollars in the past three and a half years. Currently, the fourth model that has started listing has accumulated losses of about 30 in the past three and a half years, and Yitu Technology has accumulated losses of over 7.2 billion dollars over the past three and a half years.
According to Shangtang's financing plan data previously released from the market, in 2019, Shangtang Technology's revenue was RMB 5.06 billion, gross profit margin was 43%, and gross profit was RMB 2.16 billion; in 2017 and 2018, Shangtang Technology's net interest rates were 2% and 3% respectively, and net profit was 11 million and 59 million yuan respectively.
According to information, Shangtang Technology was founded in 2014 and is committed to developing artificial intelligence technology for autonomous driving, augmented reality, facial recognition, medical image analysis, etc. There were media reports last year that the artificial intelligence startup has been exploring listing in both Hong Kong and mainland China.
Shangtang Technology's global headquarters is in Hong Kong, while its Chinese headquarters is in Shanghai. The vast majority of its business comes from the mainland. The company's founder is Tang Xiaoou, professor of information engineering at the Chinese University of Hong Kong. Earlier media reported that Tang Zhenyi, the former CEO of Credit Suisse China, made franchisee Tang Technology the vice president.
Shangtang Technology has many well-known investors, including Alibaba, Wuyuan Capital, Temasek, SoftBank Vision Fund, Huaxing Capital, CICC, IDG Capital, etc.
Currently, Shangtang Technology has set up offices in Hong Kong, Shanghai, Beijing, Shenzhen, Chengdu, Hangzhou, Nanping, Qingdao, Sanya, Xi'an, Taipei, Macau, Kyoto, Tokyo, Singapore, Riyadh, Abu Dhabi, Dubai, Kuala Lumpur, and Seoul. Furthermore, Shangtang Technology has operations in countries such as Thailand, Indonesia, and the Philippines.
Judging from Shangtang Technology's business layout ideas and business path, AI and openness have become key words. Simply put, Shangtang Technology started with computer vision technology. Based on the versatility and technical decoupling capabilities of AI technology, there are many cross-business matrices. Behind this is a large AI device and enabling engine, which can achieve rapid deployment and response of customized functions based on various computing platforms, different devices, and open up cross-border integration of multiple scenarios to achieve efficient, low-cost, and large-scale AI innovation and implementation.
At the just-concluded 2021 World Artificial Intelligence Conference (WAIC), Shangtang Technology launched SenseAuto, a new independent brand of smart car solutions. Its complete layout was displayed in front of the public for the first time, forming a full-stack system based on the Sensecore Shangtang AI device and composed of the three major solutions of Jeongying Intelligent Driving Solution, Jeongying Smart Cabin Solution, and Zengying Road Cloud Sensing Platform. The three solutions correspond to the three aspects of driving, cabin, and cloud platform in the smart car field. Up to now, more than 20 car companies have actually signed mass production targets with Shangtang, and the total number of vehicles covered by the targeted mass production projects has exceeded 20 million vehicles.
Shang Tang Xian Ying revealed that the company's in-vehicle business began in 2016, when Honda was looking for strategic partners in the field of AI around the world to accelerate the development process of autonomous driving technology and smart cars. After extensive investigation, Shang Tang, which was established less than 3 years ago, was finally selected, and the two sides signed a five-year strategic cooperation agreement.
More than five years of development have enabled Shang Tang Ziying not only to accumulate industry experience in the in-vehicle business, but also to cultivate full-stack system capabilities. At the same time, a large number of talents were introduced from the automotive industry, and gradually formed the three business segments of ADAS (Advanced Driver Assistance Systems), smart cabins, and intelligent connectivity. There were more than 30 cooperative car manufacturers, forming a rich upstream and downstream ecosystem.