October 31, 2023Beijing Saimu Technology Co., Ltd.Beijing Saimo Technology Co., Ltd. (abbreviated as "Saimu science and technology") once again submit a prospectus on the Hong Kong Stock Exchange to issue H shares on the main board of Hong Kong. This is another application following the expiry of its delivery form on December 30, 2022.
Link to Saimu Technology prospectus:
Main business
Saimu science and technologyAs a technology company specializing in simulation technology innovation, mainly engaged inIntelligent network connected automobile(ICV) Design and development of simulation test products and provide related testing, verification and evaluation solutions.
Saimu science and technologyIs one of several market participants in China that can provide one-stop ICV testing, verification and evaluation solutions. According to Frost Sullivan, based on income in 2022Saimu science and technologyIt is the second largest market participant in China's ICV testing, verification and evaluation solutions industry, with a market share of 5.5%. In terms of income in 2022Saimu science and technologyIt is the second largest market participant in China's ICV simulation test tools and platform market, with a market share of about 5.8%, and the company is the only Chinese market participant among the five largest market participants in the market in 2022.
Saimu science and technologyIndependently developed and commercialized the ICV simulation testing, verification and evaluation tool chain in 2018Sim Pro. In June 2021, Sim Pro passed the ASIL D functional Safety Certification under the international standard ISO 26262, making it the world's first ICV simulation testing, verification and evaluation tool chain to receive the world's highest functional safety certification, according to Frost Sullivan.Saimu science and technologyAlso 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 security analysis and simulation testing capabilities.
As of October 26, 2023Saimu science and technologyHas participated in the provision of ICV simulation testing services and / or ICV closed site testing services in Beijing, Hangzhou, Zhengzhou and Shaoxing.
During the track record periodSaimu science and technologyEarn revenue by selling products and providing services.
Saimu science and technologyThe products are standardized and customized ICV related products, including:
ICV Simulation Test tool and platformTo support the development of simulation solutions with customized functions to meet the different needs of customers, the company identified the four decisive elements of the ICV simulation test platform, including highly customized software, supporting multiple or countless users to use at the same time, equipped with high-specification simulation test hardware, and providing adaptation, debugging and related custom maintenance services. In addition, the company also sells independent software for Sim Pro and Safety Pro tools.
ICV data platform and other productsSince 2021, the company has been selected by a number of Chinese state-owned enterprises to build cloud-based ICV data centers or platforms. Starting from 2022, it will also begin to provide other products, including server, CPU, RAM and other hardware components, and provide value-added services including hardware customization services, integration, adaptation and debugging services before selling other products.
Saimu science and technologyServices include:
ICV testing and related servicesIncluding simulation testing and related services, closed site testing and related services, platform operation and maintenance services
Consultants and other servicesSince January 2019, the company has been providing consulting and other services to state-owned and private automakers. The company assists automobile manufacturers to understand and comply with domestic and foreign laws, regulations or standards related to ICV, especially software upgrades, OTA technology, simulation testing, SOTIF, FuSa and ICV-related network security and data security. In addition, it also assists government departments or their state-owned enterprises in organizing conferences and seminars of ICV and related industries.
Shareholder structure
The prospectus showsSaimu science and technologyIn the pre-IPO shareholder structure
Mr. Hu Dalin, Ms. Ma Lei and Mr. he Feng own about 64.1%, 25.6% and 10.3% respectively.Space technology, holding 30.2%
Mr. Hu Dalin, Mr. he Feng, Ms. Ma Lei and 15 other employees of the group own about 50.0%, 43.6%, 2.1% and 4.3% of the employee incentive platform respectively.Access to15.3% of the shares
Space technologyVs.Access toIn order to act in unison, the voting rights will be exercised and voted unanimously in accordance with the voting instructions of Space Technology.
Wholly owned subsidiary of Sadie Group under the Ministry of Industry and Information TechnologySadie detection28.1% of the shares
Dr. Wei owns about 9.1%, and 31 other independent third parties own 90.9%.Beijing bangbang2.9% of the shares
Mr. Li Ren, Mr. Liu Jiang, throughGongqingcheng Zhiyuan3.8% of the shares
Beijing Shunyi SASAC, Beijing Shunyi Investment Fund, throughBeijing Shunyi2.8% of the shares
Huawei, throughHubble2.8% of the shares
Beijing Investment Development (600683.SH) and other investorsBeijing Cornerstone2.8% of the shares
Citic Investment2.8% of the shares
Constant moisture of longitude and weft(688326.SH), 2.8% shareholding
Nanchang Daohong Industrial Co., Ltd. owns 99% ofGongqingcheng military cooperation2.8% of the shares
Beijing Haidian District SASAC has 99%Zhongguancun, holding 2.8%.
Company performance
The prospectus shows that in the past 2020, 2021, 2022 and the first half of 2023,Saimu science and technologyThe operating income was 71 million, 107 million, 145 million and 22 million yuan respectively, and the corresponding net profit was 51.579 million, 37.571 million, 48.68 million and-11.065 million yuan respectively.
Intermediary team
Saimu science and technologyThe intermediary teams of this IPO mainly include: Guangyin International as its exclusive sponsor and overall coordinator; CITIC Lyon as its overall coordinator; PricewaterhouseCoopers as its auditor; Zhonglun and Mingde as its Chinese lawyer and Hong Kong lawyer respectively; Jingtian Gongcheng (Hong Kong) as its brokerage Chinese lawyer and Hong Kong lawyer respectively; Frost Sullivan as its independent industry consultant.
