According to Bloomberg, Shangtang Technology is understood to plan to submit a Hong Kong IPO application in the coming weeks, and sources say it has hired HSBC to arrange a Hong Kong IPO that could be worth at least US $2 billion.
Shangtang Technology said in response to the news: Shangtang does not comment on market rumors.
"Shangtang Technology is a scientific and technological enterprise that insists on originality and allows artificial intelligence to lead human progress. Since its inception, it has been committed to promoting the empowerment of artificial intelligence. Shangtang declined to comment on market rumors. Thank you for your attention and support to Shangtang Technology! Shangtang Technology responded.
With the outflow of the news that artificial intelligence vision technology enterprise cloud has been approved from the listing of science and technology, recently, there has been a frequent outflow of news that enterprises in the circle of artificial intelligence have launched listing financing. On August 15, the fourth paradigm of artificial intelligence platform company submitted an application for listing to the Hong Kong Stock Exchange, with Goldman Sachs Group and China International Capital Corporation as co-sponsors. Before that, the news of the first meeting of AI chip enterprise Yuntian Lifei also flowed out further on Aug. 6.
With more and more good news coming out of the stock market, artificial intelligence companies, which had been deadlocked because of frequent setbacks in listing, have swept away the gloomy market atmosphere. However, for more and more AI enterprises, profit is still a question that has to be answered in the process of listing.
According to statistics, in the past four years, Yuncong Technology has made a cumulative loss of nearly 3 billion in the past three and a half years. At present, the fourth paradigm, which has been listed on the stock market, has made a cumulative loss of about 30% in the past three and a half years, and Yitu Technology has lost more than 7.2 billion in the past three and a half years.
According to the data from the Shangtang financing plan that flowed out of the market, in 2019, Shangtang Technology had an income of 5.06 billion yuan, a gross profit margin of 43% and a gross profit of 2.16 billion yuan. In 2017 and 2018, the net profit of Shangtang Technology was 2% and 3%, respectively. The net profit was 11 million and 59 million respectively.
It is understood that Shangtang Technology was founded in 2014 to develop artificial intelligence technology for autopilot, augmented reality, facial recognition, medical image analysis and other fields. Last year, there were media reports that the artificial intelligence start-up had been exploring dual listings in Hong Kong and mainland China.
Shangtang Technology is headquartered in Hong Kong and China is headquartered in Shanghai. Most of its business comes from the mainland. Tang Xiaoou, a professor in the Department of Information Engineering of the Chinese University of Hong Kong, founded the company. Earlier media reported that Tang Zhenyi, former CEO of Credit Suisse China, will join Shangtang Technology as vice president.
Shangtang Technology has many well-known investors, including Alibaba Group Holding Ltd, Wuyuan Capital, Temasek, Softbank Corp. Vision Fund, China Renaissance Capital Investment, China International Capital Corporation, IDG Capital and so on.
At present, 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. In addition, Shangtang Technology has operations in Thailand, Indonesia, the Philippines and other countries.
From the point of view of the business layout and business path of Shangtang Technology, AI and openness have become key words. To put it simply, Shangtang Technology started with computer vision technology, and has a large number of cross-business matrices based on the versatility and decoupling ability of AI technology. This depends on AI large devices and enabling engines, which can achieve rapid deployment and response of customized functions based on various computing platforms, different devices, and cross-border integration of multiple scenarios to achieve high-efficiency, low-cost, large-scale AI innovation and landing.
At the just-concluded 2021 World artificial Intelligence Conference (WAIC), Shangtang Technology launched SenseAuto, an independent new brand of intelligent car solutions, and its complete layout was displayed in front of the public for the first time, forming a full stack system based on the SenseCore AI device, which is composed of the vanishing intelligent driving solution, the vanishing intelligent cabin solution and the vanishing road cloud sensing platform. The three schemes correspond to the three aspects of driving, cabin and cloud platform in the field of intelligent vehicles. Up to now, more than 20 car companies have actually signed a fixed point of mass production with Shangtang, and the total number of vehicles covered by the designated mass production project is more than 20 million.
Shangtang revealed that its in-car business began in 2016, when Honda was looking for strategic partners in AI around the world to speed up the development of self-driving technology and smart cars. After multi-party investigation, Shangtang, which was established less than three years ago, was finally chosen, and the two sides signed a five-year strategic cooperation agreement.
With more than five years of development, Shangtang has not only accumulated the industry experience of on-board business, but also trained the ability of the whole stack system, and at the same time introduced a large number of talents from the automotive industry, gradually formed three business plates: ADAS (Advanced driving Assistant system), intelligent car cabin and intelligent network connection, and more than 30 cooperative car factories have formed a relatively rich upstream and downstream ecology.