Recently, everyone rushed to line up ipo

As you can see, the IPO team is mighty.

The latest to the IPO is a well -known AI unicorn. On July 15, Sib Chi Technology Co., Ltd. submitted the prospectus, intending to create an IPO, and CITIC Securities was a sponsor, and it was planned to raise 1.033 billion yuan. This was once a hot unicorn in the venture capital circle, and now it is going to go public in the science and technology board.

It can be seen that A shares are ushered in the IPO queue. Compared with the deserted U.S. stocks and Hong Kong stocks, in June just in the past, 429 companies have been accepted by A shares, with amazing numbers. If we extend the time again, the scene is more spectacular -as of June 30, 2022, a total of 1,083 A -share IPO companies in the audit company can be called the IPO thousands of long dragons.

Thousands of troops passing the wooden bridge. "The company with good strength is confident, and the lack of money is motivated. The company with all kinds of shame wants to go public, and it has created the current IPO declaration grand occasion." A VC investor who was unnamed in Shenzhen lamented.

Cambridge Alumni Joint Entrepreneurship

Professor Shanghai Jiaotong University is going to the IPO to knock on the bell

The story of Sibich is to start with a good brother -Gao Shixing and Yu Kai.

Gao Shixing, born in 1976, graduated from Northeast University's composite materials in his early years. He went to study in the United Kingdom to obtain a master's degree in business school in Cambridge University in the UK. Here, he met Yu Kai, a special researcher and professor of the Department of Computer Department and professor of Shanghai Jiaotong University in the future.

Yu Kai was also born in 1976. He received a master's degree in automatic chemistry degree and model recognition and intelligent system degree from Tsinghua University. Later, he went to the Department of Engineering of Cambridge University to study speech research. During Cambridge, Gao Shixing and Yu Kai belonged to the same college. They often play table tennis together and became friends over time.

In 2007, due to the entrepreneurial atmosphere of the University of Cambridge, the two decided to set up Sib Chi in the Cambridge Science and Technology Park in the UK to focus on the direction of voice technology services. The following year, Gao Shixing continued to start a business in Suzhou Industrial Park in order to develop the Chinese market, while Yu Kai stayed in Cambridge to study post -doctoral. In the early days of returning to China, Sib Chi applied the original voice technology to foreign Chinese business, hoping to teach foreigners to learn Chinese through human -machine dialogue.

In the early days of entrepreneurship, the company did not have much funds to buy voice data. Gao Shixing ran to places with many foreigners such as primary and secondary schools, cafes, libraries and other foreigners every day to find someone to help recording to collect data. Gao Shixing revealed this detail in an interview with the media. "During this period, he also encountered countless cold eyes and ignoring, but any difficulties have not shaken my confidence."

Soon, Gao Shixing realized that the ceiling of the Chinese language market was not high, so he led the company to the domestic English market. This is also the first strategic transformation of Sibich. However, at that time, the market's technical awareness of artificial intelligence and voice recognition was not high, and Sibi was once in a dilemma of business difficulties.

The most difficult time, the company could not make ends meet, and the money on the book was enough for a few months. Gao Shixing had to mortgage his house. Fortunately, Apple went online in 2011, and brought a fire voice interactive market. After looking at the time, Gao Shixing took Sibich to decisively transform, all in the field of intelligent hardware, and stripped the oral education business, set up a subsidiary company -Chisheng Technology, and was later acquired by Netlong.

In 2012, Yu Kai returned to China. However, he did not join Sibich full -time, but chose to be a professor at the School of Computer School of Shanghai Jiaotong University. He supported the company's scientific research forces through the basic research of the school to help the company commercialize realization. With the continuous application scenarios, the Gao Shixing team found that AI dialogue interaction has become higher and higher for chip capabilities and power consumption. So they made a bold decision to cross the border -the establishment of a chip company.

In March 2018, the chip design company of Sibichi was established, and the software and hardware optimization of the smart phonetic algorithm and chip design focused on. At the same time, Yun Zhisheng, and went out to ask many AI voice startups, and also released chips, and AI companies made new fashion. To this day, Shencong Intelligent has completed three rounds of financing, and investors include Sibich, SMIC, Yuanhe Holdings, etc.

Nowadays, Sibich ’s overall business focuses on the key layout of“ Cloud+Core ”to independently develops a new generation of human -computer interaction platform and artificial intelligence chip. It already has full link intelligent voice language technology, which is a cooperation for networking, LOT and many industry scenarios for car networking, LOT and many industry scenes. Partners provide natural language interaction solutions.

Even so, Sibich still failed to escape the curse of losses. The prospectus shows that in 2019, 2020, and 2021, Si Bichi revenue was 115 million yuan, 237 million yuan, and 307 million yuan, respectively; net losses were 283 million yuan, 215 million yuan, and 335 million yuan; after deducting non -deduction Net losses were 275 million yuan, 203 million yuan, and 344 million yuan, respectively.

Along the way, Sibichi completed at least 10 rounds of financing. Investors include Lenovo Star, Hutang Venture Capital, Yuanhe Capital, Yuanhe Holdings, Yuanhe Chenkun, Zhongmin Investment, Shenzhen Venture Capital Well -known investment institutions such as Jinshi, Qingkong Ginkgo, as well as industrial companies such as Alibaba, MediaTek, Foxconn, Beiqi Investment, Midea Capital, and Jiadu Technology.

The prospectus shows that Alibaba currently holds 13.22%of the company's largest institutional shareholders. The founders Gao Shixing and Yu Kai directly held 11.5285%and 7.9589%of the company, respectively, and the two held a total of 36.7726%of the shares. Along with Sibchi sprinting the IPO, two Cambridge friends are expected to usher in the first IPO of life. Qianjia company queuing IPO

I don’t dare to hold a shareholders' meeting if I don’t go public

Sibi rushed to the IPO, but was just a microcosm of the current IPO queuing.

Here is a set of data -according to statistics from the Securities Regulatory Commission website and the Beijing -Shanghai -Shenzhen Exchange, as of June 30, 2022, A -share IPOs have a total of 1,083 companies in the audit enterprises. Among them, there were 168 Shanghai motherboards, 148 deep -ups, 187 science and technology boards, 445 GEM, and 135 Bei Stocks.

Especially in June, IPO declarations ushered in a rare outbreak. According to Wind data statistics, 429 companies have been accepted in a single month. In May this year, this number was only 59, which shows that the increase is amazing. From the perspective of the industry, the IPO is still biased towards high -end manufacturing and technology industries.

Not long ago, the leading enterprise of domestic databases -Dimeng Data sprint science and technology board. As the founder of Da Meng data, Feng Yu is a professor of Huazhong University of Science and Technology in his 70s. In the 1980s, Feng Yu, who had joined Huake, took his own R & D team to develop my country's first independent copyright "database management system CRDS". In November 2000, Feng Yu established Dream Dream. For more than 20 years, Dammeng's data broke the monopoly of Oracle and became the number one company in China's domestic database management software. Once successfully listed, Da Meng data will become the first domestic database.

There is also the hot hydrogen energy track this year, and 3 IPOs run out in a row. In the past month, hydrogen fuel cell companies Jie Hydrogen Technology, Guofu Hydrogen Energy, and Zhizhen shares have published the IPO prospectus of the Science and Technology Board in turn. Among them, the establishment of Jie Hydrogen Technology in 2018 is an enterprise of the main hydrogen -off -fuel battery under SAIC Group. It has completed the development of a variety of fuel cell piles and fuel cell systems. , Light passenger cars, urban buses, highway buses, light and heavy trucks, locomotives, forklifts, trailers and many other fields.

Guofu Hydrogen Energy was established in 2016 and focused on providing core equipment for customers such as fuel cell integration manufacturers, vehicle manufacturers, energy companies, urban bus operation companies and other customers. Chen Guanlong, a company with a battery metal bipolar board, was a professor at the School of Mechanical and Power Engineering, Shanghai Jiaotong University.

Even the consumer companies that I like to pile in the listing of Hong Kong stocks in the past have moved to A shares. At the end of June, Volon Food has completed the IPO counseling of CITIC Securities and submitted a prospectus to the main board of the Shanghai Stock Exchange. The founder of Volon Food, Yang Guoqing, was born in food. He was engaged in the import and export trade of nuts in the early days. By 2012, the Volon brand began. In response to the seasonal pain points of Nuts, Yang Guoqing pioneered the first daily nuts of mixed and small packaging, and launched the Volon Tmall flagship store in 2016. Today, Yang Guoqing took this explosive nut brand to the door of the IPO bell.

Coincidentally, an online red milk brand adopted a cow also submitted a prospectus to the main board of the Shanghai Stock Exchange. The founding story of adopting a cow should start with the founder Xu Xiaobo's experience of buying milk powder from Hong Kong, China. In 2012, Xu Xiaobo, who went to Hong Kong for a business trip, was seized by the Customs of Hong Kong in China because the number of milk powder exceeded 2 cans. As a result, he officially founded "adoption a cow" in Hangzhou in 2016. In 6 years, a cow has completed 5 rounds of financing, and well -known institutions such as KKR, Dehong Capital, and Meituan Dragon Ball have entered the game. After the latest round of capital increase, the overall valuation of the overall investment in a cow was about 10.064 billion yuan.

In addition, the sluggish medical health track in the first half of the year also showed an IPO outbreak. In the past month, the number of enterprises that have accepted and submitted the prospectus of GEM, science and technology boards, and the Hong Kong Stock Exchange have far exceeded the first five months. On average, a medical and health enterprise sprinted on average every day. From the perspective of the segmentation track, there are 24 biomedical companies that sprint the IPO in June, 4 medical equipment companies, and only one medical service company. Among them, companies such as Rongsheng Biological, Australian Biology, Mingfeng Medical, and Lianchuan Biological have declared science and technology boards. Jingjie Bio, Hebei Yipin Pharmaceutical, Guangzhou Green Cross Pharmaceutical and other companies have been accepted by the GEM.

This scene is extremely spectacular: A shares ushered in the "retaliation" IPO.

VC/PE's domestic IPO returns goes higher

Now the US dollar fund is also studying the A -share listing mechanism

Why is the IPO queuing?

In fact, the surge in IPO in June is a reasonable scope. Generally speaking, in June each year, the number of IPOs declare in enterprises increases. This is because the data reported by IPO is valid for 6 months. The company declares before June 30. Materials can use financial data on December 31 last year.

In addition, the epidemic in Beijing and Shanghai in the first half of the year caused a large number of IPO projects to be accumulated. "When the epidemic is relieved, the enthusiasm of the listed companies is very enthusiastic, and the overall number of declarations is very large." A securities company in Beijing revealed.

More importantly, market confidence is slowly recovering. With the recovery of the A -share market and the changes in pricing structure, the situation of breaking the new stocks on the first day of listing has improved. From the perspective of Wind data, among the 171 new stocks listed in the first half of this year, 128 companies have achieved the stock price rise on the first day of listing. In terms of gains, three companies including New Tiger, Yike Food and Zhongqi Co., Ltd. increased by more than 200%on the first day, with an increase of 221.60%, 212.46%, and 200.00%. The haze of the break was swept away. In addition, with the advancement of the registration system and the further improvement of the regulatory system, more high -quality and innovative enterprises have poured into the A -share market.

The "Mainland China and Hong Kong IPO Market" reported by Ernst & Young showed that in the first half of 2022, the number and fundraising amount and fundraising of the IPOs of Hong Kong stocks accounted for 30%and 53%of the world's, respectively, and compared with last year, they increased. The Shanghai Stock Exchange raised the world's first ranking, totaling 32.8 billion U.S. dollars, accounting for 34%of the global total. The number of Shenzhen Stock Exchange ranks first in the world, with a total of 81, accounting for 13%of the total global.

"Encouraging the return of red chips and the deepening of the reform of the registration system will continue to benefit the A -share market. Driven by the main sector of the science and technology board and the GEM list, the issuance of new shares in the second half of the year will be expected to speed up." Essence

The changes in the secondary market are quietly affecting the choice of the primary market. In the context of loose listing policies in China and stricter overseas supervision, the domestic exit channels are relatively unblocked. Chinese enterprises supported by VC/PE institutions are mostly selected on A shares, accounting for 94.0%, which also means that the US dollar funds need to need Re -evaluate investment and exit strategies.

Judging from the return multiple, VC/PE has risen in the domestic market book book. According to the latest data of the Qingke Research Center, in the first half of 2022, the average book returns (at the issue price) of VC/PE invested companies in the country reached 5.87 times, which was slightly declining compared to the 6.35 times in the first quarter, but the overall overall Compared with 2021, the return is still greatly improved. Among them, the science and technology board and the GEM board are more than 6 times the book return of the issuance, first day, and 20th, which is better than other sectors. In contrast, the overseas market return multiple continues to decline.

It can be said that at the exit, the RMB Fund is ushered in historical opportunities. Da Chen Caizhi Executive Partner and President Xiao Bing said to the investment community recently, "We have always been listed in A shares, so the frustration of U.S. stocks has not affected the morning, and Hong Kong stocks have limited liquidity. Systematic opportunities are still in A shares. "

It is reported that the US dollar fund team is also studying the A -share listing mechanism and focusing on learning the policy of science and innovation board. This is a rare scene in the history of Chinese venture capital.

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