The Shanghai Stock Exchange issued an announcement that the "AI Four Little Dragons" enterprise Yuncong Technology Group Co., Ltd. (hereinafter referred to as Yuncong Technology) has accepted the IPO application on the Science and Technology Innovation Board, and CITIC Construction Investment is the sponsor.
Yuncong Technology stated in the prospectus that the proposed public offering of shares does not exceed 112,430,000 shares (before the over-allotment option is exercised), and the financing scale is expected to be 3.75 billion yuan. The net proceeds from the raised funds are mainly used for the human-machine collaborative operating system upgrade project, the Qingzhou system ecological construction project, the artificial intelligence solution integrated service ecological project and supplementary working capital.
It is reported that Yuncong Technology was established in 2015. It is an artificial intelligence company that provides efficient human-machine collaborative operating systems and industry solutions. It is committed to promoting the industrialization of artificial intelligence and the intelligent transformation and upgrading of various industries. On the one hand, the company has built a human-machine collaborative operating system with its self-developed artificial intelligence core technology. Through the comprehensive connection of business data, hardware equipment and software applications, it grasps the core entrance of the artificial intelligence ecology and provides customers with informatization, digitalization and Intelligent artificial intelligence services; on the other hand, based on the human-machine collaborative operating system, the company empowers application scenarios such as smart finance, smart governance, smart travel, and smart business, and provides a wider range of customer groups with AI technology as the core Industry Solutions. According to the
prospectus, from 2017 to the first half of 2020, Yuncong Technology's revenue was 64,533,700 yuan (RMB), 484,113,400 yuan, 807,347,200 yuan, and 220,961,900 yuan. The company's net profits attributable to owners of the parent company were -106.3163 million yuan, -180.6752 million yuan, -1708,116 million yuan, and -286.2022 million yuan.
As of the end of June 2020, the cumulative undistributed profit of the company's consolidated basis was -1,080,861,700 yuan, and the cumulative undistributed profit of the parent company's statement was -31,404,800 yuan. The company has not yet made a profit and has a large uncovered loss. Yuncong Technology stated that the main reason for the loss is to ensure that it continues to have core competitiveness in the artificial intelligence industry, and the company continues to invest funds in research and development. The company's research and development expenses accounted for 92.06%, 30.61%, 56.25%, and 112.00% of each period's operating income, respectively. According to the
prospectus, Yuncong Technology will issue A and B shares. Founder Zhou Xi is its largest shareholder with 64.6% of the voting rights. And Zhou Xi's Changzhou Yuncong has a total share of 23.2% in Yuncong Technology.
Source: Titanium Media
