Produced | Sohu Technology
Edit | Liang Changjun
On December 30, SenseTime Technology closed up 7.27% on the first day of listing on the Hong Kong Stock Exchange, and its share price was reported at 4.13 Hong Kong dollars, with a market value of 137.5 billion Hong Kong dollars. After the market opened today, SenseTime’s stock price soared rapidly, rising by more than 20% at one time, and its market value exceeded 150 billion Hong Kong dollars.
SenseTime’s issuance price is HK$3.85 and 1.5 billion shares are offered globally, of which 150 million shares are offered in Hong Kong and 1.35 billion shares are offered internationally, all of which have been oversubscribed; the issuance scale is HK$5.775 billion and the net fundraising amount is 55.52. Billion Hong Kong dollars. After the completion of this issuance and listing, SenseTime’s total equity will total nearly 33.3 billion shares.
Shang Tang is a typical scientist entrepreneurship. The founder Tang Xiaoou is a professor at the Chinese University of Hong Kong and is known as the “pioneer” of global face recognition technology; co-founder & CEO Xu Li, co-founder & chief scientist Wang Xiaogang, co-founder & Board Secretary Xu Bing and others are all Ph.Ds from well-known universities. Wang Xiaogang and Tang Xiaoou are both Ph.Ds graduated from the Massachusetts Institute of Technology, while Xu Li and Xu Bing are Ph.Ds graduated from the Chinese University of Hong Kong.
With this listing, SenseTime’s core founding team will also usher in considerable wealth growth. Currently, Professor Tang Xiaoou holds a 20.75% interest in Shangtang and is the controlling shareholder; Xu Li holds 1.70%, Wang Xiaogang holds 0.91%, and Xu Bing holds 0.76%.
Calculated based on the closing market value on the first day of listing, Professor Tang Xiaoou’s net worth reached 28.5 billion Hong Kong dollars (approximately RMB 23.3 billion); Xu Li’s net worth exceeded 2.3 billion Hong Kong dollars, Wang Xiaogang and Xu Bing’s net worth exceeded 1.2 billion Hong Kong dollars and 1 billion Hong Kong dollars respectively, reaching a total of 33 billion Hong Kong dollars (approximately 27 billion yuan).
It is worth noting that Xu Li, Wang Xiaogang and Xu Bing have also attracted attention because of their “high salary”. The data in the prospectus shows that in the first half of this year, Xu Li’s salary totaled 512 million yuan, Wang Xiaogang’s total salary was 375 million yuan, and Xu Bing’s total salary was 305 million yuan, totaling 1.192 billion yuan, which aroused the attention of the outside world.
At that time, SenseTime stated that the online report of SenseTime’s executives had misunderstood the compensation of hundreds of millions of yuan. The value of the shares held by the company’s three co-founders and executive directors was misinterpreted as cash compensation. The actual executive compensation including bonuses ranged from 2 to more than 3 million yuan. The company’s founding team’s incentives were mainly long-term equity incentives.
In fact, the aforementioned remuneration includes a number of contents, specifically salaries and wages, discretionary bonuses, share-based compensation expenses, social security costs, housing benefits and employee benefits, etc.; among them, share-based compensation expenses are also It is often said that the amount of equity incentives is huge. Xu Li, Wang Xiaogang and Xu Bing were respectively 510 million yuan, 374 million yuan, and 304 million yuan in the first half of this year. After removing the share-based compensation expenses, in the first half of this year, the total salary of the three senior executives was 4 million yuan, and the total salary in 2020 was 10 million yuan.
In terms of external institutional shareholders, SoftBank currently holds 14.21% of the shares and is the largest external institutional shareholder of SenseTime. It currently holds a market value of HK$19.5 billion; Alibaba’s Taobao holds 7.24% and holds a market value of nearly HK$10 billion. income. In addition, Chunhua Capital, Silver Lake Capital, IDG, China National Regulatory Commission, Shanghai International Group, Sailing Fund, CDH Fund, and iFlytek, Gome Retail, Shanghai Electric, etc. also hold minority stakes in Shangtang.
Regarding the future prospects of Shangtang, Essence Securities Research reported that Shangtang’s market-sales ratio after listing was 15-18 times, with a reasonable valuation range of 4.87-5.85 Hong Kong dollars, corresponding to a market value of 162.085 billion Hong Kong dollars-194.702 billion Hong Kong dollars. Based on the upper edge of the valuation calculated by the agency, Shangtang has up to about 52% upside potential from the issue price in the future.
The agency believes that the rapid expansion of application scenarios in the AI industry may bring more opportunities to SenseTime. At the same time, SenseTime, as a first-tier company, has stronger customer recognition, resulting in stronger business development capabilities, which is expected Obtaining a revenue growth rate higher than that of the industry; the increase in gross profit margin brought about by the superimposed product structure is expected to promote the growth of the company’s gross profit.
SenseTime’s previously announced performance showed that from 2018 to 2020 and the first half of this year, the company’s revenue was approximately 1.853 billion yuan, 3.027 billion yuan, 3.446 billion yuan, and 1.652 billion yuan; the year-on-year growth in 2019 and 2020 was 63 yuan respectively. % And 14%, the year-on-year growth rate was nearly 92% in the first half of this year.
During the aforementioned period, SenseTime’s net losses were approximately 3.433 billion yuan, 4.968 billion yuan, 12.158 billion yuan, and 3.713 billion yuan, with a cumulative loss of nearly 24.3 billion yuan. After deducting factors such as the fair value loss of preferred stocks, the accumulated loss was nearly 2.9 billion yuan. SenseTime said that as it continues to expand its business to increase research and development, it may still be unable to achieve or maintain profitability in the future.Return to Sohu to see more
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