Source: Times Weekly Mammoth Studio
Top loss listing, opening break!
On March 17th, Gling Shentong (688207.SH) landed in science and technology innovation board with an issue price of 39.49 yuan/share, but it broke in the pre-market trading stage, falling by over 30%. Subsequently, it opened at 38 yuan/share, rose to 39.9 yuan and then fell rapidly, with a drop of over 10%. As of press time, it was 35.1 yuan/share, with a drop of 11.12%, with a total market value of 6.545 billion yuan.
（Wind）
Geling Shentong’s main business is AI R&D. This time, it issued 46.24 million new shares, with a total share capital of 185 million shares and raised 1.826 billion yuan, which is second only to Shang Tang-W (00020.HK) 6.6 billion yuan among AI listed companies in recent years.
Geling Shenyu was born in 2013, and soon received olive branches from many well-known institutions such as Sequoia Capital, Ceyuan Venture Capital and Zhenge Fund, with an overall investment of nearly 50 million yuan.
Today, nine years later, Geling Shenyong landed in the capital market as he wished. From the perspective of investors, how much did they get in return?
Breaking on the first day of listing, 630,000 shares were abandoned.
On the first day of listing, did Glint let investors down?
"Winning is luck, and breaking is life." On the eve of Geling Shentong’s listing, there were investors feeling in the stock bar.
There are also investors who don’t seem to be optimistic about the prospects of the stock. "I also won 500 shares, and I can only sell them below 60. I don’t intend to hold them for a long time."
(Source: Share Bar)
According to Geling Shentong’s previous announcement, the number of valid subscriptions for this online offering is 4.82 million shares, and the number of valid subscriptions is 36.68 million shares, with an online winning rate of 0.036%. At the subscription stage, online investors abandoned 638,900 shares, and the amount of abandonment was 25.23 million yuan, which was underwritten by Haitong Securities.
It is worth noting that when the peers Danghong Technology (688039.SH) and Hongruan Technology (688088. SH) IPO in 2019, the underwriters subscribed for 29,800 shares and 10,000 shares respectively, which was much lower than that of Geling Shenyi.
The issue price of Geling Shentong this time is 39.49 yuan/share. According to the calculation of 500 shares in Zhongyi, the winning investor needs to pay 19,700 yuan. If it is sold at a high point of 39.7 yuan after the opening, it can make a profit of 105 yuan. However, if the meat is cut according to the current quotation (35.1 yuan/share), the loss will be 2195 yuan.
In the secondary market, ArcSoft Technology closed up by 126.97% on the first day of listing, while Danghong Technology and Shang Tang rose by 54.08% and 7.27% respectively on the first day of listing, and Innovation Qizhi (02121.HK) broke down by 25.47% on the first day of listing.
At present, among AI listed companies, Shang Tang -W ranks first with a total market value of 216.7 billion yuan.
Shen Nanpeng earns nearly 700 million a day.
According to Time Finance’s previous report, Glint Shenzhen Eye introduced many well-known institutions such as Sequoia Capital, Ceyuan Venture Capital and Zhenge Fund before listing.realXu Xiaoping and Shen Nanpeng, the heads of Gege Fund and Sequoia Capital, once gave a valuation of 1.9 trillion yuan.
However, Geling Shenyu disclosed in the issuance announcement that the market value of this listing was 7.305 billion yuan; As of press time, its market value has shrunk to 6.545 billion yuan.
According to the prospectus, in the financing stage, Sequoia Capital contributed US$ 3.08 million (equivalent to about RMB 19.55 million), Ceyuan Venture Capital and Zhenge Fund contributed US$ 2.2 million (equivalent to about RMB 13.96 million) and US$ 1.86 million (equivalent to about RMB 11.8 million) respectively.
Judging from the capital structure of Geling Shenyi after its listing, Shenyi Zhishu, the largest shareholder, holds 31.26 million shares, with a shareholding ratio of 16.9%, with Zhao Yong, the company’s actual controller; Sequoia Capital holds 19.4 million shares, with a shareholding ratio of 10.49% as the second largest shareholder; Ceyuan Venture Capital holds 13.85 million shares, with a shareholding ratio of 7.49%; Zhenge Fund and its concerted parties hold 11.69 million shares, with a shareholding ratio of 6.32%.
According to the first day’s market (quoted at 35.1 yuan/share as of press time), how much did investors earn?
Based on the number of shares held by Time Finance, it is roughly estimated that the current floating profit of Sequoia is about 660 million yuan; Ceyuan and Zhenge benefited about 470 million yuan and 400 million yuan respectively.
In addition, Haitong Securities, as the lead underwriter, not only received the sponsorship fee of 128 million yuan, but also its subsidiary Haitong Innovation Investment participated in the strategic placement of Geling Shenyong, and was allocated 1,519,300 shares, with the allocation amount of nearly 60 million yuan. According to the quotation of 35.1 yuan/share as of press time, Haitong Innovation lost about 6.67 million yuan.
Time Finance previously reported that as a "burning money" AI company, Geling Shenyu has not yet made a profit and has accumulated uncompensated losses; On the other hand, its large-scale landing scene in the fields of smart finance and commercial retail is relatively simple, and its customer concentration is high.
According to the announcement, in 2021, the total revenue of Geling Shenyong was 294 million yuan, the net profit loss of returning to the mother was 68.41 million yuan, and the basic earnings per share was -0.49 yuan.
The company expects that the revenue in the first quarter of 2022 will be between 54.52 million yuan and 65.99 million yuan, with a change range of 194%-256%; The net profit of returning to the mother is about-19.68 million yuan to-13.12 million yuan, with a change range of 53.66%-69.11%.
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