Just two months after submitting the prospectus to the science and technology innovation board, the IPO plan of Hesai technology was terminated.
On March 11, the Shanghai Stock Exchange announced that,The decision to terminate the examination of Shanghai Hesai Technology Co., Ltd. (hereinafter referred to as Hesai Technology) in its IPO and listing on the science and technology innovation board.
It is understood that in January 2021, Hesai technology submitted a prospectus to the science and technology innovation board, and Hesai technology plans to raise 2 billion yuan. Among them, 1.2 billion is used in the intelligent manufacturing center project, 650 million is used in the laser radar exclusive chip project, and 150 million is used in the laser radar algorithm research and development project.
Based on this calculation, the valuation of Hesai technology may exceed 10 billion yuan. Once Hesai technology is listed, Hesai technology will become the first share of lidar in China.However, the listing plan of Hesai technology has suffered setbacks only two months ago.
The prospectus showed that there was an unredeemed loss when it was listed on the stock market. The main reason was that the amount of R & D expenditure was relatively high, and in 2020, COVID-19's influence slowed down temporarily.In the short term after listing, the company may face the situation of continuous loss and continuous expansion of accumulated uncollected loss, and there is the risk of delisting.
In addition, if the company continues to lose money in the future and the external financing channels are limited, it will affect the cash flow needed for its daily production and operation, which will adversely affect the company's business development, market development, talent introduction, team stability, R & D investment, capital status and other aspects.This may be the main reason why Hesai technology delayed its listing.
According to public information, Hesai technology was initially established in October 2014 with a registered capital of 360 million yuan. It is a leading 3D sensor (LIDAR) manufacturer in the world. Its main business is R & D, manufacturing and sales of high-resolution 3D lidar and laser gas sensor products.
According to its previous prospectus, in the first three quarters of 2017, 2018, 2019 and 2020, the revenue of Hesai technology was 19.474 million yuan, 133 million yuan, 348 million yuan and 250 million yuan respectively; the net profit was - 24.27 million yuan, 16.11 million yuan, - 150 million yuan and 93.8 million yuan respectively; the R & D investment was 29.41 million yuan, 61.84 million yuan, 168 million yuan and 163 million yuan respectively, accounting for the proportion of operating revenue 151.02%, 46.54%, 48.32% and 64.43%.
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