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8 years of financing 3 billion, loss of 500 million last year, Tai Mei technology jumped the gun in the first share of medical SaaS

via:AI财经社     time:2021/12/31 22:03:08     readed:157

Article | "Financial world" weekly Hu Wenliu

(Photo by Visual China)

7 years 8 times of financing, luxury capital group "support", tai Mei technology ready to jump the gun "medical SaaS first share".

On December 29th, is beautiful technology kechuang board IPO accepted to issue no more than 100 million shares, plans to raise 2 billion yuan, for "clinical research intelligent collaboration platform upgrade project" research and development of "clinical research enterprise backend system upgrade project," "independent image evaluation system research and development to upgrade project" research and development of "pharmacovigilance system upgrade project" four projects.

Eight years of no profit, Dong Jian Gao per capita annual salary million

Taimei Technology 3, founded on June 6, 2013, is a medical SaaS software and service provider, mainly providing digital solutions, clinical operation services and medical conference services.

Taimei's revenue grew from 59.9743 million yuan in 2018 to 303 million yuan in 2020, according to the prospectus. However, as of June 30, 2021, Taimei technology has not yet made a profit and has accumulated uncovered losses.

Specifically, from 2018 to 2020, taimei Technology's net loss was 183 million yuan, 389 million yuan, 524 million yuan respectively, and the net loss kept increasing. In the first half of 2021, Taimei technology still failed to stop its decline, achieving a net loss of 158 million yuan on revenue of 188 million yuan. Taimei said that high research and development expenses, share payment expenses and labor costs have kept the company in the red so far.

But the weekly Caijing World found that in 2020, the average annual salary of Taimei's Dong Jiangao was as high as 1 million yuan.

According to the prospectus, Taimei technology has a total of 9 directors, including 3 independent directors; 3 supervisors, including 1 employee representative supervisor; Set up 4 senior management personnel, including general manager, deputy general manager, secretary of the board of directors, financial officer; 5 core technical personnel. Accordingly, Dongjian high name accumulation 15.

In 2020, the 15 senior executives of Dong Jiangao received 15.2790 million yuan of accumulated salary from Taimei Technology, accounting for 22% of the salary payable to employees in 2020 of 69.631 million yuan. The average annual salary of Dong Jiangao was up to 1.018 million yuan, among which, the annual salary of ni Xiaomei, secretary of the board, was up to 1.4860 million yuan. It is worth noting that Taimei's supervisor Wen Gang also serves as a director and vice chairman of 15 companies.

8 rounds of financing, luxury capital group "blood transfusion" 3 billion

Public information shows that Taimei Technology was established in 2013 and obtained 8 rounds of financing from 2013 to 2021, with a cumulative financing amount of 3 billion yuan. Investment institutions include Tencent Investment, Hillhouse Venture Capital, Ivy Capital, etc.

It is worth noting that on September 28, 2021, on the eve of IPO acceptance, Taimei Technology just received F round of financing of over 1.2 billion yuan, with investors including Tencent Investment, Hillhouse Venture Capital and other 12 investment institutions. The "surprise" financing, is also too beautiful technology since the establishment of the largest harvest amount, involving the largest total number of investors.

As of the signing date of the prospectus, Taimei Technology has a total of 46 shareholders. The top five shareholders are Zhao Lu, Nyingchi Tencent, Jingwei Chuangteng, Wuyuan Morning Xi and Nanjing Kaiyuan, holding 17.24%, 10.43%, 9.38%, 3.84% and 3.83%, respectively. Among them, Nyingchi Tencent is a wholly-owned subsidiary of Shenzhen Tencent Industrial Investment Fund Co., LTD. Tencent Holdings through Nyingchi Tencent, Suzhou Pai indirectly holds 12.06% of the shares of Taimei Technology.

The actual controller's shareholding is low, and the special voting mechanism has risks

Taimei acknowledged that there is a risk in the company's special voting share arrangement.

The prospectus shows that the controlling shareholder and actual controller of Taimei Technology is Zhao Lu. Before this issue, Zhao Lu directly held 17.24% of the voting rights of Taimei Technology, and directly and indirectly controlled 69.78% of the voting rights of Taimei Technology through 9 holding platforms including Shanghai Xiaoju. Among them, 62.50% of the voting rights are held by Zhao Lu according to the current effective articles of Association.

According to the articles of association, taimei Technology adopts differential voting rights arrangement before this issue, that is, the controlling shareholder and actual controller Zhao Lu holds 9,277.34 taimei Shares, which are set as special voting shares (" Class A shares "), and the remaining shareholders hold ordinary shares (" Class B shares "). The number of voting rights of each Class A share is 8 times that of each class B share. To sum up, the number of voting rights of Zhao Lu's Class A shares is 742 million.

As for the special voting mechanism, Taimei technology said frankly, on the one hand, in major business decisions, if minority shareholders, controlling shareholders and actual controllers hold different opinions, there is a great possibility that due to the relatively significant difference in the number of voting rights corresponding to each share, they are not able to exert substantial influence on the voting results of the shareholders' meeting; On the other hand, if the actual controller uses the controlling position to exercise 69.78% of the voting right or in other ways, it will adversely affect business decisions and other matters, and the interests of other shareholders, especially minority shareholders, may be harmed.

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