Excellent Registration Is Waiting For 77 Days To Be Granted The First Case Of "A Shares".

In December 24th, it was the Christmas Eve of the western festivals. The science and technology board declared that the Polytron Technologies Inc was celebrating the festival as usual.

However, this year's Christmas Eve is a bit special for the best, and the festival's joy must be added.

That evening, the SFC issued a notice that it agreed to the first public offering of stock registration of the company. This means that after more than two months of submission of registration, the successful application of the science and technology board has finally landed smoothly.

An excellent worker can hardly conceal his joy and forward in his circle of friends: "this is Christmas Eve belonging to UCloud".

One of the main concerns is that "special voting rights" have been set up. The whole IPO process has been seen as an ice breaking trip between A shares and different rights. With the entry into force, the company will become the first company to have different rights in the same stock market and A shares, which is of great significance to China's capital market.

"The right to share the same shares marks the opening of the A share market to accommodate the new economy listed companies rather than the new economic companies. Differential voting is an innovation in the process of enterprise development, and rules should accept this innovation. In December 25th, Wang Jiyue, a senior investment bank, told reporters on twenty-first Century economic report.

Enhance the tolerance of science and technology board

Since its registration in October 8th, its registration process has always been the concern of the outside world. Compared with other science and technology companies, the registration rhythm of excellent carving was slightly slower, which lasted for 77 days, and was once challenged to register "dystocia".

However, with the news of Christmas Eve, the successful application of the science and technology board has officially landed.

The biggest concern of the outside world is the establishment of a "special voting right" corporate governance structure, that is, "different rights of the same stock".

According to the arrangement of special voting rights, according to the maximum number of shares that may be issued, the actual controller Ji Xinhua, Mo Xianfeng and Hua Kun will jointly hold 19.3964% of the issuer's share and 54.6113% of the voting rights after the issue is completed.

Historically speaking, the company has a special liking for the "different rights" structure. In the first half of 2013, the red chip structure was set up for the implementation of the overseas listing scheme, and a special voting arrangement was also set up. A class a common stock and a preferred stock were entitled to 1 votes per share. Class B shares had 3 votes per share. In March 2016, we should consider the return of domestic A shares and dismantle the red chip structure.

In March 2019, the first provisional shareholders' meeting was held in 2019, and again decided to set up a special voting share.

"There was no joint ownership structure before excellent carving. The main reason was that the listing rules were not allowed. Now that the rules are allowed, the adjustment is made. This framework makes the control of founders and management teams not too diluted due to the N round of financing. In the new economy, the founders and management teams are of great significance to the development of the company, even the soul. Wang Jiyue said.

The different rights of shares are mostly set up by technology companies. The industry believes that science and technology enterprises are mainly light asset management, and it is difficult to obtain credit support from commercial banks. Such enterprises need a large amount of capital investment at the beginning, the profit cycle is longer than the traditional enterprises, and the financing is more urgent. Multi round equity financing is easy to dilute the company's founders or management team shares, or even lose the company's decision-making power.

Before that, there was no such setup in the A share market, which led many technology companies to go to Hongkong stock market. Take Xiaomi and the US regiment as an example, the two unicorns listed in Hongkong are all in the form of different rights of the same stock. In order to retain more high-quality enterprises, the science and technology board made reference to the experience of HKEx when the system was launched, and specifically stipulated the "voting difference arrangement".

Analysts believe that, from a larger perspective, the registration of effective registration is a footnote to enhance the inclusion degree of the science and technology board, which means that the gap between the mainland's capital market and the different rights of the stock is filled.

Since the opening of the science and technology board, from the first loss enterprise zhe biology, the first red chip enterprise Huarun microelectronics to meet the first shot of the China railway construction started to spin off the market, the company's efforts to enhance corporate tolerance are obvious.

Cloud computing first stock

In addition to "the same share of different rights," the first ring of the aura, excellent carving also has the "create the first cloud computing" holdings.

In recent years, cloud computing is the battleground of Alibaba, Tencent, Baidu and other Internet giants, and major communications providers, HUAWEI and other large equipment manufacturers have also entered the Bureau.

For the sake of excellence, after going through the listing, it is more important to continue to grow in the fierce competition.

According to the report released by IDC, the first half of 2018 accounted for 4.8% of China's public cloud IaaS market, ranking sixth in Ali cloud, Tencent cloud, China Telecom, AWS and Jinshan cloud.

You can say frankly that compared with ALI cloud and Tencent cloud, the company's current business volume is smaller than that of its industry giants, and there is a certain gap in the brand, technological capability, market expansion and financial strength of the company. Moreover, the future market operation environment may further intensify competition, and the competition in the industry may affect the company's business performance.

In recent three years, the revenue growth rate has been slowing down. In 2017-2018 and 2019 1-6, the operating income of the company was 840 million yuan, 1 billion 187 million yuan and 699 million yuan respectively, representing an increase of 62.60%, 41.39% and 32.13% respectively. It is mainly affected by the slowdown in the consumption of the Internet industry by the main downstream industries of cloud computing.

Specifically, public cloud is the company's main source of revenue, contributing more than 8. The proportion of mixed cloud business revenue increased year by year, the revenue contribution in the first half was 16%, the growth rates in 2017 and 2018 were 119.05% and 182.44% respectively, which provided a new breakthrough for further improvement of company performance.

From the perspective of downstream customers, the company's revenue mainly comes from three areas: interactive entertainment, mobile Internet and enterprise services. Famous customers include Zan, Kai Ying network, pull hook net, China Mobile and so on.

However, it is worth noting that in the majority of the industry giants and new Xingyun service companies in a state of loss, excellent carving has been profitable on a smaller scale. In the 2016-2018 and 1-6 months of 2019, the net profit was -21086.20 million yuan, 59 million 279 thousand and 900 yuan, 77 million 148 thousand yuan and 7 million 784 thousand and 400 yuan respectively.

In the face of fierce competition, there is still greater opportunity for development. "The total number of ID consumption in the reporting period has basically remained stable, ARPU value has continued to grow, and operating income has maintained sustained and rapid growth. In the future, with the implementation of the investment projects, it will further promote the growth of the issuer's operating income."