Kechuang丨[DJI Godfather] Li Zexiang’s first IPO, market value exceeds 20 billion

Recently, Googol Technology officially landed on the GEM, with a closing price increase of over 466% on the day of listing, and a market value of 27.2 billion.

Googol Technology focuses on the research and development of motion control core and intelligent manufacturing core technologies.

The prospectus shows that in the three years from 2020 to 2022, its revenue was 283 million, 338 million and 348 million respectively, and its net profits after deducting non-returning shares reached 48 million, 57 million and 43 million respectively.

The field of motion control includes many core technologies such as motion control, servo drive, and multi-dimensional perception, which need to meet the requirements of intelligent equipment manufacturing for speed, accuracy and other indicators.

In this IPO, Googol Technology plans to issue no less than 40.01 million shares and plans to raise 450 million yuan.

Among them, 120 million yuan will be used for the upgrade of motion control system projects, 180 million yuan will be used for motion control core technology research and innovation projects, and 150 million yuan will be used to supplement working capital.

It can be seen that even after going public, the company will continue to work intensively in its core business areas.

Relevant data shows that the global market space of motion control last year was 15.5 billion US dollars, and the domestic market space in 2019 was 42.5 billion yuan. The mid-to-high-end motion control market is dominated by overseas brands, and domestic companies have achieved certain breakthroughs in their respective fields.

According to MARKETS AND MARKETS data, the global motion control market space will be US$15.5 billion in 2022 and is expected to reach US$20 billion by 2027, with a compound growth rate of 5.2%.

In 2019, Googol Technology launched a high-performance GSHD servo driver. The prospectus stated that its core control performance can benchmark against advanced international manufacturers such as Kollmorgen and ELMO.

The market's response was the fastest and most honest: the launch and promotion of a series of high-performance servo drives made Googol's servo drive business grow rapidly.

By 2021, the year-on-year growth in related revenue has reached 150.06%. In 2022, sales of high-end product GSHD series servo drives will exceed 20,000 units.

Based on the breakthrough of localization of intelligent manufacturing, Gu High Technology has broad prospects.

It is expected that by 2025, China's motion controller market will reach 25 billion yuan.

Googol Technology's performance is promising, with revenue of 350 million yuan last year, and the compound growth rate of revenue in the past three years has exceeded 10%.

[Professor Tiantuan]’s scientific and technological innovation gene is the basis for this Shenzhen company to follow the industrial transformation path of technological achievements and open the door to listing.

Li Zexiang, Gao Bingqiang and Wu Hong are well-known scholars and experts in the fields of robotics, microelectronics and motion control.

Li Zexiang, the founder and chairman of Guco, is a professor in the Department of Electronic Engineering at the Hong Kong University of Science and Technology. He was the mentor of DJI founder Wang Tao when he was studying at the Hong Kong University of Science and Technology. He was very helpful in the early days of DJI, so he is also known as [DJI Godfather].

Googol Technology is also the first IPO company of Li Zexiang as the founder, and there are also many venture capital institutions behind it.

Since its establishment, Googol Technology has received investment from Beijing Equity Center, Guangyuan Automation, Macau Mingjie, Guofu LVGEM, Cornerstone Capital, Legend Venture Capital, Hong Kong University of Science and Technology, Shunxi Fund and other institutions.

Among them, four investors, including Cornerstone Capital, Legend Venture Capital, and Shunxi Fund, became shareholders of Googol Technology in May 2021 through equity transfers. At that time, the company was valued at more than 1.8 billion yuan.

Before the listing, Li Zexiang held 15%, Gao Bingqiang held 8.33%, Wu Hong held 7.52%, Beijing Equity Center held 10.75%, Guofu LVGEM held 7.72%, Cornerstone Capital held 2.8%, and Legend Venture Capital held 2.45%, and Hong Kong University of Science and Technology holds 2.34%.

In 2006, with the encouragement of Professor Li Zexiang, 26-year-old Wang Tao returned to a warehouse of less than 20 square meters in Chegongmiao, Futian District, Shenzhen and founded DJI Innovations. No one expected that it would rise to become a global drone company in the future. overlord.

In 2012, DJI released the Phantom, the world's first all-in-one aerial camera, but domestic investment institutions positioned DJI as a toy company.

To this end, Li Zexiang went to the United States to deliver DJI samples to Silicon Valley technology giants. Later, DJI received tens of millions of dollars in Series A financing from Sequoia Capital.

Market visibility subsequently expanded, and now it has become the global drone overlord with a valuation of over 160 billion yuan.

Currently, Li Zexiang still serves as a director of DJI Drone.

After the college entrance examination was resumed, Li Zexiang was successfully admitted to Central South University, a prestigious domestic university, and became a lucky student to study in the United States at public expense in the first semester.

While studying abroad, he felt the superiority of the [research-application-industrialization] entrepreneurial ecosystem, and it became Li Zexiang's dream to build and promote the [industry-university-research] system.

In 1992, he resigned from his teaching position in the Department of Computer Science at New York University, chose to join the Hong Kong University of Science and Technology, and founded [3126 Laboratory] with the positioning of [international, research-oriented, industry-university-research].

In 1999, the Shenzhen Municipal Government joined hands with Peking University and the Hong Kong University of Science and Technology to jointly create the Shenzhen-Hong Kong Industry-Academic-Research Base to promote the industrialization of scientific research results from the two universities in Shenzhen.

Since the project launch ceremony requires companies from both schools to sign in, with the idea of ​​"integrating scientific research and industry" in mind, Li Zexiang, a professor at the Hong Kong University of Science and Technology, joined hands with colleagues Gao Bingqiang and Wu Hong to co-found Goog Technology.

Subsequently, Shi Jinbo devoted himself to entrepreneurship with the support of his mentor Li Zexiang.

In 2011, she led her junior classmate Yu Chunhua and six other people to pool together nearly 900,000 yuan and founded Liqun Automation, an industrial robot company.

During the development process of Liqun Automation, Li Zexiang gave a lot of guidance and assistance.

In November 2014, Li Zexiang, Gao Bingqiang, Gan Jie, Vice President of the Cheung Kong Graduate School of Business and other outstanding entrepreneurial mentors jointly launched Dongguan Songshan Lake International Robot Industry Base (XBOT PARK), focusing on entrepreneurial incubation of investment in robots and intelligent hardware related fields. .

In 2015, Zhang Junbin, who had just graduated from Shanghai Jiao Tong University with a master's degree, submitted his resume to Professor Li Zexiang's official account and planned to start a business in Songshan Lake, Dongguan.

In 2016, Zhang Junbin founded Cloud Whale Intelligence in Songshan Lake, dedicated to developing one-click cleaning home service robots, and became the first talent introduced by Li Zexiang to Songshan Lake.

Later, Li Zexiang and several teachers gritted their teeth and invested in Yunjing Intelligence. Today, Cloud Whale has become a super unicorn in the field of robotics.

and Wang Lei, founder of EcoFlow Zhenghao. Wang Lei, who graduated from the Hong Kong Polytechnic University, once worked at DJI and often had close contact with Professor Li Zexiang and gradually understood the process of converting research into actual products.

In 2017, 27-year-old Wang Lei started his own business, and the mobile energy storage company EcoFlow Zhenghao was officially born.

In 2021, EcoFlow Zhenghao has signed a listing guidance agreement with CICC and plans to list on domestic exchanges.

Li Zexiang pioneered a new path of integrating industry, academia and research, and Googol Technology established a motion control innovation factory;

It has cooperated with Tsinghua University, Zhejiang University, Harbin Institute of Technology, Shenzhen University, etc. to jointly train more than 1,600 electromechanical system application engineers.

The core thing that Googol Technology has done in the past two decades is: domestic substitution in the field of motion control.

Its innovative breakthroughs are concentrated here, with the core including the iteration of plug-in motion controllers and the industrialization of high-performance servo drives.

Reference for some information: Hard Krypton: "The "DJI Godfather" Entrepreneurship Experiment Finally Comes to Land", Tiantian IPO: "30 Billion, Li Zexiang's First IPO Is Coming", China Investment Network: "Surge Over 500%, Professor Li Zexiang's First IPO" IPO is coming”, investor: “[Sweeper Monk] in the science and technology industry successfully won the IPO”

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