Samsung/Hikvision supplier Haitian Ruisheng enters the Science and Technology Innovation Board again, and its IPO application is accepted

On June 22, the IPO of Beijing Haitian Ruisheng Technologies Co., Ltd. (hereinafter referred to as "Haitian Ruisheng") on the Science and Technology Innovation Board was accepted.

It is worth noting that Haitian Ruisheng suddenly terminated the review on the eve of the Sci-Tech Innovation Board in July last year. At that time, Haitian Ruisheng explained that the withdrawal of application materials was a proactive move by the company and its sponsor, mainly considering the company's long-term strategic layout. In view of the company's issuance scale and the guidance of the Sci-Tech Innovation Board on the scale of strategic placements, the company may have considered introducing strategic investors in advance, and the equity structure may change, so it took the initiative to terminate the Sci-Tech Innovation Board listing application.

After some twists and turns, Haitian Ruisheng restarted its guidance on the Science and Technology Innovation Board in February this year, and its IPO was accepted today.

According to the data, Haitian Ruisheng is my country's leading professional provider of AI training data. Since its establishment in 2005, the issuer has been committed to providing professional data sets required for AI algorithm model development and training for various institutions in the AI ​​industry chain. The training data provided by the issuer covers multiple AI core fields such as intelligent speech (speech recognition, speech synthesis, etc.), computer vision, natural language, etc., and fully serves a variety of innovative application scenarios such as human-computer interaction, intelligent driving, and smart cities. Among them, intelligent speech is the issuer's advantage area, and the service/product line has covered more than 150 major languages ​​and dialects.

At present, Haitian Ruisheng's products and services have been recognized by Alibaba, Tencent, Baidu, iFlytek, Hikvision, Microsoft, Amazon, Samsung and other high-quality customers at home and abroad, and are used in the training process of algorithm models related to various artificial intelligence products such as personal assistants, smart speakers, voice navigation, search services, intelligent driving, machine translation, etc. At present, the cumulative number of Haitian Ruisheng customers has exceeded 400, covering many large technology companies, artificial intelligence enterprises and scientific research institutions.

The prospectus disclosed that from 2017 to 2019, Haitian Ruisheng's revenue was RMB 119 million, RMB 193 million, and RMB 238 million, respectively; and its net profit was RMB 34.0787 million, RMB 67.1307 million, and RMB 81.5868 million, respectively. Its revenue and net profit showed steady growth year by year.

This time, Haitian Ruisheng plans to raise 766 million yuan to invest in the expansion of independent research and development data products, the upgrade of integrated data processing technology support platform, the upgrade and construction of R&D center, and to supplement working capital, etc.

It cannot be ignored that the artificial intelligence industry is a strategic industry supported by the state, and the artificial intelligence basic data service industry is located at the upstream of the industrial chain, in a period of rapid growth, and has broad development prospects. In recent years, the number of companies participating in this industry has continued to increase, which has promoted the rapid development of the industry on the one hand, and has also led to intensified competition in the industry on the other hand. If the company cannot continue to effectively formulate and implement business development plans and maintain the leading edge of technology, products and services, it will be challenged by competitors and face the risk of declining operating conditions, declining market position and possible loss of major customers due to intensified market competition, which will in turn affect the company's profitability and development potential.

Regarding the core technology issues that have been inquired many times before, the risk factors of Haitian Ruisheng are also relatively vague, and may face new inquiries. Haitian Ruisheng stated that in the process of many years of industry practice, the issuer has always focused on fully exploring and cultivating its core technology advantages, independently developed an integrated data processing platform, and accumulated core technologies in three dimensions: basic research, platform tools, and training data development. The issuer's data products and services are all based on core technologies. The company has formulated a strict confidentiality system and strictly enforced it, but the above measures still cannot completely avoid the risk of confidentiality of the company's core technology. If the internal control and confidentiality mechanisms of the company's relevant core technologies cannot be effectively implemented, it may lead to the risk of confidentiality of the company's core technologies.