The Cambrian Fund-Raising Is Not As Expected As The First Listing Of AI Chips.

On the evening of July 6th, the bulletin of Cambrian confirmed that the issue price of Ke Chuang plate was 64.39 yuan / share. According to the arrangement, the Internet road show was completed in the Cambrian in July 7th. In July 8th, investors will purchase online and offline.

Following the SMIC, the company will usher in a chip company, the industry generally believe that the return of the two will play a leading role in the overall valuation of the industry.

However, for the Cambrian period, the road of listing is not as smooth as expected. The 4 year old company has attracted much attention since its birth and has a series of admirable labels. Under the prestige, it has also been questioned for nearly a year. In particular, from the determined price issue, the controversy behind it has loomed again.

Twenty-first Century economic news reporter noted that according to the issue price of 64.39 yuan / share and 40 million 100 thousand shares of the number of new shares issued, if this issue is successful, it is estimated that the total amount of the Cambrian raised funds is 2 billion 582 million yuan, after deducting the issue cost of 84 million 366 thousand and 100 yuan (excluding tax), the net proceeds of the proposed fundraising are 2 billion 498 million yuan. This is still somewhat different from the estimated 2 billion 801 million yuan of prospectus raised before the prospectus.

This is rare in the issue of Ke Chuang board company. Wang Jiyue, a senior investment bank, commented: "the market has been controversial over the Cambrian era, and the price of the offering shows that the company is a bit high on its expectations."

Fund-raising is not as good as expected.

According to the announcement, the Cambrian issue price is 64.39 yuan / share, the number of shares issued is 40 million 100 thousand shares, the total size of the issue is 2 billion 582 million yuan, and the corresponding company's market value is 25 billion 762 million yuan.

According to the content disclosed in the prospectus, the Cambrian expects to raise 2 billion 801 million yuan, corresponding to the market value of about 28 billion yuan. In contrast, Cambrian did not get the price expected in the market inquiry.

In fact, the price is lower than the previous market expectations. For example, Shen Wan Hongyuan in the July 2nd research report, based on the Cambrian fundamentals and the comparable analysis of comparable industries in the same industry, the price range is expected to be 64.80 yuan -70.26 yuan. The final issue price is lower than the lower limit of the interval.

"Not enough to explain that the project is much more prepared, and we intend to have more money, that is to say, we expect a bit high on the issue price, and the market inquiry does not give this price." Wang Jiyue commented.

In the online roadshow in July 7th, the reporter asked Chen Tianshi, chairman of the Cambrian period, questions about the amount of fund-raising. He replied, "the actual amount of fund-raising in the company is mainly affected by market factors. The company believes that the fund-raising fund can support future business development and investment projects."

In the previous prospectus, Cambrian has said that if the actual collection of funds (after deducting the corresponding issuance costs) can not meet the investment needs of the above investment projects, the funding gap will be resolved through self financing.

So what is the 64.39 yuan / share issue price in the industry?

Reporters learned that, because the Cambrian has not yet been profitable, this issue chose the market sales rate as a valuation index.

Public information shows that the issuer's operating income in 2019 is 58.03 times higher than the comparable static average sales rate of the company, which is lower than the static sales rate of the comparable company's technology and technology.

From the result, though the aura of "the first strand of AI chips" is on top of the head, the controversy and doubt about the Cambrian market still exist.

In the online roadshow, many investors are concerned about the market expansion of the company's IP business, the impact of the US restrictions on the company, and when the company can realize the sensitive issues such as the net profit and the development prospects of the AI chip. In fact, these problems point to a core: can the company's business develop continuously?

In this regard, Chen Tianshi said that the company's future prospects for AI chips are very promising, and the market is enough to accommodate independent AI chip companies.

This reporter has reported that after the loss of HUAWEI in the Cambrian in 2019, the terminal intelligent processor IP authorized business revenue declined sharply. As a supplement, Cambrian won the first big customer, Zhuhai Hengqin New Area Management Committee Business Bureau intelligent computing platform (phase two) project, contributed 207 million revenue for the year.

This has become the doubts of many market participants. "Although I have opened up new businesses, I can not see clearly which track I want to deepen after that, and there is a clear customer base like artificial intelligence, Shang Tang, and open eyes for face recognition, but it is difficult for Cambrian to outline its clear customer portrait." A chip industry analyst told reporters.

In the roadshow, the reporter threw the question of how the company to consider the commercialization prospect and which segment of the track will be ploughed to Chen Tianshi in the future. He replied, "the company's cloud, side and end three product lines will continue to iterate." And these are the direction of fund-raising.

Lenovo and the United States

Though controversial, as one of the few enterprises in the world that has mastered the software development and core technology of intelligent chip and its basic system, the Cambrian era has gained support from well-known enterprises.

In terms of strategic investors, the number of initial strategic placements of the Cambrian issued by the Cambrian is 8 million 20 thousand shares, accounting for 20% of the scale of the issue. The final strategic placement of the issue is 7 million 104 thousand and 500 shares, accounting for 17.72% of the total issue, and the difference between the initial strategic placement and the final strategic placement shares will be allocated back to the net issue. The total amount of Cambrian strategic investors allocated (excluding Commission) amounted to 457 million yuan.

Among them, Lenovo Beijing, the United States holdings, OPPO mobile participated in the Cambrian strategic placement, respectively, allocated 80 million yuan, 200 million yuan, 100 million yuan; CITIC Securities Investment Co., Ltd. as a sponsor of the subsidiary related to participate in the investment, 77 million 460 thousand yuan.

The announcement said that as of July 3, 2020, Lenovo Beijing, the United States holdings and OPPO mobile have paid the subscription funds and the corresponding new brokerage brokers in full.

The announcement shows that the first three companies signed a memorandum of strategic cooperation with Cambrian. For example, AI holdings can use AI technology on the basis of the original hardware devices, enhance the technical content of products, and guide the AI technology in the field of home appliances. Cambrian provides us with an efficient intelligent computing platform and platform to maintain the leading position of intelligent holdings in various fields. And OPPO mobile can carry out various strategic cooperation on the needs of intelligent and operational intelligence in the field of mobile phones and Internet of things.

For the significance of the listing, Chen Tianshi replied to a reporter's question, "the company's landing on the board is a new start, and the company will continue to make efforts to do business well."

And in the longer term, before the SMIC and Cambrian, two chip companies recently landed in the science and technology board. The industry believes that the valuation of the entire industry will play a leading role.

"Semiconductor is the strategic investment direction of the future, and the valuation will exceed that of the big market." The Cambrian is the AI chip unicorn, SMIC is the chip foundry giant, and the two landing board will play an important role in promoting the overall industry, and has important reference in terms of industry prosperity, valuation and pricing. One analyst in the field of integrated circuits said.