staticmoonactivenetcoinmaster| IPO radar| Xiaoma Zhixing plans to go to the United States IPO commercialization prospects to be verified, the situation of shareholders has attracted attention

If you want to speculate in the stock market, you can see the research report of Jin Kirin analysts.StaticmoonactivenetcoinmasterAuthoritative, professional, timely, comprehensive, to help you tap the potential theme opportunities!

Chen Yanqing, a client reporter of Shenzhen Business Daily.

Recently, the US stock IPO of Xiaoma Zhihang received a filing notice from the China Securities Regulatory Commission on overseas issuance and listing. Last week, the China Securities Regulatory Commission issued a document asking the company to provide additional information on shareholders, ownership structure and so on. As currently listed self-driving companies are generally losing money, the prospect of commercialization of Xiaoma Zhihang remains to be seen.

Data show that Horse Zhixing was founded in 2016 by Peng Jun, former chief architect of Baidu's self-driving department, and Lou Tiancheng, a former Baidu well-known engineer. Xiaoma Zhixing is the first company in China to carry out self-driving services in Beijing and Guangzhou, and it is also one of the first companies in China to test self-driving on the ground in four first-tier cities in Beijing, Guangzhou and Shenzhen.

At present, Xiaoma Zhixing has not yet released performance data. However, judging from the financial data of listed self-driving companies, losses are a common phenomenon in the industry. It remains to be seen whether Xiaoma Zhixing can make great progress in commercialization in the future.

Financial data show that Ruqi Travel lost 6% from 2021 to 2023.Staticmoonactivenetcoinmaster8500 million yuan, 6StaticmoonactivenetcoinmasterThe losses in 2020, 2021, 2022 and the first half of 2023 were 53.827 million yuan, 464 million yuan, 342 million yuan and 99.748 million yuan respectively.

ExceptStaticmoonactivenetcoinmasterTo develop its own business, Horse Zhixing has also expanded the upstream and downstream of the industrial chain through investment. In the financing round An of Ruqi Travel in 2022, Horse Zhihang appeared on the list of investment institutions as a follower.

With regard to the situation of shareholders, the CSRC asked Horse Zhixing to explain the trust rights and obligations of the actual controller in combination with the specific terms of the trust. Including, but not limited to, the specific mode of the trust, the management authority of the trust, the cost arrangement, the time limit and the conditions for the termination of the change, the arrangement for the disposal of trust assets, the time and other special terms of the contract, the situation of the ultimate beneficiary, the time and manner of the change in shares that lead to the actual controller's interest in the company, etc. All the domestic subjects involved by the major shareholders with more than 5% of the shares, etc.

With regard to equity incentives, the CSRC requires companies to supplement the compliance of the incentive plan, including, but not limited to, the establishment of reserved rights and interests, the implementation of domestic regulatory procedures such as foreign exchange management, the method and basis for determining the incentive object, exercise price and exercise conditions, and whether the incentive to external personnel involves the transfer of benefits, and explain the basis for verification.

With regard to the equity and control structure, the CSRC is required to explain the compliance with the establishment of the equity and agreement control structure, including, but not limited to, the foreign exchange management, overseas investment and other regulatory procedures involved in the construction and return mergers and acquisitions, and the legal payment of taxes and fees, etc.; the reasons for the non-payment of registered capital of major domestic operating entities and its compliance.

As the head company of the autopilot track, Horse Zhihang has received a lot of capital attention since its establishment. Tianyan check information shows that since its inception, Xiaoma Zhihang has completed nine rounds of financing, involving an amount of more than US $1.1 billion, and its current valuation is as high as US $8.5 billion. In addition to domestic well-known venture capital institutions such as Sequoia Capital China and IDG Capital, there are also Middle Eastern capital such as the New Future City of the Kingdom of Saudi Arabia and its investment fund NIF.

Although Xiaoma Zhixing has been filed with the CSRC, it does not mean that the company will be able to go public. Last August, Wenyuan Zhixing, a L4 self-driving technology company, approved an overseas listing for the record, but has so far failed to complete the listing.

The reporter noted that in addition to Ma Zhixing, a number of self-driving companies have disclosed their listing plans this year.

In April this year, self-driving Unicorn Longitudinal Eye Technology submitted its listing application to the main board of the Hong Kong Stock Exchange; in March, Horizon, a provider of self-driving solutions, submitted a prospectus to the Hong Kong Stock Exchange. Black Sesame Intelligence, a domestic smart driving chip company, once again submitted its listing application to the Hong Kong Stock Exchange.

Autopilot is a very expensive industry. From the perspective of business progress, most of the L4 self-driving technology enterprises and vehicles are in the pilot operation stage and have not yet been commercialized. In addition, in the face of high R & D costs, the source of funding has also become a difficult problem for many self-driving enterprises.