Beisen Holdings' IPO: a total loss of 4.115 billion yuan in three years, and a total of 2.84 billion yuan in the previous nine rounds of financing

In recent days, , BeiSen holdings submitted a prospectus to the Hong Kong Stock Exchange , To be listed in Hong Kong .

　　 According to the prospectus , Beisen was founded in 2002 year , Is a human resources technology company , Have integration HR SaaS And talent management platform ——iTalentX, Provide the cloud HR Software 、 Talent management solutions .

　　 It is worth noting that , BeiSen holdings is still unprofitable , And sustained huge losses . In the past three years , The net losses of BeiSen holdings were 12.67 One hundred million yuan 、9.4 Billion yuan and 19.08 One hundred million yuan , The total loss for three years 41.15 One hundred million yuan .

　　 Under continuous loss , Beisen's cash depends on investors “ Blood transfusion ”. Up to now , Beisen's investors include Jingwei venture capital 、 Sequoia Capital 、 Yuansheng capital 、 Shenzhen Venture Capital 、 Soft silver, etc .

　　 Loss in three years after adjustment 5.37 Billion

　　 Beisen's revenue mainly comes from the HCM Solution subscription fee . By 2020 year 3 month 31 Japan 、2021 year 3 month 31 Day and 2022 year 3 month 31 Fiscal year ended , Beisen's revenue is 4.59 One hundred million yuan 、5.56 Million dollars 6.8 One hundred million yuan .

　　2022 The fiscal year , Beisen recorded a net loss 19.08 One hundred million yuan , Year-on-year growth 102.97%.

　　 According to the prospectus , The fiscal year of BeiSen holdings was last year 4 month 1 Date to current year 3 month 31 Japan . For huge losses , Beisen said , Beisen Holdings' financial disclosure complies with International Financial Reporting Standards , The difference between the value of ordinary shares and the conversion value is included in the loss .

　　 Since its establishment , Beisen has carried out several rounds of preferred stock financing , And the price of each round of financing is rising , This has led to a sharp increase in redeemable expenses .

　　 If the difference between the value of ordinary shares and the conversion value is not included , The adjusted losses of Beisen in the past three years are 2.52 One hundred million yuan 、1.21 Billion yuan and 1.64 One hundred million yuan . total 5.37 One hundred million yuan .

　　 However, after adjustment, Beisen still lost more than 5 Billion , Regarding this , Beisen said , Give priority to scale and regional expansion in strategy 、 Customer growth and participation 、 Product development and innovation , Not short-term profitability .

　　“ Because of this growth strategy , We may not be able to start making profits in the short term .” Beisen said .

　　 among , Beisen has increased its investment in research and development .2019、2020、2021 The fiscal year , Beisen Holdings' investment in research and development reached 1.46 One hundred million yuan 、2.15 One hundred million yuan 、2.12 One hundred million yuan .

　　 Besides , The above year , The sales and marketing expenses of BeiSen holdings are 2.07 One hundred million yuan 、2.95 One hundred million yuan 、2.84 One hundred million yuan , The proportion in income is 54.1%、64.4%、51.1%.

　　 With foreign counterparts Workday The scale is quite different

　　 Compared with domestic counterparts ,2020 year , The market share of the top five enterprises is about 29.7%, Among them, Beisen Holdings has a market share of 12%, Higher than the sum of the second and third largest enterprises .

　　 however , Compare with overseas human resource management software service giants Workday, Beisen still has a significant gap ,Workday The financial report of , Its 2021 The fiscal year revenue is as high as 43 Billion dollars .

　　 According to the prospectus , Beisen's revenue mainly comes from two sectors ： Cloud HCM Solutions and professional services .

　　 among , Cloud HCM The solution is through iTalentX The platform provides enterprises with integration HCM Solution , Help them recruit efficiently 、 Evaluation 、 management 、 Develop and retain talents , Specifically, it includes recruitment cloud 、 Evaluation cloud 、 Core human solutions 、 Performance management cloud 、 Succession cloud, etc .

　　 Professional services , Refers to when enterprises subscribe to cloud solutions , The implementation and several other auxiliary services necessary for the purchased startup and operation solution .

　　 According to the prospectus , By 2022 year 3 month 31 Japan , Beisen's customers include 4700 More enterprises , Covering technology 、 The real estate 、 Most of the top ten enterprises in financial services and automotive and manufacturing industries .

　　 In terms of customer size , Beisen's core enterprise customers , The size of the staff is 500 to 5000 Between people .

　　 Beisen's revenue mainly comes from the customers HCM Solution subscription fee . In the past three years , The total bookings of Beisen are 5.7 One hundred million yuan 、7.29 One hundred million yuan, 8.87 One hundred million yuan .

　　 among , Subscribe to the cloud HCM The revenue generated by the solution is RMB 2.59 One hundred million yuan 、3.49 One hundred million yuan, 4.63 One hundred million yuan , Each of them accounts for 56.6%、62.7% And 68.2%.

　　 Professional services , It mainly includes learning cloud 、 Human resource data analysis solutions and value-added services . The business and cloud HCM The solution is a bundling relationship .

　　 The prospectus shows , The gross margin of the business is low ,2021 Years for 21%, And showed a downward trend year by year , comparison 2019 year , The gross profit margin of this business decreased 15.9 percentage .

　　9 Round of funding , Investors include Jingwei venture capital 、 Sequoia Capital

　　 in fact , Beisen is already a capital market “ veteran ”.

　　2016 year 7 month , BeiSen holdings was listed on the new third board , be known as “ Beisenyun ”, But only 2 After year ,2018 year , Beisen was delisted on the new third board .

　　 According to the stock price data , That time “ Beisenyun ” The share price has reached 60 element / stocks , Market value exceeding 30 One hundred million yuan . For delisting , At that time, Beisen said , Mainly due to trading activities and brand awareness failed to meet expectations and other reasons .

　　 Until this year 1 month 10 Japan , Beisen has opened the road to listing in the South , Go to Hong Kong to submit the prospectus . But there is no progress in the first submission ,6 After a month , Kitasaki did not complete the hearing , The prospectus is invalid .

　　7 month 11 Japan , BeiSen holdings submitted the updated prospectus again .

　　 For fundraising purposes , The prospectus States ,IPO The net amount of funds raised will be mainly used to further upgrade the integrated cloud HCM Solution ; Continuously improve technology development capability ; Strengthen sales and marketing ; Enhance the ability of service .

　　 The prospectus shows ,2021 In the cloud in China HCM The solution market is close 300 Of the market participants , Beisen's market share accounts for 11.6%, This figure is higher than the sum of the second and third largest enterprises .

　　 If it can be successfully listed , Beisen will become China HR SaaS The first one .

　　 Financing ,2018 year , BeiSen holdings completed the investment led by Jingwei China and Yuansheng capital 、 Sequoia Capital China fund co invested 1 Billion dollars E Round of funding .

　　 The latest round is 2021 year 4 month , by F round , Amount of financing 2.6 Billion dollars , This round of financing is provided by Softbank vision fund , Goldman sachs , Chunhua capital , Fidelity International , Longitude and latitude China , sequoia capital china , Yuansheng capital , Shenzhen Venture Capital joint investment .

　　 According to the data ,F Round price per share is about 24.37 dollar , yes E Round price 154.1%, Post transaction valuation 18.6 Billion dollars .

　　 The data shows , Beisen Holdings has completed 9 Round of funding .

　　 before 7 round , The financing amounts of BeiSen holdings are 500 Ten thousand yuan 、1200 Ten thousand yuan 、2700 Ten thousand yuan 、1567 Ten thousand yuan 、9738 Ten thousand yuan 、5150 Million and $ 2 One hundred million yuan , On the basis of calculation , before 7 Total round of financing 4.08 One hundred million yuan .

　　 Plus the last two rounds 3.6 Us $100 million financing , Roughly estimated at the current exchange rate , Total financing of BeiSen holdings 28.4 One hundred million yuan .

　　 By IPO front , Wang Zhaohui, founder of Beisen 、 Ji Weiguo holds shares in total 28.15%, Is the actual controller of Beisen Holdings . Jingwei venture capital holdings 15.54%、 Sequoia Capital Holdings 9.37%、 Yuansheng capital holding 8.27%、 Shenzhen Venture capital shares 7.99%、 Softbank Holdings 6%.

Sohu Finance

Author Yue Jiachen