Shangtang technology crash: a script written at the time of IPO

yesterday AI The first stock market fell sharply 46%, In fact, from the day of listing , It is doomed that a big fall will happen . Everyone knows that the company is " to join rebels ", Must be launched quickly , In a depressed market environment , It chose a distribution model that is worth pondering —— Only issue 5% New shares of ,17.25 Million shares , commonly IPO Are issued 25% New shares . And in this case ,10.33 Billion shares belong to cornerstone investors ,2.36 100 million shares were given to the old shareholder Shanghai International , All have locking time . let me put it another way , Only less than... Can be bought and sold in the market 5 Million shares , The proportion of the total share capital is only 1%. Ultra low flow path size , Let it soar after listing 200%. Before the lifting of the stock ban today , Even if the stock price retreated by half , But it is still much higher than IPO price . Inflated market value , Plus stocks that were lifted on the same day , Caused a one-day decline . The following is a review of the old article .

Although it leads to IPO Many unexpected things happened on the road , But Shang Tang finally succeeded in listing on Hong Kong stocks , In the process, foreign investors have moved from their initial expectations to staying away , And the ultimate cornerstone investors have all become Chinese investors .

With the support of capital , The company has risen more than in three days 100%, Market value exceeds 2500 Million Hong Kong dollars . If there is no accident , Shang Tang can quickly enter Hong Kong stock connect trading through large market capitalization in a short time , The slowest 2022 year 3 month . But from the perspective of valuation , According to HSBC forecasts , The company's revenue this year is about 47.5 RMB 100 million , Equivalent to more than 31 Double sales ratio （PS）, This valuation is already much higher than GPU And NVIDIA, the leader of artificial intelligence hardware .

Put aside the trading factors , Shang Tang has not yet made a profit , Can it match this high valuation , Naturally, there is great room for discussion , In especial AI The market seems to have a huge space , But the competition in subdivisions is fierce , The specific scene needs are also very embarrassing . From a higher dimension , We have to face Huawei 、 Haikang and other Chinese AI Competition from leading enterprises . therefore , Although Shangtang has crossed the sanctions and successfully listed , However, the following problems still need to be met in the future .

1、 loss-making , Revenue growth is hard to say fast

2、 Four businesses are derived from the core platform

3、AI Embarrassing scene , Fierce market competition