2 Huawei Hubble will add IPO, After staying dormant for more than ten years, Maxon rushed to the scientific innovation board

source ： Straight through IPO（ID:zhitongIPO） author ： Shao Yangang

In the harvest 9 Companies succeed IPO after , The Hubble investment controlled by Huawei is expected to add new cases .

6 month 2 Japan , Meixinsheng Technology （ Beijing ） limited company （ hereinafter referred to as “ Meixinsheng ”） Science and Technology Innovation Board IPO Application accepted . It is reported that , This is the second Hubble investment this month A stocks IPO project . The last one is 6 month 1 Silicon semiconductor, a semiconductor equipment manufacturer that submitted a prospectus to the growth enterprise market of Shenzhen Stock Exchange .

source ： Official website of Shanghai Stock Exchange

Maxus was founded in 2008 year , Its main business is R & D and sales of high-performance analog and digital analog hybrid chips , In the semiconductor field, Hubble invested in 2019 year 4 Since its establishment in January, it has mainly focused on industries . According to SkyEye data , Up to now , Hubble investment has accumulated 78 Foreign investment events , Among them, the semiconductor field investment event 40 rise , The invested enterprises are involved in chip design 、EDA、 encapsulation 、 test 、 Many links in the semiconductor field such as materials and equipment .

according to the understanding of , Meixin shengzai 2021 At the end of the year, the company signed a listing guidance agreement with the sponsor, China CITIC Securities , Now Maxus has stood on the scientific innovation board IPO Before the assessment of . It can become a part of the semiconductor industry investment territory invested by Huawei Hubble , What is the fineness of Meixin Sheng ？

The actual controller is Tsinghua doctor studying in the United States , Huawei has become the sixth largest shareholder

2008 year 2 month , Maxus was established in Zhongguancun Science Park , By chengbaohong 、 Jiangjianguo 、 Chengcaisheng and other elites who returned from studying in the United States , as well as 10 More than engineers with doctor's and master's degrees from famous universities in China set up .

When Maxus was established , By chengbaohong 、 Tanzhiqiang 、 Jiangjianguo and Cheng Caisheng are four registered capital subscribers , Due to chengbaohong 、 Tanzhiqiang 、 Jiangjianguo is an American citizen , It is contributed in cash in USD , Therefore, Maxus is a foreign-invested enterprise .

The prospectus shows , The controlling shareholder of Maxus is an overseas enterprise Leavision Incorporated, The company was founded by chengbaohong 100% holding . As of this time IPO front , Chengbaohong indirectly owns Maxus 21.20% Shares of , And agreed through a concerted action agreement , Total holding of Maxus 31.51% The right to vote , It is the actual controller of Maxus .

according to the understanding of , Chengbaohong is from Dongyang, Zhejiang Province , He graduated from the Department of electronic engineering of Tsinghua University , After that, he received a doctor's degree in electronic engineering from the University of California, Los Angeles . Chengbaohong went to Silicon Valley after graduation , At Motorola 、 broadcom 、RFMD And other companies engaged in chip design 、 Marketing and management .2005 Chengbaohong returned to China in , Before founding Maxon, he worked in Zhongxing microelectronics AIC Director of business unit .

In the early days of its establishment, Maxus was experiencing a global financial storm , The global semiconductor industry market is at a low point . At the time , Chengbaohong is also ready for a long winter , Not developing too many product lines .

In recent years , With the improvement of the market environment of the domestic semiconductor industry , Maxus has accelerated its development , Start to attract capital attention . The prospectus shows , Meixin shengzai 2019 - 2021 During the year 9 Capital increase and equity transfer , The investor has Zichen light investment 、 Yuanhe Puhua 、 Xuanyu investment 、 Gaojie capital 、 Bilin capital 、 SME Development Fund , And institutional investors such as Hubble investment . among , Hubble's investment in shares has attracted much attention from Maxim .

source ： Hunting cloud net

2021 year 8 month 30 Japan , Maxon introduces Hubble investment , From Hubble investment to Maxon Co., Ltd 1.2 One hundred million yuan , a 164.54 Ten thousand yuan of registered capital , The shareholding ratio of Hubble investment is 6.25%. With the subsequent capital increase and change to a joint-stock company , Maxus this time IPO front , Hubble investment holds Maxim 352.47 Ten thousand shares , The shareholding ratio is 5.87%, It is the sixth largest shareholder of Maxus .

source ： Screenshot of prospectus

What is the fineness of Meixin Sheng ？

According to maxim 2021 year 11 month 5 The last capital increase on May ,Leavision Will Mei Xin Sheng 21.71 The registered capital of million yuan is in the form of 2000 The price of ten thousand yuan is transferred to Anker.2021 year 12 month , After the change of Maxus into a shareholding system ,Anker The shareholding ratio is 1.55%, Based on this calculation , The valuation of Maxus is about 25.80 One hundred million yuan .

In the early days of its establishment, MAXSUN's products were mainly LED Lighting driver chip is mainly used , from 2016 In, he began to develop wireless charging chips , until 2018 There were wireless charging related products only in .

With the accumulation of Technology , The products that Maxon can provide sales revenue include wireless charging chips and LED Lighting driver chip . Prospectus , Maxim has covered Xiaomi in wireless charging chip products 、 glory 、 Consumer electronics brands such as voice transmission , stay LED The field of lighting driver chips is also similar to xinnuofei 、 Landvance 、 Tongshida and other lighting manufacturers cooperate .

2019 - 2021 year , The revenues of meixinsheng are 1.50 One hundred million yuan 、1.49 Million dollars 3.72 One hundred million yuan , Net profit is -1918.12 Ten thousand yuan 、-1117.01 Million and $ 3261.15 Ten thousand yuan . among ,LED Lighting driver chip products still account for a large proportion of revenue , The wireless charging chip products developed by Maxon in the later stage are 2021 It was only in that year that the quantity began to increase , The proportion of revenue in that year reached 21.04%, and 2020 In, the sales revenue of this part of products was only... Of the total revenue 3.31%.

source ： Screenshot of prospectus

At the same time , The R & D investment of Maxon is 3195.69 Ten thousand yuan 、3681.51 Million and $ 6198.22 Ten thousand yuan , The proportion in the current operating income is respectively 21.26%、24.70% and 16.66%, Compared with comparable companies , The R & D expense rate of Maxus is high . In terms of profitability ,2019 - 2021 year , The comprehensive gross profit margin of Maxon is 18.61%、22.42% and 40.98%, Both are lower than the average value of comparable companies in the same period .

source ： Screenshot of prospectus

As the income scale in the early stage of establishment is relatively small , At the same time, Maxon has invested a lot of research and development 、 Sales resources , A certain operating loss has been incurred . Besides , Maxim Sheng has accumulatively generated share based payment due to equity incentive granting plan and other equity incentive matters 9511.55 Ten thousand yuan , Leading to large outstanding losses . With the continuous transformation of R & D achievements , The loss of Maxus has gradually narrowed and is 2021 Turn loss into profit in .

According to the prospectus , Maxus intends to raise funds this time 10 One hundred million yuan , among 1.45 Hundred million yuan is used for LED Intelligent lighting driver chip R & D and industrialization project ,3 Billion yuan for wireless charging chip R & D and industrialization projects ,1.5 Billion yuan for research and development of wired fast charging chips ,2 Billion yuan for the R & D project of signal chain chip ,2 Billion yuan is used to supplement working capital . From the purpose of the raised funds , Maxon mainly aims to improve its wireless charging chip and LED R & D and capacity construction of product lines related to lighting driver chips , And expand business to provide customers with diversified power management chip solutions .

however , The industry competition situation faced by Maxus is very severe . The wireless charging chip where Maxon is located and LED The lighting driver chip industry is on the track of rapid capital increase , There is no lack of the participation of a large number of listed companies and start-ups . In the field of wireless charging chips , Including Reza 、ST、 Voda 、 NXP and other major manufacturers have launched high-power wireless charging chip products . In the field of power management chips , Yingjixin, a domestic listed company 、 Jingfeng Mingyuan 、 The products released by powercore and others have been in large quantities , Meixinsheng 2021 The annual operating income has just exceeded 3 One hundred million yuan , The above-mentioned enterprises have also surpassed Maxus in volume .

Meixin Shengzhi 2021 year 10 month 31 The book value of net assets audited by Nikkei is 5.99 One hundred million yuan , The appraisal value of net assets is 6.53 One hundred million yuan , The amount raised by Maxus this time is of the net assets 1.7 times , This inevitably makes investors confused .

（ The first picture comes from ： Screenshot of Maxon's official website ）