Shulou(Shulou.com)06/02 Report--

Abstract

The additional offering of iFLYTEK is considered an atypical success. With the strong rescue of Anhui state-owned assets, raising 2.865 billion yuan is also considered a success. At least, Liu Qingfeng himself can pass for a period of time.

Source of contribution: international investment bank research report

The additional offering of iFLYTEK is considered an atypical success. With the strong rescue of Anhui state-owned assets, raising 2.865 billion yuan is also considered a success. At least, Liu Qingfeng himself can pass for a period of time.

However, iFLYTEK is a company that can brag and raise money, but it can't make money.

It claims to be the first voice intelligence company representing China, but it has a poor ability to make money for shareholders in terms of voice. Data show that iFLYTEK has issued six rights issues since its listing, taking 7.75 billion yuan of real gold and silver from the market, while the dividend is only 520 million.

Judging from the current iFLYTEK additional issuance project, Lingtong News Agency thinks that the only way for iFLYTEK to turn around next year is to put 2.865 billion of the funds to P2P usury.

Anyway, there are thousands of reasons for financing, and there are thousands of reasons not to make money. GE Weidong, the most pitiful crocodile who may have to cover his position, pray for a better market in the new year.

01

When we planned to do 3.47 billion, we only got 2.865 billion, which was 1 billion less than the budget. Major shareholders do not participate

Don't do it for nothing. IFLYTEK is very good this time. Anyway, if you reach out your hand, you have to be a little bit, so you plan to invest 3.47 billion in five projects.

But to tell you the truth, Lingtong feels that these projects will be successful in the short term, especially the possibility of making money, and the additional shares issued this time will be listed and circulated in July next year. If the performance of Q1 next year is the same as that of this year, there will be a big problem.

Only 11 of 77 were invited to reply to 9 to pay margin.

Between June 24, 2019 and before its official launch, iFLYTEK and its lead underwriter served 77 investors with subscription invitations and attachments. As of 12:00 on June 27th, 2019, there are a total of 11 inquiries for this issue within the time specified in the subscription invitation. Send the quotation form for non-public offering shares of iFLYTEK Co., Ltd. to the lead underwriter by fax and service. Among them, 9 investors who need to pay a deposit have paid the deposit in full within the specified time.

It didn't sell out in the first round, and then the two companies increased bit by bit.

In the end, the high-tech construction in Hefei ran away.

2 public offering funds, 2 individual shareholders and 6 state-owned funds (5 are from Anhui)

Data analysis: 64% of the major shareholders China Mobile and Liu Qingfeng are state-funded.

From the situation of funding this time, there are really not many participating institutions, and even the local Hefei Hi-tech finally escaped, which is the reason why it did not get 3.47 billion yuan.

The final source of 54% of the capital is Anhui state-owned assets, while the only major shareholder of the new state-owned enterprise from other places is Pudong Development Bank, and the final source is Shanghai state-owned assets. Here, Ling Tong boldly speculated that iFLYTEK might have to come to Shanghai to set up a headquarters. In fact, as an artificial intelligence company, Ling Tong has never been clear why iFLYTEK is located not in Bei Shangguang but in Hefei.

The Hua'an Innovation Fund is funded by Anhui State-owned assets and has given 291 million yuan.

Anhui Development and Investment Co., Ltd. is owned by Anhui State-owned assets and gave 293 million.

Anhui Railway Investment Corporation is owned by Anhui State-owned assets and gave 350 million yuan.

Anhui Wandian belongs to the State-owned assets Supervision and Administration Commission

Anhui Voice and artificial Intelligence Partnership is also state-owned with 293 million yuan.

Anhui Wantou is also state-owned and gave 350 million.

The central enterprise of Guoxin, which belongs to Shanghai, gave 293 million

Zhao Hongxiu and GE Weidong invested 620 million.

GE Weidong and his brother have been shareholders of iFLYTEK for a long time, and the stock price at that time was still very high. This time, they do not know whether they belong to covering positions and diluting costs.

Interestingly, the SEO report says that the two of them are not private equity funds. It should be said that among all the additional offerings, these two guys are the most desperate. If the market is still not good at this time next year, or even there is any systemic risk, this additional offering is really going to be Niang Hipi. The rest are all state-owned assets, it's all right.

The final allotment targets of this issue are Zhao Hongxiu, GE Weidong, Anhui Development Investment Co., Ltd., and Anhui Wantou Industrial Investment Co., Ltd. to participate in the subscription with their own funds. For private equity funds or private equity fund managers who need to be put on record or registered as required by the Securities Investment Fund Law of the people's Republic of China, the interim measures for the Supervision and Administration of Private Investment funds and the measures for Registration and filing of Private Investment funds (for trial implementation), there is no need to go through the relevant filing or registration in accordance with the above-mentioned provisions.

This is the stock of Zhao Hongxiu in the secondary market.

This is GE Weidong's current stock situation in the secondary market.

The largest shareholder, China Mobile, the second largest shareholder, Liu Qingfeng, the third largest shareholder, Zhongke, mostly does not pay for the rights issue!

After the rights issue, GE Weidong has 50 million shares as the fifth largest shareholder.

02

IFLYTEK: a powerful company that won't make money

2019Q1's profit is only 100 million, corresponding to the current market capitalization of 62 billion!

Once upon a time, iFLYTEK had a market capitalization of almost 100 billion, but now it has fallen by 40%, but it still has a market capitalization of 62 billion. Profits were 540 million in 2018, 430 million in 2017 and 480 million in 2016. If you draw a chart, you can see that there has been little increase.

The 2018 annual report shows that the first major business is education and the second is information engineering.

IFLYTEK's annual report is so fancy that you have no idea what his business is if it isn't followed for a long time. I remember that in the past, those who dug up dung in the countryside would describe themselves as ecological fertilizer companies and garbage collectors as resource companies. In fact, if Lingtong News Agency speaks vernacular, you will know the source of income in the following table:

Educational products: electronic blackboards and electronic classrooms

Information engineering: it should be system integration or something.

Telecom value-added operation: color news

Open platform: I don't know what it is

Intelligent hardware: translator

Interestingly, the notices sent out are not signed.

03

The publicity and operation of iFLYTEK are very strange.

Financing 7.75 billion dividend 520 million

The publicity and operation of iFLYTEK is very strange, and Ling Tong has followed the company many times. It sounds like a powerful artificial intelligence company, but in fact, the main sources of revenue and profits are the traditional audio-visual education in primary and secondary schools and the CRBT service given by China Mobile. The strangest thing is to build a hardware translator, a problem that APP can solve in the mobile era. And its boastful automatic interpretation technology, which was revealed by the media last year that it is impossible to succeed.

As well as the application of his boastful court system, a friend recently opened a court hearing on a case. after the recording came back, he spent 14 yuan to transfer text through iFLYTEK and let Ling Tong have a look at it. as a result, Ling Tong found that there was no way to divide words at all. Later, he found a 24-yuan Taobao to listen to the recording.

In short, iFLYTEK is very strange, very wonderful, the fund does not understand, so all run away, but, you understand, or do not understand, just like the boss, resigned to fate! Today next year is a real exam.

The beautiful and kind wife called! CRBT is the supporting business of iFLYTEK, Liu Qingfeng reneged on Q1 performance, institutional investors faded out of the top 10 shareholders, and executives still want to reduce their holdings.

Just like the rest of the world: does the iFLYTEK translation machine treat Chinese people as illiterate? American think tank: fat Chinese science and technology "fat" dragon

1. 6 financing times 7.75 billion

2. The total dividend will be 520 million.

3. The fund was scared away.

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