On November 9, according to the official website of the Shanghai Stock Exchange (hereinafter referred to as the “Shanghai Stock Exchange”), Shanghai Anlu Information Technology Co., Ltd. (hereinafter referred to as “Anlu Technology”) has experienced more than half a year, and finally was able to enter the science and technology innovation. board road.
Opening the road to listing on the Science and Technology Innovation Board
According to the prospectus, Anlu Technology was established in November 2011 as an FPGA chip supplier and will continue to operate in a Fabless mode for a long time.
Anlu Technology focuses on the research and development, design and sales of FPGA chips, and entrusts the remaining links such as wafer manufacturing, packaging and testing to suppliers such as wafer manufacturing companies and packaging and testing companies. Anlu Technology’s main business is the research and development, design and sales of FPGA chips and dedicated EDA software.
After nearly 10 years of development, in terms of hardware design, Anlu Technology’s 28nm process products have been officially mass-produced, and it is one of the first domestic companies with 28nm FPGA chip design and mass production capabilities, and FinFET process products have been pre-launched. In terms of FPGA-specific EDA software, Anlu Technology’s Tang Dynasty software is one of the few FPGA-specific software independently developed throughout the entire process in China; in terms of FPGA chip testing, Anlu Technology’s self-developed engineering and mass production technologies ensure that products are competitive In terms of FPGA chip application solutions, Anlu Technology has accumulated a number of mature image processing and artificial intelligence hardware acceleration technologies. In addition, Anlu Technology’s cooperative customers include SMIC, TSMC, Huatian Technology and other suppliers.
It is reported that on April 30 this year, Anlu Technology’s application for an IPO on the Science and Technology Innovation Board was accepted; the first round of inquiry and feedback on June 21, and the second round of inquiry and feedback on June 28. On July 5, the results of the 45th review meeting of the Shanghai Stock Exchange Science and Technology Innovation Board Listing Committee in 2021 showed that the IPO of Anlu Technology Science and Technology Innovation Board successfully passed the deliberation.
From the stage of being accepted, two rounds of inquiry and feedback, to the meeting, Anlu Technology finished in just over two months. Compared with other companies, Anlu Technology’s road to the Sci-tech Innovation Board is still relatively fast.
On July 14, Anlu Technology submitted the registration, and the registration took effect on September 23. On November 3, Anlu Technology opened the subscription.
On November 9, Anlu Technology’s application for the initial public offering of RMB ordinary shares (A shares) and listing on the Science and Technology Innovation Board has been reviewed and approved by the Shanghai Stock Exchange’s Science and Technology Innovation Board Stock Listing Committee, and has been approved by the China Securities Regulatory Commission for registration. China International Finance Co., Ltd. acted as the sponsor (lead underwriter) of this issuance.
According to the prospectus, before this issuance, the total share capital of Anlu Technology was 350 million shares. The number of shares issued this time is 50.1 million shares (this issuance does not involve the public offering of company shares held by old shareholders), accounting for 12.52% of the company’s total share capital after the issuance. The share capital structure of the company before and after the issuance is as follows:
The issuance adopts targeted placement to strategic investors, offline price inquiry placement to qualified investors, and online pricing issuance to public investors who hold the market value of non-restricted A shares and non-restricted depositary receipts in the Shanghai market. carried out in a combined manner.
Anlu Technology’s prospectus shows that the company’s downstream customers’ demand has grown steadily, and after years of operation and development, it has gradually formed a relatively complete product layout, and its performance has entered a stage of rapid growth.
The data shows that from 2018 to June 2021, Anlu Technology achieved operating income of 29 million yuan, 122 million yuan, 281 million yuan and 322 million yuan respectively. The compound growth rate from 2018 to 2020 was 213.91%, and the business scale is year by year. maintain a rapid growth trend.
From the perspective of revenue structure, Anlu Technology’s revenue mainly comes from the sales of FPGA chips, among which the proportion of revenue contributed by low-power ELF series FPGA chips shows a trend of rapid increase.
In addition, Anlu Technology said that from January to September 2021, the operating income increased significantly year-on-year, mainly due to the steady growth in the downstream market demand for domestic FPGA chips and the increase in the company’s chip product shipments. The company expects that the operating income from January to September 2021 will be about 450 million to 495 million yuan, a year-on-year increase of 91% to 110%. The main factors causing fluctuations will include the company’s existing downstream customers. The procurement arrangements in the second half of the year and the market development of potential customers situation etc.
The prospectus pointed out that the investment project of Anlu Technology’s raised funds this time will focus on the field of scientific and technological innovation to which the main business of FPGA chips belongs. The total amount of funds raised this time is 1.303 billion yuan, and the net amount of funds raised is 1.201 billion yuan. The investment projects of the raised funds are the research and development and industrialization projects of new generation field programmable array chips, field programmable system-level chip research and development projects, development and technology reserves funds. The main users of the investment directions of the raised funds are the issuers, and the use methods are direct use.
After deducting the issuance expenses, the funds raised from this issuance will be invested in the following projects in order of priority:
It is understood that the “New Generation Field Programmable Array Chip R&D and Industrialization Project” will mainly develop four key hardware technologies of a new generation of programmable logic unit, memory unit RAM, high-speed interface and hierarchical interconnection, and continue to improve the logic of the company’s FPGA products. The number of units, computing performance and data transmission capability, algorithm upgrade, performance optimization and running speed improvement of special EDA software for advanced technology and large-capacity logic scale;
The “Field Programmable System-on-Chip R&D Project” will focus on the research and development of low-power FPSoC architecture design, high-performance FPSoC architecture design and new-generation FPSoC software development;
The “Development and Technology Reserve Fund” is used for R&D and other purposes related to the company’s main business according to the company’s business planning and strategic goals.
Anlu Technology said that the construction of the investment project with the raised funds is closely related to the company’s main business, focusing on increasing R&D investment and improving technological innovation capabilities. The development of the project will help the company to expand the existing product market and new products. R&D and innovation.
At the same time, the smooth implementation of the raised fund investment project will effectively alleviate the company’s capital needs, provide capital guarantee for fully meeting the company’s operating needs and in-depth implementation of the company’s strategic planning, thereby further enhancing the company’s core competitiveness and contributing to the company’s main business. A good foundation has been laid for development.