Cambrian is a star company in the field of artificial intelligence chip in China. On March 26 this year, Cambrian officially submitted a prospectus, which is ready to be listed on the science and technology innovation board.
According to the prospectus previously published by Cambrian, Cambrian plans to issue no more than 40.1 million shares and raise 2.801 billion yuan. The raised funds will be used for the new generation of cloud training chip and system project, the new generation of cloud reasoning chip and system project, the new generation of edge artificial intelligence chip and system project, as well as supplementary liquidity.
Previously, surging news has introduced that at present, there are two main business models for Cambrian AI chips: one is to authorize the processor IP to the chip manufacturer, for example, in cooperation with Huawei; the other is to design and sell its own chips, for example, Cambrian cloud smart chips for Internet companies and other users.
At the beginning of submitting the listing requirements, the Cambrian prospectus was also disclosed, and the issues of the companys ownership structure, revenue dependence, market share, low degree of productization, etc. subsequently triggered media controversy. On May 7, Cambrian disclosed the reply related to the first round of audit inquiry letter, in which the inquiry of Shanghai Stock Exchange involves the companys equity structure, main business, core technology, research and development projects, business income, raised investment projects, accounts receivable, etc. On May 20, Shanghai Stock Exchange asked Cambrian for the second time, asking Cambrian, its sponsor and relevant law firms to give answers to the companys government subsidies, sustainable operation ability and expected market value, authorized income of IP authorized fixed fee mode, intelligent computing cluster system and other issues.
Cambrian replied that from January to March this year, the company realized an operating revenue of 11.5526 million yuan, a year-on-year decrease of 18.91%, mainly due to a large year-on-year decrease in the revenue from terminal intelligent processor IP authorization business obtained from Huawei Hisilicon; the net profit was a loss of 108 million yuan, mainly due to a significant increase in R & D investment. In 2020, the companys main business income is expected to be about 600 million yuan to 900 million yuan, a year-on-year increase of 35.15% to 102.73%; the net profit attributable to the owner of the parent company is expected to be - 650 million yuan to - 400 million yuan, and the net profit attributable to the owner of the parent company after deducting non recurring profit and loss is expected to be - 800 million yuan to - 600 million yuan.
In the second round of inquiry, based on the Cambrian operating revenue, main core technology and other factors, the Cambrian sponsor replied in the inquiry letter. Based on the income forecast of 600-900 million yuan in 2020, the result of the calculation of its valuation is 19.2-34.2 billion yuan.
Cambrian science and technology was jointly founded in 2016 by Chen Tianshi and his brother Chen Yunji, both of whom graduated from the junior class of CUHK. Chen Tianshis research direction is artificial intelligence algorithm, while Chen Yunji focuses on computer chips.
The Cambrian predecessor is a 10 person academic team of exploring the cross field of processor architecture and artificial intelligence established by the Institute of computing, Chinese Academy of Sciences in 2008. The name Cambrian is to compare the future of artificial intelligence with the era of life explosion in geology.