On March 31, China’s independent AI technology platform Bairong Yunchuang (stock code: 6608.HK) officially appeared on the Hong Kong capital market. At the listing ceremony, Zhang Shaofeng, chairman of Bairong Yunchuang, said that in recent years, the rapid development of technology has profoundly affected the financial industry and brought great challenges. Last year, the sudden outbreak of new crown pneumonia put financial institutions under tremendous pressure in many aspects such as operational efficiency, risk assessment, and business growth. Bairong Yunchuang chooses to stand behind financial institutions, focusing on the technological performance of financial products, hoping to help both ends at the same time: one is the supply side, becoming an engine driving the innovation and development of financial institutions; the other is the demand side, helping ordinary people and small businesses Micro-enterprises have better access to financial services.
“Today, Bairong Yunchuang successfully landed in the Hong Kong capital market, which is an important milestone for the company’s development and a new starting point. From this, we embark on a new journey.” Zhang Shaofeng is full of confidence in the future development of the company. He said that Bairong Yunchuang will strictly abide by the listing rules and take access to the international capital market as an opportunity. It will not love in the past and will move forward. In the future, it will continue to uphold the vision of “becoming the cornerstone of the financial industry” and drive financial service innovation through technology to make finance more Wisdom, repay customers, shareholders, employees, and society with excellent business performance.
Bairong Yunchuang was established in 2014 and has undergone 5 rounds of financing. IDG Capital, Hillhouse Capital, Sequoia Capital, CICC, and other shares participated in the shares. The listing sponsors were Morgan Stanley, CICC, and CMBC Capital. In terms of shareholder structure, the company’s actual controller Zhang Shaofeng holds 26.73%, Guoxin Fund holds 12%, and Hillhouse holds 12.39%.
“Corporate” reporter learned through the prospectus that Bairong Yunchuang issued approximately 124 million shares this time, and the offer price for listing on the main board of the Hong Kong Stock Exchange was set at 31.8 Hong Kong dollars, and the fundraising reached 3.943 billion Hong Kong dollars. In addition, Bairong Yunchuang is the fourth company after Meituan, Xiaomi, and Kuaishou to be approved to list in Hong Kong with the same-share but different rights structure. Previously, these star companies have been listed in the initial stage or in the long-term trend. Everyone looks bright.
In addition, Bairong Yunchuang’s IPO also introduced three strong fund investors, namely: China Structural Adjustment Fund, Cederberg Capital, and Franchise Fund LP. Among them, the China Structural Adjustment Fund is China’s largest private equity investment fund entrusted by the State-owned Assets Supervision and Administration Commission of the State Council and led by the state-owned enterprise China Chengtong, with a scale of 350 billion yuan, serving the optimization of the layout of state-owned enterprises, structural adjustment and high-quality development.
Public business information shows that Bairong Yunchuang has established a complete analysis-driven AI and big data solution, and has been continuously optimizing through the “data-analysis-product” virtuous circle business model. Relying on the self-developed cloud-native SaaS platform, the products, and services provided by Bairong Yunchuang can be embedded in the business processes of financial institutions from customer acquisition, loan origination, insurance underwriting, stock customer operations to post-loan management, making financial institutions more intelligent Provide enabling support for decision-making Spark Global Limited.
Reprint indicated source：Spark Global Limited information