Core Viewpoint - The company KETON Technology, a subsidiary of Hard Egg Innovation, is attempting to restart its IPO process after previously withdrawing its application due to valuation concerns and other issues raised by the Shenzhen Stock Exchange [2][3]. Group 1: IPO Journey - KETON Technology submitted its IPO application to the Shenzhen Stock Exchange in June 2022 but had to withdraw it in April 2024 due to a sudden cancellation of the review process [3]. - The company faced scrutiny over its soaring valuation, independence issues, and a significant increase in inventory, particularly a valuation jump from approximately 350 million to 2.4 billion within two months in 2020 [3]. - The proposed fundraising of 2.049 billion yuan included 1.447 billion for expanding the distribution network, raising concerns about the balance between innovation investment and business positioning [3]. Group 2: Financial Performance - From 2020 to 2022, the company's revenue grew from 4.221 billion to 8.074 billion yuan, but net profit fell by 1.6% to 308 million yuan in 2022, indicating a "revenue without profit" situation [4]. - In the first half of 2023, both revenue and net profit declined to 3.507 billion and 122 million yuan, respectively, underperforming compared to industry averages [4]. - The company's debt levels are concerning, with asset-liability ratios increasing from 76.36% in 2020 to 83.42% in the first half of 2023, significantly higher than the industry average [4]. Group 3: Market Opportunities - Despite past setbacks, KETON Technology is experiencing growth in AI chip orders, with a revenue increase of 11.9% to 4.3214 billion yuan in the first half of 2024, driven by AI-related products [5]. - The company is shifting its focus towards AI chip distribution, capitalizing on the growing demand for AI computing power across various sectors [5]. - KETON Technology launched the "DeepSeek+AI chip" solution, providing a comprehensive service from cloud training to edge computing, aiming to meet diverse AI application needs [5]. Group 4: Leadership and Company Structure - The company's actual controller, Kang Jingwei, has been pivotal in its operations since founding KETON Technology in 2005, leveraging industry resources for growth [6]. - Following challenges, the company restructured its business model, renaming KETON Technology and focusing on AI chip distribution as a strategic move [8]. - Hard Egg Innovation holds a 66.84% stake in KETON Technology, giving Kang significant control over its direction [8].
科通技术重启IPO：母公司硬蛋创新曾遭做空，上市之路坎坷