极智嘉五日累跌12.8%：高榕创投获近20倍回报 清悦资本账面浮亏5.6%

Core Viewpoint - Beijing Jiuzhijia Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange, becoming the world's first publicly traded warehouse AMR (Autonomous Mobile Robot) company, with a strong market response and significant oversubscription in its IPO [1][2]. Group 1: IPO Details - The company planned to issue 161.4058 million shares globally, with 70.1766 million shares for Hong Kong and 91.2292 million shares for international sales, at an issue price of HKD 16.80 per share, raising approximately HKD 2.712 billion [1]. - The IPO was highly sought after, with oversubscription rates of 133.62 times for the Hong Kong public offering and 30.17 times for the international offering, setting a record for the technology sector in Hong Kong [1]. Group 2: Market Performance - On its first trading day, Jiuzhijia opened at HKD 16.90 per share, a slight increase of 0.6% from the issue price, but later dipped to HKD 16.06 before closing at HKD 17.70, giving it a market capitalization of approximately HKD 23.375 billion [2]. - Over the next five trading days, the stock price reached a high of HKD 20.60 but has since dropped by 12.8% from that peak, with a current market capitalization of HKD 22.952 billion [2]. Group 3: Investor Insights - Prior to the IPO, Jiuzhijia completed 10 rounds of financing, raising a total of approximately RMB 4.476 billion, with notable investors including Warburg Pincus and Vertex China [2][3]. - The company’s valuation increased significantly, reaching RMB 15 billion after the E1 round in 2021, a 75-fold increase from its post-investment valuation in the A1 round in 2016 [2]. Group 4: Investment Returns - Notable returns were observed among early investors, with high returns reported by Gao Rong Venture Capital (19.73x) and Volcano Stone Investment (13.66x) [5][6]. - Some investors, such as Warburg Pincus and Vertex China, managed to recoup their investment costs through share transfers before the IPO [3][4]. Group 5: Financial Performance and Market Position - Jiuzhijia's revenue growth is projected to slow from 83.9% in 2022 to 12.6% in 2024, with cumulative net losses exceeding RMB 3.5 billion [7]. - The company is facing increased competition, losing its global leadership position to Hikvision Robotics, while other domestic and international players are expanding rapidly [7].