Internet tycoon Lei Jun is the founding shareholder of Shanghang Technology, and the IPO of the Shenzhen Main Board ended.
On December 5, the Shenzhen Stock Exchange announced that on November 24, Guangzhou Shanghang Information Technology Co., Ltd. (hereinafter referred to as "Shanghang Technology") applied to withdraw the issuance and listing application documents. In accordance with the regulations, the Shenzhen Stock Exchange has decided to terminate the review of its initial public offering** and listing on the Main Board.
Looking back on its listing process, the IPO of Shanghang Technology was accepted on the Shenzhen main board in March this year, and the company originally planned to raise 9400 million yuan, which will be used for the second phase of the data center project of Shanghang East China Cloud Base and the two projects of replenishing working capital.
The performance maintained the growth trend
Shanghang Technology is a one-stop service provider in the field of Internet data center, and its main business includes IDC integrated services, cloud integrated services and other servicesAmong them, IDC integrated services cover cabinet rental and server hosting services, bandwidth rental services, IP address services and virtual private network services, etc., and cloud integrated services are mainly public cloud services.
At present, Shanghang Technology has obtained a cross-regional value-added telecommunications business license covering Internet data center business, Internet access service business, fixed network domestic data transmission business, domestic Internet virtual private network business, and content distribution network business qualifications.
Since its establishment, Shanghang Technology has adopted the team-based sales model of "sales representative + technical engineer" to provide professional and all-round Internet data center services for well-known Internet companies such as Sogou Group, Huanju Group, Guangzhou Jinhong, and UC.
By the end of 2022, Shanghang Technology provided services in 36 Internet data centers. At present, the company's self-built data center, Shanghang East China Cloud Base Data Center, is stepping up construction, and the total capacity of cabinets is expected to reach 15,500 after all construction is completed.
In terms of performance, from 2020 to 2022, Shanghang Technology's operating income was 41.9 billion yuan, 4$6.4 billion and $45.7 billion yuan, with a compound growth rate of 448%；The net profit was 5200140,000 yuan, 7294990,000 yuan and 6634890,000 yuan, with a compound growth rate of 1296%。
Overall, the main financial data of Shanghang Technology maintained a growth trend during the reporting period. In 2022, due to the comprehensive impact of factors such as business structure adjustment, depreciation and amortization of self-built computer rooms, and capacity ramp-up, the revenue and profitability of Shanghang Technology decreased slightly. However, with the continuous improvement of the shelf rate of the data center of Shanghang East China Cloud Base and the continuous development of the company's business, the company's future operating performance will achieve stable growth.
Lei Jun is the founding shareholder
It is worth noting that Shanghang Technology has a deep relationship with Xiaomi Lei Jun.
According to the prospectus, the predecessor of Shanghang Technology, Guangzhou Shanghang Information Technology Co., Ltd., was established in 2010, and the company's founding shareholders include Lei Jun, Lan Manju, Guangzhou Elite Information Technology, which was later renamed Guangzhou Langyan Information Technology and has now been cancelled). Among them, Lei Jun is a serial entrepreneur in the Internet field, and is currently the chairman and CEO of Xiaomi Group. When Shanghang Co., Ltd. was established, Lei Jun held more than 50% of the shares.
Why did Lei Jun choose to invest in a data center operator in 2010?In response to the exchange's inquiry, Shanghang Technology said that from 1999 to 2009, Lan Manju successively served as the Guangzhou regional sales manager of Shanghai Wangsu Technology Co., Ltd., and the general manager of Shanghai Dilian Information Technology Co., Ltd. in Guangzhou, and has strong capabilities in IDC business operations. Lei Jun and the management of Guangzhou Elite and Lan Manju met through business, recognized Lan Manju's personal ability, and were optimistic about the development of IDC business, so the parties decided to set up a joint venture company to operate IDC business.
After several equity transfers, as of the signing date of the prospectus, Lanmanju controlled a total of 44 Shanghang Technology19% of the shares. In addition, Lan Manju has served as the chairman and general manager of the company since the establishment of the joint-stock company. Therefore, Lanmanju is the controlling shareholder and actual controller of Shanghang Technology. In addition, Lei Jun still directly holds Shanghang Technology 1947% stake.
It is worth noting that Shanghang Technology has the risk of high customer concentration.
In recent years, the industry concentration in the fields of live broadcasting, short broadcasting, and cloud computing has been increasing, and the demand for data centers has been concentrated in the head Internet companies, and the high industry concentration of downstream enterprises in the industrial chain is the main reason for the high concentration of the company's customers.
According to the prospectus, from 2019 to the end of June 2022, the sales of Shanghang Technology to the top five customers accounted for the proportion of its main business income respectively. 40% and 6381%。Among the top five customers of Shanghang Technology, the main customers are Internet companies such as Tencent, Sogou, Alibaba, and Huanju. Although the company's main customers have maintained a relatively long-term cooperative relationship with the company, and the characteristics of the IDC industry determine that customer data migration is difficult and customer stickiness is high, it is not excluded that customers may reduce orders or directly replace IDC service providers after the expiration of the contract. 
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