CloudWalk, China AI Company, IPO & Financials Examined

By Isabella Cheng, Published Dec 15, 2020, 10:36am EST (Info+)

CloudWalk, one of China's 4 AI Unicorns, known inside China as the "AI National Team", for its strong state connections has filed for an IPO.

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This follows just a few weeks after fellow Unicorn Yitu also filed for its IPO on the same market.

In this post, we examine the firm's financials, growth, and products, including:

  • CloudWalk background
  • China Academy of Sciences connection
  • Profit loss and growth examined
  • Shareholder structure
  • CloudWalk OS v. AI Solutions
  • Main verticals
  • Top customers
  • Collaboration with the Zimbabwe government
  • Risks and Opportunities

Executive *******

***** ********* ****** **** ** *** PRC ***** ********* ********* *** *** China ******* ** ********, *** ********* performance ****** ****** *****. ******** ** peer ********, ********* *** ***** ******* and * ***** ****** **** ******* being ******* *** **** **** **** to ****. *** ********* *** ******* against *** * ***** ********, **** higher *******, **** ** * *** issue.

********* ** ******** ** ***** ~$*** million *** ******* **** ***. * successful *** **** ***** *** ******* with *********** ********* ** *** **** few ***** ** ******. *******, *********** COVID-19 ********'* ******** ****** ** *** businesses, ** ** ******* *** ********* will ****** *** ******* ******* *** other ***** ** ********.

CloudWalk **********

***************** ****** *********** *** ** ********* to *** ***********, *****, ********, *** commercial ******* (******, *********** ***********, ***.) according ** ******+ **** **********. ** ** *** ** *****'* 4 ** ********, ******** ****** **** $1 *******, ***** **********,*********, *******. ********* *** ****** **~$*.* ******* ***** ****** ****, ****** ** *** 2nd ****** ********* ** *** ********, just ****** ****'* $* ******* *** valuation. *** ****, ******* ** **** and ************* ** *********, ******** *,*** employees ** ** **** ****.

Connection ** ***** ******* ** ********

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*********, ***** ** *** "** ******** Team" ******* ** *** ** ******* investment, *** "********* **** *** ******* Academy ** ********," ********* ** *** company *******. ********** ******* ** ********** * *****-*** ******** *************** **,*** ******** *********************. **** *** ** ** *********** company ** ****, ********* ** *** by **** ** (), * ****** ********* ** *** Chongqing ********* ** *** ******* ******* of ********. *********'* **** ** *** PRC ********** *** ********* ** *** consistent ********* ********* ** ********** ***** rather **** **/** ************.

Revenue *****, *** **** ******** ** *****-**

*********'* ******* *** ***** **** ***** $10 ******* *** ** **** $*** million *** ******* **** *** ****. However, ** ******** ~$** ******* *** in ******* ** **** */* ** 2019's ***** ******* ** *** *** of ** ****. **** ******** ** revenue *** ****** *** ** *** effects ** *****-**, ********* ********* ** its *** ********. *****, *** ********** Yitu ******** * **** ******** ** 2020 ******* ** ~$** ******* *** (about */* ** *** **** ***** revenue) ** ******** ** *********'* ~$** million ***.

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*******, *********'* ********** *** ****** **** raises **** ******** ***** *** ********. Its *** ******* ****** **** *** 67% **** **** ** ****, *** its ********** **** ******** ***% ****** in *** **** ******. ********* ** the ******** ** *** * ******** and ** ****, ****** **** **** room ** ****.

Comparison ** ***** ***** ** ********

***** *********'* ******* *********** ******* ***** surveillance ** *********, **** ** *** the ***** ** ******** **, ** is ***** ******** ** *** *** larger ********, ****** *** *********. ******, which ********* ** *** ** **** reported$*** ******* *** ** **** ****** revenue, *** ******* ******* ******** ***** SenseTime *** ********$*** ******* *** ** **** ****** revenue.

**** ***** ***** ******** *********'* ****** financial ******* ** ****'*:

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Losses / ********** ********

********* ******* * *** **** ** ~$40 ******* *** ** ** ****.

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** *** *** **********, ********* ********** its *************** ** ********** *&* ******** and ** ******* ** ***** ************, particularly ** ****. ****'* *** **** was ************ ***** (~$*** ******* *** compared ** $**-** ******* *** ** other *****) ******* ********* ******** ~$*** million *** ** ***** ** * result ** ******* *****-***** ************ (***) to *********. **** ************ ****** ** on *********'* ****** ***** ** ** inflated ************** ****. *******, ************** ***** are ****** $*-** ******* *** ******** for *********, *** ** ****, **** number *** ~$*** ******* ***. *********** out *** ~$*** ******* *** ****, which *** * ****** ** ***, CloudWalk's ************** ***** *** **** *** still ********** ******* ** ***** ** other *****.

Shareholder *********

*********'* ************ ******* * *********** *********** called "********* *********" *** **+ ******* investment ***** *** ***** *********** ********.

*********'* *********** ***********, ***** ******** **.**% of *** ******, ** "********* *********", an ****** ****** ***** ****** **(周曦) ****** ********(姚志强), *** *** **-******** ** *********. 99.88% ** ********* ********* ** ***** by **** ** *** *.**% ** owned ** *** ********.

*** ************ **** *** **** **** 5% ** ****'* ***** ****** *******:

  • *******(*.**%): ** ** ********** ******** ** China ******** ** ****** ***********, **** transit **********, *** ***** **** ********. PCITECH *** *** ** *** ***** institutions ** **** **** ********* *** gave *********~$** ******* *** ** * **** seed *****.
  • ***** ********(*.**%): ** ********** ******* ********* ***** by *** ********, * **-******* ** CloudWalk

* ****** ** *********'* ******* ************ are ********** ********, ******** ** ***** 10% ** ***** ******. **** ** the ***** ***** *** ********** ************ that **** ********* ****** *******:

CloudWalk ********* ****** *. ** *********

********* ****** *** ********: ********* ** (CWOS), * ******** ********, *** ** solutions, ***** ******* ********.

**** ** * "******-***** ******** ****** that ******** **-******* ********* *****, *********, and **** ********** ************ *** *********** interactions," ********* ** ********** ***************** ** * ****** **** ********** in ******, *****. **** ****** ******* for ********** ** ****** *** ******* their *** ** ************, ******** *** complexity ** ******** ** ************. *** system *** **** ******* *** ****** various **** *******.

**** *** **** *********** ** ***** travel, ****** **********, *** ***** ************ scenarios,********* ** *** *****, * ***** ******* **** ***********. The ****** ** **** ***** **** at ********* *******, ********** "*** **** between *** *******, ********* **-**** ***** information **** ******** ****-*** **** *******" and ***** ********** *** ******* ** shipping **********' ******** *** ********** **** Guangzhou.

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********* *** ************ **** **** ** its ******* **** **** ****** **** AI ********* *****. ** **** *** 2019, ****** */* ** *********'* ***** revenue **** **** ** *********, *** in ****, ****** **% ** ***** revenue **** **** ** *********. *******, in ** ****, **** *** ****** out ** ****** * **-** *****.

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AI ********* ********

********* **** ******** "*************" ** *********, which *** ****** ********-*******, ** ********* combines *** ******** **** * ******** solution *** *** ***-****. ********* ***/**** all ** *** ******** *** *** not ******* ******* ***** *** *******. AI ********* ******* ******* **** ********* CloudWalk *** ******** *********:

  • ** *******
  • ****** *******
  • ******** *******
  • ****** *********** ******* *******

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Margins **** *** ********* **, *** ********** *** *** ** *********

***** *********'* ******* ******* **** ********* from **% ** **% **** *** years, ** ** ***** *** ******** to *** ********** ****'*. ****'* ******* have **** ***** **% ***** **** and **** **% ** ** ****.

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********* *** **** *** ** ********* margins *** ********** *** ******* ***** is * *** ** ************* ******** depending ** *** ********'* *****. *********, CloudWalk ***** ***** ** ********* ********, hardware, ** ******** ** ******** *** entire ********, ***** ****** **** *******. However, ********* ******* *** **** ** 2019 *** ** ****, ** *********' margins **** *********, ******* ******* ** CloudWalk ******* **** ******, ** *** developed *** *** *********** ******** *** AIoT *********. ***, ** ********* *** use **** ********* ********* ********, ******* to ***** *******.

4 **** *********

********* ******** * **** *********, ********* into:

  • *********** *******: ******* *** ******** ************ ******** that **** ***** ********** ***** ******** service ********** *** **** ******* ** protect ******* *****
  • *********** **********: ****** ********-******** "***** ****" ********, expanded *** **** *** *** ******* city *** **** ** ***** ****** going ** *** *** ** *********, schools, *****, *** ******* *****
  • *********** *********: ******** ** ******** *** ******** to ******* *********** ********** *** ********** of *** *******
  • *********** ********: "***** ******" ********, **** ****** "an *********** ****** ******* **** **** attention ** **** **********"

*********'* *****-******* ********** *** ******* ** certain ********** ** *** ***** ** finance *** ****** ********. "** * purely ********-****** ********** **** *** ******* Academy ** ********, ******* *** **** the ***** ** ***** *** ****** security *********** **** ********* *********," **** co-founder *** ** ***** *********. ******, ********* ********** ** ********* used ** *** **** ******* ** 6 ***** *****-***** *****, ****** ***,*** bank ********, *** ** * *** of *****'* ** ***** ********, ********* to *** **********. ********* ** **** the******** ******** ** ****** *********** ************ *** **** ** ***** *** Haitong **********, *** ** *****'* ******* securities *********.

Top * *********, ****** ***********

********* *** ************ **% ** *** total ******* ** ***** ** * companies, ***** ** ****-****, *** *** 5 ********* ************ ********* *** **-**% of ***** *****. ***** ** ** good **** ** ** **** ********* has ********* *** ***** *************, ** is ******* **** *** ********** **** look **** *** *** ** ****, especially ** ** *** **** ********* has **** * ***** ************* ** sales ** **** * *** *********.

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***** ** ** *** ******* **** consistently ********* ************* **** *********, ***** makes ***** ** *** ***** *** mostly ** *********** **** *** **** on * **** ******* *****, ********** from ********* **** *** ******* ***** a ******** ******** (*.*. *** *********** finance ** *********). ** ****, * single ********** ********* *** ****** **% of *** ******* ** **** ** 2017, ****, *** ****. ** ****, the *** ******** *** ** *** traffic ********** *&* ******* ***** ** China ********* *****, ** ***. ** 2018 *** ****, *** *** ********* were **** ********** *********** *** **** up **** **% *********'* ****/**** ***** revenues.

Collaboration **** ******** **********

********* *** *** ****** *** ******* breakdown *** ***** ****** *** ******* of *****, *** ** *** ******** in * **** ************* *********** *********** *** ******** ********** ** ****, as * **** ** *** **** and **** **********. *** ********** *** to ** **** ** ****** *********, but *********** **********, ****** ********** ********** to *********** **** ******* ****** *********** **** help *** ********** ** ***** * smart ********* *** ******* ******. *******,********* **** ******* *** ********* ***** the ******* ************* ** ********'* ********** possibly ******** **** ***** ** ***** an ********* ************ *****.

Risks / ************* *** *********

*********'* ********* *********** ** *** ** strong ** **** ** *** **** competitors. **** ****** ********* ** ******* than *** *****, *** ******* **** grew ** **% ******* ****-**** ***, so ***, ******* *** ******** ** 2020. ******* **** *** ********** *** margins, ** *** ****** **** *** CloudWalk ** **** ****** ***** ** cover *** ******** *****, ********** ** it ** ***** ******** * *** on *********** ***** (********* *&*, *****, etc.) ** * ***** *******. ***** CloudWalk ** ** ** *******, ** must ******* **** * ***** ***** to ***** *** ***** ** * limited ******. ** ** ******* ******* CloudWalk ** ****-********** ** ** ****, financially *** ******* *** ********.

********* ***** *** *** ********** ** a ******* **** **** ** *** China ******* ** ******** *** *** largely **********-****** ******* ** **** **** of ** **** **** ********* ******* other ********* *** ***** ****** ******** or ******* ********. ***** ******** ********* have * *** ** ***** ***** into **** *** ***** **** ***** CloudWalk's ***********. ********** *****, ********* **** also ****** **** **** *** *** government's ******** ** ******** * ****** leader ** **, ** ********** ******** can **** ******* ******* *&*.

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