African photographic portrait

The lawsuit from Huawei did not affect the market's enthusiasm for voice holding.

On September 30th, Chuanyin Holdings (688036) was officially listed on the Science and Technology Innovation Board with an issue price of 35. 15 yuan/share. At the close of the day, the share price was 57.8 yuan/share, an increase of 64.44%, and the total market value was about 46.2 billion yuan.

At the listing ceremony on September 30, Zhu, the chairman of Voice Holdings, responded to Huawei's lawsuit and said that he believed that the law would have a fair answer.

On September 29, the relevant personnel of the office of the board of directors of Voice Holding confirmed that the company was indeed sued by Huawei on the grounds that Huawei claimed that Voice infringed copyright, and the amount of Huawei's claim was 20 million. However, the company has not received the official documents from the court, so it will not affect the listing of Voice Holdings on the Science and Technology Innovation Board on September 30.

According to the prospectus of the meeting, Zhu, as the actual controller, indirectly holds 65,438+05.39% shares of Chuanyin Holdings. Based on this calculation, with the sound of listing, Zhu's net assets reached about 765,438+billion yuan.

It is reported that Zhu, born in 1973, once worked in Zhejiang, Ningbo Bird, Shenzhen Saite Technology and other companies. , and founded Chuanyin on 20 13. With its experience and insight in overseas markets, Chuanyin has been called "the king of Africa" by the industry.

Although this is a little-known mobile phone brand in China, in fact, in overseas markets, even government agencies and investment institutions, voices have come and gone.

A closer look at Chuanyin's draft prospectus shows that none of Chuanyin's 13 shareholders are individuals, all of them are institutional shareholders, including five companies related to employee stock ownership.

(13 shareholder profile)

In addition to Chuanyin Holdings, Zhu also serves as the executive director and general manager of Shanghai, Shenzhen Zhanxiang, Shenzhen Zhanchuan, Shenzhen Heritage and Shanghai Sarui, as well as the executive director of Chuanyin Investment, Investment, Shanghai, Shanghai Xiaochuan, Yiwei Holdings and Shenzhen Yijia Information Technology Co., Ltd.

According to the comprehensive statistics of Qixinbao, Zhu has indirectly held Chuanyin shares through nearly 10 paths.

Take the largest shareholder as an example. Chuanyin Investment has been the controlling shareholder of Chuanyin Holdings for nearly two years, holding 56.73% shares of the latter. Zhu is the largest shareholder of Voice Investment, holding 20.68%. Based on this calculation, Zhu actually controls the equity of Voice Holdings 1 1.73% through the voice investment platform.

(Qixinbao Statistics Zhu Holding Path Voices)

It is said that among the major institutional shareholders of the company, Chuanyin Investment, Li Chuan Investment, Inheritance Entrepreneurship, Li Chuan Entrepreneurship and Chuanyin Entrepreneurship are all platforms for employee stock ownership.

Among them, the first two companies are the founding shareholders' shareholding platforms, and the organizational form is the company legal person; The latter three companies are employee stock ownership platforms, while Inheritance Industry, Li Chuan Industry, Chuanyin Industry and Ishikawa Industry indirectly hold the issuer's shares through Inheritance Entrepreneurship, Li Chuan Entrepreneurship and Chuanyin Entrepreneurship, and the inheritance entrepreneurship and entrepreneurship are employee indirect stock ownership platforms, and the organization form is partnership.

According to the statistics of Qixinbao, before the official listing, Chuanyin also accepted three rounds of financing in July 20 16 and June 20 17 respectively, and introduced investment institutions Yuan Ke Capital, Hongtai Fund and Jiankun Investment, as well as Internet giant Netease.

At present, major investment institutions still hold a large proportion of shares. For example, Yuan Ke Fund currently holds 14.4%.

Hong Kong Netease Entertainment currently holds 0.98% of the shares of Voice, which is also related to the business cooperation between the two companies. According to the official voice, the company actively develops and incubates mobile Internet products with many leading domestic Internet companies such as Netease, and carries out strategic cooperation in application fields such as music, games, short videos and content aggregation.

In addition, there is official investment from Singapore in the shareholder list. According to the prospectus, the Ministry of Finance of Singapore can control 2.94% of the voting rights of the company through TETRAD and GAMNAT.

Why does Zhu have such great charm? How is the road to the king of alternative sound tempered?

The most well-known is the advertising word "fighter in mobile phone"-bird, which has accompanied a generation. His working experience there gave him a deep understanding of the competition and development of overseas markets.

Zhu once said that he has been in the mobile phone industry for 16 years. In Bird, he started from sales and gradually became the chief representative of North China. In 2003, he became the executive deputy general manager of Bird Sales Company.

The turning point also appeared at this time. Since then, Zhu has been in charge of Bird's overseas business, covering dozens of countries. It is these experiences that let him see the competitive window in the African market.

In the early years, there were only a few brands such as Samsung and Nokia in the local market. Compared with other markets, there were not many competitors. Zhu then aimed at the market opportunity of mid-range mobile phone prices here.

Africa is the third most populous country in the world, and its consumption potential is particularly considerable. This laid the starting point for voice communication to focus on emerging markets. Compared with the local market in Africa, domestic manufacturers in China have sufficient experience in R&D, production and operation of functional machines and smart phones.

In fact, for the local market, Chuanyin has done a lot of localized research and development, so that Chuanyin can quickly gain the favor of local consumers.

According to the prospectus, the company has made a number of research and development achievements in taking pictures of people with dark skin. Including night portrait shooting, night intelligent beauty, night face recognition; The core technology of the function machine also includes multi-card setting, high-quality music loudness technology, waterproof and anti-corrosion design of mobile phones and so on. These are undoubtedly highly localized and targeted research and development.

According to Zhu's previous introduction, for the local market in Africa, the sound transmission team set up a working group, collected a large number of photos of local people, and analyzed and adjusted the facial contour, exposure compensation and imaging effect analysis.

According to IDC, a research organization, as of 20 18, 654.38+24 million mobile phones were shipped by voice, accounting for 7.04% of the global market share, ranking fourth among global mobile phone brand manufacturers. Africa's market share is as high as 48.7 1%, ranking first; India's market share reached 6.72%, ranking fourth.

At present, voice transmission no longer only focuses on Africa, but gradually expands its layout to global emerging market countries such as South Asia, Southeast Asia, Middle East and South America.

With the development of business, in fact, at present, Voice is more than just a mobile phone company. According to the data, in addition to its three major mobile phone brands, TECNO, itel and Infinix, Chuanyin has also established a digital accessory brand Oraimo, a household appliance brand Syinix and an after-sales service brand Carlcare under the diversification strategy.

In addition, the company has established intelligent terminal operating systems such as HiOS, itelOS and XOS, and developed tools such as application store, game platform, advertising distribution platform and mobile phone housekeeper around the OS operating system.

Zhu said that he hopes to build an ecosystem similar to Xiaomi and introduce more product lines. In the future, he will definitely adopt more integrated Lianheng models.

(Overview of main business income of voice transmission)

Voice transmission is not without controversy. After all, the lawsuit from Huawei is only one aspect. According to the prospectus, the R&D ratio of Chuanyin 20 18 is only 3%, which is still relatively low compared with large technology companies.

(Proportion of reasonable research and development in the prospectus)

From the perspective of sales volume, the function machine still contributes a lot to sound transmission, which is based on the development law of emerging markets, but it may also become a constraint factor in the future. After all, emerging markets will enter the stage of smart phone conversion in the future, and many top global manufacturers have been lurking in this field for many years.

For example, India, the second largest market for sound distribution, is the market that mainstream mobile phone manufacturers are vying for at present. Xiaomi has replaced Samsung to win the local smartphone sales champion last year, and vivo has also been deployed in the local area for many years, belonging to the first batch of domestic brands that entered India; Huawei also has its own considerations for the African market.

According to the prospectus, from 20 16 to 20 18, the sales volume of voice-transmitting smartphones increased from 166 1 10,000 to 34.06 million, and the sales amount of smartphones increased from 674 15479 billion yuan. The sales volume of functional machines increased from 58.96 million units to 90.22 million units, and the sales amount increased from 3.68 billion yuan to 5.95 billion yuan. The sales volume of functional machines is almost three times that of smart machines.

The company also stated in the prospectus that with the further saturation of mature markets in the future, it is not excluded that other mobile phone manufacturers will enter and intensify their efforts to explore emerging markets such as Africa and India. The market competition risk faced by the company will be increasingly intensified. Although the company has achieved a high market share in Africa and India, if the issuer fails to maintain the technological innovation of products, continuously improve product quality and service level, and continue to increase investment in technology research and development, brand operation, marketing, after-sales service and supply chain management, it may face the risk of losing customer resources and decreasing market share.

Of course, based on the layout and brand goodwill in the local market for many years, Good Voice naturally has its own moat. At least from the technical and strategic point of view, the overall development logic of sound transmission is not weak.

In addition to the technology based on localization, voice transmission has business thinking similar to that of current mobile phone manufacturers, such as the localized operation mode called "Glocal", which is similar to OV; For example, the ecological peripheral system that Voice is currently building is similar to Xiaomi.

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