Recently, Tang technology, a leading domestic artificial intelligence (AI), passed the hearing of the Hong Kong stock exchange, with CICC, Haitong international and HSBC as its lead underwriters. Since the second half of the year, domestic AI enterprises have ushered in a wave of mass listing. In addition to Shangtang technology, the "Ai four dragons" enterprises are actively going to the capital market. In September this year, the initial listing of Kuangshi technology innovation board was approved; In July, Yuncong technology held a meeting on the science and innovation board; On November 5, Yingtong technology, a medical AI enterprise, landed on the Hong Kong Stock Exchange; On November 9, the IPO meeting of AI enterprise Geling Shentong technology innovation board was held; Business AI enterprise cooperation information also submitted an application for listing on the science and innovation board a few days ago. "It is expected that there will be intensive listing of artificial intelligence enterprises this year and next, which is expected to increase the attention of the capital market to the artificial intelligence industry," Hua'an Securities said in the research report. Western securities also believes that the progress of IPO of several AI enterprises means that the resonance trend of AI industry development and capitalization will accelerate. Insiders said that from the financial performance of AI companies and capital market financing, the current development of AI industry has entered the deep water area. In terms of financial status, AI companies, including the "Ai four dragons", are generally at a loss. According to the prospectus of Shangtang technology, in 2018, 2019, 2020 and the first half of 2021, Shangtang technology's revenue and gross profit margin generally showed a continuous upward trend, but the company's net losses were 3.433 billion yuan, 4.968 billion yuan, 12.158 billion yuan and 3.713 billion yuan respectively, with a cumulative loss of more than 20 billion yuan. The company expects that the annual net loss and adjusted net loss in 2021 will increase significantly, mainly due to the increase in the fair value loss of preferred shares and other financial liabilities and the continuous investment in R & D. It is expected that it may continue to generate net losses in the short term. In terms of listed AI companies, flush data show that in the first three quarters of 2021, the net profit of more than 40% of Companies in the artificial intelligence concept sector decreased year-on-year, and the net profit of more than a dozen companies such as Cambrian and robot decreased by more than 100%. Most AI companies have the situation of "increasing income without increasing profit". In the secondary market, flush data showed that as of the close of the 23rd, more than a dozen AI concept stocks such as Shengshi technology, dinek and Cambrian had fallen by more than 40% during the year, and dozens of concept stocks such as robot and evert had fallen by more than 18%. In terms of financing, enterprise survey data show that from 2011 to 2018, the disclosed financing amount in the domestic AI field has increased year by year, but it has decreased significantly since 2019. Since this year, it has shown a recovery trend. The financing events and financing amount in the AI field during the year exceeded the performance of the whole year in 2020. Guojin Securities said that business model and liquidity are the main bottlenecks in the development of AI industry. From the perspective of algorithm, the AI industry has not achieved a huge technological breakthrough; The actual landing scenes are scattered, and the degree of product standardization is low; Intellectual property rights and ethical issues are also important reasons for the bottleneck of industry development. Hua'an Securities believes that finding the right scene is the key to the commercialization of AI, and security, education, medical and other tracks are expected to take the lead in completing the large-scale landing. Institutions generally believe that the AI market has a broad space in the long run. According to Sullivan's report, AI software will be one of the fastest growing business areas in the next decade. In 2025, the market scale of global AI software will reach US $121.8 billion, with a CAGR of 31.9% from 2020. CICC believes that AI has become one of the important innovation directions in the post epidemic era. It is recommended that investors pay attention to investment opportunities in smart grid, civil UAV, mobile robot, industrial Internet platform and other fields. (Xinhua News Agency)