A-share subscription | Hehe Information (688615.SH) opens subscription. Core products include Scan King, Business Card King, and Qixinbao.

On September 13, Hehe Information (688615.SH) started its subscription, with an issue price of 55.18 yuan per share, a subscription limit of 6,000 shares, a P/E ratio of 18.55 times, and it belongs to the Science and Technology Innovation Board of the Shanghai Stock Exchange, with CICC as its exclusive sponsor. According to the prospectus, Hehe Information is an artificial intelligence and big data technology company, providing digital and intelligent products and services to global C-end users and diversified B-end customers based on its leading intelligent text recognition and commercial big data core technology. The company's C-end business mainly consists of three core products aimed at global individual users, including the Scan King (intelligent scanning and text recognition app), Business Card King (intelligent business card and contact management app), and Qixin Bao (enterprise business information query app). The company's B-end business provides services to enterprise customers based on intelligent text recognition and commercial big data core technology, forming a business matrix including basic technical services, standardized services, and scenario-based solutions to meet various needs such as cost reduction, risk management, intelligent marketing, and help customers achieve digital and intelligent transformation. According to the prospectus, the company's core technologies include intelligent text recognition and commercial big data technology. The intelligent text recognition technology integrates AI technologies such as intelligent image processing, complex scene text recognition, and NLP, providing more cognitive and understanding capabilities compared to traditional simple text recognition. It can adapt to complex scenes such as multiple languages, formats, and styles and can be applied to various commercial scenarios, such as invoice classification, document structuring, key information extraction from contracts, and intelligent auditing. The commercial big data technology includes technologies such as big data mining and knowledge graph, exploring the value hidden behind commercial data to empower various industries. In terms of industry competition, with leading independent research and development technology and mature product implementation capabilities, the company's three C-end APP products cover billions of users in over a hundred countries and regions globally, with excellent brand awareness and user experience. Especially, Business Card King and Scan King were launched in 2009 and 2010, accumulating over ten years of profound brand influence. In the App Store, similar apps to the company's Scan King and Business Card King include ABBYY FineScanner, ABBYY Business Card Reader, and Google Lens. According to App Annie data, the combined active users and downloads of Scan King and Business Card King far exceed those of similar apps in the reporting period, with higher ratings in the iOS China region. According to Zhi Shixun Consulting, Qixin Bao ranks third in the 2022 Chinese commercial information query C-end market (i.e., commercial big data C-end market). Financially, in the years 2021, 2022, and 2023, the company achieved operating revenues of approximately 806 million yuan, 9.88 billion yuan, and 11.87 billion yuan respectively. The net profits were approximately 144 million yuan, 284 million yuan, and 323 million yuan respectively. According to Hehe Information's prospectus, the company may face overseas operating risks. During the reporting period, the company sold C-end products and B-end services to overseas customers in major countries and regions such as Europe, America, and East Asia according to their preferences and demands. The company's overseas revenue was mainly concentrated in Asia (mainly Japan and South Korea) and North America (mainly the United States) and maintained a stable growth trend. In terms of compliance risks in overseas business operations, although the company has not been penalized by the revenue source countries since engaging in overseas operations, as the business scale expands further, the legal and regulatory environment involved in the company's overseas operations will become more complex. If the company fails to fully comply with the laws or regulations of the product sales locations in the future, it may face corresponding penalties, affecting its local operations.