In May 9, 2018, the latest round of innovation in the Xinjiang innovation was finally introduced. The leaders (about five or six, the specific list has not been published) will be added up to a quota of at least $one hundred million per family. In the current round of financing, the list of institutional investors entering the third round does not exceed 20, and the D/B ratio is 1.5:1. At present, the $1 billion financing has been basically finalized.
So far, the “financing drama”, which had sung for over a month, finally came to an end.
The largest cattle financing in the history of Dajiang: D/ B share subscription ratio 1.5:1, fund-raising ultra plan 30 times
As an unquestionable unicorn, this financing is a competitive bidding method, which is different from the general private equity financing. It sets a set of bidding rules: investors have to subscribe to a certain proportion of D shares, like “interest free” debt, to qualify for B class investment.
Undoubtedly, Dajiang is fully leading the “financing drama” with the role of “the most powerful financier in history”.
At the beginning of April this year, Dajiang new round of financing $1 billion equity financing exposure. It is reported that the first round of bidding ended, nearly 100 investment institutions have submitted a deposit and bidding applications, the total amount of subscription over 30 times. In order to screen out suitable investors, Dajiang opened the second round of bidding.
As at 15:30 on April 15th, the subscription ratio of the average D class /B shares of the second round of bidding was 500 million 1.61:1 (the upper limit of investment of individual investment institutions). The relevant agencies estimate that the value of Dajiang will reach 24 billion US dollars.
In April 20th, the third round of Xinjiang bidding opened, insiders revealed that the price of the bid, investors reported 2:1 ratio, even higher prices, but the end is still not entered the Bureau.
In the end, the “financing drama” was released by small and medium investment institutions, and nearly 20 institutions were selected.
However, on the same day, that is, at the juncture of the financing, Dajiang was “defeated by the US Transportation Ministry UAV pilot project”.
Behind the financial boom, Xinjiang is in danger.
From the list of us UAV pilot projects, Google parent company Alphabet, Qualcomm, Microsoft, AT&T, Intel, etc. have been selected. As the world’s largest civilian UAV manufacturer, Dajiang has submitted about twelve applications to the US Department of transportation, but none of them has been selected.
Under the great contrast between the strongest financing and the unsuccessful election, we seem to have seen the hidden worries behind the Great Wall, and the alarm bell has been sounded under the cover of its rapid development.
An alarm bell 1: endangering national security
It is reported that the US Transportation Department’s UAV pilot project aims to produce data to assist the Federal Aviation Administration of the United States to formulate regulations for a safe and large-scale integration of UAVs. The defeat of Dajiang is undoubtedly related to the national security that the United States attaches more importance to.
As we all know, the business model of Dajiang is relatively simple, mainly based on the sale of UAV products. It is reported that daxinjiang’s operating income in 2017 was 17 billion 570 million yuan, up 80% over the same period last year, and net profit was 4 billion 300 million yuan, up 123% over the same period last year. Most of them come from exports.
According to Shenzhen customs related data, only in the first half of 2017, the export volume of unmanned aerial vehicles in Shenzhen was 1.1 times higher than last year, and the main export areas were emerging markets such as Europe, America and Latin America. In addition, about 94% of the overseas UAV market comes from China, and the global market share of Dajiang is as high as 70%.
There is no doubt that the company has the largest volume, highest sales and largest market share in the world.
Wang Tao, founder of Creative Technology Limited
However, such a volume is a great pressure for the United States, which attaches great importance to aviation technology. Especially for products such as UAVs that can be applied to military scenes, danger and national security are very easy.
In Israel, for example, the globally recognized power of the UAV, the mavic and the “longitude and latitude” Matrice 100 UAVs were bought by its defense forces in July, and used to create high quality video in the enemy and to create obstacles for ISIS terrorists to launch temporary bombs. Similar products, Xinjiang also sold to France.
Of course, the two Dajiang UAVs are not military UAVs, but their “Military” poses a threat to “national security”. Some people even say that Dajiang will become a military concept unit. How can the United States accept this threat?
Shengshi alarm bell two: the consumption level UAV market is gradually getting cold.
In the “2016-2020 years of China’s consumer UAV industry depth survey and investment prospects forecast report”, CIC mentioned that there are now more than thirty countries or regions in the world to develop hundreds of types of UAV. In the United States alone, more than 50 universities, companies and government agencies are developing more than 150 different types of UAVs. In China, more than 300 units are also producing UAVs.
Among them, the main enterprises in the consumer UAV industry include Shenzhen, Parrort, 3D Robotics in the United States, and well known Hao Xiang technology, zero degree intelligence control and hundreds of millions of airlines.
All the time, although each family is increasing investment, but from the volume of shipments, sales and market share, one of Xinjiang’s independence has been recognized as a “secret”.
As the global consumer UAVs companies have been cold in the past two years, such as 3D Robotics, the United States’ old unmanned aerial vehicle manufacturer, announced that it has completely terminated the production of UAVs and has turned to software development; the domestic companies such as Hao Xiang, 100 million, zero degrees and other companies have been exposed to redundancies, and the French Parrot company has also experienced layoffs and turned to commercial UAVs. .
At present, the global competitiveness of competitors is weak, which makes the 2017 performance of Dajiang achieve a trend of growth, and its market share has increased to more than 80%. This has also enabled the company to further strengthen its leading position in the consumer level UAV market.
However, the cold market of the consumer class UAV is the industry’s current situation. Under this background, the growth of Dajiang’s performance also has to slow down. In December 2017, the China aeronautical Transport Association General Aviation Branch issued the “2017-2018 China Civil UAV development report”, pointing out that, after the rapid development of the first three years, the domestic consumption level aerial aerial vehicles (UAV) have entered a period of slow development for a period of time because of the technological development, the use of the scene, the fixed market pattern and so on.
In addition, AI consulting also predicted that in 2025, more than half of the domestic UAV 75 billion yuan market scale came from the contribution of the professional application market.
GrView Research is the most pessimistic forecast for consumer UAVs, which believes that by 2024, annual sales of global consumer UAVs will drop to $4 billion 190 million.
Although the market is almost exclusive, the market size of US $4 billion 190 million is “small”, which virtually limits the development of Dajiang.
High alarm clock three: flight safety and privacy
The application range of UAV is expanding, but after the application and the expansion of the market, there are all kinds of problems, such as “black fly”.
According to incomplete statistics, from 2014 to 2017, there were nearly 200 unidentified air conditions in the Beijing Tianjin Hebei region, and irregular flights showed an upward trend year by year. Today, although the state has also issued relevant regulatory policies, the “black fly” incident is still staged.
Reflected in the sales volume of UAVs, Dajiang innovation official also said that its sales volume in 2017 amounted to 18 billion yuan, an increase of 80% over 2016. But this growth may be more, but the “black fly” incident and regulatory policies everywhere have an impact on sales.
In addition, “black fly” keeps abreast of “privacy”.
In 2017, because of the concerns of potential network security vulnerabilities, the United States troops, which had opened more than 300 immunities to the Republic of Xinjiang, temporarily stopped using their UAV equipment.
After that, Dajiang launched a private flight mode. After opening, Dajiang UAV and control equipment will not generate external communication during the flight phase, thereby protecting user privacy.
However, this is only part of the “privacy” issue, and is about the privacy protection of users themselves.
In the hands of a number of users, whether it is a positive case for evidence, or the reverse of the intentional infringement, the UAV has become a “spy on the privacy of others” tool.
In the case trial, the plaintiff operated the UAV to secretly take the defendant’s chemical installations and equipment as a trade secret protection.
In the urban area, UAV flying hands manipulate UAV into the house and record and record other people’s privacy.
For the whole industry of UAVs, whether it is “black fly” or “privacy”, it will bring certain influence to its healthy development in the future. As the “leader” of the industry, every event will become the first target for people to catch on.
Four: the impact of the Internet giant
In fact, in addition to the obvious hidden worries, the most anxious in Xinjiang should be the impact and threat of the future of the Internet giant, and they are the most ferocious and the most difficult opponents.
And in this heavy list, there are Shun Feng, Jingdong, American regiment, rookie… Which is enough to stir up the storm and let people talk about it?
As we all know, the application scene of the UAV is very wide. It can be seen in the civil field of plant protection and mapping, the investigation and recharge in the military field, and even the self timer in the life. However, if we talk about the market capacity, express delivery and takeaway must be the first.
But what is the real situation in the market?
Since the Jingdong put forward the “three level UAV” system in 2016, it announced 20 billion investment in 2017 and built tens of thousands of UAV airports nationwide. At present, UAV technology research and development is relatively mature, they have independently developed 3 series of 6 models, and have invested in the actual logistics and distribution.
In March 27, 2017, the company received the first unmanned aerial vehicle (pilot) license from the East China management area, which will reach the whole country within 36 hours. At present, SF has launched a number of UAV models, with a maximum effective load of 5-25 kg and a maximum load of 15-100 km.
Ma Yun under the helm of the rookie logistics also did not want to show, also in 2017, its unmanned aerial vehicle in Hangzhou completed Longjing first mining, let the Lion Peak Longjing head tea two hours ahead of time;
The unmanned delivery team of the US group has completed several rounds of R & D iterations in the field of unmanned vehicles and UAVs, and has applied for more than 60 patents. At present, the peak order of the US takeaway is an average of 18 million per day, and it may reach an average of 100 million per day in the future.
In this huge market volume, the number of drones it needs will also be extremely frightening. However, there is almost nothing about it, because the UAV is needed by SF and Jingdong, but not from the outside world.
That is to say, in the Chinese and even the largest application area in the world, express delivery and takeaway have been rejected.
Although from the beginning of the founding to the present, the speed of the development of the city is a miracle, not only laid the first position in the industry, but also greatly opened the gap with the competitors. However, any road ahead will have numerous unknown challenges, and it will eventually face more and more difficult problems. That will be the real test time.
There must be hidden worries under the flourishing age. We hope that the alarm bell will ring and fly.