Unique Research · Company / M&A · December 12, 2022
On Dec 3, 2022, A-share ecom SaaS leader Guangyun Tech (光云科技, 688365) said it would use self-raised ¥15M to buy the remaining 44.83% of Hangzhou Kuaixiaozhi (快小智) from Ruiheying LP — making Kuaixiaozhi a wholly owned sub. No AGM / not a related-party deal under SSE rules.
History: Jan 2021 Guangyun set up wholly owned Kuaixiaozhi (reg. capital ¥16M); Apr 2021 Ruiheying injected ¥13M → capital ¥29M, Guangyun 55.17% / Ruiheying 44.83%. Now reclaiming minority. Kuaixiaozhi: NLP SaaS intelligent CS robots for ecom merchants — pre/in/after-sale, intent dialogue + industry KG, human-machine collab; addresses FAQ-bot cost/quality/latency pains. Guangyun (Hangzhou, est. 2009): first-batch China ecom SaaS; 4M+ online / 1.2M+ paying merchants across Taobao/Tmall/JD/PDD/Douyin/Kuaishou — Super Shopkeeper, Express Assistant, Wangdian; large-merchant stack Kuaimai ERP/Xiaozhi, ShenHui, Lingyun, Juwo WMS, Kuaimai Thinktank.
Valuation: asset approach equity −¥10.24M vs book −¥12.51M; income approach ¥31.58M (chosen — light-asset intangibles). Pipeline: >¥15M signed/in-flight contracts; >¥6M of that expected as 2023 revenue; 2023 sales plan ¥49M / revenue ¥22M; yrs 2–5 growth 50%→10% taper; 60% renewal. COGS mainly Alibaba Cloud Dianxiaomi PaaS + Luobota intangibles amortization.
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