Produced｜Sohu Finance

Author｜Wu Ya

After the market on June 15, Yuexiu Service Group Co., Ltd. (hereinafter referred to as Yuexiu Service) held an online press conference for the global offering. Yuexiu Service Non-executive Director and Chairman of the Board of Directors Lin Feng, Executive Director and Chief Executive Officer Wu Wei, Executive Director and Executive Deputy President Mao Liangmin and CFO Chen Dongpeng attended the press conference.

According to Yuexiu Services, it intends to issue 369.7 million shares in a Hong Kong IPO, with an offer price of between HK$4.88 and HK$6.52 per share; it plans to raise HK$1.804 billion to HK$24.1 billion before the exercise of the over-allotment right, and the exercise of the over-allotment right Later, it plans to raise 2/7.5 billion Hong Kong dollars to 2.772 billion Hong Kong dollars.

Yuexiu Service introduced 10 cornerstone investors, including Xinhua Asset Management (Hong Kong), sensepower held by SenseTime’s founder Tang Xiaoou, Shenghui Holdings, and Sofia Home Furnishing two directors Jiang Ganjun and Ke Jiansheng, Huake Capital and Shanghui Enterprise, etc. It subscribes for approximately 777.2 million yuan worth of shares; it is expected to be priced next Monday (June 21) and will be listed on the 28th with the stock code 6626.

Yuexiu Services stated that about 60% of the proceeds from the IPO will be used for strategic acquisitions and investments, and further strategic alliances will be established to expand the scale of property management; about 15% will be used for further development of value-added services and diversified development of service portfolios to increase profitability Capacity; about 15% is used for the development of information technology systems and smart communities; about 10% is used for working capital and general corporate purposes.

At the press conference, Wu Wei said that in the next three to five years, Yuexiu Service hopes that it will be among the first echelon of the industry. The specific implementation path includes: support from Yuexiu Real Estate, which can stably contribute 20 million square meters in the next three years. Management area; through strong external expansion, the company currently has a professional external expansion team and has professional external expansion capabilities; accelerate mergers and acquisitions, give full play to its own advantages, and take a market-oriented approach to actively participate in outstanding targets in the market Mergers and acquisitions of enterprises.

In response to the development and planning of the TOD model of Yuexiu Service, Lin Feng said, “Yuexiu Service is not limited to the Guangzhou Metro service category. There are certain professional barriers in this field. Yuexiu Service already has rich experience in this field. In the future, the company will conduct negotiations in more provincial capital cities and other regions. The growth in this field is expected.”

“In the depot service, Yuexiu Service undertakes the internal and external cleaning of subway trains, establishes technical barriers for cleaning of special equipment, and becomes the core competitiveness of the same type of business. Yuexiu Service will continue to explore the formation of TOD and cover residential management and construction. The unique management mode of the next site management, this special mode will become the growth point of future scale expansion and new profit points.” Lin Feng said.

In response to this problem, Wu Wei added that relying on Yuexiu Real Estate and Guangzhou Metro, Yuexiu Services has obvious advantages in this field; at the same time, Yuexiu Services has been deeply involved in diversified portfolio services and has core advantages for many years. And competitiveness.

On February 10 this year, Yuexiu Property (00123.HK) issued an announcement regarding Yuexiu Services’ submission of a listing application to the Hong Kong Stock Exchange; on the evening of the same day, the Hong Kong Stock Exchange disclosed the Yuexiu Services prospectus; on May 24, the Hong Kong Stock Exchange disclosed that Yuexiu The service passed the hearing.

The data collection after the hearing shows that from 2018 to 2020, Yuexiu’s service revenue increased from 763 million yuan to 1.168 billion yuan, and its net profit increased from 45.458 million yuan to 199 million yuan; gross profit margins were 25.9%, 27.2%, and 34.5%, respectively. ,Continued growth.

In terms of business structure, Yuexiu’s service revenue mainly comes from two major directions: non-commercial property management and value-added services, commercial property management and operational services. The former accounted for a relatively large income, and the revenue contribution ratio in the past three years exceeded 64%.

As of the end of 2020, the total area under management of Yuexiu Services was 32.6 million square meters, a year-on-year increase of 48%; the number of properties under management was 215, and 96.1% of the properties under management were located in first-tier, new first-tier and second-tier cities. According to the statistics of the Zhongzhi Research Institute, in terms of the market share of the area under management in 2020, Yuexiu Service ranks seventh among the top 100 property service companies.

Different from ordinary property companies, Yuexiu Service relies on the TOD property management model of “Metro + Property”, and is the only one of the top 100 property companies in the country that provides metro property services in the Greater Bay Area.

Prior to this, in November 2020, Yuexiu Services acquired the Guangzhou Metro Environmental Engineering and Guangzhou Metro Property Management from strategic investors, Guangzhou Metro, and became a composite property management company with “metro environmental engineering maintenance + metro property management and operation”. The acquisition has added over 5 million square meters of management area, which will provide Yuexiu Services with new businesses such as subway station lines under management and subway superstructures in depots.

In addition, the direct controlling shareholder of Yuexiu Services is Yuexiu Property, and Guangzhou Metro is the second largest shareholder of Yuexiu Property. In recent years, Yuexiu Services has continuously expanded its TOD scale relying on Yuexiu Property and Guangzhou Metro. As of the end of 2020, Yuexiu Real Estate has 5 TOD residential projects with a total construction area of ​​nearly 4 million square meters. In 2020, the contracted sales of 5 TOD residential projects will be approximately 17 billion yuan.

Produced｜Sohu Technology

Author | Song Wanxin

On May 17, the 2021 Sohu Technology 5G&AI Summit was grandly held in Beijing.Tian Feng, the founding dean of SenseTime Intelligent Industry Research Institute, delivered a keynote speech as a guest “The Global Change of AI Ethics” . After the speech, he accepted an interview with Sohu Technology. When the rapid development of artificial intelligence and big data, discussions on data security and AI ethics also emerged. Tian Feng gave a detailed answer in the interview.

Tian Feng believes that artificial intelligence is a tool, and a tool must depend on the purpose and the person who uses the tool. Only when users have values. “We hope it will be used by good people, so our so-called AI ethics is more about letting good people use artificial intelligence, rather than letting evil people use artificial intelligence.”

In order to train artificial intelligence, user data is collected more and more, and many cases of privacy infringement have occurred in the process. Tian Feng pointed out that we must not give up food because of choking. “Artificial intelligence will have various risks. If you don’t use it or study its technology, it will never develop. This will bring humanity to industry regression and development. It will always be a theme, whether it is China, the United States, or Europe.” He said.

In fact, while artificial intelligence technology is developing, privacy protection technology is also developing simultaneously. For example, the federated learning technology proposed by Google in 2016 is one of the most popular technologies for privacy protection in the industry. Tian Feng explained the technology and said, “The data is available and not visible. When I judge whether the data is true or false, I only answer a yes or no, and will not tell me the underlying original data. This is the principle of data services.”

Tian Feng introduced that in addition to federal learning, privacy computing, encryption of biometric data, and some corresponding anonymization processing are all security protection technologies that SenseTime Intelligent Industry Research Institute has invested in research and development in various scenarios.

The following is a concise compilation of the interview record:

Sohu Technology: Would you like to briefly introduce to the netizens your research institute of Intelligent Industry and whether SenseTime has some interesting research?

Tian Feng: Artificial intelligence is changing the life and business model of each of us. SenseTime Intelligent Industry Research Institute focuses on the industrial value of artificial intelligence and our social value, including social impact. This is the result of our continuous efforts to write various smart industry reports, digital transformation reports, and global AI policy analysis and ethics-related research results.

Sohu Technology: A common topic, is technology neutral or valued. What do you think of this issue?

Tian Feng: First of all, we believe that artificial intelligence is a tool and a representative of the forefront of technology. The tool must depend on your purpose, so its users, the people who use this tool, must have values.

It has three directions. In general, science and technology, the first is to become a tool of the industry, and the second is to become a scientific, forward-looking theoretical research result. So the second one is the development direction of cutting-edge technology. The third is the unavoidable topic, weapons. During World War II, science and technology developed rapidly. Basically, these three directions evolved. In the end, whoever uses such technology has corresponding values.

Sohu Technology: The technology itself is still a tool?

Tian Feng: Yes, we want it to be used by good people, so our so-called AI ethics is more about letting good people use artificial intelligence, rather than letting evil people use artificial intelligence.

Sohu Technology: User privacy protection has always been a hot topic. In the era of big data, the demand for data is very large. In order to train AI, etc., are there any technologies and rules to better protect user privacy?

Tian Feng: Regardless of China, the United States and Europe, everyone attaches great importance to the privacy of the whole people, which will promote the development of the entire technology industry. The ethical protection of artificial intelligence now has a purpose, first to promote development, and second to protect the bottom line. Artificial intelligence will have various risks. If you don’t use it or study its technology, it will never develop. This will bring industry regression to mankind. The first development will always be a theme, no matter it is China, the United States, Europe.

The second thing is to keep the bottom line. Everyone is like sitting on a boat. If any place leaks, the boat will sink. From the perspective of Shangtang Technology, we have made a lot of investment and work in artificial intelligence ethics. Including the Intelligent Industry Research Institute, our main core task is to do research on the ethics of AI and the joint research and development team to make more technical inputs. For example, what we are talking about now is federated learning, privacy computing, including the encryption of biometric data and the corresponding anonymization processing. These are all kinds of security protections and practices that we continue to do in different industrial scenarios.

Sohu Technology: Federal learning is a relatively hot technology in the industry. Can you explain to the public in simple words what kind of technology is this? Can it protect privacy?

Tian Feng: We often say one sentence, which is particularly suitable for describing this. The data is available or not visible. When I judge whether the data is true or false, I only answer yes or no, and will not tell me the underlying original data. This is data. The principle of service.

Second, federated learning is actually multiple data, and even data from multiple business entities are put together for fusion machine learning training and data cross-analysis. However, this environment can guarantee the security of the underlying data to the data of all parties. From the IT era to the cloud computing era to the artificial intelligence era, there are various technologies to protect the underlying security of multiple data, and more can be obtained from the above. The results of good data analysis, the data of insurance companies and the data of Internet companies are intertwined to produce insurance premium data of thousands of people, which does not mean to publish the private data of every car owner. This is to look at the federal government from an industry perspective. The integration and innovation of the data of multiple commercial entities realized by learning can not only obtain commercial value, but also protect the data resources of each party from being leaked.

Song Wanxin: Shang Tang has invested a lot in this area?

Tian Feng: Yes, we have joined hands with many university laboratories around the world to do artificial intelligence technology and ethics research and development. We have established a computational law and AI ethics research center in cooperation with Shanghai Jiaotong University, relying on the first-line scientific research of universities and enterprises Strength, we will work together to study the technology and soft topics of risk control in various aspects of AI ethics and legal compliance.