1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
ICG
Listed on
2023-03-16
Sector
Information Technology
Subsector
Semiconductors & Semiconductor Equipment
Offer Price
$8.00
first filed $7.00–$9.00Shares Offered
1M
59.82M
$478.6M
1.7%
Implied Upside vs Midpoint
Description
We are a provider of integrated solutions consisting of high-performance computing ASIC chips and ancillary software and hardware for blockchain applications. We utilize a fabless business model and specialize in the front-end and back-end of IC design, which are the major components of the IC product development chain. We have established strong supply chain management with a leading foundry, which helps to ensure our product quality and stable production output. Our products consist of high-performance computing ASIC chips that have high computing power and superior power efficiency as well as ancillary software and hardware, which cater to the evolving needs of the blockchain industry. We have built a proprietary technology platform named “Xihe” Platform, which allows us to develop a wide range of ASIC chips with high efficiency and scalability. We design our ASIC chips in-house, which enables us to leverage proprietary silicon data to deliver products reflecting the latest technological developments ahead of our competitors. As of September 30, 2022, we had completed a total of eight tape-outs using our “Xihe” Platform for 22nm ASIC chips, achieving a 100% success rate for all our tape-outs. Our strong commitment to advanced research and development enables us to innovate continuously and create ASIC chips with superior performance to power ratio at reasonable cost. According to Frost & Sullivan, we have a leading market share in ASIC chips designed for several key blockchain algorithms including Blake2bsha3, sha512MD160, Cryptonight V4, Eaglesong and Blake2s, in terms of the accumulative computing power sold for the years ended December 31, 2019, 2020 and 2021. We will continue to devote significant resources to design and tailor our ASIC chips for use in high-technology applications. As a result of fast-increasing market demand for our products, we have been growing rapidly. --- The principal executive offices of our operating subsidiaries are located at 9/F, A Block, No.333 Haiyang No.1 Road, Lingang Science and Technology Park, Pudong New Area, Shanghai, 201306, the People’s Republic of China. Our telephone number at this address is +86 021 5896 1080 and our fax number is +86 021 5896 1085. Our main website is www.intchains.com. Our registered office in the Cayman Islands is located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Our agent for service of process in the United States is Puglisi & Associates.
▲ Cheaper than its peers on 2 of 2 valuation measures
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 4.0x | 12.8x | ||
Price / earnings | 6.8x | 99.9x | ||
Revenue growth | 1057% | 16.1% | ||
Gross margin | 82.0% | 40.2% | ||
Operating margin | 70.8% | -10.3% | ||
Net margin | 71.2% | -9.7% | ||
Free cash flow margin | 62.3% | 5.5% | ||
Rule of 40 | 1128% | 21.1% | ||
Net cash / market cap | 15.2% | 3.0% | ||
Debt / equity | 0.00 | 0.00 | ||
Current ratio | 19.22 | 2.60 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
= Priced at $8.00, 0% above the midpoint of the first filed range ($7.00–$9.00, 2022-09-02).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2022-09-02 | F-1/A | $7.00–$9.00 | — | 3,575,000 | $28.6M |
| 2022-09-14 | F-1/A | $7.00–$9.00 | — | 3,575,000 | $28.6M |
| 2022-11-03 | F-1/A | $7.00–$9.00 | — | 3,575,000 | $28.6M |
| 2022-11-22 | F-1/A | $7.00–$9.00 | — | 3,575,000 | $28.6M |
| 2023-02-22 | F-1/A | $7.00–$9.00 | — | 1,250,000 | $10.0M |
| 2023-03-03 | F-1/A | $7.00–$9.00 | — | 1,250,000 | $10.0M |
| 2023-03-17 | 424B4 | — | $8.00 | 1,000,000 | $8.0M |
Intchains Group Ltd income statement and balance sheet, FY Dec 2022 to FY Dec 2025, as reported in SEC filings (CNY).
| Metric | FY Dec 2022 | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | CNY 474M | CNY 11.6M | CNY 282M | CNY 221M |
| Gross profit | CNY 387M | CNY 1.3M | CNY 151M | CNY 16.0M |
| Operating income | CNY 323M | (CNY 9.2M) | CNY 2.9M | (CNY 105M) |
| Net income | CNY 355M | (CNY 3.8M) | CNY 51.5M | (CNY 47.5M) |
| Revenue growth | — | −97.6% | 2333% | −21.6% |
| Gross margin | 81.6% | 11.0% | 53.7% | 7.2% |
| Operating margin | 68.1% | −79.0% | 1.0% | −47.4% |
| Net margin | 75.0% | −32.6% | 18.3% | −21.5% |
| Metric | FY Dec 2022 | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | CNY 953M | CNY 138M | CNY 1.1B | CNY 1.0B |
| Total liabilities | CNY 19.5M | CNY 4.1M | CNY 76.4M | CNY 43.3M |
| Total equity | CNY 934M | CNY 134M | CNY 1.0B | CNY 977M |
| Cash & equivalents | CNY 712M | CNY 97.9M | CNY 322M | CNY 222M |