202 1, Shangtang Technology was established in R&; D The investment is 3.06 billion yuan, accounting for 65. 1% of the operating income of that year. In the past four years, Shangtang Technology invested more than 8 billion yuan in R&D. At the time of research and development, Shangtang Technology had 4,274 R&D employees at the end of 2002/KLOC-0; D personnel, an increase of 1, 47 1 compared with 2803 in 2020. By the end of 20021,Shangtang Technology had accumulated 1 1494 patent assets in the world and published more than 700 papers at various academic summits. This is indeed the importance that Shangtang Technology attaches to R&; D important evidence of investment, but it does not prove that this technology can be commercialized and bring tangible benefits.
In view of the stock price performance, the senior management and some management of Shangtang Technology voluntarily promised to extend the stock lock-up period for six months, expressing their confidence in the long-term value and prospects of the Group. In the eyes of shareholders and investors, Shang Tang management knows that the market must change before the lock-in period of executives can be extended, which further proves their lack of confidence in the company's market performance. Facts have proved that the executive's decision to extend the performance lock-in period is also invalid. Especially after the cornerstone investors lifted the lock-up period, the liquidity of Shangtang Technology stock market soared, which could not resist the trend of the broader market. According to official data, before the lifting of the ban on June 30, 2022, the tradable shares of Shangtang Technology were less than 2%. Since then, this figure has jumped to 60%.
Value thinks this is reasonable, but it is not objective to blame all the problems of Shangtang Technology on the expiration of the lock-up period. In fact, the lifting of the ban has indeed brought selling pressure to listed companies, and most star unicorn companies listed in Hong Kong in the past have not escaped this principle.
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