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  "documentTitle": "ROTH Capital Partners | Investment Banking Pitch Book | 28 slides",
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  "authorName": "Roth Capital Partners",
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  "presentationDate": "2022-12-01 00:00:00",
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  "notes": "Includes footnotes explaining the calculation methodology for enterprise value and minority holder equity.",
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      "text": "1) Provided by Management 2) Source Capital I.Q. and Form 6-K Filings as of 09/30/22; 0.143634 RMB to USD Fx spot rate as of 12/20/22 3) Implied Enterprise Value = Implied equity value + Debt - Cash & Short-term Investments 4) Implied Equity Value to Minority Holders = Per ADS offer x (ADS Count Less Buyers Consortium-owned ADSs)",
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      "text": "Valuation Summary (in $M, except for multiples) Enterprise Value to Revenue Revenue Multiple Enterprise Value / LTM Revenue $71.8 0.6x Enterprise Value / 2022E Revenue $61.9 0.7x Enterprise Value / 2023E Revenue $50.7 0.8x",
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      "text": "Transaction Value (in $M, except per ADS amounts) Proposed per ADS Offer Price $1.00 ADS Count 92.0 Implied Equity Value $92.0 Debt $4.9 Cash & Short-term Securities $54.6 Implied CIH Enterprise Value $42.3",
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