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Hong Kong Media: Xiaomi May Start the IPO on June 25 The fastest listing on July 10 in Hong Kong

via:博客园     time:2018/6/12 12:01:40     readed:274

News on June 12th, according to Hong Kong newspaper quoted unnamed market sources as reporting, Xiaomi is expected to be listed in Shanghai and Hong Kong on July 9 and 10 respectively. Xiaomi’s public offering is the fastest as from June 25th to 28th and will be priced on June 28th.

The second option is to list in Shanghai and Hong Kong on July 16th and 17th respectively, to open IPOs from June 29th to July 5th, and to price on July 5ths.


According to a report by the Hong Kong Economic Times, Xiaomi strives to become the king of fundraising for new stocks in the past two years. However, affected by CDR (Chinese Depository Receipt), the amount of funds raised in Hong Kong has dropped from HK$54.6 billion to HK$39 billion.

Losses in the First Quarter of 7 Billion Dollars in Preferred Stock Conversions


China Securities Regulatory Commission announced Xiaomi’s CDR prospectus yesterday. It confirmed that founder Lei Jun held 57.9% voting rights and disclosed a book loss of RMB 7.10 billion as of the end of March this year, mainly involving RMB 10.07 billion of convertible redemption. Back to fair value changes of preferred stocks.

Comprehensive market news, Xiaomi’s IPO in Hong Kong from June 25th to 28th, seeking to price on the evening of the 28th. However, the latest city-wide transfer of millet's fundraising scale between China and Hong Kong may be “5-5”, and the two cities will raise 5 billion US dollars (approximately HK$39 billion) respectively. The actual distribution still needs to depend on the demand of the two markets. Last week, foreign sources indicated that Xiaomi plans to raise US$7 billion (approximately HK$54.6 billion) in Hong Kong.

If Xiaomi plans to raise 39 billion yuan in Hong Kong, it will be the eighth largest fund-raising new stock ever and it will be the largest listed company after the listing of Postal Savings Bank (01658) in September 2016.

In addition, Xiaomi disclosed its operating performance for the first quarter as of the end of March for the first time in the CDR prospectus. Its operating income was 34.41 billion yuan for the quarter, of which smart phone revenue was approximately 23.2 billion yuan. It continues to be the main source of income, but the proportion of total revenue from last year The year's 70.3% fell to 67.5%. Excluding non-recurring gains and losses, including changes in the fair value of convertible redeemable preferred shares, the Group's adjusted net profit in the first quarter was RMB 1.40 billion.

Accumulated unrecovered losses amounted to 135.2 billion U.S. dollars


It is worth noting that, as of the end of March, Xiaomi had a “accumulated unrecovered loss” of RMB 135.2 billion, which was also due to the change in the fair value of convertible redeemable preference shares. Before the listing of the new economic company, most of the rounds of financing were conducted to support business expansion. Issuance of preferred stock financing is one of the common options in the industry. Since the preferred stock will be converted into common stock after the listing, a fair value loss of the preferred stock will occur in the latest fiscal year. The related losses are classified as non-cash items and have little impact on the company's operating activities and cash flow.

Xiaomi is conducting a roadshow in Hong Kong and the investment community will focus on the Group’s IoT (Internet of Things) ecology. Chen Ping, an electronics analyst at Haitong Securities, pointed out that compared to Alibaba and Baidu, the advantage of the Xiaomi IoT platform is that the smart phone successfully lays the foundation of “rice flour” and makes mobile phone users’ Internet service options more abundant. I believe that Xiaomi will use the system platform MIUI and film and television. And cloud services and other multi-dimensional layout, more in-depth exploration of the Internet market.

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