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Xiaomi updates prospectus: CDR accounts for not less than 7% of total share capital after issuance

via:博客园     time:2018/6/15 0:01:41     readed:90

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Tencent "first line" author Wang Pan

On June 14, the official website of the China Securities Regulatory Commission disclosed the Xiaomi Group (hereinafter referred to as Xiaomi)’s public offering of the CDR prospectus (preliminary disclosure update). The prospectus further disclosed that Xiaomi’s CDR accounted for not less than 7% of the total share capital after the issuance. %, CDR issue price will certainly not be higher than the key information such as Hong Kong stock pricing.

The main updated information is as follows:

1. Xiaomi CDR accounts for not less than 7% of total share capital after issuance

Xiaomi CDR's prospectus recently disclosed that it intends to issue Class B common stock as the basic stock to be converted into CDR, and “the proportion of total share capital after CDR and Hong Kong stock issuance is not less than 7%”. CDR financing amount is also No disclosure.

Not less than 7% is financing how much? Insiders pointed out that this depends on the market value of Xiaomi. If the analysts of major institutions give a market value of over US$80 billion, the CDR financing amount may exceed US$5.6 billion.

2. How is the CDR issue price determined? Ordinary investors will benefit

The Xiaomi CDR prospectus disclosed that the CDR issue price was determined by using the inquiry method, and the CDR was issued at a lower price than the Hong Kong stocks.

Insiders pointed out that this means that the millet CDR issue price will certainly not be higher than the Hong Kong stock price. Ordinary investors and ordinary investors could not purchase shares of China Super Internet Corporation before this, and then they will be able to make money through Xiaomi CDR.

3. Where is CDR and Hong Kong stocks, the main battlefield of Xiaomi's listing?

According to the CDR prospectus, the proportion of the underlying shares to which this CDR is issued represents not less than 50% of the total size of the CDR and the Hong Kong stock issuance (including the issuance size of old shares).

The main battlefield of Xiaomi’s listing is whether to choose CDR or Hong Kong stocks? It is said that the two sides have launched fierce competition around the “super unicorn” of the innovative economy. Xiaomi’s listing will form a “demonstration effect” that will influence the series of “super unicorns” choices in the future.

According to an intermediary person close to Xiaomi IPO, Xiaomi has been buoyed by domestic and Hong Kong capital markets, and the competition among cornerstone investors is particularly fierce. The source revealed that Lei Jun hopes to make investors in both places make money.

4. Speed ​​up the offline channel

The prospectus disclosed that Xiaomi had completely relied on online sales in 2015, and the offline market had reached 42.73% in the first quarter of 2018. As of the end of March 2018, the number of domestic retail stores of millet homes reached 331, and 1,593 offline distributors cooperated with Xiaomi, an increase of more than 1,000 from 2015. In the Indian market, Xiaomi has opened 40 millet homes and has 2,500 partner stores.

Xiaomi adopted the “high-efficiency direct-line and direct-supply model” to directly supply terminal retailers, bypassing the traditional multi-level agency system. Xiaomi authorized the offline experience shop to sell new products online with the same price. On the face of it, offline retail stores are opening more and more. Essentially, Lei Jun is deploying new retailers and using the Internet to increase retail efficiency.

Millet market value has not yet been finalized

Mary Meeker, recently known as “The Queen of the Internet”, listed 20 top Internet companies in the 2018 Internet Trends report, and Xiaomi ranked 14th in the world with a valuation of US$75 billion. It is worth noting that a number of analysts recently issued a report, highly appraised "Millet's unique and successful business model, rapid growth, strong cash flow growth, the establishment of a huge Internet service platform. ”

As one of the underwriters of Xiaomi IPO, Goldman Sachs analysts believe Xiaomi’s market value is between US$70 billion and US$86 billion. In the report, Morgan Stanley stated that the current fair value of Xiaomi can reach US$ 84.8 billion.

An analyst at JPMorgan Chase Bank stated in the report that because of the strong cash flow growth, millet fair value was US$71 billion to US$92 billion. Analysts from CITIC Lyon Securities pointed out in the report that Xiaomi has established a huge internet service platform and Xiaomi’s market value is between US$80 billion and US$90 billion.

Credit Suisse analysts pointed out in the report that Xiaomi is very suitable for “Iceberg Theory.” Internet service profits are 90% below the iceberg, and millet's market value is between 71 billion US dollars and 94 billion US dollars.

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