The little mulk IPO that has been received is rumored. On March 1 Investment Report report, Xiaomi IPO can eventually finalize the A + H shares double line. According to the reporter's investigation, the possibility of Xiaomi landing A shares is not large. And if Xiaomi finally chooses to be the offshore company as a listing main body, HTT, India Tata Group will be beneficiary.
For Xiaomi will listen to the rumors of A shares and Hong Kong stocks, Xiaomi said not to comment.
Like BAT, Xiaomi is a company company company, consisting of offshore holding companies, Hong Kong companies and domestic entities. The so-called Vie refers to a Variable Interest enttive (Variable Interest Entities), if you want to list overseas and meet the regulatory requirements, VIE structure must be used. This structure consists of domestic entities and overseas offshore companies, and overseas investors can control the shares of offshore holding companies.
The outside world is generally believed that the Lei Jun's shareholding 77.8% of Xiaomi Technology is a domestic physical company, and the remaining three holders of Xiaomi Technology are also from the founding team, including 10.07% of Hong Feng by 10.07%, and Liu Delhi holds 2.01%.
In addition to the above individual shareholders, Xiaomi has a general shareholder, and all shareholders' equity architecture is reflected in the offshore holding company Xiaomi Corp., rather than Xiaomi Technology.
The reporter learned from a small information at Xiaomi Shareholders that Xiaomi's offshore company Xiaomi Corp. registered in Cayman Islands and ultimately control Xiaomi Technology Co., Ltd. through the Vie architecture.
At the same time, offshore companies hold 100% of XiaomiH.K.Limited, the latter controls small rice entity through several subsidiary agreements.
Xiaomi Hong Kong company's role is more like a financial platform, and overseas institutional investors invest in the VIE architecture. As of now, Xiaomi has experienced 5 rounds of financing:
APhoto 41 million US dollars, investors are IDG, incoming, Chenxing, etc.
B round is from IDG, Gao Tong, Temasek, and Kaiming, 90 million US dollars;
C sphers attracted Russian funds DST / YURI Milner (China) and Temasek 216 million in investment;
D rounds from Russian funds DST / YURI Milner (China) investment, the amount has not been revealed;
E Holds $ 1.1 billion invested, and the investors include Singapore government investment, thick, Yunfeng, etc.
An expert studying Vie said that the small rice financing path is that the founding team controls the shares of the offshore company through BVI, then dilute these shares, giving the dollar, and then transfer the US dollar to Domestic entity.
The above experts believe that if Xiaomi is listed in A-share, it is necessary to cut these links, or buy these overseas investors' shares, or the consideration will be large.
Another A-strand analyst said to reporters unless it is listed on the list, at least the listing requirements of the current A shares, at least two years, according to the previous rumor, the most likely is still listed in Hong Kong.
The aforementioned VIE expert analyzes reporters, if you are in Hong Kong IPO, it is possible to listen to Hong Kong companies or offshore companies. In order to see Xiaomi's considerations for all aspects; Main business company personal shareholders (Xiaomi Science and Technology Personal Shareholders), will be Offshore companies directly or indirectly to ensure overseas rights.
Although it is not clear that the offshore company's equity architecture, from the history of financing, there is no shortage of heavyweight foreign investment, these foreign capitals have played strategic help from the development of Xiaomi.
The chip giant Qualcomm is not only supported with funds, but also is also an important supply chain partner of Xiaomi. In 2015, Qualcomm and millet reached a patent cooperation agreement. In the same year, Wang Xiang, a senior vice president of the original Gaotong, and Wang Xiang, a senior, chin, a senior vice president of Millet Company.
Qualcomm's blessing allows millet to avoid many patented prosecution, and Wang Xiang, who took the Eagle, Bala, and the support of Qualcomm, so that Xiaomi's internationalization has improved.
A senior mobile phone industry told reporters that Qualcomm is likely to support Xiaomi to open up the US market, which makes some Chinese mobile phone manufacturers stress. "For example, Huawei, the United States has always been a market that Huawei is not allowed." The above is said.
In recent years, Xiaomi's efforts in the Indian market have nothing to do with the institutional investors behind. According to Reuters, 2015 India Tata Co., Ltd. CEO Radan Tata has bought some millet shares, Tata Co., Ltd. is the Tata Group's holding company. Although the specific amount is not disclosed, this transaction is considered to be a strong endorsement in the Indian market.
COUNTERPOINT data shows that in January this year, Xiaomi has become the brand of the Indian market share, ending Samsung for 6 years of rule. A domestic mobile dealer in India told reporters that Xiaomi can rise rapidly. In addition to the price adjustment, some of the reasons are policies, and millet has two factories in the local area.
These initial investors with powerful resources give strong help in different growth stages of millet, and they will also have a rich return with offshore companies.
The internal material obtained by the reporter showed that Xiaomi held a listing startup will be held on Jan. 10 this year, and it is expected to be worth $ 200 billion. This market value will make millet more than Baidu ($ 80.9 billion), China's Internet trih will turn from BAT into ATM.
Some people think it is because Xiaomi is always good at playing a combination, not stopping a strong heart agent in an ecotrial in the supplier, capital, etc., in turn, let the valuation of the boat. Starting from $ 250 million in 2010, it has risen almost every year. By 2014 e-wheel financing, Xiaomi has valued $ 45 billion, 180 times.
An investor close to Xiaomi said that before listed, the institutional shareholder had priority to the public. In 2014, the US "Wall Street Journal" has reported that Xiaomi's profit is 3.46 billion yuan, which is far from 347 million yuan in Xiaomi. "Xiaomi concealed the profit of the partial shareholder, but after listed, it must standardize the process." The investor said. Technology area
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