On July 9, China's mobile TV manufacturer Xiaomi Company's stock was first listed in the Hong Kong Stock Exchange. Unfortunately, Xiaomi stock price fell below the issuance price, Xiaomi executives also faced a unclear embarrassment.
According to many foreign media analysis, Xiaomi stocks listed on the first day of the sale, there are many reasons, including the current capital market conditions, and Xiaomi's own business characteristics and profit margins, additional analysts believe that the capital market is already aware of, millet The value is indeed overestimated and needs to be adjusted.
On Monday, Xiaomi stock price is below the issue price of HK $ 17. When it closes, Xiaomi stock price has fallen by 1.18% and closed in HK $ 16.8. Xiaomi closed market value of HK $ 375.9 billion, equivalent to $ 47.9 billion.
In fact, Xiaomi stocks launched the first day of the launch, and it is not surprising. In the previous public prosperity, Xiaomi's financing is $ 4.7 billion, the valuation is only $ 54 billion, and the two indicators are far below millet and the public opinion has previously expected $ 10 billion and $ 100 billion.
According to media analysis such as US CNN, CNBC, Xiaomi Listed on the first day, the causes include multiple aspects.
capital market
Recently, global trade has changed some variables, leading to the corresponding capital market, China's mainland and Hong Kong stock markets are also affected. It is reported that before Monday, the Hong Kong Hang Seng Index has fallen in early June.
Among the speeches before the Hong Kong Stock Exchange, Xiaomi's CEO Lei Jun also mentioned that the global capital market has fluctuated in the near future, so the timing of Xiaomi listed is not ideal.
Lei Jun also said that although the macroeconomic conditions are not ideal, he believes that a good company can still stand out in the challenge.
According to CNBC, Xiaomi Company has issued a Chinese deputy certificate in mainland China, allowing mainland investors to transaction Xiaomi H shares in indirectly, but this plan is forced to postpone, this factor also affects Xiaomi's valuation and stock price changes. .
It should be pointed out that Monday, the Hong Kong Hang Seng Index bid farewell to the recent fell, up 1.32%, Xiaomi stock price became "reversed the market."
Millet profit
After Xiaomi Company publicly opened the prospectus, its IPO case caused the question of public opinion, and some questioning also affected the performance of Xiaomi stocks on the first day of listing.
Many analysts are worried that most of Xiaomi's mobile phone sales are concentrated in the low-end mobile phone field (the present invention shows that the average price of Xiaomi smartphone is less than $ 150, while the 150 US dollar is the mainstream price of the world's low-end mobile phone), so Xiaomi's future How to increase your own profits and gross profit margins, becoming a problem that it needs attention.
HAO HONG, Chief Strategist, Hong Kong Financial Institution, said that the capital market is very worried about how much growth can be achieved in 2019, as well as Xiaomi's promotion in the roadshow into a real performance.
The quality of the outside world is concentrated in the attributes of Xiaomi Company, and public opinion is generally believed that Xiaomi is a hardware company, and 90% of the revenue comes from mobile phone, TV, and life electrical products. However, Xiaomi is self-advertised in the prospectus for an Internet company that believes that Xiaomi has Internet services, such as music, video, etc., such as music, video, etc., so that millet should achieve higher valuation.
Previously, many foreign media also pointed out that from the final financing amount and valuation, Xiaomi did not have to convince investors to accept the so-called "Internet Corporation" attribute of self-advertising.
Value is estimated
Previous media reported by the Financial Times, some investors in Hong Kong, Hong Kong, in the release price, believe that the valuation of Xiaomi is still too high even in accordance with the low position of the distribution price. This also leads to the extra subscription multiple of Xiaomi Open Prospections.
CNBC quoted the CEO of GEO Securities Company Francis LUN said: "No matter how you observe, Xiaomi's valuation is too expensive for me."
Dickie Wong, Executive Director of Hong Kong Kinston Financial Company, said that God said that Xiaomi is not an Internet company. "They are just a hardware company, this is the problem."
Other IPO "Cake"
The above-mentioned industry, Hao Hong, said that there will be a number of heavy-grade Chinese mainland companies in the near future, which has triggered the expectation of investment institutions, which also affects the IPO and stock prices of millet.
Tencent has recently said that the online music service "Tencent Music" plans to be listed in the United States, and the US Mission Review The company has just been listed in Hong Kong, China Net Toning Big Big Company and the mobile payment and Internet of Alibaba Group Financial Services "Ant Jin Service" is also allegedly ready to list. , Read full text, original title: Why is Xiaomi's listing in the first day? Foreign media analyzed 4 reasons
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