Eight details exposure millet listing! A round of investors has gained more than 500 times profit, and the feast not only belongs to Lei Jun.2018-05-04 20:26:52 229 ℃
In the morning of May 3rd, Xiaomi officially submitted its listing to the Hong Kong Stock Exchange. Application. Although millet's IPO size is unknown, according to the market's general forecast, Xiaomi’s listing price will reach US$90 billion to US$110 billion, and PE may reach 60 times.
If this is true, Xiaomi will become the largest technology stock funded by Hong Kong in 2018, and it will also become the world's largest listed technology company after Alibaba. If the market value of the final listing exceeds $90 billion, Xiaomi will become the third largest Chinese technology stock after Tencent and Ali.
From the latest published prospectus, we can find quite a few details, ranging from employee compensation, number of VC/PE institutions, and millet layout, to high-yielding, low-income net profit, details of different shares of the same stock, and Lei Jun’s control. Right and so on, Xiaomi's landing in Hong Kong stocks brought endless imagination to the market, but also let many people envy the previous investment of millet investors may obtain the lucrative income.
Details 1: VC/PE Feast: A Round of Investors Earn Profits of 500 Times
The prospectus shows that Xiaomi completed a total of nine Round of financing, the total financing scale is 1,502,107,829 US dollars. The last round of financing was the F round at the end of 2014, with a financing amount of approximately US$1 billion and a valuation of approximately US$42 billion.
In the prospectus, investment institutions that have not yet explicitly participated in the nine rounds of financing have been identified, but from the information disclosed by Xiaomi in the past, millet The largest external investors are Qiming Venture Capital, Morningside Capital and DST. Qiming Venture Capital participated in Xiaomi's B- and C-round financing, Morningside Capital went from A-round to E-round, and DST from C-round to E-round. In addition to the above three, there are dozens of investors who have participated in Xiaomi financing, including IDG Capital, Temasek, GIC, Hopu Investment, and Yunfeng Fund.
The millennium Xiaomi has not disappointed investors since its establishment. According to the current IPO pricing of 100 billion US dollars, A round of investor returns will reach 500 times, B round of investors The reward is 110 times.
Detail 2: The per-employee salary is approximately RMB 280,000.
In the prospectus, Xiaomi has 14,513 full-time employees. In 2017, employees’ wages and benefits were about RMB 4.05 billion. A rough calculation of millet employees' average annual salary and benefits is about 280,000 yuan.
In terms of executive compensation, the five highest executive salaries for 2015, 2016 and 2017 are RMB 2.71 million, 2.81 million and 1.96 million. The above salary includes basic salary, housing allowance, other allowances, and retirement plan contributions.
Details 3: Is Xiaomi a hardware company or an Internet company?
The prospectus submitted by Xiaomi said: "It is an Internet company with mobile phones and loT smart hardware as its core."
This is not new. Xiao Jun, chairman of Lei Jun has repeatedly stressed that the millet business from the "triathlon": hardware, Internet services and new retail (loT as the core of the new retail and smart hardware). This is the three major sections that determine Xiaomi’s market value.
From the perspective of current business structure, Xiaomi has both attributes of mobile phone manufacturers and Internet companies.
The prospectus shows that: in Xiaomi’s revenue structure in 2017, the proportion of hardware businesses with mobile phones as the core accounted for 70.3. %, Internet services accounted for 20.5%, and new retail (Internet of Things and smart hardware) accounted for 8.6%.
The proportion of Internet services and new retail sales has increased year by year. In 2015, Xiaomi’s revenue from smart phone business remained at 80.4%. In two years, smart phones “got” more than 10% of Internet services and new retail services.
This makes Xiaomi more like an Internet company. Internet services determine the difference between Xiaomi and other mobile phone companies. Xiaomi’s internet revenue mainly comes from game interlinkage and MIUI advertising.
The prospectus shows that the latest millet software interface - MIUI users live to reach 190 million monthly, MIUI not only do intermodal, but also has its own game developer interface, Including the account system, payment system, in the millet game center, many games will also specifically marked "millet version."
It is worth noting that Xiaomi also invested in more than a dozen millet ecological chain companies and mastered the dominance of design and pricing. Based on the "ecological chain model," Xiaomi does not need to produce hundreds of products. As of January 13, 2018, Xiaomi House has exceeded 300 stores nationwide. Lei Jun said at the opening of the Xiaomizhijia flagship store in Shenzhen that it expects to open to 500 at the end of 2018 and reach 1,000 in 2019, and really form a sales scale.
Of course, the "big head" of Xiaomi's income is still on smart phones. According to the disclosed prospectus, the average selling price of Xiaomi’s mobile phones was RMB 807.2 in 2015, RMB 879.9 in 2016 and RMB 881.3 in 2017.
Details 4: How much is the millet's income from the low-income camp?
From the operating data, Xiaomi's total revenue is recorded during the business record period. It increased from RMB 66.8 billion in 2015 to RMB 68.4 billion in 2016 and further increased to RMB 114.6 billion in 2017. At the same time, from 2015 to 2017, Xiaomi Group had a loss of RMB 7.6 billion, a profit of 491.6 million yuan and a loss of RMB 43.9 billion.
Among them, the loss in 2017 was due to the HKEx's rules for the calculation of equity in preferred stocks and it was not an actual loss.
Concerns of outsiders stay in the whirlpool of profit or loss of millet. In fact, this is due to differences in calculations under different listing rules. US-listed companies generally adopt GAAP accounting principles for their financial statements. Convertible and redeemable preferred stocks need to be included in liabilities.
Millet’s prospectus uses the International Financial Reporting Standards IFRS, which is required by the Hong Kong stock market, and does not require the above-mentioned preference shares to be included in the assets. Therefore, in general, the more investors there are and the higher the investment amount is, the higher the amount of losses shown in the prospectus under the IFRS standard. Correspondingly, the higher the valuation will be. Therefore, overall, Xiaomi’s profitability is not bad.
The market is generally expected that the valuation of Xiaomi's listing will reach US$90 billion to US$110 billion, and PE may reach 60 times.
>Details 5: Lei Jun's net worth or more than $31.4 billion
The prospectus shows that in the pre-IPO equity structure, Xiaomi executive director, chairman of the board of directors and chief executive officer Lei Jun holds a shareholding ratio of 31.4%, Xiaomi implements a dual equity structure, A shares holders can vote for 10 votes per share, B shares holders can vote 1 vote per share. According to the Class A and Class B shares held by Lei Jun, Lei Jun’s voting power ratio exceeds 50%. At present, Lei Jun ranks 118th in the Forbes list of global richness with US$12.5 billion, and is ranked 11th in China. After Xiaomi’s listing, Lei Jun’s wealth will rise.
Image Source:Turbidi's Creativity
After listing, whether millet market value can reach 80 billion The US dollar is even worth 100 billion U.S. dollars, and Lei Jun’s net worth will exceed 10 billion U.S. dollars. According to the post-listed valuation of 100 billion US dollars and the proportion of their respective stocks to calculate, Lei Jun net worth more than 31.4 billion US dollars, personal wealth ranked Ma Huateng, Ma Yun and Xu Jiayin.
Details 6: The founding team reached 100 million yuan
The prospectus shows that the millet founding team has a share of equity, Lin Bin holds 13.328%, Li Wanqiang holds 3.2375%, Huang Jiangji holds 3.2375%, Hongfeng holds 3.2207%, Xu Dalai holds 2.13212%, Liu De holds 1.5494%, Zhou Guangping holds 1.4317%, Wang Chuan holds 1.1149%. In addition, Morningside Group holds 17.1931%, other Investors hold 21.343%.
Calculated by a valuation of US$100 billion, Lin Bin’s net worth is more than US$13.3 billion, Li Wanqiang, Huang Jiangji, Hong Feng’s resigned on the eve of the listing is more than US$3.2 billion, and Xu Da is more than 2.9 billion U.S. dollars, Liu De 15 More than US$100 million, Zhou Guangping was more than US$1.4 billion and Wang Chuan was more than US$1.1 billion.
Details 7: The overall profit margin of Xiaomi hardware is really less than 5%.
Lei Jun once stated in public that Xiaomi's mobile phone's hardware comprehensive net profit margin Never exceed 5%. If there is any excess, it will be returned to the user.
From the perspective of the prospectus, Xiaomi announced gross margins, including mobile phones and ecology.The latest gross profit margins of the chain are 8.8% and 8.3%, respectively. Although Xiaomi did not disclose the comprehensive profitability of mobile phones and ecological chain, it mentioned the comprehensive profit rate of 4.7% in 2017, which means that the high-margin Internet business is counted in. Xiaomi’s overall comprehensive profit rate is only 4.7%. . Therefore, Xiaomi's overall profit margin is less than 5%.
Details 8: How Xiaomi will lay out in the future
Millet currently has licenses for private banks, online microfinance, insurance brokers, and commercial factoring.
However, the prospectus emphasizes: “The millet financial business is not our core business but involves different business models, value chains, ecological chains, risks and growth strategies in our core business.”>
According to the prospectus, as of March 31, 2018, Xiaomi Group established an ecosystem of more than 210 companies through investment and management, of which more than 90 companies focused on research and development of smart hardware and consumer products.
Xiaomi is currently building a smart ecosystem. The target of the competition is Tencent and Ali’s business ecosystem. Xiaomi’s ecological chain consists of three layers: smart hardware, content production, and cloud services.
Xiaomi went to Hong Kong to offer shares to change the technology stocks in the Hong Kong market. Tencent’s dominant position has also enriched investors’ choices. At the same time, it will also drive other technology companies to list in Hong Kong. And more importantly, Xiaomi has extremely important benchmarking significance if he is the first stock to come to Hong Kong with different rights.
Market participants anticipate that Xiaomi's listing in Hong Kong will set off an upsurge of subscriptions, and may also bring new passion to the already weaker Hong Kong market and global technology stock market.Favourite complaint
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