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Foxconn wealth Bureau: Terry Gou doubled in price and IDG shares ten billion yuan

via:CnBeta     time:2018/6/9 13:48:24     readed:539

Terry Gou can double the price

Terry Gou's value is expected to soar when the industry federation is listed. Terry Gou indirectly owns 10.39% of the industrial Fu Lian. That is to say, just yesterday's A share increase has already increased Terry Gou's fortune by about 11 billion yuan.

Terry Gou's fortune rose by 0.3% yesterday in the Forbes real time rich list, the 191st place in the world.

If the industrial union can continue to perform 8 trading boards and cash a 700 billion yuan market value, Terry Gou's total value will double, up about 100 in the global billionaires list and up to the top 100.

IDG holds a stock market value of up to 100 billion yuan

As we all know, Foxconn's listing is nothing but fast. Even at such a high speed, there are VC agencies to land and get a cup of SFC's "special deal".

The prospectus shows that IDG's Zhuhai flag, Zhuhai fine exhibition, Zhuhai Tuo yuan, Zhuhai herding gold, Yuqing City Yuhong, CO Qing City cloud net creation, common green city margin, Xinyu four seasons maple, Xinyu Hua maple, Xinyu Danfeng and so on more than ten funds, holding about 1.36% of Foxconn shares. In addition, IDG managed limited partnership, Heng Chuang Yu Feng, holds about 1% of Foxconn's shares.

In December 2017, Foxconn bought 13 Hon Hai Precision companies in the way of issuing shares, and IDG gained Foxconn's shares, and the net did not inquire about the price of the IDG investment.

If Foxconn's market capitalization reaches 700 billion yuan after the listing, the IDG's fund holding Foxconn's stock will be worth 10 billion yuan.

Make a new sign or make twenty thousand

Industrial LIAN has recorded the largest IPO scale of A - share non - state-owned enterprises, with a total of 27 billion 200 million yuan to raise funds and 1 billion 970 million shares of new shares.

However, the industrial Fu Lian used a special placement method in the IPO, and nearly half of its shares were distributed by strategic investors such as the national team and BAT.

The national team subscribed the largest amount, of which the largest three were: the Central Huijin Asset Management Co subscribed 58 million 97 thousand shares, subscribed for nearly 800 million yuan; Shanghai national investment co - development equity fund partnership for 72 million 459 thousand shares, subscribed for nearly 1 billion yuan; China Railway Investment Limited public subscribed for 43 million 572 thousand shares, subscribed to nearly 6 Hundreds of millions of dollars. Baidu, Alibaba andtencentThe three Internet giants were allocated 21 million 786 thousand shares.

These strategic investors will be able to enjoy more than 100% of the "new income", but their stocks will have a long lock period compared to ordinary investors, the lock up period of the national team is between 12 and 18 months, and the BAT lock period is 36 months.

In terms of online distribution, the industry Fu Lian has received far more than expected subscription. The original market is expected to have a large scale of Industrial Federation, and the rate will set a new high to about 4 per thousand, but the actual situation is only 0.14%. It is worth noting, however, that the scale of the new product of the industrial alliance has also set a record. A total of more than 2000 people bought 3 million 333 thousand and 100 shares, amounting to 45 million 896 thousand and 400 yuan.

If this year's A shares average 7 trading boards, one sign can earn twenty thousand.

Taiwan investors are stare and worry about the tide of delisting

Mainland investors are eager to play new games, so Taiwan shareholders can only stare. In fact, Taiwan's public opinion is also very concerned about the listing of industrial Fu Lian in A shares.

The media reported that Terry Gou had asked Terry Gou, the chief financial officer at the provisional shareholders' meeting, to cooperate with the underwriter of the gold company, to provide the small shareholders of Hon Hai, and to open the A share account and to buy the stock, so that Hon Hai would be able to buy the shares of the Industrial Federation in Taiwan. .

But this idea is clearly not possible at the institutional level. On the mainland side, we will not talk about it. In Taiwan, CICC has no stock broker qualification. Therefore, Taiwan media can only draw a conclusion with regret: "many small shareholders of Taiwan who support Hon Hai do not have the chance to share this profit completely."

The IPO's listing on A shares also reflects the difference between ice and fire in mainland China and Taiwan. The industrial wealth alliance has risen by 44%, but Hon Hai's share price has dropped 2% yesterday.

Hon Hai Precision holds about 85% of the industry rich union. After yesterday's trading limit, the market value has exceeded RMB 330 billion yuan. The market value of Hon Hai's own stock at the Taiwan stock exchange is currently 15440 NTD, which is equivalent to 330 billion yuan. After the follow-up trading board, Hon Hai Precision holds the market value of industrial Fu Lian, which will significantly surpass its market value.

The difference in valuations between the two markets is so great that Taiwan media worry that a wave of Taiwan manufacturers will spin off their subsidiaries to the mainland. The media also believe that the listing of Taiwan enterprises to mainland China, Hongkong or the United States will become a trend. In 2018, it will become "the first year of Taiwan next year".

Market value doubt

But there is a risk behind the money, after a few star companies in A shares have experienced a painful stock price reduction, the giant's market value has shrunk by 70%, the 360 market value has shrunk 50%, and the market value of China's big gene has shrunk by 47%.

How much paper wealth will be created by the Federation? Although many brokers have given about 700 billion yuan or even higher market value in research reports, some analysts believe that their reasonable market capitalization is only two hundred thirty billion yuan.

QE securities (Hongkong) Research Institute believes that the low market value of Hon Hai Precision in Taiwan stocks may lead to some sell-off pressure on A shares. A comprehensive analysis shows that if the stock price of the industrial alliance is less than 15 yuan, the sales rate corresponding to 0.7 times in 2019 and 15 times the price earnings ratio will constitute a long-term buying opportunity.

China Merchants Securities Research Report also believes that the target market value of the industrial alliance is 2684-3355 billion yuan, corresponding to the net profit of 16-20 times PE in 2018. This valuation is given by the valuation of global comparable leading companies, as well as by the valuation premium of the A shares on the company's industrial Internet status and the role of Intelligent Manufacturing "unicorns".

The Chinese Foundation quoted a fund manager's view that the company is expected to be $2. 3 billion as a result of the low growth rate of the company, which is about 15-20 times the price earnings ratio. But because of the scarcity of A shares, Foxconn is not ruling out higher price earnings ratios and market capitalization. If the price earnings ratio is around 30 times, plus the issuance of new shares, the market value will exceed 500 billion.

The main basis for lowering the market value of the industrial alliance is that the growth rate of the industrial alliance is very low.


Foxconn consolidated profit statement

In terms of revenue, it grew by 30.01% in 2017. In 2016, it decreased by 0.03%.

Net profit increased by 10.45% in 2017 and 0.11% in 2016.

In addition, Hon Hai's precise financial report shows that its business revenue has more than 50% dependence on Apple Corp. Although the industrial alliance has not disclosed the proportion of Apple Corp's income in the prospectus, it will not be low. Whether Apple phone sales reach the expected level will have an immediate impact on the performance of the industrial alliance.

As a technology unit, the profit margin of the industrial alliance is too low. The gross profit margins in 2015, 2016 and 2017 were 10.50%, 10.65% and 10.14% respectively, and the net profit rates were 5.26%, 5.27% and 4.48% respectively. The industrial Fu Lian earned two times its revenue from Tencent, which was six times the number of employees, but its profit was only 1/3 of that of Tencent.

In any case, as the ultra - scarce A - share "super unicorn", "industrial Internet first stock", and the 16 trading boards of Ming Kang De, the industrial union has sufficient reasons for optimism.

Related articles:

Behind the listing of industrial Fu Lian: Terry Gou's small story and great vision

Industrial Fu Lian Tim Chen: not lightning will lead to future responsibility.

Terry Gou's 44 years of political and business dealings: dove, who is not fed, will not starve to death.

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