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Xiaomi first single CDR application was accepted by the CSRC! Same shares and different rights CDR

via:博客园     time:2018/6/9 15:48:10     readed:83

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Key points:

  1. Millet adopted the synchronized mode of Hongkong IPO and domestic CDR.
  2. In June 7th, the SFC received and accepted the application of millet group's public offering depositary receipts and listing. So far, millet became the first single application of CDR pilot.
  3. Once listed, it will become the largest IPO ever recorded in Hongkong, and is expected to become the largest technology stock in the world this year.

In June 8th, millet became the first company to submit CDR application and accepted by the SFC.

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Shanghai Securities News reporter 8 from the SFC's official website was informed that the SFC received and accepted the application of the "open issuance certificate and listing" of the millet group in June 7th. So far, millet became the first single application of CDR pilot.

Stimulated by this news, millet stocks rose rapidly. By the end of the 8 day, Yuhuan NC (002903) rose, shares (300538) rose 5.01%, JINDA shares (600577) rose 4.29%, prutton (002769) rose 4.59%, co - Audio (002655) rose 2.21%, nine an medical (002432) rise 2.89%.

Investment bankers pointed out that after the company, Baidu, Alibaba, Jingdong and NetEase are also expected to submit CDR applications one after another.

What makes it different is that Xiaomi has adopted a Hong Kong IPO model that goes hand in hand with CDR in Hong Kong.

However, one might ask, in the pilot of innovative enterprises

Different rights of tasting the same shares

Although the China Securities Regulatory Commission has not yet disclosed the full text of the pilot application for the millet red chip enterprises, we can get a lot of effective information from the application documents of millet in Hong Kong.

Previously, Xiaomi submitted its listing application in Hong Kong on May 3 with co-sponsors including CITIC CLSA, Goldman Sachs and Morgan Stanley, and will become Hong Kong stocks.

The market is expected to be the largest IPO in Hongkong's history as soon as it is listed, and is expected to be the world's largest technology new share in the world.

Effective from 30 April

From the view of ownership structure, millet stock is divided into a Class A shares and B shares, a share holder of a share of 10 votes per share, B share holders voting rights of 1 votes per share.

Specifically, millet group A shares all by the founder of Lei Jun (429 million shares) and another co - founder Lin bin (240 million shares), while Lei Jun also holds 228 million shares of B.

Based on this calculation, Lei Jun collectively owns 31.4% of the millet group and has 55.7% of the voting rights.

As for the issuance of CDR by red chip enterprises with different rights of the same shares, the regulations on the implementation of the regulatory work for issuing shares or depository certificates and listing in a pilot innovation enterprise stipulates that there is a difference in the right to vote. The relevant arrangements should be in accordance with the relevant provisions of the listed stock exchange, and the prerequisite conditions for maintaining a special voting right should be made clear. The right of voting shall not be transferred with the transfer of the related shares, and the number of the shares of the special voting rights and the proportion of the voting rights of the representative shall not be raised in any way after the public issuance of the company before the open issue of the territory.

Over a million revenue has not been profitable

In terms of performance, Hong Kong shares prospectus disclosed that millet from 2015 to 2017 was 66 billion 811 million yuan, 68 billion 434 million yuan and 114 billion 625 million yuan, respectively, and the operating profit was 1 billion 373 million yuan, 3 billion 785 million yuan and 12 billion 215 million yuan.

In 2017, millet revenue increased by 67.5% over the same period. However, in terms of net profit, millet lost 43 billion 889 million yuan in 2017; if measured by non international financial reporting standards, the net profit of millet after adjustment was 5 billion 362 million yuan.

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Prospectus shows that millet is a mobile phone, intelligent hardware and IOT platform as the core of Internet Co.

At present, Xiaomi is the fourth largest smartphone manufacturer in the world, and has created many intelligent hardware products, among which a number of varieties are sold first. Millet has also built the world's largest consumption IOT platform, connecting more than 100 million smart devices.

At the same time, Xiaomi also has 190 million MIUI month active users and provides them with some innovative Internet services. Xiaomi says it has original

The company has also promised in Hong Kong shares that since 2018, the overall net interest rate for the overall hardware business of Millet (including smartphones, IOT and consumer products) will not exceed 5% per year.

It is worth noting that there are several A share companies in the millet supply chain:

Wen Tai Technology (600745) is the largest ODM manufacturer of millet, and opefa Technology (002456) is the main supplier of millet camera module.

Shenzhen Tianma and BOE are a variety of mobile phone supply faceplates for millet.

Tricyclic group (300408) supplies ceramic rear cover for millet flagship model.

The number of lithium batteries supplied to millet (300207) is close to 30% of the millet mobile phone, and a number of millet models carry the fingerprint chip of the top technology (603160).

Top round financing valuation of $45 billion

The valuation follows reports that Xiaomi hopes to value its IPO at $900-$ 11 billion. And the news of Xiaomi's listing is the most compelling.

There were also media reports on July 7 that, according to intermediaries close to Xiaomi's IPO project, investors, especially cornerstone investors, are currently investors

Looking back on the financing process of millet, the prospectus shows that before IPO, the company completed a total of nine rounds of financing, with a total financing scale of US $1 billion 502 million. The last round of financing was the F round of the end of 2014, with a financing amount of about $1 billion and an estimated value of about $45 billion.

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accord with

See here, you probably have an answer.

Measures for the Regulation of the issuance of stocks or Depository receipts and listing of pilot innovative Enterprises in China as of 6 days (hereinafter referred to as "the following")

At present, it seems that millet should apply second sets of standards: for the unlisted pilot enterprises that have not yet been listed abroad, the main business income of the main business in the last year is not less than 3 billion yuan, and the enterprise valuation is not less than 20 billion yuan. The enterprise valuation should refer to the recent three rounds of financing and the corresponding investor, the amount of investment, The proportion of investment shares in total capital stock is determined comprehensively by combining income method, cost method and market multiplier method. The three rounds of financing are insufficient to refer to the valuation of all financing.

What is the situation of millet?

As mentioned above, the operating income of Xiaomi in recent year (2017) has exceeded 100 billion yuan, far exceeding the standard of 3 billion yuan.

In terms of valuation, we should refer to the recent three rounds of financing valuation. Public information shows that the latest F round financing of millet is valued at $45 billion, the value of the reciprocal second times is undisclosed. The value of the third June 2016 D round financing is $4 billion, which is more than 25 billion yuan in the latest exchange rate, and higher than the valuation threshold of the RMB yuan RMB. So, the second sets of standards are just right.

According to the reporter, millet CDR pilot application document will be disclosed recently, when the detailed arrangements for CDR issuance and fund-raising are worthy of continuous attention.

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