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SFC Disclosures Xiaomi A Shares Prospectus: Strong Q1 Growth Will Become First CDR Share

via:CnBeta     time:2018/6/11 7:01:16     readed:458

As of March 2018, MIUI had more than 190 million monthly active users, and the average time that users use Xiaomi's mobile phones every day was about 4.5 hours. In the first quarter of 2018, Xiaomi's Internet service revenue was 3.231 billion yuan, gross profit was 2.119 billion yuan, gross profit margin reached 65.58%, and gross profit accounted for 40%, which exceeded that of smartphones. Internet services have become an important source of profit.

It is worth mentioning that Xiaomi also built the world's largest IoT platform, connecting more than 100 million smart devices. In the first quarter of 2018, as well as the number of connected devices, Xiaomi took the second place in the global consumer IoT market, accounting for 1.9% of the total number of connected devices.Amazon1.2%.

CDR's full name is China Depository Receipts, which means China Depositary Receipts, issued by depositaries and issued on the basis of foreign securities in China, representing securities of overseas base equity. The conditions for the application include: high-tech industries and strategic emerging industries, with a market capitalization of not less than 200 billion yuan, or an operating income of not less than 3 billion yuan in the most recent year and a valuation of no less than 20 billion yuan; establishing a continuing operation for more than 3 years, The actual controller has not changed within the last three years. According to the published format content requirements, the company submits the application documents to the CSRC for approval by the CSRC. publicDevelopmentCDRs need to be submitted to the Shanghai and Shenzhen Stock Exchanges for listing applications. After the Exchange has verified the agreement, both parties will sign a listing agreement.

According to intermediaries close to Xiaomi's IPO project, currently investors, especially cornerstone investors, have had fierce competition. The valuations given are generally between 75 billion and 85 billion U.S. dollars, and a group of organizations have already given over 80 billion U.S. dollars. The valuation, but has not yet finalized any cornerstone investors. It is worth noting that in the Internet Trends Report of 2018 released by the “Internet Queen” not long ago, Xiaomi ranked 14th among the top 20 Internet companies in the world with a valuation of US$75 billion.

On May 3, Xiaomi submitted a listing application to the Hong Kong Stock Exchange. The prospectus shows that Xiaomi Group incurred losses of RMB 7.6 billion, profit of RMB 491.6 million and loss of RMB 43.9 billion respectively in 2015, 2016 and 2017 during the business record period.

During the business record period, Xiaomi’s most of its revenue comes from smartphone sales. For the years ended December 31, 2015, 2016 and 2017, the smartphone segment contributed 80.4%, 71.3% and 70.3% of its total revenue, respectively.

In the prospectus, Xiaomi disclosed the pre-listing shareholding ratio. Among them, millet company founder, chairman and CEO Lei Jun holds 31.41%, co-founder and president Lin Bin holds 13.33%, and co-founder and brand strategy officer Li Wanqiang holds 3.24%.

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