Tencent Technology News, Xiaomi went to Hong Kong for listing on the third day, opening HK$ 18.5. After a short-term adjustment, the stock price was once again pulled up. As of 9:58, Xiaomi rose 4% to HK$19.76 and the market value was HK$442.2 billion.
Yesterday, Xiaomi swept away on the first day of the listing, and the funds sought after continued to rise, eventually rising 13.1%, to close at 19 Hong Kong dollars, with a market value of 425.1 billion Hong Kong dollars (about 54.1 billion US dollars).
On July 9, Xiaomi officially landed on the Hong Kong Stock Exchange. The opening price of the first day of trading was 16.6 Hong Kong dollars, closing at 16.8 Hong Kong dollars, down 1.18% from the issue price of 17 Hong Kong dollars. Lei Jun promised yesterday at the post-marketing celebration banquet, “to make the investors who bought the shares of Xiaomi Company on the first day of listing doubled”.
According to the information, Xiaomi intends to issue 2.79585 billion shares of Class B, of which 207.065 billion shares (about 95%) are international placements, and 1.0898 billion shares (about 5%) are offered for sale in Hong Kong. The offer price is HK$17 and the fund raising is HK$37.05 billion. A 15% over-allotment option will be established. If it is exercised, the amount raised will be increased to HK$42.61 billion.
Hong Kong public offering part of 200 shares per lot, subscription "starting price" & rdquo; 4444.34 Hong Kong dollars.
Xiaomi has introduced seven cornerstone investors who have subscribed for a total of US$548 million (approximately HK$4.274 billion). Among them, CIC subscribed for US$192 million; China Mobile and Qualcomm each subscribed for US$100 million; CDB subscribed US$66 million; Poly Group subscribed US$32 million; SF and China Merchants Group subscribed US$30 million and US$28 million respectively. Among the cornerstone investors, except for Qualcomm, the rest are all Chinese.
Big bank gives target price of HK$30
Yesterday, the Meg Haircut Research Report said that optimistic about the competitiveness and business model of Xiaomi, Xiaomi believes that compared with other mobile phone equipment vendors, Xiaomi can monetize its users and is similar to the Internet and e-commerce peers. The target price is 30 yuan, which is equivalent to The forecast P/E ratio is 35 times, and the earnings per share from 2018 to 2020 will increase by 40% annually, and the rating “Outperforms the market”.
According to the bank, the number of users is the most important asset of the company's monetization, and it is also the biggest difference between Xiaomi and other mobile phones. Xiaomi is able to monetize through Internet services, such as advertising, online games, APPs, IoT and other Internet services, accounting for 39% of last year's gross profit. It is estimated that the proportion in 2018-20 can rise to 42%, 45% and 49%.
The bank also said that the company's mobile phone shipments will grow at a compound annual growth rate of 30% from this year to 2020, reaching 221 million units, accounting for 14% of the global market, mainly in the Indian market and growth in South Asia, Europe and China. The company's style launches fast, competitive prices, and the number of users has increased, which has helped the company outperform its peers.
Oversubscribed approximately 9.5 times
On July 6, Xiaomi announced the results of the IPO placement. Xiaomi announced that it had received 1,034,986,800 subscription applications, equivalent to approximately 9.5 times oversubscription.
Based on the offer price of HK$17, the Xiaomi listing can raise a net capital of approximately HK$23.975 billion, and the listing valuation can reach US$54 billion.
According to market analysis, although Xiaomi’s momentum is very strong, due to the rapid changes in the market environment, the uncertainty of the company’s positioning, and the sudden delay in the promotion of China’s Depositary Receipt (CDR) in the Mainland, the IPO Hong Kong retail subscription is less than expected. The purchase amount is far from the popularity of IPOs such as Zhongan, Yuewen and Yixin.
Xiaomi will be included in the Hang Seng Index, FTSE China 50 Index
According to reports, Xiaomi will be included in the Hong Kong Hang Seng Index. The Hong Kong Hang Seng Index Company stated that since the Xiaomi Group meets the requirements of the Hang Seng Composite Index for rapid inclusion in the index rules, the constituents of the relevant index will take effect on July 23, 2018.
The Hong Kong Hang Seng Index announced that Xiaomi was included in the Hang Seng Composite Index, the Hang Seng Global Composite Index and the Hang Seng Internet Technology Industry Index. The relevant person in charge of the Hong Kong Hang Seng Index told the Beijing News reporter that after becoming a constituent of the Hong Kong Hang Seng Index, Xiaomi Group will become the Shanghai-Hong Kong Stock Connect investment target, and A-share investors can purchase Xiaomi stock through the Hong Kong stock exchange.
In addition, the international index preparation company FTSE index released on July 9th that it will officially put Xiaomi into the FTSE China 50 Index after the market close on July 13, and officially took effect on July 16.