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china\'s xiaomi picks hong kong for $10 billion ipo, lifts lid on financials
by：Yovog
2023-05-23
Beijing/Hong Kong (Reuters)-
Xiaomi, China\'s smartphone and connected device maker, will raise about $10 billion in Hong Kong\'s initial public offering. 7.
36 billion)
This is the world\'s largest listed company in nearly four years.
Thursday\'s IPO plan will be one of Hong Kong\'s first new rules to attract tech listings, a big victory for the exchange as competition between Hong Kong intensifies, New York and mainland China.
Is expected to be listed in Beijing-based, Cayman-
People familiar with the matter told Reuters that Xiaomi\'s market value was between $80 billion and $100 billion, eight years after Xiaomi entered the Chinese market.
Fund of $10 billion
If the goal is achieved, it will become the Chinese internet giant Alibaba Group Holding Co. , Ltd (BABA. N)
In 2014, $25 billion was raised through the New York listing.
People familiar with the matter said the IPO could be launched as early as the end of June, and they asked for anonymity because the details were not yet disclosed.
For graphics on the Chinese smartphone market, click on the tmsmrt.
Two independents said the company\'s valuation could fall to just over $70 billion.
A person familiar with the matter said Xiaomi hopes to sell 15% of its expanded capital in the listing.
Xiaomi declined to comment on the valuation.
The prospectus gave investors a detailed understanding of Xiaomi\'s financial situation before the IPO for the first time, showing resilience in the case of a slowdown in the global smartphone market, which to some extent benefited from India and so on.
Income was 114.
62 billion yuan ($18 billion)in 2017, up 67.
5% to 2016, the company said.
Operating profit is 12.
22 billion yuan, from 3.
79 billion yuan a year-on-year.
Millet Net loss 43.
89 billion yuan, profit 491.
It was RMB 6 million in 2016, but it was affected by changes in the fair value of convertible preferred shares.
According to Xiaomi\'s documents, the company plans to use most of its IPO earnings in three areas: research and development, overseas expansion and investment.
Xiaomi not only produces smartphones, but also dozens of Internet products.
Connected household appliances and gadgets including scooters, air purifiers and rice cookers.
It has a core follower in China called \"Xiaomi fans\", but there are concerns in the market about whether it can replicate the fan base overseas.
The company\'s gross profit margin is high.
60% last year
Linking to its native ui miui from Internet services, including games and advertising, as of March 2018, MIUI had 0. 19 billion active users per month.
However, the profits of smart phones are considerable. thin.
Xiaomi\'s gross profit margin is only 8.
Smartphone services accounted for 8% in 2017, while Internet services accounted for 60%.
According to some analysts, Apple\'s flagship iPhone X and iPhone 8 have a gross profit margin of about 60%.
Mo Jia, an analyst at Canalys, said that while Xiaomi\'s financial position looks \"good\", the company needs to strengthen its Internet services business to ensure a high valuation.
Last year, this share of revenue fell in total revenue.
\"Xiaomi\'s valuation as an Internet company is closely related to the concept of whether the market buys it,\" he said . \".
\"Otherwise, as a smartphone brand, Xiaomi cannot reach (such)
Things on paper are highly valued.
\"To be sure, relatively cheap smartphones pose an increasing challenge to market leader Samsung Electronics Co. , Ltd (005930. KS)and Apple Inc (AAPL. O).
Earlier this year, Samsung replaced Samsung as the company with the highest smartphone sales in India.
Xiaomi\'s shipments doubled in 2017 to become the fourth in the world-
According to Counterpoint Research, the biggest smartphone maker has resisted a slowdown in global smartphone sales.
It is carrying out more extensive promotion outside China, with 28% of its sales last year coming from overseas markets, up from 6.
1% per cent in 2015. DUAL-
Xiaomi\'s listing comes as the company and its investors seek to capitalize on the bull market in Hong Kong, where the benchmark Hang Seng index has risen about 27% over the past year.
In the next two years, there will be several technology companies listed in Hong Kong, including
The total market value of Chinese companies is $500 billion.
\"For Hong Kong, the opportunity to give up Xiaomi-scale deals is to show other institutions that may consider coming to Hong Kong a clear path to a good approach, said Keith Pogson, senior partner of Ernst & Young financial services.
Xiaomi said it would have a weighted vote (WVR)
Structure, or doubleclass shares.
WVR gives more power to founding shareholders, even if they hold a minority stake. Lei and co-
Founder Lin bin will be the beneficiary of Class A stock holders.
Class A shares have 10 votes each, and Class B shares have 1 vote each.
Lei currently has 31.
Lin has 4% millet. 3 percent.
Two people familiar with the matter said Xiaomi could also be one of the first Chinese tech companies to use the planned depositary receipts route to seek a second listing in China.
CLSA (Goldman Sachs Group (GS. N)
Morgan Stanley (MS. N)
Is the co-sponsor of the IPO($1 = 6.
RMB 3610)
Xiaomi, China\'s smartphone and connected device maker, will raise about $10 billion in Hong Kong\'s initial public offering. 7.
36 billion)
This is the world\'s largest listed company in nearly four years.
Thursday\'s IPO plan will be one of Hong Kong\'s first new rules to attract tech listings, a big victory for the exchange as competition between Hong Kong intensifies, New York and mainland China.
Is expected to be listed in Beijing-based, Cayman-
People familiar with the matter told Reuters that Xiaomi\'s market value was between $80 billion and $100 billion, eight years after Xiaomi entered the Chinese market.
Fund of $10 billion
If the goal is achieved, it will become the Chinese internet giant Alibaba Group Holding Co. , Ltd (BABA. N)
In 2014, $25 billion was raised through the New York listing.
People familiar with the matter said the IPO could be launched as early as the end of June, and they asked for anonymity because the details were not yet disclosed.
For graphics on the Chinese smartphone market, click on the tmsmrt.
Two independents said the company\'s valuation could fall to just over $70 billion.
A person familiar with the matter said Xiaomi hopes to sell 15% of its expanded capital in the listing.
Xiaomi declined to comment on the valuation.
The prospectus gave investors a detailed understanding of Xiaomi\'s financial situation before the IPO for the first time, showing resilience in the case of a slowdown in the global smartphone market, which to some extent benefited from India and so on.
Income was 114.
62 billion yuan ($18 billion)in 2017, up 67.
5% to 2016, the company said.
Operating profit is 12.
22 billion yuan, from 3.
79 billion yuan a year-on-year.
Millet Net loss 43.
89 billion yuan, profit 491.
It was RMB 6 million in 2016, but it was affected by changes in the fair value of convertible preferred shares.
According to Xiaomi\'s documents, the company plans to use most of its IPO earnings in three areas: research and development, overseas expansion and investment.
Xiaomi not only produces smartphones, but also dozens of Internet products.
Connected household appliances and gadgets including scooters, air purifiers and rice cookers.
It has a core follower in China called \"Xiaomi fans\", but there are concerns in the market about whether it can replicate the fan base overseas.
The company\'s gross profit margin is high.
60% last year
Linking to its native ui miui from Internet services, including games and advertising, as of March 2018, MIUI had 0. 19 billion active users per month.
However, the profits of smart phones are considerable. thin.
Xiaomi\'s gross profit margin is only 8.
Smartphone services accounted for 8% in 2017, while Internet services accounted for 60%.
According to some analysts, Apple\'s flagship iPhone X and iPhone 8 have a gross profit margin of about 60%.
Mo Jia, an analyst at Canalys, said that while Xiaomi\'s financial position looks \"good\", the company needs to strengthen its Internet services business to ensure a high valuation.
Last year, this share of revenue fell in total revenue.
\"Xiaomi\'s valuation as an Internet company is closely related to the concept of whether the market buys it,\" he said . \".
\"Otherwise, as a smartphone brand, Xiaomi cannot reach (such)
Things on paper are highly valued.
\"To be sure, relatively cheap smartphones pose an increasing challenge to market leader Samsung Electronics Co. , Ltd (005930. KS)and Apple Inc (AAPL. O).
Earlier this year, Samsung replaced Samsung as the company with the highest smartphone sales in India.
Xiaomi\'s shipments doubled in 2017 to become the fourth in the world-
According to Counterpoint Research, the biggest smartphone maker has resisted a slowdown in global smartphone sales.
It is carrying out more extensive promotion outside China, with 28% of its sales last year coming from overseas markets, up from 6.
1% per cent in 2015. DUAL-
Xiaomi\'s listing comes as the company and its investors seek to capitalize on the bull market in Hong Kong, where the benchmark Hang Seng index has risen about 27% over the past year.
In the next two years, there will be several technology companies listed in Hong Kong, including
The total market value of Chinese companies is $500 billion.
\"For Hong Kong, the opportunity to give up Xiaomi-scale deals is to show other institutions that may consider coming to Hong Kong a clear path to a good approach, said Keith Pogson, senior partner of Ernst & Young financial services.
Xiaomi said it would have a weighted vote (WVR)
Structure, or doubleclass shares.
WVR gives more power to founding shareholders, even if they hold a minority stake. Lei and co-
Founder Lin bin will be the beneficiary of Class A stock holders.
Class A shares have 10 votes each, and Class B shares have 1 vote each.
Lei currently has 31.
Lin has 4% millet. 3 percent.
Two people familiar with the matter said Xiaomi could also be one of the first Chinese tech companies to use the planned depositary receipts route to seek a second listing in China.
CLSA (Goldman Sachs Group (GS. N)
Morgan Stanley (MS. N)
Is the co-sponsor of the IPO($1 = 6.
RMB 3610)
