August 16, 2011, China science and technology industry had a major event.Lei Jun's millet technology released the country's first dual-core 1.5G mobile phone - millet 1, opened the entire domestic smart phone industry a new era.This is the first time people Found that, in addition to the original expensive Apple mobile phone, cheap domestic smart machine can also be so good to meet people's needs with the famous Millet World War I Lei Jun also because of being compared to China's Jobs and known as' Reb Sri Lanka '. Its unique model of word of mouth and feelings also attracted many Chinese mobile phone manufacturers competing to imitate.
However, as more and more competitors join, as well as domestic mobile phone manufacturers have been wildly besieged the low-cost market, the glory of Millet was once dimmed, and even some people asserted that the millet era has ended .2016, millet is encountered ' Waterloo ', with the surge in sales of vendors such as Huawei, OPPO and VIVO, the sales volume of millet plunged by 36%. But when people think that millet has gone unnoticed, in October 2017, Xiaomi completed the operation of 100 billion yuan Received the target, quietly out of the trough .2018 beginning of the new year, millet is the new moves continue, January 15, a number of media broke the news that the upcoming IPO.
So what exactly is the details of millet IPO? Where will IPO choose? The exact time is when? What is the valuation? "Investor" reporter contacted the relevant person in charge of the millet brand, on the IPO rumors, The person in charge did not deny, but for more details on the IPO, the other said no comment.
Lead investors reverie constantly
It is said that there are dozens of Chinese and foreign investment banks involved in this fierce underwriter qualification bidding.At present, Goldman Sachs, Morgan Stanley, Credit Suisse and Deutsche Bank took the lead in grabbing admission seats.
However, this list is not the final version, the above underwriters figures may continue to expand.Fully informed sources said that millet underwriters list will also have the figure of investment banks, but the current list of the latter has not yet released.
There are so many investment banks competing for contests, showing that the underwriting costs are very impressive, so the valuation of millet, investors also attracted endless imagination now rumored figures of 50 billion US dollars, 100 billion US dollars, and even the LEI will be The valuation target is located at 200 billion U.S. dollars.
For rumors of a valuation of 200 billion U.S. dollars, Sun Zhichao, head of mergers and acquisitions business of Xiaomi Technology Investment Department, openly denied it on social media.According to Sun Zhichao, at an internal meeting of Xiaomi Technologies on January 9, top management of Xiaomi Technologies Said that to find out that the valuation of up to 200 billion US dollars of internal staff, will find it will be dismissed.
Earlier, Lei Jun was rumored to be the richest man in China because of the IPO. A millet staff member also denied the claim on his personal social media.
'Fat' competed by investment banks
So what is the real valuation of millet?
Some investment bankrs think that even if the estimated value of millet reaches 100 billion U.S. dollars, it is still a reasonable figure to measure the valuation of millet not only the mobile phone business, but the other half of the value of millet is outside the mobile phone.
As early as the end of 2014, millet company E round of financing has reached the valuation of 45 billion US dollars in the 2015 and 2016 after the trough, millet to comeback in 2017, becoming the only one after the sharp decline in sales, the success Reversal of mobile phone manufacturers. Today, Xiaomi no longer positioning itself as a mobile phone manufacturers, but a super market, is a combination of hardware, new retail and the Internet. Xiaomi announced that its smart home ecosystem has begun to take shape, 2017 Profit 200 billion yuan.
US SEC on the 12th, the United States Securities and Exchange Commission (SEC) said that Xiaomi ecological rice company has submitted an IPO IPO prospectus .As Xiaomi ecological chain company, the technology to submit an IPO prospectus, the market or the millet The valuation has a greater impact.
According to the prospectus, the proposed maximum funding of Hua Mi Technology is 150 million U.S. dollars and is listed on the NASDAQ Global Market under the ticker symbol "HMI." The IPO prospectus does not disclose the initial public offering price range and stock issue number.
The Hua Miao Technology IPO prospectus did not publish a specific pricing, but through its content can understand, WAM technology revenue in the first three quarters of 2017 nearly 1.3 billion yuan, net profit of 95.37 million yuan. Revenue was 940 million yuan, annual revenue of 1.56 billion yuan, loss of 19.04 million yuan over the same period, annual net profit of 23.94 million yuan.
Subsidiary landing US stocks indicate whether the millet technology will also land in the United States? It is still too early to determine the conclusion of this potential Super Unicorn millet to start chasing more than just investment banks, as well as exchanges in different regions Some analysts believe that the recent listing of the Hong Kong Stock Exchange has finally expressed its willingness to open "shares with different rights" (referring to the structure of two or more types of common stock representing different voting rights in the capital structure). In the Alibaba Group and then miss millet and other technology companies show their sincerity.
1 billion 'g bet' outcome will be divided
In 2013, Lei Jun challenged Dong Mingzhu, chairman of Gree, to challenge Dong Mingzhu if he could not surpass Gree's turnover in five years. "Dong Mingzhu responded that" one dollar should not be raised. 100 million yuan, we will win. 'That year, millet turnover of 31.6 billion yuan, Gree's turnover of 120 billion yuan.
Blink of an eye, the upcoming five years, bet less than a year left, the development of Gree is still healthy, but Millet is not the millet that year.As of October 2017, millet turnover exceeded 100 billion yuan, and Gree as of the year September 30 operating income of 112.02 billion yuan, from Dong Mingzhu in 2012 proposed '2018 200 billion' goal is still a small distance.
Last year, Liu Buchen, an expert in the appliance industry, said: "Dong Mingzhu once said that Gree's annual revenue growth rate is 20%. If its revenue reaches 150 billion yuan in 2017, Gree revenue in 2018 will reach 180 billion yuan. Millet revenue this year, the scale is expected to exceed 100 billion yuan.Only from the revenue size point of view, millet currently with great difference between Gree.However, Gree's revenue is relatively simple, mainly rely on the air conditioning industry, its smart devices and other new Industry is still being nurtured in. From the future market value and scale of growth, millet superior.
Industry economist Hong Shibin also said publicly: 'If the success of millet IPO, its market value will far exceed the Gree. The IPO success will also boost millet in the industrial expansion, to the scale of millet to bring a huge imagination. In addition, Gree has been stabilizing over the years and emerging industries such as smart devices have become new profit growth points. '
At this crucial time, it is not hard to understand why the market generally speculated that Lei Jun will win the millet IPO to win the game.Li Jun once listed on the successful listing of the victory of millet.However, the real contest has just opened Curtain, the final winner, let us wait and see.