On February 8, WMI Technologies was listed on the New York Stock Exchange (NYSE) as the first listed company in the United States of America with an aggregate financing amount of over US $ 110 million.
On the first day of listing, the price of the China Rice Report closed at 11.25 U.S. dollars, up 2.27% from the issue price of 11 U.S. dollars and 1.27% on the very next day, with the closing price of 11.38 U.S. dollars at the closing price of 6.76 Hundreds of millions of dollars.Huang Wang holds the proportion of shares of China Science and Technology 39.4%, a net worth of about 260 million US dollars.
In the upcoming listing of China has made substantial progress, the rumors of millet IPO is rampant.Recent sources said that millet plans to be listed on the Hong Kong Stock Exchange by the end of the third quarter of 2018, the valuation hoping to reach 90 billion US dollars - 110 billion US dollars , P / E (P / E) 60 times .It is generally believed that the market, or listed meters can draw the outline of the valuation of millet.It is understood that, in addition to Wal-Mart, the millet ecological chain of many companies are also planning the listing, Millet Department of the financing channels are fully open.
Millet Department of the company into the mature period?
WMI has previously filed an additional prospectus supplement (F-1 / A) with the Securities and Exchange Commission (SEC), which shows that WAM will issue 10 million ADSs in its initial public offering at an issue price Interim tentatively for the 10 US dollars to 12 US dollars plus the underwriter enforceable over-allotment part, WAM initial public offering of the largest fund-raising amount of 138 million US dollars.Industry insiders expect the IPO will be 110 million US dollars financing.
Shareholders structure, Wami technology founder and CEO Huang Wang currently holds 39.4% of the shares of the company, millet founder Lei Jun actually holds 39.7% stake in Wal-Mart by millet, higher than Huangwang, second only to the yellow Wang 43.8% of all business start-ups holding shares.
Insiders believe that Wal-Mart's $ 1 billion valuation and its current revenue scale confirm the estimated $ 100 billion valuation of millet, which indicates that the millet system has begun to mature.
However, the Millet Department of the company has entered a mature stage of different opinions. Marketing expert Hong Shibin that: 'Wal-Mart's listing of Xiaomi will have the supportive value of the entire ecological chain, the introduction of capital on product and company structure has a strong boost At present, it seems millet or intends to strip its mature ecological plate and promote its separate listing, which gives a lot of room for imagination.
'Wal-Mart listed on the formation of the valuation of the formation of millet, but the role is not too much.Waomi's main industry is the smart bracelet and other wearable devices, although in the development stage, but its limited scale, and millet form a higher related party transactions, Other businesses have yet to see any significant gains. "Industry observer Liu Buchen said.
Transparent listing risks still exist
The empowerment of millet in the capital market to a certain halo of China, or will be a big risk from the prospectus, the revenue structure of China is very simple, millet bracelet is still the main force of its revenue in the first three quarters of 2017 Rice revenues of 1.296 billion yuan, net profit of 95.37 million yuan.Golden rice products in science and technology contribution to the revenue of 1.068 billion yuan, accounting for 82.4% of the dependence on millet, or will become the long-term development of China rice桎 梏.
Huang Wang once attempted to lead the rice out of over-reliance on millet, very early implementation of 'go millet' .In May last year, Huang announced the company into the field of health, he wants to make the rice as human data company, but At present, the business performance has not yet been clearly reflected.
Shen Meng, the executive director of Hongson Capital, said: "Hua Mi is listed in the United States because it has chosen a hierarchical stock structure so that it can only give up Hong Kong's potential higher valuation. However, the recent volatility in US stocks may not be conducive to Wal-Mart Technology prices.Also, although there are also non-rice-based products and business, but overall, millet accounted for the share of business and the proportion of the share of millet is still high, this is the future of China's rice a major risk of independence. '
Shen Meng believes: 'Millet has a fatal problem: the lack of core technology reserves.If you can not as soon as possible with innovative products to establish their core competitiveness, it is possible that its high valuation will not be able to maintain the listing to provide financing channels for enterprises, But it also means that its assets and financial position will be more transparent. Enterprises will be subjected to the examination of capital markets and investors, which will test the anti-risk capability of enterprises. '