The first person to eat crabs
Previously, Zhang Dongke, deputy director of the Shanghai Stock Exchange, said that the Shanghai Stock Exchange is actively preparing for the issuance of stocks or CDRs by innovators in China.
Zhang Dongke introduced the specific criteria for participation in CDR-listed pilot companies: 'Red-chip companies that have already been listed require a valuation of not less than 200 billion yuan, and valuations of unlisted red-chip companies and domestic innovators should not be less than 20 billion yuan; The revenue for the most recent year is not less than 3 billion yuan. With independent intellectual property rights, it is competitive internationally and fast-growing innovative companies can participate in the pilot.
In March 2018, the China Securities Regulatory Commission issued the “Circular on Several Opinions on Pilot Projects for Issuing Domestic Shares or Depositary Receipts within the Innovative Enterprise”, which will be artificial intelligence, cloud computing, biotechnology, high-end manufacturing, strategic emerging industries, software and integrated circuits. Open IPO (initial IPO) or CDR green channel. On May 4, the China Securities Regulatory Commission announced the public solicitation of opinions on the "Administrative Measures for the Depositary Receipt and Transaction Management".
On May 3, Xiaomi submitted a listing application to the Hong Kong Stock Exchange and became the first Mainland company to list in Hong Kong with the same rights and different rights structure. According to the listing process of Hong Kong Stock Exchange, Xiaomi will be the fastest from the end of June to the beginning of July. Listing.
It is said that in order to coordinate with the CDR's issuance progress, Xiaomi will postpone the listing in Hong Kong, first issue the CDR on the Shanghai Stock Exchange, and then on the Hong Kong Stock Exchange IPO. This way, Xiaomi will not have to meet the requirement that the already listed red chip companies require valuations. Below the standard of RMB 200 billion yuan, and the corresponding CDR pilot where the valuation of listed unlisted red chip companies and domestic innovative companies is not less than RMB 20 billion, and the revenue in the most recent year is not less than RMB 3 billion. standard.
According to Xiaomi's listing application disclosed by the Hong Kong Stock Exchange, in 2017 Xiaomi realized total revenue of 114.625 billion yuan, operating profit of 12.215 billion yuan, revenue growth of 67.5%, and operating profit increased by 222.7%.