First day subscriptions were flat
However, according to Hong Kong media "Hong Kong Daily" report, the scale of fundraising is Xiaomi, the largest new stock in the past two years.
According to comprehensive brokerage data, Xiaomi only recorded a subscription of 4.552 billion yuan on the first day, which was calculated based on the amount of 2.398 billion yuan raised in Hong Kong public offerings, which is equivalent to only about 0.9 times oversupply, since the launch of the new economic boom in September last year. , one of the coldest in the first day of the IPO reaction.
This amount is not only far below the record of nearly 100 billion yuan recorded by the China Daily Group on a single day, nor is it still under the influence of Razer's frozen capital. It still recorded 20 billion yuan.
In addition, it was recently announced that Li Ka-shing, the founder and senior consultant of Changhe Department, subscribed to Xiaomi in a private name, and Huo Jianning, the joint managing director of Changhe, confirmed yesterday that Li Ka-shing invested 30 million US dollars (approximately HK$234 million) to invest in Xiaomi through the foundation.
In spite of the fact that star-rated investors have entered the field, they temporarily failed to prompt retailers to switch to the hot pursuit of Xiaomi. Among them, Phillip Securities, which had set aside a 10 billion yuan guarantee deposit for Xiaomi, received only RMB 1.2 billion in subscription yesterday. Chen Yingjie, deputy manager of corporate finance, frankly stated that the response was far worse than expected. It is highly surprising. It is estimated that the IPO performance in the coming days will be similar to yesterday, and the subscription amount will not suddenly increase.
However, one of the underwriters of Fortunett Securities sang well, saying that the first day subscription was a good response, 'not as good as the outside world'.
Zhang Zhiwei, an associate director of Pythago Securities, also pointed out that Xiaomi’s IPO reaction was even more oblivious than previously expected. “Before the IPO, Xiaomi has recorded a 500 million yuan margin booking. Originally, it only estimated that the first day IPO would increase to about 600 million to 700 million yuan. Yuan, it was actually unexpected at the end of the booking. 'He thinks that the 'death cause' of Xiaomi’s poorly-produced shares is over-pricing, and that the bank’s interest rate has been pumped up. It is feared that Xiaomi will move on to a good doctor. In the footsteps of the “profit-making rate erosion”, I believe that in the next few days, its prospecting response will not leap forward, as investors are wary of the new stocks and the stock market volatility in the past few days.
45 billion or 7 billion?
However, there are also some different numbers in the media.
According to incomplete statistics, the top ten securities firms, including Yaocai Securities, Guojun Securities, and Emperor Securities, CASH Securities, etc., had at least loaned more than 7 billion Hong Kong dollars in financing credits for Xiaomi.
At present, millet's first-day subscription amount has exceeded the public offering by nearly 2 times, and at least 2 brokerage companies have already borrowed.
Due to the tight supply of Xiaomi’s IPO and the demand for quarterly funds, Hong Kong dollar interbank interest rate further surged yesterday, reflecting that the short-term cost overnight rate increased by nearly 0.296% to 1.80357%, and the one-week interbank rate rose by 0.49% to 2.43%; one related to mortgages. The monthly interest rate rose for 19 consecutive days to 2.125%, and reached a new high of more than 9 years and a half. The interest rate was higher than the rate of 2.07607% over 3 months.
Yan Jianwen, general manager and co-director of the funds business of the China Everbright Bank's Hong Kong branch's financial market department, pointed out that the mill receipts bank took out 2.5% of the funds in the market yesterday. If the market maintains order, the 1-month interest rate may not be further increased. The overnight call rate also declined in the inter-bank market yesterday. It was 0.8% to 0.9%.
The millet's interest rate is relatively high, ranging from 2.45 to 3.38 percent. Many brokerages have stated that Xiaomi's subscription response is cold and there is not much money to withdraw. It is expected that there will be no impact on the pros and cons of the following days. 2. Large, relative to the previous few new economic share offerings, it is expected that there will be no increase in interest rates.
According to brokerages, this time, Xiaomi’s IPO has not yet seen a 'top player' that needs to spend about RMB 1.2 billion. Zhang Zhiwei analyzed that since the mill's value is not high, 'new economy's new shares are believed to not show up again. With a daily increase of 20% to 30%, there are currently brokerage firms that have exceeded 30% in interest rate. In other words, after Xiaomi's listing, the share price must increase by at least 10%.