Set micro network messages, From June 25 to June 27, Xiaomi Group announced a prospectus on the Hong Kong Stock Exchange and started a public offering.
In the past few days, the news about Xiaomi’s subscription has been continuous, but there are always two voices that can be found: One kind of voice claims that the amount of IPO subscription by Xiaomi did not reach expectations, and even there was a case of pumping; Millet subscriptions exceeded expectations, and today it has reached 10 times.
Why do you see two contradictory statements?
Less than expected?
In detail, according to Hong Kong media reports, on June 25th, 11 local Hong Kong brokerages recorded a total of HK$7,472 million in margin subscriptions, which was calculated based on the amount of HK$2.398 billion raised in the Hong Kong public offering, which is only 2.12 times oversubscribed.
On June 26th, 10 local brokers accumulated a total of HK$5,944 million worth of margin subscriptions, oversubscribed 1.48 times, far behind market expectations.
On the third day of the IPO, when Ever Fortune Financial, Phillip Securities even had investors canceling subscriptions of approximately HK$1.7 billion. 14 brokers had accumulated a deposit of more than HK$9.7 billion, equivalent to 3.06 times oversupply. Prior to this, the industry widely expected Xiaomi to Super-buy about 5 to 10 times, frozen capital of about 24 billion Hong Kong dollars.
Ten times more than the number of subscriptions?
On the other hand, some media reports also pointed out that as of 12:00 today, a total of over 100,000 investors participated in the retail subscription of Xiaomi, with a total subscription volume of over 1.03 billion shares.
According to the time factor of the Central Clearing House of the Hong Kong Stock Market, this figure does not include the number of subscriptions submitted by retail investors in the half-day today.
According to the Xiaomi prospectus, the number of public offerings in Hong Kong this time is 108 million shares, and the issue price range is between 17 and 22 Hong Kong dollars. That is to say, even if the subscription data submitted by retail investors today is not included, Xiaomi’s public subscription has reached 9.49 times.
Why is there a completely different statement?
Senior financial professionals explained to Micronet that the subscription amount was less than expected, and the total subscription amount exceeded 1.03 billion shares. This needs to be viewed from two perspectives.
On the one hand, the subscription amount publicly recorded by brokers is mainly for large customers. Although there were many super-rich 'platforms' such as Li Ka-shing, Ma Yun, and Ma Huateng, there was no data showing that there were too many major clients to follow up. The brokerage companies had insufficient subscription amount. It shows that large customers do not have enough intentions to subscribe, which is also rare in large-scale IPOs.
On the other hand, the number of subscriptions for retail investors is as high as 9.49 times, which indicates that there are many investors who subscribe through retail channels. Compared with the coldness of large customers, retail investors are still watching the millet. If Xiaomi’s stock price was previously estimated, retail investors should subscribe for funds. Still reached 24 billion Hong Kong dollars.
Senior financial professionals told Micronet that, in the final analysis, there were large customers and retail customers, and the number of subscriptions may be divided because the market did not recognize Xiaomi's valuation and stock price.
Previously, Xiaomi’s founder and CEO Lei Jun avoided talking about valuation in the road show, only emphasizing that “millet has great ideals, and there are many profitable points in the future”.
Xiaomi’s senior vice president and chief financial officer Zhou said at the IPO conference held at the Four Seasons Hotel in Hong Kong that Xiaomi had never said how much he was worth. Xiaomi could not comment on his own valuation. It was the market’s own hype over the past few months. .
Maybe Xiaomi has been avoiding talking about valuation, but judging from the current situation, Xiaomi's IPO cannot avoid this ridge.
According to Xiaomi’s previous stock price, Xiaomi’s normal subscription amount should exceed the expected amount by 10 times, but the subscription amount is now much lower than this amount. A senior financial person stated to Jiwei that the broker’s subscription amount is to reach Xiaomi’s subscription amount. , Or perhaps by reducing the stock price to attract retail purchases, which resulted in the current subscription amount exceeding 9 times, the subscription amount is less than expected.
Of course, Xiaomi's stock price, the market value in the end, wait until Xiaomi solves the stock price fog, wait and see the stock price trend, since the meeting clearly!