On July 9th, among the expectations, Xiaomi was finally listed in Hong Kong. It was almost twenty years since Lei Jun participated in the last Jinshan software launch conference. So he was very excited when he knocked, he took a hand, '咣' A bang rang.
From the peak to the trough, Xiaomi is riding a roller coaster.
As the first share of the HKEx's shares, the market has placed a high hope for Xiaomi, but Xiaomi's performance is not ideal.
The issue price of Xiaomi is HK$17/share, which was broken at the opening, and was reported at HK$16.6/share. The first day of the session fell sharply. The biggest decline was close to 6%, close to HK$16/share. After the bullion, the stock price rebounded. 16.8 Hong Kong dollars / share, it should be said that it is listed on the blood.
However, the next day was a turnaround. It not only jumped higher by 1.2%, but also the highest gain of 13.97%. The stock price also surged to HK$19.34 per share, and finally closed at HK$19/share.
On July 11, Xiaomi closed at 19 Hong Kong dollars per share. On July 12, it was also at 19 Hong Kong dollars per share. It should be said that the process of these days is like a roller coaster. It is ups and downs and makes people feel scared.
If the chips in the first day are shaken out, the next day, the third day, and the fourth day are really crying, the market's thrills can be seen. From the valuation point of view, before the listing, Xiaomi's valuation is the highest. $100 billion, but when it was issued, Xiaomi’s valuation has dropped to $54.3 billion, currently at around $55 billion. However, this valuation is about the same as the final round of financing valuation of $45 billion three years ago. Said PE, VC is also risky. Since someone can earn 886 times, then some people are still on the verge of being stuck.
Why do unicorns get together in Hong Kong?
However, this valuation, I estimate that all aspects are not very satisfied, so why is such a low price, Xiaomi also to be listed? Because it is still a relatively critical moment, and looking at the world, the financing atmosphere of Hong Kong stocks is better.
As of July 4, 2018, a total of 103 listed companies were added to Hong Kong stocks. Compared with the same period in 2017, Hong Kong stocks added 69 listed companies, up 49.28% year-on-year. In the same period, A shares added 64 listed companies. Added 69 listed companies.
Therefore, Xiaomi and other stocks have been listed in Hong Kong. On the one hand, Hong Kong's financing environment is still good, and it can still be funded. In particular, Hong Kong stocks have broken the same rights and have allowed unprofitable Internet companies and biotech companies to go to Hong Kong. Listing, this is easier to go public than the strict listing conditions of A-shares; on the other hand, it shows that Hong Kong is more tolerant than other market financing environments, and will give generously a high valuation to A-shares and US stocks.
Xiaomi wind vane: The new economy faces the era of shuffling
However, on the one hand, there are listed Hong Kong stocks listed on the one hand, and on the other hand, they are listed on the side of the market. According to W ind, as of July 4, among the 100 companies listed on the Hong Kong stock market, 75 companies have broken the phenomenon, with a break rate of 75%; Among the 75 companies that broke, 39 companies fell more than 40%, and some listed companies even fell more than 50%. For example, Zhongan Online, which is known as the 'first technology insurance', had an IPO of up to 1400 in September last year. HK$100 million, but the current market value is only over 60 billion Hong Kong dollars, shrinking by half.
Therefore, Xiaomi breaks the hair. If it is placed in the A-share market, it is really unexpected, but it is also normal in the Hong Kong stock market.
On the one hand, Hong Kong stocks have risen considerably in the past two years. Since 2016, Hong Kong's Hang Seng Index has been rising steadily. In 2017, it has been riding a dust in the world's important index, rising by 36%. The new high point of 31969 points, now in the fallback stage, the Hang Seng Index has fallen by 8.5% in the past three weeks, so the market investment sentiment has declined, leading to a decline in the valuation of new shares.
On the other hand, we must note that most of the final investors of Hong Kong stocks are institutional investors. For a short period of time, the mood will always fall back, and finally rationality prevails. So they still attach very much importance to the ultimate profitability. After all, Xiaomi is a mobile phone manufacturer, and there are many companies against the target. There are ZTE and Huawei before, and OPPO and Vivo.
Therefore, investors in the market will eventually give Xiaomi a valuation. We have to look at it. It does not explain the problem for two days.
Of course, everyone said that Xiaomi is a weather vane. If Xiaomi’s stock price can continue to go up after listing, it means that the financing era is still going on. If it falls, it may end an era of burning money. What happened? I still do not know yet.
However, people always have dreams, if they are realized, right? Just like Lei Jun said at the celebration party that night: I will let you double the profit margin of investors who bought on the same day.
Lei Jun thinks so, can it be achieved? That is another matter.