[Note: This is an article from 2018 when and Xiaomi wanted to issue CDRs in the Mainland. I will repost it today without changing every word. On the one hand, Mainland Leek can avoid pitfalls in the Mainland thanks to the then Chairman of the China Securities Regulatory Commission 641. On the other hand, it is also Let’s see if our judgment was correct at the time]
"
I actually didn’t want to write the story of Xiaomi and unicorns, but I read the information disclosed by Xiaomi in China Securities Regulatory Commission update in bed this morning. It turns out that if in 2019 In the past, if Xiaomi did not list or Lei Jun , it would be a gamble. No wonder Lei Jun was jealous. As a foreign company, Xiaomi has a net asset of -100 billion+ and will not pay dividends in the next five years. However, we use the method of issuing unicorn funds. Is it really worth using the power of the whole country to save Xiaomi?
Besides, Xiaomi is in the red sea of smartphones, and Lei Jun is jealous in the market, and also in the financing and capital markets. The whole country may not be able to save Xiaomi. In short, it’s better to let Auntie go. I promise to buy a unicorn fund for more than 1 yuan. If Xiaomi is successfully listed, I promise to buy 1 share. The stock market is in danger at 3000 points. Boss Lei, let Auntie go and let the leek go! "
Aunts selling unicorn funds are not fooled.
Funds allotted to unicorns are not optimistic. Although various funds have tried their best to advertise in food markets and Doudou, it seems that the aunts are not buying it this time. , this fully shows that the aunts who invest in the stock market are of higher quality than the p2p aunts, they understand! Several of the editor's friends in brokerages and funds were asked by their employers to buy it. One friend said that he was pretending to be poor, but he could only spend 1,000 yuan to buy it, and he was going to lose 5 million in donations. This morning, I also saw on the Internet a review letter from a certain banking system for its inability to sell unicorn funds. I don’t know whether it is true or not.
According to 1 Century Economic Report , the reporter learned from channel sources that since the first day of sales, the total sales of the six unicorn funds have continued to rise. As of June 14, the total sales volume of the six funds may have exceeded 70 billion yuan, and the scale of individual funds may exceed 20 billion yuan. In terms of channels, securities firms played a significant role in the sales of unicorn funds, but banks are still the top sellers, but there are obvious differences in sales between different banks. According to the reporter's understanding, in addition to China Merchants Bank , China Construction Bank , Bank of China , etc. are also more active in marketing unicorn funds, while ICBC , which has sold three unicorn funds at the same time, is slightly less motivated.
When a person is no longer self-centered, youth is over; when a person lives for others, he begins to mature.
—— Hermann Hesse "Gertrude"
1
. If you want to raise more than 5 billion US dollars in A-shares, the editor recommends that A-shares should not be used as the main listing place. Children, check whether the elderly at home are wrong. The updated prospectus of
, which buys unicorn funds, disclosed that Xiaomi plans to issue Class B ordinary shares this time, as the basic stocks to be converted into CDRs, accounting for no less than 7% of the total share capital of CDRs and Hong Kong stocks after issuance. , the CDR financing amount was not disclosed.
. Based on the market value of over US$80 billion given by analysts from major institutions, the CDR financing amount may be around US$5.6 billion. That is 35.9 billion yuan. Let’s give a gross estimate of RMB 35 billion. If the unicorn fund only gets less than
less than 100 billion (social security and other things will not pay for it later), then the number of unicorn placements may be large, and the risk may be very high. The editor estimates that the China Securities Regulatory Commission will be very I want to get the first order right, so I asked Xiaomi to use Shanghai as its main listing place. However, although the China Securities Regulatory Commission has now raised a 20,000-word issue, does it really not know that Xiaomi is not a high-tech company, but a Red Ocean company? The suggestion of the editor of
is not to use Shanghai as the main listing place. The first is that it does not comply with the Securities Law , and the second is that leeks cannot bear it. As for unicorn funds, if you haven’t bought them yet, don’t buy them, and if you have already bought them, do so if you can.I see that the banking system is the main sales channel for unicorn funds this time. There have been cases where banks sold insurance to aunts in the past. I wonder if any aunts accidentally bought unicorn funds this time. My old man once I was also deceived into buying insurance, but the editor still used some tricks to escape. Dear children, please go and check to see if any old people bought it by mistake.
2
. Lei Jun’s promise: Word games are too scary
Lei Jun is Xiaomi’s major shareholder and promised not to voluntarily give up his position as the actual controller of the company within three years. Can people who have studied Chinese understand? It doesn’t count if it’s not me but forced. According to Hong Kong's listing rules, you cannot reduce your holdings and cash out within half a year, so. . . Is there any room for imagination?
3
. Real case of valuation game: The current funds can still last for 12 months.
will be finished before the end of next year if it is not listed.
The editor once wrote an article called Unicorn Great Leap Forward, which talked about unicorn valuation. The problem is gambling and constantly defrauding the next investor, and the next investor is gambling against the previous one. Now let’s take a look at
Xiaomi’s ever-expanding financing process. It will be clear how Xiaomi makes bets, how unicorns are valued and finally find leeks to pay for it. Xiaomi is valued at a unicorn valuation. If you don't go public, it's equivalent to you lending me money and paying 8% interest. I remember that the China Securities Regulatory Commission used to have very strict regulations on companies with gambling agreements and in their IPOs. Is it because of Xiaomi that the China Securities Regulatory Commission has to break itself this time?
And Xiaomi is very clear in its bet that it must be "qualified for listing" before December 23, 2019, otherwise people will take action against Lei Jun. Also, according to Xiaomi’s data, the current funds can last for 12 months, which means that if there is no new financing, there will be no money after 12 months.
According to Xiaomi Group ’s previously announced CDR filing materials, the main reason why the company had accumulated losses of 135.2 billion as of the end of March this year was because “convertible and redeemable preference shares are measured at fair value.” This explanation led to a series of gambling agreements for Xiaomi's six rounds of financing A, B, C, D, E, and F, and the specific content of these agreements is likely to directly determine Xiaomi's initial financing trump card. After the completion of the first six rounds of financing of
, the company’s shareholders increased to 71. Among them, Class A ordinary shares account for 31.9706%, Class B ordinary shareholders account for 17.8666%, and the remaining six rounds of preference shares account for a total of 50.1628%. There is an agreement between Xiaomi and preferred shareholders that if the company does not complete a qualified listing before December 23, 2019, it will need to redeem the shares. It is worth noting that whether Xiaomi fails to redeem its preferred shares after listing, or successfully completes share conversion after listing, there are potential requirements for Xiaomi's valuation. Because the two parties agreed that if a "qualified listing" cannot be achieved, the investment cost plus 8% annual compound interest plus dividends that have been accrued but not yet paid, or the fair value of the market at the time of redemption, whichever is higher; if Being able to "qualify for listing" also requires that "the company's valuation reaches a certain level when it goes public."
4
. Uncle Lei’s equity incentive was bought for US$1,599 or RMB 10,257. It is now worth RMB 9.827 billion, equivalent to one-sixth of the unicorn funds that have been issued. 10 billion yuan weighs 115 tons!
I’m not good at math, but I can use a computer. US$1,599 is equivalent to about 10,000 RMB. Now it can be exchanged for almost 10 billion RMB, equivalent to one-sixth of the issued unicorn funds, 115 tons of RMB! You leeks, just do the math yourself. The editor thought of a scene. When Aunt Jiucai went to the market, she might have met someone who issued a unicorn fund. She took out 100 yuan from the food fee....and then transferred the payment to the richest man in China, Boss Lei....
Count After calculation
published 4 days ago by 135 editor
View: 3500 Reply: 35
The new banknotes that have just been released from the warehouse, a hundred-yuan banknote weighs about 1.15 grams.
1.15 !
4
. R&D investment is very, very small
Let’s not talk about this. Last time I wrote about Xiaomi’s patent, and then someone said that you and a platform sales company talked about the patent and it was self-defeating. But Xiaomi insists that it is a technology research and development company, and there is nothing the editor can do. What the editor is curious about is that the latest data says there are 5,515 technical personnel. Are they R&D personnel? I would like to ask if Xiaomi has any R&D personnel. Because if 5,515 people are involved in R&D, there will be so much funding in total. . . . After paying the head fee. . . . .
. Xiaomi does not have a supervisory board
Last time the editor said that Lei Jun alone benefited from mainland China and Hong Kong. In fact, Lei Jun also benefited from other things. For example, according to the laws of Cayman Islands , there is no supervisory board. . . . You should have it after arriving in mainland China. . . . Have it.
6
. The company is not yet profitable and will not pay dividends in the next five years.
Seeing the following data, the editor wants to vomit blood.
From the market point of view, Xiaomi is a typical hardware company with very low profit margins. Here we want to cry out again for Dong Mingzhu Aunt and ZTE !
has not been profitable in the past and may not be profitable in the future. It has not paid dividends in the past and will not pay dividends in the next five years. Comrades from the China Securities Regulatory Commission, are you from the Lei Jun family?
(6) The company has not yet made a profit and has accumulated to make up for losses . The company has not made profit yet and has made up for accumulated losses. The company has not made profit yet and has made up for accumulated losses. The company has not yet made a profit and has made up for accumulated losses. The company has not yet made a profit and has made up for accumulated losses. (This is a copy of the prospectus. Repeat it over and over again. Leave it to everyone. Strengthen it. )
Lingtong News
minutes ago:
Final advice to the China Securities Regulatory Commission: Continue to fully inquire, disclose, and be legal. Judging from Xiaomi’s current disclosure, the editor recommends that Xiaomi go listed in Hong Kong, not A-shares, or Only the Internet part will be listed and the mobile phone business will be divested! !
