This time, five companies including Ukom, Maker, Jiuzhouxing, Yixing Media and Kunpeng Technology were arranged for backdoor listing in the first half of the year. In addition, Jiuzhou Blue Arrow, which is undergoing restructuring, and Ruihe Pharmaceutical, which has been successfully listed, and ATL Technology
, Yixing Video and Weibo.
The number of listed subsidiaries of Qunxingxing will officially exceed ten in the first half of this year.
But at this moment, Fang Hong looked at the beautiful assistant who was making a memo and ordered in an orderly manner: "In the first half of the year, Kunpeng Technology and Yixing Media will be completed. The main task of the listing plan in the second half of the year is Xingyu Technology. Although it will be completed in the second half of the year,
We have achieved the listing mission goal, but now we must start actively promoting it.”
Xingyu Technology is about to go public, and this company will become a real super giant.
The valuations of the first five or even ten subsidiaries at the time of listing were not even close to the valuation of Xingyu Technology.
As the largest smartphone manufacturer in China, it is far ahead of its peers and can be said to be at its peak right after its debut.
At present, the company has released two generations of smartphones, 1 and 2, both of which have been very successful. By this summer, 3 will also be highly anticipated by the industry and users.
Moreover, Apple, which is already under the leadership of Pan Ke, will enter the Greater China market this year. However, Xingyu Technology has successfully established the brand awareness of its series of flagship products in the past two years and also has its own basic base.
, no longer afraid of this competitor.
The most important thing is that Xingyu Technology is not alone. There is support from Qunxing Capital behind it. For example, if someone wants to blackmail Xingyu Technology from public opinion, Weibo will limit the flow and suppress it, and Yixing Media Group will also provide appropriate help.
Public opinion will definitely help.
It can be seen that the game here is not a single company or a single industry, but a comprehensive and systematic game.
This is naturally inseparable from Fang Hong's continuous layout over the years. If there were no Star Capital, Weibo, Yixing Media and other companies, why would they risk offending people to help you?
If Xingyu Technology wants to go public, it must go through the normal p application process, because it has met all the requirements of the approval system, especially this year, it has met the requirements for indicators such as turnover and profit.
Therefore, if Xingyu Technology wants to go public, it will definitely not take the backdoor route.
In fact, the listing plan of Xingyu Technology has been on the agenda since last year. Now that Fang Hong said this, it must be accelerated.
Tian Jiayi made a memo, then raised his eyes and looked at Fang Hong and asked: "How much money does Xingyu Technology p raise? How many times the price-earnings ratio is given?"
After hearing this, Fang Hong asked: "Has the company's performance last year been released? What is the revenue and net profit?"
Tian Jiayi nodded and replied: "Well, it just came out last week. The annual turnover in 2011 was 100 million yuan, a year-on-year increase of 546.5, and the net profit was 100 million yuan, a year-on-year increase of 1509. Last year's full-year net profit margin was 1469, which dropped to 1093 this year."
The absolute number of net profits increased by about 2 billion compared with last year, but the net profit margin dropped to 1,093. This is because Xingyu Technology has increased its investment in research and development year after year.
Qin Feng spends almost all the money he earns on technology research and development. He wants to develop new technologies to maintain the competitiveness of his products. At the same time, the confidential Plan B is still promoting domestic alternatives, especially in the area of chips and semiconductors, which is super expensive.
The place.
The entire company is investing in new technology R&D. It can be said that the money earned now will not be enough if it is not restrained. This time applying for P will also raise a large amount of funds for R&D investment.
Xingyu Technology has invested so much, so it is natural that the results will be achieved.
The third-generation smartphone product 3 flagship to be released this summer will include a brand-new technology, which is fingerprint recognition technology. Currently, no smartphone has this technology.
In Fang Hong's previous life, Apple's newly released pne5 mobile phone in 2013 was equipped with TCD for fingerprint recognition for the first time. It was called the "killer" feature on the pne5 mobile phone and was also the first mobile phone in the world to use biometric fingerprint recognition.
To identify security functions, the development of biometric technology has begun to advance rapidly.
But in this world, it is obviously Xingyu Technology’s third-generation product 3 that will lead the trend.
But at this moment, Fang Hong thought about it and said to himself: "The net profit is 15.6 billion, so let's give it a price-earnings ratio of 45 times."
Hearing this, Tian Jiayi couldn't help but be surprised and said: "A price-to-earnings ratio of 45 times? This is 10 times more than the current price-to-earnings ratio of 35 times given by the market. Isn't it a bit too high..."
Tian Jiayi said that it was too high. It did not mean that the valuation of Xingyu Technology itself was too high. What she wanted to express was whether the current situation of the A-share market could bear it.
At present, the capital market gives Xingyu Technology a price-to-earnings ratio of 35 times, which corresponds to a terrifying valuation of 546 billion. In fact, although the valuation of this company in the capital market is increasing, the extent of the increase is more conservative than last year.
Some.
The reason is that Apple will enter the Greater China market this year. Previously, no other domestic smartphone manufacturers could compete. Xingyu Technology was almost alone in the mainland market.
But something has changed this year. Apple is coming, and this is regarded by industry insiders as Xingyu Technology’s biggest competitor.
Xingyu Technology will face competition from Apple this year.
Therefore, the valuation given by the capital market to Xingyu Technology is not as "unrestrained" as last year. If we want to see the results of the first round of confrontation between these two major domestic and foreign smartphone manufacturers, the valuation given is also conservative.
And if Fang Hong wants to set a price-earnings ratio of 45 times for Xingyu Technology's IPO, the corresponding market value will be an exaggerated 100 million yuan. It is an absolute super giant. If it is equal to the issue market value, it will rank sixth in the A-share market.
position, the first five companies are Zhong Petroleum and the four major banks.
After a while, Tian Jiayi couldn't help but said: "If the market value of the issuance exceeds 700 billion, the premium space in the secondary market will not be high. This is not in line with the ultra-high premium strategy of the ten companies in front of us in the secondary market."
This chapter is not finished yet, please click on the next page to continue reading the exciting content! The issuance market value has exceeded 700 billion, and there is definitely not much room for premiums in the secondary market. Things like Ukom.com are rising in the secondary market.
Ten times is only 55 billion in total market capitalization.
If Xingyu Technology wants to increase tenfold in the secondary market, it will have to exceed a market value of 7 trillion. You don’t need to think about it to know that this is absolutely impossible. Even if it doubles, it will be very difficult. If it doubles, it will reach 14
As many as trillions.
Fang Hong said: "Most of the companies in the past are 'market-dream rate', focusing on a dream, so many people don't believe it and don't understand it, so they do it. But Xingyu Technology is a good company that everyone knows
Of course, a company with unlimited potential cannot do that, and it cannot take advantage of foreign capital, let alone do such stupid things as stretching its neck to let foreign capital harvest it.”
Although there is currently no talk of northbound funds, there is no sign of Northbound Stock Connect.
However, there is a kind of operation called "agency holding" and "hidden holding". Qunxing Capital can do this in the peripheral market, and foreign capital can also do this in big A. There are many ways to achieve "curve entry into the market".
Fang Hong could accept the ten companies in front of him even if they had foreign capital "curve entry into the market". After all, they are not large and have not entered much, because they were too high and too hasty, and even if you take a step back, it would not be possible.
It had such a huge impact that Yixing Video increased 37 times, and its market value was only 60 billion yuan.
But Xingyu Technology is different. This kind of giant-level size, given too low a valuation, those foreign investors who "curve into the market" will go crazy to buy the bottom. When the time comes, the profit capital will easily reach hundreds of billions, and the market will be smashed later.
The rhythm of the earth shattering?
If you want to protect the market and stabilize it, you have to pay a huge price, and you will have to bleed a lot.
Therefore, Xingyu Technology must give a high valuation and cannot have much room for premium in the secondary market.
…
(p: Please help me get a double monthly pass for the new book "The Rise Starts from Finance". For those who haven't collected it yet, help me add it to my collection so I can read it or something.)
