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2018年5月 4日 (金)

Millet company in Hong Kong shares IPO and not in the A share IPO

From the HKEx's official website, Xiaomi has formally submitted IPO application documents. Millet is expected to become the first share of the Hong Kong stock exchange. It will be the largest IPO in the world in 2014. This with the market expected millet companies will adopt A+H at the same time the gap is quite large, according to "Chinese entrepreneurs", "the highest level of the SFC has been interviewed with the Lei Jun, millet is now more mature, hope to come back (A shares listed)." But what is the reason why millet is still alone in Hong Kong?


First, by Sino US trade frictions and financial disturbance, A stock trend overall is not vibrant, business is not large, indicating that the market is not well - funded, although at present do not know the total amount of millet financing, but from 14 years since the largest IPO to reverse the Hong Kong stock, millet IPO fund is not a decimal, according to the Wall Street daily news, millet in On Thursday, documents submitted to the Hongkong exchange did not disclose the size and valuation expectations of the stock, but people said that millet hopes to raise at least $10 billion, with a valuation of about $100 billion. In the A stock market, then the scale compression, financing will not be a small number, management level in order to stabilize the stock market operation for the financing number of control is still more stringent, millet IPO facing the number of financing problems.


According to securities firms in China, drug Ming Kang (- - - - - - - - - - - - -) has received a large amount of investment in IPO, 5 billion 740 million yuan to raise funds to 2 billion 130 million yuan, shrink up to 63%. After the issuance of funds, nine items of investment are cut down, and 5 are cut off. The purpose of raising funds is also greatly reduced. Based on the investment and shrinkage, the company will invest in the original recruitment and investment projects.


Medicine Ming Kang is lucky, has been approved, according to the securities business China, in accordance with the issuance of the audit process, after the review meeting, the need to perform certain meeting after the approval of the approval of the approval of the key points, some of the issue is to make amendments to the issue, medicine Ming and Kant is in this ring During the festival, the adjustment of the fund-raising amount and the approval issued after the agreement with the regulatory authorities was made and the distribution arrangements were selected by itself. Therefore, it is also necessary to pay the price. More fund raising is still in the pending boudoir. Foxconn has drawn up 27 billion 253 million 200 thousand yuan to raise funds. The company will communicate with important information, such as issue size, question information in the prospectus, issue capital, and other important information and supervision. In addition, some market participants expect that the amount of Ningde raised money that has just been approved soon will be reduced to 13 billion 120 million.


If the number of millet financing in the A stock is larger, even through the audit, it is not easy to get the approval. I am afraid one is to wait for the opportunity, the other is the size of the financing. If the financing size is very small, it is not significant for millet, and the number of financing is large, so it can only be delayed, so only choose the first. Listing in Hongkong, looking for opportunities to return to A share IPO or issue CDR.


So supporting the unicorn listing is easy to say, it is not easy to do, because the biggest problem of the A stock market is the shortage of capital, the investor's confidence is not high, the trend is not good, and the unicorn is large and the number of financing is large, it is easy to lead to the fluctuation of the two level market capital, so it is difficult to cause the fluctuation of the two level market trend. Therefore, it is difficult to make the fluctuation of the market trend. Carrying huge financing for unicorns, I have always suggested that further reduction of IPO should be made.


The second is that the legal aspects of the A stock market seem not to be prepared for the necessary institutional basis. In order to support the listing of Unicorn enterprises, the SFC issued a number of comments on the pilot of issuing stocks or depository certificates in innovative enterprises, made a regulation for the listing of Unicorn enterprises, the first of which is the red chip enterprise listed abroad. The market value is not less than 200 billion yuan. The two is an innovative enterprise that has not yet been listed abroad (including red chip enterprises and domestic registered enterprises). The sales revenue of the last year is not less than 3 billion yuan, and the valuation is not less than 20 billion yuan; or the income is growing rapidly, with independent research and development, international leading technology, and the relative dominance in the competition of the same industry. Whether it is receivable or total market value, the industry status of millet is in line with the regulations.