Company Overview
| Stock Name | Xiaomi-W |
|---|---|
| Stock Code | 01810 |
| Company Full Name | To be extracted |
| Industry | 消費電子 |
| Principal Activities | 小米是一家以手機、智能硬件和IoT平台为核心的互聯網公司，提供智能手機、IoT與生活消費產品及互聯網服務，並運營電商及新零售平台。 |
| Listing Date | 2018-07-09 |
| Listing Rules Era | Old Rules |
| Listing Rules Chapter | 8A不同投票权 |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 北京市海淀區清河中街68號華潤五彩城寫字樓 |
| Business Address (Hong Kong) | 皇后大道東183號合和中心54樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | mi.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism A |
|---|---|
| Offer Price | HK$ 17.00 / shares |
| Offer Price Range | To be extracted |
| Lot Size | To be extracted |
| Entry Threshold | To be extracted |
| Par Value | To be extracted |
| Offer Period | 2018-06-25 to 2018-06-28 |
| Global Offering Shares | 2,179,585,000 shares |
| HK Public Offer Shares (Initial) | 108,980,000 shares (5.0%) |
| Public Offer Lots (Initial) | To be extracted |
| International Placing Shares (Initial) | 2,070,605,000 shares (95.0%) |
| Offer Ratio | ~5.0% |
| Total Shares Post-IPO | 22,376,130,830 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 11.6% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 37,052,945,000 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 633.99B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | To be extracted |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not disclosed |
| Profit/Loss Status | 虧損人民幣43,889.1百萬元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
Financial Data
Unit:
'000
RMB
Income Statement
| Item | 2015 | 2016 | 2017 | 2018-03 |
|---|---|---|---|---|
| Revenue | 66,811,258 | 68,434,161 | 114,624,742 | 34,412,362 |
| Cost of sales | -64,111,325 | -61,184,806 | -99,470,537 | -30,110,935 |
| Gross profit | 2,699,933 | 7,249,355 | 15,154,205 | 4,301,427 |
| Other income and gains, net | 522,436 | 540,493 | 448,671 | 158,226 |
| Selling and distribution expenses | -1,912,765 | -3,022,313 | -5,231,540 | -1,402,829 |
| Administrative expenses | -766,252 | -926,833 | -1,216,110 | -465,323 |
| Operating profit | 1,372,670 | 3,785,064 | 12,215,467 | 3,364,490 |
| Net finance costs | -85,867 | -86,246 | 26,784 | 17,834 |
| Share of associates and JVs | -92,781 | -150,445 | -231,496 | 16,329 |
| Profit before tax | -7,472,511 | 1,175,509 | -41,829,352 | -6,689,052 |
| Income tax expense | -154,519 | -683,903 | -2,059,763 | -338,359 |
| Profit for the year | -7,627,030 | 491,606 | -43,889,115 | -7,027,411 |
| Profit attributable to owners | -7,581,295 | 553,250 | -43,826,016 | -7,005,123 |
Balance Sheet
| Item | 2015 | 2016 | 2017 | 2018-03 |
|---|---|---|---|---|
| Cash and cash equivalents | 8,394,078 | 9,230,320 | 11,563,282 | 14,027,013 |
| Trade and bills receivables | 1,470,155 | 2,089,518 | 5,469,507 | 6,045,241 |
| Inventories | 8,643,183 | 8,378,342 | 16,342,928 | 15,136,731 |
| Total current assets | 24,952,527 | 30,636,318 | 61,138,461 | 61,028,696 |
| Total assets | 39,136,537 | 50,765,601 | 89,869,761 | 92,093,600 |
| Total current liabilities | 16,464,280 | 26,063,262 | 47,132,671 | 45,289,639 |
| Total liabilities | 125,774,845 | 142,823,476 | 217,080,452 | 220,084,661 |
| Total equity | -86,638,308 | -92,057,875 | -127,210,691 | -127,991,061 |
| Equity attributable to owners | -86,714,478 | -92,191,670 | -127,272,361 | -127,991,999 |
| Interest-bearing borrowings | 3,246,800 | 4,158,500 | 10,802,113 | 14,056,850 |
Cash Flow Statement
| Item | 2015 | 2016 | 2017 | 2018-03 |
|---|---|---|---|---|
| Net cash from operating activities | -2,601,311 | 4,531,264 | -995,669 | -1,277,682 |
| Net cash from investing activities | 873,395 | -3,735,267 | -2,677,714 | 460,647 |
| Net cash from financing activities | 568,383 | -72,141 | 6,214,930 | 3,337,476 |
| Net increase in cash | -1,159,533 | 723,856 | 2,541,547 | 2,520,441 |
| Purchase of PP&E | -2,524,356 | -1,826,245 | -1,217,806 | -706,042 |
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
| First Day Close | HK$ 16.8 |
|---|---|
| First Day Open | HK$ 16.6 |
| First Day Change | -1.18% |
| First Day Volume | 462183000.0 |
| First Day Turnover | 7682450000.0 |
| Use of Proceeds | 1、約30%（約7192.4百萬港元）用于研發及開發核心自家產品，包括智能手機、智能電視、筆記本計算機、人工智能音箱和智能路由器；
2、約30%（約7192.4百萬港元）用于投資擴大及加強IoT與生活消費產品及移動互聯網服務（包括人工智能）等主要行業的生態鏈；
3、約30%（約7192.4百萬港元）用于全球擴張，包括但不限于就各項業務職能聘請當地團隊及投資零售合作伙伴；
4、約10%（約2397.5百萬港元）作營運資金及一般公司用途。 |
Underwriting Syndicate
Joint Sponsors (3)
Overall Coordinators (12)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Morgan Stanley Asia Limited CE AAD291
CLSA LIMITED CE AAB893
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
Credit Suisse (Hong Kong) Limited CE AAO017
Deutsche Bank AG, Hong Kong Branch CE AAK077
China International Capital Corporation Hong Kong Securities Limited CE AEN894
ABCI CAPITAL LIMITED CE AWL249
BOCI ASIA LIMITED CE AET863
建银国际金融有限公司 CE AJO225
CMB International Capital Limited CE AVM940
ICBC INTERNATIONAL CAPITAL LIMITED CE AQW615
Joint Bookrunners (19)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Morgan Stanley Asia Limited CE AAD291
CLSA LIMITED CE AAB893
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
Credit Suisse (Hong Kong) Limited CE AAO017
Deutsche Bank AG, Hong Kong Branch CE AAK077
China International Capital Corporation Hong Kong Securities Limited CE AEN894
ABCI CAPITAL LIMITED CE AWL249
BOCI ASIA LIMITED CE AET863
建银国际金融有限公司 CE AJO225
CMB International Capital Limited CE AVM940
ICBC INTERNATIONAL CAPITAL LIMITED CE AQW615
oOo Securities (HK) Group Limited CE AJH488
BNP PARIBAS SECURITIES (ASIA) LIMITED CE AAF669
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
CHINA MERCHANTS SECURITIES (HK) CO., LIMITED CE AAI650
Citigroup Global Markets Asia Limited CE AAA137
Futu Securities International (HONG KONG) Limited CE AZT137
国泰君安证券（香港）有限公司 CE ABY236
Joint Lead Managers (15)
GOLDMAN SACHS (ASIA) L.L.C. CE ACC536
Morgan Stanley Asia Limited CE AAD291
CLSA LIMITED CE AAB893
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
Credit Suisse (Hong Kong) Limited CE AAO017
Deutsche Bank AG, Hong Kong Branch CE AAK077
China International Capital Corporation Hong Kong Securities Limited CE AEN894
ABCI Securities Company Limited CE ACX411
BOCI ASIA LIMITED CE AET863
建银国际金融有限公司 CE AJO225
CMB International Capital Limited CE AVM940
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
oOo Securities (HK) Group Limited CE AJH488
BNP PARIBAS SECURITIES (ASIA) LIMITED CE AAF669
China Galaxy International Securities (Hong Kong) Co., Limited CE AXM459
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | CICFH Entertainment Opportunity SPC—CICFH Innovative Trend Fund I SP | 1,499,998,400 HKD | — | 4.05% | — | 6 months | 2019-01-09 |
| 2 | CMC Concord Investment Partnership,L.P. | 219,997,000 HKD | — | 0.59% | — | 6 months | 2019-01-09 |
| 3 | Grantwell Fund LP | 247,248,000 HKD | — | 0.67% | — | 6 months | 2019-01-09 |
| 4 | Qualcomm Asia Pacific Pte. Ltd. | 784,917,200 HKD | — | 2.12% | — | 6 months | 2019-01-09 |
| 5 | 国开装备产业投资基金(天津)合伙企业(有限合伙) | 517,996,800 HKD | — | 1.40% | — | 6 months | 2019-01-09 |
| 6 | 天海投资有限公司 | 235,473,800 HKD | — | 0.64% | — | 6 months | 2019-01-09 |
| 7 | 中国移动国际控股有限公司 | 784,798,200 HKD | — | 2.12% | — | 6 months | 2019-01-09 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 雷軍 | — |
| Company Secretary | 林冠男、蘇嘉敏 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 雷軍透過Smart Mobile Holdings Limited等實體持有A類股份約19.20%及B類股份約10.20%；林斌持有A類股份約10.73%；Morningside China TMT Fund I, L.P.持有B類股份約11.38%。 |
|---|
