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下半年香港或将迎来至少10家独角兽上市

发布时间:2018-12-07 15:53
7月12日,香港证券交易所遇到了一个前所未有的难题:这一天,同时有8家公司上市,而这8家公司高管又要同时敲钟,平时一家公司敲一个钟,创始人和投资人均可上台共同敲。最后,港交所提供了一个折衷的办法:每两家共用一面锣,每家公司一个人敲。
 
On July 12, the Hong Kong Stock Exchange encountered an unprecedented problem: on that day, eight companies went public at the same time, and the executives of these eight companies had to ring the bell at the same time. Usually, one company would ring a bell, and the founders and investors could both come on stage to ring the bell. Finally, the HKEx offers a compromise: one Gong for each company and one for each company.
 
 
 
此时的港股正在迎来一波中国大陆公司的上市热潮:6月21日,同程艺龙向港交所递交招股书;6月26日,找钢网招股书在港交所公布;6月28日,宝宝树拟赴港IPO;6月29日,猎聘在香港上市;7月3日,沪江教育向港交所递交招股书;7月9日,小米在香港上市;7月12日,八家公司同时登陆港股,其中三家互联网公司;7月13日,51信用卡在香港上市。
 
At this time, Hong Kong stock market is ushering in a wave of listing upsurge of Chinese mainland companies: on June 21, Tong Yilong submitted the prospectus to the Hong Kong Stock Exchange; on June 26, the prospectus for the steel network was announced on the Hong Kong Stock Exchange; on June 28, Baoshu planned to go to Hong Kong for an IPO; on June 29, Hunting and Employment was listed in Hong Kong; on July 3, Hujiang Education submitted the prospectus to the Hong Kong Stock Exchange; and on July 9. Millet was listed in Hong Kong; on July 12, eight companies landed in Hong Kong shares at the same time, including three Internet companies; and on July 13, 51 credit cards were listed in Hong Kong.
 
 
 
 
 
但是,以小米为典型的这些赶赴港股上市的中国互联网公司们大多都在面临同样的问题:究竟亏损下的高估值是否能够被市场认可?
 
However, most of these Chinese Internet companies, typically millet, who are going to list in Hong Kong stock market, are facing the same problem: can the high valuation under the loss be recognized by the market?
 
 
 
美图作为继腾讯之后第二家在港股上市的中国内地互联网公司,港交所将其纳入互联网版块下,但它面临和小米一样的问题:是互联网公司还是硬件公司?根据美图最新的财报数据显示,这家中国互联网公司在上市后实现了季度盈利,但从财报来看主要以手机销售为主。“(我们)很显然是互联网公司,之所以被误会是手机公司最大原因是手机销售占收入的80%多的比重,但这只是个阶段,美图公司的MAU接近5亿,智能手机从2013年发布到今年的出货量都只有几百万台,APP的用户数远高于智能手机的用户数”,美图CEO吴欣鸿对记者称,“产生这一收入比重的原因是移动互联网产品商业化开展较慢,我们是在2016年才开始搭建商业化团队,变现需要一点时间,但可以从去年底互联网业务的收入贡献率已经逐渐加大。”
 
As the second mainland Internet company listed in Hong Kong stock market after Tencent, the Hong Kong Stock Exchange has incorporated it into the Internet sector, but it faces the same problems as Millet: Internet company or hardware company? According to the latest financial data of Meitou, the Chinese Internet company has achieved quarterly results after its listing. Profit, but from the earnings point of view mainly mobile phone sales. "Obviously, Internet companies are misunderstood because mobile phone companies account for more than 80% of their revenue. But this is only a stage. The MAU of Metro is close to 500 million. The shipment of smartphones from 2013 to this year is only a few million. The number of users of APP is much higher than that of smartphones. The reason for this proportion of revenue is that the commercialization of mobile Internet products is slower. We started to build a commercialized team in 2016. It will take a little time to cash in, but the contribution rate of revenue from Internet business has gradually increased since the end of last year.
 
 
 
关于互联网上市公司的质疑不仅盈利模式,股价是更严峻的考验。
 
Questions about Internet listed companies are not only about the profit model, but also about the stock price.
 
 
 
小米上市首日破发,作为港股市场首家执行“同股不同权”机制的上市公司,小米集团以16.6港元的股价开盘,较发行价17港元下跌2.35%,集合竞价时段成交2.3亿港元,首日收盘价比发行价下跌了1.18%,雷军穿了件破洞牛仔裤调侃,并称,从低点开始,未必不是好事。小米并不是孤例,遭遇上市破发的还有在美股上市的优信,以及猎聘、杉杉等公司。
 
As the first listed company to implement the "same share and different rights" mechanism in the Hong Kong stock market, the millet group opened with HK$16.6, down 2.35% from HK$17, and closed with HK$230 million in the period of collective bidding. The closing price of the first day fell by 1.18% compared with the issue price. Lei Jun wore a pair of hollow jeans to make fun of it. It's not necessarily a good thing to start at a low point, he said. Millet is not an isolated case, encountered the breakthrough of the listing is also listed in the U. S. stock market, as well as hunting and hiring, Sugiyama and other companies.
 
 
 
2018年7月11日,美图按每股6.08港元 -6.17港元,耗资约1840.89万港元回购300万股。然而市场并不买单,7月13日,截止记者发稿,美图的股价维持6.4港元/股左右。依然在当初的发行价格之下。
 
On July 11, 2018, ATU repurchased 3 million shares at HK$6.08-HK$6.17 per share at a cost of HK$18.4089 million. However, the market did not pay. As of July 13, the stock price of Meitou remained around HK$6.4 per share as of press release. Still below the original release price.
 
 
 
一位投资人对记者称,港股发行价采用市场询价机制,跌破发行价代表市场对公司价值的看法。他同时也称,破发并不可怕,破发是相对A股的概念,A股市盈率基本23倍,打新超倍破发概率极小,港股上市破发是较为常见的。
 
An investor told reporters that the price of Hong Kong stock issuance adopts market inquiry mechanism, and that a fall in the price represents the market's view of the company's value. He also said that breaking is not terrible, breaking is a relative concept of A shares, A shares earnings ratio is basically 23 times, breaking probability is very small, Hong Kong shares listed breaking is more common.
 
 
 
另一位投资人称,市场更加成熟,人们对于定价更多的依赖于实实在在的业务基础,讲故事越来越行不通;并且移动互联网流量红利逐渐到顶,原有的业务增长基础难以获得市场认可。此次上市的移动互联网企业大多集中于2010-2013年,得益于移动互联网的流量增长红利在融资过程中得到较高的市场溢价,而现阶段增长红利枯竭,企业增速难以达到预期,因此在二级市场所能够得到的估值定价看低。另外从资金面来看,由于近期互联网企业集中上市,市场资金容量通常相对稳定,在一定程度上会对不同企业的筹资活动产生一定的影响。
 
Another investor said that the market is more mature, people rely more on the real business basis for pricing, storytelling is becoming more and more impractical; and mobile Internet traffic dividends are gradually peaking, the original business growth base is difficult to obtain market recognition. Most of the listed mobile Internet companies are concentrated in 2010-2013. Thanks to the high market premium of mobile Internet traffic growth dividend in the financing process, the current growth dividend is exhausted and the growth rate of enterprises is difficult to meet expectations. Therefore, the valuation price available in the secondary market is low. In addition, from the perspective of capital, due to the recent centralized listing of Internet enterprises, the market capital capacity is usually relatively stable, which will have a certain impact on the financing activities of different enterprises to a certain extent.
 
 
 
美图之鉴
 
The mirror of beauty
 
 
 
美图上市时正创投圈面临资本寒冬。2016年12月15日,美图公司于香港挂牌交易,当时是深港通开闸后迎来的最大一笔IPO。开盘后,美图一度上涨3.29%,报每股8.78港元,然而,半个多小时之后美图股价旋即下挫,到10:30分左右跌破发行价,报每股8.33港元。之后美图股价一直在这一区间徘徊,最终收盘时报8.5港元,与发行价持平。
 
Venture Capital Circle is facing a capital winter when US Tutorial listing. On December 15, 2016, Metro listed in Hong Kong, which was the largest IPO in Shenzhen and Hong Kong after the opening of the sluice. After the opening of the market, Motorola rose 3.29% to HK$8.78 per share. However, after more than half an hour, Motorola's share price fell sharply to HK$8.33 per share at around 10:30. After that, the stock price of Metro has been hovering in this range, and the final closing time is HK$8.5, which is the same as the issue price.
 
 
 
在上市之时,时任董事长蔡文胜称会尽快实现盈利。正式在香港挂牌交易后,美图在当年成为继腾讯之后,在港的第二大互联网IPO,也是近10年内港交所的最大一笔科技公司IPO交易。
 
At the time of listing, Cai Wensheng, then chairman of the board, said that he would make profits as soon as possible. After formally listing in Hong Kong, Meitou became the second largest Internet IPO in Hong Kong after Tencent in that year, and also the largest technology company IPO transaction in Hong Kong Stock Exchange in nearly 10 years.
 
 
 
美图董事长蔡文胜认为,在香港上市,是一件很艰难的事,但对于美图来说也是一个破冰之旅。一方面,香港是个看实力的地方,能赚多少钱就给你多少PE;另一方面,美图在香港市场拥有数百万的用户,这给美图带来在此“拼搏”的勇气。而得益于深港通的开通,更多大陆的股民也可以参与到香港的资本市场运作中来,与美图一起成长、获利。无论对于哪方来说,这都是一个“双赢”。
 
Cai Wensheng, chairman of Metro, believes that listing in Hong Kong is a very difficult task, but it is also an ice-breaking journey for Metro. On the one hand, Hong Kong is a place to look at strength and give you PE as much money as you can earn; on the other hand, Metro has millions of users in the Hong Kong market, which gives Metro the courage to "fight" here. Thanks to the opening of Shenzhen and Hong Kong, more mainland shareholders can also participate in the operation of Hong Kong's capital market and grow and make profits with Atlas. It's a win-win situation for either side.
 

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