China Network Finance June 14th (reporter Liu Xiaofei) in the near future, millet group (hereinafter referred to as "millet") disclosed the Hong Kong shares and CDR prospectus, which also means its listing to the countdown stage.
Some people know that the CDR issuance application will soon be approved, or break the current record of the 24 day market held by the Ningde era, and the Hong Kong stock market will strive to become a new IPO in the last two years.
Hong Kong shares, CDR or $5 billion each
It is understood that although millet has disclosed two shares of the prospectus, the price of its issuance, the number of issuance, the amount of money raising and the proportion of the two places are not open, and the market's speculation on the above information is also controversial.
The Reuters reported last week that millet plans to finance 3 billion dollars in the mainland by CDR, and the Bloomberg News Agency recently quoted people familiar with the news saying that the millet plan to finance about $5 billion by selling Chinese depository vouchers (CDR) in the mainland is equivalent to the IPO (IPO) financing in Hong Kong exchange. The insider also said that the size of the specific financing in the mainland and Hongkong depends on the needs of the two markets and may be adjusted before IPO.
In terms of the issue price, the prospectus shows that millet plans to adopt a market-based inquiry to determine the price of the issue by taking into account the basic aspects of the company, the needs of the investors, the ability of the market, the demand for future development and so on. However, there are securities dealers said, at present, because millet belongs to the pilot enterprises that have not yet been listed abroad, so its CDR pricing will be consistent with the Hong Kong shares IPO.
However, millet believes that CDR is a market innovation product, and there is no precedent in China's capital market. There are great uncertainties in its future trading activity, price determination mechanism, and investor concern. Moreover, CDR holders' rights or interests are further diluted as the company has applied to issue shares and listed in Hongkong, China, and may still issue new shares in the future.
The big bank gives a valuation of $65 billion -940 billion
For the valuation of millet after listing, the market speculation is basically in the 600-1000 billion U.S. dollars interval. Morgan Stanley, one of the Hongkong IPO underwriters, said in the report that the current fair value of millet is between $65 billion and $85 billion, up to 27-34 times the adjusted earnings of analysts in 2019. According to Bloomberg data, Apple's current market value is 14.5 times the adjusted earnings forecast by analysts in 2019.
In this regard, Morgan Stanley said that millet surpassed analysts' expectations beyond the apple, and more than other competitors, such as smart hardware vendors Fitbit and GoPro, as well as some of the major Chinese Internet companies, such as Alibaba and Baidu.
The market value of Millet's market value is between $70 billion and $86 billion, an analyst for IPO, another underwriter of the millet Hong Kong stock market, which is 26-32 times the net income of analysts' forecast in 2019.
CITIC Leon securities analysts say that millet has built a huge Internet service platform through a unique and successful business model, which they think has a market value of $80 billion to $90 billion. Analysts believe that, as an innovation driven Internet Co, millet is very suitable for "Iceberg Theory", and Internet service profits are 90% below the iceberg, which they think is between $71 billion and $94 billion.
Is it appropriate for mainland investors to buy CDR or direct investment in Hong Kong stocks?
The millet group, which is on the market outlet, will become the first domestic CDR+H share company, and an investor's money making feast is about to begin. So, as an ordinary investor, is it better to buy CDR or buy millet stocks in the Hong Kong stock market? People from private institutions said, "suggest the latter."
The agency further explained that millet CDR chose to be listed on the A stock board, and it is well known that the A shares are very low in the new signing rate, so most investors may face the "break the new" situation, so it is easy to miss the opportunity to share the "first soup".
And the Hong Kong stock market is completely different, a Chinese voucher businessman told China Network Financial reporters: "many Hong Kong shares have reached 100% of the number of new shares, as long as you want to buy, you want to buy." In addition, the Hong Kong shares can finance the stock market, as well as the general popular margin trading. In theory, a good new stock can reach 9.
How can mainland investors fight new stocks in Hong Kong? "At present, the Shanghai and Hong Kong Tong and Shenzhen Hong Kong do not support the new Hong Kong stocks, and the investors can only choose the joint securities dealers approved by the Hongkong Securities Regulatory Commission to purchase new shares, such as tiger securities," said the above agency.
According to the data, tiger securities is a few Fintech securities companies in the world. It has greatly optimized the experience of opening, entering gold and operation of the United States and Hong Kong stocks. It has opened up the funds of the two accounts of the US shares and Hong Kong shares and provided the users with 10 times the leverage of the new financing of Hong Kong shares. It is worth noting that, in the tiger securities and other Internet securities companies to open a very simple account, as long as the basic information, upload identity card photos, electronic signature confirmation three steps, generally within three minutes to complete the application for account opening.
In addition, there are media reports, in addition to millet, dripping, the United States and other groups are likely to go to Hong Kong, the fastest or in the second half. As the new economic companies join, the Hong Kong shares market or the new high of history, the investors may share more dividends, they say.
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