How deep is the IPO water of millet? The thunder army repeatedly visited Li Jiacheng and was rejected

How deep is the IPO water of millet? The thunder army repeatedly visited Li Jiacheng and was rejected


Sina Financial News News with the millet group -W (01810.HK) and global sales related stable price period ended in July 28th, means a phased end of millet IPO, but after the end of the stable price period, the stock price has been declining, in July 27th, the stock still has 19.04 Hong Kong Hong Kong dollar, but as of reporters, The share price of millet has been as low as HK $17.6 and is going to be priced at HK $17.

Recently, more news came out that Lei Jun, millet CEO, defined the IPO as "unsuccessful", and millet's CFO week may be funded to leave. On the evening of August 1st, Zhou received an exclusive response to sina finance, saying the rumor was "false," and then Sina micro-blog said it was looking forward to meeting everyone in its mid-term performance.

Recently, more than a number of market people, Sina Financial journalists "complaining" about the ability of the week, a close to the market, a person to Sina Finance said that the investors think that millet investors believe that the seniority and ability of the week, plus his familiarity with millet, is not enough to make him CFO of millet, and in April this year Zhou Zhizhi was promoted to senior vice president. In an internal email from Lei Jun at that time, Zhou Zhizhi was expected to play a greater role in finance, investment and HR.

However, a number of market people told sina finance, millet IPO water is very deep, not only a person's responsibility of CFO, because the market is not willing to accept the valuation of the Lei Jun on the valuation of millet, let the millet IPO road is not smooth, according to sina finance and economics, the Lei Jun has asked for many times to visit this IPO Li Jiacheng, but all was rejected because Li Jiacheng thought millet was too high, and Li Jiacheng had set up a lot of different stocks, one of which was that millet had to lower valuations. It wasn't until May of this year that Li Jiacheng met with Lei Jun publicly and launched strategic cooperation with millet.

The origin of "Gao Fu Shuai" and millet

Zhou was graduated from the Department of economics of University College London and received a MBA degree from Harvard Business School in March 2011. During the period from 2006 to 2008, Zhou was employed in Goldman Sachs and was a partner in the investment company DST in the period from 2011 to 2015.

In fact, the origin of DST and millet is very deep, DST early in 2011 invested millet, according to the public information, the initial DST choice to invest millet, but the millet financing has to end, DST is not enough to enter, finally DST founder Yuri Milner insisted on personal investment millet, and except millet, DST also cast Alibaba, Jingdong, Didi, unfamiliar street, Lok Shun, and many other Chinese technology companies.

On the millet prospectus, Zhou received DST only in August 2011, but on his own Linkedin, he showed that he had joined the DST in June 2010. It was not known why Zhou had to conceal the time of the entry of DST.

But the founder of DST, the founder of DST, likes the founder of deep links. It has been reported that after joining DST, Zhou took 1 years to get to know the main partners of more than 20 top financial advisory bodies in China, including Yi Kai capital, Huaxing capital and the Qing Branch group. Among them, Huaxing capital, which was led by Bao fan, introduced the fast-growing Jingdong to Zhou funded.

DST, founder of DST, met Liu Qiangdong for the first time in December 2010. By April 2011, the Jingdong completed C2 round financing, which was led by DST, and in the next week, he used his company founder network to track millet, and reported that the weekly request was introduced to some angel investors by the Lei Jun. He started a meeting with Lei Jun in March 2011 through this relationship.

If the report is true, then the knowledge of millet in the week will not be calculated from 2015, but it should be calculated from 2011. Many internal management of millet, also from that time, has nearly 7 years of contact, so the challenge to the investor is barely able to stand the test.

People familiar with the matter told Sina Caijing, the Zhou recipient of the Hongkong old mountain road, which is the most direct route from the middle to the top of the mountain. It is also the densely populated place in Hongkong. The data shows that a set of 2827 square meters of practical area (about 263 square meters) of the old mountain road, for example, is priced at HK $150 million. Zhou is strong.

How big is the effect of CFO on IPO?

However, a number of market people analysis, although the Lei Jun said in 2014 foreign, millet is not listed in 5 years, but Zhou received millet in 2015, is indeed for the IPO to prepare.

An American investment bank told Sina Caijing that the role of CFO in the listed company is very important. It needs to be responsible for the valuation of the entire financial statement, the exchange of investors, the distribution and pricing of the stock. If there are two CFO, one is an internal investor and a foreign investor, and the general CFO is an accountant, and then the deeper is the relationship between investors. With millet's market value and calorific value, Zhou Zizi is indeed a little younger at 35, and if he is older at millet, it may be more convincing.

In fact, an insider told sina finance that there was a question of investors who joined millet in 2015. It was not clear to Millet's corporate culture and corporate governance. It was not qualified to be millet CFO. However, the above investment bankers say it is not impossible, at the operational level, to learn to look at financial statements and make valuations during the two years of Goldman Sachs, and to learn to invest and do investor relations during the DST period, as well as a possible CFO.

A European investment bank told Sina Caijing that the inlined can see a CFO level, basically in the quarterly earnings and the end of the quarter with industry research analysts at the conference call, if CFO was asked, or gave a general answer, and even some stupid answers, many analysts would be unwelcome. It is reflected in the analysis of the report or on the stock price. But if it is the investment bank responsible for IPO, it may also follow the merger and acquisition of millet, the two time, the sale of bonds and other business, may not tell the outside world whether CFO is qualified.

Some people know sina finance, Zhou is good, strong, the above investment bank analysis, CFO in the listed company's most important work is to use all means to show the company's good financial, to meet the investor, if the CFO family background is good, then it is a very important factor. Because he knows a lot about how to deal with the relationship with the upper society, many funds are family forms, and if there is a relationship, the entire investment process will be smooth.

But many investment bankers stress that Wall Street and central China are all the elites, and it is impossible for listed companies to recruit a "running dragon" CFO, because investors who buy and sell shares are better than his educational background, and these elites can't be fooled by some superficial things.

How deep is the IPO water in Millet?

Then, who will carry the IPO's "unsuccessful" pot?

In fact, the entire IPO process of millet is very poor, according to sina finance and economics, according to exclusive information, the Lei Jun has repeatedly asked to visit Li Jiacheng, but they have been refused, the reason is that millet valuation is too high, Li Jiacheng at that time put forward a number of stock conditions, said that if you want to share millet, millet to lower valuations, otherwise it will not be shares. . Then in May, Li Jiacheng met with Lei Jun publicly and launched strategic cooperation with millet. It was not until June 25 that Chief Executive and Co-managing Director Huo Jianning confirmed that Li Ka-shing had invested $30 million in Millet through the Li Ka-shing Foundation.

Market people analysis, because the long and millet strategic cooperation clauses have not been published, there are many unknown details in the middle, it is likely to include some of the conditions for Li Jiacheng to share millet.

An indirect participant in millet IPO revealed that the millet IPO can be completed successfully. Finally, all of the relatives and friends of the Lei Jun pull all kinds of friends and friends to fix it, and it is still a lower limit pricing. In this case, the Lei Jun's ability to receive funding for the CFO week will certainly be questioned.

However, there is a market analysis, the cause of millet IPO is not successful, mainly in the private market in the previous years too much money, a lot of "unicorn" company's valuation have blown up, and the Lei Jun to millet positioning, so that Hongkong's traditional investors can not accept, many Hongkong investors think, millet how Nor will it be a stronger Internet company than Apple, reluctant to overvalue the smartphone market when it comes to saturation.

In fact, millet missed the best time to go on the market. Smartphones exploded in 2015. Many people feel that the market is growing at a high speed, and the market share of millet is growing at a high speed, but it has not grown in 2016, so many investors have found that the competition in the Smartphone market is very fierce. Not a one-way change, but an inadvertent growth or regression, as in 2016, so no investors are willing to overestimate the value of such a business.

In this case, it is not easy to do a good job of millet CFO, and the Lei Jun has repeatedly stressed that millet is not listed in 5 years, the time point is determined by the CEO, CFO can not affect the decision of CEO, the day is profitable, the millet has not caught up. (reporter Roach from Hongkong)

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