China Internet changes, millet will thoroughly break through the BAT pattern after listing

category:Internet
 China Internet changes, millet will thoroughly break through the BAT pattern after listing


Author Yi Xiao Yi In May 3rd, Xiaomi submitted the IPO application at the HKEx. If the market is successful, millet will become the worlds largest technology enterprise IPO after Alibaba, and will also become the first company to apply for the listing of different rights of the same shares in Hongkong. According to people close to preparing the listing of millet, millet will be listed on A shares through Chinas CDR in Hongkong after its successful listing. Valuations or over $100 billion, the BAT pattern will be broken. Since its inception, the financing of every round of millet has been almost three jump: At the end of 2010, the company completed a A round of $41 million worth of $250 million. At the end of June 2012, the company raised $216 million, valued at $4 billion. After the completion of the financing in 2013, the overall valuation of millet amounted to US $10 billion. Millets latest public financing information is 2014, with a total financing amount of US $1 billion 100 million, valued at US $45 billion. In the China Q1 Unicorn list released in April 2018, millet and dripping are 300 billion (about $47 billion) and more than second, and the ant gold clothing is ranked first with more than 400 billion of the valuation. Millet can withstand high valuations, depending on whether the data in the prospectus reflect enough growth (including the number of users, the cost of customers, the profit growth). In addition to mobile phone products, the imagination of millet in the areas of ecological chain hardware, Internet of things and other areas is greater, in addition, the revenue of Internet services and the changes in the Maori level of the year are more worthy of concern. The prospectus emphasizes that millet is not just a Hard Suits Inc, but an innovation driven Internet Co. Specifically, millet is a Internet Co with mobile phone, intelligent hardware and IoT platform. It adopts the original iron man Triathlon business model: Hardware + new retail + Internet service. Compared with HUAWEI and other hardware manufacturers, Internet Cos positioning of millet has made its PK with BATs three Internet giants justifiably. The current value of the BAT three companies, at the closing of the May 2nd, the Alibabas current share price of $181, the total market value of $465 billion 700 million; the Tencents current share price of HK $385, the total market value of HK $36644 billion (about $466 billion 800 million); Baidus current share price of $249, the total market value of $86 billion 900 million. At present, Jingdong, the fourth place, has a stock price of US $37, with a total market capitalization of US $53 billion 100 million. According to the above information, the market value of millet will be much higher than that of Jingdong after listing, and it is likely to exceed Baidus market value in the short term. Then we won the third of Chinese technology companys market value. If millet is successful in third, BATs pattern will be completely broken by the former, and the term BAT will become history. Next, the pattern of Chinas Internet field is to become a new ATM structure, or to meet the AT two strong contend for hegemony and two super strong situation. This is worth pondering carefully. The overall advantage of Baidu PK is its hardware access. According to the prospectus of millet, millet revenue of 114 billion 625 million yuan in 2017, operating profit of 12 billion 215 million yuan, net loss of 43 billion 890 million yuan (but deductible convertible redeemable shares of the fair value of the fair value of shares and other factors millet in 2017 net profit of 5 billion 360 million yuan). Looking at Baidu, its total revenue in 2017 was 84 billion 800 million yuan, which included the core business income of 67 billion 681 million yuan. The unlisted Iqiyi revenue was about 17 billion 378 million 400 thousand yuan, and the net profit was 18 billion 300 million yuan. The cost of Baidus 2017 fiscal year is 13 billion 400 million yuan, and R & D expenditure is RMB 12 billion 900 million yuan. Look at Baidu, the total revenue in fiscal year 2017, the proportion of mobile revenue accounted for 73%. Although Baidu has launched AI in full force, it has launched the two systems of Apollo and DuerOS, but there are not many products in the whole industry. In contrast, millet has formed three relatively complete ecosystems, including hardware, Internet content and new retail. In terms of business income, the prospectus shows that the revenue comes mainly from four major businesses: smart phones, IoT and consumer goods, Internet services and others. Among them, in 2017, part of the income of smart phones was 80 billion 500 million yuan, accounting for 70.3%. The income of IoT and consumer products is 23 billion 400 million yuan, accounting for 20.5%. The Internet services account for 9 billion 890 million yuan, accounting for 8.6%. Lei Jun once stressed that millet always adhere to the hardware composite net interest rate does not exceed 5%. The millet prospectus shows that by the end of March 2018, MIUI has more than 190 million active users, and users use millet mobile phones for 4.5 hours a day, and Millets consumption level IOT platform links more than 100 million smart devices (not including mobile phones and laptop computers). In addition, it has invested more than 210 companies, including 90 companies focusing on the development of intelligent hardware and consumer products to strengthen the ecosystem of millet. According to Baidus 2017 financial report, as of January 2018, the number of smart devices equipped with DuerOS exceeded 50 million, with more than 10 million active devices in the month. The Apollo ecosystem currently has more than 90 partners. This year Baidu will jointly produce a commercial L4 class mini bus. The prospectus showed that by the end of March 31, 2018, millet had 14513 full-time employees, of which 13935 were located in mainland China, mainly in Beijing, and the rest in Hongkong, Taiwan, India and Indonesia. According to online data, Baidu currently has about 40 thousand employees. Millet listing will create more than nine or 1 billion dollars rich Millet prospectus shows that in the ownership structure: The share ratio of the Lei Jun is 31.4% Lin Bin holds 13.3286% Li Wanqiang holds 3.2375% Yellow River jilt 3.2375% Hong Feng holding 3.2207% Xu Dalai holds 2.9312% Liu Dechi 1.5494% Zhou Guangping holds 1.4317% Wang Chuan holds 1.1149% Chen Xing group shares 17.1931% Other investors hold 21.3430% If 70 billion dollars after the listing is calculated: The Lei Jun is worth at least 21 billion 980 million dollars Li Wanqiang is at least $2 billion 266 million Huang Jiangji is at least $2 billion 266 million Hong Feng is at least $2 billion 250 million Xu Dalai is at least $2 billion 50 million Liu De is at least $1 billion 85 million Zhou Guangping is at least $1 billion Wang Chuan is at least $780 million That is to say, once millet is on the market, it will create less than 9 US $1 billion billionaires. From the point of view of the rich list, the value of the Lei Jun is seen. If the minimum value of millet IPO is estimated at US $70 billion, Lei Juns 31.4% stake is worth at least $21 billion 980 million. According to the valuation of US $100 billion, Lei Jun reached US $31 billion 400 million on the basis of millet alone. According to the 2018 Forbes global billionaires list, there are 6 mainland Chinese riches with a fortune of more than 20 billion dollars, namely: Ma Huateng, founder of Tencent ($45 billion 300 million) Ali, the founder of Ali Ma Yun ($39 billion) Xu Jiayin, founder of Hengda ($30 billion 300 million) Wang Jianlin, President of Wanda ($30 billion) Yang Huiyan, vice chairman of Biguiyuan board of directors ($21 billion 900 million) American Group founder he Henry ($20 billion 100 million) If in accordance with this rich list, after millet listing, Lei Jun with the market value of millet value conservative estimate is fifth, but it is likely to hit the rich list of third. After the publication of the millet prospectus, the Lei Jun also released an open letter saying: facing the future, the global commercial ecology established by millet has a very imaginative prospect. That is to say: the Internet empire of millet has surfaced. (this part of the data is compiled from the Internet), focusing on the NetEase intelligent public address (smartman163), explaining the big events, new ideas and new applications in the AI field. Source: NetEase intelligent responsible editor: Wang Chao _NT4133 After the publication of the millet prospectus, the Lei Jun also released an open letter saying: facing the future, the global commercial ecology established by millet has a very imaginative prospect. In other wordsuff1a The Internet empire of millet has surfaced. (part of this paper is compiled from the network)