This time, five companies were arranged to go public in the first half of the year, including Youkefang, Makerfang, Kyushu Xing, Yixing Media and Kunpeng Technology, plus Kyushu Blue Arrow, which is being reorganized, and Ruihe Pharmaceutical, ATL Technology, Yixing Video and Weibo, which have been successfully listed.

In the first half of this year, the number of listed subsidiaries of the galaxy will officially exceed ten.

But at this moment, Fang Hong looked at the beautiful assistant who was making a memo and ordered in an orderly manner: "In the first half of the year, the five companies of Kunpeng Technology and Yixing Media were completed, and the main task of the listing plan in the second half of the year is Xingyu Technology. ”

Xingyu Technology is going public, and this company is a real supergiant.

The valuation of the first five or even ten subsidiaries at the time of listing is not as good as the tail of the valuation of Xingyu Technology.

As the largest smartphone head manufacturer in China, it is far ahead of its peers, which can be called the peak of its debut.

At present, the company has released two generations of smartphones, S1 and S2, both of which have been very successful, and the S3 is also highly anticipated by the industry and users this summer.

And Apple, which is already under the leadership of Pants, is going to enter the Greater China market this year, but Xingyu Technology has successfully established the brand awareness of the S series flagship products in the past two years, and also has its own basic market, which is not afraid of this competitor.

The most important thing is that Xingyu Technology is not alone, it is supported by Qunxing Capital behind it, for example, if someone wants to black Xingyu Technology from public opinion, Weibo will limit the current and suppress it, and Yixing Media Group will also help appropriately, and public opinion will inevitably help.

It can be seen that the game here is not a single enterprise or a single industry, but a systematic game of a comprehensive nature.

This is naturally inseparable from Fang Hong's continuous layout over the years, if there is no Qunxing Capital, why should companies such as Weibo and Yixing Media risk offending people to help you?

If Xingyu Technology wants to be listed, it must go through the normal IPO application process, because it has met the requirements of the approval system, especially this year, it has met the needs of indicators such as turnover and profit.

Therefore, if Xingyu Technology wants to go public, it will definitely not take the backdoor route.

In fact, Xingyu Technology's listing plan has been on the agenda since last year, and now that Fang Hong says so, it has to be accelerated.

Tian Jiayi made a memo, and immediately raised his eyes to look at Fang Hong and asked: "How much money did Xingyu Technology raise in its IPO?" How many times is the P/E ratio given? ”

Hearing this, Fang Hong asked rhetorically: "Has the company's performance last year come out?" What is the revenue and net profit? ”

Tian Jiayi nodded and replied: "Well, it just came out last week, the annual turnover in 2011 was 143.185 billion yuan, a year-on-year increase of +54.65%, the net profit was 15.653 billion, a year-on-year increase of +15.09%, and the annual net profit margin was 14.69% last year, which fell to 10.93% this year. ”

The absolute net profit increased by about 2 billion yuan year-on-year, but the net profit margin fell to 10.93%, which is because Xingyu Technology has increased its R&D investment year after year.

Qin Feng almost threw all the money he earned into technology research and development, and wanted to engage in new technologies to maintain the competitiveness of products, and at the same time, the confidential plan B is still promoting domestic alternatives, especially in the chip semiconductor area, which is a super money-burning place.

The company's R&D investment in new technologies, it can be said that the money earned now is not enough to burn if it does not converge, and this time the IPO application is also to raise a large amount of funds for R&D investment.

Xingyu Technology has invested so much, and the results are naturally there.

The S3 flagship, the third-generation smartphone product to be released this summer, has a new technology, that is, fingerprint recognition technology, which no smartphone currently has.

In Fang Hong's previous life, it was the first time that Apple's newly released iPhone5S mobile phone was equipped with TouchID for fingerprint recognition in 2013, which can be called the "killer" function on the iPhone5S mobile phone, and it is also the world's first use of biometric security functions, and since then the development of biometric technology has been advancing rapidly.

However, in this life, it is obvious that the third-generation product S3 of Xingyu Technology will lead the trend.

But at this moment, Fang Hong thought about it and said as if talking to himself: "The net profit is 15.6 billion, so the IPO will give a PE price-earnings ratio of 45 times." ”

Hearing this, Tian Jiayi couldn't help but be surprised: "Give a price-earnings ratio of 45 times? That's 10 times more than the 35 times P/E ratio given by the market at the moment, isn't that a bit too high......"

Tian Jiayi said too high, not that the valuation of Xingyu Technology itself is too high, what she wants to express is the question of whether the current situation of the A-share market can withstand it.

At present, the capital market gives Xingyu Technology a price-earnings ratio of 35 times, and the corresponding valuation has reached a terrifying scale of 546 billion.

The reason is that Apple is going to enter the Greater China market this year, and no other domestic smartphone manufacturers can beat before, and Xingyu Technology is almost in a lonely situation in the mainland market.

But this year there is a change, Apple is coming, which is also regarded by industry insiders as the biggest competitor of Xingyu Technology.

Xingyu Technology has to face competition from Apple this year.

Therefore, the valuation of Xingyu Technology in the capital market is not as "unrestrained" as last year, and I want to see the results of the first round of confrontation between these two major domestic and foreign smartphone manufacturers, and then say, the valuation given is also conservative.

And Fang Hong wants to set a price-earnings ratio of 45 times for the IPO of Xingyu Technology, which corresponds to an exaggerated market value of 704.385 billion yuan, an absolute super giant volume, which is equal to the market value of the issue to rank sixth in the market value of the A-share market, and the top five are Zhong Petroleum and the four major banks.

After a while, Tian Jiayi couldn't help but say: "The market value of the issue exceeds 700 billion, and the premium space in the secondary market is not high, which is not in line with the strategy of the ten companies in front of us and the ultra-high premium in the secondary market." ”

The market value of the issuance is at the top of more than 700 billion, and there is definitely not much room for the premium in the secondary market, and the total market value of a tenfold increase in the secondary market like Youkefang is only 55 billion.

If Xingyu Technology wants to rise tenfold in the secondary market, it will have to exceed 7 trillion in market value, and you don't have to think about it to know that this is impossible, even if it is doubled, it is difficult and difficult, and if it doubles, it will reach as much as 1.4 trillion.

Fang Hong said: "Most of the previous companies are 'market dream rate', and the main one is for dreams, so many people don't believe it and can't understand it, so they have to do that." But Xingyu Technology is a good company that everyone knows, a company with unlimited potential, of course it can't do that, and it can't cheapen foreign capital, let alone make a stupid thing like stretching its neck over and letting foreign capital harvest. ”

Although there is no talk of northbound funds now, there is no shadow of the Mainland-Hong Kong Stock Connect.

However, there is an operation called "holding on behalf of others" and "holding secretly", and Qunxing Capital can play like this in the peripheral market, and foreign capital can also play like this in Big A, and there are many ways to achieve "curve market entry".

The ten companies in front, even if there are foreign capital "curves entering the market" Fang Hong can accept it, after all, the volume is not large, and there is not much entry, because the top is too high and too urgent, and it will not have much impact if you take a step back, Yixing Video has risen 37 times, and the market value is only 600 billion.

But Xingyu Technology is different, this kind of giant-level volume, to a too low valuation, those "curve into the market" of foreign capital crazy bottom-taking, when the time comes, the profit funds are often hundreds of billions, and the rhythm of the sky and the earth will not fall apart when the market is smashed?

If you want to undertake the protective disc and stabilize it, you have to pay a huge price, and you have to bleed profusely.

Therefore, Xingyu Technology must give a high valuation and cannot have too much premium space in the secondary market.

……

(Ps: Help the new book "Rise Starts with Finance" ask for a double monthly pass, and the old iron who has not yet collected it will help me to collect it, and what to read~~)

(End of chapter)