Chapter 568 [Super Big Mac is also on the way]

This time, five companies including Youkefang, Chuangkefang, Kyushuhang, Yixing Media and Kunpeng Technology were arranged to go public through backdoors in the first half of the year, together with Kyushu Blue Arrow, which is undergoing restructuring, Ruihe Medicine and ATL Technology, which have already been successfully listed. , Yixing Video and Weibo.

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

But at this moment, Fang Hong looked at the beautiful assistant who was making memos and ordered in an orderly manner: "In the first half of the year, the five companies Kunpeng Technology and Yixing Media will be settled, and the main task of the listing plan in the second half of the year is Xingyu Technology. Goal of the listing mission, but now we must start to actively promote it.”

Xingyu Technology is about to go public, and this company is a real super giant.

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

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

At present, the company has released two generations of smartphones, S1 and S2, and both have achieved great success. By this summer, S3 is also highly anticipated by the industry and users.

Moreover, Apple, which is already under the control of Keke, will 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 technology. Pan, no longer afraid of this competitor.

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

It can be seen that the game here is not a single company or a single industry, but a comprehensive and systematic game.

Naturally, this is inseparable from Fang Hong's continuous layout over the years. If there is no Qunxing Capital, why would companies like Weibo and Yixing Media risk offending others to help you?

To go public, Xingyu Technology 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 requirements of indicators such as turnover and profit.

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

In fact, Xingyu Technology's listing plan has been put on the agenda since last year. Now that Fang Hong said 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 will Xingyu Technology's IPO raise? How many times the price-earnings ratio?"

Hearing this, Fang Hong asked back: "Has the company's performance last year come out? What are 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%, and the net profit was 15.653 billion yuan, a year-on-year increase of +15.09%. Last year's annual net profit margin was 14.69%. This year it’s down to 10.93 percent.”

The absolute number of net profit has increased by about 2 billion compared with last year, but the net profit rate has dropped to 10.93%. This is because Xingyu Technology has increased its R\u0026D investment year after year.

Qin Feng spent almost all the money he earned on technology research and development. He wanted to develop new technologies to maintain the competitiveness of his products. At the same time, the secret plan B was still promoting domestic alternatives, especially in the field of chip semiconductors, which were super expensive. The place.

The entire company invests in new technology research and development. It can be said that if the money it earns is not restrained, it will not be enough to burn. This time the application for IPO will also raise a large amount of funds for research and development investment.

With such a large investment in Xingyu Technology, it is natural that there will be results.

The S3 flagship, the third-generation smart phone product to be released this summer, has a brand-new technology, that is, fingerprint recognition technology. Currently, no smart phone has this technology.

In Fang Hong's previous life, it was the first time that Apple's newly released iPhone 5S was equipped with TouchID for fingerprint recognition in 2013. Identifying security features, the development of biometric technology has grown rapidly since then.

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

But at this moment, Fang Hong thought to himself and said: "The net profit is 15.6 billion, so the IPO price-earnings ratio will be 45 times the PE price-earnings ratio."

Hearing this, Tian Jiayi couldn't help being surprised and said: "A price-earnings ratio of 45 times? This is 10 times more than the current price-earnings ratio of 35 times given by the market. Is it a bit too high..."

What Tian Jiayi said was too high, not that the valuation of Xingyu Technology itself was too high, what she wanted to express was whether the current situation of the A-share market can bear it.

At present, the capital market has given Xingyu Technology a price-earnings ratio of 35 times, and the corresponding valuation has reached a terrifying scale of 546 billion. In fact, although the valuation of this company by the capital market is increasing, the increase is more conservative than last year. some.

The reason is that Apple will enter the Greater China market this year. Previously, none of the other domestic smartphone manufacturers could compete. Xingyu Technology is almost in a situation of being alone in the mainland market.

But this year has changed, Apple is coming, which is also regarded by the industry as the biggest competitor of Xingyu Technology.

Xingyu Technology will face the competition from Apple this year.

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

And Fang Hong wants to set a price-earnings ratio of 45 times for Xingyu Technology's IPO, and the corresponding market value is an exaggerated 704.385 billion yuan, an absolute super-big Mac, equal to the issuance market value, and can rank No. 1 in the A-share market. The position of six, the first five are Zhongyou Petroleum and the Big Four.

After a while, Tian Jiayi couldn't help saying: "The market value of the issuance exceeds 700 billion, and the premium space in the secondary market is not high. This is not in line with the strategies of the ten companies in front of us, which have super high premiums in the secondary market."

The market value of the issuance is above 700 billion, and there is definitely not much room for the premium in the secondary market. For example, Youkefang, which has increased ten times in the secondary market, is only 55 billion in total market value.

If Xingyu Technology wants to increase tenfold in the secondary market, it will have a market value of more than 7 trillion yuan. You don’t need to think about it to know that this is absolutely impossible. Even if it doubles, it is very difficult. Trillions.

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

Although there is no talk of northbound funds, there is no shadow of Lu Stock Connect.

However, there is a kind of operation called "delegate holding" and "secret holding". Qunxing Capital can play this way in the peripheral market, and foreign capital can also play like this in big A. There are many ways to achieve "curve market entry".

For the top ten companies, Fang Hong can accept even if there are foreign capitals "curve into the market". It had too much impact, Yixing Video rose 37 times, and its market value was only 60 billion.

But Xingyu Technology is different. This kind of giant-level volume is given too low a valuation. Those foreign capitals who "curve into the market" are frantically buying bottoms. When the time comes, the profits will be hundreds of billions. Can't beat the rhythm of heaven and earth?

If you want to take over the support and keep it steady, you have to pay a huge price, and you will have to bleed profusely.

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

...

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