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On the evening of July 26th, Beijing time, the company officially landed on Nasdaq. According to Nasdaq’s proposal, it was the first time in Nasdaq’s history that it chose to ring the clock in Shanghai and New York. Eastern Fortune Network broadcast live.
Total market value of 24 billion US dollars
It is understood that the company plans to issue 85.6 million American depositary shares, representing 4 shares of A-shares per share, and will eventually be priced at the US$16/ADS-19/ADS price range of US$19/ADS. Financing $1.87 billion has become the largest IPO in the past four years.
According to this price plus the option estimate, the market value of the market is about 24 billion US dollars.
According to the media "IPO knows" news, a lot of IPO pricing is $22.8, but today's media reports that due to the high over-raising ratio, the company has the right to exercise the right to raise the price by 20%, that is, to adjust the price per ADS to $22.8, but Huang Hao insisted on pricing at $19.
Guojin Securities analyst Tang Chuan believes that the current point is not able to enjoy Ali's valuation system, comprehensive current e-commerce platform and market structure, overlapping concerns about going to Tencent, we believe that its GMV valuation level is 40% in Ali -60% is a more reasonable level, with a corresponding valuation of $15.5 billion to $23.3 billion.
Tianfeng Securities said that with reference to the valuations of Jingdong and Ali, the valuations of many companies fell to the range of US$18-24 billion.
The founder is worth more than Liu Qiangdong
In the prospectus, the shareholdings before the issuance of the shares were disclosed. The shareholding ratio of CEO Chuanghan was 50.7%, and the shareholding of Shennanpeng, the founding and managing partner of Sequoia China, was 4.4%. All directors and senior executives hold a total of 55.5%.
According to public information, the company was founded in September 2015. Founder Huang Wei graduated from Zhejiang University and the University of Wisconsin in the early years. After graduation, he joined Google as a software engineer and project manager. Later, he returned to China to participate in the Google China office with Kai-Fu Lee. Founded.
According to the multi-issue price of 19 US dollars, his personal net worth exceeds 9.9 billion US dollars, surpassing Jingdong founder Liu Qiangdong and becoming China's 16th richest man.
Established 3Why is the year rising rapidly?
According to the data, as of the second quarter of 2018, the number of monthly active users was 195 million, an increase of 17.3% from the previous quarter and an increase of 495%. Active buyers were 343 million, an increase of 16.5% from the previous quarter and a year-on-year increase of 245%. The annual consumption of each active buyer was 762.8 yuan, an increase of 13.2% from the previous quarter's 673.9 yuan, an increase of 98%. At the same time, as of June 30, the GMV for the year was more than 262.1 billion yuan.
Hu Youwen, an analyst at Essence Securities, believes that according to the size of the buyer, many of them have already entered the first camp of the Chinese e-commerce B2C. Compared with the development process of Jingdong and Alibaba, the active buyers are quickly accumulating through social networks while the APP continues to iterate after the online launch. According to the end of June 30, the GMV for a year is 262.1 billion yuan, which is a big gap compared with the 2.1 trillion and 1.4 trillion GMV of Tmall and JD, respectively. However, the GMV of the fight has increased by 7.5 times. Faster than the industry's leading 35% -36% year-on-year growth rate.
However, in terms of target users, the focus is on a large number of small and medium-sized cities and rural users, mostly in the third-fourth and below cities. Lower income levels for this group of people are more price sensitive. At the same time, Taobao, Jingdong and other integrated e-commerce giants continue to expand into the mid-to-high-end market with the slogan of “consumption upgrade”, thus giving the opportunity to fight more and more, so that they can avoid the giants in the e-commerce flow dividend. The positive competition, tapping the low-line market with a low degree of penetration to a certain extent, and achieving rapid expansion.
According to Aurora's November 2017 data, users from the third- and fourth-tier cities accounted for 64.73% of the total number of users, while users in first-tier cities accounted for only 7.56%. Compared with Jingdong users, the proportion of users in first- and second-tier cities is nearly 50%, which is obviously higher than that of the competition.
There are still many problems after the listing
However, even though it has become China's top three e-commerce platform, the accusation against a lot of fakes has not stopped, and with the submission of a prospectus to the US Securities and Exchange Commission in June this year, such accusations Not even weak and strong.
According to the New York Times, some companies have filed trademark infringement lawsuits in the United States. Last Thursday, a family namedDaddy’s Choice (Daddy's Choice) The diaper manufacturer filed a lawsuit in the federal court in New York, claiming that the company was able to knowingly sell counterfeit products with the name Daddy’s Choice.
Tang Chuan said that as a social e-commerce supported by a huge amount of Tencent users, in a certain sense, it is actually holding Tencent's banner, Tencent's hope in the e-commerce field and Ali's ability to slap on the wrist. But a lot of fights, born out of micro-signals, broke out in small programs, can be said to rely on Tencent and WeChat to achieve an outbreak, after its development and growth to the next volume, whether it can "go to Tencent", this is still a problem . And in the Tencent system, I am afraid that there will be certain restrictions on further growth.
Tang Chuan said that in the long run, it is necessary to complete the optimization and upgrading from low-price strategy to quality strategy and meet the needs of consumers at different levels in order to achieve sustained and healthy development. From this perspective, the upgrading of goods and services has become the second biggest problem that must be broken. After breaking through the above two major bottlenecks, the company will successfully advance to the top three in the industry and create a new three-pronged e-commerce structure.
The following is a live broadcast of the ringing ceremony.(The content of the text is integrated from the First Financial and Eastern Fortune Network)
20:00 Fighting a lot of ringing ceremony panorama:
20:10 Fighting a lot of CEO Huang Wei speech:
20:20 Today, I am working on a lot of sites in the Shanghai office:
20:30 Fighting a lot of ringing ceremony scene:
20:40 Tonight, the company has officially listed on the NASDAQ exchange, with an issue price of $19 per share and a market capitalization of over $24 billion. At present, Huang Wei holds 46.8% of the shares and has 89.8% of voting rights. Tencent has a share ratio of 17.0% and voting rights of 3.3%.
20:55 According to this calculation, Huang Wei’s personal net assets will reach 11.23 billion US dollars. Regarding the scene of the ringing ceremony, Huang Wei responded: "The main reason is physical reasons. Before the otitis media, it will be difficult to change the pressure of the aircraft."
21:10 Fighting more and more contrast Ali, Jingdong:
21:20 The representative of the Nasdaq Asia region is speaking:
21:30 Fighting a lot of CEO Huang Wei is ready to start ringing the clock:
21:40 Shanghai, New York, choose a family and users to ring the clock:
21:50 Consumer Family Representative:
22:00 Zhang Yi, a consumer who is ringing the clock in Nasdaq, USA:
22:10 A lot of listings and ringing ceremony ended successfully.
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