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小米集團
Xiaomi Corporation
COMPANY PROFILE

Xiami Corporation is an internet company with smartphones and smart hardware connected by an IoT platform at its core. It is the first corporation listed in HKEX by way of weighted voting rights structure of share capital.

Xiaomi was founded in 2010 by founder Lei Jun and a group of engineers and designer, who believed that high-quality and well-designed technology products and services should be accessible to the world. The Group pledged that starting in 2018, Xiaomi’s hardware business including smartphone, IoT and lifestyle products will have an overall net profit margin that will not exceed 5% per year. If the net margin exceeds 5%, it will return the excess above 5% to users.

Xiaomi has a large and highly engaged global user base with approximately 190 million monthly active MIUI users as of March 2018. As of March 31, 2018, over 1.4 million users had more than five connected Xiaomi products excluding smartphones and laptops.

Xiaomi is built on innovation and efficiency. It is primarily an internet company. By first selling a wide variety of smart hardware products powered by its proprietary MIUI operating system to users through its new retail channels, it has built a massive and proprietary platform for the delivery of its diverse internet services to such users. In the course of delivery of internet services, it has also accumulated valuable information of users that enables it to better understand users’ needs and further improve products and services with the help of cloud computing and AI capabilities. Compared to other internet platforms that acquire new users at relatively high costs, it leverages the sale of smart hardware products to organically acquire internet service users at a modest profit.

The Group offers a broad range of hardware products developed in-house or in collaboration with ecosystem partners. During the three financial years ended December 31, 2015, 2016 and 2017 and the three months ended March 31, 2018, the Group derived a majority of revenue from smartphone sales. It was number one in terms of smartphone unit shipments online in both mainland China and India in the first quarter of 2018, according to IDC.

The Group curates a wide range of additional products by investing in and managing an ecosystem of over 210 companies, among which more than 90 companies were focused on the development of smart hardware and lifestyle products as of March 31, 2018.

In March 2018, the Group had 38 apps with more than 10 million MAUs and 18 apps with more than 50 million MAUs, including its Mi App Store, Mi Browser, Mi Music and Mi Video apps. Its users spent an average of approximately 4.5 hours per day on smartphones in March 2018.

The Group customers primarily include end users who purchase products, online and offline distributors to whom they sell its products, advertising customers of advertising services and users of internet value-added services. It has also successfully tailored strategy internationally to new markets and are present in 74 countries and regions as of March 31, 2018.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureIT Hardware
Websitewww.mi.com
Board Lot200
Registrar & Transfer OfficeComputershare Hong Kong Investor Services
GLOBAL OFFERING
No. of Offer Shares2,180m shares (1,434m new Class B Shares / 745m existing shares)
No. of International Placing Shares2,071m shares (1,325m new Class B Shares / 745m existing shares)
No. of HK Offer Shares109m shares
Offer Price$17.00 - $22.00
Nominal ValueUS$ 0.0000025 each
Stock Code1810
Joint SponsorsGoldman Sachs (Asia), Morgan Stanley Asia, CLSA Capital Markets
Joint Global CoordinatorsGoldman Sachs (Asia), Morgan Stanley Asia, CLSA, J.P. Morgan Securities (Asia Pacific), Credit Suisse (Hong Kong), Deutsche Bank AG, China International Capital Corporation Hong Kong Securities, ABCI Capital, BOCI Asia, CCB International Capital, CMB International Capital, ICBC International Capital
Joint BookrunnersGoldman Sachs (Asia), Morgan Stanley Asia, Morgan Stanley & Co. International, CLSA, J.P. Morgan Securities (Asia Pacific), J.P. Morgan Securities, Credit Suisse (Hong Kong), Deutsche Bank AG, China International Capital Corporation Hong Kong Securities, ABCI Capital, BOCI Asia, CCB International Capital, CMB International Capital, ICBC International Capital, AMTD Global Markets, BNP Paribas Securities (Asia), China Galaxy International Securities (Hong Kong), China Merchants Securities (HK), Citigroup Global Markets Asia, Citigroup Global Markets, Futu Securities International (Hong Kong), Guotai Junan Securities (Hong Kong), Merrill Lynch (Asia Pacific), The Hongkong and Shanghai Banking Corporation, UBS AG, Zhongtai International Securities
Joint Lead ManagersGoldman Sachs (Asia), Morgan Stanley Asia, Morgan Stanley & Co. International, CLSA, J.P. Morgan Securities (Asia Pacific), J.P. Morgan Securities, Credit Suisse (Hong Kong), Deutsche Bank AG, China International Capital Corporation Hong Kong Securities, ABCI Capital, BOCI Asia, CCB International Capital, CMB International Capital, ICBC International Capital, AMTD Global Markets, BNP Paribas Securities (Asia), China Galaxy International Securities (Hong Kong), China Merchants Securities (HK), Citigroup Global Markets Asia, Citigroup Global Markets, Futu Securities International (Hong Kong), Guotai Junan Securities (Hong Kong), Merrill Lynch (Asia Pacific), The Hongkong and Shanghai Banking Corporation, UBS AG, Zhongtai International Securities
TIME TABLE
Application PeriodJun 25 (Mon) - Noon, Jun 28 (Thu)
Price Determination DateOn or Before 5pm, Jun 29 (Fri)
Result Announcement DateOn or Before Jul 6 (Fri)
Dispatch of Shares and Refund ChequesOn or Before Jul 6 (Fri)
Dealings in Shares commence onJul 9, 2018. (Mon)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer7%9%10%
DIRECTORS
ExecutiveLEI Jun (Chairman), LIN Bin
Non-ExecutiveKOH Tuck Lye, LIU, Qin
Independent Non-ExecutiveCHEN Dongsheng, LEE Ka Kit, WONG Shun Tak
MAJOR SHAREHOLDERS
Director LEI Jun (class A shs)19.2% (total capital); 51.98% (voting rights)
Director LEI Jun (class B shs)10.2% (total capital); 2.76% (voting rights)
Director LIN Bin (class A shs)10.73% (total capital); 29.04% (voting rights)
Director LIN Bin (class B shs)1.75% (total capital); 0.47% (voting rights)
TMT General Partner (class B shs)13.29% (total capital); 3.6% (voting rights)
* Each Class A Share will entitle the holder to exercise 10 votes, and each Class B Share will entitle the holder to exercise one vote, respectively--
INCOME STATEMENT (RMB'000)
(Year ended Dec 31)
2018 *20172016
Revenue34,412,362114,624,74268,434,161
Gross Profit4,301,42715,154,2057,249,355
Pre-Taxed Profit(6,689,052)(41,829,352)1,175,509
Attributable Profit for the period(7,005,123)(43,826,016)553,250
EPS - Basic (RMB)(0.72)(4.49)0.06
* For the three months ended March 31, 2018.
OFFER STATISTICS (HK$)
Offer Price$17.00 - $22.00
Capitalization$380,394m - $492,275m
Unaudited pro forma adj NAV / share$2.99 - $3.31
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $19.50, the net proceeds raised would be HK$27,560.9m, of which:
* $8,268.3m (30%) for research and development as well as other efforts to develop our core in-house products, including smartphones, smart TVs, laptops, AI speakers and smart routers;
* $8,268.3m (30%) for investments to expand and strengthen ecosystem primarily in the fields of IoT and lifestyle products and mobile internet services, including AI;
* $8,268.3m (30%) for global expansion;
* the balance of $2,756.1m (10%) as additional working capital.
CHART
IPO NEWS
No related information.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
01810XIAOMI-Wdown10.180-0.300-2.863%
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
  Quote data is at least 15-min delayed,last updated: 08/04/2020 17:59
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