"The world's largest electronics foundry" Foxconn will soon be listed on the A-share market, and created the fastest record in the history of IPO. On March 8, the China Securities Regulatory Commission issued a review meeting of the 41st issue of the Audit Committee in 2018, and Foxconn Industrial Internet Co., Ltd. (hereinafter referred to as "Foxconn") was approved.
From February 1st, the report of the prospectus was reported, and on March 8, the first application was approved. Foxconn IPO “Lightning†will only take 36 days to create a new speed for the A-share IPO. It is expected that Foxconn's routine approval and release will be completed as soon as this month, and Foxconn will also become the leading stock of A-share technology stocks.
"Big Mac" Foxconn "Lightning" has a meetingFoxconn is mainly engaged in the design, research and development, manufacturing and sales of various electronic equipment products. It relies on Industrial Internet to provide intelligent manufacturing and technology service solutions to world-renowned customers. The main products cover communication network equipment, cloud service equipment, precision tools and industry. robot. Related products are mainly used in smart phones, broadband and wireless networks, infrastructure of multimedia service operators, infrastructure of telecom operators, terminal products required by Internet value-added service providers, infrastructure of enterprise networks and data centers, and precision core components. Automated intelligent manufacturing, etc.
During the reporting period, in 2015-2017, Foxconn realized operating income of 272.8 billion yuan, 272.713 billion yuan and 354.544 billion yuan. The net profit for the same period reached 14.35 billion yuan, 14.39 billion yuan and 16.219 billion yuan respectively, and the profit margin was 5.26%. 5.27% and 4.48%.
At present, Foxconn directly or indirectly holds 31 domestic subsidiaries and 29 overseas subsidiaries. Foxconn's major customers include Amazon, Apple, ARRIS, Cisco, Dell, HPE, Huawei, Lenovo, NetApp, Nokia, nVidia, etc., all of which are well-known electronic industry brand companies.
During the reporting period, the total operating income of the top five customers of Foxconn accounted for 76.81%, 78.63% and 72.98% of the current operating income, respectively. Among them, the income from the major customer Apple accounted for 20%-30% of the total operating income of the current period. Around 2017, the company's comprehensive gross profit margin was about 10.14%, and the overall gross profit margin was low.
The Foxconn IPO has successfully raised a total of 27.253 billion yuan, which will help it to bring about new developments in transformation and upgrading with the domestic capital market. However, as Foxconn applied for listing, the company was established no more than three years ago. There were also problems such as non-net profit before restructuring and zero competition and competition in the same industry. However, the CSRC did open a “green light†all the way.
From February 1st, the draft of the prospectus was reported; on February 9, the prospectus and feedback were announced; on February 22, the prospectus entered the “pre-disclosed update†status; on March 8, Foxconn’s initial application by. After 36 days from the declaration of the prospectus to the successful meeting, Foxconn IPO speed is called "speed of light", setting a new record for the IPO of the A stock market.
Driven Foxconn concept stocks soaringIn fact, Foxconn's A-share IPO process has pressed the fast-forward button from the beginning, and the concept stocks related to Foxconn have also soared. Many companies have expressed their cooperation with Foxconn.
In Foxconn concept stocks, Wang Zixin and Shenghong Technology said that Foxconn is the company's largest customer; Yihua, Guangqi, Anjie, Jingzheng, Cree International and other companies said that Foxconn is a corporate customer; Zhaochi shares, Chaohua Technology, Shennan Circuit, Tin Industry, Aoshikang, Yitong Communications and other companies said that they have business dealings with Foxconn. In addition, Yi Yatong said that some of its joint ventures have cooperated with Foxconn; Jiangfen Magnetics said that Foxconn is one of the main customers of the company's subsidiaries.
In addition, Fuding Electronic Technology (Jiashan) Co., Ltd., the second largest shareholder of Ancai High-Tech Co., Ltd., is a subsidiary of Foxconn and holds 17.04% of the shares of Ancai High-Tech; Yuhuan CNC is a supplier of precision grinding equipment from Foxconn; Mainly engaged in high-precision electric spindles and their spare parts, and also a Foxconn supplier. Shennan Circuit has business dealings with Foxconn. For the past three years, Foxconn has been one of the top five overseas customers of Shennan Circuit.
According to estimates by Changjiang Securities, the total market value of Foxconn, which raised nearly 27.3 billion yuan, reached 68.25 billion yuan, which is equivalent to 8.5 Science and Technology News, 5.2 ZTE, and 2 3,60, becoming A-share technology stocks. Leading stocks, this will inevitably affect the nerves of the capital of all parties, how long will Foxconn concept stocks continue to rise? It is worth looking forward to.
The spring of the unicorn is coming, will the next one be Xiaomi?At present, even if there are hardships such as less than three years of operation, Foxconn will still go through the trial and it will be less than one month from disclosure. According to the analysis, Foxconn's lightning speed is borrowed from a unicorn enterprise or can be "reported immediately".
As early as February 28, the official news said that the issuing department of the China Securities Regulatory Commission will be a unicorn with a market value of a certain number of listed companies including biotechnology, cloud computing, artificial intelligence, and high-end manufacturing. "Enterprises, relax the approval time and profit standards, and take the special channel of "reporting immediately."
It can be seen that the regulatory authorities are welcoming the new economy and “unicorn†companies to list in the A-share market with rare support. However, Foxconn is different from the unicorn company in the field of artificial intelligence, especially in the field of artificial intelligence. An important threshold for A-share listing is that the company's net profit for the last three accounting years is positive and accumulated more than 30 million yuan, which means that a benign profit level is an important measure to be listed on the A-share market.
According to Foxconn's prospectus, from 2015 to 2017, Foxconn's operating income was 272.8 billion, 272.7 billion, 354.5 billion yuan, and the net profit attributable to shareholders of the parent company was 14.4 billion, 14.4 billion, and 15.9 billion yuan, much higher than Many A shares are comparable to listed companies.
Of course, Foxconn's IPO process is pressed by the accelerator button, and the driving force is mainly from the regulatory layer. The whole process will also become the reference for the new economic enterprises and unicorn companies to speed up the listing in the future.
"Foxconn can successfully list in the A-share market, not only to provide capital support for its own transformation, but also to enter the IPO fast track also shows that the country attaches importance to industrial Internet/intelligent manufacturing." Ping Lei, an analyst at Ping An Securities, believes. With Foxconn coming to the A-share market, Foxconn, which is on the Capital Express, will have more advantages in controlling the various links in the terminal supply chain. At the same time, it will increase investment in the construction of industrial Internet platforms, 5G, and intelligent manufacturing technologies. Meeting the capacity needs of smart manufacturing in the future will also hope to drive the supply chain enterprises to achieve coordinated development, especially local enterprises.
In addition, it is worth mentioning that Foxconn’s successful meeting today has also triggered discussions on the list of unicorns. Among them, this year plans to list Xiaomi Technology in Hong Kong stocks.
According to a reporter's report, an insider who had close contact with Xiaomi said, "The highest level of the CSRC had interviewed Lei Jun. Xiaomi is now mature and hopes to come back (A-share listing)."
However, Xiaomi still uses the VIE architecture, and the offshore company Xiaomi Corp. is registered in the Cayman Islands to control Xiaomi Technology Co., Ltd. through the VIE framework. If you want to achieve A+H, Xiaomi needs to re-adjust the company structure and set up a new listing entity. As a result, it is difficult to determine whether it will be listed this year.
According to analysis by professionals, companies listed overseas such as Baidu, Tencent, Ali, and Netease can be released in China in the future using CDR. The CDR has no requirements for the company's structure. This way, the stocks issued overseas can also be circulated in the A shares in the form of CDRs. According to the analysis, the probability of Xiaomi will adopt the red chip + CDR method.
Medical Device Processing,Hardware Processing,Auto Parts Processing, CNC Machining
ShenZhen Haofa Metal Precision Parts Technology Co., Ltd. , https://www.haofametals.com