2025-03-31 企业动态 0
在政府工作报告的乐章中，“奏响”的成就与“展开”的前景：二者又有何不同？
小米迎来高光时刻。
7月9日9:30分，雷军敲响了港交所特意为小米准备的3米宽、200公斤重的超大型铜锣。小米港股开市，成为首家“同股不同权”的创新试点公司，也是继阿里巴巴、Facebook之外，有史以来第三大规模的科技互联网企业IPO。
截至收盘，小米报收16.8港元，较发行价17港元下跌0.2%，市值约3759亿港元。即使首日破发，此时，小米市值已超网易，与京东的市值差距不到100亿美金。
小米上市可谓一波三折，市值过山车从2000亿美元到543亿美元，孟买抽飞，但是，处在当前经济下行周期，中美贸易战等诸多不确定因素，小米此时IPO依然是在正确的时间做正确的事情。
破发并不会影响一个企业的未来，大企业走到最后还是要看战略本身，在上市前夕（7月8日）雷军的公开信中，描绘了未来小米的蓝图：智能手机业务争取尽快进入世界三强；有计划、有节奏进行品类拓展，进入更多千亿级市场；加快国际化，尽早实现国际业务收入占到全部收入的一半。
但当我们回望乐视和小미，我们发现他们之间存在着天壤之别。
吴筱凤：从今天来看乐视和小mi，小mi成了，而乐视出事了，您如何评判这个事情？
余德：小mi成功是预期之中的，而乐视遇难则是意料之外。但这并不意味着即便面对困境，一切都将无救，其实，即便是面对巨大的挑战，只要心存希望，就未尝不可逆转。比如说，就像贾跃亭，他虽然遭遇了一系列困难，但他的梦想并未彻底断送，而他的企业也未曾完全覆灭，更不要说那些尚且可能复苏起来的事业。
吴筱凤：您能不能说一下small mi IPO表现以及small mi在港上市所代表意义？
余德：对于small mi IPO而言，这是一个充满变数且曲折过程。一开始估值从1200亿美元降到了1000亿，再次调整后稳定于800-700-600亿元，最终落定于543亿美元左右。在此之前，还曾提及会在香港同时发行CDR，但由于证监会提出了84个问题，该计划最终被搁置。这一决定是否最终实施，将取决于条件成熟的情况。如果最后能够顺利实施，那么它将是一次全新的尝试。而关于今天的小mi股票表现，即使初创破发，其价格仍仅仅下跌了0.2%，这一点已经足以证明其初步成功地完成了香港资本市场的大门开放。
吴筱凤：“那么对于IPO本身所承载意义呢？”
余德：“Small Mi上市带来的意义重大，因为尽管经济形势不佳，上市获得239.7亿元净融资。此外，是资本优先股退出的一种方式。Small Mi过去五轮融资几乎都是带优先股状态，因此这些股东退出也是非常关键的一个环节。”
Wu Xiao-feng: “From today's perspective, between LeEco and SmallMi, SmallMi has succeeded while LeEco has encountered difficulties. How do you evaluate this situation?”
Yu De: “The success of SmallMi is as expected, but the challenges faced by LeEco are unexpected. However, this does not mean that even in the face of major setbacks, everything is doomed to fail; on the contrary, as long as there is hope, it is never too late to turn things around.”
Wu Xiao-feng: “Can you explain the performance of SmallMi's IPO and the significance of its listing in Hong Kong?”
Yu De: “For SmallMi's IPO, it was a process full of uncertainties and twists and turns. Initially estimated at 1 trillion USD down to 1 billion USD then stabilized at 800-700-600 billion before finally settling at 543 billion USD approximately In addition to this previously mentioned plan for simultaneous issuance of CDRs in Hong Kong which was later put on hold due to regulatory concerns The decision whether or not to proceed with this plan will depend on conditions being met If successful it would be a pioneering effort And regarding today's stock performance despite breaking out initially only dropped by a mere 0.2% already demonstrates its initial success in opening doors onto China’s capital market.”
Wu Xiao-feng: “So what about the meaning behind an IPO itself?”
Yu De: “The meaning behind an IPO like that of small mi is significant because despite economic downturns such as those we see now small mi still managed to secure net financing worth $239 million Moreover with regard to capital preference stocks their exit from investments also plays a crucial role”
