The dream breaks A: Card inspect meets those who discovered millet violate the part of compasses_News

Drop 5 days repeatedly, market prise evaporates nearly 150 billion, fuji health (industrial rich couplet) achieved a new record again.

Drop of late drop endlessly A sigh making a person, be expressed great expectations by industry repeatedly alone horny animal people also some are not maintained, enter than miserable phase: Industrial rich couplet trades nearly 5 times day market prise evaporates adjacent 150 billion, share price has been approached appear on the market first days open quotation price.

Original, investor is not foolish, can realise enterprise of innovation of a few bogus, begin to cover run now road.

And another enterprise, millet, direct fetch breaks A.

01The backside that CDR interrupts

From June 11 the newspaper sends on the millet that two weeks are less than when joint hearing nucleus is used was in on the doorsill.

Open Baidu App, see more beauty pursue

Former on June 19 application recalls suddenly momently before the meeting on the millet of examine and verify, fetch breaks the Lei Jun of swift as the wind of gas of original real intention between one night CDR the first.

Although card inspect can express subsequently, "The option that I can value millet group " , but a person of good sense is clear, this is the government is in withhold last a little bit for Lei Jun creditable, a few before because millet is met very hard,resembling alone horny animal is met smoothly in that way too. In superintendency branch eye, this those who do poineering work 8 years is cheap how doesn't aircraft manufacturer also calculate the hand to go up eligible pilot innovation enterprise.

On June 14 evening, card inspect can make public postscript of raise capital by floating shares the 3rd day to make public ply to amount to 30 pages in millet 24000 much words the feedback opinion of 84 problems, under photograph comparing, although to Fuji health such gigantic without bully enterprise, hair careful appoint feedback opinion also has 16 pages only 11000 more than word does not exceed 70 problems.

Wait for each respects from authenticity of processing of pattern of market fixed position, trade, growing sex, company, data, card inspect can have in rapid succession to millet torturous, ask latter has written response inside 30 days, many among them issues are very sharp, refuted directly even like the 39th problem the way of Lei Jun's time-tested:

"State about content of manual of raise capital by floating shares. Ask publisher to use objective, smooth solid language to have a description in manual of raise capital by floating shares, delete the language make peace that has advertisement colour, coxcombical sex, compliment sex to state.

Saying Bai Yi nods continuously is: Not wantonly self-dramatizing, say simply to be clear that oneself are dry what go, if obtained so called result really, take data to talk please, try with certain camouflage deceive pass a barrier won'ts do.

The way of ground rice of thunder army flicker, in rigorous hair careful appoint over there, won't do apparently.

02 be suspected of violating compasses operation

Comb the feedback opinion that card inspect meets carefully, we think, in superintending square eye, millet is existing at least 6 big deadly questions, take in 30 days reach the response of withstand deliberate is not actual, perhaps say, lei Jun needs to use more time to just persuade card inspect to meet likely.

TOP 1: How from cheap does hand mechanism build Shang Huali to change as Internet company?

Come nearly 3 years, the sales revenue that millet comes from a smartphone is fifty-three billion seven hundred and fifteen million yuan respectively, forty-eight billion seven hundred and sixty-four million yuan mix eighty billion five hundred and sixty-four million yuan, occupy advocate the 7-8 of business Wu income is become, and the scale that Internet of the corresponding period serves business to take business income is respectively 4.8% , 9.6% with 8.6% , basically come from at advertisement promotion and mobile game business.

You how have the nerve says him is " the Internet company that is core with hardware of mobile phone, intelligence and IOT platform " , is with respect to the appraise because of Internet company the value compared cheap how is mobile phone manufacturer gotten high?

TOP 2: Whether is the millet that lacks Internet to serve aptitude driving without card?

Occupy than be less than the alleged Internet of 10% the service basically is popularized by advertisement and two parts make mobile game professional work, but, according to exposure of manual of raise capital by floating shares, millet had be notted obtain at present game and online read " the network publishs service licence " , " licence of program of seeing and hearing of transmission of website sth resembling a net " , " Internet news news serves licence " . In the risk with huge park of this undoubted will whole company.

TOP 3: Will Lei Jun's what I say goes last to geometry?

Well-known, the stock component of millet is A kind common stock and B kind common stock, former voting advantageous position is 10 times latter, as father, lei Jun and Lin Bin have A kind common stock, the item that approves to company management and all need partner has major effect, can affect shareholder plenary meeting to vote result, in the decision-making ability of small shareholder will be restricted badly, when both interest is abhorrent, latter interest will be damaged inevitably very much.

This year in April, lei Jungang just added to oneself greatly drumstick, one-time award him value 9.83 billion yuan share, millet group to come off the millet finance that go out avoids breath pay for sb and expect to be repaid later respectively about 830 million dollar and 299 million yuan of millet finance of the RMB recombine loan.

What this caused card inspect to meet is anxious, if millet cannot make clear the influence limits of super large stockholder, the left hand that produces all sorts of unimaginably queer possibly henceforth pours the strange phenomenon of the right hand.

TOP 4: Is the interest carried when?

Millet alleges already accumulative total invested company of chain of more than 210 zoology, companies of these chain of so called zoology are carried to millet arrive from intelligent hand annulus and intelligent balance other and of all kinds circumjacent product. Former and main share out bonus with partner through selling cent to become get income.

However, basically be share and rather than to accuse to the investment means of these zoology chain companies as a result of millet, its provide the share that controlling company of chain of a few zoology likewise high, with Huamike ability is exemple, thunder army pilot is suitable hold millet of share prep above for capital place, if millet of thunder army incite sb to do sth orders goods from high price of China rice science and technology, his accrual prep above millet, this means an interest to carry inevitable, lei Jun has strong momentum to make usury embellish goods grant zoology catenary production, and rather than chooses production of millet proper motion.

Millet sold growth 2017 67% , but goods in stock grew 96% , consider imprest money etc integratedly the material money element in receivable money, growth exceeds 122% , the growth Yuan Chao of remaining sum of goods in stock spends the growth of sales revenue, what this caused superintendency branch is intense be anxious.

TOP 5: Of millet where will be tomorrow?

Income of business of millet mobile phone and gross profit all live each business board piece head, and the mainest platform that is Internet business, market of domestic mobile phone is overall in recent years tend saturated, shipment volume decreases, in the near future increase rate of market of domestic mobile phone will enter low speed to increase negative even growth, the path of the settlement of millet depends on passing cheap the mobile phone develops overseas market ceaselessly, and no matter churchyard still is the biggest market, although the international market can bring the growth of hardware sales revenue temporarily, but Internet service grows very hard subsequently, because network game, advertisement has very strong culture camp.

TOP 6: Does the authenticity of the data in book of raise capital by floating shares where?

Data is the basis of book of all raise capital by floating shares, and millet cites in great quantities the data that Ai Rui seeks advice from caused hair careful eventually appoint care, the report is publisher related superintendency branch suspicion this second issue appear on the market to pay cost custom-builtly the report, put in problem of not objective, inequitable.

A book of open raise capital by floating shares is made in harbor according to millet, lei Jun paid to be as high as the charge of 650 thousand for Ai Rui's report really, force of public letter of research organization of a few so called markets of domestic is well-known, fight each other the phenomenon happens from time to tome, and so one is in only and other places of Guangzhou, Shenzhen, Chengdu, Hangzhou, Nanjing, Xiamen sets area to handle affairs orgnaization, abroad the Ai Rui that only Silicon Valley sets a branch dare conclude unexpectedly, press the turnover computation of every square metre, the 2017 sale efficiency whole world of millet is ranked the 2nd, which to know Yangwei to be celebrated to come really so great courage?

Besides, the data that millet is putting IDG need not, cite often in great quantities Ai Rui the data about global market, do these shut the door to build the data authenticity that come out where to?

The appraise value of 03 millet empire begins to steep fall

The appraise value of millet empire already appeared steep fall, the pelter of 100 billion dollar from the height comes lowest 55 billion dollar, drop adjacent 50% .

At the beginning of this year, millet appraise value is as high as 100 billion dollar for a time, after this goes low all the way, morgan and luck believe JP the analyst gave out millet 920 -940 the value of 100 million dollars. Arrived in May, informal appraise is worth millet to be decided to be in again 100 million dollars of 700-800. Going up before the meeting one day, reuter divulges millet appraise value is reduced further to 550-700 between 100 million dollars.

The financing dimensions of millet is faced with considerably cut, in dimensions of Hong Kong IPO at most 6.1 billion dollar, fall greatly from the 10 billion dollar of original plan 4 into, the radical dilate that this means Lei Jun plans also suffocate suffocate.

In book of raise capital by floating shares, millet expresses, 30% collect capital is used at core of research and development own product, 30% be used at expanding and strengthen IoT and life consumer goods and mobile Internet service (include artificial intelligence) the zoology catenary that waits for main industry, the rest of 40% basically are used at global dilate.

Millet suffers bad-mouth at main competitor because of weakness of ability of research and development, devoted Yuan Xun all the time, recently because lose a chief scientist eddy of deep-set public opinion, pelter of this collect capital, will affect step of dilate of its whole world significantly not only, and will make Lei Jun raises this the home is cheap the plan of ability of research and development of mobile phone manufacturer forms major blow.

Every time looks be like leave chicly implicit hard what character says is helpless, the meeting after this most is meant is not had period, thunder soldier's morale knows abdomen bright.

Although harbor hands in a government to show deep interest to hug new economy, but whole investment group actually not friendly.

Last year second half of the year, a few of home original equipment suffer valued Tecent is new economy, internet is safe the first numerous install online, online literature serves a provider to review collected works group, the car is new retail group of the first easy Xin, land harbor in succession, but after the heat in initial stage is held in both hands, all be immersed in those who last is low in confusing.

Up to on June 20 closing quotation, numerous how online, review article group, Yi Xin group already relatively the maximum price inside a year drops respectively went 46.6% , 32.5% , 65.2% , among them, numerous how online at present with Yi Xin group share price all is in release price the following, the Tecent empire that even if is Ma Huateng is good in a series of benefit of the message add hold below, also evaporated 16% .

The rate of photograph freeboard gross profit to be as high as 50% a few times this at every turn, the wool interest rate of millet wanders in 10 to nod the left and right sides, and be close to the ceiling as market of domestic mobile phone, lei Jun's Caesarean foreground is unusually dim, far from is other a few new economy can place on a par, won't bring stronger confidence to investor apparently, in other words, after appearing on the market, millet drops broken releasing price had been big probability incident.

Once millet is in harbor under anticipate generally, domestic superintendency branch is natural to its enthusiasm no longer, lei Jun more take new economy hard alone horny animal concept persuades domestic investor.

In fact, when millet CDR fails, a small shareholder at long last easy at a heat, a hurrah is given out on gregarious media.

04 talk about millet mobile phone and millet appraise value again

Millet cannot follow Gelibi of course, millet is Internet company, division force is traditional economy. Millet sells a mobile phone, division force sells air conditioning. Millet also can sell air conditioning, but division force sells a mobile phone to be no good. Say so, cannot the anchorage force that decide case will be opposite mark millet.

So, how do we see millet? From the point of manual of raise capital by floating shares, millet 3 business, the mobile phone is occupied than 70% , intelligent hardware 20% , internet serves 10% .

Look at least at present, still define for company of a mobile phone.

The Internet of millet serves, monthly ARPU (every user average income) have 9 dollars only, than the whole world company of 10 big Internet is average 100 to 200 dollars a lot of lower, this still does not have mining together. Saying millet is Internet company, that is the eye with development sees a problem, with expect appraise cost.

Say so, millet changes him infirmly " mobile phone company " attribute, discuss IoT modes of life and relation to their environment, tell Internet, have already tell about oneself to did not wish the idea of scene, also have capital market the need of a story, be like this only, ability obtains higher estimate to be worth. But whether our investor wants to be millet this wishs scene buy sheet, that with respect to opinions differ from each other. After all we invest millet, what should earn is this future wishs scene, if at the beginning the price wish scene reaction is inside, what money do we still earn then?

If light sees mobile phone business, apple 9000 much market prise, sell net interest rate to exceed 20% , city is filled with the value that lead appraise to have 17 only times. If profit went to millet 2018 8 billion, appraise is worth the word of 70 billion dollar, city is filled with rate 50 times. Be filled with rate millet by city apple of serious tower above.

Implicit is inside this, millet is added fast exceed an apple greatly. After all, malic body amount is too large, body is measured so soar fast very cannot fast, this is the groovy inference inside a course of study.

So, millet sells a mobile phone, add fast what to rely on? Home is to did not rely on to go up for certain, the data with national statistic newest bureau, chinese smartphone output grew 5% compared to the same period in April 2018, 1-4 month output grows 4.7% compared to the same period. And the data of advisory company Couterpoint, 2018 volume of Chinese smartphone shipment glides compared to the same period first quarter 8% , annulus comparing glides 21% .

Chinese smartphone market already hasten tightens saturation.

Millet should be added in what home keeps taller fast, rely on big environment impossible, must want to follow China for, apple, OV hits close-fitting cut and thrust, this difficulty is quite great.

So we see what Lei Jun sends on small gain a lot of tall canal includes millet recently stick, either in Spanish set up shop, be in namely Wu Kelan set up shop, perhaps be in Indonesian set up shop, altogether, millet should grow, want to rely on internationalization. The international market is capacious La Hai, still have a lot of blank spot.

Of course, if be equal to with PEG 1, want millet to maintain of 50% add fast, such word millet battalion closes to catch up with an apple 6 years probably. I think this probability is lower, of millet add fast affirmation to be able to come down, appraise value also can come down, regard a hardware as the company, even if considering growth sex, to 20-30 on Hong Kong market the appraise of times is worth already very OK.

That is to say the appraise value that what the mobile phone business of millet props up currently almost is 100 million dollars of 300-400.