Electricity Intensive IPO Gap In The US Valuation Gap

< p > last week, the domestic electricity intensive enterprises submitted the IPO application in the United States, and Ali, jumei.com and Jingdong submitted to the US Securities and Exchange Commission SEC (Updated) IPO prospectus.

So far, the mainstream B2C business in the US will reach 5.

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< p > to integrate the 5 mainstream B2C electric business enterprises listed on the US stock market, apart from the valuation of 100 billion US dollars by Ali, the valuation of other 4 enterprises (market capitalization) ranges from 800 million US dollars to 24 billion US dollars, and the gap is quite wide.

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< p > < strong > < a > href= > http://www.91se91.com/news/index_c.asp > > electric power > /a > intensive. In the US, IPO has a wide gap between valuations < /strong > /p >

< p > May 7th, Ali submitted the prospectus to the securities and Exchange Commission of the United States, expecting the final amount to be issued or from 15 billion US dollars to 20 billion dollars. Wall Street analysts expect the valuation of Ali to range from $136 billion to US $245 billion.

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< p > May 9th, media reported that jumei.com submitted the IPO prospectus to be listed on the NYSE. The issue price range is 19.5-21.5 US dollars, and the maximum financing will be 385 million US dollars. With this plan, the issuance range will be calculated to be between us $3 billion 120 million -32.5 billion.

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< p > May 10th, Jingdong updated the IPO prospectus to be listed on NASDAQ to determine the IPO price range of $16 to $18 per share and raise up to 1 billion 690 million US dollars. According to this calculation, the highest value of Jingdong is $24 billion 600 million.

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< p > up to now, with the listing of Dangdang and vip.com, the number of mainstream B2C business enterprises listed in the US has reached 5, and the valuation (market value) ranges from US $800 million to US $100 billion.

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< p > it is worth noting that compared with Jingdong's 24 billion dollars, jumei.com's 3 billion dollar valuation and vip.com's 7 billion 600 million dollar market value, Dangdang's market value is only 800 million dollars, and the valuation gap is quite different. However, public figures show that the total sales volume of Dangdang (including third party platforms) last year was 11 billion 80 million times that of jumei.com's annual sales, which was higher than that of vip.com's 9 billion 600 million yuan sales in 2013, which reflected the deviation of the valuation from its enterprise size.

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< p >, and from the number of users and orders, the valuation gap between Dangdang and 3 home appliances is also hard to explain. At present, Dangdang users and orders are more than jumei.com and vip.com, Jingdong users and orders are nearly 1/3.

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< p > from the point of view of new customers' cost and profitability, the cost of new customers of Dangdang is 20 yuan, the highest cost of new Jingdong customers is 70-80 yuan, and the gross profit margin of Dangdang net is 17%, which is lower than vip.com's 24% and jumei.com 25% gross margin, which is higher than Jingdong's 9% gross profit margin in the 4 B2C electricity providers.

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< p > at the same time, the 4 companies started the profit starting point. In addition to 2 sprint IPO electricity providers have already passed the profit threshold, Dangdang has been officially returned to profitability in the fourth quarter of last year, and is expected to continue to make profits in the first quarter of this year. Vip.com has been profitable for the 5 consecutive quarter.

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Apart from the above key data indicators, Dangdang's growth is also the same as that of the 3 household appliance manufacturers. Last year Dangdang clothing category grew by more than 100%, and the overall size of the clothing approached the books. The leading position of the book industry was also stable and the market share expanded significantly. P

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< p > for the valuation gap, the views of analysts are obviously divided: one thinks that the market value of Dangdang market is the reference, the listed US stocks are generally overestimated and the bubbles are obvious; the other is that the valuation gap can not draw the conclusion of the US stock bubble, but Dangdang market value has not really realized its value.

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< p > Internet analysts pointed out that "according to the valuation of Jingdong and jumei.com, the market value of Dangdang should be no less than 3 billion US dollars, or even US $5 billion, which is far from the existing market value of US $800 million. If it is not the bubble in the stock market, Dangdang is underestimated."

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< p > < strong > Wall Street is new, a href= "http://www.91se91.com/news/index_c.asp" > American stock < /a > is also keen on "stir up new" < /strong > /p >

< p > for the reasons for the valuation bias, in addition to analyzing the core data of the electricity supplier enterprises, we believe that Dangdang has been underestimated, and others have found another reason from the institutional investors.

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Mr. P, a senior shareholder, woke up the dream man with a phrase. "There may be another reason for the valuation bias, that is, the big guys in Wall Street are also keen to stir up new stocks. Compared to a long-term investment in a potential stock, it is a way to make profits faster, which is no different from domestic institutional investors."

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< p > indeed, this year's domestic a href= "http://www.91se91.com/news/index_c.asp" > IPO < /a > since the resumption of the organization, the organization's withdrawal of capital speculation has led to the continuous volatility of the stock market. The two exchanges in Shanghai and Shenzhen have issued more notices for the initial supervision of IPO, focusing on monitoring the performance of the institutions.

In May 11th, the "new country nine" had to save the market at a time when the 2000 index of Shanghai stock market was at stake.

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< p > Mr. Chen believes that the US stock speculation is only a new version of domestic speculation. The disparity between the valuation of the electricity supplier and the old stock is partly the result of Wall Street's new loathing.

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< p > and in fact, this view of Mr. Chen has also been confirmed. Ali's application for IPO is the most vivid case.

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In May 7th, when the Alibaba submitted its IPO application, the next day, despite the release of the Federal Reserve's support for the policy of high loose monetary policy, most of the stock index went up. However, the NASDAQ technology stocks in the United States were hit by a fall. In particular, the stock market was "cliff type" down, and the 16 stocks fell by more than 5%. The attitude of Wall Street's "new and old tired" attitude is clear.

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< p > for science and technology sector, Tim Group Griess, chief investment officer of Solaris Group, also admitted that Alibaba's listing led to the outflow of funds from Internet stocks, because investors needed to raise funds to bet on Alibaba IPO, so we saw that many technology stocks were under pressure.

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