小米擬年內IPO 估值可能高達1000億美元

Xiaomi appoints banks for planned $100bn IPO
小米擬年內IPO 估值可能高達1000億美元

Xiaomi, the Chinese smartphone maker, has appointed Goldman Sachs and Morgan Stanley to lead a flotation later this year, which could value the group as high as $100bn in the biggest tech IPO since Alibaba floated in New York in 2014.

中國智能手機制造商小米(Xiaomi)已任命高盛(Goldman Sachs)和摩根士丹利(Morgan Stanley)在今年晚些時候牽頭完成其上市交易，這可能是自阿里巴巴(Alibaba) 2014年在紐約上市以來最大規(guī)模的高科技公司首次公開發(fā)行(IPO)，對小米集團的估值可能高達1000億美元。

The Beijing-based company has selected the two global banks to lead a public sale of shares, which will probably be in either Hong Kong or New York, according to two people close to the plans.

據(jù)兩位知情人士透露，這家總部位于北京的公司已經(jīng)選擇了上述兩家全球性銀行來牽頭此次股票發(fā)售，上市地點可能在香港或紐約。

The IPO could value the group at up to $100bn, according to people familiar with the listing plans, which would make it the sixth largest company on the Hong Kong stock exchange by market capitalisation behind AIA, the insurance group.

據(jù)了解小米上市計劃的人士表示，此次IPO對小米集團的估值可能高達1000億美元，使其成為香港交易所(HKEx)以市值計第六大公司，排在它前面的是保險集團友邦保險(AIA)。

Xiaomi would join a number of powerful Chinese tech companies listed on the public markets, alongside Tencent and Alibaba, with more tech-focused IPOs expected by analysts to come to the market from China later this year.

小米將加入已在公開市場上市的多家中國實力雄厚的科技公司之列，與騰訊(Tencent)和阿里巴巴并肩。分析師們預計，今年晚些時候中國將有更多高科技企業(yè)上市。

Goldman and Morgan Stanley declined to comment. Xiaomi did not respond to requests for comment.

高盛和摩根士丹利拒絕置評。小米沒有回應記者的置評請求。

Some analysts are sceptical of the $100bn price tag given the high levels of competition in the global smartphone market, not least from domestic rivals such as Huawei, Oppo and Vivo.

一些分析師對1000億美元的估值表示懷疑，指出全球智能手機市場競爭激烈，尤其是來自華為(Huawei)、Oppo和Vivo等國內對手的競爭。

But bankers who have seen the numbers, however, said it was possible, pointing to the success of a recent turnround plan under founder and chief executive Lei Jun.

但是看到相關數(shù)字的銀行家們表示這是可能的，他們指出，小米創(chuàng)始人和首席執(zhí)行官雷軍近期的扭轉局面計劃取得了成功。

“Based on the numbers we’ve seen, they’ve absolutely restructured the business,” said one banker. “It’s profitable now, they have got a strategy around creating an ecosystem of connected devices that they are able to monetise through value added services.”

一位銀行家表示：“根據(jù)我們所看到的數(shù)字，他們已經(jīng)徹底重組了業(yè)務?，F(xiàn)在它是盈利的，他們圍繞創(chuàng)建一個網(wǎng)聯(lián)設備的生態(tài)系統(tǒng)制定了戰(zhàn)略，能夠通過增值服務實現(xiàn)創(chuàng)收。”

It is not clear yet where Xiaomi will float. Some analysts and bankers said Hong Kong’s move to embrace companies with dual-share class structures could attract Xiaomi. Hong Kong proposed plans at the end of last year to allow dual-class shares for companies deemed “innovative” to better compete against New York and London for new listings.

尚不清楚小米會在哪里上市。一些分析師和銀行家表示，香港接受雙層股權結構上市公司的舉措可能會吸引小米。香港在去年底提出計劃，允許被視為“創(chuàng)新型”的公司采取雙層股權，以更好地與紐約和倫敦展開競爭，爭取新的上市公司。

“Lei would never cede control,” said one banker.

一位銀行家說：“雷軍永遠不會放棄控制權。”

But some analysts said an IPO of the size envisaged by the company suggested that the bigger New York exchange was the more logical home.

但一些分析師表示，從該公司設想的IPO規(guī)模來看，較大的紐約證交所才是更合乎邏輯的地點。

譯者/何黎