Foxconn has become a sample of "unicorn" companies. What are the industries in which A-share "unicorns" are distributed?

Foxconn’s 36-day rush to the IPO led the entire capital market with its “Unicorn” attitude. What are the characteristics of the "unicorns" of A-shares in which industries?

The so-called "Unicorn" enterprise is simply defined as a start-up company with a valuation of more than 1 billion U.S. dollars, and some investment institutions have defined "start-up" as less than 10 years. According to reports, as of November 30, 2017, the 120 domestic “unicorn” enterprises had a total valuation of over RMB 3 trillion, which was widely distributed in biotechnology, cloud computing, artificial intelligence, high-end manufacturing, and internet finance. Internet services, big data and other industries. Beijing is the largest city with “Unicorn” enterprises, with 54 companies ranking on the list, accounting for 45% of the total; Shanghai and Hangzhou are ranked second and third; Shenzhen is ranked fourth with 10 “unicorn” enterprises.

Foxconn’s 36-day rush to the IPO led the entire capital market with its “Unicorn” attitude. What are the characteristics of the "unicorns" of A-shares in which industries?

Incident Foxconn as a "Unicorn" Enterprise Listing Sample

The green light of IPO of Foxconn has become the vane for the outside world to observe the listing of “Unicorn” enterprises. During the two sessions this year, Internet technology giants such as Baidu, Jingdong, and Sogou were all willing to return to A shares.

In the 30th year of the mainland's investment, the giant Foxconn's A-share company has cleared the final obstacle. On March 8, the initial release of Foxconn Industrial Internet Co., Ltd. was approved.

From the February 1 submission of the prospectus submissions to the initial approval, a short period of 36 days has allowed Foxconn to create a new rate of A-share IPOs, which has passed trials and became the best example of the concept of “unicorn”.

Foxconn is still a large "unicorn". The fundraising amount of RMB 27.2522 billion made it rank 11th in the history of A-share fund-raising, and the top-ranking state-owned enterprises ranked ahead of it. In addition, Foxconn’s shares are the only technology companies whose A-shares have raised over RMB 20 billion. Foxconn’s revenue and net profit are also ranked in the first tier of the A-shares.

Focus on Regulators will create tools and institutional arrangements

At the same time, the regulators are constantly releasing good news. On March 9, the Chairman of the China Securities Regulatory Commission, Liu Shiyu, stated to the outside that after the investigations conducted by the representatives of the two sessions and the opinions of the committee members, the call for increased support for new economic enterprises was high. Recently, especially after the party’s 19th National Congress, with the joint efforts of the relevant ministries and commissions, everyone now has a high degree of consensus, and there will be relevant systems. "This result may be slightly slower than the business expectation. It may be faster than you expect. It will be discussed in detail."

How will the new economic company be listed on the A-share market? Liu Shiyu said, “We will create a lot of tools, or set up appropriate institutional arrangements, but let companies choose their own, rather than government regulations. At the same time, such tools and mechanisms must comply with the relevant laws and relevant international organizations.”

The relevant person in charge of the Shanghai Stock Exchange stated that at present, the Shanghai Stock Exchange has formed a set of service programs that serve companies such as "BATJ" (Baidu, Ali, Tencent, and JD.com) and "unicorn" enterprises, and take measures to improve quality and innovation. Enterprise Development. According to reports, the Shanghai Stock Exchange pays more attention to how investors can get the dividends of economic development, how to make resource allocation more optimally serve the real economy, and how to make “Unicorn” enterprises develop higher quality and longer-term after landing. How to promote the emergence of more "BATJ" companies.

The relevant person in charge of the Shanghai Stock Exchange stated that on February 28, 366 Security Technology held a reorganization and rebranding ceremony on the Shanghai Stock Exchange; on March 2th, Xiaomi’s supply chain of financial asset-backed securities reached RMB 10 billion, and the company received no refusal letter from the Shanghai Stock Exchange; On the 8th of this month, Foxconn Industrial Internet Corporation successfully met and planned to list on the Shanghai Stock Exchange. These have become landmark events in which the Shanghai Stock Exchange plays its full-service advantage and supports the listing and financing of high-quality innovative companies.

Wang Jianjun, general manager of the Shenzhen Stock Exchange who was elected to the National People's Congress for the first time, told the outside world that the current expectation for the new economy mainly includes two aspects: First, the BATJ that has been listed overseas returns A shares, and the second is the new economy that has not been listed yet. The company is listed on the A-share market. Wang Jianjun expressed welcome to these two types of enterprises: "The Shenzhen Stock Exchange should become the home of the new economy and have the ability to cultivate world-class companies."

Follow-up visit of Beijing "Unicorn" valuation of nearly 1.4 trillion yuan

The so-called "Unicorn" enterprise is considered to be a concept created by AileenLee, a venture capitalist in 2013: a simple definition is a startup valued at more than US$1 billion, and some investment institutions define “startup” as less than 10 years. . "Unicorn" company is regarded as an important indicator of new economic development, mainly in the field of high technology, and the Internet is particularly active.

In December last year, the Hurun Research Institute released a "2017 Unicorn Index" report as of November 30, 2017. The list includes 120 domestic “unicorn” companies with a total valuation of over RMB 3 trillion, which is widely distributed in biotechnology, cloud computing, artificial intelligence, high-end manufacturing, Internet finance, Internet services, and big data. Beijing is the largest city with “Unicorn” companies, 54 companies are on the list, accounting for 45% of the total number of listed companies; Shanghai and Hangzhou are ranked second and third, and the number of “unicorn” enterprises is divided into 28 and 13; Shenzhen ranks fourth with 10 “unicorn” companies. Hoogewerf said: "Basically, unicorn companies are either in the United States or in China."

The market noticed that the total valuation of 13 "Unicorn" companies from Hangzhou surpassed Shanghai's 28 "Unicorn" companies; the Beijing "Unicorn" company's total valuation was close to 1.4 trillion yuan. The city with the largest total size of "Unicorn" is estimated to have a size of approximately half.

As there are parallel companies, there are 12 companies in the top 10 list, including 8 super Unicorn companies. The market believes that in accordance with the market value list, Ant Financial ranked first with a valuation of 400 billion yuan, and Didi Travel, Xiaomi, and New Meida had valuations of 300 billion yuan, 200 billion yuan, and 200 billion yuan respectively. Ranked second and tied for third place; today's headlines, Ningde Times, and Lujin are tied for fifth place at a valuation of 100 billion yuan; Djijiang is ranked at sixth place with a valuation of 80 billion yuan; word of mouth, The Cainiao Network, Jingdong Finance, and Hungry are both ranked ninth with a valuation of over 50 billion yuan.

According to the Hurun list, the TOP10 "Unicorn" companies have many Internet backgrounds, such as Ant Financial, Didi Trip, today's headlines, and also include high-end hardware companies such as Xiaomi, Ningde, and Dajiang. CITIC Securities analyst Xu Yingbo said that in addition to bio-technology, cloud computing, artificial intelligence, high-end manufacturing, the Internet, big data, semiconductor and other industries in line with the country's industrial upgrading needs and future technology trends, or long-term benefit. If the speed of IPO in related fields such as Pan-Technology is accelerating, domestic "Unicorn" companies will be more likely to choose A-shares for listing.

Which industries are most focused on Unicorn?

What about the distribution of "unicorn" companies? A "unicorn" list released by a world-renowned venture capital organization shows that from the perspective of China's industry distribution, "unicorn" companies have been born in 16 large industries, and the number of e-commerce, finance, and cultural and entertainment industries is in terms of numbers. The first three of them, accounting for 46% of the total. Ant Financial Services, Lu Jinsuo, and Jingdong Finance have raised the overall average value of the financial sector. Today's headlines and VIP-KID have obvious advantages in the field of culture and education.

At present, the overall return on investment of Unicorn is 7 times, and the return on investment of companies with a valuation of over 10 billion U.S. dollars is as high as 10 times. According to calculations, it takes an average of six years to grow into a "unicorn" company, and at least US$95 million in financing is needed to help its growth.

Tian Feng Securities Liu Chenming team report that China's "unicorn" enterprises are divided into three categories: First, the integration of the Internet and life, this type of feature is based on the Internet of life services companies, can cover almost every aspect of our lives. Financial management includes Lu Jinsuo, Ant Financial Services, mobile payment, WeChat, Alipay, food delivery and US group comments, and hungry. Travel services include Ctrip, transportation trips, Mobike, oFo, and movie watching. Guevara...

The second category is the integration of factors such as the Internet and artificial intelligence with the manufacturing industry. Some of these companies already have a high reputation. Millet, Meizu and other use of China's advantages in smart phone manufacturing, the rapid growth of Internet sales model, and accumulated a large number of fans. Dajiang and Weilai have built up brand influence in the areas of drones and smart cars, and have also used their advantages in artificial intelligence to achieve integration with China's manufacturing advantages.

The third category is the "Unicorn" with competitive advantages in the core technology fields such as artificial intelligence, big data, and biotechnology. It has a very strong competitive strength in its field, but it is not well known to the public. In terms of artificial intelligence, Face++, Shangtang Technology and Cambrian Technology have established reputations in such areas as face recognition, image recognition, and smart chips. In terms of big data, Digital DreamWorks, Jinshan Cloud, and Tengyun Tianli have built cloud computing and big data service models in the areas of government affairs, enterprises, and video, relying on the advantages of related parties. In terms of biotechnology, Fuhong Hanlin and Xinda Biological have formed strong competitiveness in the areas of monoclonal anti-drug drugs and high-end bio-pharmaceuticals.

Affecting "Unicorn" into Interactive Platform Hot Words

As a rare species, "unicorn" has become the most popular hot spot for investors recently. The market believes that the current definition of "Unicorn" in the industry is not clear, and even a leading enterprise with a large share in a certain area or subdivision is popular as a "unicorn".

At the current secondary market, investors are striving to find new companies with "unicorn" potential, stock "unicorn", shareholding "unicorn" and supply chain companies, Foxconn, millet, ant gold clothes and other new economic "unicorns" The process in which the “beast” companies landed A shares and the “unicorn’s partner” became the focus of market attention. Among them, as a millet concept stock Pu Lutong recently recorded three daily limit, the layout of the Industrial Internet's Eastland technology has risen more than 50% since February. According to incomplete statistics, recently on the interactive platform, nearly 100 listed companies involved in high-end manufacturing, cloud computing, artificial intelligence, biotechnology and other fields were questioned by investors as to whether they are looking for "unicorns" or " Unicorn related.

Investing in "Unicorn" Perspectives Should Consider Risk First

According to Gui Haoming, director of market research at Shenwan Hongyuan Securities Research Institute, investing in “Unicorn” enterprises, risk awareness must not be relaxed. He believes that, in essence, the biggest characteristic of "unicorn" companies is not the valuation of 1 billion US dollars, but its development prospects as an emerging industry company is difficult to assess. The first thing to consider is how to control risk.

Gui Haoming said that compared with the traditional industries, a big feature of emerging industries is the existence of greater uncertainty, regardless of the industry policy or market capacity and operating environment, there are not small variables. There are many sharing economy enterprises in our country, among which the valuation has risen to more than RMB 6 billion. It is not individual. However, today we can see how much we can still insist on. This is because of the business model of “unicorn” enterprises. Most of them have been formed. If you encounter development bottlenecks, you can imagine the difficulty of adjustment. In addition, the premium of "Unicorn" companies is generally not low, and investors need to bear the corresponding risks.

However, there are institutional analysts pointed out that there are market factors behind this round of hot pursuit of "Unicorn." Renqiao Asset Investment Director Xia Junjie told the media that it is still necessary under the basic principle of “safe margin” to carefully identify and dynamically assess, patiently wait and grasp opportunities. He believes that the current A-shares have generated some "immunity" for the return of the "China stocks" issue, although the related returning stocks enjoyed a wave of dividends and the price-earnings ratio doubled, but in the long run, the bubble will still sooner or later. Extruded.

The Beijing Youth Daily reporter noted that in 2016, a giant network of backdoor cruise ships, the share price soared to a maximum of 77.95 yuan per share. However, after the first quarter of 2017, the stock price continued to fall, with a cumulative drop of 55% from the highest price till now. (Rejuvenation).

Chen Guo, chief strategist at Essence Securities, said that due to the arrival of the “Unicorn”, the market has increased its concern for comparable companies in the secondary market, and even found that it can be evaluated from the direction of the new economy, but there are also many pseudo-growth stocks. Or bad performance stocks, or even junk stocks, will increasingly lose investment value as the supply of quality growth stocks increases. In other words, with the emergence of the new "unicorn", the pseudo-leading will be "eliminated" by the market.

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