案例编号:
CN_2021KJYGSCW_2614
译名:
Break Issue:Revelation of Xiao Mi’s Valuation
中文关键词:
独角兽公司;IPO破发;价值评估;商业模式
英文关键词:
Unicorn Company; IPO Break; Valuation; Business Model
中文摘要:
在中国经济由高速发展向高质量发展转型的背景下,创新驱动成为重要的国家发展战略,在此背景下诞生了诸多独角兽公司,独角兽公司是指估值在10亿美元以上的初创企业。为进一步满足融资需求,发展成熟的独角兽公司选择公开上市,然而与上市前在一级市场的高估值不同,众多上市的独角兽公司在二级市场遭遇估值下跌的窘境。此前引人瞩目的高科技独角兽公司小米也不例外,上市首日遭遇破发困境。小米具有许多不同于传统企业的特征如创新的商业模式、复杂的公司属性等,因此在上市过程中不可避免地面临估值争议。本案例聚焦小米公司的上市破发问题,分析小米的估值争议及一级市场和二级市场不同的估值逻辑,解释上市破发的原因,思考由小米估值问题带来的启示。
英文摘要:
In the context of the transformation of China's economy from high-speed development to high-quality development, innovation-driven has become an important national development strategy. Under this background, many unicorn companies have been born. A unicorn is a VC-backed company with a valuation of more than $ 1 billion. In order to further meet financing needs, mature unicorn companies choose to go public. However, unlike the high valuation in the primary market before listing, many listed unicorn companies have encountered the dilemma of falling valuations in the secondary market. Xiaomi, a high-tech unicorn company that has attracted attention before, is no exception. Xiaomi has many characteristics that are different from traditional companies, such as innovative business models and complex company attributes. Therefore, it will inevitably face valuation disputes during the listing process. This case focuses on the issue of Xiaomi's listing breakout, analyzes Xiaomi's valuation disputes and the different valuation logic of the primary and secondary markets, explains the reasons for the listing breakout, and considers the implications of Xiaomi's valuation issue.
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