The shareholders may still not understand the future of Meitu.
After Mito's market value evaporated nearly half, on June 15th, Mito's stock price fell sharply again and even broke once. At the end of the closing time, it stayed above the issue price of 8.5 Hong Kong dollars, which was 6.59% lower than the previous trading day. , There are 100 million shares for the bulk of the transaction, which can be inferred that Mito or some shareholders leave.
In addition, some media quoted market news reports that Mito shareholders are expected to sell 66 million shares at an IPO price of HK$8.50 per share, raising US$72 million.
What is more noteworthy is that the day was the first day for the liberation of Mito shares, that is, the 36.504 million restricted shares held by the base investor, Ports International, and the 10,051,300 million restricted shares held by Beijing Kei Industrial Holdings Co., Ltd. were free to circulate.
In response to stock price volatility, Mito has responded by saying that stock price volatility is a normal performance of the capital market. We have always attached importance to the long-term development of the fundamentals of the company rather than the temporary volatility of the stock price. The company values ​​each and every shareholder and respects their investment decisions and is committed to creating long-term value for shareholders. In addition, Mito also said that the founders of Mito will not reduce their holdings.
The son of Cai Wensheng cashes 900 million
Since the launch of Mito's listing, Mito's share price has changed frequently in the past six months. In March, the highest price rose to 23.05 Hong Kong dollars, Meitu company's market value was approaching 100 billion Hong Kong dollars, and then the stock price continued to fall, the market value fell from the highest of more than 97 billion Hong Kong dollars to today's 36.1 billion Hong Kong dollars, the market value evaporated nearly half.
At the same time, news of shareholder reduction continued to be exposed. Cai Rongjia, the son of Cai Wensheng, reduced Mito shares three times in three consecutive months.
At the end of March, Cai Rongjia began the first round of holdings and its shares were reduced to 296 million shares, which accounted for 6.99% of the shares issued.
On April 12, Cai Rongjia began a second round of holdings, which reduced the holding of 300,000 shares at a price of HK$11.86 per share and cashed in around HK$3.558 million. After reducing its holdings, Cai Rongjia held approximately 254 million shares of Mito, which reduced its shareholding to 5.99%.
On May 5th, Cai Rongjia began a third round of holdings, reducing its holdings by 0.01% to approximately 300,000 shares at a price of 10.8 yuan per share, and its shareholding decreased to 4.99%. Since its shareholding is less than 5%, it will not need to disclose any further reductions in the future.
According to the Blue Whale TMT, Cai Rongjia’s cash amount was as high as RMB 912 million during the short sell-off period. The data from April 12 to May 5, Mito average share price of 11.239 yuan, which cash in the 14 trading days 475 million yuan, such as adding stock from the listing until April 12 throwing goods, Cai Rongjia A total of 912 million yuan was cashed out.
Cai Wensheng said at the March 24th performance conference that he would do his best to complete this project and will not sell Mito shares for a long period of time.
This is because Cai Wensheng was at the time of the stock lock-up period and therefore could not directly sell his shares. At present, Cai Wensheng holds about 26% of the shares. According to the stock book, although Cai Rongjia and Cai Wensheng are immediate family members, Cai Rongjia is not a controlling shareholder or a controlling shareholder of the company, so his stockholding is not established. Restrictions on sales, you can sell or buy Mito shares at any time.
Last year, Mito lost 6.2 billion
In April of this year, Mito disclosed its 2016 full-year results. According to the financial report, in 2016, Meitu's revenue was 1.579 billion yuan, an increase of 112.8% year-on-year, and the net loss for the year was 62.609 billion yuan. In 2015, the loss was 2.261 billion yuan.
According to financial reports, of the total revenue of 1.578 billion yuan in 2016, 1.473 billion yuan came from smart hardware, and Internet and other businesses accounted for only 6.59% of total revenue.
Meitu chairman Cai Wensheng explained that the main reason is that international accounting laws are not the same. Hong Kong, China rarely encounters such problems because Hong Kong, China rarely encounters large Internet companies.
"If you add non-cash and non-recurring expenses such as the fair value of convertible, redeemable preference shares, Meitu loss in 2016 will be 6.26 billion yuan, but most of them will not be heavy in the financial year after the shares are listed on the Hong Kong Stock Exchange. Now."
However, in any case, Meitu's net profit loss is actually increasing. In 2014-2016, the losses were 1.772 billion yuan, 2.218 billion yuan, and 6.261 billion yuan respectively.
This home started with beauty software, and then moved to the beauty phone market, the industry has been ridiculed as a "software company" Mito, the recent stock market performance is quite bleak, stumble endlessly.
It can be said that the listing of Mito has not escaped the doubts of the outside world about its single business model and the future of the mobile phone market. Currently, Meitu's "troika" - Meitu Software, Meitu Mobile, and Meitu Store's only Meitu mobile phone's earnings are rising.
Currently, Mito mobile phones account for more than 95% of Mito's business, but its position in the mobile phone industry is very slim, and its market share is even small to third-party research institutions. For Mito mobile phones, the only bright spot that attracts users at the moment is only the beauty self-timer function, which has no core advantages in terms of hardware.
The outside world doesn’t understand the Mito model, or it causes a lot of sell-off
From the date when Mito was listed on the stock market, the trend of its share price has always been the focus of investors and shareholders, and it is also the focus of many media reports.
Looking at the stock price of Mito, the trend that has continued to fluctuate in the past six months shows that this to a certain extent still reflects the concerns of the outside world about the profitability of Mito.
At present, Meitu Corporation is still at a loss, and the profit model is not clear enough. Meitu Pictures's revenue of more than 90% in 2016 is Meitu mobile phone sales, and the hardware profitability space itself is constantly being compressed. The prospect of hardware profitability is not particularly clear.
It is reported that Meitu mobile phone sales in the market are not very good, mobile phone out of stock has been plaguing Meitu, and the market is almost in a situation of price and no goods. This shows that there are still some problems with Meitu mobile phones in the supply chain. After all, the production capacity is directly related to sales.
Today, in the face of major sell-offs of Mito, it still does not rule out the possibility that Mito shareholders will be able to leave because of the lifting of the ban.
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