Mito-losing upcoming: overvalued who pays-Mito, Mito mobile phones-IT news
According to foreign media reports, China's popular camera application software maker company listing or will become Asia's next biggest tech initial public offering (IPO). But the software development company headquartered in Xiamen, China needs to convince investors the reverse current is still loss-making business model to generate more confidence in the industry generally believe their target valuations too high.
Mito has to apply for listing in Hong Kong. According to people familiar with the matter said, the company plans to raise more than $ 500 million later this year, allowing company valued at 5 billion to 6 billion, it will be this year since the Japan information service Line initial public offering after the world's second-largest IPO. In July, Japan message service provider Line in New York, and listed on the Tokyo Stock Exchange, raised funds of $ 1.3 billion.
In April, after the completion of financing, Mito is worth $ 3.7 billion. Famous venture IDC, Qiming United States hedge fund Tiger global investment it is.
But beautiful figure described in the prospectus of the good prospects the future is questionable.
At present, its application is the most frequently used photo editing application, its simple operation, can make users more shou, high, smooth skin, and lives of millions of young Chinese women has become necessary.
According to its prospectus, the United States currently has 446 million active users, by contrast, was 310 million Twitter users, and Line number to 218 million. App Annie application tracking and analysis company statistics show that its applications accounted for Apple's app store, four members of the top ten photos.
For potential investors, the biggest concern is that the company has no clear revenue model, and slow growth in business in emerging markets in the future.
According to the listing file, Mito's main revenues come from the Smartphone sales, its total revenue of $ 585 million in the first half of this year, while mobile sales 95%. From 2013, the company has been selling smartphones with high image quality. But the company's main business is facing from Huawei, cell phone manufacturers such as millet and OPPO's fierce market competition.
Prospectus reality, Mito Smartphone shipments in the first half of only 289,079, Huawei shipped 60.6 million in the same period. Last year, operating loss was $ 752 million in 2014 and an operating loss of $ 119 million. Companies in marketing, research and development and constantly increasing input, in addition to investing its own real time streaming media, and social media platform for the United States.
Market research firm Canalys analyst Ding Jie (Jessie Ding) pointed out that, "the United States will not become mainstream smartphone company, it is still a niche brand. ”
Mito is trying to diversify its business, but so far progress has been slow. Mito Cai Wensheng, founder said in an interview in April, the company hopes to have more online advertising and e-commerce businesses. Mito camera currently used in the advertising business is only 4.4% per cent of total revenues in the first half, and beauty shot of virtual gifts sales flow media platform has just started in June this year.
Advertisers generally keen on social networks such as Facebook, because users spend a lot of time. 86 securities research company research analyst Lin Juan pointed out that Mito overvalued compared with the industry.
Analysts believe that due to the lack of business model and sustainable business, Mito is overvalued. Gobi venture in the venture capital firm headquartered in Shanghai (Gobi Capital) Ken (Ken Xu), said Hong Kong investors often figure as a beautiful smartphone maker, not a software company with social media and e-commerce services, its market value in the target 60% to 70% a more reasonable valuations.
Nevertheless, the IPO is still the picture of your best choice. In view of the current financing environment of China's tepid, for companies in the $ 3.7 billion in higher valuations to continue financing is very difficult. Ken Xu says can say investors ' money pressures, also figure on the road to the market of the force main reasons.
美图连年亏损即将上市：估值过高谁来买单 - 美图秀秀,美图
手机 - IT资讯
据国外媒体报道，中国当红自拍应用软件制造商美图公司的上市或将成为亚洲下一个最大的科技类首次公开募股（IPO）。但这家总部位于中国厦门的软件开发公司需要说服投资者对其扭转当前依旧亏损的业务模式产生更多信心，业界普遍认为其目标估值过高。
美图已经申请在香港上市。据知情人士透露，公司计划于今年晚些时候募集逾5亿美元，从而使得公司估值达到50亿到60亿，这将是今年以来继日本消息服务Line公开募股后的全球第二大IPO。今年7月份，日本消息服务供应商Line在纽约和东京证券交易所上市，募得资金13亿美元。
在四月份完成融资之后，美图目前市值37亿美元。著名风投机构IDC、启明创投以及美国对冲基金老虎环球均对其进行了投资。
但美图招股说明书中所描述的良好未来发展前景令人质疑。
目前，美图旗下的应用是使用最为频繁的照片编辑应用程序，它操作简单，能够使使用者更痩、更高，皮肤更滑润，已经成为亿万中国年轻女性的生活必备。
根据其招股说明书，美图目前拥有4.46亿活跃用户，相比之下，Twitter用户数为3.1亿，而Line用户数为2.18亿。应用程序跟踪以及分析公司App Annie统计显示，其各类应用占据了苹果应用商店前十位照片应用中的四席。
对于潜在投资者来说，最大的担忧在于该公司尚没有明确的盈利模式，且未来在新兴市场的业务增长缓慢。
根据上市文件，美图的主要营收来自于智能手机销售，今年上半年其总营收为5.85亿美元，而手机销售占到了95%。自2013年以来，公司一直在销售成像质量高的智能手机。但该公司的主营业务面临着来自华为、小米以及OPPO等手机厂商的激烈市场竞争。
招股说明书现实，美图上半年智能手机出货量仅为289079部，同期华为出货量为6060万部。去年美图运营亏损为7.52亿美元，而2014年运营亏损为1.19亿美元。公司在市场营销、研发不断加大投入，此外还投资了自有的实时流媒体以及社交媒体平台美拍。
市场研究机构Canalys分析师丁婕（Jessie Ding）指出，“美图不会成为主流智能手机公司，其依旧是一个小众品牌。”
美图正试图多样化其业务，但迄今为止进展缓慢。美图创始人蔡文胜在四月份接受采访时表示，公司希望有更多的网络广告和电子商务等业务。目前美图自拍应用中的广告业务仅占上半年总营收的4.4%，而其实时流媒体平台美拍的虚拟礼物销售在今年6月份才刚刚起步。
广告商一般都热衷于Facebook等社交网络，因为用户在上面花费了大量时间。八六证券研究有限公司研究分析师林娟指出，与同行业相比美图的估值过高。
分析师认为，由于缺乏盈利模式和可持续发展的业务，美图估值过高。总部位于上海的风险投资公司戈壁创投(Gobi Capital)的徐晨(Ken Xu)表示，香港的投资者往往把美图当成一个智能手机制造商，而不是一个拥有社会化媒体以及电子商务服务的软件公司，其市值在目标估值的60%至70%比较合理。
尽管如此，IPO依旧是美图的最佳选择。鉴于目前中国不温不火的融资环境，对于公司来说在37亿美元的高估值下继续融资非常困难。徐晨表示，可以说投资者的资金压力，也是迫使美图走上上市之路的主要原因。