Abstract: the capital market is more on the user scale, growth potential and market prospects, even including the brand value, a word that is more important in future, and not just confined to the front, and from this point of view, the figure may have been underestimated.
(photo: Vision China)
recently, the United States and the United States in the face of the capital of the current winter officially submitted a listing of the main board of Hongkong material, causing the Internet circle of concern. However, after the listing prospectus published, in terms of the amount of losses suffered widespread errors, more people questioned the value of the u.s.. So, what exactly is it? What is the true value of the picture?
loss of 1 billion 100 million change of 6 billion 300 million, why the outside world will be wrong interpretation?
is currently listed on the beauties file the biggest misunderstanding, is the beauties of the prospectus in the financial statements in accordance with U.S. stocks earnings of Listed Companies in the most common GAAP (GAAP) calculation, but actually because of the beauty figure listed in Hongkong, the international financial reporting standards (IFRS). The gap between these two different computing methods, ultimately leading directly to the gap between the about 5000000000 losses.
first, the cumulative loss of the United States this one, including the loss of fair value of convertible redeemable preferred stock. The so-called convertible redeemable preferred stock is actually investors to invest in the United States after the acquisition of the United States and the stock market, and not the ordinary shares traded in the two market, but preferred stock.
preferred stock is essentially equity (Equity), but under the IFRS criterion, these numbers are regarded as "financial debt" (Liability). If the valuation of the United States itself is improving, the preferred value of these preferred shares will be raised accordingly.
so the result is that the greater the change in the fair value of preferred stock, the greater the loss in the financial statements. A little more understanding of the argument is that the higher the valuation of the United States before the listing of the United States, the company’s book on the cumulative loss.
and in fact, the development of the company has been optimistic about the capital market, after each completed a round of financing, valuation has also been improving.
But according to
, Mito prospectus, IPO to be completed, Mito all 168662788 preferred shares will be automatically converted into ordinary shares, which means that, after the listing, the impact of these preference shares will no longer exist, and the resulting losses will disappear after the listing of the first fiscal year "".
in the beauties of the prospectus, if calculated since the establishment of the company, recorded a cumulative loss of 6 billion 260 million, after deducting the fair value of convertible redeemable preferred shares (5 billion 70 million) and (52 million 700 thousand) equity incentive after the actual cumulative loss of 1 billion 138 million.
therefore, since its inception, the company has truly used in the company’s business