Taking advantage of the entity retail electricity providers have not yet fully been squeezed, a veteran communications chain Dixon pass to make one last shot. Yesterday, founded 21 years Dixon finally rang the bell on the HKEx listing. However, after only do so twice crashed IPO listing Dixon appeared shortly after the opening below the issue price of the embarrassing situation.
Finally, a stroke is not optimistic
Dixon pass Mainboard-listed on the HKEx stock code “06188” yesterday opening price of HK $ 5.3, with an issue price of flat, opened less than ten minutes to the break, the day lowest price of HK $ 4.9 to close at HK $ 5.07, higher than the issue price fell 4.34%. Di-day volume of 1926.8 million shares, turnover was HK $ 98,321,400. In closing price, market capitalization of about HK $ d.phone 1.668 billion.
Just listing eve, according to Hong Kong media reports, Dixon pass in the Hong Kong Public Offering subscription shortfall, the IPO received only 315 valid applications to subscribe for a total of 687.1 million shares were received. One hundred percent success rate in the hands of the shares to the offer price of HK $ 5.3 limit pricing. The Di-listed 167 million shares will be available worldwide, previously announced sale price range of HK $ 5.3-7.1 per share. Where the Hong Kong Offer 1666.7 million shares, 150 million shares in the Dell 312-1381 Battery
. Subscribed, meaning Dixon pass this old retail giant investor does not have to be attractive.
“Dixon pass break, it is to be expected, I believe Dixon pass himself thought so.” An anonymous observers pointed to Dixon represented by the traditional retail channels, in recent years under the impact of tougher and tougher electricity supplier .
Has twice crashed IPO
In fact, Dixon pass, which was founded in 1993 and listed on the old retail business rather convoluted way. Back in 2005, Dixon started the preparations listed in Hong Kong, but cancellation. Then in 2011, the Commission proposed Dixon leads the A-share listing application, the same die a natural death. This raises the industry Dixon family ownership structure, financial condition and other aspects of a lot of speculation and doubt.
According to Dixon pass inside information disclosed to investors, said the second withdrawal of the listing application, mainly because it was the Commission approved the A-share listing application extrusion serious, expected “time-consuming examination and approval procedures, the application results uncertain.” With the Dell Latitude E6420 Battery
failed twice, mobile phone retail industry are also good times gone, Dixon pass thus missed the prime time to market.
It should be noted that the Di ICT market, to some extent, by a domestic commercial 4G and virtual operator license “wind.” However, with the 4G mobile phone market competitive upgrade, the major domestic and foreign mobile phone manufacturers are developing to the line, have put the proportion of contraction d.phone other traditional channels, traditional channels shrinking trend will continue until the demise.
In addition, virtual operators in the country still belongs to new things, so inevitably the three basic operators to grab the market for virtual operators characteristics of the service test is more severe, and from Dixon pass the “170 service” point of view, the product In terms of price, content services and other advantages are not obvious. More importantly, the virtual operator’s business model is not clear.
Transformation iffy insufficient determination
Although Dixon dream finally fulfilled the listing, but the way it would not be good to go.
According to Dixon pass the plan, the listing will get 56% of the financing for the expansion of the retail and distribution network, 14% used to repay the loan, and 9% for the strengthening of the system information, and 7% for the new call center in the Mainland, only 6% to the development of mobile Internet Project, 8% for general working capital.
Dixon pass current outlets mainly in second-tier cities, will increase the network tier and below the city’s future, planned for two years after listing, the Dell Latitude E5420 Battery
pass the number of stores in the country’s 3000 growth from now to 5000.
China Mobile Internet Industry Alliance Secretary-General Lee Yi pointed out that, in simple terms, the future development strategy Dixon pass that channel sink that expand downward sales outlets, but not a permanent solution. Electricity supplier channel penetration continues to sink, such as Alibaba has begun distribution of “electricity supplier last mile.” From this perspective, Dixon does not seem to change the traditional channels of thinking.
In the electricity supplier channels squeezed strong external problem, Dixon’s own strategy also hesitant, weak transition, although the market has taken the final leap, I am afraid not escape out fate.