小米上市夢的關鍵
Affiliates key to Xiaomi"s IPO dreams
小米上市夢的關鍵
By Ma Si | China Daily | Updated: 2018-01-30 07:20
馬思（音）報道|中國日報|更新：2018-01-30 07:20
Visitors try the Mi Mix 2, a smartphone designed and produced by Xiaomi, at a launch event held in Beijing. [Photo/Agencies]
在北京舉行的一場發布會當中，一名參會者正在試用由小米公司設計和生產的智能手機小米MIX2。 [照片由第三方提供]
Tech giant to raise funds for bigger push in internet of things industry
科技巨頭將籌集資金推動物聯網產業發展
As Xiaomi Corp scrambles to progress its reportedly $100 billion valuation initial public offering plan, how the Chinese tech giant deals with its more than 100 affiliated companies could determine its long-term value, analysts said on Monday.
周一分析師說到，隨著小米公司倉促的推進其估價高達1000億美元的首次公開募股計劃，它如何讓處理其與其逾100家子公司之間的關係將決定這個中國科技巨頭的長期價值。
Xiaomi, best- known as a leading smartphone vendor, has so far invested in 157 companies, most of which are consumer hardware manufacturers, according to ITjuzi, a China-based startups database.
據總部位於中國的初創企業資料庫公司——IT桔子的數據顯示，以國內領先的智能手機製造廠商聞名的小米公司，迄今為止已經投資了157家公司，這其中大部分都是消費者硬體製造商。
The move is part of a broader push by Lei Jun, Xiaomi founder and CEO, to build an internet of things ecosystem, where its smartphones can control and interact with most appliances in the home.
此舉是小米的創始人兼首席執行官—雷軍推動建立更廣泛物聯網生態系統舉措的一部分。在小米的物聯網生態系統之中，小米的智能手機能控制並且和用戶家中的家電進行互動。
The companies Xiaomi invested in last year － including makers of desk lamps, computers, rice cookers and self-balancing vehicles－ generated more than 20 billion yuan ($3.16 billion) in combined revenue via Xiaomi"s retail channels. In comparison, Xiaomi"s own revenue passed the 100 billion yuan mark in the first 10 months of 2017.
小米在去年投資了檯燈製造商公司、電腦公司、電飯煲公司和平衡車公司。通過小米的零售渠道，這些公司在去年為小米創造了200億元（大約3.16億美元）以上的營收。相比之下，小米本身的營收在2017年的前10個月就已經超過了1000億元。
Shen Meng, director of boutique investment bank Chanson & Co, said although 20 billion yuan is only a fraction of Xiaomi"s total revenue at the moment, that proportion is expected to become increasingly larger in the coming years as more home appliances are internet-connected.
精品投資銀行香頌資本的董事沈夢(音)談到，儘管目前200億元只是小米總營收的一小部分，但隨著更多的家用電器接入互聯網，這一比例在未來幾年將變得越來越大。
"Xiaomi has become a very productive investor, reshaping its image from just a smartphone vendor into something like Muji in the Chinese IT industry," Shen said. Muji is a Japanese retail company that sells a wide variety of household and consumer goods.
沈說：「Xiaomi已經成為一個非常富有成效的投資者，將自己的形象從一個智能手機廠商重塑成中國IT行業的無印良品。」無印良品是日本一個銷售各種家用消費品零售公司。
By the end of last year, Xiaomi said it had over 85 million electronic devices connected to its internet of things platform, with 10 million of them in daily active use. But as these companies both thrive and depend on Xiaomi"s investment, user base, brand image and retailing channels, some of them are eager to become more independent.
到去年年底，小米表示，有超過8500萬的電子設備連接到它的物聯網平台，其中有超過1000萬的日常活躍用戶。但隨著這些企業茁壯成長，他們也越來越依賴於小米的投資，用戶基礎，品牌形象和零售渠道。這些企業中的一部分渴望變得更加獨立。
Huami, a company that makes Xiaomi"s wearable bands and smart watches, for instance, recently filed an IPO application with the United States Securities and Exchange Commission. Huami"s filing shows that more than 80 percent of its revenue is generated via Xiaomi.
例如，華米公司-一家生產小米可穿戴智能手環和智能手錶的公司，最近就向美國證券交易委員會提出了上市申請。華米提交的文件顯示，其超過80%的營收均需藉助小米。
Shen said: "Xiaomi is both a big client and an important investor in Huami. Xiaomi"s double roles in the company will make Huami less appealing to investors. They might have doubts about the fact Huami can easily transfer its profits to Xiaomi and harm their interests."
沈說：「小米是華米的一個大客戶，也是華米的重要投資者。小米在華米的雙重角色將降低華米對其他投資者的吸引力。他們甚至將會懷疑華米會很容易的將其利潤轉移到小米，進而損害了其他投資者。」
Xiang Ligang, CEO of telecoms industry website Cctime, said: "The global smartphone industry is slowing down, and the sprawling internet of things market is the future, especially given the commercial application of 5G.
向麗剛（音），電信行業網站飛象網的首席執行官，說：「全球智能手機行業增長放緩，而不斷發展物聯網市場才是未來，特別是在考慮到5G的商業應用之後。」
"Xiaomi has already had an early start, but it will be challenging to maintain its relationships with the companies it has invested in. After all, most of them will want to establish their own brands and have greater autonomy once they get big."
「小米在這方面布局較早，但是維繫它與其投資的公司之間的關係將是一個巨大的挑戰。畢竟一旦做大，他們大多數人就會想建立自己的品牌，有更大的自主權。」
Related story:相關的故事：
Huami public float to net $120m by Ma Si from China Daily
據《中國日報》記者馬思（音）的報道，華米的市值大約為1.2億美元。
Huami Corp, a Chinese manufacturer of wearable devices backed by Xiaomi Corp, plans to raise up to $120 million in total proceeds from an initial public offering in the United States.
獲得小米公司支持的中國可穿戴設備製造商華米計劃從美國首次公開發行中籌集至多1.2億美元的資金。
The Hefei, Anhui province- based company said in a filing with the US Securities and Exchange Commission that it aims to offer 10 million American depositary shares in an indicative price range of $10 to $12 apiece.
總部位於安徽合肥的華米公司在提交給美國證券交易委員會的一份文件中稱，其目標是提供1000萬股，價格區間在10美元至12美元的美國存托憑證股票。
Huami, founded in 2013, makes Chinese smartphone maker Xiaomi"s Mi smart wrist band, and also designs and manufactures smart wearable products under the brand Amazfit.
成立於2013的華米公司製造了中國智能手機廠商小米的智能手環，。除此之外，他們也設計並製造智能可穿戴產品，這一產品使用了他們的自主品牌Amazfit。
The company reported a profit of 95.4 million yuan ($15.1 million) for the nine months ended Sept 30, 2017, following a loss of 19.1 million yuan the year before. Its revenue for the period jumped 37 percent to 1.3 billion yuan.
該公司的公報顯示，截至2017年9月30日，其在9個月里實現了9540萬元(合1510萬美元)利潤收入。而此前一年，該公司虧損了1910萬元。華米當季的營收也順勢增長了37%，達到13億元。
Xiaomi is the biggest client and distribution channel for Huaimi"s products, accounting for 82.4 percent of its sales in the first nine months of 2017. Meanwhile, two companies affiliated with Lei Jun, Xiaomi"s founder and CEO, hold 39.7 percent of Huami"s shares. In comparison, Huang Wang, Huami CEO, owns 39.4 percent of the company.
小米是華米產品最大的客戶和銷售渠道。在2017年前9個月的銷售額中，小米獨佔82.4%。同時，兩家隸屬於小米的創始人和首席執行官雷軍的公司，持有華米39.7%的股份。相比之下，華米的首席執行官——黃望（音），持有公司39.4%的股份。
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