The story of the sweeping robot is approaching an inflection point.
The capital that had been swarming began to disperse.
On January 15, Stone Technology issued an announcement that shareholders Shunwei, Tianjin Jinmi, and natural person Ding Di intend to reduce their total holdings of no more than 9.5% of the company's shares through centralized bidding, block transactions or inquiries.
According to the latest closing price, the funds involved in this reduction are about 2.65 billion yuan. For Stone Technology, whose stock price is weak, this reduction has undoubtedly brought great pressure to the company's stock price.
It is reported that Shunwei Capital is an investment company under Lei Jun, and Tianjin Jinmi is also a company controlled by Xiaomi. Dindi is an angel investor and founding partner of Stone Technology, and her husband, Hu Zemin, also served as a director of Stone Technology, but he exited in March 2016.
Does this move mean that Lei Jun will "untie" with Stone Technology?
Kanjian Finance believes that the large reduction of Lei Jun and Ding Di this time is enough to show the attitude.
According to the data, before the reduction, Shunwei Capital held 8.178 million shares of Stone Technology, accounting for 8.73% of the total share capital of Stone Technology; Tianjin Jinmi holds 6.429 million shares of Stone Technology, accounting for 6.86% of the total share capital of Stone Technology; Dindi holds 5,197,600 shares of Stone Technology, accounting for 5.55% of the total share capital of Stone Technology.
At present, the three companies hold a total of 20.96% of the shares of Stone Technology, if the full reduction is completed, then Shunwei Capital, Tianjin Jinmi, Ding Di total holding of Stone Technology shares still exceeds 10%, if the reduction is completed after the continuation of the reduction, then Stone Technology in the medium term, I am afraid that there will be a next step.
In fact, when Stone Technology went public in 2021, because of the relationship between Xiaomi's OEM sweeping robot and Lei Jun's investment, Stone Technology was labeled as "Xiaomi series". At the beginning of the listing. Lei Jun and his affiliates hold a total of 24.7% of the shares of Stone Technology, making him the largest shareholder besides founder Changjing.
With the blessing of Lei Jun and capital, Stone Technology has become a technological myth in the capital market, and the stock price once hit a high of 1064.88 yuan. However, the capital market changed rapidly, and in the second half of 2021, with the correction of white horse stocks, Stone Technology also began to enter the adjustment cycle.
After entering 2022, the story of sweeping robots began to cool in the capital market, and Stone Technology began to accelerate its decline, with the decline of Stone Technology reaching 57.23% in just one year.
According to the data, as early as 2022, Lei Jun's two companies and Dindi disclosed a reduction plan, but in the end only reduced its stake in Stone Technology by 0.09%. According to past experience, the probability of a full reduction does not seem to be very high, but compared with the issue price of 271.21 yuan of Stone Technology, the current closing price is still higher than the issue price.
So, why did Lei Jun and Ding Di throw out a large reduction plan when the stock price of Stone Technology was low? Kanjian Finance believes that there are the following four reasons:
First, the market environment has changed in the past two years, and the former sweeping robot has been cold in the capital market, and the valuation method of the company will be readjusted, so it is not a loss to choose to reduce its holdings now;
Second, the business of Stone Technology is also gradually "de-Xiaomi", from the current Internet circle, "unbinding" is a common means, Xiaomi cashing out is also reasonable;
Third, with the cooling of the consumer electronics market, the performance growth rate of stone technology is also slowing down, and the market's investment in stone technology is also returning to rationality;
Fourth, with the acceleration of Xiaomi's car manufacturing process, Xiaomi began to enter the investment harvest period to prepare sufficient funds to fight the final honor battle for Lei Jun.
On the whole, judging from the current situation, in the next two or three years, the reduction of Lei Jun and Dindi should continue, to a certain extent, the above behaviors will bring greater pressure to stone technology. However, as the stock price fell, Stone Technology's valuation also began to fall into a reasonable range, and its P/E ratio was only 24.48 times, slightly higher than the industry's P/E ratio of 19.10 times. Therefore, Kanjian Finance believes that stone technology will continue to be under pressure in the short term, but in the long run, stone technology still has corresponding growth potential.