Tuesday, January 13, 2015 8:01:15 PM
Bloomberg reported that PC and mobile manufacturer Lenovo Group (992.HK/LNVGY) may take its new mobile device unit Shenqi, meaning magical in Chinese, public, after Shenqi starts selling smartphones and Internet connected household devices under its own brand in April. Shenqi could be worth “a couple of billion dollars,” according to Lenovo CEO Yang Yuanqing.
Just like Xiaomi, a four-year-old mobile start-up that is now worth more than $46 billion, Shenqi will sell its products online directly to consumers. Direct sales e-commerce will help Shenqi’s operating margins. Marketing expenses normally cost 6-12% of revenue for traditional smartphone manufacturers, reckons J.P. Morgan.
According to Yang, Shenqi will not only smell smartphones, but Internet of Things, a hot topic at the Consumer Electronics Show in Las Vegas this year.
And there is valuation. Young mobile start-ups are worth a lot more. At $46 billion valuation, Xiaomi was worth 3.8 times historical sales, more expensive than Apple‘s (AAPL) 3.5 times. Lenovo, still mainly a PC company, is valued at only 0.3 times sales. Lack of industry growth is the culprit. Global PC shipments rose by only 1% year-on-year in the fourth-quarter, or fell 2.4%, depending on the surveyor.
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