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Florence Eid-Oakden

沙特阿美上市计划搁浅 背后原因到底有哪些?

Florence Eid-Oakden 09月11日

Arabia Monitor阿拉伯观察创始人及首席经济学家

最近一个大新闻是沙特阿美上市计划的搁浅,并且继欧佩克会议以及美国要求增加原油产量的压力,沙特已开始增产原油。
原油产量在7月达1029万桶/日,6月产量为1049万桶/日,两月产量相差20万桶/日。这很大程度上归因于夏天期间国内需求的增长,以及缺少一定数量的买方。沙特政府解释为“没有看到对原油的需求如早前预计的那样高”,且不想冒风险将原油市场推入过度供给的困境。
很明显,沙特正准备好继续生产更多原油,并且考虑到对伊朗的重新制裁看似正在加速,他们很可能正对此认真考虑中。
沙特阿美上市一直以来是市场中的重要话题。阿拉伯观察首席经济学家Florence Eid-Oakden博士谈到:“我一直以来提到,我觉得......
Doug Young

IPOs: BeiGene, China Tower IPOs Fail to Excite in HK

Doug Young 08月10日

财新传媒英文部编辑

Bottom line: Lackluster debuts for two of this year's largest China IPOs in Hong Kong points to a cresting of the current new listing wave, with sentiment starting to wane as investor appetite for new choices gets satisfied.
Two of the year's biggest China IPOs have formally launched in Hong Kong this week, each with a different story and accompanying moral to tell. The larger of those, and the world's largest IPO in the last two years, has seen state-run cellular tower operator China Tower (HKEx: 0788) raise nearly $8 billion, while the second has seen biotech firm BeiGene (H......
Doug Young

IPOs: Xiaomi Fizzles in Debut, But What’s Next?

Doug Young 07月09日

财新传媒英文部编辑

Bottom line: Xiaomi's stock is likely to be volatile over the next year and could move broadly downward as investors wait to see if the company's comeback has legs and it can move into higher-end products.
Smartphone maker Xiaomi (HKEx: 1810) seems to have become the proverbial lead zepplyn sinking further and further into the mire as it finally made its trading debut in Hong Kong. The company has been dogged by skepticism almost since the get-go of its blockbuster IPO, which ended this morning here in Asia with the stock's official trading debut. The question from here now be......
Doug Young

IPOs: Xiaomi Growth Charms, Losses Alarm

Doug Young 05月04日

财新传媒英文部编辑

Bottom line: Xiaomi is hoping to attract investors to its IPO through its recent strong revenue growth, but it could still be years before it becomes profitable due to heavy reliance on low-end, low-margin products.
Everyone is fawning over the newly released IPO prospectus from Xiaomi, the smartphone maker that is aiming to make what's likely to be the biggest listing of all time by a company from its class. Most eyes seem to be focused on the company's top line, headlined by revenue that grew 67.5 percent last year. But from my perspective, the picture isn't all that attract......
Doug Young

IPOs: China Biotechs Abandon New York for Hong Kong

Doug Young 04月27日

财新传媒英文部编辑

Bottom line: Two biotech firms' abandonment of New York IPOs for Hong Kong is part of a broader trend to make Hong Kong and China more competitive for high-growth startups, and could ultimately boost valuations in all three markets.
We'll take a break from all the trade war talk as we close out the week and instead turn to another major development taking place in Hong Kong, where the local stock exchange has just rolled out some reforms with major implications for high-growth startups. Those reforms have reportedly netted a couple of biotech firms that were originally planning to......
村夫日记

研讨会:医院IPO的趋势和实务

村夫日记 03月26日

Latitude Health是一家为大健康领域投资者和从业者提供咨询的机构

随着医院市场投资的持续升温,大量行业外资本涌入。但医院投资的复杂性和长期性也困扰着投资者,其中尤以投资的退出通道更为引人关注。长期以来,香港股市一直是中国内地医院的主要退出通道,A股市场虽然估值更高,但监管方对于医疗服务机构的要求也较为严格,增加了医院上市的难度。
为了更好的理解医院IPO的趋势,也为投资者提供更有价值的分析框架,医疗战略咨询公司Latitude Health联合国药资本共同举办小型研讨会——《医院IPO的趋势和实务》,此次研讨会主要讨论医院IPO目前的形势和未来的趋势,将邀请康宁医院和凤凰医疗这两家早期在香港上市的公司来分享相关主题,也邀请著名投行中信证券和在IPO领域有着丰富经验并熟知发......
Doug Young

IPOs: iQiyi, Bilibili Juice Up Fund-Raising Targets

Doug Young 03月19日

财新传媒英文部编辑

Bottom line: iQiyi and Bilibili should price near the top of their higher IPO price ranges, as each benefits from strong investor sentiment fueled by their unique offerings and a potential new plan to concurrently list their shares in China. 
Anyone who was worried that a regulatory crackdown on fintechs late last year might dampen broader enthusiasm for Chinese stocks can relax. That's my key takeaway from the latest headlines, which show that two non-fintech Internet firms are experiencing stronger-than-expected demand for their upcoming listings in New York.
Leading that ......
Doug Young
Bottom line: A new plan allowing offshore listed Chinese firms like Alibaba and Tencent to make secondary listings at home appears to have momentum and could stand a better than 50 percent chance of success.
A mix of politics and business is in the air this week, as the annual National People's Congress takes place in Beijing, including a concurrent gathering of business leaders who advise the nation's legislature. Those leaders include most of the country's leading high-tech CEOs, who are all getting peppered with questions about whether they would re-list at home if given th......
Doug Young

IPOs: Sogou Makes It to Market, But Will It Excite?

Doug Young 11月10日

财新传媒英文部编辑

Bottom line: Sogou is unlikely to shed its position as a second-tier search engine anytime soon, despite its ties to Tencent ties, and its stock is also unlikely to be a strong performer over the next 2-3 years.
Sogou pops on debut, but will it hold?
After writing about up-and-coming hot new names like Qudian (NYSE: QD) and ZhongAn Insurance (HKEx: 6060) making blockbuster IPOs over these last few weeks, it feels a bit like going back to the future by writing today about a new listing for search engine Sogou (NYSE: SOGO). The fact of the matter is that ......
Doug Young
Bottom line: The strong debut for Rise Education reflects good investor appetite for new China concept stocks in New York, which should bode well for a new listing by Jianpu and could also buoy iClick.
Jianpu, iClick file for NY listings
The IPO floodgates are opening wider following the hugely successful listings of microlender Qudian (NYSE: QD) in New York last week and the Hong Kong listing of online insurance provider ZhongAn (HKEx: 6060) shortly before that. Those two nice debuts may be partly behind an equally impressive launch for Rise (Nasd......
郝智伟
俗话说:“大道朝天,各走一边。”不过,在网文世界里,最近,它有了礼貌而不失豪气的变异:“大道朝天,各持一剑。”
这是网文大神猫腻新书《大道朝天》的世界观。在国庆后的预热中,起点中文网微博抽奖送福利,QQ阅读限期免费,起点读书预约新书解锁书名等,将该书百度指数快速拉升至20000以上……继《庆余年》、《将夜》、《择天记》之后,这位“最文青”胖哥哥,又一次让万千迷弟、迷妹们High起来,如此挠人心,才是“老司机”带节奏。
的确,对于“网文梦工厂”阅文集团而言,这样树立明星作者,打造明星作品,一切都轻车熟路。作为发掘猫腻的平台,它不仅要让那些......
Doug Young
Bottom line: A periodic window of IPOs that opens every 2-3 years is taking shape, with fintechs and other new categories like online literature likely to do well, while older concepts  like e-commerce could struggle for attention.
New window opens for Chinese IPOs
My long-predicted IPO floodgate has finally burst, with no less than four major offerings in the headlines as we go into the new week. The new offerings I'm referring to involve two in the US, one for fintech startup Ppdai and another that has been talked about forever for Sogou, the search engine ......
Doug Young
Bottom line: China Reading's IPO should be well received when it launches its road show as soon next week, and the shares should price and debut strongly on its good profit margins and growth prospects.
China Reading set to launch IPO road show
Another hot IPO with ties to one of China's leading Internet firms is nearing the starting line, with word that the highly anticipated listing for Tencent's (HKEx: 700) online literature unit is finally going to kick off shortly. That means we will finally get to see some financials for China Reading, whose pla......
Doug Young
Bottom line: ZhongAn should perform reasonably well over the short- to medium-term by drawing on its big-name investors for business, but faces uncertainty due to an untested business model.
ZhongAn banks on online insurance
There's not a ton to say about the year's first blockbuster IPO from the fintech realm, since it really went pretty much according to plan. I'm talking about the just-concluded listing for online-only insurance startup ZhongAn Online Property & Casualty Insurance, which was almost guaranteed a strong debut when its shares began trading yeste......
Doug Young
Bottom line: A flurry of IPOs for offshore Chinese tech firms marks the start of an upcycle following a three year lull, with fintechs likely to be the top stars.
Secoo fizzles in trading debut
After a relatively boring first eight months of the year, the IPO market has suddenly come to life with a flurry of offerings that are turning in a mixed performance. E-commerce seems to be a bit passe, though you would never guess that based on the recent run-up in the stock of sector lead Alibaba's (NYSE: BABA) stock. Meantime, a small-ish biotech offering has wowed investors,......
郝智伟
​新加坡人也成了“乡巴佬”,见识到金融科技(Fintech)在中国的崛起,新加坡总理李显龙形容道。为此,他要求当地金融发展局加速“补课”,以保证其“智慧国”战略的落地。
同样需要补这课的,还有国内那些心心念念要上市的企业。统计显示,2017年以来,有52家企业IPO(Initial Public Offerings,首次公开募股)被否,数量超前4年总和。其中,制造型企业居多,主因是证监会质疑它们持续盈利的能力,本质在于很多公司的“应收账款”增长过快,或者占营收比例较大。
按彭博社统计,仅国内上市公司,应收帐款总额就达3.89万亿元,两年内增长23%,一家典型中国公司收回销售款项(帐期)平均需83......
Doug Young
Bottom line: Best Inc is likely to make its New York IPO in the next two weeks, but its shares will price in the middle of their range and debut weakly due to stiff competition in the logistics sector.
Best Inc. raises IPO target
It's been a quiet year so far for major Chinese IPOs in New York, but all that looks set to change soon with several major offerings coming down the pipeline. One of those is in the headlines as we head into the end of August, with word that Best Inc, also known as Best Logistics, is driving towards a New York offering that will raise up to $1......
Doug Young
Bottom line: Sohu's plan to list its Sogou search unit has a 50-50 chance of happening this year, while AirMedia's 2-year-old privatization plan is likely to close within that period.
Sohu talks IPO for Sogou -- again
A couple of IPOs are in the headlines as we head into the new week, led by an often-discussed offering by perennial third-place search engine Sogou, which is co-owned by Internet titan Tencent (HKEx: 700) and second-rate portal Sohu (Nasdaq: SOHU). At the same time, another second-rate company, AirMedia (Nasdaq: AMCN), has sla......
Doug Young
Bottom line: Best Inc.'s IPO is likely to price and debut weakly due to its loss-making status and concerns about China's economy, which could also weigh on an upcoming flurry of fintech offerings in Hong Kong and New York.
Best Inc loads up logistics IPO
After waiting months for this year's first major New York IPO by a Chinese company, I was surprised to read the distinction looks set to go to a logistics firm backed by e-commerce giant Alibaba (NYSE: BABA). In this case the winner in this race to the IPO gate appears to be a company called Best Inc......
面包财经

拉夏贝尔再战A股IPO 港股却早已破发

面包财经 06月09日

见微知著,把财报剖开给你看。

日前,有中国ZARA之称的女装品牌拉夏贝尔(La Chapelle)披露招股书,在登陆港股市场两年多后,又将目光瞄准了A股市场,并打算将募集资金主要用做门店扩张。
招股书显示,向社会公开发行不超过5477万股,募集资金约16.4亿元,其中,用作零售网络扩展建设项目的资金有 15.56 亿元,占到 95%,剩余0.84亿元投入新零售信息系统。目前,拉夏贝尔在中国内地拥有约 8900 个零售网点,公司表示在未来三年里还将新开3000 个零售网点。
近几年,受到消费增速放缓及线上渠道的刺激,实体零售行业整体低迷,甚至陷入关门潮。
美特斯邦威在业绩下滑后,三年内关闭了1000多家门店。
今年年初在A股上市的服装品牌太平鸟,上市后首份年报出现......

精彩评论

陈酿老久 实朴

原文:还乡琐记:草木叩门 生活继续

吴春波H-R “乡田同井,出入相望,守望互助,疾病相持”,已成追忆。

原文:还乡琐记:草木叩门 生活继续

小胖子真不瘦 风口浪尖上的传奇人物!如果你就这样被打败,那你就真的太失败了,但是我相信你不是这种人,期待你东山再起的那天。

原文:回来吧,贾跃亭

lulud 创业英雄还是欺诈惯犯

原文:回来吧,贾跃亭

zhangmingxiao 川普执政一百多天,初见端倪

原文:商人治国成笑柄

孙越 史上有很多传奇,更有很多英雄,他们的死彰显生命的价值。

原文:对外侦察局的掏心猎手

zhangmingxiao 这个不是一起超售事件,是美联航因为内部员工需要乘坐飞机,旅客满员的情况下利用超售这个工具来达到赶下旅客的目的。

原文:美联航赶乘客下飞机 资深机长告诉你是否违规

郭杰群 在美国,地产开发商将出售资产所得在一定期限内进行类似房产的再投资可以享受一定的免税条款。这在我国当前还不具备,因此在一定程度上制约了地产商的能动性。

原文:REIT的海外发展及启示

Lypsey3543 “据个人了解,中国一线城市住宅投资收益率不会高于3,美国可以达到6。”作者这里说的应是租金收益率。首先,因(特大)人口增长加速,在新兴市场投资房产,主要看资本利得,动态租金收益要会延后实现,静态比较同期没有太大意义。其次,物业年均持有成本,纽约和中国一线城市不可比。第三,纽约和曼哈顿是两个概念。离开曼岛,租金中位数值完全是不是一个档次。而中国一线城市的租金上涨范围更大。因为仍处于成长期。总体而言,虽然在中美两国都投资的是房产,但从收益分布特征和波动率来说,完全可以看作是差别极大的两类资产。就如同高等级债券和蓝筹股票,横比收益没有意义,因为后者大幅超越。归根结底更可能是风险偏好异质性(含Demographic factors)和经济周期所处阶段决定了投资者更偏爱哪一类。

原文:2017年美国房地产市场展望——美国市场、中国视角

王争春 价格和土地供给的问题,我们慢慢谈。市场有垄断市场、寡头市场和竞争市场,定价规则自然有差异。

原文:面对房价,教科书自焚吗?经济规律笑了

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