1. 今年前4个月，中国IPO融资额占全球的53%

2. 银行业动荡使美股IPO复苏希望破灭

3. 美股IPO融资额不足中国的1/5

文：白话华尔街丨ID：WallstreetTalk

字数：1857字，阅读时长：4分钟

图：Reuters

受美联储激进加息、地缘冲突升级以及经济衰退风险加剧等因素的影响，2022年美国IPO市场陷入停滞。进入2023年，美国股市强势反弹，然而投资者对于美股反弹的乐观情绪并没有蔓延至IPO领域。相反，利率的不断上升、居高不下的通胀，特别是3月初爆发的银行业危机进一步阻碍了美股IPO市场的复苏。

与此同时，得益于疫情影响的消退以及...

近日，Amwell申请在纽约上市，这是在Teladoc上市5年后，美国迎来第二家在线问诊公司IPO。从上市文件来看，Amwell的营收来源较为分散，为其他机构赋能而非自身平台的收入是助其做大的关键，但这也制约了其快速做大规模。虽然今年疫情大幅提升了自身平台的问诊量和收入，但这并不持久，未来主营业务仍将来源于为其他机构赋能，这也将在总体上限制增速。

由于互联网医疗在美国始终是一个2B的产业，企业和保险公司的付费模式决定了公司的增长性。会员费模式助推其营收规模快速上量，Teladoc能够在用户实际问诊次数很低的情况下就达到上...

Bottom line: Live streaming gamer DouYu should get relatively strong demand for its $500 million New York IPO, while a smaller listing plan by younger coffee specialist Luckin is likely to die on the vine.

One of the longest runs I can recall for New York IPOs by Chinese firms continues to chug ahead, with two new filings, one by live streaming game operator DouYu and the other by a high-tech Starbucks (Nasdaq: SBUX) challenger called Luckin. This particular IPO window is now rapidly creeping...

Bottom line: A slowdown in New York IPOs by Chinese firms at the start of the year was largely caused by the government shutdown, and activity could soon pick up starting with a listing by leading live broadcaster Douyu.

We'll kick off my first post of the Lunar New Year with a look at New York IPO activity in the first part of 2019, or more precisely the lack of activity for Chinese companies. If this were any other year, I would say such a silence is probably normal, since in the past the f...

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 (...

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.

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.

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...

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 ...

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 al...

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...

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 t...

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...

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 ...

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

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 & Casua...

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 s...

​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...

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 Bes...