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hithere123
2020-05-07
连投资多少都没搞清楚就写空头文章,没做好功课,打回重写!
重组后的蔚来汽车:债务问题如何承担?
hithere123
2020-02-25
$蔚来(NIO)$
安徽领导好眼光,蔚来落户合肥,尤如当年阿里巴巴落户杭州。蔚来未来将是合肥的一张闪光的名片。
hithere123
2020-02-25
$蔚来(NIO)$
拼命抑制激动的心情![开心] [开心]
hithere123
2020-02-18
$蔚来(NIO)$
难道就没有法律去约束这样的造谣吗?
hithere123
2020-02-14
$蔚来(NIO)$
看看这些消息吧。
hithere123
2020-01-30
$蔚来(NIO)$
看特斯拉这么红火,如果中国投资机构或投资人不培养一个跟特斯拉未来能在国内平分秋色的中国电车企业,就太没有高瞻远瞩的眼光了,也没有勇气去弯道超车,去在一个潜力无限的新兴产业占一席之地。
hithere123
2020-01-27
$蔚来(NIO)$
蔚来加电!李斌加油!
hithere123
2020-01-26
$蔚来(NIO)$
越来越证明这次肺炎毒性不强,不必恐慌。随时准备加仓。
hithere123
2020-01-22
$蔚来(NIO)$
很多车主在赶来炒股的路上,而且只为蔚来而来。
hithere123
2020-01-21
$蔚来(NIO)$
现在以为就可以做空了,真是螳臂当车。在风口猪都可以飞起来,更何况蔚来这样的一条龙!
hithere123
2020-01-17
hithere123
2020-01-14
$NIO Inc.(NIO)$
欢迎特斯拉挤爆!会分一些流给蔚来。蔚来在全国来说还是有很多人没听说过,大概只有十分之三知道,这次给蔚来做了个大大的广告。特斯拉销售们会在推介时拿蔚来作比较,而潜在车主们会去试驾蔚来。强烈建议李斌以后把Nio Space开在特斯拉体验店隔壁。
hithere123
2020-01-11
$NIO Inc.(NIO)$
查了好几个不同的劵商,都显示盘后几乎没有任何变化,只有正负0.01或0.02。如果你看到任何一个劵商在周五盘后有任何大的变化,那一定是那个劵商数据搞错了,因为华尔街周五盘后从来都是无足轻重,资本大鳄们早就去泡妞或下馆子开趴体过周末去了。
hithere123
2020-01-11
$NIO Inc.(NIO)$
洗洗过周末吧,周五盘后任何交易就是个P,无论多少。华尔街大鳄们都去过周末去了,想掀风浪的都是一些苦逼的虾米,以为他们的行为可以左右下周一的开盘。
hithere123
2020-01-10
$NIO Inc.(NIO)$
写一贴,看能不能贴上。
hithere123
2020-01-10
$NIO Inc.(NIO)$
谣言满天飞,空头早吓跑了,这就是为什么做空费率飞流直下。这种有准备的撤退,还怎么涨?
去老虎APP查看更多动态
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10:03","market":"us","language":"zh","title":"重组后的蔚来汽车:债务问题如何承担?","url":"https://stock-news.laohu8.com/highlight/detail?id=1107048043","media":"财经涂鸦","summary":"国产电动车制造商$蔚来$汽车在上周宣布了与合肥地方政府的资本重组;消息发布后,公司股价迅速上涨了20%,随后下跌,最后收盘上涨10%。然而,仔细看看交易条款,就会发现对目前的ADR所有者来说,这是一笔糟糕的交易。这便引发了此次重组的一个明显问题:公司现有的债务如何解决?薅资本主义的羊毛理论上不违法,但是在当前,美国市场对中概股严重质疑的时期进行这样的资本重组,且缺乏对债务承担的解释,不由得让人有所担心。","content":"<p><span>国产电动车制造商<a href=\"https://laohu8.com/S/NIO\">蔚来</a>汽车在上周宣布了与合肥地方政府的资本重组;消息发布后,公司股价迅速上涨了20%,随后下跌,最后收盘上涨10%。然而,仔细看看交易条款,就会发现对目前的ADR所有者来说,这是一笔糟糕的交易。</span></p>\n<p><img src=\"https://static.tigerbbs.com/e343b18fe71f9f50890a9198f09b3bc4\"></p>\n<p><span>为什么我会这么说呢,从该项公告中我提取了一些关键点:首先这是一笔70亿元的重组,蔚来投入43亿元,持有蔚来中国76%的股份,而合肥政府持有24%;表面上看合肥政府获得24%的股份,注资70亿后蔚来的总估值将达到290亿人民币,听起来是不错的消息。</span></p>\n<p><span>但别忘记,对于蔚来的ADR持有者来说,</span><span><b>最重要的一点是70亿注资中蔚来是要贡献43亿出来的,换句话说“新钱”只有27亿元,因此隐含估值只能达到113亿人民币</b></span><span>,并没有消息表面看上去那么诱人。</span></p>\n<p><span>特别是,如果我们使用更激进一些的方法来估值蔚来的总资产,考虑到蔚来的信贷循环,在注资43亿以外,蔚来仍有84亿元的债务,这笔交易最终会为每股带来的增量仅仅只有1.3美元/股。这个结果,还是我没有将公司的营运资本赤字列入的前提下,这一点无疑还将降低每股ADR的价值。</span></p>\n<p><span>这便引发了此次重组的一个明显问题:</span><span><b>公司现有的债务如何解决?</b></span><span>从蔚来的新闻稿中我们没有看到关于解决债务的说明,但是考虑到合肥政府创造就业的要求,盖厂房和构建研发技术中心等要求,</span><span><b>我有理由强烈怀疑:目前结构下的蔚来无法承担这84亿元的金融债务</b></span><span>。</span></p>\n<p><span>从本质上讲,蔚来的资产是在进行剥离,通过(将资产)转移到合肥进行资本重组,但是与此同时,公司现有的财务以及运营负债仍停留在ADR的位置,意味着将债务负担丢给外国股东和债券持有人来承担,这样的资产转移之所以能成功,</span><span><b>只是因为新进投资者只占有25%的股份不构成控制权变化</b></span><span>。</span></p>\n<p><span>薅资本主义的羊毛理论上不违法,但是在当前,美国市场对中概股严重质疑的时期进行这样的资本重组,且缺乏对债务承担的解释,不由得让人有所担心。蔚来真正棘手的市场营销烧钱问题与更低价的核心竞争力产品方面都尚未有落地的消息,即使此后在国内的融资可能相对容易了些许,但是在美股市场上的潜力是悲观的。有趣的一个猜测是,</span><span><b>蔚来私有化退市的可能性大大增加</b></span><span>,毕竟近期的股价对于蔚来而言是个可以接受的数字。</span></p>","source":"lsy1567822449048","collect":0,"html":"<!DOCTYPE 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n重组后的蔚来汽车:债务问题如何承担?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-05-07 10:03 北京时间 <a href=https://mp.weixin.qq.com/s/trg4hynsEt8ZU-uUGuPc_g><strong>财经涂鸦</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>国产电动车制造商蔚来汽车在上周宣布了与合肥地方政府的资本重组;消息发布后,公司股价迅速上涨了20%,随后下跌,最后收盘上涨10%。然而,仔细看看交易条款,就会发现对目前的ADR所有者来说,这是一笔糟糕的交易。\n\n为什么我会这么说呢,从该项公告中我提取了一些关键点:首先这是一笔70亿元的重组,蔚来投入43亿元,持有蔚来中国76%的股份,而合肥政府持有24%;表面上看合肥政府获得24%的股份,注资70...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/trg4hynsEt8ZU-uUGuPc_g\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3380231cb191ca9bea37a0c70765537d","relate_stocks":{"NIO":"蔚来"},"source_url":"https://mp.weixin.qq.com/s/trg4hynsEt8ZU-uUGuPc_g","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107048043","content_text":"国产电动车制造商蔚来汽车在上周宣布了与合肥地方政府的资本重组;消息发布后,公司股价迅速上涨了20%,随后下跌,最后收盘上涨10%。然而,仔细看看交易条款,就会发现对目前的ADR所有者来说,这是一笔糟糕的交易。\n\n为什么我会这么说呢,从该项公告中我提取了一些关键点:首先这是一笔70亿元的重组,蔚来投入43亿元,持有蔚来中国76%的股份,而合肥政府持有24%;表面上看合肥政府获得24%的股份,注资70亿后蔚来的总估值将达到290亿人民币,听起来是不错的消息。\n但别忘记,对于蔚来的ADR持有者来说,最重要的一点是70亿注资中蔚来是要贡献43亿出来的,换句话说“新钱”只有27亿元,因此隐含估值只能达到113亿人民币,并没有消息表面看上去那么诱人。\n特别是,如果我们使用更激进一些的方法来估值蔚来的总资产,考虑到蔚来的信贷循环,在注资43亿以外,蔚来仍有84亿元的债务,这笔交易最终会为每股带来的增量仅仅只有1.3美元/股。这个结果,还是我没有将公司的营运资本赤字列入的前提下,这一点无疑还将降低每股ADR的价值。\n这便引发了此次重组的一个明显问题:公司现有的债务如何解决?从蔚来的新闻稿中我们没有看到关于解决债务的说明,但是考虑到合肥政府创造就业的要求,盖厂房和构建研发技术中心等要求,我有理由强烈怀疑:目前结构下的蔚来无法承担这84亿元的金融债务。\n从本质上讲,蔚来的资产是在进行剥离,通过(将资产)转移到合肥进行资本重组,但是与此同时,公司现有的财务以及运营负债仍停留在ADR的位置,意味着将债务负担丢给外国股东和债券持有人来承担,这样的资产转移之所以能成功,只是因为新进投资者只占有25%的股份不构成控制权变化。\n薅资本主义的羊毛理论上不违法,但是在当前,美国市场对中概股严重质疑的时期进行这样的资本重组,且缺乏对债务承担的解释,不由得让人有所担心。蔚来真正棘手的市场营销烧钱问题与更低价的核心竞争力产品方面都尚未有落地的消息,即使此后在国内的融资可能相对容易了些许,但是在美股市场上的潜力是悲观的。有趣的一个猜测是,蔚来私有化退市的可能性大大增加,毕竟近期的股价对于蔚来而言是个可以接受的数字。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":980459604,"gmtCreate":1582604835108,"gmtModify":1704346922662,"author":{"id":"3541650391126182","authorId":"3541650391126182","name":"hithere123","avatar":"https://static.tigerbbs.com/9d8db3fa4742e0a960e02612835293ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3541650391126182","authorIdStr":"3541650391126182"},"themes":[],"htmlText":"<a 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href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a> 查了好几个不同的劵商,都显示盘后几乎没有任何变化,只有正负0.01或0.02。如果你看到任何一个劵商在周五盘后有任何大的变化,那一定是那个劵商数据搞错了,因为华尔街周五盘后从来都是无足轻重,资本大鳄们早就去泡妞或下馆子开趴体过周末去了。","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a> 查了好几个不同的劵商,都显示盘后几乎没有任何变化,只有正负0.01或0.02。如果你看到任何一个劵商在周五盘后有任何大的变化,那一定是那个劵商数据搞错了,因为华尔街周五盘后从来都是无足轻重,资本大鳄们早就去泡妞或下馆子开趴体过周末去了。","text":"$NIO Inc.(NIO)$ 查了好几个不同的劵商,都显示盘后几乎没有任何变化,只有正负0.01或0.02。如果你看到任何一个劵商在周五盘后有任何大的变化,那一定是那个劵商数据搞错了,因为华尔街周五盘后从来都是无足轻重,资本大鳄们早就去泡妞或下馆子开趴体过周末去了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/918133923","isVote":1,"tweetType":1,"viewCount":2174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":912110154,"gmtCreate":1580104686478,"gmtModify":1704340794359,"author":{"id":"3541650391126182","authorId":"3541650391126182","name":"hithere123","avatar":"https://static.tigerbbs.com/9d8db3fa4742e0a960e02612835293ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3541650391126182","authorIdStr":"3541650391126182"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a> 蔚来加电!李斌加油!","listText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a> 蔚来加电!李斌加油!","text":"$蔚来(NIO)$ 蔚来加电!李斌加油!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/912110154","isVote":1,"tweetType":1,"viewCount":1143,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":916229601,"gmtCreate":1579593461703,"gmtModify":1704339920657,"author":{"id":"3541650391126182","authorId":"3541650391126182","name":"hithere123","avatar":"https://static.tigerbbs.com/9d8db3fa4742e0a960e02612835293ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3541650391126182","authorIdStr":"3541650391126182"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a> 现在以为就可以做空了,真是螳臂当车。在风口猪都可以飞起来,更何况蔚来这样的一条龙!","listText":"<a href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a> 现在以为就可以做空了,真是螳臂当车。在风口猪都可以飞起来,更何况蔚来这样的一条龙!","text":"$蔚来(NIO)$ 现在以为就可以做空了,真是螳臂当车。在风口猪都可以飞起来,更何况蔚来这样的一条龙!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/916229601","isVote":1,"tweetType":1,"viewCount":870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":918951398,"gmtCreate":1578620612614,"gmtModify":1704337975088,"author":{"id":"3541650391126182","authorId":"3541650391126182","name":"hithere123","avatar":"https://static.tigerbbs.com/9d8db3fa4742e0a960e02612835293ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3541650391126182","authorIdStr":"3541650391126182"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a> 写一贴,看能不能贴上。","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a> 写一贴,看能不能贴上。","text":"$NIO Inc.(NIO)$ 写一贴,看能不能贴上。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/918951398","isVote":1,"tweetType":1,"viewCount":343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":918139367,"gmtCreate":1578703307059,"gmtModify":1704338159946,"author":{"id":"3541650391126182","authorId":"3541650391126182","name":"hithere123","avatar":"https://static.tigerbbs.com/9d8db3fa4742e0a960e02612835293ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3541650391126182","authorIdStr":"3541650391126182"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a> 洗洗过周末吧,周五盘后任何交易就是个P,无论多少。华尔街大鳄们都去过周末去了,想掀风浪的都是一些苦逼的虾米,以为他们的行为可以左右下周一的开盘。","listText":"<a href=\"https://laohu8.com/S/NIO\">$NIO Inc.(NIO)$</a> 洗洗过周末吧,周五盘后任何交易就是个P,无论多少。华尔街大鳄们都去过周末去了,想掀风浪的都是一些苦逼的虾米,以为他们的行为可以左右下周一的开盘。","text":"$NIO Inc.(NIO)$ 洗洗过周末吧,周五盘后任何交易就是个P,无论多少。华尔街大鳄们都去过周末去了,想掀风浪的都是一些苦逼的虾米,以为他们的行为可以左右下周一的开盘。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/918139367","isVote":1,"tweetType":1,"viewCount":276,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":927829466,"gmtCreate":1588829372655,"gmtModify":1704178555028,"author":{"id":"3541650391126182","authorId":"3541650391126182","name":"hithere123","avatar":"https://static.tigerbbs.com/9d8db3fa4742e0a960e02612835293ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3541650391126182","authorIdStr":"3541650391126182"},"themes":[],"htmlText":"连投资多少都没搞清楚就写空头文章,没做好功课,打回重写!","listText":"连投资多少都没搞清楚就写空头文章,没做好功课,打回重写!","text":"连投资多少都没搞清楚就写空头文章,没做好功课,打回重写!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/927829466","repostId":"1107048043","repostType":2,"repost":{"id":"1107048043","kind":"news","pubTimestamp":1588817031,"share":"https://www.laohu8.com/m/news/1107048043?lang=&edition=full","pubTime":"2020-05-07 10:03","market":"us","language":"zh","title":"重组后的蔚来汽车:债务问题如何承担?","url":"https://stock-news.laohu8.com/highlight/detail?id=1107048043","media":"财经涂鸦","summary":"国产电动车制造商$蔚来$汽车在上周宣布了与合肥地方政府的资本重组;消息发布后,公司股价迅速上涨了20%,随后下跌,最后收盘上涨10%。然而,仔细看看交易条款,就会发现对目前的ADR所有者来说,这是一笔糟糕的交易。这便引发了此次重组的一个明显问题:公司现有的债务如何解决?薅资本主义的羊毛理论上不违法,但是在当前,美国市场对中概股严重质疑的时期进行这样的资本重组,且缺乏对债务承担的解释,不由得让人有所担心。","content":"<p><span>国产电动车制造商<a href=\"https://laohu8.com/S/NIO\">蔚来</a>汽车在上周宣布了与合肥地方政府的资本重组;消息发布后,公司股价迅速上涨了20%,随后下跌,最后收盘上涨10%。然而,仔细看看交易条款,就会发现对目前的ADR所有者来说,这是一笔糟糕的交易。</span></p>\n<p><img src=\"https://static.tigerbbs.com/e343b18fe71f9f50890a9198f09b3bc4\"></p>\n<p><span>为什么我会这么说呢,从该项公告中我提取了一些关键点:首先这是一笔70亿元的重组,蔚来投入43亿元,持有蔚来中国76%的股份,而合肥政府持有24%;表面上看合肥政府获得24%的股份,注资70亿后蔚来的总估值将达到290亿人民币,听起来是不错的消息。</span></p>\n<p><span>但别忘记,对于蔚来的ADR持有者来说,</span><span><b>最重要的一点是70亿注资中蔚来是要贡献43亿出来的,换句话说“新钱”只有27亿元,因此隐含估值只能达到113亿人民币</b></span><span>,并没有消息表面看上去那么诱人。</span></p>\n<p><span>特别是,如果我们使用更激进一些的方法来估值蔚来的总资产,考虑到蔚来的信贷循环,在注资43亿以外,蔚来仍有84亿元的债务,这笔交易最终会为每股带来的增量仅仅只有1.3美元/股。这个结果,还是我没有将公司的营运资本赤字列入的前提下,这一点无疑还将降低每股ADR的价值。</span></p>\n<p><span>这便引发了此次重组的一个明显问题:</span><span><b>公司现有的债务如何解决?</b></span><span>从蔚来的新闻稿中我们没有看到关于解决债务的说明,但是考虑到合肥政府创造就业的要求,盖厂房和构建研发技术中心等要求,</span><span><b>我有理由强烈怀疑:目前结构下的蔚来无法承担这84亿元的金融债务</b></span><span>。</span></p>\n<p><span>从本质上讲,蔚来的资产是在进行剥离,通过(将资产)转移到合肥进行资本重组,但是与此同时,公司现有的财务以及运营负债仍停留在ADR的位置,意味着将债务负担丢给外国股东和债券持有人来承担,这样的资产转移之所以能成功,</span><span><b>只是因为新进投资者只占有25%的股份不构成控制权变化</b></span><span>。</span></p>\n<p><span>薅资本主义的羊毛理论上不违法,但是在当前,美国市场对中概股严重质疑的时期进行这样的资本重组,且缺乏对债务承担的解释,不由得让人有所担心。蔚来真正棘手的市场营销烧钱问题与更低价的核心竞争力产品方面都尚未有落地的消息,即使此后在国内的融资可能相对容易了些许,但是在美股市场上的潜力是悲观的。有趣的一个猜测是,</span><span><b>蔚来私有化退市的可能性大大增加</b></span><span>,毕竟近期的股价对于蔚来而言是个可以接受的数字。</span></p>","source":"lsy1567822449048","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>重组后的蔚来汽车:债务问题如何承担?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n重组后的蔚来汽车:债务问题如何承担?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-05-07 10:03 北京时间 <a href=https://mp.weixin.qq.com/s/trg4hynsEt8ZU-uUGuPc_g><strong>财经涂鸦</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>国产电动车制造商蔚来汽车在上周宣布了与合肥地方政府的资本重组;消息发布后,公司股价迅速上涨了20%,随后下跌,最后收盘上涨10%。然而,仔细看看交易条款,就会发现对目前的ADR所有者来说,这是一笔糟糕的交易。\n\n为什么我会这么说呢,从该项公告中我提取了一些关键点:首先这是一笔70亿元的重组,蔚来投入43亿元,持有蔚来中国76%的股份,而合肥政府持有24%;表面上看合肥政府获得24%的股份,注资70...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/trg4hynsEt8ZU-uUGuPc_g\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3380231cb191ca9bea37a0c70765537d","relate_stocks":{"NIO":"蔚来"},"source_url":"https://mp.weixin.qq.com/s/trg4hynsEt8ZU-uUGuPc_g","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107048043","content_text":"国产电动车制造商蔚来汽车在上周宣布了与合肥地方政府的资本重组;消息发布后,公司股价迅速上涨了20%,随后下跌,最后收盘上涨10%。然而,仔细看看交易条款,就会发现对目前的ADR所有者来说,这是一笔糟糕的交易。\n\n为什么我会这么说呢,从该项公告中我提取了一些关键点:首先这是一笔70亿元的重组,蔚来投入43亿元,持有蔚来中国76%的股份,而合肥政府持有24%;表面上看合肥政府获得24%的股份,注资70亿后蔚来的总估值将达到290亿人民币,听起来是不错的消息。\n但别忘记,对于蔚来的ADR持有者来说,最重要的一点是70亿注资中蔚来是要贡献43亿出来的,换句话说“新钱”只有27亿元,因此隐含估值只能达到113亿人民币,并没有消息表面看上去那么诱人。\n特别是,如果我们使用更激进一些的方法来估值蔚来的总资产,考虑到蔚来的信贷循环,在注资43亿以外,蔚来仍有84亿元的债务,这笔交易最终会为每股带来的增量仅仅只有1.3美元/股。这个结果,还是我没有将公司的营运资本赤字列入的前提下,这一点无疑还将降低每股ADR的价值。\n这便引发了此次重组的一个明显问题:公司现有的债务如何解决?从蔚来的新闻稿中我们没有看到关于解决债务的说明,但是考虑到合肥政府创造就业的要求,盖厂房和构建研发技术中心等要求,我有理由强烈怀疑:目前结构下的蔚来无法承担这84亿元的金融债务。\n从本质上讲,蔚来的资产是在进行剥离,通过(将资产)转移到合肥进行资本重组,但是与此同时,公司现有的财务以及运营负债仍停留在ADR的位置,意味着将债务负担丢给外国股东和债券持有人来承担,这样的资产转移之所以能成功,只是因为新进投资者只占有25%的股份不构成控制权变化。\n薅资本主义的羊毛理论上不违法,但是在当前,美国市场对中概股严重质疑的时期进行这样的资本重组,且缺乏对债务承担的解释,不由得让人有所担心。蔚来真正棘手的市场营销烧钱问题与更低价的核心竞争力产品方面都尚未有落地的消息,即使此后在国内的融资可能相对容易了些许,但是在美股市场上的潜力是悲观的。有趣的一个猜测是,蔚来私有化退市的可能性大大增加,毕竟近期的股价对于蔚来而言是个可以接受的数字。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1348,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":916383894,"gmtCreate":1579235194018,"gmtModify":1704339368084,"author":{"id":"3541650391126182","authorId":"3541650391126182","name":"hithere123","avatar":"https://static.tigerbbs.com/9d8db3fa4742e0a960e02612835293ac","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3541650391126182","authorIdStr":"3541650391126182"},"themes":[],"htmlText":"<a 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