jokershen的个人主页 - 老虎社区

jokershen

banma20180615

IP属地：四川

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5粉丝

3主题

0勋章

2022-06-30

最好的token

深度分析丨“奶茶币”与“虚拟股票”玩法背后的合规玄机

2022-02-24

错，他看懂了闭环，手机汽车闭环互联是趋势，这就是为什么小米要造车的原因

蔚来为什么敢造手机？它看穿了国产品牌的最大弱点

2021-10-29

$百世集团(BEST)$终于不装了

2021-04-24

傻狗，想蹭区块链热度，结果踩雷

宝盛科技进军加密货币市场！已购买至多1000台采矿机

2021-04-20

我自己都几十台，一个公司至于吗

抱歉，原内容已删除

2021-03-06

$特斯拉(TSLA)$都跑去买比特币了吗

2021-02-02

$阿里巴巴(BABA)$pdd成你爹了

2021-01-27

$迪士尼(DIS)$佩洛西不是买了做多期权吗

2021-01-26

$第九城市(NCTY)$比特币三年熊市开启，此股必死

2021-01-25

$RLX科技(RLX)$啥时候可以做空啊

2021-01-22

$RLX科技(RLX)$也太少了吧，懒得看

2021-01-20

$老虎证券(TIGR)$股票涨这么多，连个客服都请不起吗？

2020-10-30

别忽悠了，陆金所都敢捧

美股IPO热潮不减，这三家会是其中翘楚？

2020-10-30

$纳斯达克(.IXIC)$神经病一样

2020-09-30

草，这篇报告害惨了我

Assessing Survival Potential: Seritage Growth Properties

2020-04-30

$挪威邮轮(NCLH)$最后逃命的机会，五月开始进入

2020-04-05

$景顺抵押资本(IVR)$ 会有很多人违约贷款，这行业破产几率大

2020-04-02

狗屎运，买少了

2020-03-31

$世纪赌场(CNTY)$ 换手率太低

2020-03-26

$景顺抵押资本(IVR)$ 此股见好就收，尾盘跳水

去老虎APP查看更多动态

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22:46","market":"hk","language":"zh","title":"深度分析丨“奶茶币”与“虚拟股票”玩法背后的合规玄机","url":"https://stock-news.laohu8.com/highlight/detail?id=1133137958","media":"巴比特","summary":"“奶茶币”及“虚拟股票”的设计，本质上就是一种消费积分的玩法。","content":"<html><head></head><body><p><i>作者：肖飒法律团队</i></p><p>6月30日，某著名奶茶品牌宣布推出上市周年纪念活动，在该品牌小程序下单实付满30元可获赠30“奶茶币”。“奶茶币”不仅可以在小程序商城中兑换商品优惠券，也可兑换该奶茶品牌的“虚拟股票”，“虚拟股票”与该品牌真实的股票涨跌锚定，当该品牌真实股价上涨时，消费者可借此兑换更多的“奶茶币”，获得更多的商品优惠额度。</p><p>我们团队认为，该奶茶品牌推出的“奶茶币”及“虚拟股票”玩法，本质上就是一种消费积分的玩法，同时必须承认，该机制涉及消费代币法律性质认定争议、支付机构预付卡业务风险、网络博彩风险、有奖销售风险、非法吸收公众存款风险等众多法律争议点位和红线风险点位，整个机制的合规运行如同“刀刃上起舞”，走错一步就如临万丈深渊。飒姐团队提醒各位“后来者”，一定要了解该奶茶品牌优惠机制背后的“合规玄机”，切莫照葫芦画瓢一刀切地模仿，以免身陷囹圄。</p><p><b>一、“奶茶币”的实质是狭义的非流通式代币（Token），不受金融管理法规的规制</b></p><p>“代币（Token）”的外延要大于作为比特币上位概念的虚拟货币（Virtual currency）。最常见的（即狭义的）代币是“消费积分”或“奖励积分”，这类代币一般是商家对用户在其网站或App上消费、使用其服务、或完成特定任务后给与消费者的奖励，消费者可以使用代币获得相应的商品优惠。以国内某著名电商平台为例，消费者在付款购买商品交易成功后可以获得“积分奖励”，这种“积分奖励”就是典型的代币，消费者此后在该平台再次消费时可以使用代币冲抵现金用于付款，进而获得优惠。</p><p><b>代币依其流通性、与法定货币的兑换关系不同，大致可以分为三类：</b></p><p>第一类为双向流通式代币，即用户可用法币兑换一定面额的代币，而该代币也可以通过官方渠道兑换回一定面额的法币。比特币就是很典型的双向流通式代币。这类代币流通性最强，可以与法币进行无缝兑换，具有较高的法律风险。在我国，双向流通式代币受到《关于进一步防范和处置虚拟货币炒作风险的通知》等一系列“禁止炒币”的规范性法律文件的规制。开展该类代币与虚拟货币兑换业务、虚拟货币之间的兑换业务等相关业务均属于非法金融活动。</p><p>第二类为单向流通式代币，即用户可以用法币兑换一定面额的代币，但是该代币无法通过官方渠道兑换回法币。大厂的“企鹅币”是这类代币的典型代表。“企鹅币”可以通过法币充值获得（即可以用一定面额的法币兑换），得到的“企鹅币”可以购买大厂旗下的各类游戏道具、包月服务等商品或服务，但是无法再次通过官方渠道兑换为法币，更不能进行转账交易，因而其是“单向流通的”。这类单向流通代币大大降低了其自身引发系统性金融风险的可能，故而一般情况下单向流通式代币不受金融管理法律法规规制。在《网络游戏管理暂行办法》废止之前，一般认为这类代币符合该办法第二条第四款之规定，可参照网络游戏虚拟货币管理，因而受到文化和旅游部相关规范的规制。总体而言，这类单向流通式代币的法律风险相较于双向流通式代币大大减小，但仍需注意“发行”这类单向流通式代币往往需要“发行方”获得增值电信业务经营许可及网络文化经营许可。</p><p>第三类为非流通式代币，即用户无法直接通过法币兑换该代币，该代币也无法通过官方渠道换回法币，这类代币就是最常见的“狭义的代币”，或言“消费积分、奖励积分”。这类代币与法币之间兑换可能性最小，在三类代币中法律风险也最小，利用这种代币引发系统性金融风险几乎是天方夜谭。本文所述的“奶茶币”就是这类非流通式代币。这类代币不可以通过法币直接兑换（或充值）获得，在商业实务中通常有几种获取渠道，如消费者可基于消费（特别是要消费满一定额度）获得；消费者通过签到/做任务等手段获得。同时这类代币无法兑换为法币，甚至不能购买第三方商品，商家通过该类代币鼓励消费者进行二次消费，因此其法律实质是典型的附赠式有奖销售，是通常的商业营销手段。</p><p>如“奶茶币”这种非流通式代币，因其基本不可能引起系统性的金融风险，且流通性极差、与法币相互兑换几无可能，因而其既不受我国金融管理法规规制，也不会如“企鹅币”一样受到文化和旅游部相关规范的规制，触碰法律红线风险最小。就司法实务而言，“奶茶币”主要受到《规范促销行为暂行规定》中有关商业促销行为的规制和《反不正当竞争法》中关于有奖销售行为的规制。</p><p><b>二、利用“奶茶币”进行“虚拟股票交易”并非真正的股票交易，不受相关证券法规的规制</b></p><p>我们团队注意到，“奶茶币”的“发行方”在其小程序中添加了“虚拟股票”的玩法，引入诸如“买入”“卖出”“加杠杆”等机制，甚至还可以在小程序中查询真实的港股股票大盘信息，带入感极强。这类玩法也在公众中引起了极大争议，其中主要的质疑之声是港股上市公司向大陆地区投资人发放虚拟股票涉嫌违反金融管理法规。我们团队认为，这类“虚拟股票”的玩法具有较高的法律风险，但并非金融管理领域的风险，而是这类变相的“押涨跌”游戏很容易触碰网络博彩的法律风险。</p><p>首先，商家推出的“虚拟股票”，其实质还是非流通式代币（消费积分）的一种玩法，并非我国法律意义上的“虚拟股票”。就我国大陆地区而言，“虚拟股票”的提法常见于公司股权激励计划有关的规范性法律文件，《中华全国律师协会律师办理风险投资与股权激励业务操作指引》这一行业规范明确了“虚拟股票”的定义，虚拟股票是指公司授予其内部员工的一种“虚拟”的股票，激励对象可以据此享受一定数量的分红权和股价升值收益，但没有所有权，没有表决权，不能转让和出售，在离开企业时自动失效。该奶茶商家推出的“虚拟股票”，既不是一种股权激励手段，面对的对象也并非该奶茶品牌内部的员工，拿到“虚拟股票”的消费者也并没有分红权或其他现金性权利，因此与我国大陆地区法律语境下的“虚拟股票”迥然不同。</p><p>其次，在该奶茶商家推出的“虚拟股票”玩法中，消费者只能通过“奶茶币”购买“股票”，“股票”升值后，也只能换成“奶茶币”，正如上文所言，因为奶茶币是最为狭义的“消费代币”，其与法币之间无法自由兑换，因此这种基于“奶茶币”的“虚拟股票”交易实际上不可能通过金融手段直接影响真实股票的涨跌（当然，可能会因为推出此活动造成较好/较差的反响，销量大增/大跌，因而间接影响股票涨跌），因此这类交易并不能看做是真正意义上的股票交易，也就无所谓有“港股上市公司向大陆投资人发放虚拟股票”的问题。</p><p>但是这并不表明“虚拟股票”的玩法并没有法律风险。实际上这类玩法极容易涉及“押涨跌”式网络博彩，进而容易触碰《中华人民共和国刑法》第三百零三条【开设赌场罪】的法律红线。申言之，倘若某商家允许用户以充值得积分的形式（如预充值500元，得500积分）参与“押涨跌”类游戏，其实质就是网上开设赌场。该奶茶品牌的“押涨跌”玩法之所以合规，是因为其“奶茶币”并非充值或预付现金获得，而是一比一消费获得，（花费30元买饮品，获得30个“奶茶币”），且商家并不会因该“押涨跌”行为直接抽成或者获利。</p><p>最后我们团队注意到，该奶茶品牌小程序中的预先储值功能与“奶茶币”兑换并不挂钩。简言之，“奶茶币”仅仅是消费代币，而非充值积分。依据我国《支付机构预付卡业务管理办法》之规定，充值积分的性质为预付卡，预付卡会受到支付结算等持牌经营规定的规制，因而该奶茶品牌的这项操作又在很大程度上降低了其法律风险。</p><p><b>三、消费代币机制合规建议</b></p><p>看似简单的如“奶茶币”这类消费代币的机制设计，背后映射出“谍影重重”的法律关系和法律问题，我们团队再次建议各位“后来者”，千万不要盲目“拷贝”类似的商业模式，因为每一处看似不经心的设计（如储值无法触发代币获取、30元消费获得30个代币）背后都存在极为精密的合规理由。在文章的最后，我们简要的给出类似机制的合规重点，以备各位参考：</p><p>1、在代币的设计上，强烈建议采取第三类代币，即“非流通式”代币，断绝其与法币兑换的可能性。</p><p>2、在以代币为基础的附赠式有奖销售的设计上，尽量避免出现“押涨跌”模式，可采用代币抽奖方式，且应当明示使用代币抽奖的条件、方法和期限；不得虚构奖品数量和质量，不得进行虚假抽奖或者操纵抽奖；奖品的金额不得超过《反不正当竞争法》规定的上限；如果涉及到的抽奖游戏较为复杂，尽量取得网络游戏上线运营许可（版号）及备案；注意未成年人参与抽奖活动的保护性规定。</p><p>3、务必注意充值送积分的问题，尽量避免自身陷入预付卡问题的窠臼，以避免非法集资、非法经营相关风险。</p></body></html>","source":"bbt","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深度分析丨“奶茶币”与“虚拟股票”玩法背后的合规玄机\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-30 22:46 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.8btc.com/article/6761876><strong>巴比特</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：肖飒法律团队6月30日，某著名奶茶品牌宣布推出上市周年纪念活动，在该品牌小程序下单实付满30元可获赠30“奶茶币”。“奶茶币”不仅可以在小程序商城中兑换商品优惠券，也可兑换该奶茶品牌的“虚拟股票”，“虚拟股票”与该品牌真实的股票涨跌锚定，当该品牌真实股价上涨时，消费者可借此兑换更多的“奶茶币”，获得更多的商品优惠额度。我们团队认为，该奶茶品牌推出的“奶茶币”及“虚拟股票”玩法，本质上就是一种...</p>\n\n<a href=\"https://www.8btc.com/article/6761876\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/67b872f6d508e7d70db55d570f1b762b","relate_stocks":{"02150":"奈雪的茶"},"source_url":"https://www.8btc.com/article/6761876","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133137958","content_text":"作者：肖飒法律团队6月30日，某著名奶茶品牌宣布推出上市周年纪念活动，在该品牌小程序下单实付满30元可获赠30“奶茶币”。“奶茶币”不仅可以在小程序商城中兑换商品优惠券，也可兑换该奶茶品牌的“虚拟股票”，“虚拟股票”与该品牌真实的股票涨跌锚定，当该品牌真实股价上涨时，消费者可借此兑换更多的“奶茶币”，获得更多的商品优惠额度。我们团队认为，该奶茶品牌推出的“奶茶币”及“虚拟股票”玩法，本质上就是一种消费积分的玩法，同时必须承认，该机制涉及消费代币法律性质认定争议、支付机构预付卡业务风险、网络博彩风险、有奖销售风险、非法吸收公众存款风险等众多法律争议点位和红线风险点位，整个机制的合规运行如同“刀刃上起舞”，走错一步就如临万丈深渊。飒姐团队提醒各位“后来者”，一定要了解该奶茶品牌优惠机制背后的“合规玄机”，切莫照葫芦画瓢一刀切地模仿，以免身陷囹圄。一、“奶茶币”的实质是狭义的非流通式代币（Token），不受金融管理法规的规制“代币（Token）”的外延要大于作为比特币上位概念的虚拟货币（Virtual currency）。最常见的（即狭义的）代币是“消费积分”或“奖励积分”，这类代币一般是商家对用户在其网站或App上消费、使用其服务、或完成特定任务后给与消费者的奖励，消费者可以使用代币获得相应的商品优惠。以国内某著名电商平台为例，消费者在付款购买商品交易成功后可以获得“积分奖励”，这种“积分奖励”就是典型的代币，消费者此后在该平台再次消费时可以使用代币冲抵现金用于付款，进而获得优惠。代币依其流通性、与法定货币的兑换关系不同，大致可以分为三类：第一类为双向流通式代币，即用户可用法币兑换一定面额的代币，而该代币也可以通过官方渠道兑换回一定面额的法币。比特币就是很典型的双向流通式代币。这类代币流通性最强，可以与法币进行无缝兑换，具有较高的法律风险。在我国，双向流通式代币受到《关于进一步防范和处置虚拟货币炒作风险的通知》等一系列“禁止炒币”的规范性法律文件的规制。开展该类代币与虚拟货币兑换业务、虚拟货币之间的兑换业务等相关业务均属于非法金融活动。第二类为单向流通式代币，即用户可以用法币兑换一定面额的代币，但是该代币无法通过官方渠道兑换回法币。大厂的“企鹅币”是这类代币的典型代表。“企鹅币”可以通过法币充值获得（即可以用一定面额的法币兑换），得到的“企鹅币”可以购买大厂旗下的各类游戏道具、包月服务等商品或服务，但是无法再次通过官方渠道兑换为法币，更不能进行转账交易，因而其是“单向流通的”。这类单向流通代币大大降低了其自身引发系统性金融风险的可能，故而一般情况下单向流通式代币不受金融管理法律法规规制。在《网络游戏管理暂行办法》废止之前，一般认为这类代币符合该办法第二条第四款之规定，可参照网络游戏虚拟货币管理，因而受到文化和旅游部相关规范的规制。总体而言，这类单向流通式代币的法律风险相较于双向流通式代币大大减小，但仍需注意“发行”这类单向流通式代币往往需要“发行方”获得增值电信业务经营许可及网络文化经营许可。第三类为非流通式代币，即用户无法直接通过法币兑换该代币，该代币也无法通过官方渠道换回法币，这类代币就是最常见的“狭义的代币”，或言“消费积分、奖励积分”。这类代币与法币之间兑换可能性最小，在三类代币中法律风险也最小，利用这种代币引发系统性金融风险几乎是天方夜谭。本文所述的“奶茶币”就是这类非流通式代币。这类代币不可以通过法币直接兑换（或充值）获得，在商业实务中通常有几种获取渠道，如消费者可基于消费（特别是要消费满一定额度）获得；消费者通过签到/做任务等手段获得。同时这类代币无法兑换为法币，甚至不能购买第三方商品，商家通过该类代币鼓励消费者进行二次消费，因此其法律实质是典型的附赠式有奖销售，是通常的商业营销手段。如“奶茶币”这种非流通式代币，因其基本不可能引起系统性的金融风险，且流通性极差、与法币相互兑换几无可能，因而其既不受我国金融管理法规规制，也不会如“企鹅币”一样受到文化和旅游部相关规范的规制，触碰法律红线风险最小。就司法实务而言，“奶茶币”主要受到《规范促销行为暂行规定》中有关商业促销行为的规制和《反不正当竞争法》中关于有奖销售行为的规制。二、利用“奶茶币”进行“虚拟股票交易”并非真正的股票交易，不受相关证券法规的规制我们团队注意到，“奶茶币”的“发行方”在其小程序中添加了“虚拟股票”的玩法，引入诸如“买入”“卖出”“加杠杆”等机制，甚至还可以在小程序中查询真实的港股股票大盘信息，带入感极强。这类玩法也在公众中引起了极大争议，其中主要的质疑之声是港股上市公司向大陆地区投资人发放虚拟股票涉嫌违反金融管理法规。我们团队认为，这类“虚拟股票”的玩法具有较高的法律风险，但并非金融管理领域的风险，而是这类变相的“押涨跌”游戏很容易触碰网络博彩的法律风险。首先，商家推出的“虚拟股票”，其实质还是非流通式代币（消费积分）的一种玩法，并非我国法律意义上的“虚拟股票”。就我国大陆地区而言，“虚拟股票”的提法常见于公司股权激励计划有关的规范性法律文件，《中华全国律师协会律师办理风险投资与股权激励业务操作指引》这一行业规范明确了“虚拟股票”的定义，虚拟股票是指公司授予其内部员工的一种“虚拟”的股票，激励对象可以据此享受一定数量的分红权和股价升值收益，但没有所有权，没有表决权，不能转让和出售，在离开企业时自动失效。该奶茶商家推出的“虚拟股票”，既不是一种股权激励手段，面对的对象也并非该奶茶品牌内部的员工，拿到“虚拟股票”的消费者也并没有分红权或其他现金性权利，因此与我国大陆地区法律语境下的“虚拟股票”迥然不同。其次，在该奶茶商家推出的“虚拟股票”玩法中，消费者只能通过“奶茶币”购买“股票”，“股票”升值后，也只能换成“奶茶币”，正如上文所言，因为奶茶币是最为狭义的“消费代币”，其与法币之间无法自由兑换，因此这种基于“奶茶币”的“虚拟股票”交易实际上不可能通过金融手段直接影响真实股票的涨跌（当然，可能会因为推出此活动造成较好/较差的反响，销量大增/大跌，因而间接影响股票涨跌），因此这类交易并不能看做是真正意义上的股票交易，也就无所谓有“港股上市公司向大陆投资人发放虚拟股票”的问题。但是这并不表明“虚拟股票”的玩法并没有法律风险。实际上这类玩法极容易涉及“押涨跌”式网络博彩，进而容易触碰《中华人民共和国刑法》第三百零三条【开设赌场罪】的法律红线。申言之，倘若某商家允许用户以充值得积分的形式（如预充值500元，得500积分）参与“押涨跌”类游戏，其实质就是网上开设赌场。该奶茶品牌的“押涨跌”玩法之所以合规，是因为其“奶茶币”并非充值或预付现金获得，而是一比一消费获得，（花费30元买饮品，获得30个“奶茶币”），且商家并不会因该“押涨跌”行为直接抽成或者获利。最后我们团队注意到，该奶茶品牌小程序中的预先储值功能与“奶茶币”兑换并不挂钩。简言之，“奶茶币”仅仅是消费代币，而非充值积分。依据我国《支付机构预付卡业务管理办法》之规定，充值积分的性质为预付卡，预付卡会受到支付结算等持牌经营规定的规制，因而该奶茶品牌的这项操作又在很大程度上降低了其法律风险。三、消费代币机制合规建议看似简单的如“奶茶币”这类消费代币的机制设计，背后映射出“谍影重重”的法律关系和法律问题，我们团队再次建议各位“后来者”，千万不要盲目“拷贝”类似的商业模式，因为每一处看似不经心的设计（如储值无法触发代币获取、30元消费获得30个代币）背后都存在极为精密的合规理由。在文章的最后，我们简要的给出类似机制的合规重点，以备各位参考：1、在代币的设计上，强烈建议采取第三类代币，即“非流通式”代币，断绝其与法币兑换的可能性。2、在以代币为基础的附赠式有奖销售的设计上，尽量避免出现“押涨跌”模式，可采用代币抽奖方式，且应当明示使用代币抽奖的条件、方法和期限；不得虚构奖品数量和质量，不得进行虚假抽奖或者操纵抽奖；奖品的金额不得超过《反不正当竞争法》规定的上限；如果涉及到的抽奖游戏较为复杂，尽量取得网络游戏上线运营许可（版号）及备案；注意未成年人参与抽奖活动的保护性规定。3、务必注意充值送积分的问题，尽量避免自身陷入预付卡问题的窠臼，以避免非法集资、非法经营相关风险。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":636138472,"gmtCreate":1645700088357,"gmtModify":1645700088357,"author":{"id":"3543473643921575","authorId":"3543473643921575","name":"jokershen","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3543473643921575","authorIdStr":"3543473643921575"},"themes":[],"htmlText":"错，他看懂了闭环，手机汽车闭环互联是趋势，这就是为什么小米要造车的原因","listText":"错，他看懂了闭环，手机汽车闭环互联是趋势，这就是为什么小米要造车的原因","text":"错，他看懂了闭环，手机汽车闭环互联是趋势，这就是为什么小米要造车的原因","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/636138472","repostId":"1110604779","repostType":4,"repost":{"id":"1110604779","kind":"news","pubTimestamp":1645697468,"share":"https://www.laohu8.com/m/news/1110604779?lang=&edition=full","pubTime":"2022-02-24 18:11","market":"hk","language":"zh","title":"蔚来为什么敢造手机？它看穿了国产品牌的最大弱点","url":"https://stock-news.laohu8.com/highlight/detail?id=1110604779","media":"字母榜","summary":"国产手机缺什么，而蔚来有什么？","content":"<html><head></head><body><p>作者：赵晋杰</p><p>蔚来传出造手机的消息后，几乎所有人都不解：蔚来一家新能源汽车企业，为什么做手机，又凭什么做？</p><p>相比处在风口期的新能源汽车，手机市场在整体上早已是一片红海。罗永浩、董明珠、贾跃亭们造手机失败的前车之鉴，更在提醒后来者：跨界造机可能是一个陷阱。正因为如此，蔚来此时入局，就更加令人费解。</p><p>不过，如果将视线从蔚来身上移开，转而审视事件的另一方——手机，特别是国产手机，将问题换一个问法，或许就会豁然开朗：</p><p>国产手机缺什么，而蔚来有什么？</p><p>答案显而易见：高端品牌。</p><p>华为因美国制裁而留下的大片高端市场空白，然而以小米OV为首的国产手机厂商迟迟无法实现突破，只能任iPhone摘桃子。</p><p>调研机构Counterpoint发布的中国手机市场报告显示，2021年第四季度，苹果超过vivo，以23%市场份额位居第一。这是苹果自2015年iPhone 6的巅峰之后，时隔六年再度拿下中国市场的季度销量冠军，大中华区更是成为苹果所有区域中该季度增幅最大的地区。</p><p><img src=\"https://static.tigerbbs.com/ded48a5130fa540ba584b50dd418d21c\" tg-width=\"550\" tg-height=\"242\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>小米创始人雷军早在2019年就喊出了手机高端化的目标，但小米10、小米11两代产品收效甚微，不得不在2021年底直接打出了“小米正式对标苹果”的新口号，先从命名方式上全盘复刻iPhone。</p><p>蔚来或许就是看破了国产手机的真相：当造手机已经不存在门槛——大都是代工厂在生产——真正决定一家手机厂商能否冲上高端的核心因素，主要是品牌形象。如果手机品牌始终无法攻克高端，那品牌形象相对高大上的车企进行降维打击，输出品牌，想来也是顺理成章。</p><p>看破这一点的车企，蔚来并不是第一家，吉利可能更早，并且已经付诸行动。吉利官宣造机之后，吉利创始人李书福直接将其定位高端智能机。但与蔚来诞生起就定位高端，且已经在用户中建立起不错的口碑相比，吉利品牌和小米一样，已经在大众心目中形成“价格低廉、性价比高”的刻板印象。所以进军高端手机，吉利难上加难，但蔚来尚有希望。</p><p>其实车企向手机公司输出品牌力这事，虽然说不上自古以来，但也算是屡见不鲜。华为之前之所以在高端市场崛起，与保时捷设计联名打造的Mate RS系列功不可没，在豪车这款顶级时尚标签的加持下，Mate RS手机不仅售价动辄过万，销量更是不俗。</p><p>联名款Mate RS手机的成功，再有力不过地证明了高端汽车品牌的强大威力，既然联名款可以奏效，那更进一步有何不可？车企自己下场做手机，不仅将品牌力导流给了自家手机，还实现了企业内部资源利用的价值最大化；在代工厂能力溢出、车企自身品牌价值需要对外输出的当下，选择做手机只是车企杀入消费电子领域乃至抢占智能入口全家桶的第一步。</p><p><b>A</b></p><p>汽车厂商跨界进入手机领域的最大优势，一般被认为是其操控汽车所建立的从系统、芯片到电池、工程制造等供应链能力，可以完美复制到手机上。吉利官宣造手机后的声明，也特意指出了这一点。</p><p>前锤子手机创始人罗永浩曾评价大多数手机厂商，称：“我们都是方案整合商，都是采购一批零件进行组装的组装厂。”更为耿直的大疆创始人汪滔甚至在2018年接受采访时表示，现在的手机产业，就是套了一层互联网的皮，“其实本质上来说就是一种小家电产业，甚至还不如一个做空调的公司门槛高。”</p><p>即便已经到了2022年，国内安卓厂商依然难以摆脱供应链组合商的既定标签，各家推出的手机中，核心元器件方面几乎都在用着同样的高通骁龙芯片、索尼摄像头、三星OLED屏幕、海力士内存条等等。</p><p><img src=\"https://static.tigerbbs.com/d5398d51a5d68e41a97fa6a3f8dc7095\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>这一既定现实使得国产手机厂商想要冲击品牌高端的努力变得困难重重，也令其在抢夺华为空出的高端市场竞争中落入下风，败给了苹果iPhone。</p><p>除了核心元器件的高度雷同之外，手机厂商的另一个共通之处是都离不开代工厂。对于制造难度更高的汽车行业来说，打通手机代工供应链问题不大。</p><p>更可况，中国有全球最大的手机代工市场，孕育出了如富士康、立讯精密、比亚迪等一众全球代工巨头。在激烈的代工竞争之下，能力溢出的代工巨头们也开始打起代工制造汽车的主意。富士康创始人郭台铭就曾评价汽车不过是四个轮子的iPhone，“我们既然能造iPhone，为什么不能造电动车？”</p><p>最新的消息是，在比亚迪、富士康之后，立讯精密也在2月11日发布公告，宣布与奇瑞集团达成战略合作，从事新能源汽车的研发制造。</p><p>一方面是汽车和手机制造能力的打通，一方面是代工巨头迫切寻找新的业务方向来消耗溢出的产线供给能力，听到吉利、蔚来们也要造手机的消息，说不定代工巨头已经带着合同上门商谈具体合作事宜了。</p><p><b>B</b></p><p>解决了车企能不能造手机的问题之后，再来看本文开头车企为什么要造手机的问题。</p><p>从造车企业这端来说，经历过去近7年的发展，新能源汽车已经逐步得到大众认可。各国政府相继出台了电动车取代燃油车的时间表。这些举措不仅推动新造车企业纷纷成功上市，还令其品牌认知度大幅提升，圈占了数量可观的用户群体。</p><p>蔚来正是其中的典型代表。通过营销以用户体验为中心的办企理念，蔚来创始人李斌成功把蔚来塑造成以高质量用户服务为核心的企业形象。而蔚来的车主们也在用实际行动投桃报李，如2019年蔚来因资金链危机面临倒闭之时，蔚来老车主大量复购蔚来汽车，使蔚来第四季度销量环比增长71.4%，达到8224辆。李斌事后透露，有近50%的销量来自蔚来老车主。</p><p><img src=\"https://static.tigerbbs.com/5b6297174cf6b711540047084ac42a4d\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>既然制造能力不存在问题，对车企来说造手机主要需要考虑的就是品牌，这方面恰恰是蔚来的优势所在，将造车期间塑造的高端形象输出到手机上，在万物互联、横向扩张的时代，需要做的可能仅仅就是捅破那层窗户纸。</p><p>通过品牌溢出谋求产品线扩张，这其实恰恰是包括手机厂商在内的“新制造”企业的长项，小米以手机起家后开始将其品牌拓展到冰箱、洗衣机、电视、空调等智能家电产品，华为也是如此。特斯拉在电动车领域取得巨大成功后，每每推出一个品牌周边就会迎来二手市场的暴涨。最近的例子是1月份特斯拉发布的一款初始售价50美元的哨子，在二手网站eBay上一度被黄牛炒到数千元。</p><p>翻看手机厂商的产品历史，为了塑造品牌高端形象，往往会寻求跟车企打造联名款。华为在2016年推出保时捷设计限量版大获成功，通过强强联合的“打群架”策略，华为不仅通过高价赚到了不菲的收益，而且成功将品牌与高端、奢华进行绑定。头部手机厂商纷纷跟进，一加手机和迈凯伦推出联名款，OPPO和兰博基尼推出联名款等。</p><p>既然如此，本就对标BBA（宝马、奔驰、奥迪）豪华车企的蔚来自己下场造手机的逻辑就相当自洽了，完成内部的汽车和手机双联名，将肉都烂在自家锅里，why not？</p><p>从消费电子这端来说，在所有智能家居产品中，手机无疑是消费频次和单价之间追求平衡的最优解：那些使用频次比手机高的产品，没手机单价高；单价比手机高的，又没手机使用频次高。</p><p>都是把品牌溢出的价值赋能给产品，造车企业干嘛不找一个更赚钱的产品来做呢？从这方面考虑，手机正是蔚来当下品牌输出的最好选择。</p><p><b>C</b></p><p>一旦手机量产上市，另一个需要解答的疑问是：造车企业究竟能从中获得哪些好处？</p><p>除了能够起到战略防御跨界对手压力、推高公司估值、增加营收等作用之外，还有一个更大的价值——帮助汽车完善智能化体验。</p><p>电动化只是当下新能源汽车的过渡形态，未来所有造车企业的决胜赛点在于下一步的智能化，借助用户群更为庞大的智能手机群体，车企就能利用手机来帮助完善汽车的智能化服务，这也是手机厂商等跨界造车者被部分投资人看好的原因之一。</p><p>吉利宣布造手机后，李书福就曾解释：“手机是电子产品市场验证及软件创新的应用载体，既能让用户尽快分享创新成果，又能把安全、可靠的一部分成果转移到汽车中应用，实现车机和手机软件技术的紧密互动。”</p><p>有了手机的从旁协助，车企还能尝试跨界打造用户生态链，如手机链接车联网、链接家庭互联网，打造更丰富的消费场景。</p><p>车机联动方面，不止吉利和蔚来有想法，特斯拉也曾联想过做手机这件事。2021年初，特斯拉CEO马斯克曾在特斯拉官网发布过一个宣传特斯拉概念手机——Tesla MODEL π的视频。</p><p><img src=\"https://static.tigerbbs.com/1f7392ed7741aa8485dd29912ced6a39\" tg-width=\"550\" tg-height=\"344\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>据视频介绍，Tesla MODEL π不仅支持太阳能充电，还可以用来挖矿，以及直连Space X旗下的星链网络，实现随时随地免费上网，且当手机与特斯拉绑定后，用户还可以通过手机远程控制汽车。</p><p>在推进万物互联的IoT新阶段，车企不是第一个向手机品牌举起反攻大旗的行业。在手机布局IoT侵入智能家居产品后，以格力为代表的家电厂商就曾试图反攻手机，不过效果并不显著。</p><p>五年过去，无论从哪个角度看都死得透透的格力手机，仍然被董明珠寄予厚望，并在去年改名为大松手机，期望其成为智能家居的控制入口。董明珠曾表示，格力的整个智能化体系，都跟手机有关。</p><p>从董明珠到李斌，他们押注万物互联的背后，都看中了一个规模庞大的潜在市场。中国产业信息网数据预测，到2025年，物联网连接数将达到251亿台，保持12%以上的年度增长，届时全球物联网市场规模预计将超过1.5万亿美元。</p><p>对于拥有线下门店的车企来说，未来大可学习手机厂商，在店内售卖手机等相关智能硬件，让门店化身自家IoT生态的线下体验厅。</p><p>入局手机的造车企业，甚至不排除将来更进一步学习手机厂商产品布局路线的可能性，从手机出发，用自有品牌推出各类智能家居产品，最终建成一个物联网开放平台的“全家桶”。</p><p>毕竟，从特斯拉到蔚小理，新能源车企都已经在通过周边产品提前培养用户的消费习惯，有一天推出自营或联合开发的家电产品，也并非是件不可能的事情。放出造手机的风声，就是这场长期战役的第一响号角。</p></body></html>","source":"ZMB","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>蔚来为什么敢造手机？它看穿了国产品牌的最大弱点</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; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\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蔚来为什么敢造手机？它看穿了国产品牌的最大弱点\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-02-24 18:11 北京时间&nbsp;&nbsp;&nbsp;<a href=http://finance.sina.com.cn/tech/csj/2022-02-24/doc-imcwiwss2718831.shtml><strong>字母榜</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：赵晋杰蔚来传出造手机的消息后，几乎所有人都不解：蔚来一家新能源汽车企业，为什么做手机，又凭什么做？相比处在风口期的新能源汽车，手机市场在整体上早已是一片红海。罗永浩、董明珠、贾跃亭们造手机失败的前车之鉴，更在提醒后来者：跨界造机可能是一个陷阱。正因为如此，蔚来此时入局，就更加令人费解。不过，如果将视线从蔚来身上移开，转而审视事件的另一方——手机，特别是国产手机，将问题换一个问法，或许就会...</p>\n\n<a href=\"http://finance.sina.com.cn/tech/csj/2022-02-24/doc-imcwiwss2718831.shtml\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/feebf0ff4401232c3ecc332f566f18e0","relate_stocks":{"NIO":"蔚来","09866":"蔚来-SW"},"source_url":"http://finance.sina.com.cn/tech/csj/2022-02-24/doc-imcwiwss2718831.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110604779","content_text":"作者：赵晋杰蔚来传出造手机的消息后，几乎所有人都不解：蔚来一家新能源汽车企业，为什么做手机，又凭什么做？相比处在风口期的新能源汽车，手机市场在整体上早已是一片红海。罗永浩、董明珠、贾跃亭们造手机失败的前车之鉴，更在提醒后来者：跨界造机可能是一个陷阱。正因为如此，蔚来此时入局，就更加令人费解。不过，如果将视线从蔚来身上移开，转而审视事件的另一方——手机，特别是国产手机，将问题换一个问法，或许就会豁然开朗：国产手机缺什么，而蔚来有什么？答案显而易见：高端品牌。华为因美国制裁而留下的大片高端市场空白，然而以小米OV为首的国产手机厂商迟迟无法实现突破，只能任iPhone摘桃子。调研机构Counterpoint发布的中国手机市场报告显示，2021年第四季度，苹果超过vivo，以23%市场份额位居第一。这是苹果自2015年iPhone 6的巅峰之后，时隔六年再度拿下中国市场的季度销量冠军，大中华区更是成为苹果所有区域中该季度增幅最大的地区。小米创始人雷军早在2019年就喊出了手机高端化的目标，但小米10、小米11两代产品收效甚微，不得不在2021年底直接打出了“小米正式对标苹果”的新口号，先从命名方式上全盘复刻iPhone。蔚来或许就是看破了国产手机的真相：当造手机已经不存在门槛——大都是代工厂在生产——真正决定一家手机厂商能否冲上高端的核心因素，主要是品牌形象。如果手机品牌始终无法攻克高端，那品牌形象相对高大上的车企进行降维打击，输出品牌，想来也是顺理成章。看破这一点的车企，蔚来并不是第一家，吉利可能更早，并且已经付诸行动。吉利官宣造机之后，吉利创始人李书福直接将其定位高端智能机。但与蔚来诞生起就定位高端，且已经在用户中建立起不错的口碑相比，吉利品牌和小米一样，已经在大众心目中形成“价格低廉、性价比高”的刻板印象。所以进军高端手机，吉利难上加难，但蔚来尚有希望。其实车企向手机公司输出品牌力这事，虽然说不上自古以来，但也算是屡见不鲜。华为之前之所以在高端市场崛起，与保时捷设计联名打造的Mate RS系列功不可没，在豪车这款顶级时尚标签的加持下，Mate RS手机不仅售价动辄过万，销量更是不俗。联名款Mate RS手机的成功，再有力不过地证明了高端汽车品牌的强大威力，既然联名款可以奏效，那更进一步有何不可？车企自己下场做手机，不仅将品牌力导流给了自家手机，还实现了企业内部资源利用的价值最大化；在代工厂能力溢出、车企自身品牌价值需要对外输出的当下，选择做手机只是车企杀入消费电子领域乃至抢占智能入口全家桶的第一步。A汽车厂商跨界进入手机领域的最大优势，一般被认为是其操控汽车所建立的从系统、芯片到电池、工程制造等供应链能力，可以完美复制到手机上。吉利官宣造手机后的声明，也特意指出了这一点。前锤子手机创始人罗永浩曾评价大多数手机厂商，称：“我们都是方案整合商，都是采购一批零件进行组装的组装厂。”更为耿直的大疆创始人汪滔甚至在2018年接受采访时表示，现在的手机产业，就是套了一层互联网的皮，“其实本质上来说就是一种小家电产业，甚至还不如一个做空调的公司门槛高。”即便已经到了2022年，国内安卓厂商依然难以摆脱供应链组合商的既定标签，各家推出的手机中，核心元器件方面几乎都在用着同样的高通骁龙芯片、索尼摄像头、三星OLED屏幕、海力士内存条等等。这一既定现实使得国产手机厂商想要冲击品牌高端的努力变得困难重重，也令其在抢夺华为空出的高端市场竞争中落入下风，败给了苹果iPhone。除了核心元器件的高度雷同之外，手机厂商的另一个共通之处是都离不开代工厂。对于制造难度更高的汽车行业来说，打通手机代工供应链问题不大。更可况，中国有全球最大的手机代工市场，孕育出了如富士康、立讯精密、比亚迪等一众全球代工巨头。在激烈的代工竞争之下，能力溢出的代工巨头们也开始打起代工制造汽车的主意。富士康创始人郭台铭就曾评价汽车不过是四个轮子的iPhone，“我们既然能造iPhone，为什么不能造电动车？”最新的消息是，在比亚迪、富士康之后，立讯精密也在2月11日发布公告，宣布与奇瑞集团达成战略合作，从事新能源汽车的研发制造。一方面是汽车和手机制造能力的打通，一方面是代工巨头迫切寻找新的业务方向来消耗溢出的产线供给能力，听到吉利、蔚来们也要造手机的消息，说不定代工巨头已经带着合同上门商谈具体合作事宜了。B解决了车企能不能造手机的问题之后，再来看本文开头车企为什么要造手机的问题。从造车企业这端来说，经历过去近7年的发展，新能源汽车已经逐步得到大众认可。各国政府相继出台了电动车取代燃油车的时间表。这些举措不仅推动新造车企业纷纷成功上市，还令其品牌认知度大幅提升，圈占了数量可观的用户群体。蔚来正是其中的典型代表。通过营销以用户体验为中心的办企理念，蔚来创始人李斌成功把蔚来塑造成以高质量用户服务为核心的企业形象。而蔚来的车主们也在用实际行动投桃报李，如2019年蔚来因资金链危机面临倒闭之时，蔚来老车主大量复购蔚来汽车，使蔚来第四季度销量环比增长71.4%，达到8224辆。李斌事后透露，有近50%的销量来自蔚来老车主。既然制造能力不存在问题，对车企来说造手机主要需要考虑的就是品牌，这方面恰恰是蔚来的优势所在，将造车期间塑造的高端形象输出到手机上，在万物互联、横向扩张的时代，需要做的可能仅仅就是捅破那层窗户纸。通过品牌溢出谋求产品线扩张，这其实恰恰是包括手机厂商在内的“新制造”企业的长项，小米以手机起家后开始将其品牌拓展到冰箱、洗衣机、电视、空调等智能家电产品，华为也是如此。特斯拉在电动车领域取得巨大成功后，每每推出一个品牌周边就会迎来二手市场的暴涨。最近的例子是1月份特斯拉发布的一款初始售价50美元的哨子，在二手网站eBay上一度被黄牛炒到数千元。翻看手机厂商的产品历史，为了塑造品牌高端形象，往往会寻求跟车企打造联名款。华为在2016年推出保时捷设计限量版大获成功，通过强强联合的“打群架”策略，华为不仅通过高价赚到了不菲的收益，而且成功将品牌与高端、奢华进行绑定。头部手机厂商纷纷跟进，一加手机和迈凯伦推出联名款，OPPO和兰博基尼推出联名款等。既然如此，本就对标BBA（宝马、奔驰、奥迪）豪华车企的蔚来自己下场造手机的逻辑就相当自洽了，完成内部的汽车和手机双联名，将肉都烂在自家锅里，why not？从消费电子这端来说，在所有智能家居产品中，手机无疑是消费频次和单价之间追求平衡的最优解：那些使用频次比手机高的产品，没手机单价高；单价比手机高的，又没手机使用频次高。都是把品牌溢出的价值赋能给产品，造车企业干嘛不找一个更赚钱的产品来做呢？从这方面考虑，手机正是蔚来当下品牌输出的最好选择。C一旦手机量产上市，另一个需要解答的疑问是：造车企业究竟能从中获得哪些好处？除了能够起到战略防御跨界对手压力、推高公司估值、增加营收等作用之外，还有一个更大的价值——帮助汽车完善智能化体验。电动化只是当下新能源汽车的过渡形态，未来所有造车企业的决胜赛点在于下一步的智能化，借助用户群更为庞大的智能手机群体，车企就能利用手机来帮助完善汽车的智能化服务，这也是手机厂商等跨界造车者被部分投资人看好的原因之一。吉利宣布造手机后，李书福就曾解释：“手机是电子产品市场验证及软件创新的应用载体，既能让用户尽快分享创新成果，又能把安全、可靠的一部分成果转移到汽车中应用，实现车机和手机软件技术的紧密互动。”有了手机的从旁协助，车企还能尝试跨界打造用户生态链，如手机链接车联网、链接家庭互联网，打造更丰富的消费场景。车机联动方面，不止吉利和蔚来有想法，特斯拉也曾联想过做手机这件事。2021年初，特斯拉CEO马斯克曾在特斯拉官网发布过一个宣传特斯拉概念手机——Tesla MODEL π的视频。据视频介绍，Tesla MODEL π不仅支持太阳能充电，还可以用来挖矿，以及直连Space X旗下的星链网络，实现随时随地免费上网，且当手机与特斯拉绑定后，用户还可以通过手机远程控制汽车。在推进万物互联的IoT新阶段，车企不是第一个向手机品牌举起反攻大旗的行业。在手机布局IoT侵入智能家居产品后，以格力为代表的家电厂商就曾试图反攻手机，不过效果并不显著。五年过去，无论从哪个角度看都死得透透的格力手机，仍然被董明珠寄予厚望，并在去年改名为大松手机，期望其成为智能家居的控制入口。董明珠曾表示，格力的整个智能化体系，都跟手机有关。从董明珠到李斌，他们押注万物互联的背后，都看中了一个规模庞大的潜在市场。中国产业信息网数据预测，到2025年，物联网连接数将达到251亿台，保持12%以上的年度增长，届时全球物联网市场规模预计将超过1.5万亿美元。对于拥有线下门店的车企来说，未来大可学习手机厂商，在店内售卖手机等相关智能硬件，让门店化身自家IoT生态的线下体验厅。入局手机的造车企业，甚至不排除将来更进一步学习手机厂商产品布局路线的可能性，从手机出发，用自有品牌推出各类智能家居产品，最终建成一个物联网开放平台的“全家桶”。毕竟，从特斯拉到蔚小理，新能源车企都已经在通过周边产品提前培养用户的消费习惯，有一天推出自营或联合开发的家电产品，也并非是件不可能的事情。放出造手机的风声，就是这场长期战役的第一响号角。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":854619375,"gmtCreate":1635441214324,"gmtModify":1635441214324,"author":{"id":"3543473643921575","authorId":"3543473643921575","name":"jokershen","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3543473643921575","authorIdStr":"3543473643921575"},"themes":[],"htmlText":"<a 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00:00","market":"us","language":"zh","title":"宝盛科技进军加密货币市场！已购买至多1000台采矿机","url":"https://stock-news.laohu8.com/highlight/detail?id=2129829176","media":"资本邦","summary":"宝盛科技聘请Gang Chen建立新团队以开展基于区块链的营销活动以及加密货币相关的业务，同时计划购买至多1000台比特币采矿机.","content":"<html><body><div>\n<p>\r\n\t4月21日，资本邦了解到，美股上市公司<strong>宝盛科技(BAOS.US)</strong>宣布，已聘请Gang \r\nChen建立新团队以开展基于区块链的营销活动以及加密货币相关的业务。\r\n</p>\n<p>\r\n\tGang \r\nChen在股权投资、首次公开发行、并购和重组方面拥有丰富的经验，并且对区块链和加密货币业务有深刻的了解。他曾在广州岭南集团、正中珠江会计师事务所、华润万家工作。\r\n</p>\n<p>\r\n\t此外，宝盛宣布已经签订了一份购买至多1000台采矿机的合同，以便开展比特币开采业务。\r\n</p>\n<p>\n<strong>头图来源</strong>：123RF\r\n</p>\n<p>\n<strong>转载声明</strong>：本文为<strong>资本邦</strong>原创稿件，转载请注明出处及作者，否则为侵权。\r\n</p>\n<p>\n<span><strong>风险提示</strong></span> <span><strong>：</strong> 资本邦呈现的所有信息仅作为参考，不构成投资建议，一切投资操作信息不能作为投资依据。投资有风险，入市需谨慎! </span>\n</p>\n<div>\n\t\t\t\t关键词： \n\t\t\t\t宝盛科技BAOS区块链加密货币比特币 </div>\n</div></body></html>","source":"chinaipo_stock","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>宝盛科技进军加密货币市场！已购买至多1000台采矿机</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; }\nh1,h2{ font-weight:normal; line-height:1.35; 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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宝盛科技进军加密货币市场！已购买至多1000台采矿机\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-21 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.chinaipo.com/news/147204.html><strong>资本邦</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>4月21日，资本邦了解到，美股上市公司宝盛科技(BAOS.US)宣布，已聘请Gang \r\nChen建立新团队以开展基于区块链的营销活动以及加密货币相关的业务。\r\n\n\r\n\tGang \r\nChen在股权投资、首次公开发行、并购和重组方面拥有丰富的经验，并且对区块链和加密货币业务有深刻的了解。他曾在广州岭南集团、正中珠江会计师事务所、华润万家工作。\r\n\n\r\n\t此外，宝盛宣布已经签订了一份购买至多1000...</p>\n\n<a href=\"https://www.chinaipo.com/news/147204.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://www.chinaipo.com/data/upload/2021/0421/09/607f81dfcf0a9_300_200.jpg","relate_stocks":{"BAOS":"宝盛","EBON":"亿邦国际"},"source_url":"https://www.chinaipo.com/news/147204.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129829176","content_text":"4月21日，资本邦了解到，美股上市公司宝盛科技(BAOS.US)宣布，已聘请Gang \r\nChen建立新团队以开展基于区块链的营销活动以及加密货币相关的业务。\r\n\n\r\n\tGang \r\nChen在股权投资、首次公开发行、并购和重组方面拥有丰富的经验，并且对区块链和加密货币业务有深刻的了解。他曾在广州岭南集团、正中珠江会计师事务所、华润万家工作。\r\n\n\r\n\t此外，宝盛宣布已经签订了一份购买至多1000台采矿机的合同，以便开展比特币开采业务。\r\n\n\n头图来源：123RF\r\n\n\n转载声明：本文为资本邦原创稿件，转载请注明出处及作者，否则为侵权。\r\n\n\n风险提示 ： 资本邦呈现的所有信息仅作为参考，不构成投资建议，一切投资操作信息不能作为投资依据。投资有风险，入市需谨慎! \n\n\n\t\t\t\t关键词： 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href=\"https://laohu8.com/S/NCTY\">$第九城市(NCTY)$</a>比特币三年熊市开启，此股必死","text":"$第九城市(NCTY)$比特币三年熊市开启，此股必死","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/313118329","isVote":1,"tweetType":1,"viewCount":2945,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3557449325775214","authorId":"3557449325775214","name":"豆包66666","avatar":"https://static.tigerbbs.com/e66b71fae803cdca039eb9072b79a997","crmLevel":1,"crmLevelSwitch":0,"idStr":"3557449325775214","authorIdStr":"3557449325775214"},"content":"对得起你的名号？","text":"对得起你的名号？","html":"对得起你的名号？"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":319672132,"gmtCreate":1611584368426,"gmtModify":1703751192664,"author":{"id":"3543473643921575","authorId":"3543473643921575","name":"jokershen","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3543473643921575","authorIdStr":"3543473643921575"},"themes":[],"htmlText":"<a 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href=\"https://laohu8.com/S/RLX\">$RLX科技(RLX)$</a>也太少了吧，懒得看","text":"$RLX科技(RLX)$也太少了吧，懒得看","images":[{"img":"https://static.tigerbbs.com/614929f2132389137eac0ec7a5fa2322","width":"750","height":"1334"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/310250952","isVote":1,"tweetType":1,"viewCount":892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":337537622,"gmtCreate":1611157088166,"gmtModify":1703748493053,"author":{"id":"3543473643921575","authorId":"3543473643921575","name":"jokershen","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3543473643921575","authorIdStr":"3543473643921575"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>股票涨这么多，连个客服都请不起吗？","listText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>股票涨这么多，连个客服都请不起吗？","text":"$老虎证券(TIGR)$股票涨这么多，连个客服都请不起吗？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/337537622","isVote":1,"tweetType":1,"viewCount":868,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":308407284,"gmtCreate":1604038525248,"gmtModify":1703831778732,"author":{"id":"3543473643921575","authorId":"3543473643921575","name":"jokershen","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3543473643921575","authorIdStr":"3543473643921575"},"themes":[],"htmlText":"别忽悠了，陆金所都敢捧","listText":"别忽悠了，陆金所都敢捧","text":"别忽悠了，陆金所都敢捧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/308407284","repostId":"1184647315","repostType":4,"repost":{"id":"1184647315","kind":"news","weMediaInfo":{"introduction":"美股研究社，一个专注研究美股的平台，专业的美股投资人都在这。想了解美国股市行情、美股开户、美股资讯、美股公司；想获得一手美股重磅信息；想加入美股交流社群，敬请关注我们吧。","home_visible":0,"media_name":"美股研究社","id":"1074069735","head_image":"https://static.tigerbbs.com/e09c69c7ea1d4781a9de127f9b375dd6"},"pubTimestamp":1604037424,"share":"https://www.laohu8.com/m/news/1184647315?lang=&edition=full","pubTime":"2020-10-30 13:57","market":"us","language":"zh","title":"美股IPO热潮不减，这三家会是其中翘楚？","url":"https://stock-news.laohu8.com/highlight/detail?id=1184647315","media":"美股研究社","summary":"三笔值得关注的IPO\n\n投资者通常对首次公开募股(ipo)相当热情。这可以称之为“新事物法则”，但并非所有新上市的公司都值得投资者为此搅扰。\n简单的计算表明，并非所有的新股票都将立即成为赢家。在刚刚结","content":"<blockquote>\n 三笔值得关注的IPO\n</blockquote>\n<p>投资者通常对首次公开募股(ipo)相当热情。这可以称之为“新事物法则”，但并非所有新上市的公司都值得投资者为此搅扰。</p>\n<p>简单的计算表明，并非所有的新股票都将立即成为赢家。在刚刚结束的2020年第三季度，共有81宗ipo，筹资总额达285亿美元，是互联网时代以来最繁忙的7 - 9月。</p>\n<p>让许多投资者感到更加困惑的是，如此多的新上市公司，无论其基本面和质量如何，在首日交易后立即上涨，但随后却又屈服于抛售压力，而抛售压力则来自于对市场的担忧、盈利困境和锁定期限届满等因素。</p>\n<p>以下是即将进行的三宗ipo，它们将轰然落地。</p>\n<p>Airbnb</p>\n<p>Golden Nugget Online Gaming</p>\n<p>陆金所</p>\n<p>现实情况是，并非所有IPO都能成为下一个亚马逊(NASDAQ:AMZN)或特斯拉(Tesla, NASDAQ:TSLA)。总会有一些明星和一些应该避免的失败例子。</p>\n<p><b>Airbnb</b></p>\n<p>Airbnb的气氛已经热起来了。这家允许业主和房东扮演酒店经营者的公司最近申请了30亿美元的IPO，使公司估值达到300亿美元。单独来看，这并不是一个危险信号，但事实上确实存在危险信号。</p>\n<p>假设Airbnb的估值达到了300亿美元，并且在上市首日出现了必要的飙升，那么Airbnb上市首日的市值就可能超过万豪国际(NYSE:MAR)。</p>\n<p>这并不是引起恐慌的唯一原因。今年4月，Airbnb的估值为180亿美元，这意味着，在全球旅游业受到大流行打击的6个月时间里，一家旅游公司的价值不知怎么地上涨了三分之二。对Airbnb的独立分析显示其估值为210亿美元。</p>\n<p>此外，该公司在2019年和今年上半年消耗了12亿美元，最近通过股票和债券销售筹集了20亿美元，后者被归类为高利率垃圾债券。</p>\n<p>Airbnb的确称得上是“颠覆性的”，而且有一天它可能会是一个值得拥有的好股票，但是在一个四面楚歌的行业中，拥有一家几乎没有盈利的公司又有什么明智之处呢?而且目前还不清楚covid19疫苗什么时候会上市。</p>\n<p><b>Golden Nugget</b></p>\n<p><b>Online Gaming (GNOG)</b></p>\n<p>从本质上讲，GNOG技术上是上市的，因为收购博彩实体Landcadia Holdings II(NASDAQ:LCA)的特殊目的收购公司(SPAC)已经上市。然而，GNOG 尚未以官方形式首次亮相。这本来应该在第三季度实现，但是没有。</p>\n<p>公平地说，GNOG 的估值为7.45亿美元，仅为明年预期收入的6.1倍。这是相当不错的，尤其是与前面提到的 Airbnb 相比。与 SPAC 的关系和估值并不是 GNOG 的问题。</p>\n<p>相反，投资者需要关注的是潜在市场(TAM) ，以及是否有足够多的州将在线赌场合法化，从而将其TAM提升到一些分析师预测的高度。LCA 股票最近的价格走势(上周下跌了13%)表明，失常对于 GNOG 的 IPO 有一些担忧。</p>\n<p>更重要的是，GNOG 目前只在新泽西州运营，在那里公司获得了可观的利润。它的目标是很快在密歇根上线，但目前在美国的互联网赌场还是很稀少的，也不能保证会有更多的州，包括像加利福尼亚和纽约这样的地方，很快加入这个行列。GNOG也不能保证，尽管它会尝试在每个州获得许可。</p>\n<p>从一开始，GNOG 就具有 IPO-to-sell 的潜力，因为互联网博彩业需要更具体的、状态级的验证。随着公司的成熟，它可能值得投资者的资本，但他们不需要在IPO第一天就跑进来。</p>\n<p><b>陆金所</b></p>\n<p>在这里提到的三家公司中，我愿意公开表示，中国金融科技公司陆金所可能是IPO表现最好的公司。陆金所在纽约证券交易所的股票代码为“LU”，如果按预期区间的高端发行，陆金所最多可筹资23.6亿美元。</p>\n<p>人们对陆金所的担忧不是结构性的，而是蚂蚁集团即将到来的IPO会在多大程度上给竞争对手蒙上阴影。在香港和上海两地上市之后，蚂蚁集团(Ant Group)将筹资约350亿美元，这将是一段时间以来最受追捧的金融科技ipo之一。蚂蚁集团(Ant Group)的估值可能达到3140亿美元，足以抢过其规模较小的竞争对手的风头。</p>\n<p>陆金所有一些优良品质可以提供给投资者。它是中国最大的个人对个人(peer-to-peer，简称p2p)贷款机构之一，与许多金融科技公司一样，它也在向零售贷款和财富管理业务发展。</p>\n<p>此外，陆金所正在美国上市，而蚂蚁金服没有这么做，这可能有助于前者激发一些投资者的兴趣。</p>","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>美股IPO热潮不减，这三家会是其中翘楚？</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; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\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美股IPO热潮不减，这三家会是其中翘楚？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/e09c69c7ea1d4781a9de127f9b375dd6);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">美股研究社 </p>\n<p class=\"h-time\">2020-10-30 13:57</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n 三笔值得关注的IPO\n</blockquote>\n<p>投资者通常对首次公开募股(ipo)相当热情。这可以称之为“新事物法则”，但并非所有新上市的公司都值得投资者为此搅扰。</p>\n<p>简单的计算表明，并非所有的新股票都将立即成为赢家。在刚刚结束的2020年第三季度，共有81宗ipo，筹资总额达285亿美元，是互联网时代以来最繁忙的7 - 9月。</p>\n<p>让许多投资者感到更加困惑的是，如此多的新上市公司，无论其基本面和质量如何，在首日交易后立即上涨，但随后却又屈服于抛售压力，而抛售压力则来自于对市场的担忧、盈利困境和锁定期限届满等因素。</p>\n<p>以下是即将进行的三宗ipo，它们将轰然落地。</p>\n<p>Airbnb</p>\n<p>Golden Nugget Online Gaming</p>\n<p>陆金所</p>\n<p>现实情况是，并非所有IPO都能成为下一个亚马逊(NASDAQ:AMZN)或特斯拉(Tesla, NASDAQ:TSLA)。总会有一些明星和一些应该避免的失败例子。</p>\n<p><b>Airbnb</b></p>\n<p>Airbnb的气氛已经热起来了。这家允许业主和房东扮演酒店经营者的公司最近申请了30亿美元的IPO，使公司估值达到300亿美元。单独来看，这并不是一个危险信号，但事实上确实存在危险信号。</p>\n<p>假设Airbnb的估值达到了300亿美元，并且在上市首日出现了必要的飙升，那么Airbnb上市首日的市值就可能超过万豪国际(NYSE:MAR)。</p>\n<p>这并不是引起恐慌的唯一原因。今年4月，Airbnb的估值为180亿美元，这意味着，在全球旅游业受到大流行打击的6个月时间里，一家旅游公司的价值不知怎么地上涨了三分之二。对Airbnb的独立分析显示其估值为210亿美元。</p>\n<p>此外，该公司在2019年和今年上半年消耗了12亿美元，最近通过股票和债券销售筹集了20亿美元，后者被归类为高利率垃圾债券。</p>\n<p>Airbnb的确称得上是“颠覆性的”，而且有一天它可能会是一个值得拥有的好股票，但是在一个四面楚歌的行业中，拥有一家几乎没有盈利的公司又有什么明智之处呢?而且目前还不清楚covid19疫苗什么时候会上市。</p>\n<p><b>Golden Nugget</b></p>\n<p><b>Online Gaming (GNOG)</b></p>\n<p>从本质上讲，GNOG技术上是上市的，因为收购博彩实体Landcadia Holdings II(NASDAQ:LCA)的特殊目的收购公司(SPAC)已经上市。然而，GNOG 尚未以官方形式首次亮相。这本来应该在第三季度实现，但是没有。</p>\n<p>公平地说，GNOG 的估值为7.45亿美元，仅为明年预期收入的6.1倍。这是相当不错的，尤其是与前面提到的 Airbnb 相比。与 SPAC 的关系和估值并不是 GNOG 的问题。</p>\n<p>相反，投资者需要关注的是潜在市场(TAM) ，以及是否有足够多的州将在线赌场合法化，从而将其TAM提升到一些分析师预测的高度。LCA 股票最近的价格走势(上周下跌了13%)表明，失常对于 GNOG 的 IPO 有一些担忧。</p>\n<p>更重要的是，GNOG 目前只在新泽西州运营，在那里公司获得了可观的利润。它的目标是很快在密歇根上线，但目前在美国的互联网赌场还是很稀少的，也不能保证会有更多的州，包括像加利福尼亚和纽约这样的地方，很快加入这个行列。GNOG也不能保证，尽管它会尝试在每个州获得许可。</p>\n<p>从一开始，GNOG 就具有 IPO-to-sell 的潜力，因为互联网博彩业需要更具体的、状态级的验证。随着公司的成熟，它可能值得投资者的资本，但他们不需要在IPO第一天就跑进来。</p>\n<p><b>陆金所</b></p>\n<p>在这里提到的三家公司中，我愿意公开表示，中国金融科技公司陆金所可能是IPO表现最好的公司。陆金所在纽约证券交易所的股票代码为“LU”，如果按预期区间的高端发行，陆金所最多可筹资23.6亿美元。</p>\n<p>人们对陆金所的担忧不是结构性的，而是蚂蚁集团即将到来的IPO会在多大程度上给竞争对手蒙上阴影。在香港和上海两地上市之后，蚂蚁集团(Ant Group)将筹资约350亿美元，这将是一段时间以来最受追捧的金融科技ipo之一。蚂蚁集团(Ant Group)的估值可能达到3140亿美元，足以抢过其规模较小的竞争对手的风头。</p>\n<p>陆金所有一些优良品质可以提供给投资者。它是中国最大的个人对个人(peer-to-peer，简称p2p)贷款机构之一，与许多金融科技公司一样，它也在向零售贷款和财富管理业务发展。</p>\n<p>此外，陆金所正在美国上市，而蚂蚁金服没有这么做，这可能有助于前者激发一些投资者的兴趣。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/280b0c318c92b05258be9e842f4641e8","relate_stocks":{"LU":"陆金所"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1184647315","content_text":"三笔值得关注的IPO\n\n投资者通常对首次公开募股(ipo)相当热情。这可以称之为“新事物法则”，但并非所有新上市的公司都值得投资者为此搅扰。\n简单的计算表明，并非所有的新股票都将立即成为赢家。在刚刚结束的2020年第三季度，共有81宗ipo，筹资总额达285亿美元，是互联网时代以来最繁忙的7 - 9月。\n让许多投资者感到更加困惑的是，如此多的新上市公司，无论其基本面和质量如何，在首日交易后立即上涨，但随后却又屈服于抛售压力，而抛售压力则来自于对市场的担忧、盈利困境和锁定期限届满等因素。\n以下是即将进行的三宗ipo，它们将轰然落地。\nAirbnb\nGolden Nugget Online Gaming\n陆金所\n现实情况是，并非所有IPO都能成为下一个亚马逊(NASDAQ:AMZN)或特斯拉(Tesla, NASDAQ:TSLA)。总会有一些明星和一些应该避免的失败例子。\nAirbnb\nAirbnb的气氛已经热起来了。这家允许业主和房东扮演酒店经营者的公司最近申请了30亿美元的IPO，使公司估值达到300亿美元。单独来看，这并不是一个危险信号，但事实上确实存在危险信号。\n假设Airbnb的估值达到了300亿美元，并且在上市首日出现了必要的飙升，那么Airbnb上市首日的市值就可能超过万豪国际(NYSE:MAR)。\n这并不是引起恐慌的唯一原因。今年4月，Airbnb的估值为180亿美元，这意味着，在全球旅游业受到大流行打击的6个月时间里，一家旅游公司的价值不知怎么地上涨了三分之二。对Airbnb的独立分析显示其估值为210亿美元。\n此外，该公司在2019年和今年上半年消耗了12亿美元，最近通过股票和债券销售筹集了20亿美元，后者被归类为高利率垃圾债券。\nAirbnb的确称得上是“颠覆性的”，而且有一天它可能会是一个值得拥有的好股票，但是在一个四面楚歌的行业中，拥有一家几乎没有盈利的公司又有什么明智之处呢?而且目前还不清楚covid19疫苗什么时候会上市。\nGolden Nugget\nOnline Gaming (GNOG)\n从本质上讲，GNOG技术上是上市的，因为收购博彩实体Landcadia Holdings II(NASDAQ:LCA)的特殊目的收购公司(SPAC)已经上市。然而，GNOG 尚未以官方形式首次亮相。这本来应该在第三季度实现，但是没有。\n公平地说，GNOG 的估值为7.45亿美元，仅为明年预期收入的6.1倍。这是相当不错的，尤其是与前面提到的 Airbnb 相比。与 SPAC 的关系和估值并不是 GNOG 的问题。\n相反，投资者需要关注的是潜在市场(TAM) ，以及是否有足够多的州将在线赌场合法化，从而将其TAM提升到一些分析师预测的高度。LCA 股票最近的价格走势(上周下跌了13%)表明，失常对于 GNOG 的 IPO 有一些担忧。\n更重要的是，GNOG 目前只在新泽西州运营，在那里公司获得了可观的利润。它的目标是很快在密歇根上线，但目前在美国的互联网赌场还是很稀少的，也不能保证会有更多的州，包括像加利福尼亚和纽约这样的地方，很快加入这个行列。GNOG也不能保证，尽管它会尝试在每个州获得许可。\n从一开始，GNOG 就具有 IPO-to-sell 的潜力，因为互联网博彩业需要更具体的、状态级的验证。随着公司的成熟，它可能值得投资者的资本，但他们不需要在IPO第一天就跑进来。\n陆金所\n在这里提到的三家公司中，我愿意公开表示，中国金融科技公司陆金所可能是IPO表现最好的公司。陆金所在纽约证券交易所的股票代码为“LU”，如果按预期区间的高端发行，陆金所最多可筹资23.6亿美元。\n人们对陆金所的担忧不是结构性的，而是蚂蚁集团即将到来的IPO会在多大程度上给竞争对手蒙上阴影。在香港和上海两地上市之后，蚂蚁集团(Ant Group)将筹资约350亿美元，这将是一段时间以来最受追捧的金融科技ipo之一。蚂蚁集团(Ant Group)的估值可能达到3140亿美元，足以抢过其规模较小的竞争对手的风头。\n陆金所有一些优良品质可以提供给投资者。它是中国最大的个人对个人(peer-to-peer，简称p2p)贷款机构之一，与许多金融科技公司一样，它也在向零售贷款和财富管理业务发展。\n此外，陆金所正在美国上市，而蚂蚁金服没有这么做，这可能有助于前者激发一些投资者的兴趣。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":308257649,"gmtCreate":1603995279781,"gmtModify":1703831606431,"author":{"id":"3543473643921575","authorId":"3543473643921575","name":"jokershen","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3543473643921575","authorIdStr":"3543473643921575"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$</a>神经病一样","listText":"<a href=\"https://laohu8.com/S/.IXIC\">$纳斯达克(.IXIC)$</a>神经病一样","text":"$纳斯达克(.IXIC)$神经病一样","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/308257649","isVote":1,"tweetType":1,"viewCount":745,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":977194106,"gmtCreate":1601473903605,"gmtModify":1703824441031,"author":{"id":"3543473643921575","authorId":"3543473643921575","name":"jokershen","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3543473643921575","authorIdStr":"3543473643921575"},"themes":[],"htmlText":"草，这篇报告害惨了我","listText":"草，这篇报告害惨了我","text":"草，这篇报告害惨了我","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/977194106","repostId":"2071718073","repostType":2,"repost":{"id":"2071718073","kind":"news","pubTimestamp":1601402893,"share":"https://www.laohu8.com/m/news/2071718073?lang=&edition=full","pubTime":"2020-09-30 02:08","market":"us","language":"en","title":"Assessing Survival Potential: Seritage Growth Properties","url":"https://stock-news.laohu8.com/highlight/detail?id=2071718073","media":"Harrison Schwartz","summary":"Seritage Growth Properties was struggling with chronic losses long before COVID hit.With working capital running low, Seritage is racing to sell assets during a period of very low retail commercial transactions.Seritage's NOI has been on the decline for years despite significant renovation efforts.While SRG's assets are difficult to value, they are likely worth significantly less than they appear on its balance sheet.With its covenants broken, SRG may be headed to zero in the long-run.","content":"<html><body><div><div><div><div>Summary</div><div><p><a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> was struggling with chronic losses long before COVID hit.</p><p>With working capital running low, Seritage is racing to sell assets during a period of very low retail commercial transactions.</p><p>Seritage's NOI has been on the decline for years despite significant renovation efforts.</p><p>While SRG's assets are difficult to value, they are likely worth significantly less than they appear on its balance sheet.</p><p>With its covenants broken, SRG may be headed to zero in the long-run.</p></div></div></div><div> <p>Seritage Growth Properties (SRG) is a REIT that invests in retail locations such as shopping malls and strip malls, the worst-hit properties from COVID lockdowns. The stock is down over 65% this year and is showing little signs of recovering. Its revenue has declined 40% and the company has been rushing to sell assets in order to create liquidity. </p> <p>Importantly, Seritage was struggling well before COVID. The company has hardly been able to generate a positive net-operating-income and cash-flow for years and has seen its working capital plummet. Indeed, COVID may just be the final straw that drives the REIT into bankruptcy. The company is selling assets and does have some profitable sources of income so a turnaround is theoretically possible. Let's take a closer look.</p> <h2>COVID's Long-Run Impact on SRG</h2> <p>In Q2, Seritage collected only 66% of rental income with deferral on an additional 21% of tenants. The company has sold at least 13 assets this year and five outparcels in order to generate $166M in cash. The company aims to use this cash for redevelopment projects and offset negative cash-flow. </p> <p>Importantly, Seritage has high exposure to California where 22.8% of its assets are situated. This is problematic because there are still widespread lockdowns in the state which has caused it to see <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the most significant and <strong>lasting</strong> decreases in employment. This will be a difficult area to sell assets and is likely to see a prolonged period of poor revenue. </p> <p>The company desperately needs cash. Its net-operating-income (calculated as operating income plus depreciation) has been trending lower for years and is now in negative territory. See below:</p>\n<div></div> <figure><img height=\"366\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2020/9/28/saupload_b5861d986d8920470da21ee195e1d034.png\" width=\"635\"/>Data by YCharts</figure><p>This means the company will not be able to make interest payments once its cash reserves are depleted. Importantly, this is has been made slightly worse by COVID, but Seritage's decline has been a long-time coming as you can see by the very clear trend in its NOI. </p> <p>Of course, this is partly due to its business model. Seritage was created five years ago when Sears needed cash and sold its property portfolio on the public market as Seritage. Since then, the company has made an effort to revitalize its many non-operating big-box-retail assets into multi-tenant properties with more rental income. While this seems like an intelligent strategy, five years in the company has not managed to improve the profitability of the vast majority of its assets. </p> <p>The most significant impact of COVID on Seritage is not necessarily the decline in rental income since that figure was already extremely low, it is a decline in commercial sales activity. According to Real Capital Analytics, commercial property transactions are down <strong>68%</strong> YoY in August despite record-low mortgage rates. The decline in rates has caused prices to rise for many commercial properties besides Retail which has seen property prices plummet.</p> <p>Seritage desperately needs cash with its working capital on the cusp of negative territory but is stuck in an environment where its properties are likely to sell at significant discounts to their original value. </p> <h2>Can Seritage Breakeven on Asset Sales?</h2> <p>Seritage is a REIT that is largely dependent on asset sales. The company cannot currently generate a positive operating profit, has a lot of debt, and comparatively very little cash. Since the company has been unable to generate a decent net-operating-income, its assets cannot be valued using traditional cap-rate measures.</p>\n<div></div> <p>Indeed, the cost of renovating many old Sears malls may be more than its worth to do so unless Seritage's assets are sold at a significant discount. It is probably fair to assume it will sell its best assets first since they will not require a significant discount.</p> <p>The company recently agreed to sell nine outparcels for $27M to Four Corners Property Trust (FCPT). This is in addition to an outparcel deal the company made with FCPT last year. The company also had strong sales volume early this year before COVID, but since then sales have been muted. </p> <p>Seritage is currently trading very close to its book value of $736M with $2.78B in assets and $1.7B in liabilities and $275M in minority interest. That said, around $900M of its assets are \"construction in progress\" and unconsolidated joint ventures which may not have positive returns. An additional $1.13B of its assets are in buildings. Personally, only the $633M of its land assets are truly likely to be safe. </p> <p>It is undoubtedly difficult to find the market value of these assets, however, they only have to be 25% overvalued for Seritage's NAV to be zero. The balance sheet value of its buildings was inherited from Sears. Since very few of these assets generate an operating profit, it is very likely they are worthless. Indeed, looking at Seritage's extremely high construction in progress, it is clear it takes <strong>a lot</strong> of capital to turn these properties around.</p> <p>While I cannot say with absolute certainty, it appears to take more money to improve these properties to a point of profitability than they're worth<strong> after</strong> associated liabilities are deducted. It will take time, but if this is true then it implies SRG will decline toward zero over time. </p> <h2>The Bottom Line</h2> <p>Overall, I see few reasons to believe SRG will turnaround from here. Yes, some of its assets<em> can</em> be turned around to become more profitable. However, the cost of doing so is high enough that it will continue to eat away at SRG's equity. The company has a lot of debt, chronically negative income, and is being forced to raise capital at a very inopportune time. The net result will likely be the company selling its few profitable assets which will only serve to prolong its decline. Ironically, this is not dissimilar Sears' (OTCPK:SHLDQ) decision to create Seritage years ago.</p>\n<div></div> <p>Berkshire (BRK.A) is Seritage's primary lender. The company is not in compliance with Berkshire's covenants which gives Berkshire control over asset sales and JV deals as well as dividend suspension and future debt financing. For now, Berkshire is being relatively lenient, but this may not last.</p> <p>Quite frankly, I believe SRG is a short opportunity. The stock has rallied over 100% from its March lows and has stopped rising since Summer, implying there are few willing buyers left. Over half of SRG's shares are being short-sold so there are many others betting that the stock will fall. That said, this creates significant short-squeeze risk as was seen during its June spike which saw SRG rise nearly 200% in a matter of days. There is also the relatively low but important risk that a bailout buyer will look to acquire SRG. Still, with a tight stop loss at perhaps $15, I believe it is a worthwhile short opportunity. </p> <span></span><span marketing_unit=\"Conviction\"><h2>Interested In More Alternative Insights?</h2>\n<p>If you're looking for (much) more research, I run the <strong>Conviction Dossier</strong> here on Seeking Alpha. The marketplace service provides an array of in-depth portfolios as well as weekly commodity and economic research reports. Additionally, we provide <strong>actionable</strong> investment and trade ideas designed to give you an edge on the crowd.</p>\n<p><img loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2020/8/13/49544530-15973476467548974.png\"/></p>\n<p>As an added benefit, we're allowing each new member one exclusive pick where they can have us provide in-depth research on <strong>any</strong> company or ETF they'd like. You can learn about what we can do for you here. </p></span><p><b>Disclosure:</b> <span>I/we have no positions in any stocks mentioned, but may initiate a short position in SRG over the next 72 hours.</span> <span>I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.</span></p>\n<div></div></div><div><div></div><span><svg height=\"16\" viewbox=\"5.799999713897705 7.799999237060547 20.30000114440918 16.39999771118164\" width=\"16\"><path d=\"M26.1 9.7c-.7.3-1.5.6-2.4.7.9-.5 1.5-1.3 1.8-2.3-.8.5-1.7.8-2.6 1-.8-.8-1.8-1.3-3-1.3-2.3 0-4.1 1.9-4.1 4.1 0 .3 0 .6.1.9-3.4-.2-6.5-1.8-8.5-4.3-.4.7-.7 1.4-.7 2.1 0 1.4.7 2.7 1.8 3.4-.7 0-1.3-.2-1.9-.5v.1c0 2 1.4 3.7 3.3 4.1-.3.1-.7.1-1.1.1-.3 0-.5 0-.8-.1.5 1.6 2.1 2.8 3.9 2.9-1.4 1.1-3.2 1.8-5.1 1.8-.3 0-.7 0-1-.1 1.8 1.2 4 1.9 6.4 1.9 7.6 0 11.8-6.3 11.8-11.8v-.5c.8-.6 1.5-1.3 2.1-2.2zm0 0\" fill=\"#FFFFFF\"></path></svg><svg height=\"18\" viewbox=\"11.000001907348633 6.799999713897705 9.999998092651367 18.600000381469727\" width=\"10\"><path d=\"M20.6 6.8h-2.4c-2.7 0-4.4 1.8-4.4 4.6v2.1h-2.4c-.2 0-.4.2-.4.4v3c0 .2.2.4.4.4h2.4V25c0 .2.2.4.4.4h3.1c.2 0 .4-.2.4-.4v-7.7h2.8c.2 0 .4-.2.4-.4v-3c0-.1 0-.2-.1-.3-.1-.1-.2-.1-.3-.1h-2.8v-1.8c0-.9.2-1.3 1.3-1.3h1.6c.2 0 .4-.2.4-.4V7.1c0-.2-.2-.3-.4-.3zm0 0\" fill=\"#FFFFFF\"></path></svg><svg height=\"16\" viewbox=\"6.200000286102295 6.699999809265137 19.5 18.700000762939453\" width=\"14\"><path d=\"M25.7 18.2v7.2h-4.2v-6.7c0-1.7-.6-2.8-2.1-2.8-1.2 0-1.8.8-2.1 1.5-.1.3-.1.6-.1 1v7H13s.1-11.4 0-12.6h4.2v1.8c.6-.9 1.5-2.1 3.8-2.1 2.7 0 4.7 1.8 4.7 5.7zM8.6 6.7c-1.4 0-2.4.9-2.4 2.2 0 1.2.9 2.2 2.3 2.2 1.5 0 2.4-1 2.4-2.2 0-1.2-.8-2.2-2.3-2.2zM6.5 25.4h4.2V12.8H6.5v12.6zm0 0\" fill=\"#FFFFFF\"></path></svg><svg height=\"14\" viewbox=\"4.5 6.499999523162842 22.900001525878906 18.999998092651367\" width=\"18\"><path d=\"M20.9 16.9c.1.2.1.3.1.5 0 .3-.1.6-.3.9-.2.2-.4.4-.7.5-.1 0-.3.1-.4.1-.3 0-.7-.1-.9-.3-.3-.2-.5-.5-.5-.8v-.3c0-.3.1-.6.3-.8.2-.2.4-.4.7-.5.2-.1.3-.1.5-.1.3 0 .6.1.8.3.1 0 .3.2.4.5zm-.9 3.7c-.1-.1-.3-.1-.4-.1-.1 0-.2 0-.3.1-1 .6-2.2.9-3.4.9-.9 0-1.8-.2-2.6-.6-.1 0-.3-.2-.4-.3-.1 0-.2-.1-.2-.1-.1 0-.2-.1-.3-.1-.1 0-.2 0-.3.1-.1.1-.2.1-.3.3-.1.1-.1.3-.1.4 0 .1 0 .2.1.4.1.1.1.2.3.3 1.1.8 2.5 1.1 3.8 1.1 1.2 0 2.4-.3 3.5-.8.1-.1.3-.2.5-.3.1-.1.2-.1.3-.2.1-.1.1-.2.2-.3v-.2c0-.1 0-.2-.1-.3l-.3-.3zm-8-1.9c.2.1.3.1.5.1.4 0 .7-.2 1-.4.3-.2.5-.6.5-1v-.1c0-.4-.2-.7-.5-1-.3-.2-.6-.4-1-.4h-.3c-.5.1-.9.5-1.1 1 0 .1-.1.3-.1.4 0 .3.1.6.3.9.2.3.4.4.7.5zm15.4-3.6v.2c0 .6-.2 1.1-.5 1.5-.3.4-.7.8-1.1 1v.7c0 1.2-.4 2.4-1.1 3.3-1.3 1.8-3.4 2.8-5.4 3.3-1.1.3-2.2.4-3.4.4-1.7 0-3.4-.3-4.9-.9-1.6-.7-3.2-1.7-4.1-3.3-.5-.8-.8-1.8-.8-2.8v-.7c-.4-.2-.8-.6-1.1-1-.3-.4-.5-1-.5-1.5 0-.8.3-1.5.8-2s1.2-.9 2-.9h.2c.4 0 .8.1 1.1.2.3.1.6.3.9.5.1 0 .2-.1.3-.1 1.7-1 3.6-1.4 5.4-1.5 0-.9.1-1.9.6-2.7.4-.7 1-1.3 1.8-1.4.3-.1.6-.1.9-.1.8 0 1.6.2 2.3.5.3-.5.8-.9 1.3-1.1.3-.1.7-.2 1-.2.4 0 .7.1 1.1.2.5.2.9.5 1.2 1 .4.4.6.9.6 1.5v.3c-.1.7-.4 1.3-.9 1.7-.5.4-1.1.7-1.8.7H23c-.6 0-1.3-.4-1.7-.8-.4-.5-.7-1.1-.7-1.8v-.1c-.6-.3-1.3-.5-1.9-.5h-.3c-.5 0-.9.4-1.1.8-.3.6-.4 1.4-.4 2.1 1.8.1 3.7.6 5.3 1.5 0 0 .1 0 .1.1.1-.1.2-.2.4-.3.5-.3 1.1-.5 1.7-.5.3 0 .5 0 .8.1.6.2 1.1.5 1.5 1 .4.4.7 1 .7 1.6zm-5.4-6s0 .1 0 0c0 .4.2.7.4.9.2.2.5.4.8.4h.1c.3 0 .6-.1.9-.4.2-.2.4-.5.4-.8v-.1c0-.3-.2-.6-.4-.9-.2-.2-.6-.4-.9-.4H23c-.3.1-.5.2-.7.4-.2.4-.3.6-.3.9zm-13.6 5c-.2-.1-.5-.2-.8-.2h-.1c-.4 0-.7.2-1 .4-.3.3-.5.6-.5 1v.1c0 .2.1.5.2.7.1.2.2.3.3.4.5-1 1.2-1.8 1.9-2.4zm16.1 4.5c0-.8-.3-1.7-.8-2.3-1-1.3-2.4-2.2-4-2.7-.3-.1-.6-.2-.9-.2-.9-.3-1.9-.4-2.8-.4-1.2 0-2.5.2-3.7.6-1.5.5-3 1.4-4 2.7-.5.7-.8 1.5-.8 2.3 0 .3 0 .6.1.9.2.7.5 1.3 1 1.8.4.5 1 1 1.6 1.3.1.1.3.2.4.2 1.7.9 3.6 1.3 5.4 1.3h1c1.9-.2 3.8-.7 5.4-1.9.5-.4.9-.8 1.3-1.3s.6-1.1.7-1.7c0-.2.1-.4.1-.6zm1.5-3.3c0-.2 0-.4-.1-.6-.1-.3-.3-.5-.6-.6-.3-.1-.6-.2-.8-.2-.3 0-.5.1-.8.2.8.7 1.4 1.4 1.8 2.4.1-.1.3-.3.3-.4.1-.3.2-.6.2-.8zm0 0\" fill=\"#FFFFFF\"></path></svg><svg height=\"10\" viewbox=\"4.699999809265137 8.300000190734863 22.599998474121094 15.40000057220459\" width=\"16\"><path d=\"M4.7 8.3v2.5L16 17l11.3-6.1V8.3H4.7zm0 3.7v11.7h22.6V12L16 18.1 4.7 12z\" fill=\"#FFFFFF\"></path></svg><svg height=\"14\" viewbox=\"87.43199920654297 227.56399536132812 422.6809997558594 382.7259826660156\" width=\"20\"><g><g><rect fill=\"none\" height=\"42.929\" width=\"42.929\" x=\"421.615\" y=\"375.172\"></rect><g><rect fill=\"none\" height=\"42.929\" width=\"42.929\" x=\"421.615\" y=\"375.172\"></rect><path d=\"M87.432,332.244v193.283h85.424v84.763h251.855v-84.763h85.402V332.244H87.432z M383.309,568.021H214.237 v-105.67h169.072V568.021z M464.543,418.101h-42.929v-42.929h42.929V418.101z\" fill=\"#FFFFFF\"></path></g></g><rect fill=\"#FFFFFF\" height=\"84.536\" width=\"253.609\" x=\"175.93\" y=\"227.564\"></rect></g></svg></span></div></div></body></html>","source":"seekingalpha","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>Assessing Survival Potential: Seritage Growth Properties</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; }\nh1,h2{ font-weight:normal; line-height:1.35; 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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\">\nAssessing Survival Potential: Seritage Growth Properties\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-09-30 02:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4376866-assessing-survival-potential-seritage-growth-properties><strong>Harrison Schwartz</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummarySeritage Growth Properties was struggling with chronic losses long before COVID hit.With working capital running low, Seritage is racing to sell assets during a period of very low retail ...</p>\n\n<a href=\"https://seekingalpha.com/article/4376866-assessing-survival-potential-seritage-growth-properties\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SRG":"Seritage Growth Properties"},"source_url":"https://seekingalpha.com/article/4376866-assessing-survival-potential-seritage-growth-properties","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2071718073","content_text":"SummarySeritage Growth Properties was struggling with chronic losses long before COVID hit.With working capital running low, Seritage is racing to sell assets during a period of very low retail commercial transactions.Seritage's NOI has been on the decline for years despite significant renovation efforts.While SRG's assets are difficult to value, they are likely worth significantly less than they appear on its balance sheet.With its covenants broken, SRG may be headed to zero in the long-run. Seritage Growth Properties (SRG) is a REIT that invests in retail locations such as shopping malls and strip malls, the worst-hit properties from COVID lockdowns. The stock is down over 65% this year and is showing little signs of recovering. Its revenue has declined 40% and the company has been rushing to sell assets in order to create liquidity.  Importantly, Seritage was struggling well before COVID. The company has hardly been able to generate a positive net-operating-income and cash-flow for years and has seen its working capital plummet. Indeed, COVID may just be the final straw that drives the REIT into bankruptcy. The company is selling assets and does have some profitable sources of income so a turnaround is theoretically possible. Let's take a closer look. COVID's Long-Run Impact on SRG In Q2, Seritage collected only 66% of rental income with deferral on an additional 21% of tenants. The company has sold at least 13 assets this year and five outparcels in order to generate $166M in cash. The company aims to use this cash for redevelopment projects and offset negative cash-flow.  Importantly, Seritage has high exposure to California where 22.8% of its assets are situated. This is problematic because there are still widespread lockdowns in the state which has caused it to see one of the most significant and lasting decreases in employment. This will be a difficult area to sell assets and is likely to see a prolonged period of poor revenue.  The company desperately needs cash. Its net-operating-income (calculated as operating income plus depreciation) has been trending lower for years and is now in negative territory. See below:\n Data by YChartsThis means the company will not be able to make interest payments once its cash reserves are depleted. Importantly, this is has been made slightly worse by COVID, but Seritage's decline has been a long-time coming as you can see by the very clear trend in its NOI.  Of course, this is partly due to its business model. Seritage was created five years ago when Sears needed cash and sold its property portfolio on the public market as Seritage. Since then, the company has made an effort to revitalize its many non-operating big-box-retail assets into multi-tenant properties with more rental income. While this seems like an intelligent strategy, five years in the company has not managed to improve the profitability of the vast majority of its assets.  The most significant impact of COVID on Seritage is not necessarily the decline in rental income since that figure was already extremely low, it is a decline in commercial sales activity. According to Real Capital Analytics, commercial property transactions are down 68% YoY in August despite record-low mortgage rates. The decline in rates has caused prices to rise for many commercial properties besides Retail which has seen property prices plummet. Seritage desperately needs cash with its working capital on the cusp of negative territory but is stuck in an environment where its properties are likely to sell at significant discounts to their original value.  Can Seritage Breakeven on Asset Sales? Seritage is a REIT that is largely dependent on asset sales. The company cannot currently generate a positive operating profit, has a lot of debt, and comparatively very little cash. Since the company has been unable to generate a decent net-operating-income, its assets cannot be valued using traditional cap-rate measures.\n Indeed, the cost of renovating many old Sears malls may be more than its worth to do so unless Seritage's assets are sold at a significant discount. It is probably fair to assume it will sell its best assets first since they will not require a significant discount. The company recently agreed to sell nine outparcels for $27M to Four Corners Property Trust (FCPT). This is in addition to an outparcel deal the company made with FCPT last year. The company also had strong sales volume early this year before COVID, but since then sales have been muted.  Seritage is currently trading very close to its book value of $736M with $2.78B in assets and $1.7B in liabilities and $275M in minority interest. That said, around $900M of its assets are \"construction in progress\" and unconsolidated joint ventures which may not have positive returns. An additional $1.13B of its assets are in buildings. Personally, only the $633M of its land assets are truly likely to be safe.  It is undoubtedly difficult to find the market value of these assets, however, they only have to be 25% overvalued for Seritage's NAV to be zero. The balance sheet value of its buildings was inherited from Sears. Since very few of these assets generate an operating profit, it is very likely they are worthless. Indeed, looking at Seritage's extremely high construction in progress, it is clear it takes a lot of capital to turn these properties around. While I cannot say with absolute certainty, it appears to take more money to improve these properties to a point of profitability than they're worth after associated liabilities are deducted. It will take time, but if this is true then it implies SRG will decline toward zero over time.  The Bottom Line Overall, I see few reasons to believe SRG will turnaround from here. Yes, some of its assets can be turned around to become more profitable. However, the cost of doing so is high enough that it will continue to eat away at SRG's equity. The company has a lot of debt, chronically negative income, and is being forced to raise capital at a very inopportune time. The net result will likely be the company selling its few profitable assets which will only serve to prolong its decline. Ironically, this is not dissimilar Sears' (OTCPK:SHLDQ) decision to create Seritage years ago.\n Berkshire (BRK.A) is Seritage's primary lender. The company is not in compliance with Berkshire's covenants which gives Berkshire control over asset sales and JV deals as well as dividend suspension and future debt financing. For now, Berkshire is being relatively lenient, but this may not last. Quite frankly, I believe SRG is a short opportunity. The stock has rallied over 100% from its March lows and has stopped rising since Summer, implying there are few willing buyers left. Over half of SRG's shares are being short-sold so there are many others betting that the stock will fall. That said, this creates significant short-squeeze risk as was seen during its June spike which saw SRG rise nearly 200% in a matter of days. There is also the relatively low but important risk that a bailout buyer will look to acquire SRG. Still, with a tight stop loss at perhaps $15, I believe it is a worthwhile short opportunity.  Interested In More Alternative Insights?\nIf you're looking for (much) more research, I run the Conviction Dossier here on Seeking Alpha. The marketplace service provides an array of in-depth portfolios as well as weekly commodity and economic research reports. Additionally, we provide actionable investment and trade ideas designed to give you an edge on the crowd.\n\nAs an added benefit, we're allowing each new member one exclusive pick where they can have us provide in-depth research on any company or ETF they'd like. You can learn about what we can do for you here. Disclosure: I/we have no positions in any stocks mentioned, but may initiate a short position in SRG over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.","news_type":1},"isVote":1,"tweetType":1,"viewCount":1168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":924348113,"gmtCreate":1588238178132,"gmtModify":1704367044342,"author":{"id":"3543473643921575","authorId":"3543473643921575","name":"jokershen","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3543473643921575","authorIdStr":"3543473643921575"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NCLH\">$挪威邮轮(NCLH)$</a>最后逃命的机会，五月开始进入","listText":"<a 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