闪电大仙的个人主页 - 老虎社区

闪电大仙

闪电大仙

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0勋章

2021-06-24

小鹏加油，我就是车主，用车体验很好，很有竞争力！

小鹏汽车港股发行价最高180港元每股，蔚来送祝福

2021-06-24

$小牛电动(NIU)$小牛26-28的支撑还是很强的，大盘不蹦基本都在这反转

2021-06-23

$小鹏汽车(XPEV)$小鹏 g3 520i上市了，继承了家族光剑前脸！

2021-02-23

配股就是股东注资好吗

抱歉，原内容已删除

2021-02-20

$巴里克黄金(GOLD)$是我见过最烂的

2021-01-26

$恒大汽车(00708)$这种公司不做空？

2021-01-25

$Bionano Genomics(BNGO)$短期看到15-20区间

2021-01-25

$Senseonics Holdings,Inc.(SENS)$跟BNGO一个调性！还等啥

2021-01-25

$台积电(TSM)$值得长期投资价值投资没问题

2021-01-22

$Caladrius Biosciences Inc. (CLBS)$这个也太坑了

2021-01-21

$阿里巴巴(BABA)$又开始调查支付宝了，我还是先撤了。。

2021-01-21

$Caladrius Biosciences Inc. (CLBS)$果断上车！

2021-01-07

太棒了，跟高盛反着来就行！最烂的投资公司就是高盛！

最惨的情境下，阿里巴巴值多少？高盛算了一下

2020-12-29

$小鹏汽车(XPEV)$再差不至于比理想差吧

2020-12-18

$物农网(WNW)$哈哈又停了

2020-12-18

$亿邦国际(EBON)$这个废物确实不行，基本面太差了

2020-12-17

$物农网(WNW)$开🈹

2020-12-17

$物农网(WNW)$卡了哈哈

2020-11-20

$小鹏汽车(XPEV)$说真的，一些做空的喷子，我就是小鹏p7 车主真的香，家里有特斯拉，直接丢给老婆开了

2020-04-30

$SP500指数主连(ESmain)$无基之弹

去老虎APP查看更多动态

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20:13","market":"us","language":"zh","title":"小鹏汽车港股发行价最高180港元每股，蔚来送祝福","url":"https://stock-news.laohu8.com/highlight/detail?id=1106576178","media":"时代在线","summary":"小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。","content":"<p>文／李卓玲</p>\n<p>距去年8月成功赴美上市不到一年时间，<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>便筹备回港IPO欲“双重上市”。</p>\n<p>6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425万股A类普通股，股票代码为“9868”。小鹏汽车表示本次香港公开发行的最高发行价为每股180港元或23.19美元(相等于每ADS 46.39美元)。</p>\n<p>股东方面，招股书显示，小鹏汽车联合创始人、董事长兼首席执行官何小鹏及其关联公司为小鹏汽车控股股东，持股21.75%；淘宝中国持股11.9%，IDG资本持股4.8%。</p>\n<p>同日，据时代财经在港交所官网了解到，小鹏汽车已通过港交所上市聆讯，并第一次呈交聆讯后资料集。小鹏汽车称，该资料集并非最终上市文件，公司可能会不时根据上市规则作出更新或修订。</p>\n<p>据悉，此次回归港股，<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>和美银为小鹏汽车联席保荐人，前述投行此前曾助小鹏完成赴美上市事宜。与此同时，小鹏汽车此次融资规模最多为20亿美元。不过，对于赴港上市相关消息，小鹏汽车对时代财经称，不予置评。</p>\n<p><img src=\"https://static.tigerbbs.com/637e64eaf32d8f5ba864c1e1c3561ec9\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\">图片来源：小鹏汽车</p>\n<p>值得关注的是，除了小鹏汽车外，<a href=\"https://laohu8.com/S/NIO\">蔚来</a>和理想汽车此前亦均传出有赴港上市之心。今年3月，据媒体报道，蔚来、小鹏汽车已向港交所递交上市申请，而理想尚未“递表”；该报道并援引知情人士称，三家公司均打算出售5%的股权，筹资金额合计或将达到50亿美元。</p>\n<p>对于后续回归计划及进展，时代财经6月24日也分别采访了蔚来和<a href=\"https://laohu8.com/S/LI\">理想汽车</a>，双方均称暂无更多消息披露，而对于小鹏回港IPO动态，蔚来公关部人士称，“祝福队友”。</p>\n<p><b>双重上市</b></p>\n<p>“小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。一般来说，这种情况会比二次上市更为严格。”6月24日，川财证券策略分析师王一棠对时代财经表示。</p>\n<p>公开资料显示，在合格交易所（如纽交所、纳斯达克等）作主要上市的企业，允许在港作第二上市，但需符合几大条件，包括企业必须是创<a href=\"https://laohu8.com/S/300832\">新产业</a>公司、在至少最近两个完整会计年度于合格交易所上市的合规纪录良好，以及申请人于香港第二上市时的总市值不少于400亿港币，或上市时的总市值不少于100亿港币并且最近一个经审计会计年度的收益不少于10亿港币等。</p>\n<p><img src=\"https://static.tigerbbs.com/7426061ec0b6d7263a5f645b48ccc96b\" tg-width=\"550\" tg-height=\"414\" referrerpolicy=\"no-referrer\">图片来源：港交所官网截图</p>\n<p>小鹏此次以目前较少见的“双重主要上市”(Dual Primary Listing)方式回归港股，主要因其距此前美股上市（去年8月27日）的间隔时间较短，不符合二次上市中对于上市主体在另一家符合条件的交易所至少有两年良好监管合规记录的要求。</p>\n<p>王一棠对时代财经称，从小鹏汽车当前市值，再加上该公司为创新企业，理论上满足上市港交所的标准。而截至6月23日收盘，小鹏汽车(XPEV.NYSE)美股收盘价为41.61美元/股，总市值达334.27亿美元，约合2595.3亿港币。</p>\n<p>不过，小鹏汽车在向港交所呈交的聆讯后资料中仍提及多项风险和不确定因素，包括作为行业新加入者的挑战、研发工作可能无法产能预期成果、自动驾驶技术风险，以及最近才开始产生收入且仍在产生亏损和负经营现金流，而此等情形将有可能于日后持续等。</p>\n<p>其中，在与<a href=\"https://laohu8.com/S/000572\">海马汽车</a>的产能合作方面，小鹏汽车称，与前者的合作协议将于今年12月31日届满，但可能存在未能与海马以可接纳的条款及条件订立新合约或延长现有合约，以及订立的协议亦可能会在双方同意下终止。如出现任何上述情况，小鹏汽车或须与其他第三方订立合约或大幅增加本身的产能。</p>\n<p>“我们无法保证在该情形下能按可接纳的条款，与其他第三方合伙或增加本身的产能以满足我们的需求，或完全不能满足。完成任何过渡及确保新第三方合作伙伴的工厂所生产的<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>电动汽车符合我们的质量标准及监管规定所需的开支及时间可能较预期为多。上述任何因素均可能对我们的业务、经营业绩、财务状况及前景造成不利影响。”小鹏汽车在其呈交的聆讯后资料中指出。</p>\n<p><img src=\"https://static.tigerbbs.com/70c771acf3ec396d6a6bb60ff0922bce\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\">图片来源：网络，侵权请联系删除</p>\n<p><b>“蔚小理”加速回港上市筹资？</b></p>\n<p>在业界看来，若小鹏汽车如愿登陆港股市场，将助其进一步拓宽融资渠道，为其后续产品投放、技术研发等做好资金储备。</p>\n<p>据小鹏汽车呈交给港交所的资料显示，2018年至2020年，小鹏汽车的年研发开支分別为人民币10.51亿元、20.7亿元、17.26亿元，再加上今年一季度的5.35亿元，合计约53.82亿元。在2019年、2020年及截至2021年3月31日止三个月，上述开支分别占总收入89.2%、29.5%及18.1%。</p>\n<p>在研发人员方面，截至今年3月底，有2442名员工(占总人数约39.8%)在小鹏汽车研发部门工作，其中62.1%、16.3%和21.5%分别致力于汽车设计与工程、自动驾驶和智能操作系统。按职能分类的员工明细来看，小鹏汽车的研发人员占比仅次于负责销售及营销的员工（2518人），后者这一占比为41.1%。</p>\n<p>值得关注的是，小鹏汽车此前通过首发上市及后续股票增发等，获得较为充足的现金储备。据悉，其去年8月完成首次公开发售及于纽交所上市，经扣除承销折扣、佣金及开支后，共筹得所得款项净额约16.56亿美元。随后，去年12月，小鹏汽车又按每股美国存托股45美元或每股股份22.5美元的价格完成后续公开发售，经扣除承销折扣、佣金及开支后，共筹得所得款项净额24.45亿美元。</p>\n<p>而目前，除了小鹏汽车外，另外两家头部新势力车企蔚来、理想被传同样有回港上市计划，以进一步优化融资渠道。结合“蔚小理”车企Q1财报来看，目前三家车企现金储备均超300亿元，其中，蔚来现金储备最多达475亿元，小鹏为362.01亿元，理想汽车为303.6亿元。</p>\n<p>此前，理想汽车创始人、CEO李想曾对外表示，理想不介意任何一种方式的融资，包括二级市场、银行贷款和发债等。</p>\n<p>有业界人士对时代财经称，在拓宽外部融资渠道的同时，扩大交付规模以提升自身造血能力仍是新势力车企实现盈利的头等大事。据<a href=\"https://laohu8.com/S/002736\">国信证券</a>研报测算认为，蔚来、小鹏、理想要想实现盈利，销量规模分别需达到18万辆、12万辆和6万辆。截至今年5月底，蔚来累计交付量为10.95万辆，小鹏汽车累计交付量超6.4万辆，理想汽车累计交付量超5.6万辆。</p>","source":"lsy1588128741489","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>小鹏汽车港股发行价最高180港元每股，蔚来送祝福</title>\n<style 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}\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小鹏汽车港股发行价最高180港元每股，蔚来送祝福\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 20:13 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.time-weekly.com/post/282527><strong>时代在线</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文／李卓玲\n距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425万股A类普通股，股票代码为“9868”。小鹏汽车表示本次香港公开发行的最高发行价为每股180港元或23.19美元(相等于每ADS 46.39美元)。\n股东方面，招股书显示，小鹏汽车联合...</p>\n\n<a href=\"http://www.time-weekly.com/post/282527\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1f112c7634aa63c7d43e3db0ad6536d8","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"http://www.time-weekly.com/post/282527","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106576178","content_text":"文／李卓玲\n距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425万股A类普通股，股票代码为“9868”。小鹏汽车表示本次香港公开发行的最高发行价为每股180港元或23.19美元(相等于每ADS 46.39美元)。\n股东方面，招股书显示，小鹏汽车联合创始人、董事长兼首席执行官何小鹏及其关联公司为小鹏汽车控股股东，持股21.75%；淘宝中国持股11.9%，IDG资本持股4.8%。\n同日，据时代财经在港交所官网了解到，小鹏汽车已通过港交所上市聆讯，并第一次呈交聆讯后资料集。小鹏汽车称，该资料集并非最终上市文件，公司可能会不时根据上市规则作出更新或修订。\n据悉，此次回归港股，摩根大通和美银为小鹏汽车联席保荐人，前述投行此前曾助小鹏完成赴美上市事宜。与此同时，小鹏汽车此次融资规模最多为20亿美元。不过，对于赴港上市相关消息，小鹏汽车对时代财经称，不予置评。\n图片来源：小鹏汽车\n值得关注的是，除了小鹏汽车外，蔚来和理想汽车此前亦均传出有赴港上市之心。今年3月，据媒体报道，蔚来、小鹏汽车已向港交所递交上市申请，而理想尚未“递表”；该报道并援引知情人士称，三家公司均打算出售5%的股权，筹资金额合计或将达到50亿美元。\n对于后续回归计划及进展，时代财经6月24日也分别采访了蔚来和理想汽车，双方均称暂无更多消息披露，而对于小鹏回港IPO动态，蔚来公关部人士称，“祝福队友”。\n双重上市\n“小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。一般来说，这种情况会比二次上市更为严格。”6月24日，川财证券策略分析师王一棠对时代财经表示。\n公开资料显示，在合格交易所（如纽交所、纳斯达克等）作主要上市的企业，允许在港作第二上市，但需符合几大条件，包括企业必须是创新产业公司、在至少最近两个完整会计年度于合格交易所上市的合规纪录良好，以及申请人于香港第二上市时的总市值不少于400亿港币，或上市时的总市值不少于100亿港币并且最近一个经审计会计年度的收益不少于10亿港币等。\n图片来源：港交所官网截图\n小鹏此次以目前较少见的“双重主要上市”(Dual Primary Listing)方式回归港股，主要因其距此前美股上市（去年8月27日）的间隔时间较短，不符合二次上市中对于上市主体在另一家符合条件的交易所至少有两年良好监管合规记录的要求。\n王一棠对时代财经称，从小鹏汽车当前市值，再加上该公司为创新企业，理论上满足上市港交所的标准。而截至6月23日收盘，小鹏汽车(XPEV.NYSE)美股收盘价为41.61美元/股，总市值达334.27亿美元，约合2595.3亿港币。\n不过，小鹏汽车在向港交所呈交的聆讯后资料中仍提及多项风险和不确定因素，包括作为行业新加入者的挑战、研发工作可能无法产能预期成果、自动驾驶技术风险，以及最近才开始产生收入且仍在产生亏损和负经营现金流，而此等情形将有可能于日后持续等。\n其中，在与海马汽车的产能合作方面，小鹏汽车称，与前者的合作协议将于今年12月31日届满，但可能存在未能与海马以可接纳的条款及条件订立新合约或延长现有合约，以及订立的协议亦可能会在双方同意下终止。如出现任何上述情况，小鹏汽车或须与其他第三方订立合约或大幅增加本身的产能。\n“我们无法保证在该情形下能按可接纳的条款，与其他第三方合伙或增加本身的产能以满足我们的需求，或完全不能满足。完成任何过渡及确保新第三方合作伙伴的工厂所生产的智能电动汽车符合我们的质量标准及监管规定所需的开支及时间可能较预期为多。上述任何因素均可能对我们的业务、经营业绩、财务状况及前景造成不利影响。”小鹏汽车在其呈交的聆讯后资料中指出。\n图片来源：网络，侵权请联系删除\n“蔚小理”加速回港上市筹资？\n在业界看来，若小鹏汽车如愿登陆港股市场，将助其进一步拓宽融资渠道，为其后续产品投放、技术研发等做好资金储备。\n据小鹏汽车呈交给港交所的资料显示，2018年至2020年，小鹏汽车的年研发开支分別为人民币10.51亿元、20.7亿元、17.26亿元，再加上今年一季度的5.35亿元，合计约53.82亿元。在2019年、2020年及截至2021年3月31日止三个月，上述开支分别占总收入89.2%、29.5%及18.1%。\n在研发人员方面，截至今年3月底，有2442名员工(占总人数约39.8%)在小鹏汽车研发部门工作，其中62.1%、16.3%和21.5%分别致力于汽车设计与工程、自动驾驶和智能操作系统。按职能分类的员工明细来看，小鹏汽车的研发人员占比仅次于负责销售及营销的员工（2518人），后者这一占比为41.1%。\n值得关注的是，小鹏汽车此前通过首发上市及后续股票增发等，获得较为充足的现金储备。据悉，其去年8月完成首次公开发售及于纽交所上市，经扣除承销折扣、佣金及开支后，共筹得所得款项净额约16.56亿美元。随后，去年12月，小鹏汽车又按每股美国存托股45美元或每股股份22.5美元的价格完成后续公开发售，经扣除承销折扣、佣金及开支后，共筹得所得款项净额24.45亿美元。\n而目前，除了小鹏汽车外，另外两家头部新势力车企蔚来、理想被传同样有回港上市计划，以进一步优化融资渠道。结合“蔚小理”车企Q1财报来看，目前三家车企现金储备均超300亿元，其中，蔚来现金储备最多达475亿元，小鹏为362.01亿元，理想汽车为303.6亿元。\n此前，理想汽车创始人、CEO李想曾对外表示，理想不介意任何一种方式的融资，包括二级市场、银行贷款和发债等。\n有业界人士对时代财经称，在拓宽外部融资渠道的同时，扩大交付规模以提升自身造血能力仍是新势力车企实现盈利的头等大事。据国信证券研报测算认为，蔚来、小鹏、理想要想实现盈利，销量规模分别需达到18万辆、12万辆和6万辆。截至今年5月底，蔚来累计交付量为10.95万辆，小鹏汽车累计交付量超6.4万辆，理想汽车累计交付量超5.6万辆。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1876,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":128771373,"gmtCreate":1624534755392,"gmtModify":1624534755392,"author":{"id":"3547206545370515","authorId":"3547206545370515","name":"闪电大仙","avatar":"https://static.tigerbbs.com/4a37c9e64efad9fb78558c37f11ec8c7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547206545370515","authorIdStr":"3547206545370515"},"themes":[],"htmlText":"<a 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价值投资没问题","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/319500167","isVote":1,"tweetType":1,"viewCount":3209,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3465033643643509","authorId":"3465033643643509","name":"筌哥","avatar":"https://static.tigerbbs.com/130dc8466f3ca503880087fbc92945f1","crmLevel":1,"crmLevelSwitch":0,"idStr":"3465033643643509","authorIdStr":"3465033643643509"},"content":"講 ，大家都會 做到了在說","text":"講 ，大家都會 做到了在說","html":"講 ，大家都會 做到了在說"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":310887381,"gmtCreate":1611306946843,"gmtModify":1703749571520,"author":{"id":"3547206545370515","authorId":"3547206545370515","name":"闪电大仙","avatar":"https://static.tigerbbs.com/4a37c9e64efad9fb78558c37f11ec8c7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547206545370515","authorIdStr":"3547206545370515"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CLBS\">$Caladrius Biosciences Inc. 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(CLBS)$果断上车！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/310097436","isVote":1,"tweetType":1,"viewCount":1393,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":336358756,"gmtCreate":1610031153975,"gmtModify":1703742186566,"author":{"id":"3547206545370515","authorId":"3547206545370515","name":"闪电大仙","avatar":"https://static.tigerbbs.com/4a37c9e64efad9fb78558c37f11ec8c7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547206545370515","authorIdStr":"3547206545370515"},"themes":[],"htmlText":"太棒了，跟高盛反着来就行！最烂的投资公司就是高盛！","listText":"太棒了，跟高盛反着来就行！最烂的投资公司就是高盛！","text":"太棒了，跟高盛反着来就行！最烂的投资公司就是高盛！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/336358756","repostId":"2101881618","repostType":2,"repost":{"id":"2101881618","pubTimestamp":1609829147,"share":"https://www.laohu8.com/m/news/2101881618?lang=&edition=full","pubTime":"2021-01-05 14:45","market":"us","language":"zh","title":"最惨的情境下，阿里巴巴值多少？高盛算了一下","url":"https://stock-news.laohu8.com/highlight/detail?id=2101881618","media":"全天候科技","summary":"阿里巴巴作为电商巨头仍将是商家的首选渠道。","content":"<p>市场对反垄断监管的担忧已经使得<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>股价自10月高点跌去逾20%，但<a href=\"https://laohu8.com/S/GS\">高盛</a>仍然对其维持买入评级。</p><p>高盛认为，当前阿里巴巴股价处于历史低位，反垄断监管对其业绩的负面影响或许不像市场想象的那么大，未来其存在估值恢复的空间。</p><p>周一发布的报告中，高盛设定“熊市情境”对阿里巴巴进行了一番估值，<b>认为即便是在最惨的情境下，阿里巴巴仍然每股值258美元，比周一收盘价高出13%。</b></p><p><b>高盛：不必过分担忧</b></p><p>高盛认为，监管风波之后随着市场大幅度抛售，阿里巴巴真实价值与其当前股价之间已经出现了明显的预期差。</p><p>该行表示，反垄断监管可能主要围绕阿里巴巴的排他性行为，但这对阿里巴巴各项业务收入及企业盈利影响，预计没市场担心的那么严重。</p><p>具体而言，<b>近期的监管风波对阿里巴巴最直接的影响，或是盈利增速的放缓和营业额的小幅下滑。但长期来看：</b></p><p><b>一来，</b>大多数商家为适应过去的竞争环境，与多个电商平台都有业务往来。高盛调查入驻天猫的149个主要品牌发现，77%的品牌在淘宝商城、<a href=\"https://laohu8.com/S/PDD\">拼多多</a>、<a href=\"https://laohu8.com/S/JD\">京东</a>等其他电商平台上均有设立旗舰店，仅11%的品牌仅在天猫独立销售，是否属于违反反垄断法的排他性行为及其严重程度仍有待调查判断，且类似调查通常“旷日持久”。</p><p><b>二来，</b>即便阿里巴巴被定论为违反反垄断法，长期来看，跨平台的投资回报率(ROI)始终是商家选择销售平台的关键因素，<b>而阿里巴巴作为电子商务巨头，能为消费者和商家提供可持续增值的能力，仍将是商家的首选渠道。</b></p><p><b>最惨也有13%能涨</b></p><p>尽管如此，高盛还是保守估计了阿里巴巴在极端“熊市情境”下的最悲观估值。</p><p>围绕电子商务和金融科技两大阿里巴巴的核心业务领域，以及税收等其他行业政策，高盛认为，<b>最惨的情境下阿里巴巴将出现以下三种情形：</b></p><ol><li>2022年广告佣金收入增速同比下降1%，鉴于部分成交额可能被其他电商平台所稀释，核心电商业务市盈率将由18倍下调至10倍；</li><li>金融业务估值对标传统金融机构，随着平台成交额增速放缓，贷款余额也会降低；</li><li>基于对中国税务机关继续加强平台间数据共享的预期，阿里巴巴将不再享受此前减按15%征收企业所得税的税收优惠，所有业务线税率升至25%。</li></ol><p>高盛表示，上述三条都是极端情境假设，尤其情形1和情形3出现的概率非常之低。</p><p><b>但考虑到阿里巴巴目前股价处于低点，比12个月远期价格中值低了2个标准差，又结合上述提到的各项因素，高盛认为：即便是在这样的“熊市”情境下，阿里巴巴美股未来12个月目标价也能达到258美元，较周一收盘价高出13%。</b></p><p>而正常情形下，高盛估算的未来12个月基准目标价为362美元，比当前股价高出52%。</p><p>与此同时，去年12月28日阿里巴巴宣布股票回购计划由60亿美元扩大至100亿美元，也将为其股价下行提供保护垫。</p>","source":"awtmt_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\n最惨的情境下，阿里巴巴值多少？高盛算了一下\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-01-05 14:45 北京时间&nbsp;&nbsp;&nbsp;<a href=https://awtmt.com/articles/3615913><strong>全天候科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>市场对反垄断监管的担忧已经使得阿里巴巴股价自10月高点跌去逾20%，但高盛仍然对其维持买入评级。高盛认为，当前阿里巴巴股价处于历史低位，反垄断监管对其业绩的负面影响或许不像市场想象的那么大，未来其存在估值恢复的空间。周一发布的报告中，高盛设定“熊市情境”对阿里巴巴进行了一番估值，认为即便是在最惨的情境下，阿里巴巴仍然每股值258美元，比周一收盘价高出13%。高盛：不必过分担忧高盛认为，监管风波之后...</p>\n\n<a href=\"https://awtmt.com/articles/3615913\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://wpimg.wallstcn.com/b798e062-1369-43a9-9035-33d6f2f394e7.jpg","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴","GS":"高盛"},"source_url":"https://awtmt.com/articles/3615913","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2101881618","content_text":"市场对反垄断监管的担忧已经使得阿里巴巴股价自10月高点跌去逾20%，但高盛仍然对其维持买入评级。高盛认为，当前阿里巴巴股价处于历史低位，反垄断监管对其业绩的负面影响或许不像市场想象的那么大，未来其存在估值恢复的空间。周一发布的报告中，高盛设定“熊市情境”对阿里巴巴进行了一番估值，认为即便是在最惨的情境下，阿里巴巴仍然每股值258美元，比周一收盘价高出13%。高盛：不必过分担忧高盛认为，监管风波之后随着市场大幅度抛售，阿里巴巴真实价值与其当前股价之间已经出现了明显的预期差。该行表示，反垄断监管可能主要围绕阿里巴巴的排他性行为，但这对阿里巴巴各项业务收入及企业盈利影响，预计没市场担心的那么严重。具体而言，近期的监管风波对阿里巴巴最直接的影响，或是盈利增速的放缓和营业额的小幅下滑。但长期来看：一来，大多数商家为适应过去的竞争环境，与多个电商平台都有业务往来。高盛调查入驻天猫的149个主要品牌发现，77%的品牌在淘宝商城、拼多多、京东等其他电商平台上均有设立旗舰店，仅11%的品牌仅在天猫独立销售，是否属于违反反垄断法的排他性行为及其严重程度仍有待调查判断，且类似调查通常“旷日持久”。二来，即便阿里巴巴被定论为违反反垄断法，长期来看，跨平台的投资回报率(ROI)始终是商家选择销售平台的关键因素，而阿里巴巴作为电子商务巨头，能为消费者和商家提供可持续增值的能力，仍将是商家的首选渠道。最惨也有13%能涨尽管如此，高盛还是保守估计了阿里巴巴在极端“熊市情境”下的最悲观估值。围绕电子商务和金融科技两大阿里巴巴的核心业务领域，以及税收等其他行业政策，高盛认为，最惨的情境下阿里巴巴将出现以下三种情形：2022年广告佣金收入增速同比下降1%，鉴于部分成交额可能被其他电商平台所稀释，核心电商业务市盈率将由18倍下调至10倍；金融业务估值对标传统金融机构，随着平台成交额增速放缓，贷款余额也会降低；基于对中国税务机关继续加强平台间数据共享的预期，阿里巴巴将不再享受此前减按15%征收企业所得税的税收优惠，所有业务线税率升至25%。高盛表示，上述三条都是极端情境假设，尤其情形1和情形3出现的概率非常之低。但考虑到阿里巴巴目前股价处于低点，比12个月远期价格中值低了2个标准差，又结合上述提到的各项因素，高盛认为：即便是在这样的“熊市”情境下，阿里巴巴美股未来12个月目标价也能达到258美元，较周一收盘价高出13%。而正常情形下，高盛估算的未来12个月基准目标价为362美元，比当前股价高出52%。与此同时，去年12月28日阿里巴巴宣布股票回购计划由60亿美元扩大至100亿美元，也将为其股价下行提供保护垫。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":333889399,"gmtCreate":1609234979911,"gmtModify":1703738324568,"author":{"id":"3547206545370515","authorId":"3547206545370515","name":"闪电大仙","avatar":"https://static.tigerbbs.com/4a37c9e64efad9fb78558c37f11ec8c7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547206545370515","authorIdStr":"3547206545370515"},"themes":[],"htmlText":"<a 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href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a>又开始调查支付宝了，我还是先撤了。。","text":"$阿里巴巴(BABA)$又开始调查支付宝了，我还是先撤了。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/310048869","isVote":1,"tweetType":1,"viewCount":3537,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3495161017076983","authorId":"3495161017076983","name":"什么名字好","avatar":"https://static.tigerbbs.com/9474900ebc794a9b324f27254e0e51dc","crmLevel":1,"crmLevelSwitch":0,"idStr":"3495161017076983","authorIdStr":"3495161017076983"},"content":"支付宝支付业务还是很强的。我个人认为都是可能算是国内最强的了。","text":"支付宝支付业务还是很强的。我个人认为都是可能算是国内最强的了。","html":"支付宝支付业务还是很强的。我个人认为都是可能算是国内最强的了。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":319512838,"gmtCreate":1611589494724,"gmtModify":1703751392862,"author":{"id":"3547206545370515","authorId":"3547206545370515","name":"闪电大仙","avatar":"https://static.tigerbbs.com/4a37c9e64efad9fb78558c37f11ec8c7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547206545370515","authorIdStr":"3547206545370515"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SENS\">$Senseonics Holdings,Inc.(SENS)$</a>跟BNGO一个调性！还等啥","listText":"<a href=\"https://laohu8.com/S/SENS\">$Senseonics Holdings,Inc.(SENS)$</a>跟BNGO一个调性！还等啥","text":"$Senseonics Holdings,Inc.(SENS)$跟BNGO一个调性！还等啥","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/319512838","isVote":1,"tweetType":1,"viewCount":1818,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":336358756,"gmtCreate":1610031153975,"gmtModify":1703742186566,"author":{"id":"3547206545370515","authorId":"3547206545370515","name":"闪电大仙","avatar":"https://static.tigerbbs.com/4a37c9e64efad9fb78558c37f11ec8c7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547206545370515","authorIdStr":"3547206545370515"},"themes":[],"htmlText":"太棒了，跟高盛反着来就行！最烂的投资公司就是高盛！","listText":"太棒了，跟高盛反着来就行！最烂的投资公司就是高盛！","text":"太棒了，跟高盛反着来就行！最烂的投资公司就是高盛！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/336358756","repostId":"2101881618","repostType":2,"repost":{"id":"2101881618","pubTimestamp":1609829147,"share":"https://www.laohu8.com/m/news/2101881618?lang=&edition=full","pubTime":"2021-01-05 14:45","market":"us","language":"zh","title":"最惨的情境下，阿里巴巴值多少？高盛算了一下","url":"https://stock-news.laohu8.com/highlight/detail?id=2101881618","media":"全天候科技","summary":"阿里巴巴作为电商巨头仍将是商家的首选渠道。","content":"<p>市场对反垄断监管的担忧已经使得<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>股价自10月高点跌去逾20%，但<a href=\"https://laohu8.com/S/GS\">高盛</a>仍然对其维持买入评级。</p><p>高盛认为，当前阿里巴巴股价处于历史低位，反垄断监管对其业绩的负面影响或许不像市场想象的那么大，未来其存在估值恢复的空间。</p><p>周一发布的报告中，高盛设定“熊市情境”对阿里巴巴进行了一番估值，<b>认为即便是在最惨的情境下，阿里巴巴仍然每股值258美元，比周一收盘价高出13%。</b></p><p><b>高盛：不必过分担忧</b></p><p>高盛认为，监管风波之后随着市场大幅度抛售，阿里巴巴真实价值与其当前股价之间已经出现了明显的预期差。</p><p>该行表示，反垄断监管可能主要围绕阿里巴巴的排他性行为，但这对阿里巴巴各项业务收入及企业盈利影响，预计没市场担心的那么严重。</p><p>具体而言，<b>近期的监管风波对阿里巴巴最直接的影响，或是盈利增速的放缓和营业额的小幅下滑。但长期来看：</b></p><p><b>一来，</b>大多数商家为适应过去的竞争环境，与多个电商平台都有业务往来。高盛调查入驻天猫的149个主要品牌发现，77%的品牌在淘宝商城、<a href=\"https://laohu8.com/S/PDD\">拼多多</a>、<a href=\"https://laohu8.com/S/JD\">京东</a>等其他电商平台上均有设立旗舰店，仅11%的品牌仅在天猫独立销售，是否属于违反反垄断法的排他性行为及其严重程度仍有待调查判断，且类似调查通常“旷日持久”。</p><p><b>二来，</b>即便阿里巴巴被定论为违反反垄断法，长期来看，跨平台的投资回报率(ROI)始终是商家选择销售平台的关键因素，<b>而阿里巴巴作为电子商务巨头，能为消费者和商家提供可持续增值的能力，仍将是商家的首选渠道。</b></p><p><b>最惨也有13%能涨</b></p><p>尽管如此，高盛还是保守估计了阿里巴巴在极端“熊市情境”下的最悲观估值。</p><p>围绕电子商务和金融科技两大阿里巴巴的核心业务领域，以及税收等其他行业政策，高盛认为，<b>最惨的情境下阿里巴巴将出现以下三种情形：</b></p><ol><li>2022年广告佣金收入增速同比下降1%，鉴于部分成交额可能被其他电商平台所稀释，核心电商业务市盈率将由18倍下调至10倍；</li><li>金融业务估值对标传统金融机构，随着平台成交额增速放缓，贷款余额也会降低；</li><li>基于对中国税务机关继续加强平台间数据共享的预期，阿里巴巴将不再享受此前减按15%征收企业所得税的税收优惠，所有业务线税率升至25%。</li></ol><p>高盛表示，上述三条都是极端情境假设，尤其情形1和情形3出现的概率非常之低。</p><p><b>但考虑到阿里巴巴目前股价处于低点，比12个月远期价格中值低了2个标准差，又结合上述提到的各项因素，高盛认为：即便是在这样的“熊市”情境下，阿里巴巴美股未来12个月目标价也能达到258美元，较周一收盘价高出13%。</b></p><p>而正常情形下，高盛估算的未来12个月基准目标价为362美元，比当前股价高出52%。</p><p>与此同时，去年12月28日阿里巴巴宣布股票回购计划由60亿美元扩大至100亿美元，也将为其股价下行提供保护垫。</p>","source":"awtmt_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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href=https://awtmt.com/articles/3615913><strong>全天候科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>市场对反垄断监管的担忧已经使得阿里巴巴股价自10月高点跌去逾20%，但高盛仍然对其维持买入评级。高盛认为，当前阿里巴巴股价处于历史低位，反垄断监管对其业绩的负面影响或许不像市场想象的那么大，未来其存在估值恢复的空间。周一发布的报告中，高盛设定“熊市情境”对阿里巴巴进行了一番估值，认为即便是在最惨的情境下，阿里巴巴仍然每股值258美元，比周一收盘价高出13%。高盛：不必过分担忧高盛认为，监管风波之后...</p>\n\n<a href=\"https://awtmt.com/articles/3615913\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://wpimg.wallstcn.com/b798e062-1369-43a9-9035-33d6f2f394e7.jpg","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴","GS":"高盛"},"source_url":"https://awtmt.com/articles/3615913","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2101881618","content_text":"市场对反垄断监管的担忧已经使得阿里巴巴股价自10月高点跌去逾20%，但高盛仍然对其维持买入评级。高盛认为，当前阿里巴巴股价处于历史低位，反垄断监管对其业绩的负面影响或许不像市场想象的那么大，未来其存在估值恢复的空间。周一发布的报告中，高盛设定“熊市情境”对阿里巴巴进行了一番估值，认为即便是在最惨的情境下，阿里巴巴仍然每股值258美元，比周一收盘价高出13%。高盛：不必过分担忧高盛认为，监管风波之后随着市场大幅度抛售，阿里巴巴真实价值与其当前股价之间已经出现了明显的预期差。该行表示，反垄断监管可能主要围绕阿里巴巴的排他性行为，但这对阿里巴巴各项业务收入及企业盈利影响，预计没市场担心的那么严重。具体而言，近期的监管风波对阿里巴巴最直接的影响，或是盈利增速的放缓和营业额的小幅下滑。但长期来看：一来，大多数商家为适应过去的竞争环境，与多个电商平台都有业务往来。高盛调查入驻天猫的149个主要品牌发现，77%的品牌在淘宝商城、拼多多、京东等其他电商平台上均有设立旗舰店，仅11%的品牌仅在天猫独立销售，是否属于违反反垄断法的排他性行为及其严重程度仍有待调查判断，且类似调查通常“旷日持久”。二来，即便阿里巴巴被定论为违反反垄断法，长期来看，跨平台的投资回报率(ROI)始终是商家选择销售平台的关键因素，而阿里巴巴作为电子商务巨头，能为消费者和商家提供可持续增值的能力，仍将是商家的首选渠道。最惨也有13%能涨尽管如此，高盛还是保守估计了阿里巴巴在极端“熊市情境”下的最悲观估值。围绕电子商务和金融科技两大阿里巴巴的核心业务领域，以及税收等其他行业政策，高盛认为，最惨的情境下阿里巴巴将出现以下三种情形：2022年广告佣金收入增速同比下降1%，鉴于部分成交额可能被其他电商平台所稀释，核心电商业务市盈率将由18倍下调至10倍；金融业务估值对标传统金融机构，随着平台成交额增速放缓，贷款余额也会降低；基于对中国税务机关继续加强平台间数据共享的预期，阿里巴巴将不再享受此前减按15%征收企业所得税的税收优惠，所有业务线税率升至25%。高盛表示，上述三条都是极端情境假设，尤其情形1和情形3出现的概率非常之低。但考虑到阿里巴巴目前股价处于低点，比12个月远期价格中值低了2个标准差，又结合上述提到的各项因素，高盛认为：即便是在这样的“熊市”情境下，阿里巴巴美股未来12个月目标价也能达到258美元，较周一收盘价高出13%。而正常情形下，高盛估算的未来12个月基准目标价为362美元，比当前股价高出52%。与此同时，去年12月28日阿里巴巴宣布股票回购计划由60亿美元扩大至100亿美元，也将为其股价下行提供保护垫。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":126017327,"gmtCreate":1624537403869,"gmtModify":1624537403869,"author":{"id":"3547206545370515","authorId":"3547206545370515","name":"闪电大仙","avatar":"https://static.tigerbbs.com/4a37c9e64efad9fb78558c37f11ec8c7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547206545370515","authorIdStr":"3547206545370515"},"themes":[],"htmlText":"小鹏加油，我就是车主，用车体验很好，很有竞争力！","listText":"小鹏加油，我就是车主，用车体验很好，很有竞争力！","text":"小鹏加油，我就是车主，用车体验很好，很有竞争力！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126017327","repostId":"1106576178","repostType":4,"repost":{"id":"1106576178","pubTimestamp":1624536819,"share":"https://www.laohu8.com/m/news/1106576178?lang=&edition=full","pubTime":"2021-06-24 20:13","market":"us","language":"zh","title":"小鹏汽车港股发行价最高180港元每股，蔚来送祝福","url":"https://stock-news.laohu8.com/highlight/detail?id=1106576178","media":"时代在线","summary":"小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。","content":"<p>文／李卓玲</p>\n<p>距去年8月成功赴美上市不到一年时间，<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>便筹备回港IPO欲“双重上市”。</p>\n<p>6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425万股A类普通股，股票代码为“9868”。小鹏汽车表示本次香港公开发行的最高发行价为每股180港元或23.19美元(相等于每ADS 46.39美元)。</p>\n<p>股东方面，招股书显示，小鹏汽车联合创始人、董事长兼首席执行官何小鹏及其关联公司为小鹏汽车控股股东，持股21.75%；淘宝中国持股11.9%，IDG资本持股4.8%。</p>\n<p>同日，据时代财经在港交所官网了解到，小鹏汽车已通过港交所上市聆讯，并第一次呈交聆讯后资料集。小鹏汽车称，该资料集并非最终上市文件，公司可能会不时根据上市规则作出更新或修订。</p>\n<p>据悉，此次回归港股，<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>和美银为小鹏汽车联席保荐人，前述投行此前曾助小鹏完成赴美上市事宜。与此同时，小鹏汽车此次融资规模最多为20亿美元。不过，对于赴港上市相关消息，小鹏汽车对时代财经称，不予置评。</p>\n<p><img src=\"https://static.tigerbbs.com/637e64eaf32d8f5ba864c1e1c3561ec9\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\">图片来源：小鹏汽车</p>\n<p>值得关注的是，除了小鹏汽车外，<a href=\"https://laohu8.com/S/NIO\">蔚来</a>和理想汽车此前亦均传出有赴港上市之心。今年3月，据媒体报道，蔚来、小鹏汽车已向港交所递交上市申请，而理想尚未“递表”；该报道并援引知情人士称，三家公司均打算出售5%的股权，筹资金额合计或将达到50亿美元。</p>\n<p>对于后续回归计划及进展，时代财经6月24日也分别采访了蔚来和<a href=\"https://laohu8.com/S/LI\">理想汽车</a>，双方均称暂无更多消息披露，而对于小鹏回港IPO动态，蔚来公关部人士称，“祝福队友”。</p>\n<p><b>双重上市</b></p>\n<p>“小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。一般来说，这种情况会比二次上市更为严格。”6月24日，川财证券策略分析师王一棠对时代财经表示。</p>\n<p>公开资料显示，在合格交易所（如纽交所、纳斯达克等）作主要上市的企业，允许在港作第二上市，但需符合几大条件，包括企业必须是创<a href=\"https://laohu8.com/S/300832\">新产业</a>公司、在至少最近两个完整会计年度于合格交易所上市的合规纪录良好，以及申请人于香港第二上市时的总市值不少于400亿港币，或上市时的总市值不少于100亿港币并且最近一个经审计会计年度的收益不少于10亿港币等。</p>\n<p><img src=\"https://static.tigerbbs.com/7426061ec0b6d7263a5f645b48ccc96b\" tg-width=\"550\" tg-height=\"414\" referrerpolicy=\"no-referrer\">图片来源：港交所官网截图</p>\n<p>小鹏此次以目前较少见的“双重主要上市”(Dual Primary Listing)方式回归港股，主要因其距此前美股上市（去年8月27日）的间隔时间较短，不符合二次上市中对于上市主体在另一家符合条件的交易所至少有两年良好监管合规记录的要求。</p>\n<p>王一棠对时代财经称，从小鹏汽车当前市值，再加上该公司为创新企业，理论上满足上市港交所的标准。而截至6月23日收盘，小鹏汽车(XPEV.NYSE)美股收盘价为41.61美元/股，总市值达334.27亿美元，约合2595.3亿港币。</p>\n<p>不过，小鹏汽车在向港交所呈交的聆讯后资料中仍提及多项风险和不确定因素，包括作为行业新加入者的挑战、研发工作可能无法产能预期成果、自动驾驶技术风险，以及最近才开始产生收入且仍在产生亏损和负经营现金流，而此等情形将有可能于日后持续等。</p>\n<p>其中，在与<a href=\"https://laohu8.com/S/000572\">海马汽车</a>的产能合作方面，小鹏汽车称，与前者的合作协议将于今年12月31日届满，但可能存在未能与海马以可接纳的条款及条件订立新合约或延长现有合约，以及订立的协议亦可能会在双方同意下终止。如出现任何上述情况，小鹏汽车或须与其他第三方订立合约或大幅增加本身的产能。</p>\n<p>“我们无法保证在该情形下能按可接纳的条款，与其他第三方合伙或增加本身的产能以满足我们的需求，或完全不能满足。完成任何过渡及确保新第三方合作伙伴的工厂所生产的<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>电动汽车符合我们的质量标准及监管规定所需的开支及时间可能较预期为多。上述任何因素均可能对我们的业务、经营业绩、财务状况及前景造成不利影响。”小鹏汽车在其呈交的聆讯后资料中指出。</p>\n<p><img src=\"https://static.tigerbbs.com/70c771acf3ec396d6a6bb60ff0922bce\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\">图片来源：网络，侵权请联系删除</p>\n<p><b>“蔚小理”加速回港上市筹资？</b></p>\n<p>在业界看来，若小鹏汽车如愿登陆港股市场，将助其进一步拓宽融资渠道，为其后续产品投放、技术研发等做好资金储备。</p>\n<p>据小鹏汽车呈交给港交所的资料显示，2018年至2020年，小鹏汽车的年研发开支分別为人民币10.51亿元、20.7亿元、17.26亿元，再加上今年一季度的5.35亿元，合计约53.82亿元。在2019年、2020年及截至2021年3月31日止三个月，上述开支分别占总收入89.2%、29.5%及18.1%。</p>\n<p>在研发人员方面，截至今年3月底，有2442名员工(占总人数约39.8%)在小鹏汽车研发部门工作，其中62.1%、16.3%和21.5%分别致力于汽车设计与工程、自动驾驶和智能操作系统。按职能分类的员工明细来看，小鹏汽车的研发人员占比仅次于负责销售及营销的员工（2518人），后者这一占比为41.1%。</p>\n<p>值得关注的是，小鹏汽车此前通过首发上市及后续股票增发等，获得较为充足的现金储备。据悉，其去年8月完成首次公开发售及于纽交所上市，经扣除承销折扣、佣金及开支后，共筹得所得款项净额约16.56亿美元。随后，去年12月，小鹏汽车又按每股美国存托股45美元或每股股份22.5美元的价格完成后续公开发售，经扣除承销折扣、佣金及开支后，共筹得所得款项净额24.45亿美元。</p>\n<p>而目前，除了小鹏汽车外，另外两家头部新势力车企蔚来、理想被传同样有回港上市计划，以进一步优化融资渠道。结合“蔚小理”车企Q1财报来看，目前三家车企现金储备均超300亿元，其中，蔚来现金储备最多达475亿元，小鹏为362.01亿元，理想汽车为303.6亿元。</p>\n<p>此前，理想汽车创始人、CEO李想曾对外表示，理想不介意任何一种方式的融资，包括二级市场、银行贷款和发债等。</p>\n<p>有业界人士对时代财经称，在拓宽外部融资渠道的同时，扩大交付规模以提升自身造血能力仍是新势力车企实现盈利的头等大事。据<a href=\"https://laohu8.com/S/002736\">国信证券</a>研报测算认为，蔚来、小鹏、理想要想实现盈利，销量规模分别需达到18万辆、12万辆和6万辆。截至今年5月底，蔚来累计交付量为10.95万辆，小鹏汽车累计交付量超6.4万辆，理想汽车累计交付量超5.6万辆。</p>","source":"lsy1588128741489","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>小鹏汽车港股发行价最高180港元每股，蔚来送祝福</title>\n<style 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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小鹏汽车港股发行价最高180港元每股，蔚来送祝福\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 20:13 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.time-weekly.com/post/282527><strong>时代在线</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文／李卓玲\n距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425万股A类普通股，股票代码为“9868”。小鹏汽车表示本次香港公开发行的最高发行价为每股180港元或23.19美元(相等于每ADS 46.39美元)。\n股东方面，招股书显示，小鹏汽车联合...</p>\n\n<a href=\"http://www.time-weekly.com/post/282527\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1f112c7634aa63c7d43e3db0ad6536d8","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"http://www.time-weekly.com/post/282527","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106576178","content_text":"文／李卓玲\n距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425万股A类普通股，股票代码为“9868”。小鹏汽车表示本次香港公开发行的最高发行价为每股180港元或23.19美元(相等于每ADS 46.39美元)。\n股东方面，招股书显示，小鹏汽车联合创始人、董事长兼首席执行官何小鹏及其关联公司为小鹏汽车控股股东，持股21.75%；淘宝中国持股11.9%，IDG资本持股4.8%。\n同日，据时代财经在港交所官网了解到，小鹏汽车已通过港交所上市聆讯，并第一次呈交聆讯后资料集。小鹏汽车称，该资料集并非最终上市文件，公司可能会不时根据上市规则作出更新或修订。\n据悉，此次回归港股，摩根大通和美银为小鹏汽车联席保荐人，前述投行此前曾助小鹏完成赴美上市事宜。与此同时，小鹏汽车此次融资规模最多为20亿美元。不过，对于赴港上市相关消息，小鹏汽车对时代财经称，不予置评。\n图片来源：小鹏汽车\n值得关注的是，除了小鹏汽车外，蔚来和理想汽车此前亦均传出有赴港上市之心。今年3月，据媒体报道，蔚来、小鹏汽车已向港交所递交上市申请，而理想尚未“递表”；该报道并援引知情人士称，三家公司均打算出售5%的股权，筹资金额合计或将达到50亿美元。\n对于后续回归计划及进展，时代财经6月24日也分别采访了蔚来和理想汽车，双方均称暂无更多消息披露，而对于小鹏回港IPO动态，蔚来公关部人士称，“祝福队友”。\n双重上市\n“小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。一般来说，这种情况会比二次上市更为严格。”6月24日，川财证券策略分析师王一棠对时代财经表示。\n公开资料显示，在合格交易所（如纽交所、纳斯达克等）作主要上市的企业，允许在港作第二上市，但需符合几大条件，包括企业必须是创新产业公司、在至少最近两个完整会计年度于合格交易所上市的合规纪录良好，以及申请人于香港第二上市时的总市值不少于400亿港币，或上市时的总市值不少于100亿港币并且最近一个经审计会计年度的收益不少于10亿港币等。\n图片来源：港交所官网截图\n小鹏此次以目前较少见的“双重主要上市”(Dual Primary Listing)方式回归港股，主要因其距此前美股上市（去年8月27日）的间隔时间较短，不符合二次上市中对于上市主体在另一家符合条件的交易所至少有两年良好监管合规记录的要求。\n王一棠对时代财经称，从小鹏汽车当前市值，再加上该公司为创新企业，理论上满足上市港交所的标准。而截至6月23日收盘，小鹏汽车(XPEV.NYSE)美股收盘价为41.61美元/股，总市值达334.27亿美元，约合2595.3亿港币。\n不过，小鹏汽车在向港交所呈交的聆讯后资料中仍提及多项风险和不确定因素，包括作为行业新加入者的挑战、研发工作可能无法产能预期成果、自动驾驶技术风险，以及最近才开始产生收入且仍在产生亏损和负经营现金流，而此等情形将有可能于日后持续等。\n其中，在与海马汽车的产能合作方面，小鹏汽车称，与前者的合作协议将于今年12月31日届满，但可能存在未能与海马以可接纳的条款及条件订立新合约或延长现有合约，以及订立的协议亦可能会在双方同意下终止。如出现任何上述情况，小鹏汽车或须与其他第三方订立合约或大幅增加本身的产能。\n“我们无法保证在该情形下能按可接纳的条款，与其他第三方合伙或增加本身的产能以满足我们的需求，或完全不能满足。完成任何过渡及确保新第三方合作伙伴的工厂所生产的智能电动汽车符合我们的质量标准及监管规定所需的开支及时间可能较预期为多。上述任何因素均可能对我们的业务、经营业绩、财务状况及前景造成不利影响。”小鹏汽车在其呈交的聆讯后资料中指出。\n图片来源：网络，侵权请联系删除\n“蔚小理”加速回港上市筹资？\n在业界看来，若小鹏汽车如愿登陆港股市场，将助其进一步拓宽融资渠道，为其后续产品投放、技术研发等做好资金储备。\n据小鹏汽车呈交给港交所的资料显示，2018年至2020年，小鹏汽车的年研发开支分別为人民币10.51亿元、20.7亿元、17.26亿元，再加上今年一季度的5.35亿元，合计约53.82亿元。在2019年、2020年及截至2021年3月31日止三个月，上述开支分别占总收入89.2%、29.5%及18.1%。\n在研发人员方面，截至今年3月底，有2442名员工(占总人数约39.8%)在小鹏汽车研发部门工作，其中62.1%、16.3%和21.5%分别致力于汽车设计与工程、自动驾驶和智能操作系统。按职能分类的员工明细来看，小鹏汽车的研发人员占比仅次于负责销售及营销的员工（2518人），后者这一占比为41.1%。\n值得关注的是，小鹏汽车此前通过首发上市及后续股票增发等，获得较为充足的现金储备。据悉，其去年8月完成首次公开发售及于纽交所上市，经扣除承销折扣、佣金及开支后，共筹得所得款项净额约16.56亿美元。随后，去年12月，小鹏汽车又按每股美国存托股45美元或每股股份22.5美元的价格完成后续公开发售，经扣除承销折扣、佣金及开支后，共筹得所得款项净额24.45亿美元。\n而目前，除了小鹏汽车外，另外两家头部新势力车企蔚来、理想被传同样有回港上市计划，以进一步优化融资渠道。结合“蔚小理”车企Q1财报来看，目前三家车企现金储备均超300亿元，其中，蔚来现金储备最多达475亿元，小鹏为362.01亿元，理想汽车为303.6亿元。\n此前，理想汽车创始人、CEO李想曾对外表示，理想不介意任何一种方式的融资，包括二级市场、银行贷款和发债等。\n有业界人士对时代财经称，在拓宽外部融资渠道的同时，扩大交付规模以提升自身造血能力仍是新势力车企实现盈利的头等大事。据国信证券研报测算认为，蔚来、小鹏、理想要想实现盈利，销量规模分别需达到18万辆、12万辆和6万辆。截至今年5月底，蔚来累计交付量为10.95万辆，小鹏汽车累计交付量超6.4万辆，理想汽车累计交付量超5.6万辆。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1876,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":319500167,"gmtCreate":1611588042959,"gmtModify":1703751340967,"author":{"id":"3547206545370515","authorId":"3547206545370515","name":"闪电大仙","avatar":"https://static.tigerbbs.com/4a37c9e64efad9fb78558c37f11ec8c7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547206545370515","authorIdStr":"3547206545370515"},"themes":[],"htmlText":"<a 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股东注资好吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/363040594","repostId":"1142459372","repostType":2,"repost":{"id":"1142459372","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614082293,"share":"https://www.laohu8.com/m/news/1142459372?lang=&edition=full","pubTime":"2021-02-23 20:11","market":"us","language":"zh","title":"传小鹏汽车股东将配售1050万股ADR","url":"https://stock-news.laohu8.com/highlight/detail?id=1142459372","media":"老虎资讯综合","summary":"市场消息：小鹏汽车股东Shanghai Cheyou Enterprise Management据悉将配售1050万股ADR，本次配售价格为每ADS 35.25-35.75美元。小鹏汽车盘前跌幅扩大，","content":"<p>市场消息：<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>股东Shanghai Cheyou Enterprise Management据悉将配售1050万股ADR，本次配售价格为每ADS 35.25-35.75美元。</p><p>小鹏汽车盘前跌幅扩大，现跌超6%。</p><p><img 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}\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传小鹏汽车股东将配售1050万股ADR\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-02-23 20:11</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>市场消息：<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>股东Shanghai Cheyou Enterprise Management据悉将配售1050万股ADR，本次配售价格为每ADS 35.25-35.75美元。</p><p>小鹏汽车盘前跌幅扩大，现跌超6%。</p><p><img src=\"https://static.tigerbbs.com/8cccf9735ee5ccb09bba2d38827531ef\" tg-width=\"853\" tg-height=\"805\" referrerpolicy=\"no-referrer\"></p><p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a7cf240033f083a329240e6179df017","relate_stocks":{"XPEV":"小鹏汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142459372","content_text":"市场消息：小鹏汽车股东Shanghai Cheyou Enterprise Management据悉将配售1050万股ADR，本次配售价格为每ADS 35.25-35.75美元。小鹏汽车盘前跌幅扩大，现跌超6%。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":387507472,"gmtCreate":1613752493396,"gmtModify":1613752493396,"author":{"id":"3547206545370515","authorId":"3547206545370515","name":"闪电大仙","avatar":"https://static.tigerbbs.com/4a37c9e64efad9fb78558c37f11ec8c7","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3547206545370515","authorIdStr":"3547206545370515"},"themes":[],"htmlText":"<a 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