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2022-01-22

Good Analysis

腾讯减持后市值跌破千亿美元，SEA不行了吗？

2022-01-19

Agree

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2021-12-28

Happy

2021-12-27

History will repeat itself

It’s December 1999 Based on the NYSE Shares Touching New Lows

2021-12-27

Wow

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2021-12-27

Good analysis

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2021-12-26

Agree

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2021-12-26

Great

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2021-12-24

Wow

NKLA Stock Is Heating Up as Nikola Leaves 2021’s Bad News Behind

2021-12-23

Wow

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2021-12-23

Wow

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2021-12-21

Added in my watchlist

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2021-12-21

New beginner in Forecasting S&P Market Closing using Tiger Coins

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Analysis","listText":"Good Analysis","text":"Good Analysis","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630610492","repostId":"1195016165","repostType":2,"repost":{"id":"1195016165","kind":"news","pubTimestamp":1642482800,"share":"https://www.laohu8.com/m/news/1195016165?lang=&edition=full","pubTime":"2022-01-18 13:13","market":"us","language":"zh","title":"腾讯减持后市值跌破千亿美元，SEA不行了吗？","url":"https://stock-news.laohu8.com/highlight/detail?id=1195016165","media":"极客公园","summary":"腾讯减持不是问题，亏损才是Sea最大的隐忧。腾讯宣布减持后的两个星期里，Sea 的股价从 225 美元下跌了近 30%，截至 1 月 14 日美股收盘，最新的股价为 175 美元，市值已经跌破千亿美元","content":"<html><head></head><body><blockquote><a href=\"https://laohu8.com/S/00700\">腾讯</a>减持不是问题，亏损才是Sea最大的隐忧。</blockquote><p>腾讯宣布减持后的两个星期里，Sea 的股价从 225 美元下跌了近 30%，截至 1 月 14 日美股收盘，最新的股价为 175 美元，市值已经跌破千亿美元大关。</p><p>就在今年 10 月，Sea 的股价刚刚达到 372 美元高点，市值也一度突破 2000 亿美元，但在 2021 年三季报发布后，Sea 开启下跌模式，加上腾讯减持带来的担忧，相比高点时，Sea 目前的股价已经下跌超过 50%。</p><p><b>作为东南亚最大的互联网公司，Sea 上市以来股价增长了 10 倍以上</b>——其中大部分是在 2020 年以后。这个从游戏起家的公司，在过去两年里通吃电商、数字支付甚至食品配送，俨然成为东南亚市场一个「腾讯+阿里+支付宝+美团」的集合体，并陆续出征南美、印度、欧洲市场。</p><p>事实上在三季报中，Sea 依然保持着此前引以为傲的增长速度，其电商平台 Shopee 的 GMV 和营收同比增速都在 100% 以上，包括还在持续扩大的亏损，看起来与此前一年半里股价暴涨时并无两样。</p><p><b>大约就连 Sea 创始人李小冬，也不明白在资本市场，到底发生了什么。</b></p><p><b>01、东南亚「腾讯+阿里+半个美团」</b></p><p>先来谈谈 Sea 这家公司。</p><p>很多人喜欢把 Sea 称作「东南亚小腾讯」，但这样的叫法其实有点落伍。和腾讯相似，早年的 Sea 靠游戏业务起家，但能在杀入东南亚的一群中美互联网巨头包围中脱颖而出，成为东南亚首个本土千亿美元互联网公司，与 2015 年以来在电商和数字支付领域的成功密不可分。</p><p><b>换句话说，今天的 Sea 在东南亚的地位，更像是「腾讯+阿里」的结合体。</b></p><p>Sea 最早脱胎于 2006 年<a href=\"https://laohu8.com/S/JMEI\">聚美优品</a>创始人陈欧创办的游戏对战平台 GG Game，李小冬（Forrest Li）接手后，于 2008 年将 GG game 改名为 Garena，并以新加坡为根基，将版图逐渐扩张至马来西亚、越南、菲律宾、泰国和印尼等地区。</p><p><b>在东南亚游戏市场，Garena几乎是踩着腾讯在中国走过的老路发展壮大。</b></p><p>2010 年，Garena 拿下拳头公司的《英雄联盟》东南亚地区代理权，这个爆款游戏成为 Garena 的流量入口。在热门游戏加持下，Garena 在 2 年后扭亏为盈，一步步发展为东南亚最大的线上游戏代理商。</p><p>靠代理赚到第一桶金后，Garena 开始结合本土化自研游戏。2017 年 12 月，Garena 自研的「吃鸡」手游《Free Fire》上线，成为其自研的一个爆款。</p><p>《Free Fire》虽然画质渣，山寨感浓郁，但东南亚网速慢手机配置较低，低画质能让游戏运行更顺畅。Garena 还走地推路线，与当地网吧进行深度合作，通过线下渠道抓住基层用户。通过一连串本土化的运作，《Free Fire》打败了席卷全球市场的中国吃鸡手游开发商们，也让 Garena 坐稳东南亚游戏霸主的位置。</p><p><b>在游戏业务逐渐稳定之后，2015 年，Garena 推出了电商平台 Shopee，开始进军电商领域。</b>最初 Garena 进军电商的前景并不被外界看好，在其进入前，阿里投资的 Lazada 和<a href=\"https://laohu8.com/S/JD\">京东</a>投资的 Tokopedia 是东南亚电商市场的主导者。</p><p>但凭借本土化、社交化、移动化的运营策略，Shopee 出乎意料地把这些昔日电商霸主一一拉下王座。过去几年，Shopee 的 GMV 和订单数均取得三位数的同比增长，在东南亚的主要市场均占据首位。</p><p><b>以电商和游戏这两个重要场景为基石，Garena 还顺势进入数字金融领域。</b>2014 年，Sea 推出 AirPay 支付服务，用户数随着 Garena 和 Shopee 的发展快速增长，最近一次财报披露的 2021 年三季度，AirPay 的季度活跃用户数达到 3930 万，是 2020 年第一季度的 4 倍之多。</p><p><img src=\"https://static.tigerbbs.com/35217b7bbe54be13d52730343abc600d\" tg-width=\"1080\" tg-height=\"828\" referrerpolicy=\"no-referrer\"/></p><p>随着《Free Fire》等自研游戏的成功，加上 Shopee 的发展，Sea 的营收从 2018 年开始快速增长。如上图所示，2016 年和 2017 年，Sea 的营收只有约 4 亿美元，年增幅也不到 20%，从 2018 年开始，此后三年 Sea 的营收增幅都达到 100% 甚至更多，其中电商收入的占比也从 2017 年的不足 10%，增长到目前占比超过 50%。</p><p>电商和支付业务的重要性不断提升，Garena 这个游戏平台的名字逐渐不足以定义其全部的业务。2017 年 5 月，完成上市前的最后一轮 5.5 亿美元融资的同时，Garena 宣布改名为 Sea，新名字其实就是东南亚的英文缩写（SouthEast Asia）。</p><p><b>尝到跨界发展的甜头之后，最近几年，Sea 还在持续扩张自己的业务边界。</b></p><p>其一是进入外卖和即时配送这条领域，成为东南亚地区的小「美团」。2020 年 4 月，Shopee 在印度尼西亚推出了食品配送服务 Shopee Food；8 月，在收购越南河内一家食品配送公司 Foody Corporation 之后，该服务也在越南上线。在今年 1 月上线的 Shopee Food 广告展示中，Shopee Food 与 Shopee 的应用程序是分开的——未来将有一款新的 app 覆盖东南亚的外卖配送市场。</p><p>其二是以数字支付为起点，进军数字金融领域。2020 年 12 月，Sea 拿到了新加坡金融管理局颁发的数字银行牌照，与<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>、蚂蚁等「外国」巨头站上了相同的牌桌。</p><p>在经济高速发展、被认为是下一个中国的东南亚市场，一个看起来是「腾讯+阿里+美团」，或者说是「Amazon+Valve+DoorDash」的互联网故事正在展开。尽管目前还只是个雏形，但足以让尝过中美互联网甜头的投资人疯狂。</p><p>这样的背景下，腾讯的突然减持，给 Sea 的前景画上了一抹阴影。</p><p><b>02、股价暴跌，腾讯减持，Sea 怎么了？</b></p><p>1 月 4 日，腾讯公告称减持 Sea 套现 32 亿美元，消息传出后，Sea 股价连续多日跳水，两个星期里从腾讯减持前的 220 美元下降至 175 美元，降幅约 20%。</p><p>和合首创（香港）执行董事陈达是 Sea 的股票持有人之一，他告诉极客公园，腾讯减持 Sea 不是因为后者前景出现问题，更多是把公司的决策权还给创始人李小冬为首的 Sea 管理层。<b>「我依然看好 Sea 的发展，会继续持有 Sea 的股票。」</b></p><p>陈达认为 Sea 股价下跌更多是由于此前暴涨后的正常回调。腾讯的减持只是放大了一部分投资者的恐惧情绪，<b>而从减持行为本身的意义来看，陈达认为对 Sea 来说其实不是一件坏事。</b></p><p>Sea 于 2017 年 10 月在纽交所 IPO 上市，是东南亚首家在美上市的互联网公司。Sea 上市时的发行价只有 15 美元，此后几年股价一路走高，2021 年 10 月的高点时一度达到 372 美元，比发行价高了近 25 倍，总市值也逼近 2000 亿美元，与最高时的美团、京东、<a href=\"https://laohu8.com/S/PDD\">拼多多</a>相当。</p><p>但在达到高点后，最近 3 个月 Sea 却开启暴跌模式，从 372 美元的高点降至目前约 175 美元，跌幅超过 50%。</p><p>Sea 本来就处于股价动荡的时期，腾讯又是 Sea 最重要的投资者，其减持进一步加大了其他投资者的担忧。腾讯从 2010 年就开始投资 Sea 的前身 Garena，并在此后不断增资，截至 2017 年上市前，腾讯持有 Sea 将近 40% 的股权，是公司最大的股东。</p><p><b>但值得注意的是，腾讯减持 Sea 和京东有本质的不同。</b>首先，与腾讯减持京东大部分股权，只保留了很少的比例不同，腾讯持有 Sea 的股权仅从 21.3% 降低至 18.7%，且承诺未来至少六个月内不再次减持。</p><p>此外，腾讯除了持有 sea 的 A 类普通股，还持有拥有超级投票权的 B 类股。在减持前，腾讯拥有 22.9% 的股权和 23.3% 的投票权，是创始人李小冬（25.1% 股权和 37.7% 投票权）之外对公司决策影响最大的股东。</p><p>而在这轮减持中，腾讯把所有 B 类股都交易给李小冬，后者成为 B 类股份唯一持有人。腾讯对 Sea 的投票权将降低至 10% 以下，李小冬的投票权从 38% 增长至 50% 以上。</p><p>就像腾讯表述的其一直以来的投资逻辑∶「投资处于发展阶段的公司，这样被投资的公司可受益于腾讯带来的长期资本，为其发展及扩张提供便利，支持及分享被投公司的增长，并在被投公司可为其未来计划自行筹集资金的时候退出。」</p><p>陈达也认为，把更多投票权让渡给创始人对公司的成长来说是一件好事。「创始人公司会有非常鲜明的个人属性和色彩，有核心指挥，各方面比较容易协调，一般而言也更加有动力，没有创始人想要给腾讯打工。」</p><p>另外，减持释放的「与腾讯减少关系」的信号，可以让 Sea 在国际市场动作时阻碍更小。<a href=\"https://laohu8.com/S/C\">花旗</a>分析师指出，在对 Sea 更低的投票权控制下，腾讯游戏团队在全球市场直接发布游戏时能减少潜在的冲突。</p><p><b>03、真正的问题</b></p><p>尽管腾讯的减持并不是 Sea 真正的问题，但 Sea 也确实面临一定的困境，这也是为什么在腾讯减持前，Sea 的股价已经在 2 个月里从高点回调了近 35%。</p><p><b>Sea 的回调开始于三季报发布前后，看似无休止的亏损是投资者最担忧的部分。</b></p><p>2021 年三季度，Sea 的收入同比增长了 122%，达到 27 亿美元，比预期高出 2.4 亿美元。但是，公司的净亏损也同步扩大到了 5.71 亿美元，每股亏损达到 0.84 美元。</p><p>Sea 的 56% 收入来自电商业务，三季度营收为 15 亿美元，增长 134%。从增速来看，电子商务业务的增速已经逐月下滑至 134% 左右。与此同时，Shopee 的亏损却还在继续扩大，其第三季度每笔订单的调整损失率为 0.41 美元，<b>环比同比都没有明显的改善。</b></p><p>此外，作为现金牛的游戏部门也触及天花板。2021 年三季报披露，游戏流水在三季度下滑严重，活跃用户更环比零增长。归根结底，做出《Free Fire》这款堪比 Sea 版《王者荣耀》的游戏之后，Sea 的游戏部门始终没有找到新的增长点，这导致 Sea 在东南亚游戏市场的份额逐渐被其他对手侵蚀。</p><p>对于亏损的电商业务，李小冬仍然坚持要持续加大投入，他曾说过：「在公司内部，我们不认为这是亏损，因为这是个尚未成熟的事业。就这类高速成长的业务而言……你必须先灌注资金，否则不会成功，对电子商务来说，规模至关重要。」</p><p>虽然成为了东南亚电商老大，但 Shopee 的竞争对手依然实力强劲。背靠阿里的 Lazada 不容小觑。同时，在该地区最大的经济体印度尼西亚，超级应用 Gojek 和电子商务巨头 Tokopedia 于 5 月合并成立了 GoTo Group，而另一家电子商务集团 Bukalapak 本月早些时候，在当地交易所进行了印度尼西亚有史以来规模最大的 IPO。</p><p>烧钱不会停，Shopee 继续向外探寻市场，也有更多挑战等待着它。在南美市场，Sensor <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a> 的最新数据显示，Shopee 的 App 月活和下载量在巴西市场反超当地龙头 Mercadolibre，增长势头还在延续。另外，在巴西市场，快时尚跨境电商 Shein 去年营收接近 100 亿美元（约合 653 亿人民币），这是该公司连续第八年营收实现超过 100% 的增长，Shopee 还要考虑服装垂直业务对电商的巨大冲击。</p><p>金融支付业务现阶段还处于早期推广阶段，SeaMoney 为公司产生的营收贡献还无法体现。但从最新的财报中可以看出，Sea 对数字金融业务投入却在增加。2020 年第四季度，SeaMoney 的市场营销费用从 2019 年第四季度的 3880 万美元增长至 1.524 亿美元，增长了 292.4％，主要就是为了加大钱包服务的推广。</p><p><b>尽管面临亏损、竞争等一系列问题，股价也跌入 2021 年以来的低谷，但其实看好 Sea 的分析师也不在少数。</b>根据<a href=\"https://laohu8.com/S/YHOO\">雅虎</a>财经分析师一致性分析，Sea 目前的推荐评级为 1.5，介于买入（2）和强力买入（1）之间，25 位分析师给出的平均目标价为 377 美元，是 Sea 目前股价的 2 倍以上。</p><p>不论是腾讯的减持，还是居高不下的亏损，都不会是 Sea 的末日。只要 Sea 依然维持着目前每年平均 100% 以上的增长速度，愿意为这个东南亚「腾讯+阿里」的新故事买单的人，依然能从新加坡排到几千公里外的硅谷。</p></body></html>","source":"jkgy","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>腾讯减持后市值跌破千亿美元，SEA不行了吗？</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 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class=\"title\">\n腾讯减持后市值跌破千亿美元，SEA不行了吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-18 13:13 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/dpZQt17QIrUWk3V3nn1zBg><strong>极客公园</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>腾讯减持不是问题，亏损才是Sea最大的隐忧。腾讯宣布减持后的两个星期里，Sea 的股价从 225 美元下跌了近 30%，截至 1 月 14 日美股收盘，最新的股价为 175 美元，市值已经跌破千亿美元大关。就在今年 10 月，Sea 的股价刚刚达到 372 美元高点，市值也一度突破 2000 亿美元，但在 2021 年三季报发布后，Sea 开启下跌模式，加上腾讯减持带来的担忧，相比高点时，Sea ...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/dpZQt17QIrUWk3V3nn1zBg\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4c132b8db02d082fec3c27ad63be766c","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/dpZQt17QIrUWk3V3nn1zBg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195016165","content_text":"腾讯减持不是问题，亏损才是Sea最大的隐忧。腾讯宣布减持后的两个星期里，Sea 的股价从 225 美元下跌了近 30%，截至 1 月 14 日美股收盘，最新的股价为 175 美元，市值已经跌破千亿美元大关。就在今年 10 月，Sea 的股价刚刚达到 372 美元高点，市值也一度突破 2000 亿美元，但在 2021 年三季报发布后，Sea 开启下跌模式，加上腾讯减持带来的担忧，相比高点时，Sea 目前的股价已经下跌超过 50%。作为东南亚最大的互联网公司，Sea 上市以来股价增长了 10 倍以上——其中大部分是在 2020 年以后。这个从游戏起家的公司，在过去两年里通吃电商、数字支付甚至食品配送，俨然成为东南亚市场一个「腾讯+阿里+支付宝+美团」的集合体，并陆续出征南美、印度、欧洲市场。事实上在三季报中，Sea 依然保持着此前引以为傲的增长速度，其电商平台 Shopee 的 GMV 和营收同比增速都在 100% 以上，包括还在持续扩大的亏损，看起来与此前一年半里股价暴涨时并无两样。大约就连 Sea 创始人李小冬，也不明白在资本市场，到底发生了什么。01、东南亚「腾讯+阿里+半个美团」先来谈谈 Sea 这家公司。很多人喜欢把 Sea 称作「东南亚小腾讯」，但这样的叫法其实有点落伍。和腾讯相似，早年的 Sea 靠游戏业务起家，但能在杀入东南亚的一群中美互联网巨头包围中脱颖而出，成为东南亚首个本土千亿美元互联网公司，与 2015 年以来在电商和数字支付领域的成功密不可分。换句话说，今天的 Sea 在东南亚的地位，更像是「腾讯+阿里」的结合体。Sea 最早脱胎于 2006 年聚美优品创始人陈欧创办的游戏对战平台 GG Game，李小冬（Forrest Li）接手后，于 2008 年将 GG game 改名为 Garena，并以新加坡为根基，将版图逐渐扩张至马来西亚、越南、菲律宾、泰国和印尼等地区。在东南亚游戏市场，Garena几乎是踩着腾讯在中国走过的老路发展壮大。2010 年，Garena 拿下拳头公司的《英雄联盟》东南亚地区代理权，这个爆款游戏成为 Garena 的流量入口。在热门游戏加持下，Garena 在 2 年后扭亏为盈，一步步发展为东南亚最大的线上游戏代理商。靠代理赚到第一桶金后，Garena 开始结合本土化自研游戏。2017 年 12 月，Garena 自研的「吃鸡」手游《Free Fire》上线，成为其自研的一个爆款。《Free Fire》虽然画质渣，山寨感浓郁，但东南亚网速慢手机配置较低，低画质能让游戏运行更顺畅。Garena 还走地推路线，与当地网吧进行深度合作，通过线下渠道抓住基层用户。通过一连串本土化的运作，《Free Fire》打败了席卷全球市场的中国吃鸡手游开发商们，也让 Garena 坐稳东南亚游戏霸主的位置。在游戏业务逐渐稳定之后，2015 年，Garena 推出了电商平台 Shopee，开始进军电商领域。最初 Garena 进军电商的前景并不被外界看好，在其进入前，阿里投资的 Lazada 和京东投资的 Tokopedia 是东南亚电商市场的主导者。但凭借本土化、社交化、移动化的运营策略，Shopee 出乎意料地把这些昔日电商霸主一一拉下王座。过去几年，Shopee 的 GMV 和订单数均取得三位数的同比增长，在东南亚的主要市场均占据首位。以电商和游戏这两个重要场景为基石，Garena 还顺势进入数字金融领域。2014 年，Sea 推出 AirPay 支付服务，用户数随着 Garena 和 Shopee 的发展快速增长，最近一次财报披露的 2021 年三季度，AirPay 的季度活跃用户数达到 3930 万，是 2020 年第一季度的 4 倍之多。随着《Free Fire》等自研游戏的成功，加上 Shopee 的发展，Sea 的营收从 2018 年开始快速增长。如上图所示，2016 年和 2017 年，Sea 的营收只有约 4 亿美元，年增幅也不到 20%，从 2018 年开始，此后三年 Sea 的营收增幅都达到 100% 甚至更多，其中电商收入的占比也从 2017 年的不足 10%，增长到目前占比超过 50%。电商和支付业务的重要性不断提升，Garena 这个游戏平台的名字逐渐不足以定义其全部的业务。2017 年 5 月，完成上市前的最后一轮 5.5 亿美元融资的同时，Garena 宣布改名为 Sea，新名字其实就是东南亚的英文缩写（SouthEast Asia）。尝到跨界发展的甜头之后，最近几年，Sea 还在持续扩张自己的业务边界。其一是进入外卖和即时配送这条领域，成为东南亚地区的小「美团」。2020 年 4 月，Shopee 在印度尼西亚推出了食品配送服务 Shopee Food；8 月，在收购越南河内一家食品配送公司 Foody Corporation 之后，该服务也在越南上线。在今年 1 月上线的 Shopee Food 广告展示中，Shopee Food 与 Shopee 的应用程序是分开的——未来将有一款新的 app 覆盖东南亚的外卖配送市场。其二是以数字支付为起点，进军数字金融领域。2020 年 12 月，Sea 拿到了新加坡金融管理局颁发的数字银行牌照，与谷歌、蚂蚁等「外国」巨头站上了相同的牌桌。在经济高速发展、被认为是下一个中国的东南亚市场，一个看起来是「腾讯+阿里+美团」，或者说是「Amazon+Valve+DoorDash」的互联网故事正在展开。尽管目前还只是个雏形，但足以让尝过中美互联网甜头的投资人疯狂。这样的背景下，腾讯的突然减持，给 Sea 的前景画上了一抹阴影。02、股价暴跌，腾讯减持，Sea 怎么了？1 月 4 日，腾讯公告称减持 Sea 套现 32 亿美元，消息传出后，Sea 股价连续多日跳水，两个星期里从腾讯减持前的 220 美元下降至 175 美元，降幅约 20%。和合首创（香港）执行董事陈达是 Sea 的股票持有人之一，他告诉极客公园，腾讯减持 Sea 不是因为后者前景出现问题，更多是把公司的决策权还给创始人李小冬为首的 Sea 管理层。「我依然看好 Sea 的发展，会继续持有 Sea 的股票。」陈达认为 Sea 股价下跌更多是由于此前暴涨后的正常回调。腾讯的减持只是放大了一部分投资者的恐惧情绪，而从减持行为本身的意义来看，陈达认为对 Sea 来说其实不是一件坏事。Sea 于 2017 年 10 月在纽交所 IPO 上市，是东南亚首家在美上市的互联网公司。Sea 上市时的发行价只有 15 美元，此后几年股价一路走高，2021 年 10 月的高点时一度达到 372 美元，比发行价高了近 25 倍，总市值也逼近 2000 亿美元，与最高时的美团、京东、拼多多相当。但在达到高点后，最近 3 个月 Sea 却开启暴跌模式，从 372 美元的高点降至目前约 175 美元，跌幅超过 50%。Sea 本来就处于股价动荡的时期，腾讯又是 Sea 最重要的投资者，其减持进一步加大了其他投资者的担忧。腾讯从 2010 年就开始投资 Sea 的前身 Garena，并在此后不断增资，截至 2017 年上市前，腾讯持有 Sea 将近 40% 的股权，是公司最大的股东。但值得注意的是，腾讯减持 Sea 和京东有本质的不同。首先，与腾讯减持京东大部分股权，只保留了很少的比例不同，腾讯持有 Sea 的股权仅从 21.3% 降低至 18.7%，且承诺未来至少六个月内不再次减持。此外，腾讯除了持有 sea 的 A 类普通股，还持有拥有超级投票权的 B 类股。在减持前，腾讯拥有 22.9% 的股权和 23.3% 的投票权，是创始人李小冬（25.1% 股权和 37.7% 投票权）之外对公司决策影响最大的股东。而在这轮减持中，腾讯把所有 B 类股都交易给李小冬，后者成为 B 类股份唯一持有人。腾讯对 Sea 的投票权将降低至 10% 以下，李小冬的投票权从 38% 增长至 50% 以上。就像腾讯表述的其一直以来的投资逻辑∶「投资处于发展阶段的公司，这样被投资的公司可受益于腾讯带来的长期资本，为其发展及扩张提供便利，支持及分享被投公司的增长，并在被投公司可为其未来计划自行筹集资金的时候退出。」陈达也认为，把更多投票权让渡给创始人对公司的成长来说是一件好事。「创始人公司会有非常鲜明的个人属性和色彩，有核心指挥，各方面比较容易协调，一般而言也更加有动力，没有创始人想要给腾讯打工。」另外，减持释放的「与腾讯减少关系」的信号，可以让 Sea 在国际市场动作时阻碍更小。花旗分析师指出，在对 Sea 更低的投票权控制下，腾讯游戏团队在全球市场直接发布游戏时能减少潜在的冲突。03、真正的问题尽管腾讯的减持并不是 Sea 真正的问题，但 Sea 也确实面临一定的困境，这也是为什么在腾讯减持前，Sea 的股价已经在 2 个月里从高点回调了近 35%。Sea 的回调开始于三季报发布前后，看似无休止的亏损是投资者最担忧的部分。2021 年三季度，Sea 的收入同比增长了 122%，达到 27 亿美元，比预期高出 2.4 亿美元。但是，公司的净亏损也同步扩大到了 5.71 亿美元，每股亏损达到 0.84 美元。Sea 的 56% 收入来自电商业务，三季度营收为 15 亿美元，增长 134%。从增速来看，电子商务业务的增速已经逐月下滑至 134% 左右。与此同时，Shopee 的亏损却还在继续扩大，其第三季度每笔订单的调整损失率为 0.41 美元，环比同比都没有明显的改善。此外，作为现金牛的游戏部门也触及天花板。2021 年三季报披露，游戏流水在三季度下滑严重，活跃用户更环比零增长。归根结底，做出《Free Fire》这款堪比 Sea 版《王者荣耀》的游戏之后，Sea 的游戏部门始终没有找到新的增长点，这导致 Sea 在东南亚游戏市场的份额逐渐被其他对手侵蚀。对于亏损的电商业务，李小冬仍然坚持要持续加大投入，他曾说过：「在公司内部，我们不认为这是亏损，因为这是个尚未成熟的事业。就这类高速成长的业务而言……你必须先灌注资金，否则不会成功，对电子商务来说，规模至关重要。」虽然成为了东南亚电商老大，但 Shopee 的竞争对手依然实力强劲。背靠阿里的 Lazada 不容小觑。同时，在该地区最大的经济体印度尼西亚，超级应用 Gojek 和电子商务巨头 Tokopedia 于 5 月合并成立了 GoTo Group，而另一家电子商务集团 Bukalapak 本月早些时候，在当地交易所进行了印度尼西亚有史以来规模最大的 IPO。烧钱不会停，Shopee 继续向外探寻市场，也有更多挑战等待着它。在南美市场，Sensor Tower 的最新数据显示，Shopee 的 App 月活和下载量在巴西市场反超当地龙头 Mercadolibre，增长势头还在延续。另外，在巴西市场，快时尚跨境电商 Shein 去年营收接近 100 亿美元（约合 653 亿人民币），这是该公司连续第八年营收实现超过 100% 的增长，Shopee 还要考虑服装垂直业务对电商的巨大冲击。金融支付业务现阶段还处于早期推广阶段，SeaMoney 为公司产生的营收贡献还无法体现。但从最新的财报中可以看出，Sea 对数字金融业务投入却在增加。2020 年第四季度，SeaMoney 的市场营销费用从 2019 年第四季度的 3880 万美元增长至 1.524 亿美元，增长了 292.4％，主要就是为了加大钱包服务的推广。尽管面临亏损、竞争等一系列问题，股价也跌入 2021 年以来的低谷，但其实看好 Sea 的分析师也不在少数。根据雅虎财经分析师一致性分析，Sea 目前的推荐评级为 1.5，介于买入（2）和强力买入（1）之间，25 位分析师给出的平均目标价为 377 美元，是 Sea 目前股价的 2 倍以上。不论是腾讯的减持，还是居高不下的亏损，都不会是 Sea 的末日。只要 Sea 依然维持着目前每年平均 100% 以上的增长速度，愿意为这个东南亚「腾讯+阿里」的新故事买单的人，依然能从新加坡排到几千公里外的硅谷。","news_type":1,"symbols_score_info":{"00700":0.9,"SE":0.9,"TCEHY":0.9}},"isVote":1,"tweetType":1,"viewCount":1980,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":630012587,"gmtCreate":1642636057250,"gmtModify":1642636057506,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Agree","listText":"Agree","text":"Agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630012587","repostId":"2204307707","repostType":2,"isVote":1,"tweetType":1,"viewCount":2392,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696678135,"gmtCreate":1640694275787,"gmtModify":1640694275905,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Happy","listText":"Happy","text":"Happy","images":[{"img":"https://static.tigerbbs.com/73e0210ed62efd8a2c114ae540340ed4","width":"1080","height":"1653"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696678135","isVote":1,"tweetType":1,"viewCount":2093,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":696133815,"gmtCreate":1640647943696,"gmtModify":1640647943775,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"History will repeat itself","listText":"History will repeat itself","text":"History will repeat itself","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696133815","repostId":"1142783552","repostType":4,"repost":{"id":"1142783552","kind":"news","pubTimestamp":1640647322,"share":"https://www.laohu8.com/m/news/1142783552?lang=&edition=full","pubTime":"2021-12-28 07:22","market":"us","language":"en","title":"It’s December 1999 Based on the NYSE Shares Touching New Lows","url":"https://stock-news.laohu8.com/highlight/detail?id=1142783552","media":"Bloomberg","summary":"(Bloomberg) -- Amid all the celebration of a rousing year-end in stocks, Doug Ramsey has a sobering ","content":"<p>(Bloomberg) -- Amid all the celebration of a rousing year-end in stocks, Doug Ramsey has a sobering observation about a situation below the market’s surface.</p>\n<p>Last week, when the S&amp;P 500 closed at a 52-week high, 334 companies trading on the New York Stock Exchange hit a 52-week low, more than double the amount that marked new one-year highs. That’s happened only three other times in history -- all of them in December 1999, according to Ramsey, who is chief investment officer for Leuthold Group.</p>\n<p>And it’s not just a one-week phenomenon: NYSE new lows now also outnumber new highs on a six-week moving-average basis. The last time that happened as the S&amp;P 500 hit a one-year high was in July 2015, right before a six-month correction that saw the index lose around 14%.</p>\n<p>“The Fed had months to taper when the economy was red hot and the stock market tape was very broad and healthy,” Ramsey said. “Now, they are finally poised to do so with the economy cooling off a bit and stock market internals looking weaker than an at time during the entire rally from the pandemic lows.”</p>\n<p>The Federal Reserve announced earlier this month that it would speed up its withdrawal of economic stimulus, whipping up volatility as investors fretted over the central bank’s policy path as well as the rapidly spreading new coronavirus variant. But strong corporate earnings and some positive Covid-19 news have helped propel stocks higher, with the S&amp;P 500 on Monday notching its 69th all-time high of the year.</p>\n<p>Few things stir agita for traders like comparisons to 1999 crash times. But Ramsey says that his analysis doesn’t mean a correction is imminent. The smoothed-out six-week moving-average condition happened several times throughout 1999 up until March 24, 2000, when it “proved to be the final nail in the coffin.”</p>\n<p>“The trouble is these warnings can persist for several months before the blue chips finally take a hit,” he said.</p>","source":"lsy1612507957220","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>It’s December 1999 Based on the NYSE Shares Touching New Lows</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\">\nIt’s December 1999 Based on the NYSE Shares Touching New Lows\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-28 07:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/december-1999-based-nyse-shares-215249905.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Amid all the celebration of a rousing year-end in stocks, Doug Ramsey has a sobering observation about a situation below the market’s surface.\nLast week, when the S&P 500 closed at a 52...</p>\n\n<a href=\"https://finance.yahoo.com/news/december-1999-based-nyse-shares-215249905.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/december-1999-based-nyse-shares-215249905.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142783552","content_text":"(Bloomberg) -- Amid all the celebration of a rousing year-end in stocks, Doug Ramsey has a sobering observation about a situation below the market’s surface.\nLast week, when the S&P 500 closed at a 52-week high, 334 companies trading on the New York Stock Exchange hit a 52-week low, more than double the amount that marked new one-year highs. That’s happened only three other times in history -- all of them in December 1999, according to Ramsey, who is chief investment officer for Leuthold Group.\nAnd it’s not just a one-week phenomenon: NYSE new lows now also outnumber new highs on a six-week moving-average basis. The last time that happened as the S&P 500 hit a one-year high was in July 2015, right before a six-month correction that saw the index lose around 14%.\n“The Fed had months to taper when the economy was red hot and the stock market tape was very broad and healthy,” Ramsey said. “Now, they are finally poised to do so with the economy cooling off a bit and stock market internals looking weaker than an at time during the entire rally from the pandemic lows.”\nThe Federal Reserve announced earlier this month that it would speed up its withdrawal of economic stimulus, whipping up volatility as investors fretted over the central bank’s policy path as well as the rapidly spreading new coronavirus variant. But strong corporate earnings and some positive Covid-19 news have helped propel stocks higher, with the S&P 500 on Monday notching its 69th all-time high of the year.\nFew things stir agita for traders like comparisons to 1999 crash times. But Ramsey says that his analysis doesn’t mean a correction is imminent. The smoothed-out six-week moving-average condition happened several times throughout 1999 up until March 24, 2000, when it “proved to be the final nail in the coffin.”\n“The trouble is these warnings can persist for several months before the blue chips finally take a hit,” he said.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2033,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696980440,"gmtCreate":1640598238422,"gmtModify":1640598238541,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696980440","repostId":"1112647100","repostType":4,"isVote":1,"tweetType":1,"viewCount":1752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698755036,"gmtCreate":1640564137724,"gmtModify":1640564137846,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Good analysis","listText":"Good analysis","text":"Good analysis","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698755036","repostId":"2193142542","repostType":2,"isVote":1,"tweetType":1,"viewCount":2716,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698736818,"gmtCreate":1640532857246,"gmtModify":1640532857445,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Agree","listText":"Agree","text":"Agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698736818","repostId":"2194711211","repostType":4,"isVote":1,"tweetType":1,"viewCount":1986,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698791824,"gmtCreate":1640528398063,"gmtModify":1640528398169,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698791824","repostId":"2193173436","repostType":4,"isVote":1,"tweetType":1,"viewCount":2030,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698162232,"gmtCreate":1640320567080,"gmtModify":1640320567158,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698162232","repostId":"1170032312","repostType":4,"repost":{"id":"1170032312","kind":"news","pubTimestamp":1640316169,"share":"https://www.laohu8.com/m/news/1170032312?lang=&edition=full","pubTime":"2021-12-24 11:22","market":"us","language":"en","title":"NKLA Stock Is Heating Up as Nikola Leaves 2021’s Bad News Behind","url":"https://stock-news.laohu8.com/highlight/detail?id=1170032312","media":"InvestorPlace","summary":"Electric vehicle (EV) company and frequent headline-grabber Nikola(NASDAQ:NKLA) is up big today as t","content":"<p>Electric vehicle (EV) company and frequent headline-grabber&nbsp;<b>Nikola</b>(NASDAQ:<b><u>NKLA</u></b>) is up big today as the troubled truck maker looks to leave its bad press days in the past. NKLA stock is up nearly 20% today as the company promises “more to come” in 2022.</p>\n<p>How exactly is Nikola moving forward?</p>\n<p>Well, in a tweet Wednesday, Nikola posted a series of images of its recent delivery event at the Port of Los Angeles. The delivery marks a new phase for the company, hopefully one lacking the controversy that defined this year. The electric truck company is looking to build some positive momentum heading into the new year. And at a glance, investors are all for it.</p>\n<p>So, what else do you need to know about the electric truck company and NKLA stock?</p>\n<p>NKLA Stock Eyes 2022 Rebound After a Rollercoaster Year</p>\n<p>Nikola has had a series of PR wins as of late. Just days ago, Nikola publicly agreed to a $125 million settlement with the U.S. Securities and Exchange Commission (SEC).</p>\n<p>Indeed, Nikola was the subject of a fraud investigation brought on by founder and former Executive Chairman Trevor Milton. Milton was arrested this summer for making false claims about his company’s technological capabilities. Investors may remember the&nbsp;viral video&nbsp;showing off what appears to be an operable Nikola prototype. However, in reality, the truck was simply rolling down an incline. Milton earned billions in investments under false pretenses. In fact,&nbsp;<b>General Motors</b>(NYSE:<b><u>GM</u></b>) even took a$2 billion stake&nbsp;in the untested company.</p>\n<p>While paying a massive fine is rarely seen as a victory, NKLA’s viability depends on its ability to move on. Nikola’s recent delivery of its Tre battery electric vehicle (BEV) only adds to the narrative that this is a fresh chapter. The delivery marks the first of 100 planned BEV semi-trucks that Total Transportation Services intend to acquire over the next few years. It’s a positive sign for Nikola, and one that may convince some that the EV company isn’t just talking after all.</p>\n<p>Prospects look good for the first time in a while for the electric truck maker. Time will tell if today’s jump is a blip on the map, or the beginning of a resurgence for NKLA stock.</p>","source":"lsy1606302653667","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>NKLA Stock Is Heating Up as Nikola Leaves 2021’s Bad News Behind</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\">\nNKLA Stock Is Heating Up as Nikola Leaves 2021’s Bad News Behind\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-24 11:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/12/nkla-stock-is-heating-up-as-nikola-leaves-2021s-bad-news-behind/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Electric vehicle (EV) company and frequent headline-grabber Nikola(NASDAQ:NKLA) is up big today as the troubled truck maker looks to leave its bad press days in the past. NKLA stock is up nearly 20% ...</p>\n\n<a href=\"https://investorplace.com/2021/12/nkla-stock-is-heating-up-as-nikola-leaves-2021s-bad-news-behind/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://investorplace.com/2021/12/nkla-stock-is-heating-up-as-nikola-leaves-2021s-bad-news-behind/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170032312","content_text":"Electric vehicle (EV) company and frequent headline-grabber Nikola(NASDAQ:NKLA) is up big today as the troubled truck maker looks to leave its bad press days in the past. NKLA stock is up nearly 20% today as the company promises “more to come” in 2022.\nHow exactly is Nikola moving forward?\nWell, in a tweet Wednesday, Nikola posted a series of images of its recent delivery event at the Port of Los Angeles. The delivery marks a new phase for the company, hopefully one lacking the controversy that defined this year. The electric truck company is looking to build some positive momentum heading into the new year. And at a glance, investors are all for it.\nSo, what else do you need to know about the electric truck company and NKLA stock?\nNKLA Stock Eyes 2022 Rebound After a Rollercoaster Year\nNikola has had a series of PR wins as of late. Just days ago, Nikola publicly agreed to a $125 million settlement with the U.S. Securities and Exchange Commission (SEC).\nIndeed, Nikola was the subject of a fraud investigation brought on by founder and former Executive Chairman Trevor Milton. Milton was arrested this summer for making false claims about his company’s technological capabilities. Investors may remember the viral video showing off what appears to be an operable Nikola prototype. However, in reality, the truck was simply rolling down an incline. Milton earned billions in investments under false pretenses. In fact, General Motors(NYSE:GM) even took a$2 billion stake in the untested company.\nWhile paying a massive fine is rarely seen as a victory, NKLA’s viability depends on its ability to move on. Nikola’s recent delivery of its Tre battery electric vehicle (BEV) only adds to the narrative that this is a fresh chapter. The delivery marks the first of 100 planned BEV semi-trucks that Total Transportation Services intend to acquire over the next few years. It’s a positive sign for Nikola, and one that may convince some that the EV company isn’t just talking after all.\nProspects look good for the first time in a while for the electric truck maker. Time will tell if today’s jump is a blip on the map, or the beginning of a resurgence for NKLA stock.","news_type":1,"symbols_score_info":{"NKLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698336926,"gmtCreate":1640302978422,"gmtModify":1640302978595,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698336926","repostId":"1162607841","repostType":2,"isVote":1,"tweetType":1,"viewCount":1771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698398356,"gmtCreate":1640301419398,"gmtModify":1640301419530,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698398356","repostId":"1162607841","repostType":4,"isVote":1,"tweetType":1,"viewCount":724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691961837,"gmtCreate":1640127135947,"gmtModify":1640127135947,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Added in my watchlist","listText":"Added in my watchlist","text":"Added in my watchlist","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/691961837","repostId":"2192035909","repostType":2,"isVote":1,"tweetType":1,"viewCount":690,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":691988446,"gmtCreate":1640125479184,"gmtModify":1640125479323,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"New beginner in Forecasting S&amp;P Market Closing using Tiger Coins","listText":"New beginner in Forecasting S&amp;P Market Closing using Tiger Coins","text":"New beginner in Forecasting S&P Market Closing using Tiger 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Coins","images":[{"img":"https://static.tigerbbs.com/165db608ff8346c0d9c50fb47ace85a9","width":"1080","height":"2685"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/691988446","isVote":1,"tweetType":1,"viewCount":697,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":698336926,"gmtCreate":1640302978422,"gmtModify":1640302978595,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/698336926","repostId":"1162607841","repostType":2,"isVote":1,"tweetType":1,"viewCount":1771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698791824,"gmtCreate":1640528398063,"gmtModify":1640528398169,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698791824","repostId":"2193173436","repostType":4,"isVote":1,"tweetType":1,"viewCount":2030,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698162232,"gmtCreate":1640320567080,"gmtModify":1640320567158,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698162232","repostId":"1170032312","repostType":4,"repost":{"id":"1170032312","kind":"news","pubTimestamp":1640316169,"share":"https://www.laohu8.com/m/news/1170032312?lang=&edition=full","pubTime":"2021-12-24 11:22","market":"us","language":"en","title":"NKLA Stock Is Heating Up as Nikola Leaves 2021’s Bad News Behind","url":"https://stock-news.laohu8.com/highlight/detail?id=1170032312","media":"InvestorPlace","summary":"Electric vehicle (EV) company and frequent headline-grabber Nikola(NASDAQ:NKLA) is up big today as t","content":"<p>Electric vehicle (EV) company and frequent headline-grabber&nbsp;<b>Nikola</b>(NASDAQ:<b><u>NKLA</u></b>) is up big today as the troubled truck maker looks to leave its bad press days in the past. NKLA stock is up nearly 20% today as the company promises “more to come” in 2022.</p>\n<p>How exactly is Nikola moving forward?</p>\n<p>Well, in a tweet Wednesday, Nikola posted a series of images of its recent delivery event at the Port of Los Angeles. The delivery marks a new phase for the company, hopefully one lacking the controversy that defined this year. The electric truck company is looking to build some positive momentum heading into the new year. And at a glance, investors are all for it.</p>\n<p>So, what else do you need to know about the electric truck company and NKLA stock?</p>\n<p>NKLA Stock Eyes 2022 Rebound After a Rollercoaster Year</p>\n<p>Nikola has had a series of PR wins as of late. Just days ago, Nikola publicly agreed to a $125 million settlement with the U.S. Securities and Exchange Commission (SEC).</p>\n<p>Indeed, Nikola was the subject of a fraud investigation brought on by founder and former Executive Chairman Trevor Milton. Milton was arrested this summer for making false claims about his company’s technological capabilities. Investors may remember the&nbsp;viral video&nbsp;showing off what appears to be an operable Nikola prototype. However, in reality, the truck was simply rolling down an incline. Milton earned billions in investments under false pretenses. In fact,&nbsp;<b>General Motors</b>(NYSE:<b><u>GM</u></b>) even took a$2 billion stake&nbsp;in the untested company.</p>\n<p>While paying a massive fine is rarely seen as a victory, NKLA’s viability depends on its ability to move on. Nikola’s recent delivery of its Tre battery electric vehicle (BEV) only adds to the narrative that this is a fresh chapter. The delivery marks the first of 100 planned BEV semi-trucks that Total Transportation Services intend to acquire over the next few years. It’s a positive sign for Nikola, and one that may convince some that the EV company isn’t just talking after all.</p>\n<p>Prospects look good for the first time in a while for the electric truck maker. Time will tell if today’s jump is a blip on the map, or the beginning of a resurgence for NKLA stock.</p>","source":"lsy1606302653667","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>NKLA Stock Is Heating Up as Nikola Leaves 2021’s Bad News Behind</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\">\nNKLA Stock Is Heating Up as Nikola Leaves 2021’s Bad News Behind\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-24 11:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/12/nkla-stock-is-heating-up-as-nikola-leaves-2021s-bad-news-behind/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Electric vehicle (EV) company and frequent headline-grabber Nikola(NASDAQ:NKLA) is up big today as the troubled truck maker looks to leave its bad press days in the past. NKLA stock is up nearly 20% ...</p>\n\n<a href=\"https://investorplace.com/2021/12/nkla-stock-is-heating-up-as-nikola-leaves-2021s-bad-news-behind/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://investorplace.com/2021/12/nkla-stock-is-heating-up-as-nikola-leaves-2021s-bad-news-behind/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170032312","content_text":"Electric vehicle (EV) company and frequent headline-grabber Nikola(NASDAQ:NKLA) is up big today as the troubled truck maker looks to leave its bad press days in the past. NKLA stock is up nearly 20% today as the company promises “more to come” in 2022.\nHow exactly is Nikola moving forward?\nWell, in a tweet Wednesday, Nikola posted a series of images of its recent delivery event at the Port of Los Angeles. The delivery marks a new phase for the company, hopefully one lacking the controversy that defined this year. The electric truck company is looking to build some positive momentum heading into the new year. And at a glance, investors are all for it.\nSo, what else do you need to know about the electric truck company and NKLA stock?\nNKLA Stock Eyes 2022 Rebound After a Rollercoaster Year\nNikola has had a series of PR wins as of late. Just days ago, Nikola publicly agreed to a $125 million settlement with the U.S. Securities and Exchange Commission (SEC).\nIndeed, Nikola was the subject of a fraud investigation brought on by founder and former Executive Chairman Trevor Milton. Milton was arrested this summer for making false claims about his company’s technological capabilities. Investors may remember the viral video showing off what appears to be an operable Nikola prototype. However, in reality, the truck was simply rolling down an incline. Milton earned billions in investments under false pretenses. In fact, General Motors(NYSE:GM) even took a$2 billion stake in the untested company.\nWhile paying a massive fine is rarely seen as a victory, NKLA’s viability depends on its ability to move on. Nikola’s recent delivery of its Tre battery electric vehicle (BEV) only adds to the narrative that this is a fresh chapter. The delivery marks the first of 100 planned BEV semi-trucks that Total Transportation Services intend to acquire over the next few years. It’s a positive sign for Nikola, and one that may convince some that the EV company isn’t just talking after all.\nProspects look good for the first time in a while for the electric truck maker. Time will tell if today’s jump is a blip on the map, or the beginning of a resurgence for NKLA stock.","news_type":1,"symbols_score_info":{"NKLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":698398356,"gmtCreate":1640301419398,"gmtModify":1640301419530,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/698398356","repostId":"1162607841","repostType":4,"isVote":1,"tweetType":1,"viewCount":724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696678135,"gmtCreate":1640694275787,"gmtModify":1640694275905,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Happy","listText":"Happy","text":"Happy","images":[{"img":"https://static.tigerbbs.com/73e0210ed62efd8a2c114ae540340ed4","width":"1080","height":"1653"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696678135","isVote":1,"tweetType":1,"viewCount":2093,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":696133815,"gmtCreate":1640647943696,"gmtModify":1640647943775,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"History will repeat itself","listText":"History will repeat itself","text":"History will repeat itself","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696133815","repostId":"1142783552","repostType":4,"repost":{"id":"1142783552","kind":"news","pubTimestamp":1640647322,"share":"https://www.laohu8.com/m/news/1142783552?lang=&edition=full","pubTime":"2021-12-28 07:22","market":"us","language":"en","title":"It’s December 1999 Based on the NYSE Shares Touching New Lows","url":"https://stock-news.laohu8.com/highlight/detail?id=1142783552","media":"Bloomberg","summary":"(Bloomberg) -- Amid all the celebration of a rousing year-end in stocks, Doug Ramsey has a sobering ","content":"<p>(Bloomberg) -- Amid all the celebration of a rousing year-end in stocks, Doug Ramsey has a sobering observation about a situation below the market’s surface.</p>\n<p>Last week, when the S&amp;P 500 closed at a 52-week high, 334 companies trading on the New York Stock Exchange hit a 52-week low, more than double the amount that marked new one-year highs. That’s happened only three other times in history -- all of them in December 1999, according to Ramsey, who is chief investment officer for Leuthold Group.</p>\n<p>And it’s not just a one-week phenomenon: NYSE new lows now also outnumber new highs on a six-week moving-average basis. The last time that happened as the S&amp;P 500 hit a one-year high was in July 2015, right before a six-month correction that saw the index lose around 14%.</p>\n<p>“The Fed had months to taper when the economy was red hot and the stock market tape was very broad and healthy,” Ramsey said. “Now, they are finally poised to do so with the economy cooling off a bit and stock market internals looking weaker than an at time during the entire rally from the pandemic lows.”</p>\n<p>The Federal Reserve announced earlier this month that it would speed up its withdrawal of economic stimulus, whipping up volatility as investors fretted over the central bank’s policy path as well as the rapidly spreading new coronavirus variant. But strong corporate earnings and some positive Covid-19 news have helped propel stocks higher, with the S&amp;P 500 on Monday notching its 69th all-time high of the year.</p>\n<p>Few things stir agita for traders like comparisons to 1999 crash times. But Ramsey says that his analysis doesn’t mean a correction is imminent. The smoothed-out six-week moving-average condition happened several times throughout 1999 up until March 24, 2000, when it “proved to be the final nail in the coffin.”</p>\n<p>“The trouble is these warnings can persist for several months before the blue chips finally take a hit,” he said.</p>","source":"lsy1612507957220","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>It’s December 1999 Based on the NYSE Shares Touching New Lows</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\">\nIt’s December 1999 Based on the NYSE Shares Touching New Lows\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-28 07:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/december-1999-based-nyse-shares-215249905.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Amid all the celebration of a rousing year-end in stocks, Doug Ramsey has a sobering observation about a situation below the market’s surface.\nLast week, when the S&P 500 closed at a 52...</p>\n\n<a href=\"https://finance.yahoo.com/news/december-1999-based-nyse-shares-215249905.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/december-1999-based-nyse-shares-215249905.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142783552","content_text":"(Bloomberg) -- Amid all the celebration of a rousing year-end in stocks, Doug Ramsey has a sobering observation about a situation below the market’s surface.\nLast week, when the S&P 500 closed at a 52-week high, 334 companies trading on the New York Stock Exchange hit a 52-week low, more than double the amount that marked new one-year highs. That’s happened only three other times in history -- all of them in December 1999, according to Ramsey, who is chief investment officer for Leuthold Group.\nAnd it’s not just a one-week phenomenon: NYSE new lows now also outnumber new highs on a six-week moving-average basis. The last time that happened as the S&P 500 hit a one-year high was in July 2015, right before a six-month correction that saw the index lose around 14%.\n“The Fed had months to taper when the economy was red hot and the stock market tape was very broad and healthy,” Ramsey said. “Now, they are finally poised to do so with the economy cooling off a bit and stock market internals looking weaker than an at time during the entire rally from the pandemic lows.”\nThe Federal Reserve announced earlier this month that it would speed up its withdrawal of economic stimulus, whipping up volatility as investors fretted over the central bank’s policy path as well as the rapidly spreading new coronavirus variant. But strong corporate earnings and some positive Covid-19 news have helped propel stocks higher, with the S&P 500 on Monday notching its 69th all-time high of the year.\nFew things stir agita for traders like comparisons to 1999 crash times. But Ramsey says that his analysis doesn’t mean a correction is imminent. The smoothed-out six-week moving-average condition happened several times throughout 1999 up until March 24, 2000, when it “proved to be the final nail in the coffin.”\n“The trouble is these warnings can persist for several months before the blue chips finally take a hit,” he said.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2033,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":696980440,"gmtCreate":1640598238422,"gmtModify":1640598238541,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/696980440","repostId":"1112647100","repostType":4,"isVote":1,"tweetType":1,"viewCount":1752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":630610492,"gmtCreate":1642811960434,"gmtModify":1642811961391,"author":{"id":"4102601568648950","authorId":"4102601568648950","name":"LHC0511","avatar":"https://static.tigerbbs.com/36137ecfd83799ae98abc1275df51d30","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4102601568648950","authorIdStr":"4102601568648950"},"themes":[],"htmlText":"Good Analysis","listText":"Good Analysis","text":"Good Analysis","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/630610492","repostId":"1195016165","repostType":2,"repost":{"id":"1195016165","kind":"news","pubTimestamp":1642482800,"share":"https://www.laohu8.com/m/news/1195016165?lang=&edition=full","pubTime":"2022-01-18 13:13","market":"us","language":"zh","title":"腾讯减持后市值跌破千亿美元，SEA不行了吗？","url":"https://stock-news.laohu8.com/highlight/detail?id=1195016165","media":"极客公园","summary":"腾讯减持不是问题，亏损才是Sea最大的隐忧。腾讯宣布减持后的两个星期里，Sea 的股价从 225 美元下跌了近 30%，截至 1 月 14 日美股收盘，最新的股价为 175 美元，市值已经跌破千亿美元","content":"<html><head></head><body><blockquote><a href=\"https://laohu8.com/S/00700\">腾讯</a>减持不是问题，亏损才是Sea最大的隐忧。</blockquote><p>腾讯宣布减持后的两个星期里，Sea 的股价从 225 美元下跌了近 30%，截至 1 月 14 日美股收盘，最新的股价为 175 美元，市值已经跌破千亿美元大关。</p><p>就在今年 10 月，Sea 的股价刚刚达到 372 美元高点，市值也一度突破 2000 亿美元，但在 2021 年三季报发布后，Sea 开启下跌模式，加上腾讯减持带来的担忧，相比高点时，Sea 目前的股价已经下跌超过 50%。</p><p><b>作为东南亚最大的互联网公司，Sea 上市以来股价增长了 10 倍以上</b>——其中大部分是在 2020 年以后。这个从游戏起家的公司，在过去两年里通吃电商、数字支付甚至食品配送，俨然成为东南亚市场一个「腾讯+阿里+支付宝+美团」的集合体，并陆续出征南美、印度、欧洲市场。</p><p>事实上在三季报中，Sea 依然保持着此前引以为傲的增长速度，其电商平台 Shopee 的 GMV 和营收同比增速都在 100% 以上，包括还在持续扩大的亏损，看起来与此前一年半里股价暴涨时并无两样。</p><p><b>大约就连 Sea 创始人李小冬，也不明白在资本市场，到底发生了什么。</b></p><p><b>01、东南亚「腾讯+阿里+半个美团」</b></p><p>先来谈谈 Sea 这家公司。</p><p>很多人喜欢把 Sea 称作「东南亚小腾讯」，但这样的叫法其实有点落伍。和腾讯相似，早年的 Sea 靠游戏业务起家，但能在杀入东南亚的一群中美互联网巨头包围中脱颖而出，成为东南亚首个本土千亿美元互联网公司，与 2015 年以来在电商和数字支付领域的成功密不可分。</p><p><b>换句话说，今天的 Sea 在东南亚的地位，更像是「腾讯+阿里」的结合体。</b></p><p>Sea 最早脱胎于 2006 年<a href=\"https://laohu8.com/S/JMEI\">聚美优品</a>创始人陈欧创办的游戏对战平台 GG Game，李小冬（Forrest Li）接手后，于 2008 年将 GG game 改名为 Garena，并以新加坡为根基，将版图逐渐扩张至马来西亚、越南、菲律宾、泰国和印尼等地区。</p><p><b>在东南亚游戏市场，Garena几乎是踩着腾讯在中国走过的老路发展壮大。</b></p><p>2010 年，Garena 拿下拳头公司的《英雄联盟》东南亚地区代理权，这个爆款游戏成为 Garena 的流量入口。在热门游戏加持下，Garena 在 2 年后扭亏为盈，一步步发展为东南亚最大的线上游戏代理商。</p><p>靠代理赚到第一桶金后，Garena 开始结合本土化自研游戏。2017 年 12 月，Garena 自研的「吃鸡」手游《Free Fire》上线，成为其自研的一个爆款。</p><p>《Free Fire》虽然画质渣，山寨感浓郁，但东南亚网速慢手机配置较低，低画质能让游戏运行更顺畅。Garena 还走地推路线，与当地网吧进行深度合作，通过线下渠道抓住基层用户。通过一连串本土化的运作，《Free Fire》打败了席卷全球市场的中国吃鸡手游开发商们，也让 Garena 坐稳东南亚游戏霸主的位置。</p><p><b>在游戏业务逐渐稳定之后，2015 年，Garena 推出了电商平台 Shopee，开始进军电商领域。</b>最初 Garena 进军电商的前景并不被外界看好，在其进入前，阿里投资的 Lazada 和<a href=\"https://laohu8.com/S/JD\">京东</a>投资的 Tokopedia 是东南亚电商市场的主导者。</p><p>但凭借本土化、社交化、移动化的运营策略，Shopee 出乎意料地把这些昔日电商霸主一一拉下王座。过去几年，Shopee 的 GMV 和订单数均取得三位数的同比增长，在东南亚的主要市场均占据首位。</p><p><b>以电商和游戏这两个重要场景为基石，Garena 还顺势进入数字金融领域。</b>2014 年，Sea 推出 AirPay 支付服务，用户数随着 Garena 和 Shopee 的发展快速增长，最近一次财报披露的 2021 年三季度，AirPay 的季度活跃用户数达到 3930 万，是 2020 年第一季度的 4 倍之多。</p><p><img src=\"https://static.tigerbbs.com/35217b7bbe54be13d52730343abc600d\" tg-width=\"1080\" tg-height=\"828\" referrerpolicy=\"no-referrer\"/></p><p>随着《Free Fire》等自研游戏的成功，加上 Shopee 的发展，Sea 的营收从 2018 年开始快速增长。如上图所示，2016 年和 2017 年，Sea 的营收只有约 4 亿美元，年增幅也不到 20%，从 2018 年开始，此后三年 Sea 的营收增幅都达到 100% 甚至更多，其中电商收入的占比也从 2017 年的不足 10%，增长到目前占比超过 50%。</p><p>电商和支付业务的重要性不断提升，Garena 这个游戏平台的名字逐渐不足以定义其全部的业务。2017 年 5 月，完成上市前的最后一轮 5.5 亿美元融资的同时，Garena 宣布改名为 Sea，新名字其实就是东南亚的英文缩写（SouthEast Asia）。</p><p><b>尝到跨界发展的甜头之后，最近几年，Sea 还在持续扩张自己的业务边界。</b></p><p>其一是进入外卖和即时配送这条领域，成为东南亚地区的小「美团」。2020 年 4 月，Shopee 在印度尼西亚推出了食品配送服务 Shopee Food；8 月，在收购越南河内一家食品配送公司 Foody Corporation 之后，该服务也在越南上线。在今年 1 月上线的 Shopee Food 广告展示中，Shopee Food 与 Shopee 的应用程序是分开的——未来将有一款新的 app 覆盖东南亚的外卖配送市场。</p><p>其二是以数字支付为起点，进军数字金融领域。2020 年 12 月，Sea 拿到了新加坡金融管理局颁发的数字银行牌照，与<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>、蚂蚁等「外国」巨头站上了相同的牌桌。</p><p>在经济高速发展、被认为是下一个中国的东南亚市场，一个看起来是「腾讯+阿里+美团」，或者说是「Amazon+Valve+DoorDash」的互联网故事正在展开。尽管目前还只是个雏形，但足以让尝过中美互联网甜头的投资人疯狂。</p><p>这样的背景下，腾讯的突然减持，给 Sea 的前景画上了一抹阴影。</p><p><b>02、股价暴跌，腾讯减持，Sea 怎么了？</b></p><p>1 月 4 日，腾讯公告称减持 Sea 套现 32 亿美元，消息传出后，Sea 股价连续多日跳水，两个星期里从腾讯减持前的 220 美元下降至 175 美元，降幅约 20%。</p><p>和合首创（香港）执行董事陈达是 Sea 的股票持有人之一，他告诉极客公园，腾讯减持 Sea 不是因为后者前景出现问题，更多是把公司的决策权还给创始人李小冬为首的 Sea 管理层。<b>「我依然看好 Sea 的发展，会继续持有 Sea 的股票。」</b></p><p>陈达认为 Sea 股价下跌更多是由于此前暴涨后的正常回调。腾讯的减持只是放大了一部分投资者的恐惧情绪，<b>而从减持行为本身的意义来看，陈达认为对 Sea 来说其实不是一件坏事。</b></p><p>Sea 于 2017 年 10 月在纽交所 IPO 上市，是东南亚首家在美上市的互联网公司。Sea 上市时的发行价只有 15 美元，此后几年股价一路走高，2021 年 10 月的高点时一度达到 372 美元，比发行价高了近 25 倍，总市值也逼近 2000 亿美元，与最高时的美团、京东、<a href=\"https://laohu8.com/S/PDD\">拼多多</a>相当。</p><p>但在达到高点后，最近 3 个月 Sea 却开启暴跌模式，从 372 美元的高点降至目前约 175 美元，跌幅超过 50%。</p><p>Sea 本来就处于股价动荡的时期，腾讯又是 Sea 最重要的投资者，其减持进一步加大了其他投资者的担忧。腾讯从 2010 年就开始投资 Sea 的前身 Garena，并在此后不断增资，截至 2017 年上市前，腾讯持有 Sea 将近 40% 的股权，是公司最大的股东。</p><p><b>但值得注意的是，腾讯减持 Sea 和京东有本质的不同。</b>首先，与腾讯减持京东大部分股权，只保留了很少的比例不同，腾讯持有 Sea 的股权仅从 21.3% 降低至 18.7%，且承诺未来至少六个月内不再次减持。</p><p>此外，腾讯除了持有 sea 的 A 类普通股，还持有拥有超级投票权的 B 类股。在减持前，腾讯拥有 22.9% 的股权和 23.3% 的投票权，是创始人李小冬（25.1% 股权和 37.7% 投票权）之外对公司决策影响最大的股东。</p><p>而在这轮减持中，腾讯把所有 B 类股都交易给李小冬，后者成为 B 类股份唯一持有人。腾讯对 Sea 的投票权将降低至 10% 以下，李小冬的投票权从 38% 增长至 50% 以上。</p><p>就像腾讯表述的其一直以来的投资逻辑∶「投资处于发展阶段的公司，这样被投资的公司可受益于腾讯带来的长期资本，为其发展及扩张提供便利，支持及分享被投公司的增长，并在被投公司可为其未来计划自行筹集资金的时候退出。」</p><p>陈达也认为，把更多投票权让渡给创始人对公司的成长来说是一件好事。「创始人公司会有非常鲜明的个人属性和色彩，有核心指挥，各方面比较容易协调，一般而言也更加有动力，没有创始人想要给腾讯打工。」</p><p>另外，减持释放的「与腾讯减少关系」的信号，可以让 Sea 在国际市场动作时阻碍更小。<a href=\"https://laohu8.com/S/C\">花旗</a>分析师指出，在对 Sea 更低的投票权控制下，腾讯游戏团队在全球市场直接发布游戏时能减少潜在的冲突。</p><p><b>03、真正的问题</b></p><p>尽管腾讯的减持并不是 Sea 真正的问题，但 Sea 也确实面临一定的困境，这也是为什么在腾讯减持前，Sea 的股价已经在 2 个月里从高点回调了近 35%。</p><p><b>Sea 的回调开始于三季报发布前后，看似无休止的亏损是投资者最担忧的部分。</b></p><p>2021 年三季度，Sea 的收入同比增长了 122%，达到 27 亿美元，比预期高出 2.4 亿美元。但是，公司的净亏损也同步扩大到了 5.71 亿美元，每股亏损达到 0.84 美元。</p><p>Sea 的 56% 收入来自电商业务，三季度营收为 15 亿美元，增长 134%。从增速来看，电子商务业务的增速已经逐月下滑至 134% 左右。与此同时，Shopee 的亏损却还在继续扩大，其第三季度每笔订单的调整损失率为 0.41 美元，<b>环比同比都没有明显的改善。</b></p><p>此外，作为现金牛的游戏部门也触及天花板。2021 年三季报披露，游戏流水在三季度下滑严重，活跃用户更环比零增长。归根结底，做出《Free Fire》这款堪比 Sea 版《王者荣耀》的游戏之后，Sea 的游戏部门始终没有找到新的增长点，这导致 Sea 在东南亚游戏市场的份额逐渐被其他对手侵蚀。</p><p>对于亏损的电商业务，李小冬仍然坚持要持续加大投入，他曾说过：「在公司内部，我们不认为这是亏损，因为这是个尚未成熟的事业。就这类高速成长的业务而言……你必须先灌注资金，否则不会成功，对电子商务来说，规模至关重要。」</p><p>虽然成为了东南亚电商老大，但 Shopee 的竞争对手依然实力强劲。背靠阿里的 Lazada 不容小觑。同时，在该地区最大的经济体印度尼西亚，超级应用 Gojek 和电子商务巨头 Tokopedia 于 5 月合并成立了 GoTo Group，而另一家电子商务集团 Bukalapak 本月早些时候，在当地交易所进行了印度尼西亚有史以来规模最大的 IPO。</p><p>烧钱不会停，Shopee 继续向外探寻市场，也有更多挑战等待着它。在南美市场，Sensor <a href=\"https://laohu8.com/S/TWR.AU\">Tower</a> 的最新数据显示，Shopee 的 App 月活和下载量在巴西市场反超当地龙头 Mercadolibre，增长势头还在延续。另外，在巴西市场，快时尚跨境电商 Shein 去年营收接近 100 亿美元（约合 653 亿人民币），这是该公司连续第八年营收实现超过 100% 的增长，Shopee 还要考虑服装垂直业务对电商的巨大冲击。</p><p>金融支付业务现阶段还处于早期推广阶段，SeaMoney 为公司产生的营收贡献还无法体现。但从最新的财报中可以看出，Sea 对数字金融业务投入却在增加。2020 年第四季度，SeaMoney 的市场营销费用从 2019 年第四季度的 3880 万美元增长至 1.524 亿美元，增长了 292.4％，主要就是为了加大钱包服务的推广。</p><p><b>尽管面临亏损、竞争等一系列问题，股价也跌入 2021 年以来的低谷，但其实看好 Sea 的分析师也不在少数。</b>根据<a href=\"https://laohu8.com/S/YHOO\">雅虎</a>财经分析师一致性分析，Sea 目前的推荐评级为 1.5，介于买入（2）和强力买入（1）之间，25 位分析师给出的平均目标价为 377 美元，是 Sea 目前股价的 2 倍以上。</p><p>不论是腾讯的减持，还是居高不下的亏损，都不会是 Sea 的末日。只要 Sea 依然维持着目前每年平均 100% 以上的增长速度，愿意为这个东南亚「腾讯+阿里」的新故事买单的人，依然能从新加坡排到几千公里外的硅谷。</p></body></html>","source":"jkgy","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>腾讯减持后市值跌破千亿美元，SEA不行了吗？</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 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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腾讯减持后市值跌破千亿美元，SEA不行了吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-01-18 13:13 北京时间&nbsp;&nbsp;&nbsp;<a href=https://mp.weixin.qq.com/s/dpZQt17QIrUWk3V3nn1zBg><strong>极客公园</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>腾讯减持不是问题，亏损才是Sea最大的隐忧。腾讯宣布减持后的两个星期里，Sea 的股价从 225 美元下跌了近 30%，截至 1 月 14 日美股收盘，最新的股价为 175 美元，市值已经跌破千亿美元大关。就在今年 10 月，Sea 的股价刚刚达到 372 美元高点，市值也一度突破 2000 亿美元，但在 2021 年三季报发布后，Sea 开启下跌模式，加上腾讯减持带来的担忧，相比高点时，Sea ...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/dpZQt17QIrUWk3V3nn1zBg\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4c132b8db02d082fec3c27ad63be766c","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/dpZQt17QIrUWk3V3nn1zBg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195016165","content_text":"腾讯减持不是问题，亏损才是Sea最大的隐忧。腾讯宣布减持后的两个星期里，Sea 的股价从 225 美元下跌了近 30%，截至 1 月 14 日美股收盘，最新的股价为 175 美元，市值已经跌破千亿美元大关。就在今年 10 月，Sea 的股价刚刚达到 372 美元高点，市值也一度突破 2000 亿美元，但在 2021 年三季报发布后，Sea 开启下跌模式，加上腾讯减持带来的担忧，相比高点时，Sea 目前的股价已经下跌超过 50%。作为东南亚最大的互联网公司，Sea 上市以来股价增长了 10 倍以上——其中大部分是在 2020 年以后。这个从游戏起家的公司，在过去两年里通吃电商、数字支付甚至食品配送，俨然成为东南亚市场一个「腾讯+阿里+支付宝+美团」的集合体，并陆续出征南美、印度、欧洲市场。事实上在三季报中，Sea 依然保持着此前引以为傲的增长速度，其电商平台 Shopee 的 GMV 和营收同比增速都在 100% 以上，包括还在持续扩大的亏损，看起来与此前一年半里股价暴涨时并无两样。大约就连 Sea 创始人李小冬，也不明白在资本市场，到底发生了什么。01、东南亚「腾讯+阿里+半个美团」先来谈谈 Sea 这家公司。很多人喜欢把 Sea 称作「东南亚小腾讯」，但这样的叫法其实有点落伍。和腾讯相似，早年的 Sea 靠游戏业务起家，但能在杀入东南亚的一群中美互联网巨头包围中脱颖而出，成为东南亚首个本土千亿美元互联网公司，与 2015 年以来在电商和数字支付领域的成功密不可分。换句话说，今天的 Sea 在东南亚的地位，更像是「腾讯+阿里」的结合体。Sea 最早脱胎于 2006 年聚美优品创始人陈欧创办的游戏对战平台 GG Game，李小冬（Forrest Li）接手后，于 2008 年将 GG game 改名为 Garena，并以新加坡为根基，将版图逐渐扩张至马来西亚、越南、菲律宾、泰国和印尼等地区。在东南亚游戏市场，Garena几乎是踩着腾讯在中国走过的老路发展壮大。2010 年，Garena 拿下拳头公司的《英雄联盟》东南亚地区代理权，这个爆款游戏成为 Garena 的流量入口。在热门游戏加持下，Garena 在 2 年后扭亏为盈，一步步发展为东南亚最大的线上游戏代理商。靠代理赚到第一桶金后，Garena 开始结合本土化自研游戏。2017 年 12 月，Garena 自研的「吃鸡」手游《Free Fire》上线，成为其自研的一个爆款。《Free Fire》虽然画质渣，山寨感浓郁，但东南亚网速慢手机配置较低，低画质能让游戏运行更顺畅。Garena 还走地推路线，与当地网吧进行深度合作，通过线下渠道抓住基层用户。通过一连串本土化的运作，《Free Fire》打败了席卷全球市场的中国吃鸡手游开发商们，也让 Garena 坐稳东南亚游戏霸主的位置。在游戏业务逐渐稳定之后，2015 年，Garena 推出了电商平台 Shopee，开始进军电商领域。最初 Garena 进军电商的前景并不被外界看好，在其进入前，阿里投资的 Lazada 和京东投资的 Tokopedia 是东南亚电商市场的主导者。但凭借本土化、社交化、移动化的运营策略，Shopee 出乎意料地把这些昔日电商霸主一一拉下王座。过去几年，Shopee 的 GMV 和订单数均取得三位数的同比增长，在东南亚的主要市场均占据首位。以电商和游戏这两个重要场景为基石，Garena 还顺势进入数字金融领域。2014 年，Sea 推出 AirPay 支付服务，用户数随着 Garena 和 Shopee 的发展快速增长，最近一次财报披露的 2021 年三季度，AirPay 的季度活跃用户数达到 3930 万，是 2020 年第一季度的 4 倍之多。随着《Free Fire》等自研游戏的成功，加上 Shopee 的发展，Sea 的营收从 2018 年开始快速增长。如上图所示，2016 年和 2017 年，Sea 的营收只有约 4 亿美元，年增幅也不到 20%，从 2018 年开始，此后三年 Sea 的营收增幅都达到 100% 甚至更多，其中电商收入的占比也从 2017 年的不足 10%，增长到目前占比超过 50%。电商和支付业务的重要性不断提升，Garena 这个游戏平台的名字逐渐不足以定义其全部的业务。2017 年 5 月，完成上市前的最后一轮 5.5 亿美元融资的同时，Garena 宣布改名为 Sea，新名字其实就是东南亚的英文缩写（SouthEast Asia）。尝到跨界发展的甜头之后，最近几年，Sea 还在持续扩张自己的业务边界。其一是进入外卖和即时配送这条领域，成为东南亚地区的小「美团」。2020 年 4 月，Shopee 在印度尼西亚推出了食品配送服务 Shopee Food；8 月，在收购越南河内一家食品配送公司 Foody Corporation 之后，该服务也在越南上线。在今年 1 月上线的 Shopee Food 广告展示中，Shopee Food 与 Shopee 的应用程序是分开的——未来将有一款新的 app 覆盖东南亚的外卖配送市场。其二是以数字支付为起点，进军数字金融领域。2020 年 12 月，Sea 拿到了新加坡金融管理局颁发的数字银行牌照，与谷歌、蚂蚁等「外国」巨头站上了相同的牌桌。在经济高速发展、被认为是下一个中国的东南亚市场，一个看起来是「腾讯+阿里+美团」，或者说是「Amazon+Valve+DoorDash」的互联网故事正在展开。尽管目前还只是个雏形，但足以让尝过中美互联网甜头的投资人疯狂。这样的背景下，腾讯的突然减持，给 Sea 的前景画上了一抹阴影。02、股价暴跌，腾讯减持，Sea 怎么了？1 月 4 日，腾讯公告称减持 Sea 套现 32 亿美元，消息传出后，Sea 股价连续多日跳水，两个星期里从腾讯减持前的 220 美元下降至 175 美元，降幅约 20%。和合首创（香港）执行董事陈达是 Sea 的股票持有人之一，他告诉极客公园，腾讯减持 Sea 不是因为后者前景出现问题，更多是把公司的决策权还给创始人李小冬为首的 Sea 管理层。「我依然看好 Sea 的发展，会继续持有 Sea 的股票。」陈达认为 Sea 股价下跌更多是由于此前暴涨后的正常回调。腾讯的减持只是放大了一部分投资者的恐惧情绪，而从减持行为本身的意义来看，陈达认为对 Sea 来说其实不是一件坏事。Sea 于 2017 年 10 月在纽交所 IPO 上市，是东南亚首家在美上市的互联网公司。Sea 上市时的发行价只有 15 美元，此后几年股价一路走高，2021 年 10 月的高点时一度达到 372 美元，比发行价高了近 25 倍，总市值也逼近 2000 亿美元，与最高时的美团、京东、拼多多相当。但在达到高点后，最近 3 个月 Sea 却开启暴跌模式，从 372 美元的高点降至目前约 175 美元，跌幅超过 50%。Sea 本来就处于股价动荡的时期，腾讯又是 Sea 最重要的投资者，其减持进一步加大了其他投资者的担忧。腾讯从 2010 年就开始投资 Sea 的前身 Garena，并在此后不断增资，截至 2017 年上市前，腾讯持有 Sea 将近 40% 的股权，是公司最大的股东。但值得注意的是，腾讯减持 Sea 和京东有本质的不同。首先，与腾讯减持京东大部分股权，只保留了很少的比例不同，腾讯持有 Sea 的股权仅从 21.3% 降低至 18.7%，且承诺未来至少六个月内不再次减持。此外，腾讯除了持有 sea 的 A 类普通股，还持有拥有超级投票权的 B 类股。在减持前，腾讯拥有 22.9% 的股权和 23.3% 的投票权，是创始人李小冬（25.1% 股权和 37.7% 投票权）之外对公司决策影响最大的股东。而在这轮减持中，腾讯把所有 B 类股都交易给李小冬，后者成为 B 类股份唯一持有人。腾讯对 Sea 的投票权将降低至 10% 以下，李小冬的投票权从 38% 增长至 50% 以上。就像腾讯表述的其一直以来的投资逻辑∶「投资处于发展阶段的公司，这样被投资的公司可受益于腾讯带来的长期资本，为其发展及扩张提供便利，支持及分享被投公司的增长，并在被投公司可为其未来计划自行筹集资金的时候退出。」陈达也认为，把更多投票权让渡给创始人对公司的成长来说是一件好事。「创始人公司会有非常鲜明的个人属性和色彩，有核心指挥，各方面比较容易协调，一般而言也更加有动力，没有创始人想要给腾讯打工。」另外，减持释放的「与腾讯减少关系」的信号，可以让 Sea 在国际市场动作时阻碍更小。花旗分析师指出，在对 Sea 更低的投票权控制下，腾讯游戏团队在全球市场直接发布游戏时能减少潜在的冲突。03、真正的问题尽管腾讯的减持并不是 Sea 真正的问题，但 Sea 也确实面临一定的困境，这也是为什么在腾讯减持前，Sea 的股价已经在 2 个月里从高点回调了近 35%。Sea 的回调开始于三季报发布前后，看似无休止的亏损是投资者最担忧的部分。2021 年三季度，Sea 的收入同比增长了 122%，达到 27 亿美元，比预期高出 2.4 亿美元。但是，公司的净亏损也同步扩大到了 5.71 亿美元，每股亏损达到 0.84 美元。Sea 的 56% 收入来自电商业务，三季度营收为 15 亿美元，增长 134%。从增速来看，电子商务业务的增速已经逐月下滑至 134% 左右。与此同时，Shopee 的亏损却还在继续扩大，其第三季度每笔订单的调整损失率为 0.41 美元，环比同比都没有明显的改善。此外，作为现金牛的游戏部门也触及天花板。2021 年三季报披露，游戏流水在三季度下滑严重，活跃用户更环比零增长。归根结底，做出《Free Fire》这款堪比 Sea 版《王者荣耀》的游戏之后，Sea 的游戏部门始终没有找到新的增长点，这导致 Sea 在东南亚游戏市场的份额逐渐被其他对手侵蚀。对于亏损的电商业务，李小冬仍然坚持要持续加大投入，他曾说过：「在公司内部，我们不认为这是亏损，因为这是个尚未成熟的事业。就这类高速成长的业务而言……你必须先灌注资金，否则不会成功，对电子商务来说，规模至关重要。」虽然成为了东南亚电商老大，但 Shopee 的竞争对手依然实力强劲。背靠阿里的 Lazada 不容小觑。同时，在该地区最大的经济体印度尼西亚，超级应用 Gojek 和电子商务巨头 Tokopedia 于 5 月合并成立了 GoTo Group，而另一家电子商务集团 Bukalapak 本月早些时候，在当地交易所进行了印度尼西亚有史以来规模最大的 IPO。烧钱不会停，Shopee 继续向外探寻市场，也有更多挑战等待着它。在南美市场，Sensor Tower 的最新数据显示，Shopee 的 App 月活和下载量在巴西市场反超当地龙头 Mercadolibre，增长势头还在延续。另外，在巴西市场，快时尚跨境电商 Shein 去年营收接近 100 亿美元（约合 653 亿人民币），这是该公司连续第八年营收实现超过 100% 的增长，Shopee 还要考虑服装垂直业务对电商的巨大冲击。金融支付业务现阶段还处于早期推广阶段，SeaMoney 为公司产生的营收贡献还无法体现。但从最新的财报中可以看出，Sea 对数字金融业务投入却在增加。2020 年第四季度，SeaMoney 的市场营销费用从 2019 年第四季度的 3880 万美元增长至 1.524 亿美元，增长了 292.4％，主要就是为了加大钱包服务的推广。尽管面临亏损、竞争等一系列问题，股价也跌入 2021 年以来的低谷，但其实看好 Sea 的分析师也不在少数。根据雅虎财经分析师一致性分析，Sea 目前的推荐评级为 1.5，介于买入（2）和强力买入（1）之间，25 位分析师给出的平均目标价为 377 美元，是 Sea 目前股价的 2 倍以上。不论是腾讯的减持，还是居高不下的亏损，都不会是 Sea 的末日。只要 Sea 依然维持着目前每年平均 100% 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