Looks good. BUY buy buy!!!_老虎社区_美港股上老虎

2021-03-15

Looks good. BUY buy buy!!!

Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是韩国的亚马逊，但也许更好。现在你可以买股票了。</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":322372631,"tweetId":"322372631","gmtCreate":1615778065323,"gmtModify":1703492815551,"author":{"id":3555122349795736,"idStr":"3555122349795736","authorId":3555122349795736,"authorIdStr":"3555122349795736","name":"klchua78","avatar":"https://static.tigerbbs.com/2caa379c29ceb64315cbdd5c456bef0c","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Looks good. BUY buy buy!!!</body></html>","htmlText":"<html><head></head><body>Looks good. BUY buy buy!!!</body></html>","text":"Looks good. BUY buy buy!!!","highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/322372631","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohunote.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是韩国的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，我就越想搬到首尔去。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以壮观的方式上市。该公司目前是美国第二大上市公司，仅次于三星电子。这是自 2014 年阿里巴巴集团控股公司以来外国发行人在美国最大的首次公开募股，也是自 2019 年 Uber Technologies 以来最大的美国新股。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang 由哈佛商学院辍学生 Bom Kim 于 2010 年创立，现已成为韩国经济中的一股巨大力量。该公司占全国消费商务的 4%，提供广泛的在线零售服务： ThinkAmazon.com加Instacart、DoorDash 和 Netflix. Coupang 拥有约 5 万名员工，预计到 2025 年将再雇用 5 万名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它有重要的地理优势。韩国是一个精通技术、人口密度极高、人口众多的国家，人口超过5000万。埃里克·金 (Eric Kim) 曾于 2011 年至 2017 年担任 Coupang 董事会成员，同时担任该公司投资者 Maverick Capital 的董事总经理，他指出，韩国的土地面积与印第安纳州大致相同，但人口几乎是印第安纳州的 10 倍。他补充说，除去不适宜居住的山区，所有这些人都挤在罗德岛大小的区域里。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使 Coupang 反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang 表示，70% 的韩国人居住在其配送中心 7 英里范围内。几乎任何商品都可以在当天订购，“黎明送货 ”保证午夜前订购的商品会在早上 7 点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。(亚马逊，让我们拭目以待）Coupang Fresh 是该公司市场领先的在线杂货服务，它将货物装在可重复使用的容器中--将货物放在门口，由 Coupang 15,000 名送货人员中的一名将货物带走重复使用。退货？把它们放在门外——不需要特殊包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年的收入为120亿美元，比上一年增长91%，因为疫情帮助从2019年的55%和2018年的69%加速增长。过去四个季度的增长率均在 90% 以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司正在接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang 去年的利润率为负 2.1%，而前一年为负 8.8%。这反映了保护工人免受疫情影响的一些不寻常的成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为 63.50 美元，使该公司市值达到 1140 亿美元。该股随后走低，周四收盘价略低于每股 50 美元，估值略低于 900 亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang 的股票并不便宜--eBay（eBay）的收入与之相当，但市值不到一半。根据过去 12 个月的销售额，该股的交易价格略高于阿里巴巴-SW (BABA)。但是Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。Coupang 也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和库邦的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018 年，软银愿景基金（该公司于 2016 年成立的 1000 亿美元风险投资组合）又投资了 20 亿美元，这笔交易由愿景基金高管莉迪亚-杰特（Lydia Jett）牵头，她现在是 Coupang 董事会成员。最初的投资被注入愿景基金，总赌注为27亿美元。该股份现在价值 300 亿美元。这是一场巨大的胜利，也可能是由女性风险投资者牵头的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银没有在此次发行中出售任何股票巴伦该公司打算成为长期投资者，就像阿里巴巴-SW一样。在首次投资 20 多年后，软银仍然是阿里巴巴-SW最大的单一股东。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“杰特说：”我们的目标是长期持有库邦。“在价值 5000 亿美元的零售市场中，还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中扮演的角色却如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。研究IPO市场的佛罗里达大学商学院教授杰伊·里特表示，只有六家韩国科技公司在美国市场上市，都是在1999年至2006年期间。这份名单实际上包括2006年上市的电子商务公司Gmarket，2009年被eBay以12亿美元收购。易贝宣布正在为其韩国业务寻找买家。韩国最知名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>杰特认为，Coupang 交易将成为韩国风险投资市场的一个转折点。她说，人们一直误以为韩国科技公司不够创新。“她说：”那扇门现在已经被炸掉了。“这将改变韩国公司的融资方式。这仅仅是个开始。”</blockquote>","source":"lsy1601382232898","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>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是韩国的亚马逊，但也许更好。现在你可以买股票了。</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是韩国的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，我就越想搬到首尔去。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以壮观的方式上市。该公司目前是美国第二大上市公司，仅次于三星电子。这是自 2014 年阿里巴巴集团控股公司以来外国发行人在美国最大的首次公开募股，也是自 2019 年 Uber Technologies 以来最大的美国新股。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang 由哈佛商学院辍学生 Bom Kim 于 2010 年创立，现已成为韩国经济中的一股巨大力量。该公司占全国消费商务的 4%，提供广泛的在线零售服务： ThinkAmazon.com加Instacart、DoorDash 和 Netflix. Coupang 拥有约 5 万名员工，预计到 2025 年将再雇用 5 万名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它有重要的地理优势。韩国是一个精通技术、人口密度极高、人口众多的国家，人口超过5000万。埃里克·金 (Eric Kim) 曾于 2011 年至 2017 年担任 Coupang 董事会成员，同时担任该公司投资者 Maverick Capital 的董事总经理，他指出，韩国的土地面积与印第安纳州大致相同，但人口几乎是印第安纳州的 10 倍。他补充说，除去不适宜居住的山区，所有这些人都挤在罗德岛大小的区域里。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使 Coupang 反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang 表示，70% 的韩国人居住在其配送中心 7 英里范围内。几乎任何商品都可以在当天订购，“黎明送货 ”保证午夜前订购的商品会在早上 7 点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。(亚马逊，让我们拭目以待）Coupang Fresh 是该公司市场领先的在线杂货服务，它将货物装在可重复使用的容器中--将货物放在门口，由 Coupang 15,000 名送货人员中的一名将货物带走重复使用。退货？把它们放在门外——不需要特殊包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年的收入为120亿美元，比上一年增长91%，因为疫情帮助从2019年的55%和2018年的69%加速增长。过去四个季度的增长率均在 90% 以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司正在接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang 去年的利润率为负 2.1%，而前一年为负 8.8%。这反映了保护工人免受疫情影响的一些不寻常的成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为 63.50 美元，使该公司市值达到 1140 亿美元。该股随后走低，周四收盘价略低于每股 50 美元，估值略低于 900 亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang 的股票并不便宜--eBay（eBay）的收入与之相当，但市值不到一半。根据过去 12 个月的销售额，该股的交易价格略高于阿里巴巴-SW (BABA)。但是Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。Coupang 也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和库邦的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018 年，软银愿景基金（该公司于 2016 年成立的 1000 亿美元风险投资组合）又投资了 20 亿美元，这笔交易由愿景基金高管莉迪亚-杰特（Lydia Jett）牵头，她现在是 Coupang 董事会成员。最初的投资被注入愿景基金，总赌注为27亿美元。该股份现在价值 300 亿美元。这是一场巨大的胜利，也可能是由女性风险投资者牵头的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银没有在此次发行中出售任何股票巴伦该公司打算成为长期投资者，就像阿里巴巴-SW一样。在首次投资 20 多年后，软银仍然是阿里巴巴-SW最大的单一股东。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“杰特说：”我们的目标是长期持有库邦。“在价值 5000 亿美元的零售市场中，还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中扮演的角色却如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。研究IPO市场的佛罗里达大学商学院教授杰伊·里特表示，只有六家韩国科技公司在美国市场上市，都是在1999年至2006年期间。这份名单实际上包括2006年上市的电子商务公司Gmarket，2009年被eBay以12亿美元收购。易贝宣布正在为其韩国业务寻找买家。韩国最知名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>杰特认为，Coupang 交易将成为韩国风险投资市场的一个转折点。她说，人们一直误以为韩国科技公司不够创新。“她说：”那扇门现在已经被炸掉了。“这将改变韩国公司的融资方式。这仅仅是个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"tweetType":1,"viewCount":2315,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":22,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/322372631"}