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2021-03-24
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After a Record Year for IPOs, What’s Next?<blockquote>在经历了创纪录的 IPO 一年之后,下一步是什么?</blockquote>
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Whether the streak will con","content":"<p>This year is on pace to set another record for initial public offerings. Whether the streak will continue depends on how high and quickly interest rates rise—and how quickly the quality of the issuers deteriorates and then fail to rally once they begin trading.</p><p><blockquote>今年有望创下首次公开募股的另一项纪录。这种趋势是否会持续取决于利率上升的幅度和速度,以及发行人的质量恶化的速度有多快,一旦开始交易就无法反弹。</blockquote></p><p> Last year, 457 IPOs raised $168 billion—a new high. Through March 10 of this year, 310 U.S. IPOs raised $102 billion—on pace for a potential $400 billion-plus. By comparison, during the dot-com bubble in 1999, 547 offerings raised $108 billion.</p><p><blockquote>去年,457 次 IPO 筹集了 1680 亿美元,创下新高。截至今年 3 月 10 日,美国 310 家 IPO 筹集了 1020 亿美元,有望达到 4000 亿美元以上。相比之下,在 1999 年互联网泡沫期间,547 次发行筹集了 1080 亿美元。</blockquote></p><p> Approximately 80% of this year’s crop usedspecial purpose acquisition companies, or SPACs,to go public, compared with just 13 last year.</p><p><blockquote>今年约有 80% 的作物使用特殊目的收购公司(SPAC)上市,而去年只有 13 家。</blockquote></p><p> In the face of a record issuance of new issues, how is the sector doing? Let’s look at the broadest index of new issues—the Renaissance IPO index,which measures the float of newly listed companies for two years, limiting the exposure of any one company to 10% of the index.</p><p><blockquote>面对创纪录的新发行,该行业表现如何?让我们来看看最广泛的新发行指数--文艺复兴首次公开募股指数,该指数衡量新上市公司两年内的流通量,将任何一家公司的风险敞口限制在指数的 10%。</blockquote></p><p> After consolidating for two years, the index broke out last May and then doubled to its recent February high of 840. It then corrected quickly, falling 25% to 625, where it met the up-trending 34-week moving average. Price and moving average resistance is in the 750-770 area, with price and moving average support at 625-640.</p><p><blockquote>经过两年的盘整,该指数于去年5月爆发,随后翻了一番,升至最近2月的840点高点。随后迅速回调,下跌25%至625点,触及上升趋势的34周移动平均线。价格和移动平均线阻力在750-770区域,价格和移动平均线支撑在625-640。</blockquote></p><p> We now have clear parameters. The IPO index would project to new highs if hurdled 775 resistance. But breaking below 620 would lead to a decline to the low 500s.</p><p><blockquote>我们现在有了明确的参数。如果突破775阻力位,IPO指数预计将创下新高。但跌破 620 点将导致跌至 500 多点的低点。</blockquote></p><p> The IPO index began its bull market versus the S&P 500 index when it broke out of a six-year base last May. While still early in its bull market, the IPO Index would weaken further if it broke below support (see dashed trendlines in chart above). If relative strength pulled back further, it would create an oversold condition. And as long as relative strength doesn’t forfeit more than half of its gains, then an oversold condition would set the stage for a resumption of the IPO bull market.</p><p><blockquote>去年 5 月,IPO 指数突破六年低点,开始了相对于标普500指数的牛市。虽然仍处于牛市早期,但如果IPO指数跌破支撑位,它将进一步走弱(见上图中的虚线趋势线)。如果相对强势进一步回落,将造成超卖局面。只要相对强势不丧失一半以上的涨幅,那么超卖情况就会为 IPO 牛市的恢复创造条件。</blockquote></p><p></p>","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>After a Record Year for IPOs, What’s Next?<blockquote>在经历了创纪录的 IPO 一年之后,下一步是什么?</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\">\nAfter a Record Year for IPOs, What’s Next?<blockquote>在经历了创纪录的 IPO 一年之后,下一步是什么?</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-24 21:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>This year is on pace to set another record for initial public offerings. Whether the streak will continue depends on how high and quickly interest rates rise—and how quickly the quality of the issuers deteriorates and then fail to rally once they begin trading.</p><p><blockquote>今年有望创下首次公开募股的另一项纪录。这种趋势是否会持续取决于利率上升的幅度和速度,以及发行人的质量恶化的速度有多快,一旦开始交易就无法反弹。</blockquote></p><p> Last year, 457 IPOs raised $168 billion—a new high. Through March 10 of this year, 310 U.S. IPOs raised $102 billion—on pace for a potential $400 billion-plus. By comparison, during the dot-com bubble in 1999, 547 offerings raised $108 billion.</p><p><blockquote>去年,457 次 IPO 筹集了 1680 亿美元,创下新高。截至今年 3 月 10 日,美国 310 家 IPO 筹集了 1020 亿美元,有望达到 4000 亿美元以上。相比之下,在 1999 年互联网泡沫期间,547 次发行筹集了 1080 亿美元。</blockquote></p><p> Approximately 80% of this year’s crop usedspecial purpose acquisition companies, or SPACs,to go public, compared with just 13 last year.</p><p><blockquote>今年约有 80% 的作物使用特殊目的收购公司(SPAC)上市,而去年只有 13 家。</blockquote></p><p> In the face of a record issuance of new issues, how is the sector doing? Let’s look at the broadest index of new issues—the Renaissance IPO index,which measures the float of newly listed companies for two years, limiting the exposure of any one company to 10% of the index.</p><p><blockquote>面对创纪录的新发行,该行业表现如何?让我们来看看最广泛的新发行指数--文艺复兴首次公开募股指数,该指数衡量新上市公司两年内的流通量,将任何一家公司的风险敞口限制在指数的 10%。</blockquote></p><p> After consolidating for two years, the index broke out last May and then doubled to its recent February high of 840. It then corrected quickly, falling 25% to 625, where it met the up-trending 34-week moving average. Price and moving average resistance is in the 750-770 area, with price and moving average support at 625-640.</p><p><blockquote>经过两年的盘整,该指数于去年5月爆发,随后翻了一番,升至最近2月的840点高点。随后迅速回调,下跌25%至625点,触及上升趋势的34周移动平均线。价格和移动平均线阻力在750-770区域,价格和移动平均线支撑在625-640。</blockquote></p><p> We now have clear parameters. The IPO index would project to new highs if hurdled 775 resistance. But breaking below 620 would lead to a decline to the low 500s.</p><p><blockquote>我们现在有了明确的参数。如果突破775阻力位,IPO指数预计将创下新高。但跌破 620 点将导致跌至 500 多点的低点。</blockquote></p><p> The IPO index began its bull market versus the S&P 500 index when it broke out of a six-year base last May. While still early in its bull market, the IPO Index would weaken further if it broke below support (see dashed trendlines in chart above). If relative strength pulled back further, it would create an oversold condition. And as long as relative strength doesn’t forfeit more than half of its gains, then an oversold condition would set the stage for a resumption of the IPO bull market.</p><p><blockquote>去年 5 月,IPO 指数突破六年低点,开始了相对于标普500指数的牛市。虽然仍处于牛市早期,但如果IPO指数跌破支撑位,它将进一步走弱(见上图中的虚线趋势线)。如果相对强势进一步回落,将造成超卖局面。只要相对强势不丧失一半以上的涨幅,那么超卖情况就会为 IPO 牛市的恢复创造条件。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.barrons.com/articles/whats-next-for-ipos-51616530467?mod=hp_DAY_Theme_1_1\">Barrons</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/whats-next-for-ipos-51616530467?mod=hp_DAY_Theme_1_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129479850","content_text":"This year is on pace to set another record for initial public offerings. Whether the streak will continue depends on how high and quickly interest rates rise—and how quickly the quality of the issuers deteriorates and then fail to rally once they begin trading.\nLast year, 457 IPOs raised $168 billion—a new high. Through March 10 of this year, 310 U.S. IPOs raised $102 billion—on pace for a potential $400 billion-plus. By comparison, during the dot-com bubble in 1999, 547 offerings raised $108 billion.\nApproximately 80% of this year’s crop usedspecial purpose acquisition companies, or SPACs,to go public, compared with just 13 last year.\nIn the face of a record issuance of new issues, how is the sector doing? Let’s look at the broadest index of new issues—the Renaissance IPO index,which measures the float of newly listed companies for two years, limiting the exposure of any one company to 10% of the index.\nAfter consolidating for two years, the index broke out last May and then doubled to its recent February high of 840. It then corrected quickly, falling 25% to 625, where it met the up-trending 34-week moving average. Price and moving average resistance is in the 750-770 area, with price and moving average support at 625-640.\nWe now have clear parameters. The IPO index would project to new highs if hurdled 775 resistance. But breaking below 620 would lead to a decline to the low 500s.\nThe IPO index began its bull market versus the S&P 500 index when it broke out of a six-year base last May. While still early in its bull market, the IPO Index would weaken further if it broke below support (see dashed trendlines in chart above). If relative strength pulled back further, it would create an oversold condition. And as long as relative strength doesn’t forfeit more than half of its gains, then an oversold condition would set the stage for a resumption of the IPO bull market.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":789,"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":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/351699977"}
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