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2021-06-07

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2021-06-06

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U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>

2021-06-05

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Can NIO Stock Reach $100? We Think It's A Matter Of 'When' Not 'If'<blockquote>蔚来股价能达到100美元吗？我们认为这是“何时”的问题，而不是“如果”的问题</blockquote>

2021-06-05

$Virgin Galactic(SPCE)$Come on SPCE. Expedite your human transport. Show the world and boostLike TESLA.

2021-06-04

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2021-06-03

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2021-06-03

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AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</blockquote>

2021-06-01

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2021-05-31

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2021-05-29

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2021-05-28

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2021-05-26

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China’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币创近三年来最强水平</blockquote>

2021-05-25

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2021-05-24

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IPO Previews For The Week<blockquote>本周IPO预览</blockquote>

2021-05-23

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2021-05-21

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2021-05-20

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2021-05-19

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2021-05-18

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Online luxury goods marketplace 1stdibs.com files for a $100 million IPO<blockquote>在线奢侈品市场1stdibs.com申请1亿美元IPO</blockquote>

2021-05-17

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more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","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>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</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\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</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":{"MQ":"Marqeta, Inc.",".SPX":"S&P 500 Index","BZ":"BOSS直聘","LFST":"LifeStance Health Group, Inc.","TASK":"TaskUs Inc.","DIBS":"1stdibs.com Inc.","MNDY":"Monday.com Ltd.",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","ZETA":"Zeta Global Holdings Corp.","ZME":"掌门教育"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{".SPX":0.9,"ZME":0.9,".IXIC":0.9,"TASK":0.9,"BZ":0.9,"LFST":0.9,"ZETA":0.9,"DIBS":0.9,".DJI":0.9,"MQ":0.9,"MNDY":0.9}},"isVote":1,"tweetType":1,"viewCount":757,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112662768,"gmtCreate":1622866755554,"gmtModify":1634097199524,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/112662768","repostId":"1148130971","repostType":4,"repost":{"id":"1148130971","kind":"news","pubTimestamp":1622866524,"share":"https://www.laohu8.com/m/news/1148130971?lang=zh_CN&edition=full","pubTime":"2021-06-05 12:15","market":"us","language":"en","title":"Can NIO Stock Reach $100? We Think It's A Matter Of 'When' Not 'If'<blockquote>蔚来股价能达到100美元吗？我们认为这是“何时”的问题，而不是“如果”的问题</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148130971","media":"seekingalpha","summary":"NIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.We believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.NIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fas","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>NIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.</li>  <li>The company's innovative approach and overseas expansion strategy, combined with the growing market sentiment on global electrification and automation are expected to boost the company's valuation.</li>  <li>We believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b31b2f189fa181e941126674e0b4c0b\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Drew Angerer/Getty Images News via Getty Images</span></p><p><blockquote><ul><li>蔚来的股价在过去一年飙升了816%以上，在3月初的成长股抛售之前，在2月初达到了近62美元的峰值。</li><li>该公司的创新方法和海外扩张战略，加上全球电气化和自动化市场情绪日益高涨，预计将提振该公司的估值。</li><li>我们相信，随着自动驾驶成为现实，全球电动汽车销量持续增长，蔚来股价到2025年将飙升至160美元以上。</li></ul><p class=\"t-img-caption\"><span>摄影：Drew Angerer/Getty Images新闻来自Getty Images</span></p></blockquote></p><p> Despite it being a local Chinese electric vehicle (“EV”) brand that has only recently started its overseas expansion into Europe, NIO(NYSE:NIO)has already garnered significant international attention amidst avid investors within the EV sector in recent years. It has only been three short years since NIO made its first deliveries in mid-2018, yet many are already wondering whether its share price can reach similar heights as an industry leader, Tesla’s(NASDAQ:TSLA). Albeit a little farfetched given Tesla is currently trading at more than $600 per share with a market cap of more than $600 billion, we do believe NIO has promising potential to break $100 per share before 2025. Even Wall Street Analysts remain optimistic about the company’s future by assigning a&nbsp;price target of close to $60, which represents upward potential of more than 35% based on the last traded share price of $42.34 (June 1st).</p><p><blockquote>尽管蔚来（纽约证券交易所股票代码：蔚来）是一个中国本土电动汽车（“EV”）品牌，最近才开始向欧洲进行海外扩张，但近年来已经在电动汽车行业狂热投资者中获得了国际关注。距离蔚来于2018年中期首次交付仅过去了短短三年，但许多人已经想知道其股价是否能达到与行业领导者特斯拉（纳斯达克股票代码：TSLA）类似的高度。尽管考虑到特斯拉目前的股价超过每股600美元，市值超过6000亿美元，这有点牵强，但我们确实相信蔚来有潜力在2025年之前突破每股100美元。就连华尔街分析师也对该公司的未来保持乐观，他们将目标价定为接近60美元，根据上次交易股价42.34美元（6月1日）计算，该目标价有超过35%的上涨潜力。</blockquote></p><p> Founded in 2014, NIO has sold and delivered more than 100,000 vehicles in China to date. The company boasts a fleet of five emission-free, fully battery-powered models, ranging from sports cars to luxury sedans and full-size SUVs. In addition to their vehicles, NIO is also known for their significant progress achieved in innovative technology, including state-of-the-art battery solutions, artificial intelligence, and autonomous driving. The company has also recently turned their global expansion plans into reality, with the first overseas NIO store to open in Oslo, Norway in Q3 2021. We believe that reaching a share price of $100 is no longer a question of “if”, but instead, “when”.</p><p><blockquote>蔚来成立于2014年，迄今在华销售和交付汽车已超过10万辆。该公司拥有一支由五款零排放、全电池驱动的车型组成的车队，从跑车到豪华轿车和全尺寸SUV。除了汽车之外，蔚来还因其在创新技术方面取得的重大进展而闻名，包括最先进的电池解决方案、人工智能和自动驾驶。该公司最近还将他们的全球扩张计划变成了现实，第一家海外蔚来商店将于2021年第三季度在挪威奥斯陆开业。我们认为，股价达到100美元不再是“如果”的问题，而是“何时”的问题。</blockquote></p><p> <b>A Trailblazer in Innovative Technology</b></p><p><blockquote><b>创新技术的开拓者</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16d9fd877602d5604bc3a69593badfdf\" tg-width=\"640\" tg-height=\"262\"><span>Source:ir.nio.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ir.nio.com</span></p></blockquote></p><p> NIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fast and convenient solution to concerns over the typically limited travel range of EVs. Similar to a gas station, Power Swap is a battery swapping station that can swap a dead battery out for a fully charged one in under three minutes; a fully charged battery enables a NIO vehicle to travel up to 435 miles, which is more than double of the&nbsp;181-mile average travel range of electric vehicles&nbsp;currently available on the market. NIO owners have the option to subscribe to the“Battery as a Service” (“BaaS”)package, which is a monthly subscription service that provides NIO owners with flexible options for battery upgrades based on personal needs. The company currently offers a standard 75 kWh battery which enables a travel range of up to 310 miles on a full charge, and an enhanced 100 kWh battery which enables a travel range of up to 435 miles on a full charge; both are available for NIO owners to choose from on a month-to-month basis under BaaS. To date, there are&nbsp;more than 226 battery swapping stations&nbsp;across China, with more on the way following a recent&nbsp;strategic partnership agreement&nbsp;between NIO and Sinopec. NIO’s vehicles are also compatible with local competitor XPeng’s(NYSE:XPEV)1,140 vehicle charging stations available across 164 cities in China, which further enhances its existing network of charging infrastructure in place for NIO owners.</p><p><blockquote>蔚来一直表现出令人不安的创新者的特征。该品牌因其在电池交换技术“Power Swap”方面的突破而广为人知，该技术为蔚来车主提供了一种快速便捷的解决方案，以解决电动汽车行驶里程通常有限的问题。与加油站类似，换电是一个电池交换站，可以在三分钟内将没电的电池换成充满电的电池；充满电的电池使蔚来汽车能够行驶435英里，是目前市场上电动汽车平均行驶里程181英里的两倍多。蔚来车主可以选择订阅“电池即服务”（“BaaS”）套餐，这是一项按月订阅的服务，为蔚来车主根据个人需求提供电池升级的灵活选择。该公司目前提供标准75 kWh电池，充满电后续航里程可达310英里，增强型100 kWh电池，充满电后续航里程可达435英里；两者都可供蔚来车主在BaaS下按月选择。迄今为止，全国已有超过226个电池交换站，继蔚来与中石化最近达成战略合作协议后，更多的电池交换站正在建设中。蔚来的车辆还与当地竞争对手小鹏汽车（纽约证券交易所股票代码：XPEV）在中国164个城市提供的1,140个汽车充电站兼容，这进一步增强了其为蔚来车主提供的现有充电基础设施网络。</blockquote></p><p> In addition to the developed network of infrastructure needed to sustain NIO EVs in the long run, the company has also been working diligently on perfecting their autonomous driving and AI technology in order to remain competitive in the broader EV and tech space. NIO has already been performing testing on its autonomous driving systems since 2016, with their first testing on public roads in Beijing performed in 2018. The company’s commitment to the future of passenger transportation is also proven through their development of&nbsp;EVE, the brand’s concept car for autonomous driving which encompasses a luxurious, comfortable and safe experience powered by NIO’s&nbsp;NOMI AI, the world’s first in-vehicle artificial intelligence.</p><p><blockquote>除了长期维持蔚来电动汽车所需的发达基础设施网络外，该公司还一直在努力完善其自动驾驶和人工智能技术，以在更广泛的电动汽车和技术领域保持竞争力。自2016年以来，蔚来一直在对其自动驾驶系统进行测试，并于2018年在北京的公共道路上进行了首次测试。该公司对未来客运的承诺也通过EVE的开发得到了证明，EVE是该品牌的自动驾驶概念车，由蔚来的NOMI AI（世界上第一个车载人工智能）提供豪华、舒适和安全的体验。</blockquote></p><p></p><p> To further enhance their progress in autonomous driving technology, NIO has recently&nbsp;partnered with Mobileye&nbsp;– an Intel-owned(NASDAQ:INTC)company known for developing the “EyeQ chip” currently used by more than 27 car manufacturers for their assisted-driving technologies – to develop and commercialize driving automation that does not require human interaction (i.e. “level 4” autonomous driving). Their collaboration is expected to accelerate NIO’s launch of the “Autonomous Driving as a Service” (“ADaaS”) package, which is a monthly subscription for their autonomous driving technology, “NIO Autonomous Driving” (“NAD”). However, similar to Tesla’s “Full Self-Driving” package, the NAD technology that is expected to launch in 2022 does not yet make NIO vehicles capable of driving without human intervention, but it does catapult NIO to a comparable spot with industry leader Tesla in the race towards level 4 autonomous driving. NIO owners will have the option to subscribe to ADaaS for a monthly subscription fee of RMB 680. With more than 102,000 NIO vehicles on the road today, the new subscription package is expected to generate incremental annual sales of RMB 840 million ($132 million); the additional revenue stream is valued at approximately RMB 10 billion ($1.6 billion) upon the service’s inception, assuming an average vehicle life of 12 years with most existing NIO owners signing up.</p><p><blockquote>为了进一步推动自动驾驶技术的进步，蔚来最近与Mobileye合作，Mobileye是一家英特尔旗下（纳斯达克股票代码：INTC）公司，以开发“EyeQ芯片”而闻名，目前已被超过27家汽车制造商用于其辅助驾驶技术——开发和商业化不需要人机交互的驾驶自动化（即“4级”自动驾驶）。他们的合作预计将加速蔚来推出“自动驾驶即服务”（“ADaaS”）套餐，这是他们的自动驾驶技术“蔚来自动驾驶”（“NAD”）的每月订阅。然而，与特斯拉的“全自动驾驶”套件类似，预计将于2022年推出的NAD技术尚未使蔚来汽车能够在没有人工干预的情况下驾驶，但它确实使蔚来在通往4级自动驾驶的竞赛中与行业领导者特斯拉相提并论。蔚来车主将可以选择订阅ADaaS，每月订阅费为人民币680元。如今上路的蔚来汽车超过10.2万辆，新的订阅套餐预计将产生8.4亿元人民币（1.32亿美元）的年销售额增量；假设大多数现有蔚来车主注册的平均车辆寿命为12年，该服务推出后的额外收入流价值约为100亿元人民币（16亿美元）。</blockquote></p><p> NIO’s continuous developments in autonomous driving technology are expected to benefit the company and its shareholders greatly in the near future. By 2025, the global autonomous cars market will become one of the fastest growing and most highly demanded segments with an&nbsp;estimated value of $1.6 trillion. A 6% share of this market would add a valuation of at least $100 billion to NIO’s existing $67 billion market cap, boosting its per unit share value to more than $100. Considering NIO is currently one of the very few fully electric automakers to have achieved tangible results within the autonomous driving scene, and is actively growing its overseas sales, we are confident that the company is capable of capturing more than 6% of the said market share, and achieve a per unit share price of more than $100 by 2025 with ease. Combined with the global shift in consumer preference towards electrification and automation, we are projecting vehicle sales of approximately 300,000 units by FY 2025, which will yield total revenues of approximately RMB 140 billion ($22 billion).</p><p><blockquote>蔚来在自动驾驶技术方面的不断发展预计将在不久的将来使公司及其股东受益匪浅。到2025年，全球自动驾驶汽车市场将成为增长最快、需求最大的细分市场之一，估计价值为1.6万亿美元。该市场6%的份额将为蔚来现有670亿美元的市值增加至少1000亿美元的估值，使其每股价值超过100美元。考虑到蔚来是目前极少数在自动驾驶领域取得切实成果的全电动汽车制造商之一，并且正在积极增长其海外销量，我们有信心该公司有能力占据上述市场6%以上的份额，并轻松实现到2025年每股股价超过100美元。结合全球消费者偏好向电气化和自动化的转变，我们预计到2025财年汽车销量约为30万辆，总收入约为1400亿元人民币（220亿美元）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6c800a04e6df92802f6893d214eecdd\" tg-width=\"640\" tg-height=\"213\"><span>Source: Author, with data from our internal forecasts (NIO_-_Forecasted_Financial_Information.pdf).</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部预测（蔚来_-_Forecasted_Financial_Information.pdf）。</span></p></blockquote></p><p> <b>Global Expansion</b></p><p><blockquote><b>全球扩张</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537449f8f7ee9c736b48c1776cbb7259\" tg-width=\"640\" tg-height=\"249\"><span>Source: ir.nio.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ir.nio.com</span></p></blockquote></p><p> Another catalyst that will propel NIO’s share price beyond $100 is their ongoing overseas expansion efforts. NIO has been transparent about their intentions to expand globally, especially in the U.S. and Europe, as part of their plans in becoming an industry leader. NIO will be opening its first&nbsp;overseas sales and service centre in Oslo, Norway&nbsp;in September. The brand’s footprint in Norway will further expand in 2022 with four more NIO stores to open in Bergen, Stavanger, Trondheim and Kristiansand. In addition to its direct sales and service centres, NIO will also be introducing a full charging map for Europe, starting with four NIO Power Swap stations in Norway to provide new NIO owners with the convenience and range that the brand builds its success on. NIO’s flagship SUV, the&nbsp;ES8, which currently retails at a&nbsp;starting price of approximately US$67,000, will be the first model introduced in the European market, with the brand’s newest full-size sedan, the&nbsp;ET7, to follow in 2022.</p><p><blockquote>推动蔚来股价突破100美元的另一个催化剂是他们正在进行的海外扩张努力。蔚来一直公开表示其全球扩张的意图，特别是在美国和欧洲，作为其成为行业领导者计划的一部分。蔚来将于9月在挪威奥斯陆开设首个海外销售及服务中心。该品牌在挪威的足迹将于2022年进一步扩大，将在Bergen、Stavanger、Trondheim和Kristiansand开设四家蔚来商店。除了直销和服务中心外，蔚来还将在欧洲推出完整的充电地图，首先是在挪威的四个蔚来换电站，为新蔚来车主提供该品牌赖以成功的便利和续航里程。蔚来的旗舰SUV ES 8目前零售价约为67,000美元，将是首款引入欧洲市场的车型，该品牌最新的全尺寸轿车ET 7将于2022年紧随其后。</blockquote></p><p> With a proven sales track record in China’s luxury EV market, and specs comparable to the globally recognized Tesla, there is no reason for NIO to not succeed overseas. As mentioned in earlier sections, NIO’s vehicles have a driving range of up to 435 miles on a full charge, making it a desirable choice for potential European and American car owners looking for a reliable companion to accompany them on daily commutes to long road trips. The NIO exterior and interior designs are also modern, luxurious, and comparable to those preferred by the European and North American population. Combined with a diverse product line and price range, NIO is equipped to take on the increasing demands for EVs on a global scale.</p><p><blockquote>凭借在中国豪华电动汽车市场的良好销售记录，以及与全球公认的特斯拉相当的规格，蔚来没有理由不在海外取得成功。正如前面提到的，蔚来的车辆充满电后的行驶里程可达435英里，这使得它成为潜在的欧美车主的理想选择，他们正在寻找一个可靠的伴侣来陪伴他们进行日常通勤和长途旅行。蔚来的外观和内饰设计也是现代、豪华的，可与欧洲和北美人口的首选相媲美。结合多样化的产品线和价格范围，蔚来有能力满足全球范围内对电动汽车不断增长的需求。</blockquote></p><p> <b>NIO’s Historical Performance</b></p><p><blockquote><b>蔚来的历史表现</b></blockquote></p><p></p><p> Just a little more than a year ago, NIO’s share price hit an all-time low at under $2 amidst liquidity troubles despite continued vehicle sales. In mid-2020, the municipal government of Hefei, China came to NIO’s rescue with a&nbsp;capital injection of RMB 7 billion&nbsp;(approximately $1 billion). The arrangement resulted in the creation of “NIO China”, which serves as the operating entity that holds all of NIO’s core businesses and assets; NIO currently holds a 90.36% ownership interest in NIO China, while the “Hefei Strategic Investors” consortium holds the remainder 9.64%. The partnership became the company’s lifeline; the additional capital brought forth significant improvements to the company’s operations and vehicle sales, which were reflected in their strong financial performance and upward trend in share price in the summer of 2020. By the end of 2020’s second quarter, NIO’s share price rebounded by almost 20% on average after posting a 171% quarter-over-quarter increase in total revenues. The company’s share price more than tripled in 2020’s third quarter, averaging $15.40, and continued to climb towards its fourth quarter average of $38.70. By the end of the latest quarter ended March 31st, 2021, NIO’s share price averaged $50.97, and peaked at almost $62 in February which is more than 10x its&nbsp;IPO price in 2018. The company holds a market cap of more than $67 billion today, outgrowing its mere $1 billion market cap when it made its debut on the NYSE.</p><p><blockquote>就在一年多前，尽管汽车销量持续增长，但由于流动性问题，蔚来股价跌至2美元以下的历史低点。2020年年中，中国合肥市政府向蔚来注资70亿元人民币（约合10亿美元）。该安排导致创建了“蔚来中国”，作为持有蔚来所有核心业务和资产的运营实体；蔚来目前持有蔚来90.36%的所有权权益，而“合肥战略投资者”联合体持有馀下9.64%。这种合作关系成为了公司的生命线；额外资本为公司的运营和汽车销售带来了显着改善，这反映在其强劲的财务业绩和2020年夏季股价的上涨趋势上。截至2020年第二季度末，蔚来总收入环比增长171%，股价平均反弹近20%。该公司股价在2020年第三季度上涨了两倍多，平均为15.40美元，并继续攀升至第四季度平均38.70美元。截至2021年3月31日的最新季度末，蔚来的平均股价为50.97美元，并在2月份达到近62美元的峰值，是2018年IPO价格的10倍多。该公司目前的市值超过670亿美元，超过了其在纽约证券交易所上市时仅10亿美元的市值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75a1d7edb18c1762028ba54f617e1982\" tg-width=\"640\" tg-height=\"250\"><span>Source: Author, with data from ir.nio.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自ir.nio.com</span></p></blockquote></p><p> NIO’s fundamentals have also shown nothing but steady improvements since its share price peaked earlier this year before the&nbsp;growth stock sell-off in late February. Deliveries in 2021 have continued to accelerate exponentially, with first quarter deliveries of more than 20,000 vehicles, representing almost 50% of total deliveries made in 2020. The company continues to exhibit a promising outlook with more than 7,100 vehicles delivered in April, representing an increase of more than 125% year-over-year. NIO has also maintained positive cash flows from operating activities for the first quarter of 2021, thanks to the higher deliveries and effective cost-management measures which have amped up their gross profit margin to 19.5%, comparable with industry leaders like Tesla whose first quarter gross margins were 21%. As aforementioned, we are forecasting vehicle sales of close to 300,000 units by FY 2025, which translates to approximately RMB 140 billion ($22 billion) in total revenues ($18.60 per share). Our vehicle sales forecast for FY 2025 is further corroborated by the&nbsp;recently renewed manufacturing agreement&nbsp;with joint venturer “Jianghuai Automobile Group” (“JAC”), which increases the current annual production capacity of 100,000 units to 240,000 units; the ongoing construction of “NeoPark” in Hefei, China is also expected to add annual production capacity of 1 million units, which further supports our positive outlook on NIO’s continued commitment to grow its business. Considering industry peer Tesla’s current P/S ratio of 16.43x with approximately $42 billion in annual revenues (annualization of $10.389 billion in first quarter revenues), the same proportion applied to NIO’s forecasted FY 2025 total revenues is expected to yield a P/S ratio of 8.7x, resulting in a share price of more than $160.</p><p><blockquote>自今年早些时候股价在2月底成长型股票遭到抛售之前见顶以来，蔚来的基本面也只显示出稳步改善。2021年的交付量继续呈指数级增长，第一季度交付量超过20,000辆，几乎占2020年总交付量的50%。该公司继续展现出乐观的前景，4月份交付了超过7,100辆汽车，同比增长超过125%。得益于更高的交付量和有效的成本管理措施，蔚来在2021年第一季度的经营活动中也保持了正现金流，这些措施将其毛利率提高至19.5%，与特斯拉等行业领导者的毛利率相当。第一季度毛利率为21%。如上所述，我们预计到2025财年汽车销量将接近30万辆，这意味着总收入约为1400亿元人民币（220亿美元）（每股18.60美元）。我们最近与合资企业“江淮汽车集团”（“江淮汽车”）续签的制造协议进一步证实了我们对2025财年的汽车销售预测，该协议将目前100,000辆的年产能提高到240,000辆；正在建设中的“NeoPark”亦预期将新增100万台的年产能，这进一步支持了我们对蔚来继续致力于发展其业务的积极展望。考虑到行业同行特斯拉目前的市盈率为16.43倍，年收入约为420亿美元（第一季度收入年化为103.89亿美元），将相同比例应用于蔚来预测的2025财年总收入预计将产生市盈率8.7倍，股价超过160美元。</blockquote></p><p> <b>NIO vs. LI and XPEV</b></p><p><blockquote><b>蔚来vs.LI和XPEV</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af8fa939f92be448d1f427a6ac4bfb25\" tg-width=\"640\" tg-height=\"352\"><span>Source: Finviz</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Finviz</span></p></blockquote></p><p> We have also compared NIO’s current P/S ratio to its domestic peers to gauge the timeline in which NIO’s share price will exceed $100. NIO currently trades at a P/S ratio of approximately 14.88x, while domestic industry peers, Li Auto(NASDAQ:LI)and XPEV, currently trade at a P/S ratio of 14.46x and 21.31x, respectively.</p><p><blockquote>我们还将蔚来目前的市盈率与其国内同行进行了比较，以衡量蔚来股价突破100美元的时间表。蔚来目前的市盈率约为14.88倍，而国内行业同行理想汽车（纳斯达克：LI）和XPEV目前的市盈率分别为14.46倍和21.31倍。</blockquote></p><p></p><p> Considering NIO’s technology, revenues, global footprint, and cash flows are stronger than LI’s and XPEV’s, the former deserves to be traded at a much higher multiple than the latter two. Even if NIO reaches a P/S ratio of 18.1x (mid-point to XPEV's), it will drive the company’s current share price up to $51.50, which represents an upside potential of 22% based on the last traded share price of $42.34 (June 1st). And based on our forecasted revenues for FY 2025 for NIO of RMB 140 billion ($22 billion), or $18.60 per share, even a multiple half of the 18.1x would be more than sufficient to bring NIO's share price beyond $160 by 2025; we believe the trading multiple is achievable for NIO given the cash from operations and technological advancements achieved by then would place them on a trajectory of continued long-term growth within the EV industry, which is expected to continue into 2030 and beyond when the brand's level 4 autonomous driving technology development is complete and commercialized.</p><p><blockquote>考虑到蔚来的技术、收入、全球足迹和现金流都强于LI和XPEV，前者的市盈率应该远高于后两者。即使蔚来的市盈率达到18.1倍（XPEV的中点），也将推动该公司当前股价上涨至51.50美元，基于上次交易股价42.34美元（6月1日），这意味着22%的上涨潜力。根据我们对蔚来2025财年收入1400亿元人民币（220亿美元）或每股18.60美元的预测，即使是18.1倍的一半也足以使蔚来的股价在2025年突破160美元；我们认为，蔚来的交易倍数是可以实现的，因为届时从运营中获得的现金和技术进步将使其走上电动汽车行业持续长期增长的轨道，预计这种增长将持续到2030年及以后，届时该品牌的4级自动驾驶技术开发完成并商业化。</blockquote></p><p> <b>Business Risks and Challenges</b></p><p><blockquote><b>业务风险及挑战</b></blockquote></p><p> As mentioned in one of my&nbsp;previous articles on NIO, the “Holding Foreign Companies Accountable Act” (“HFCA Act”) remains one of the most significant impending threats to the company’s share price. Currently, public accounting firms in China are non-compliant with PCAOB inspection rules required by the SEC, and the enactment of the HFCA Act in December 2020 requires that these public accounting firms comply with PCAOB inspection requests within three years of the enactment date; otherwise, all public companies audited by said firms will be subject to risks of de-listing. NIO is currently audited by PricewaterhouseCoopers Zhong Tian LLP, which is on PCAOB’s&nbsp;denied-access list. The potential threat of being delisted from the NYSE could be a deterrence factor to investors and ultimately hemorrhage NIO’s share price in the long run if Chinese authorities and the PCAOB cannot reach an agreement on conducting inspections soon.</p><p><blockquote>正如我在之前关于蔚来的一篇文章中提到的，《外国公司问责法》（“HFCA法案”）仍然是公司股价面临的最重大威胁之一。目前，中国的公共会计师事务所不符合SEC要求的PCAOB检查规则，2020年12月HFCA法案的颁布要求这些公共会计师事务所在颁布之日起三年内遵守PCAOB的检查要求；否则，上述事务所审计的所有上市公司都将面临退市风险。蔚来目前由普华永道中天会计师事务所（LLP）进行审计，该事务所被列入PCAOB的拒绝访问名单。如果中国当局和PCAOB不能很快就进行检查达成协议，从纽约证券交易所退市的潜在威胁可能会成为投资者的威慑因素，并最终导致蔚来股价长期下跌。</blockquote></p><p> Another imminent challenge to NIO’s business is the ongoing global chip supply shortage. As the automotive industry becomes more dependent on chips to manage every function of their vehicles, the gap between automaker demands and chip manufacturer supplies is widened. NIO was no exception to the impacts of the ongoing chip supply crisis – in March 2021, NIO halted their production activity at the JAC-NIO manufacturing plant for five working days in order to adjust their production levels. However, the company continues to effectively navigate through the situation as proven through their increasing number of deliveries month-over-month; in NIO’s latest delivery update press release for April, the company has continued to keep up with market demand with more than 7,100 vehicle deliveries made, representing a 125% year-over-year growth.</p><p><blockquote>蔚来业务面临的另一个迫在眉睫的挑战是持续的全球芯片供应短缺。随着汽车行业越来越依赖芯片来管理车辆的每一项功能，汽车制造商的需求和芯片制造商的供应之间的差距越来越大。蔚来也不例外地受到持续的芯片供应危机的影响——2021年3月，蔚来停止了江淮蔚来制造工厂的生产活动五个工作日，以调整生产水平。然而，该公司继续有效地应对这种情况，交付量逐月增加就证明了这一点；在蔚来4月份最新的交付更新新闻稿中，该公司继续满足市场需求，交付了超过7,100辆汽车，同比增长125%。</blockquote></p><p> Competition within the EV sector has also ramped up in recent years. Consumer attitude towards EVs has changed drastically in the past decade due to rising concerns over climate change met with price parity between traditional petrol-fueled vehicles and EVs. The entry barrier for emerging EV makers has also lowered significantly as car battery solutions become more accessible through third-party OEMs; new entrants are now keener on participating in the profitable opportunity within the growing EV sector as initial investments become more reasonable than it was for Tesla in 2003 when EVs were still just a concept to many. In addition to new entrants, traditional petrol-fueled automakers like Ford(NYSE:F)have also started to incorporate fully battery-powered vehicles into their fleet in order to meet evolving consumer demands and remain competitive within the automotive industry. However, we believe NIO possesses the brand, customer experience, production strategy, talent and business model (further analyzedhere) needed to remain successful within the new competitive landscape in the long run.</p><p><blockquote>近年来，电动汽车行业的竞争也愈演愈烈。在过去十年中，由于对气候变化的日益担忧以及传统汽油燃料汽车和电动汽车之间的价格平价，消费者对电动汽车的态度发生了巨大变化。随着第三方原始设备制造商更容易获得汽车电池解决方案，新兴电动汽车制造商的进入门槛也大幅降低；随着初始投资变得比2003年特斯拉更加合理，新进入者现在更热衷于参与不断增长的电动汽车行业的盈利机会，当时电动汽车对许多人来说仍然只是一个概念。除了新进入者之外，福特（纽约证券交易所股票代码：F）等传统汽油燃料汽车制造商也开始将全电池驱动的汽车纳入其车队，以满足不断变化的消费者需求并保持在汽车行业内的竞争力。然而，我们相信蔚来拥有在新的竞争格局中长期保持成功所需的品牌、客户体验、生产战略、人才和商业模式（此处进一步分析）。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> NIO has already established a strong brand presence within the domestic Chinese market, which is currently one of the fastest growing EV markets, representing more than 40% of global EV sales in 2020. Combined with their proven ability to produce quality EVs, construct innovative charging infrastructure, achieve breakthrough progress in the development of autonomous driving technology, and execute their overseas expansion strategy, NIO is effectively narrowing the gap between them and Tesla within the EV sector on a global scale. We are confident that the next five years will be a transformational era for the EV and tech company due to increasing demands for electrification and automation within the automotive industry, which NIO has already proven to excel in. The value of its continued achievements will be reflected in its share price in no time, making them a worthy stock pick for those looking to profit off of the impending age of green transition and automation.</p><p><blockquote>蔚来已经在中国国内市场建立了强大的品牌影响力，中国国内市场是目前增长最快的电动汽车市场之一，2020年占全球电动汽车销量的40%以上。结合其生产优质电动汽车、建设创新充电基础设施、在自动驾驶技术开发方面取得突破性进展以及执行海外扩张战略的能力，蔚来正在有效缩小与特斯拉在全球电动汽车领域的差距。我们相信，由于汽车行业对电气化和自动化的需求不断增长，未来五年将是电动汽车和科技公司的转型时代，蔚来已经证明在这方面表现出色。其持续成就的价值将很快反映在其股价中，对于那些希望从即将到来的绿色转型和自动化时代中获利的人来说，这使其成为值得选择的股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can NIO Stock Reach $100? We Think It's A Matter Of 'When' Not 'If'<blockquote>蔚来股价能达到100美元吗？我们认为这是“何时”的问题，而不是“如果”的问题</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\">\nCan NIO Stock Reach $100? We Think It's A Matter Of 'When' Not 'If'<blockquote>蔚来股价能达到100美元吗？我们认为这是“何时”的问题，而不是“如果”的问题</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-05 12:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>NIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.</li>  <li>The company's innovative approach and overseas expansion strategy, combined with the growing market sentiment on global electrification and automation are expected to boost the company's valuation.</li>  <li>We believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b31b2f189fa181e941126674e0b4c0b\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Drew Angerer/Getty Images News via Getty Images</span></p><p><blockquote><ul><li>蔚来的股价在过去一年飙升了816%以上，在3月初的成长股抛售之前，在2月初达到了近62美元的峰值。</li><li>该公司的创新方法和海外扩张战略，加上全球电气化和自动化市场情绪日益高涨，预计将提振该公司的估值。</li><li>我们相信，随着自动驾驶成为现实，全球电动汽车销量持续增长，蔚来股价到2025年将飙升至160美元以上。</li></ul><p class=\"t-img-caption\"><span>摄影：Drew Angerer/Getty Images新闻来自Getty Images</span></p></blockquote></p><p> Despite it being a local Chinese electric vehicle (“EV”) brand that has only recently started its overseas expansion into Europe, NIO(NYSE:NIO)has already garnered significant international attention amidst avid investors within the EV sector in recent years. It has only been three short years since NIO made its first deliveries in mid-2018, yet many are already wondering whether its share price can reach similar heights as an industry leader, Tesla’s(NASDAQ:TSLA). Albeit a little farfetched given Tesla is currently trading at more than $600 per share with a market cap of more than $600 billion, we do believe NIO has promising potential to break $100 per share before 2025. Even Wall Street Analysts remain optimistic about the company’s future by assigning a&nbsp;price target of close to $60, which represents upward potential of more than 35% based on the last traded share price of $42.34 (June 1st).</p><p><blockquote>尽管蔚来（纽约证券交易所股票代码：蔚来）是一个中国本土电动汽车（“EV”）品牌，最近才开始向欧洲进行海外扩张，但近年来已经在电动汽车行业狂热投资者中获得了国际关注。距离蔚来于2018年中期首次交付仅过去了短短三年，但许多人已经想知道其股价是否能达到与行业领导者特斯拉（纳斯达克股票代码：TSLA）类似的高度。尽管考虑到特斯拉目前的股价超过每股600美元，市值超过6000亿美元，这有点牵强，但我们确实相信蔚来有潜力在2025年之前突破每股100美元。就连华尔街分析师也对该公司的未来保持乐观，他们将目标价定为接近60美元，根据上次交易股价42.34美元（6月1日）计算，该目标价有超过35%的上涨潜力。</blockquote></p><p> Founded in 2014, NIO has sold and delivered more than 100,000 vehicles in China to date. The company boasts a fleet of five emission-free, fully battery-powered models, ranging from sports cars to luxury sedans and full-size SUVs. In addition to their vehicles, NIO is also known for their significant progress achieved in innovative technology, including state-of-the-art battery solutions, artificial intelligence, and autonomous driving. The company has also recently turned their global expansion plans into reality, with the first overseas NIO store to open in Oslo, Norway in Q3 2021. We believe that reaching a share price of $100 is no longer a question of “if”, but instead, “when”.</p><p><blockquote>蔚来成立于2014年，迄今在华销售和交付汽车已超过10万辆。该公司拥有一支由五款零排放、全电池驱动的车型组成的车队，从跑车到豪华轿车和全尺寸SUV。除了汽车之外，蔚来还因其在创新技术方面取得的重大进展而闻名，包括最先进的电池解决方案、人工智能和自动驾驶。该公司最近还将他们的全球扩张计划变成了现实，第一家海外蔚来商店将于2021年第三季度在挪威奥斯陆开业。我们认为，股价达到100美元不再是“如果”的问题，而是“何时”的问题。</blockquote></p><p> <b>A Trailblazer in Innovative Technology</b></p><p><blockquote><b>创新技术的开拓者</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16d9fd877602d5604bc3a69593badfdf\" tg-width=\"640\" tg-height=\"262\"><span>Source:ir.nio.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ir.nio.com</span></p></blockquote></p><p> NIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fast and convenient solution to concerns over the typically limited travel range of EVs. Similar to a gas station, Power Swap is a battery swapping station that can swap a dead battery out for a fully charged one in under three minutes; a fully charged battery enables a NIO vehicle to travel up to 435 miles, which is more than double of the&nbsp;181-mile average travel range of electric vehicles&nbsp;currently available on the market. NIO owners have the option to subscribe to the“Battery as a Service” (“BaaS”)package, which is a monthly subscription service that provides NIO owners with flexible options for battery upgrades based on personal needs. The company currently offers a standard 75 kWh battery which enables a travel range of up to 310 miles on a full charge, and an enhanced 100 kWh battery which enables a travel range of up to 435 miles on a full charge; both are available for NIO owners to choose from on a month-to-month basis under BaaS. To date, there are&nbsp;more than 226 battery swapping stations&nbsp;across China, with more on the way following a recent&nbsp;strategic partnership agreement&nbsp;between NIO and Sinopec. NIO’s vehicles are also compatible with local competitor XPeng’s(NYSE:XPEV)1,140 vehicle charging stations available across 164 cities in China, which further enhances its existing network of charging infrastructure in place for NIO owners.</p><p><blockquote>蔚来一直表现出令人不安的创新者的特征。该品牌因其在电池交换技术“Power Swap”方面的突破而广为人知，该技术为蔚来车主提供了一种快速便捷的解决方案，以解决电动汽车行驶里程通常有限的问题。与加油站类似，换电是一个电池交换站，可以在三分钟内将没电的电池换成充满电的电池；充满电的电池使蔚来汽车能够行驶435英里，是目前市场上电动汽车平均行驶里程181英里的两倍多。蔚来车主可以选择订阅“电池即服务”（“BaaS”）套餐，这是一项按月订阅的服务，为蔚来车主根据个人需求提供电池升级的灵活选择。该公司目前提供标准75 kWh电池，充满电后续航里程可达310英里，增强型100 kWh电池，充满电后续航里程可达435英里；两者都可供蔚来车主在BaaS下按月选择。迄今为止，全国已有超过226个电池交换站，继蔚来与中石化最近达成战略合作协议后，更多的电池交换站正在建设中。蔚来的车辆还与当地竞争对手小鹏汽车（纽约证券交易所股票代码：XPEV）在中国164个城市提供的1,140个汽车充电站兼容，这进一步增强了其为蔚来车主提供的现有充电基础设施网络。</blockquote></p><p> In addition to the developed network of infrastructure needed to sustain NIO EVs in the long run, the company has also been working diligently on perfecting their autonomous driving and AI technology in order to remain competitive in the broader EV and tech space. NIO has already been performing testing on its autonomous driving systems since 2016, with their first testing on public roads in Beijing performed in 2018. The company’s commitment to the future of passenger transportation is also proven through their development of&nbsp;EVE, the brand’s concept car for autonomous driving which encompasses a luxurious, comfortable and safe experience powered by NIO’s&nbsp;NOMI AI, the world’s first in-vehicle artificial intelligence.</p><p><blockquote>除了长期维持蔚来电动汽车所需的发达基础设施网络外，该公司还一直在努力完善其自动驾驶和人工智能技术，以在更广泛的电动汽车和技术领域保持竞争力。自2016年以来，蔚来一直在对其自动驾驶系统进行测试，并于2018年在北京的公共道路上进行了首次测试。该公司对未来客运的承诺也通过EVE的开发得到了证明，EVE是该品牌的自动驾驶概念车，由蔚来的NOMI AI（世界上第一个车载人工智能）提供豪华、舒适和安全的体验。</blockquote></p><p></p><p> To further enhance their progress in autonomous driving technology, NIO has recently&nbsp;partnered with Mobileye&nbsp;– an Intel-owned(NASDAQ:INTC)company known for developing the “EyeQ chip” currently used by more than 27 car manufacturers for their assisted-driving technologies – to develop and commercialize driving automation that does not require human interaction (i.e. “level 4” autonomous driving). Their collaboration is expected to accelerate NIO’s launch of the “Autonomous Driving as a Service” (“ADaaS”) package, which is a monthly subscription for their autonomous driving technology, “NIO Autonomous Driving” (“NAD”). However, similar to Tesla’s “Full Self-Driving” package, the NAD technology that is expected to launch in 2022 does not yet make NIO vehicles capable of driving without human intervention, but it does catapult NIO to a comparable spot with industry leader Tesla in the race towards level 4 autonomous driving. NIO owners will have the option to subscribe to ADaaS for a monthly subscription fee of RMB 680. With more than 102,000 NIO vehicles on the road today, the new subscription package is expected to generate incremental annual sales of RMB 840 million ($132 million); the additional revenue stream is valued at approximately RMB 10 billion ($1.6 billion) upon the service’s inception, assuming an average vehicle life of 12 years with most existing NIO owners signing up.</p><p><blockquote>为了进一步推动自动驾驶技术的进步，蔚来最近与Mobileye合作，Mobileye是一家英特尔旗下（纳斯达克股票代码：INTC）公司，以开发“EyeQ芯片”而闻名，目前已被超过27家汽车制造商用于其辅助驾驶技术——开发和商业化不需要人机交互的驾驶自动化（即“4级”自动驾驶）。他们的合作预计将加速蔚来推出“自动驾驶即服务”（“ADaaS”）套餐，这是他们的自动驾驶技术“蔚来自动驾驶”（“NAD”）的每月订阅。然而，与特斯拉的“全自动驾驶”套件类似，预计将于2022年推出的NAD技术尚未使蔚来汽车能够在没有人工干预的情况下驾驶，但它确实使蔚来在通往4级自动驾驶的竞赛中与行业领导者特斯拉相提并论。蔚来车主将可以选择订阅ADaaS，每月订阅费为人民币680元。如今上路的蔚来汽车超过10.2万辆，新的订阅套餐预计将产生8.4亿元人民币（1.32亿美元）的年销售额增量；假设大多数现有蔚来车主注册的平均车辆寿命为12年，该服务推出后的额外收入流价值约为100亿元人民币（16亿美元）。</blockquote></p><p> NIO’s continuous developments in autonomous driving technology are expected to benefit the company and its shareholders greatly in the near future. By 2025, the global autonomous cars market will become one of the fastest growing and most highly demanded segments with an&nbsp;estimated value of $1.6 trillion. A 6% share of this market would add a valuation of at least $100 billion to NIO’s existing $67 billion market cap, boosting its per unit share value to more than $100. Considering NIO is currently one of the very few fully electric automakers to have achieved tangible results within the autonomous driving scene, and is actively growing its overseas sales, we are confident that the company is capable of capturing more than 6% of the said market share, and achieve a per unit share price of more than $100 by 2025 with ease. Combined with the global shift in consumer preference towards electrification and automation, we are projecting vehicle sales of approximately 300,000 units by FY 2025, which will yield total revenues of approximately RMB 140 billion ($22 billion).</p><p><blockquote>蔚来在自动驾驶技术方面的不断发展预计将在不久的将来使公司及其股东受益匪浅。到2025年，全球自动驾驶汽车市场将成为增长最快、需求最大的细分市场之一，估计价值为1.6万亿美元。该市场6%的份额将为蔚来现有670亿美元的市值增加至少1000亿美元的估值，使其每股价值超过100美元。考虑到蔚来是目前极少数在自动驾驶领域取得切实成果的全电动汽车制造商之一，并且正在积极增长其海外销量，我们有信心该公司有能力占据上述市场6%以上的份额，并轻松实现到2025年每股股价超过100美元。结合全球消费者偏好向电气化和自动化的转变，我们预计到2025财年汽车销量约为30万辆，总收入约为1400亿元人民币（220亿美元）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6c800a04e6df92802f6893d214eecdd\" tg-width=\"640\" tg-height=\"213\"><span>Source: Author, with data from our internal forecasts (NIO_-_Forecasted_Financial_Information.pdf).</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部预测（蔚来_-_Forecasted_Financial_Information.pdf）。</span></p></blockquote></p><p> <b>Global Expansion</b></p><p><blockquote><b>全球扩张</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537449f8f7ee9c736b48c1776cbb7259\" tg-width=\"640\" tg-height=\"249\"><span>Source: ir.nio.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ir.nio.com</span></p></blockquote></p><p> Another catalyst that will propel NIO’s share price beyond $100 is their ongoing overseas expansion efforts. NIO has been transparent about their intentions to expand globally, especially in the U.S. and Europe, as part of their plans in becoming an industry leader. NIO will be opening its first&nbsp;overseas sales and service centre in Oslo, Norway&nbsp;in September. The brand’s footprint in Norway will further expand in 2022 with four more NIO stores to open in Bergen, Stavanger, Trondheim and Kristiansand. In addition to its direct sales and service centres, NIO will also be introducing a full charging map for Europe, starting with four NIO Power Swap stations in Norway to provide new NIO owners with the convenience and range that the brand builds its success on. NIO’s flagship SUV, the&nbsp;ES8, which currently retails at a&nbsp;starting price of approximately US$67,000, will be the first model introduced in the European market, with the brand’s newest full-size sedan, the&nbsp;ET7, to follow in 2022.</p><p><blockquote>推动蔚来股价突破100美元的另一个催化剂是他们正在进行的海外扩张努力。蔚来一直公开表示其全球扩张的意图，特别是在美国和欧洲，作为其成为行业领导者计划的一部分。蔚来将于9月在挪威奥斯陆开设首个海外销售及服务中心。该品牌在挪威的足迹将于2022年进一步扩大，将在Bergen、Stavanger、Trondheim和Kristiansand开设四家蔚来商店。除了直销和服务中心外，蔚来还将在欧洲推出完整的充电地图，首先是在挪威的四个蔚来换电站，为新蔚来车主提供该品牌赖以成功的便利和续航里程。蔚来的旗舰SUV ES 8目前零售价约为67,000美元，将是首款引入欧洲市场的车型，该品牌最新的全尺寸轿车ET 7将于2022年紧随其后。</blockquote></p><p> With a proven sales track record in China’s luxury EV market, and specs comparable to the globally recognized Tesla, there is no reason for NIO to not succeed overseas. As mentioned in earlier sections, NIO’s vehicles have a driving range of up to 435 miles on a full charge, making it a desirable choice for potential European and American car owners looking for a reliable companion to accompany them on daily commutes to long road trips. The NIO exterior and interior designs are also modern, luxurious, and comparable to those preferred by the European and North American population. Combined with a diverse product line and price range, NIO is equipped to take on the increasing demands for EVs on a global scale.</p><p><blockquote>凭借在中国豪华电动汽车市场的良好销售记录，以及与全球公认的特斯拉相当的规格，蔚来没有理由不在海外取得成功。正如前面提到的，蔚来的车辆充满电后的行驶里程可达435英里，这使得它成为潜在的欧美车主的理想选择，他们正在寻找一个可靠的伴侣来陪伴他们进行日常通勤和长途旅行。蔚来的外观和内饰设计也是现代、豪华的，可与欧洲和北美人口的首选相媲美。结合多样化的产品线和价格范围，蔚来有能力满足全球范围内对电动汽车不断增长的需求。</blockquote></p><p> <b>NIO’s Historical Performance</b></p><p><blockquote><b>蔚来的历史表现</b></blockquote></p><p></p><p> Just a little more than a year ago, NIO’s share price hit an all-time low at under $2 amidst liquidity troubles despite continued vehicle sales. In mid-2020, the municipal government of Hefei, China came to NIO’s rescue with a&nbsp;capital injection of RMB 7 billion&nbsp;(approximately $1 billion). The arrangement resulted in the creation of “NIO China”, which serves as the operating entity that holds all of NIO’s core businesses and assets; NIO currently holds a 90.36% ownership interest in NIO China, while the “Hefei Strategic Investors” consortium holds the remainder 9.64%. The partnership became the company’s lifeline; the additional capital brought forth significant improvements to the company’s operations and vehicle sales, which were reflected in their strong financial performance and upward trend in share price in the summer of 2020. By the end of 2020’s second quarter, NIO’s share price rebounded by almost 20% on average after posting a 171% quarter-over-quarter increase in total revenues. The company’s share price more than tripled in 2020’s third quarter, averaging $15.40, and continued to climb towards its fourth quarter average of $38.70. By the end of the latest quarter ended March 31st, 2021, NIO’s share price averaged $50.97, and peaked at almost $62 in February which is more than 10x its&nbsp;IPO price in 2018. The company holds a market cap of more than $67 billion today, outgrowing its mere $1 billion market cap when it made its debut on the NYSE.</p><p><blockquote>就在一年多前，尽管汽车销量持续增长，但由于流动性问题，蔚来股价跌至2美元以下的历史低点。2020年年中，中国合肥市政府向蔚来注资70亿元人民币（约合10亿美元）。该安排导致创建了“蔚来中国”，作为持有蔚来所有核心业务和资产的运营实体；蔚来目前持有蔚来90.36%的所有权权益，而“合肥战略投资者”联合体持有馀下9.64%。这种合作关系成为了公司的生命线；额外资本为公司的运营和汽车销售带来了显着改善，这反映在其强劲的财务业绩和2020年夏季股价的上涨趋势上。截至2020年第二季度末，蔚来总收入环比增长171%，股价平均反弹近20%。该公司股价在2020年第三季度上涨了两倍多，平均为15.40美元，并继续攀升至第四季度平均38.70美元。截至2021年3月31日的最新季度末，蔚来的平均股价为50.97美元，并在2月份达到近62美元的峰值，是2018年IPO价格的10倍多。该公司目前的市值超过670亿美元，超过了其在纽约证券交易所上市时仅10亿美元的市值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75a1d7edb18c1762028ba54f617e1982\" tg-width=\"640\" tg-height=\"250\"><span>Source: Author, with data from ir.nio.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自ir.nio.com</span></p></blockquote></p><p> NIO’s fundamentals have also shown nothing but steady improvements since its share price peaked earlier this year before the&nbsp;growth stock sell-off in late February. Deliveries in 2021 have continued to accelerate exponentially, with first quarter deliveries of more than 20,000 vehicles, representing almost 50% of total deliveries made in 2020. The company continues to exhibit a promising outlook with more than 7,100 vehicles delivered in April, representing an increase of more than 125% year-over-year. NIO has also maintained positive cash flows from operating activities for the first quarter of 2021, thanks to the higher deliveries and effective cost-management measures which have amped up their gross profit margin to 19.5%, comparable with industry leaders like Tesla whose first quarter gross margins were 21%. As aforementioned, we are forecasting vehicle sales of close to 300,000 units by FY 2025, which translates to approximately RMB 140 billion ($22 billion) in total revenues ($18.60 per share). Our vehicle sales forecast for FY 2025 is further corroborated by the&nbsp;recently renewed manufacturing agreement&nbsp;with joint venturer “Jianghuai Automobile Group” (“JAC”), which increases the current annual production capacity of 100,000 units to 240,000 units; the ongoing construction of “NeoPark” in Hefei, China is also expected to add annual production capacity of 1 million units, which further supports our positive outlook on NIO’s continued commitment to grow its business. Considering industry peer Tesla’s current P/S ratio of 16.43x with approximately $42 billion in annual revenues (annualization of $10.389 billion in first quarter revenues), the same proportion applied to NIO’s forecasted FY 2025 total revenues is expected to yield a P/S ratio of 8.7x, resulting in a share price of more than $160.</p><p><blockquote>自今年早些时候股价在2月底成长型股票遭到抛售之前见顶以来，蔚来的基本面也只显示出稳步改善。2021年的交付量继续呈指数级增长，第一季度交付量超过20,000辆，几乎占2020年总交付量的50%。该公司继续展现出乐观的前景，4月份交付了超过7,100辆汽车，同比增长超过125%。得益于更高的交付量和有效的成本管理措施，蔚来在2021年第一季度的经营活动中也保持了正现金流，这些措施将其毛利率提高至19.5%，与特斯拉等行业领导者的毛利率相当。第一季度毛利率为21%。如上所述，我们预计到2025财年汽车销量将接近30万辆，这意味着总收入约为1400亿元人民币（220亿美元）（每股18.60美元）。我们最近与合资企业“江淮汽车集团”（“江淮汽车”）续签的制造协议进一步证实了我们对2025财年的汽车销售预测，该协议将目前100,000辆的年产能提高到240,000辆；正在建设中的“NeoPark”亦预期将新增100万台的年产能，这进一步支持了我们对蔚来继续致力于发展其业务的积极展望。考虑到行业同行特斯拉目前的市盈率为16.43倍，年收入约为420亿美元（第一季度收入年化为103.89亿美元），将相同比例应用于蔚来预测的2025财年总收入预计将产生市盈率8.7倍，股价超过160美元。</blockquote></p><p> <b>NIO vs. LI and XPEV</b></p><p><blockquote><b>蔚来vs.LI和XPEV</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af8fa939f92be448d1f427a6ac4bfb25\" tg-width=\"640\" tg-height=\"352\"><span>Source: Finviz</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Finviz</span></p></blockquote></p><p> We have also compared NIO’s current P/S ratio to its domestic peers to gauge the timeline in which NIO’s share price will exceed $100. NIO currently trades at a P/S ratio of approximately 14.88x, while domestic industry peers, Li Auto(NASDAQ:LI)and XPEV, currently trade at a P/S ratio of 14.46x and 21.31x, respectively.</p><p><blockquote>我们还将蔚来目前的市盈率与其国内同行进行了比较，以衡量蔚来股价突破100美元的时间表。蔚来目前的市盈率约为14.88倍，而国内行业同行理想汽车（纳斯达克：LI）和XPEV目前的市盈率分别为14.46倍和21.31倍。</blockquote></p><p></p><p> Considering NIO’s technology, revenues, global footprint, and cash flows are stronger than LI’s and XPEV’s, the former deserves to be traded at a much higher multiple than the latter two. Even if NIO reaches a P/S ratio of 18.1x (mid-point to XPEV's), it will drive the company’s current share price up to $51.50, which represents an upside potential of 22% based on the last traded share price of $42.34 (June 1st). And based on our forecasted revenues for FY 2025 for NIO of RMB 140 billion ($22 billion), or $18.60 per share, even a multiple half of the 18.1x would be more than sufficient to bring NIO's share price beyond $160 by 2025; we believe the trading multiple is achievable for NIO given the cash from operations and technological advancements achieved by then would place them on a trajectory of continued long-term growth within the EV industry, which is expected to continue into 2030 and beyond when the brand's level 4 autonomous driving technology development is complete and commercialized.</p><p><blockquote>考虑到蔚来的技术、收入、全球足迹和现金流都强于LI和XPEV，前者的市盈率应该远高于后两者。即使蔚来的市盈率达到18.1倍（XPEV的中点），也将推动该公司当前股价上涨至51.50美元，基于上次交易股价42.34美元（6月1日），这意味着22%的上涨潜力。根据我们对蔚来2025财年收入1400亿元人民币（220亿美元）或每股18.60美元的预测，即使是18.1倍的一半也足以使蔚来的股价在2025年突破160美元；我们认为，蔚来的交易倍数是可以实现的，因为届时从运营中获得的现金和技术进步将使其走上电动汽车行业持续长期增长的轨道，预计这种增长将持续到2030年及以后，届时该品牌的4级自动驾驶技术开发完成并商业化。</blockquote></p><p> <b>Business Risks and Challenges</b></p><p><blockquote><b>业务风险及挑战</b></blockquote></p><p> As mentioned in one of my&nbsp;previous articles on NIO, the “Holding Foreign Companies Accountable Act” (“HFCA Act”) remains one of the most significant impending threats to the company’s share price. Currently, public accounting firms in China are non-compliant with PCAOB inspection rules required by the SEC, and the enactment of the HFCA Act in December 2020 requires that these public accounting firms comply with PCAOB inspection requests within three years of the enactment date; otherwise, all public companies audited by said firms will be subject to risks of de-listing. NIO is currently audited by PricewaterhouseCoopers Zhong Tian LLP, which is on PCAOB’s&nbsp;denied-access list. The potential threat of being delisted from the NYSE could be a deterrence factor to investors and ultimately hemorrhage NIO’s share price in the long run if Chinese authorities and the PCAOB cannot reach an agreement on conducting inspections soon.</p><p><blockquote>正如我在之前关于蔚来的一篇文章中提到的，《外国公司问责法》（“HFCA法案”）仍然是公司股价面临的最重大威胁之一。目前，中国的公共会计师事务所不符合SEC要求的PCAOB检查规则，2020年12月HFCA法案的颁布要求这些公共会计师事务所在颁布之日起三年内遵守PCAOB的检查要求；否则，上述事务所审计的所有上市公司都将面临退市风险。蔚来目前由普华永道中天会计师事务所（LLP）进行审计，该事务所被列入PCAOB的拒绝访问名单。如果中国当局和PCAOB不能很快就进行检查达成协议，从纽约证券交易所退市的潜在威胁可能会成为投资者的威慑因素，并最终导致蔚来股价长期下跌。</blockquote></p><p> Another imminent challenge to NIO’s business is the ongoing global chip supply shortage. As the automotive industry becomes more dependent on chips to manage every function of their vehicles, the gap between automaker demands and chip manufacturer supplies is widened. NIO was no exception to the impacts of the ongoing chip supply crisis – in March 2021, NIO halted their production activity at the JAC-NIO manufacturing plant for five working days in order to adjust their production levels. However, the company continues to effectively navigate through the situation as proven through their increasing number of deliveries month-over-month; in NIO’s latest delivery update press release for April, the company has continued to keep up with market demand with more than 7,100 vehicle deliveries made, representing a 125% year-over-year growth.</p><p><blockquote>蔚来业务面临的另一个迫在眉睫的挑战是持续的全球芯片供应短缺。随着汽车行业越来越依赖芯片来管理车辆的每一项功能，汽车制造商的需求和芯片制造商的供应之间的差距越来越大。蔚来也不例外地受到持续的芯片供应危机的影响——2021年3月，蔚来停止了江淮蔚来制造工厂的生产活动五个工作日，以调整生产水平。然而，该公司继续有效地应对这种情况，交付量逐月增加就证明了这一点；在蔚来4月份最新的交付更新新闻稿中，该公司继续满足市场需求，交付了超过7,100辆汽车，同比增长125%。</blockquote></p><p> Competition within the EV sector has also ramped up in recent years. Consumer attitude towards EVs has changed drastically in the past decade due to rising concerns over climate change met with price parity between traditional petrol-fueled vehicles and EVs. The entry barrier for emerging EV makers has also lowered significantly as car battery solutions become more accessible through third-party OEMs; new entrants are now keener on participating in the profitable opportunity within the growing EV sector as initial investments become more reasonable than it was for Tesla in 2003 when EVs were still just a concept to many. In addition to new entrants, traditional petrol-fueled automakers like Ford(NYSE:F)have also started to incorporate fully battery-powered vehicles into their fleet in order to meet evolving consumer demands and remain competitive within the automotive industry. However, we believe NIO possesses the brand, customer experience, production strategy, talent and business model (further analyzedhere) needed to remain successful within the new competitive landscape in the long run.</p><p><blockquote>近年来，电动汽车行业的竞争也愈演愈烈。在过去十年中，由于对气候变化的日益担忧以及传统汽油燃料汽车和电动汽车之间的价格平价，消费者对电动汽车的态度发生了巨大变化。随着第三方原始设备制造商更容易获得汽车电池解决方案，新兴电动汽车制造商的进入门槛也大幅降低；随着初始投资变得比2003年特斯拉更加合理，新进入者现在更热衷于参与不断增长的电动汽车行业的盈利机会，当时电动汽车对许多人来说仍然只是一个概念。除了新进入者之外，福特（纽约证券交易所股票代码：F）等传统汽油燃料汽车制造商也开始将全电池驱动的汽车纳入其车队，以满足不断变化的消费者需求并保持在汽车行业内的竞争力。然而，我们相信蔚来拥有在新的竞争格局中长期保持成功所需的品牌、客户体验、生产战略、人才和商业模式（此处进一步分析）。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> NIO has already established a strong brand presence within the domestic Chinese market, which is currently one of the fastest growing EV markets, representing more than 40% of global EV sales in 2020. Combined with their proven ability to produce quality EVs, construct innovative charging infrastructure, achieve breakthrough progress in the development of autonomous driving technology, and execute their overseas expansion strategy, NIO is effectively narrowing the gap between them and Tesla within the EV sector on a global scale. We are confident that the next five years will be a transformational era for the EV and tech company due to increasing demands for electrification and automation within the automotive industry, which NIO has already proven to excel in. The value of its continued achievements will be reflected in its share price in no time, making them a worthy stock pick for those looking to profit off of the impending age of green transition and automation.</p><p><blockquote>蔚来已经在中国国内市场建立了强大的品牌影响力，中国国内市场是目前增长最快的电动汽车市场之一，2020年占全球电动汽车销量的40%以上。结合其生产优质电动汽车、建设创新充电基础设施、在自动驾驶技术开发方面取得突破性进展以及执行海外扩张战略的能力，蔚来正在有效缩小与特斯拉在全球电动汽车领域的差距。我们相信，由于汽车行业对电气化和自动化的需求不断增长，未来五年将是电动汽车和科技公司的转型时代，蔚来已经证明在这方面表现出色。其持续成就的价值将很快反映在其股价中，对于那些希望从即将到来的绿色转型和自动化时代中获利的人来说，这使其成为值得选择的股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432901-nio-stock-reach-100\">seekingalpha</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":{"NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4432901-nio-stock-reach-100","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148130971","content_text":"Summary\n\nNIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.\nThe company's innovative approach and overseas expansion strategy, combined with the growing market sentiment on global electrification and automation are expected to boost the company's valuation.\nWe believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.\n\nPhoto by Drew Angerer/Getty Images News via Getty Images\nDespite it being a local Chinese electric vehicle (“EV”) brand that has only recently started its overseas expansion into Europe, NIO(NYSE:NIO)has already garnered significant international attention amidst avid investors within the EV sector in recent years. It has only been three short years since NIO made its first deliveries in mid-2018, yet many are already wondering whether its share price can reach similar heights as an industry leader, Tesla’s(NASDAQ:TSLA). Albeit a little farfetched given Tesla is currently trading at more than $600 per share with a market cap of more than $600 billion, we do believe NIO has promising potential to break $100 per share before 2025. Even Wall Street Analysts remain optimistic about the company’s future by assigning a price target of close to $60, which represents upward potential of more than 35% based on the last traded share price of $42.34 (June 1st).\nFounded in 2014, NIO has sold and delivered more than 100,000 vehicles in China to date. The company boasts a fleet of five emission-free, fully battery-powered models, ranging from sports cars to luxury sedans and full-size SUVs. In addition to their vehicles, NIO is also known for their significant progress achieved in innovative technology, including state-of-the-art battery solutions, artificial intelligence, and autonomous driving. The company has also recently turned their global expansion plans into reality, with the first overseas NIO store to open in Oslo, Norway in Q3 2021. We believe that reaching a share price of $100 is no longer a question of “if”, but instead, “when”.\nA Trailblazer in Innovative Technology\nSource:ir.nio.com\nNIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fast and convenient solution to concerns over the typically limited travel range of EVs. Similar to a gas station, Power Swap is a battery swapping station that can swap a dead battery out for a fully charged one in under three minutes; a fully charged battery enables a NIO vehicle to travel up to 435 miles, which is more than double of the 181-mile average travel range of electric vehicles currently available on the market. NIO owners have the option to subscribe to the“Battery as a Service” (“BaaS”)package, which is a monthly subscription service that provides NIO owners with flexible options for battery upgrades based on personal needs. The company currently offers a standard 75 kWh battery which enables a travel range of up to 310 miles on a full charge, and an enhanced 100 kWh battery which enables a travel range of up to 435 miles on a full charge; both are available for NIO owners to choose from on a month-to-month basis under BaaS. To date, there are more than 226 battery swapping stations across China, with more on the way following a recent strategic partnership agreement between NIO and Sinopec. NIO’s vehicles are also compatible with local competitor XPeng’s(NYSE:XPEV)1,140 vehicle charging stations available across 164 cities in China, which further enhances its existing network of charging infrastructure in place for NIO owners.\nIn addition to the developed network of infrastructure needed to sustain NIO EVs in the long run, the company has also been working diligently on perfecting their autonomous driving and AI technology in order to remain competitive in the broader EV and tech space. NIO has already been performing testing on its autonomous driving systems since 2016, with their first testing on public roads in Beijing performed in 2018. The company’s commitment to the future of passenger transportation is also proven through their development of EVE, the brand’s concept car for autonomous driving which encompasses a luxurious, comfortable and safe experience powered by NIO’s NOMI AI, the world’s first in-vehicle artificial intelligence.\nTo further enhance their progress in autonomous driving technology, NIO has recently partnered with Mobileye – an Intel-owned(NASDAQ:INTC)company known for developing the “EyeQ chip” currently used by more than 27 car manufacturers for their assisted-driving technologies – to develop and commercialize driving automation that does not require human interaction (i.e. “level 4” autonomous driving). Their collaboration is expected to accelerate NIO’s launch of the “Autonomous Driving as a Service” (“ADaaS”) package, which is a monthly subscription for their autonomous driving technology, “NIO Autonomous Driving” (“NAD”). However, similar to Tesla’s “Full Self-Driving” package, the NAD technology that is expected to launch in 2022 does not yet make NIO vehicles capable of driving without human intervention, but it does catapult NIO to a comparable spot with industry leader Tesla in the race towards level 4 autonomous driving. NIO owners will have the option to subscribe to ADaaS for a monthly subscription fee of RMB 680. With more than 102,000 NIO vehicles on the road today, the new subscription package is expected to generate incremental annual sales of RMB 840 million ($132 million); the additional revenue stream is valued at approximately RMB 10 billion ($1.6 billion) upon the service’s inception, assuming an average vehicle life of 12 years with most existing NIO owners signing up.\nNIO’s continuous developments in autonomous driving technology are expected to benefit the company and its shareholders greatly in the near future. By 2025, the global autonomous cars market will become one of the fastest growing and most highly demanded segments with an estimated value of $1.6 trillion. A 6% share of this market would add a valuation of at least $100 billion to NIO’s existing $67 billion market cap, boosting its per unit share value to more than $100. Considering NIO is currently one of the very few fully electric automakers to have achieved tangible results within the autonomous driving scene, and is actively growing its overseas sales, we are confident that the company is capable of capturing more than 6% of the said market share, and achieve a per unit share price of more than $100 by 2025 with ease. Combined with the global shift in consumer preference towards electrification and automation, we are projecting vehicle sales of approximately 300,000 units by FY 2025, which will yield total revenues of approximately RMB 140 billion ($22 billion).\nSource: Author, with data from our internal forecasts (NIO_-_Forecasted_Financial_Information.pdf).\nGlobal Expansion\nSource: ir.nio.com\nAnother catalyst that will propel NIO’s share price beyond $100 is their ongoing overseas expansion efforts. NIO has been transparent about their intentions to expand globally, especially in the U.S. and Europe, as part of their plans in becoming an industry leader. NIO will be opening its first overseas sales and service centre in Oslo, Norway in September. The brand’s footprint in Norway will further expand in 2022 with four more NIO stores to open in Bergen, Stavanger, Trondheim and Kristiansand. In addition to its direct sales and service centres, NIO will also be introducing a full charging map for Europe, starting with four NIO Power Swap stations in Norway to provide new NIO owners with the convenience and range that the brand builds its success on. NIO’s flagship SUV, the ES8, which currently retails at a starting price of approximately US$67,000, will be the first model introduced in the European market, with the brand’s newest full-size sedan, the ET7, to follow in 2022.\nWith a proven sales track record in China’s luxury EV market, and specs comparable to the globally recognized Tesla, there is no reason for NIO to not succeed overseas. As mentioned in earlier sections, NIO’s vehicles have a driving range of up to 435 miles on a full charge, making it a desirable choice for potential European and American car owners looking for a reliable companion to accompany them on daily commutes to long road trips. The NIO exterior and interior designs are also modern, luxurious, and comparable to those preferred by the European and North American population. Combined with a diverse product line and price range, NIO is equipped to take on the increasing demands for EVs on a global scale.\nNIO’s Historical Performance\nJust a little more than a year ago, NIO’s share price hit an all-time low at under $2 amidst liquidity troubles despite continued vehicle sales. In mid-2020, the municipal government of Hefei, China came to NIO’s rescue with a capital injection of RMB 7 billion (approximately $1 billion). The arrangement resulted in the creation of “NIO China”, which serves as the operating entity that holds all of NIO’s core businesses and assets; NIO currently holds a 90.36% ownership interest in NIO China, while the “Hefei Strategic Investors” consortium holds the remainder 9.64%. The partnership became the company’s lifeline; the additional capital brought forth significant improvements to the company’s operations and vehicle sales, which were reflected in their strong financial performance and upward trend in share price in the summer of 2020. By the end of 2020’s second quarter, NIO’s share price rebounded by almost 20% on average after posting a 171% quarter-over-quarter increase in total revenues. The company’s share price more than tripled in 2020’s third quarter, averaging $15.40, and continued to climb towards its fourth quarter average of $38.70. By the end of the latest quarter ended March 31st, 2021, NIO’s share price averaged $50.97, and peaked at almost $62 in February which is more than 10x its IPO price in 2018. The company holds a market cap of more than $67 billion today, outgrowing its mere $1 billion market cap when it made its debut on the NYSE.\nSource: Author, with data from ir.nio.com\nNIO’s fundamentals have also shown nothing but steady improvements since its share price peaked earlier this year before the growth stock sell-off in late February. Deliveries in 2021 have continued to accelerate exponentially, with first quarter deliveries of more than 20,000 vehicles, representing almost 50% of total deliveries made in 2020. The company continues to exhibit a promising outlook with more than 7,100 vehicles delivered in April, representing an increase of more than 125% year-over-year. NIO has also maintained positive cash flows from operating activities for the first quarter of 2021, thanks to the higher deliveries and effective cost-management measures which have amped up their gross profit margin to 19.5%, comparable with industry leaders like Tesla whose first quarter gross margins were 21%. As aforementioned, we are forecasting vehicle sales of close to 300,000 units by FY 2025, which translates to approximately RMB 140 billion ($22 billion) in total revenues ($18.60 per share). Our vehicle sales forecast for FY 2025 is further corroborated by the recently renewed manufacturing agreement with joint venturer “Jianghuai Automobile Group” (“JAC”), which increases the current annual production capacity of 100,000 units to 240,000 units; the ongoing construction of “NeoPark” in Hefei, China is also expected to add annual production capacity of 1 million units, which further supports our positive outlook on NIO’s continued commitment to grow its business. Considering industry peer Tesla’s current P/S ratio of 16.43x with approximately $42 billion in annual revenues (annualization of $10.389 billion in first quarter revenues), the same proportion applied to NIO’s forecasted FY 2025 total revenues is expected to yield a P/S ratio of 8.7x, resulting in a share price of more than $160.\nNIO vs. LI and XPEV\nSource: Finviz\nWe have also compared NIO’s current P/S ratio to its domestic peers to gauge the timeline in which NIO’s share price will exceed $100. NIO currently trades at a P/S ratio of approximately 14.88x, while domestic industry peers, Li Auto(NASDAQ:LI)and XPEV, currently trade at a P/S ratio of 14.46x and 21.31x, respectively.\nConsidering NIO’s technology, revenues, global footprint, and cash flows are stronger than LI’s and XPEV’s, the former deserves to be traded at a much higher multiple than the latter two. Even if NIO reaches a P/S ratio of 18.1x (mid-point to XPEV's), it will drive the company’s current share price up to $51.50, which represents an upside potential of 22% based on the last traded share price of $42.34 (June 1st). And based on our forecasted revenues for FY 2025 for NIO of RMB 140 billion ($22 billion), or $18.60 per share, even a multiple half of the 18.1x would be more than sufficient to bring NIO's share price beyond $160 by 2025; we believe the trading multiple is achievable for NIO given the cash from operations and technological advancements achieved by then would place them on a trajectory of continued long-term growth within the EV industry, which is expected to continue into 2030 and beyond when the brand's level 4 autonomous driving technology development is complete and commercialized.\nBusiness Risks and Challenges\nAs mentioned in one of my previous articles on NIO, the “Holding Foreign Companies Accountable Act” (“HFCA Act”) remains one of the most significant impending threats to the company’s share price. Currently, public accounting firms in China are non-compliant with PCAOB inspection rules required by the SEC, and the enactment of the HFCA Act in December 2020 requires that these public accounting firms comply with PCAOB inspection requests within three years of the enactment date; otherwise, all public companies audited by said firms will be subject to risks of de-listing. NIO is currently audited by PricewaterhouseCoopers Zhong Tian LLP, which is on PCAOB’s denied-access list. The potential threat of being delisted from the NYSE could be a deterrence factor to investors and ultimately hemorrhage NIO’s share price in the long run if Chinese authorities and the PCAOB cannot reach an agreement on conducting inspections soon.\nAnother imminent challenge to NIO’s business is the ongoing global chip supply shortage. As the automotive industry becomes more dependent on chips to manage every function of their vehicles, the gap between automaker demands and chip manufacturer supplies is widened. NIO was no exception to the impacts of the ongoing chip supply crisis – in March 2021, NIO halted their production activity at the JAC-NIO manufacturing plant for five working days in order to adjust their production levels. However, the company continues to effectively navigate through the situation as proven through their increasing number of deliveries month-over-month; in NIO’s latest delivery update press release for April, the company has continued to keep up with market demand with more than 7,100 vehicle deliveries made, representing a 125% year-over-year growth.\nCompetition within the EV sector has also ramped up in recent years. Consumer attitude towards EVs has changed drastically in the past decade due to rising concerns over climate change met with price parity between traditional petrol-fueled vehicles and EVs. The entry barrier for emerging EV makers has also lowered significantly as car battery solutions become more accessible through third-party OEMs; new entrants are now keener on participating in the profitable opportunity within the growing EV sector as initial investments become more reasonable than it was for Tesla in 2003 when EVs were still just a concept to many. In addition to new entrants, traditional petrol-fueled automakers like Ford(NYSE:F)have also started to incorporate fully battery-powered vehicles into their fleet in order to meet evolving consumer demands and remain competitive within the automotive industry. However, we believe NIO possesses the brand, customer experience, production strategy, talent and business model (further analyzedhere) needed to remain successful within the new competitive landscape in the long run.\nConclusion\nNIO has already established a strong brand presence within the domestic Chinese market, which is currently one of the fastest growing EV markets, representing more than 40% of global EV sales in 2020. Combined with their proven ability to produce quality EVs, construct innovative charging infrastructure, achieve breakthrough progress in the development of autonomous driving technology, and execute their overseas expansion strategy, NIO is effectively narrowing the gap between them and Tesla within the EV sector on a global scale. We are confident that the next five years will be a transformational era for the EV and tech company due to increasing demands for electrification and automation within the automotive industry, which NIO has already proven to excel in. The value of its continued achievements will be reflected in its share price in no time, making them a worthy stock pick for those looking to profit off of the impending age of green transition and automation.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112019793,"gmtCreate":1622823708812,"gmtModify":1634097609349,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/SPCE\">$Virgin Galactic(SPCE)$</a>Come on SPCE. Expedite your human transport. Show the world and boostLike TESLA.&nbsp;","listText":"<a href=\"https://laohu8.com/S/SPCE\">$Virgin Galactic(SPCE)$</a>Come on SPCE. Expedite your human transport. Show the world and boostLike TESLA.&nbsp;","text":"$Virgin Galactic(SPCE)$Come on SPCE. Expedite your human transport. Show the world and boostLike TESLA.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/112019793","isVote":1,"tweetType":1,"viewCount":569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116517127,"gmtCreate":1622811640669,"gmtModify":1634097794600,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/116517127","repostId":"1195193532","repostType":4,"isVote":1,"tweetType":1,"viewCount":629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111700482,"gmtCreate":1622696299346,"gmtModify":1634099033841,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/111700482","repostId":"1115876867","repostType":4,"isVote":1,"tweetType":1,"viewCount":719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111951881,"gmtCreate":1622650187243,"gmtModify":1634099546737,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/111951881","repostId":"1188552613","repostType":4,"repost":{"id":"1188552613","kind":"news","pubTimestamp":1622627641,"share":"https://www.laohu8.com/m/news/1188552613?lang=zh_CN&edition=full","pubTime":"2021-06-02 17:54","market":"us","language":"en","title":"AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1188552613","media":"Barrons","summary":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, th","content":"<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线股价飙升很容易被视为迷因交易疯狂，社交媒体推动的投资者狂热将游戏驿站和黑莓等公司带入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者可能错过了电影院业务的根本性变化——而且这已经不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升23%，收于32.04美元，略低于5月底创下的36.72美元的历史高点。这使得这家连锁影院的市值约为160亿美元，是2018年票房破纪录的一年的15倍多。周三盘前交易中，该公司股价又上涨34%，至42.92美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不成立。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上是市值和债务。AMC的企业价值约为260亿美元，而2018年底为62亿美元左右。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>AMC在疫情期间增加了债务，因为该国最大城市的影院连续几个月处于黑暗之中。这些数字很容易理解原因：2020年美国票房收入约为21亿美元，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到恼火。但这不是第一次了。这个行业在世纪之交基本上破产了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，该行业有足够的容量，因为一种新的剧院设计——体育场座位可以更好地观看屏幕。这种转变意味着连锁电影院必须进行翻新，否则就有可能将所有顾客流失到视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量稳定下来。2002年至2007年间，Regal Cinemas因股票定价错误而成为现金产生机器。该股平均每年回报率为21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当年，富豪影院的企业价值约为50亿美元，约占美国票房总收入的50%。这与今天的AMC相去甚远。新的东西必须与众不同，AMC才值得。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>也许电影院业务又要经历一段盘整期，可以迎来又一个回报的黄金时代。事实上，AMC周二的上涨是由筹集的新资本推动的，因此该公司可以继续进攻，收购已倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房销售额能够在几年内恢复到2018年的水平，那么总销售额可能会达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，随着规模的扩大带来更好的毛利率，AMC每年可能能够产生6亿美元的自由现金流，这使得该股的自由现金流收益率约为4%。标普500的自由现金流收益率约为3%。这些数字可以发挥作用——如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。达到6亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，通过并购，AMC的市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，归电影世界控股公司所有。伦敦）。喜满客（CNK）也是如此。没有真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC及其同行也必须应对流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一点。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地转向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股票的问题。他们并不认为这是剧院的一个勇敢的新世界。Cineworld股价较52周低点上涨484%，但仍较历史高点下跌72%。喜满客股价较52周低点上涨222%。它们比历史高点下跌了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC股价再次较52周低点上涨近1,600%，较5月份历史高点仅下跌13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也没有看到潜力。九名分析师关注该股。分析师平均目标价约为5美元。在疫情爆发之前，分析师的平均目标价为15美元。但当时股票较少。旧的目标企业价值约为70亿美元。很难从70亿美元增加到260亿美元来预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正自由现金流——2022年为1300万美元，2023年为9000万美元。这距离6亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是AMC多头距离实现数学计算还有很长的路要走的另一种说法。</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>AMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</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\">\nAMC Stock Is Surging Again. How to Make Sense of the Move.<blockquote>AMC股价再次飙升。如何理解这一举动。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-02 17:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of&nbsp;GameStop&nbsp;and&nbsp;BlackBerry&nbsp;into speculative territory.</p><p><blockquote>AMC院线股价飙升很容易被视为迷因交易疯狂，社交媒体推动的投资者狂热将游戏驿站和黑莓等公司带入了投机领域。</blockquote></p><p> But it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.</p><p><blockquote>但传统投资者可能错过了电影院业务的根本性变化——而且这已经不是第一次了。</blockquote></p><p> Shares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office.&nbsp;Shares were up another 34%, to $42.92, in premarket trading Wednesday.</p><p><blockquote>AMC（股票代码：AMC）股价周二飙升23%，收于32.04美元，略低于5月底创下的36.72美元的历史高点。这使得这家连锁影院的市值约为160亿美元，是2018年票房破纪录的一年的15倍多。周三盘前交易中，该公司股价又上涨34%，至42.92美元。</blockquote></p><p> Even if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.</p><p><blockquote>不过，即使投资者错过了拐点，数学也不成立。原因可能是市值不是正确的衡量标准。也许是企业价值，本质上是市值和债务。AMC的企业价值约为260亿美元，而2018年底为62亿美元左右。</blockquote></p><p> AMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.</p><p><blockquote>AMC在疫情期间增加了债务，因为该国最大城市的影院连续几个月处于黑暗之中。这些数字很容易理解原因：2020年美国票房收入约为21亿美元，比2018年创纪录的119亿美元下降了81%。</blockquote></p><p> So, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.</p><p><blockquote>因此，投资者似乎对电影院经济感到恼火。但这不是第一次了。这个行业在世纪之交基本上破产了。例如，富豪影院于2001年宣布破产。</blockquote></p><p> Back then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.</p><p><blockquote>当时，该行业有足够的容量，因为一种新的剧院设计——体育场座位可以更好地观看屏幕。这种转变意味着连锁电影院必须进行翻新，否则就有可能将所有顾客流失到视野更好的电影院。最终，太多的座位和不够的顾客意味着体育场座位投资的回报从未实现。</blockquote></p><p> The upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&amp;P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.</p><p><blockquote>结果是整合。随着操作员的减少，屏幕数量稳定下来。2002年至2007年间，Regal Cinemas因股票定价错误而成为现金产生机器。该股平均每年回报率为21%。同期，标普500和道琼斯工业平均指数的平均年回报率均低于9%。</blockquote></p><p> In those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.</p><p><blockquote>当年，富豪影院的企业价值约为50亿美元，约占美国票房总收入的50%。这与今天的AMC相去甚远。新的东西必须与众不同，AMC才值得。</blockquote></p><p> Maybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.</p><p><blockquote>也许电影院业务又要经历一段盘整期，可以迎来又一个回报的黄金时代。事实上，AMC周二的上涨是由筹集的新资本推动的，因此该公司可以继续进攻，收购已倒闭的连锁店。毕竟，垄断有利于股票回报。</blockquote></p><p> If AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.</p><p><blockquote>如果AMC能够增加市场份额，并且美国票房销售额能够在几年内恢复到2018年的水平，那么总销售额可能会达到90亿美元——60亿美元来自门票，30亿美元来自特许经营。2018年销售额达55亿美元。</blockquote></p><p> Then, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&amp;P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.</p><p><blockquote>然后，随着规模的扩大带来更好的毛利率，AMC每年可能能够产生6亿美元的自由现金流，这使得该股的自由现金流收益率约为4%。标普500的自由现金流收益率约为3%。这些数字可以发挥作用——如果它们被拉伸的话。</blockquote></p><p> There are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.</p><p><blockquote>不过，这种情况存在问题。有很多如果和可能——AMC过去从未产生过这样的现金流。达到6亿美元的自由现金流更多的是为了证明当前估值的合理性，而不是预测可能发生的情况。</blockquote></p><p> Also, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.</p><p><blockquote>此外，通过并购，AMC的市场份额可能会上升，但仍然存在竞争对手。富豪影院仍然存在，归电影世界控股公司所有。伦敦）。喜满客（CNK）也是如此。没有真正的垄断。</blockquote></p><p> AMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.</p><p><blockquote>AMC及其同行也必须应对流媒体问题。独家影院放映的窗口正在缩小。疫情加速了这一点。如果AMC变得太大，对电影制作人的要求太高，人才总是可以更快地转向流媒体，从而损害票房销售。</blockquote></p><p> There is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.</p><p><blockquote>还有同行股票的问题。他们并不认为这是剧院的一个勇敢的新世界。Cineworld股价较52周低点上涨484%，但仍较历史高点下跌72%。喜满客股价较52周低点上涨222%。它们比历史高点下跌了47%。</blockquote></p><p> AMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.</p><p><blockquote>AMC股价再次较52周低点上涨近1,600%，较5月份历史高点仅下跌13%。</blockquote></p><p> Wall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.</p><p><blockquote>华尔街也没有看到潜力。九名分析师关注该股。分析师平均目标价约为5美元。在疫情爆发之前，分析师的平均目标价为15美元。但当时股票较少。旧的目标企业价值约为70亿美元。很难从70亿美元增加到260亿美元来预测更好的利润率。</blockquote></p><p></p><p> Analysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.</p><p><blockquote>不过，分析师确实模拟了正自由现金流——2022年为1300万美元，2023年为9000万美元。这距离6亿美元还有很长的路要走。</blockquote></p><p> And that’s just another way of saying that AMC bulls are a long way from making the math work.</p><p><blockquote>这只是AMC多头距离实现数学计算还有很长的路要走的另一种说法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_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":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/amc-rockets-higher-is-it-worth-it-maybe-51622594691?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188552613","content_text":"AMC Entertainment‘s skyrocketing stock price would be easy to dismiss as just meme-trade madness, that social media-fueled investor frenzy that has launched the likes of GameStop and BlackBerry into speculative territory.\nBut it’s possible that traditional investors have missed a fundamental change in the movie theater business—and it wouldn’t be the first time.\nShares of AMC (ticker: AMC) surged 23% on Tuesday, closing at $32.04—just off an all-time high of $36.72 set in late May. That puts the movie-theater chain’s market capitalization at roughly $16 billion, more than 15 times what it was in 2018, a record-breaking year at the box office. Shares were up another 34%, to $42.92, in premarket trading Wednesday.\nEven if investors missed an inflection point, though, the math doesn’t add up. The reason might be that market cap isn’t the right measure. Maybe it’s enterprise value, which is essentially market cap and debt. AMC’s enterprise value is about $26 billion, compared with $6.2 billion or so at the end of 2018.\nAMC added debt during the pandemic as theaters in the country’s biggest cities were dark for months. And the numbers make it easy to understand why: The U.S. box office in 2020 generated about $2.1 billion in ticket sales, down 81% from the 2018 record of $11.9 billion.\nSo, it seems investors have been vexed by movie theater economics. But it wouldn’t be the first time. The industry essentially went belly up at the turn of the millennium. Regal Cinemas, for instance, declared bankruptcy in 2001.\nBack then, the industry had plenty of capacity because of a new theater design—stadium seating that gave a better view of the screen. That shift meant movie theater chains had to renovate or risk losing all their patrons to movie theaters that offered the better view. In the end, too many seats and not enough patrons meant the return on the stadium-seating investments never materialized.\nThe upshot was consolidation. With fewer operators, the number of screens stabilized. Between 2002 and 2007, Regal Cinemas became a cash-generating machine because the stock was mispriced. The stock returned 21% a year on average. The S&P 500 and Dow Jones Industrial Average both returned less than 9% a year on average over the same period.\nIn those days, Regal Cinema’s enterprise value about $5 billion, or about 50% of total U.S. box office sales. That’s far short of AMC today. Something new has to be different for AMC to be worth it.\nMaybe the movie theater business is going to go through another period of consolidation, which can usher in another golden age of returns. AMC’s Tuesday gains, in fact, were catalyzed by new capital raised so the company could go on the offensive, acquiring defunct chains. Monopolies, after all, can be good for stock returns.\nIf AMC can increase market share and the U.S. box office sales can return to 2018 levels in a few years, total sales at might be $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 amounted to $5.5 billion.\nThen, with better gross profit margins derived from larger scale, AMC might be able to generate $600 million in free cash flow annually, which puts the stock at about a 4% free cash flow yield. The S&P 500 trades for about a 3% free cash flow yield. The numbers can work—if they’re stretched.\nThere are problems with this scenario, though. There are lots of ifs and mights—and AMC has never generated cash flow like that in the past. Arriving at $600 million in free cash flow is more about justifying current valuations than predicting what is likely.\nAlso, with mergers and acquisitions, AMC market shares might rise, but there are still competitors. Regal Cinemas is still out there, owned by Cineworld Holdings (CINE. London). So is Cinemark (CNK). There’s not a true monopoly.\nAMC and its peers have to deal with streaming, too. Windows for exclusive theater showings are shrinking. The pandemic has accelerated that. And if AMC gets too large and demanding for movie makers, the talent can always go to streaming faster, hurting box office sales.\nThere is also the problem of the peer stocks. They aren’t trading like this is a brave new world for theaters. Cineworld stock is up 484% from its 52-week low, but shares are still off 72% from all-time highs. Cinemark shares are up 222% from their 52-week low. They are down 47% from their all-time high.\nAMC stock, again, is up almost 1,600% from its 52-week low and is down just 13% from its May all-time high.\nWall Street just doesn’t see the potential either. Nine analysts cover the stock. The average analyst price target is about $5. Before the pandemic, the average analyst price target was $15. But there were fewer shares back then. The old target enterprise value was roughly $7 billion. It’s tough to get from $7 billion to $26 billion predicting better margins.\nAnalysts do have positive free cash flow modeled, though–$13 million in 2022 and $90 million in 2023. That’s a long way from $600 million.\nAnd that’s just another way of saying that AMC bulls are a long way from making the math work.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":843,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119680686,"gmtCreate":1622541680445,"gmtModify":1634100670027,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/119680686","repostId":"1143634909","repostType":4,"isVote":1,"tweetType":1,"viewCount":693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110312761,"gmtCreate":1622425348353,"gmtModify":1634101610136,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/110312761","repostId":"2139438981","repostType":4,"isVote":1,"tweetType":1,"viewCount":694,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137903682,"gmtCreate":1622277465046,"gmtModify":1634102550956,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137903682","repostId":"2138948877","repostType":4,"isVote":1,"tweetType":1,"viewCount":754,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134989569,"gmtCreate":1622200173951,"gmtModify":1634182923918,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/134989569","repostId":"1120998778","repostType":4,"isVote":1,"tweetType":1,"viewCount":731,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136830842,"gmtCreate":1622004066586,"gmtModify":1634184742128,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/136830842","repostId":"1182975704","repostType":4,"repost":{"id":"1182975704","kind":"news","pubTimestamp":1621990601,"share":"https://www.laohu8.com/m/news/1182975704?lang=zh_CN&edition=full","pubTime":"2021-05-26 08:56","market":"fut","language":"en","title":"China’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币创近三年来最强水平</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182975704","media":"The Wall Street Journal","summary":"The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.\n\nChina’s","content":"<p>  The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.  China’s yuan has strengthened to a near-three-year high, boosted by a falling dollar despite attempts by the central bank to keep the currency in check.</p><p><blockquote>该国从冠状病毒大流行中迅速复苏，提振了人民币。尽管中国央行试图控制人民币汇率，但在美元下跌的提振下，人民币已升值至近三年高点。</blockquote></p><p> The yuan has been buoyed in recent months by the country’s rapid recovery from the coronavirus pandemic, and by a rush of international investment into China’s relatively high-yielding markets. The currency has also gained amid abroader bout of dollar weakness.</p><p><blockquote>近几个月来，人民币从冠状病毒大流行中迅速复苏，以及国际投资涌入中国相对高收益市场，提振了人民币。在海外美元疲软的情况下，人民币也有所上涨。</blockquote></p><p> On Tuesday, the offshore yuan strengthened below 6.4 per dollar, as Chinese stocks jumped thanks partly to a surge in foreign buying.</p><p><blockquote>周二，离岸人民币兑美元汇率升至6.4以下，中国股市上涨，部分原因是外国买盘激增。</blockquote></p><p> Beijing would want to see slower yuan appreciationto support the economy, which is still fairly dependent on selling goods abroad, said Alvin Tan, head of Asia foreign-exchange strategy at RBC Capital Markets. While Chinese exports have surged since last year,a rallying yuan pressures exportersby making their goods more expensive when priced in dollars.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)亚洲外汇策略主管阿尔文·谭(Alvin Tan)表示，北京希望看到人民币升值放缓，以支持经济，因为经济仍然相当依赖向海外销售商品。尽管中国出口自去年以来激增，但人民币升值给出口商带来了压力，使以美元计价的商品变得更加昂贵。</blockquote></p><p> Mr. Tan said the People’s Bank of China had been “leaning against the strength” of the currency by setting weaker-than-expected reference rates for onshore yuan trading for the past month.</p><p><blockquote>谭先生表示，过去一个月，中国人民银行为在岸人民币交易设定的参考利率低于预期，一直在“支持人民币走强”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a7ef4ee3cc184ea84391adcdbe43b304\" tg-width=\"321\" tg-height=\"428\">The central bank fixes a daily midpoint for the onshore yuan, and only allows trading up to 2 percentage points above or below this level. This is part of a so-called managed floating-exchange-rate system based on the yuan’s value against a basket of currencies.</p><p><blockquote>央行为在岸人民币设定每日中点，仅允许交易高于或低于该水平2个百分点。这是基于人民币对一篮子货币价值的所谓有管理的浮动汇率制度的一部分。</blockquote></p><p> The yuan is likely to stay between 6.4 and 6.5 to a dollar, while further appreciation could prompt stronger central bank action, said Paul Sandhu, head of multiasset quant solutions for Asia-Pacific at BNP Paribas Asset Management.</p><p><blockquote>法国巴黎银行资产管理公司（BNP Paribas Asset Management）亚太区多资产量化解决方案主管保罗·桑德胡（Paul Sandhu）表示，人民币兑美元汇率可能会保持在6.4至6.5之间，而进一步升值可能会促使央行采取更强有力的行动。</blockquote></p><p> “The government is quite happy with the range it is sitting at. If it breaks 6.4 and stays there for some time, they may move in to do something,” Mr. Sandhu said.</p><p><blockquote>“政府对目前的区间非常满意。如果它突破6.4并保持一段时间，他们可能会采取行动，”桑德胡先生说。</blockquote></p><p> On Tuesday in Hong Kong, the offshore yuan rallied about 0.2% to 6.3988 to the dollar, a level last hit in June 2018. The dollar weakened, with theICEU.S. Dollar Index declining nearly 0.3% to 89.61, its lowest since early January.</p><p><blockquote>周二在香港，离岸人民币兑美元汇率上涨约0.2%，至6.3988，上次触及2018年6月的水平。美元走软，美国。美元指数下跌近0.3%至89.61，为1月初以来的最低水平。</blockquote></p><p> China’s CSI 300 index, a gauge of the biggest shares listed in either Shanghai or Shenzhen, jumped 3.2%. Net foreign buying of mainland Chinese shares through Stock Connect, a trading link with Hong Kong, hit a record daily high of 21.7 billion yuan, or the equivalent of $3.4 billion.</p><p><blockquote>衡量上海或深圳上市最大股票的中国沪深300指数上涨3.2%。外资通过沪港通净买入中国内地股票创下217亿元人民币（相当于34亿美元）的历史新高。</blockquote></p><p> Tuesday’s yuan strength was also likely due in part to the coming month-end, before which exporters normally sell earnings in foreign currency to buy yuan, said Khoon Goh, head of Asia research atAustralia and New Zealand Banking GroupLtd.in Singapore.</p><p><blockquote>新加坡澳新银行亚洲研究主管Khoon Goh表示，周二人民币走强的部分原因也可能是即将到来的月底，在此之前，出口商通常会出售外币收益以购买人民币。</blockquote></p><p> The central bank is eager to promote the idea that the currency won’t be volatile, but that it also won’t be a one-way bet for investors. On Sunday, a senior central-bank official said the yuan will remain “basically stable.” Liu Guoqiang, a deputy governor, said fluctuations in either direction will become the norm, with the exchange rate depending on supply and demand, and changes in global financial markets.</p><p><blockquote>央行渴望宣传人民币不会波动的理念，但对投资者来说也不会是单向押注。周日，一位央行高级官员表示，人民币将保持“基本稳定”。副行长刘国强表示，任何一个方向的波动都将成为常态，汇率取决于供求关系以及全球金融市场的变化。</blockquote></p><p> Mr. Liu also said the current exchange-rate system was suitable for China. A researcher at the central bank recently called for China to stop controlling the rate to promote greater international use of the yuan. Another suggested the yuan should be allowed to rally, to offset rising prices for imported commodities.</p><p><blockquote>刘先生还表示，目前的汇率制度适合中国。央行的一位研究员最近呼吁中国停止控制人民币汇率，以促进人民币在国际上的更多使用。另一位建议允许人民币升值，以抵消进口商品价格的上涨。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币创近三年来最强水平</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\">\nChina’s Yuan Hits Strongest Level in Nearly Three Years<blockquote>人民币创近三年来最强水平</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-26 08:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.  China’s yuan has strengthened to a near-three-year high, boosted by a falling dollar despite attempts by the central bank to keep the currency in check.</p><p><blockquote>该国从冠状病毒大流行中迅速复苏，提振了人民币。尽管中国央行试图控制人民币汇率，但在美元下跌的提振下，人民币已升值至近三年高点。</blockquote></p><p> The yuan has been buoyed in recent months by the country’s rapid recovery from the coronavirus pandemic, and by a rush of international investment into China’s relatively high-yielding markets. The currency has also gained amid abroader bout of dollar weakness.</p><p><blockquote>近几个月来，人民币从冠状病毒大流行中迅速复苏，以及国际投资涌入中国相对高收益市场，提振了人民币。在海外美元疲软的情况下，人民币也有所上涨。</blockquote></p><p> On Tuesday, the offshore yuan strengthened below 6.4 per dollar, as Chinese stocks jumped thanks partly to a surge in foreign buying.</p><p><blockquote>周二，离岸人民币兑美元汇率升至6.4以下，中国股市上涨，部分原因是外国买盘激增。</blockquote></p><p> Beijing would want to see slower yuan appreciationto support the economy, which is still fairly dependent on selling goods abroad, said Alvin Tan, head of Asia foreign-exchange strategy at RBC Capital Markets. While Chinese exports have surged since last year,a rallying yuan pressures exportersby making their goods more expensive when priced in dollars.</p><p><blockquote>加拿大皇家银行资本市场(RBC Capital Markets)亚洲外汇策略主管阿尔文·谭(Alvin Tan)表示，北京希望看到人民币升值放缓，以支持经济，因为经济仍然相当依赖向海外销售商品。尽管中国出口自去年以来激增，但人民币升值给出口商带来了压力，使以美元计价的商品变得更加昂贵。</blockquote></p><p> Mr. Tan said the People’s Bank of China had been “leaning against the strength” of the currency by setting weaker-than-expected reference rates for onshore yuan trading for the past month.</p><p><blockquote>谭先生表示，过去一个月，中国人民银行为在岸人民币交易设定的参考利率低于预期，一直在“支持人民币走强”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a7ef4ee3cc184ea84391adcdbe43b304\" tg-width=\"321\" tg-height=\"428\">The central bank fixes a daily midpoint for the onshore yuan, and only allows trading up to 2 percentage points above or below this level. This is part of a so-called managed floating-exchange-rate system based on the yuan’s value against a basket of currencies.</p><p><blockquote>央行为在岸人民币设定每日中点，仅允许交易高于或低于该水平2个百分点。这是基于人民币对一篮子货币价值的所谓有管理的浮动汇率制度的一部分。</blockquote></p><p> The yuan is likely to stay between 6.4 and 6.5 to a dollar, while further appreciation could prompt stronger central bank action, said Paul Sandhu, head of multiasset quant solutions for Asia-Pacific at BNP Paribas Asset Management.</p><p><blockquote>法国巴黎银行资产管理公司（BNP Paribas Asset Management）亚太区多资产量化解决方案主管保罗·桑德胡（Paul Sandhu）表示，人民币兑美元汇率可能会保持在6.4至6.5之间，而进一步升值可能会促使央行采取更强有力的行动。</blockquote></p><p> “The government is quite happy with the range it is sitting at. If it breaks 6.4 and stays there for some time, they may move in to do something,” Mr. Sandhu said.</p><p><blockquote>“政府对目前的区间非常满意。如果它突破6.4并保持一段时间，他们可能会采取行动，”桑德胡先生说。</blockquote></p><p> On Tuesday in Hong Kong, the offshore yuan rallied about 0.2% to 6.3988 to the dollar, a level last hit in June 2018. The dollar weakened, with theICEU.S. Dollar Index declining nearly 0.3% to 89.61, its lowest since early January.</p><p><blockquote>周二在香港，离岸人民币兑美元汇率上涨约0.2%，至6.3988，上次触及2018年6月的水平。美元走软，美国。美元指数下跌近0.3%至89.61，为1月初以来的最低水平。</blockquote></p><p> China’s CSI 300 index, a gauge of the biggest shares listed in either Shanghai or Shenzhen, jumped 3.2%. Net foreign buying of mainland Chinese shares through Stock Connect, a trading link with Hong Kong, hit a record daily high of 21.7 billion yuan, or the equivalent of $3.4 billion.</p><p><blockquote>衡量上海或深圳上市最大股票的中国沪深300指数上涨3.2%。外资通过沪港通净买入中国内地股票创下217亿元人民币（相当于34亿美元）的历史新高。</blockquote></p><p> Tuesday’s yuan strength was also likely due in part to the coming month-end, before which exporters normally sell earnings in foreign currency to buy yuan, said Khoon Goh, head of Asia research atAustralia and New Zealand Banking GroupLtd.in Singapore.</p><p><blockquote>新加坡澳新银行亚洲研究主管Khoon Goh表示，周二人民币走强的部分原因也可能是即将到来的月底，在此之前，出口商通常会出售外币收益以购买人民币。</blockquote></p><p> The central bank is eager to promote the idea that the currency won’t be volatile, but that it also won’t be a one-way bet for investors. On Sunday, a senior central-bank official said the yuan will remain “basically stable.” Liu Guoqiang, a deputy governor, said fluctuations in either direction will become the norm, with the exchange rate depending on supply and demand, and changes in global financial markets.</p><p><blockquote>央行渴望宣传人民币不会波动的理念，但对投资者来说也不会是单向押注。周日，一位央行高级官员表示，人民币将保持“基本稳定”。副行长刘国强表示，任何一个方向的波动都将成为常态，汇率取决于供求关系以及全球金融市场的变化。</blockquote></p><p> Mr. Liu also said the current exchange-rate system was suitable for China. A researcher at the central bank recently called for China to stop controlling the rate to promote greater international use of the yuan. Another suggested the yuan should be allowed to rally, to offset rising prices for imported commodities.</p><p><blockquote>刘先生还表示，目前的汇率制度适合中国。央行的一位研究员最近呼吁中国停止控制人民币汇率，以促进人民币在国际上的更多使用。另一位建议允许人民币升值，以抵消进口商品价格的上涨。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/chinas-yuan-hits-strongest-level-in-nearly-three-years-11621950836?cx_testId=200&cx_testVariant=cx_10&cx_artPos=1#cxrecs_s\">The Wall Street Journal</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":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://www.wsj.com/articles/chinas-yuan-hits-strongest-level-in-nearly-three-years-11621950836?cx_testId=200&cx_testVariant=cx_10&cx_artPos=1#cxrecs_s","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182975704","content_text":"The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.\n\nChina’s yuan has strengthened to a near-three-year high, boosted by a falling dollar despite attempts by the central bank to keep the currency in check.\nThe yuan has been buoyed in recent months by the country’s rapid recovery from the coronavirus pandemic, and by a rush of international investment into China’s relatively high-yielding markets. The currency has also gained amid abroader bout of dollar weakness.\nOn Tuesday, the offshore yuan strengthened below 6.4 per dollar, as Chinese stocks jumped thanks partly to a surge in foreign buying.\nBeijing would want to see slower yuan appreciationto support the economy, which is still fairly dependent on selling goods abroad, said Alvin Tan, head of Asia foreign-exchange strategy at RBC Capital Markets. While Chinese exports have surged since last year,a rallying yuan pressures exportersby making their goods more expensive when priced in dollars.\nMr. Tan said the People’s Bank of China had been “leaning against the strength” of the currency by setting weaker-than-expected reference rates for onshore yuan trading for the past month.\nThe central bank fixes a daily midpoint for the onshore yuan, and only allows trading up to 2 percentage points above or below this level. This is part of a so-called managed floating-exchange-rate system based on the yuan’s value against a basket of currencies.\nThe yuan is likely to stay between 6.4 and 6.5 to a dollar, while further appreciation could prompt stronger central bank action, said Paul Sandhu, head of multiasset quant solutions for Asia-Pacific at BNP Paribas Asset Management.\n“The government is quite happy with the range it is sitting at. If it breaks 6.4 and stays there for some time, they may move in to do something,” Mr. Sandhu said.\nOn Tuesday in Hong Kong, the offshore yuan rallied about 0.2% to 6.3988 to the dollar, a level last hit in June 2018. The dollar weakened, with theICEU.S. Dollar Index declining nearly 0.3% to 89.61, its lowest since early January.\nChina’s CSI 300 index, a gauge of the biggest shares listed in either Shanghai or Shenzhen, jumped 3.2%. Net foreign buying of mainland Chinese shares through Stock Connect, a trading link with Hong Kong, hit a record daily high of 21.7 billion yuan, or the equivalent of $3.4 billion.\nTuesday’s yuan strength was also likely due in part to the coming month-end, before which exporters normally sell earnings in foreign currency to buy yuan, said Khoon Goh, head of Asia research atAustralia and New Zealand Banking GroupLtd.in Singapore.\nThe central bank is eager to promote the idea that the currency won’t be volatile, but that it also won’t be a one-way bet for investors. On Sunday, a senior central-bank official said the yuan will remain “basically stable.” Liu Guoqiang, a deputy governor, said fluctuations in either direction will become the norm, with the exchange rate depending on supply and demand, and changes in global financial markets.\nMr. Liu also said the current exchange-rate system was suitable for China. A researcher at the central bank recently called for China to stop controlling the rate to promote greater international use of the yuan. Another suggested the yuan should be allowed to rally, to offset rising prices for imported commodities.","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138682990,"gmtCreate":1621934400710,"gmtModify":1634185375327,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/138682990","repostId":"1162584877","repostType":4,"isVote":1,"tweetType":1,"viewCount":535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131195653,"gmtCreate":1621833029372,"gmtModify":1634186224295,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/131195653","repostId":"1142753520","repostType":4,"repost":{"id":"1142753520","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1621816950,"share":"https://www.laohu8.com/m/news/1142753520?lang=zh_CN&edition=full","pubTime":"2021-05-24 08:42","market":"us","language":"en","title":"IPO Previews For The Week<blockquote>本周IPO预览</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142753520","media":"Benzinga","summary":"With the start of a new week comes the excitement surrounding a new set of companies looking to make","content":"<p>With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings.According to Benzinga Pro, these enticing companies are scheduled to trade publicly this week.</p><p><blockquote>随着新的一周的开始，一批新公司希望通过公开募股产生影响，人们兴奋不已。据Benzinga Pro报道，这些诱人的公司计划于本周公开交易。</blockquote></p><p><b>FIGS, Inc</b>(NYSE:FIGS) will be trading publicly starting on May 27, 2021 at 05:00 AM. The company's price band is set between $16.0 and $19.0 with an insider lock-up period of 180 days. FIGS, Inc will be offering 22,500,000 shares at a per-share value of $17.5.</p><p><blockquote><b>无花果公司</b>（纽约证券交易所代码：FIGS）将于2021年5月27日上午05:00开始公开交易。该公司的价格区间设定在16.0美元至19.0美元之间，内部锁定期为180天。无花果公司将以每股17.5美元的价格发行22,500，000股股票。</blockquote></p><p><b>FLYWIRE CORPORATION</b>(NASDAQ:FLYW) becomes publicly listed starting on May 26, 2021 at 06:32 AM. The company has a price range set between $22.0 and $24.0 with a 180-day lockup period. FLYWIRE CORPORATION will be offering 8,700,000 shares at a per-share value of $22.99.</p><p><blockquote><b>FLYWIRE</b>（纳斯达克：FLYW）于2021年5月26日上午06:32开始公开上市。该公司的价格范围设定在22.0美元至24.0美元之间，锁定期为180天。FLYWIRE CORPORATION将以每股22.99美元的价格发行8,700,000股。</blockquote></p><p><b>Paymentus Holdings, Inc.</b>(NYSE:PAY) will be trading publicly starting on May 26, 2021 at 04:37 AM. The company's price band is set between $19.0 and $21.0 with an insider lock-up period of 180 days. Paymentus Holdings, Inc. will be offering 10,000,000 shares at a per-share value of $20.0.</p><p><blockquote><b>Paymentus控股公司。</b>（纽约证券交易所代码：PAY）将于2021年5月26日凌晨04:37开始公开交易。该公司的价格区间设定在19.0美元至21.0美元之间，内部锁定期为180天。Paymentus Holdings，Inc.将以每股20.0美元的价格发行10,000，000股股票。</blockquote></p><p><b>Neighbourly Pharmacy Inc</b>(TSX:NBLY) will be trading publicly starting on May 25, 2021 at 05:25 AM. Neighbourly Pharmacy Inc will be offering 10,295,000 shares at a per-share value of $17.0 with an insider lock-up period of 180 days.</p><p><blockquote><b>邻里药房公司</b>(TSX：NBLY)将于2021年5月25日上午05:25开始公开交易。Neighbourly Pharmacy Inc将以每股17.0美元的价格发行10,295,000股股票，内部锁定期为180天。</blockquote></p><p><b>What Are IPOs?</b></p><p><blockquote><b>什么是IPO？</b></blockquote></p><p>An initial public offering, or IPO, is the transitional process of a private company deciding to go public and offer shares to investors on an exchange. Typically, IPOs offer companies the ability to build capital. Before a company becomes publicly listed, it must meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.</p><p><blockquote>首次公开募股（IPO）是私人公司决定上市并在交易所向投资者发行股票的过渡过程。通常，首次公开募股为公司提供了积累资本的能力。在公司公开上市之前，它必须满足SEC的要求，并通过审计与投资银行合作，以确定发行前的定价、发行日期和其他重要数据点。</blockquote></p><p>Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.</p><p><blockquote>公司和投资银行将努力确定该股票的预期出售价格范围。这就是所谓的产品范围。一旦公司上市，其股票就会有开盘价。内部人士禁售期通常是IPO后的固定天数，在此期间，公司内部人士或持有公司10%或以上股份的员工不能出售股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IPO Previews For The Week<blockquote>本周IPO预览</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\">\nIPO Previews For The Week<blockquote>本周IPO预览</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-05-24 08:42</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings.According to Benzinga Pro, these enticing companies are scheduled to trade publicly this week.</p><p><blockquote>随着新的一周的开始，一批新公司希望通过公开募股产生影响，人们兴奋不已。据Benzinga Pro报道，这些诱人的公司计划于本周公开交易。</blockquote></p><p><b>FIGS, Inc</b>(NYSE:FIGS) will be trading publicly starting on May 27, 2021 at 05:00 AM. The company's price band is set between $16.0 and $19.0 with an insider lock-up period of 180 days. FIGS, Inc will be offering 22,500,000 shares at a per-share value of $17.5.</p><p><blockquote><b>无花果公司</b>（纽约证券交易所代码：FIGS）将于2021年5月27日上午05:00开始公开交易。该公司的价格区间设定在16.0美元至19.0美元之间，内部锁定期为180天。无花果公司将以每股17.5美元的价格发行22,500，000股股票。</blockquote></p><p><b>FLYWIRE CORPORATION</b>(NASDAQ:FLYW) becomes publicly listed starting on May 26, 2021 at 06:32 AM. The company has a price range set between $22.0 and $24.0 with a 180-day lockup period. FLYWIRE CORPORATION will be offering 8,700,000 shares at a per-share value of $22.99.</p><p><blockquote><b>FLYWIRE</b>（纳斯达克：FLYW）于2021年5月26日上午06:32开始公开上市。该公司的价格范围设定在22.0美元至24.0美元之间，锁定期为180天。FLYWIRE CORPORATION将以每股22.99美元的价格发行8,700,000股。</blockquote></p><p><b>Paymentus Holdings, Inc.</b>(NYSE:PAY) will be trading publicly starting on May 26, 2021 at 04:37 AM. The company's price band is set between $19.0 and $21.0 with an insider lock-up period of 180 days. Paymentus Holdings, Inc. will be offering 10,000,000 shares at a per-share value of $20.0.</p><p><blockquote><b>Paymentus控股公司。</b>（纽约证券交易所代码：PAY）将于2021年5月26日凌晨04:37开始公开交易。该公司的价格区间设定在19.0美元至21.0美元之间，内部锁定期为180天。Paymentus Holdings，Inc.将以每股20.0美元的价格发行10,000，000股股票。</blockquote></p><p><b>Neighbourly Pharmacy Inc</b>(TSX:NBLY) will be trading publicly starting on May 25, 2021 at 05:25 AM. Neighbourly Pharmacy Inc will be offering 10,295,000 shares at a per-share value of $17.0 with an insider lock-up period of 180 days.</p><p><blockquote><b>邻里药房公司</b>(TSX：NBLY)将于2021年5月25日上午05:25开始公开交易。Neighbourly Pharmacy Inc将以每股17.0美元的价格发行10,295,000股股票，内部锁定期为180天。</blockquote></p><p><b>What Are IPOs?</b></p><p><blockquote><b>什么是IPO？</b></blockquote></p><p>An initial public offering, or IPO, is the transitional process of a private company deciding to go public and offer shares to investors on an exchange. Typically, IPOs offer companies the ability to build capital. Before a company becomes publicly listed, it must meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.</p><p><blockquote>首次公开募股（IPO）是私人公司决定上市并在交易所向投资者发行股票的过渡过程。通常，首次公开募股为公司提供了积累资本的能力。在公司公开上市之前，它必须满足SEC的要求，并通过审计与投资银行合作，以确定发行前的定价、发行日期和其他重要数据点。</blockquote></p><p>Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.</p><p><blockquote>公司和投资银行将努力确定该股票的预期出售价格范围。这就是所谓的产品范围。一旦公司上市，其股票就会有开盘价。内部人士禁售期通常是IPO后的固定天数，在此期间，公司内部人士或持有公司10%或以上股份的员工不能出售股票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FLYW":"Flywire Corp.","FIGS":"FIGS, Inc.","PAY":"Paymentus Holdings, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142753520","content_text":"With the start of a new week comes the excitement surrounding a new set of companies looking to make an impact through their public offerings.According to Benzinga Pro, these enticing companies are scheduled to trade publicly this week.FIGS, Inc(NYSE:FIGS) will be trading publicly starting on May 27, 2021 at 05:00 AM. The company's price band is set between $16.0 and $19.0 with an insider lock-up period of 180 days. FIGS, Inc will be offering 22,500,000 shares at a per-share value of $17.5.FLYWIRE CORPORATION(NASDAQ:FLYW) becomes publicly listed starting on May 26, 2021 at 06:32 AM. The company has a price range set between $22.0 and $24.0 with a 180-day lockup period. FLYWIRE CORPORATION will be offering 8,700,000 shares at a per-share value of $22.99.Paymentus Holdings, Inc.(NYSE:PAY) will be trading publicly starting on May 26, 2021 at 04:37 AM. The company's price band is set between $19.0 and $21.0 with an insider lock-up period of 180 days. Paymentus Holdings, Inc. will be offering 10,000,000 shares at a per-share value of $20.0.Neighbourly Pharmacy Inc(TSX:NBLY) will be trading publicly starting on May 25, 2021 at 05:25 AM. Neighbourly Pharmacy Inc will be offering 10,295,000 shares at a per-share value of $17.0 with an insider lock-up period of 180 days.What Are IPOs?An initial public offering, or IPO, is the transitional process of a private company deciding to go public and offer shares to investors on an exchange. Typically, IPOs offer companies the ability to build capital. Before a company becomes publicly listed, it must meet SEC requirements and work with investment banks through audits to determine pricing, offering date, and other important data points before the offering.Companies and investment banks will work to establish a price range that the stock is expected to sell between. This is known as an offering range. Once a company goes public, its stock comes with an opening price. The insider lock-up period is usually a set number of days after an IPO where company insiders, or employees with a 10% or higher stake in their company, cannot sell shares.","news_type":1,"symbols_score_info":{"PAY":0.9,"FLYW":0.9,"FIGS":0.9}},"isVote":1,"tweetType":1,"viewCount":456,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133406875,"gmtCreate":1621778096197,"gmtModify":1634186632392,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133406875","repostId":"2137906121","repostType":4,"isVote":1,"tweetType":1,"viewCount":612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130730638,"gmtCreate":1621564452124,"gmtModify":1634188037040,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130730638","repostId":"2137763179","repostType":4,"isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130104269,"gmtCreate":1621517579151,"gmtModify":1634188497257,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/130104269","repostId":"1112197206","repostType":4,"isVote":1,"tweetType":1,"viewCount":597,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197005580,"gmtCreate":1621407429240,"gmtModify":1634189395794,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/197005580","repostId":"2136999458","repostType":4,"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195702333,"gmtCreate":1621312754722,"gmtModify":1634192521060,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583915917451734","authorIdStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/195702333","repostId":"1126909753","repostType":4,"repost":{"id":"1126909753","kind":"news","pubTimestamp":1621307588,"share":"https://www.laohu8.com/m/news/1126909753?lang=zh_CN&edition=full","pubTime":"2021-05-18 11:13","market":"us","language":"en","title":"Online luxury goods marketplace 1stdibs.com files for a $100 million IPO<blockquote>在线奢侈品市场1stdibs.com申请1亿美元IPO</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1126909753","media":"renaissancecap...","summary":"1stdibs.com, an e-commerce platform for artwork, jewelry, antiques, and other luxury goods, filed on","content":"<p>1stdibs.com, an e-commerce platform for artwork, jewelry, antiques, and other luxury goods, filed on Monday with the SEC to raise up to $100 million in an initial public offering.</p><p><blockquote>1stdibs.com是一家艺术品、珠宝、古董和其他奢侈品的电子商务平台，周一向SEC提交了首次公开募股的申请，筹集至多1亿美元。</blockquote></p><p> 1stDibs is an online marketplace that connects design lovers with the best sellers and makers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. The company states that the uniqueness, diversity, and high quality of products on its marketplace, together with an active marketing effort, has given 1stDibs a large, global, and growing base of buyers. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year with an average aggregate purchase per year of over $5,500.</p><p><blockquote>1stDibs是一个在线市场，将设计爱好者与复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的畅销书和制造商联系起来。该公司表示，其市场上产品的独特性、多样性和高质量，加上积极的营销努力，使1stDibs拥有了庞大的、全球性的且不断增长的买家基础。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> The New York, NY-based company was founded in 2000 and booked $90 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol&nbsp;DIBS. 1stdibs.com filed confidentially on February 12, 2021. BofA Securities, Barclays, Allen &amp; Company, and Evercore ISI are the joint bookrunners on the deal. No pricing terms were disclosed.</p><p><blockquote>这家总部位于纽约州纽约市的公司成立于2000年，截至2021年3月31日的12个月销售额为9000万美元。它计划在纳斯达克上市，股票代码为DIBS。1stdibs.com于2021年2月12日秘密提交。美国银行证券、巴克莱银行、Allen&amp;Company和Evercore ISI是此次交易的联席账簿管理人。没有披露定价条款。</blockquote></p><p></p>","source":"lsy1619493174116","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>Online luxury goods marketplace 1stdibs.com files for a $100 million IPO<blockquote>在线奢侈品市场1stdibs.com申请1亿美元IPO</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\">\nOnline luxury goods marketplace 1stdibs.com files for a $100 million IPO<blockquote>在线奢侈品市场1stdibs.com申请1亿美元IPO</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">renaissancecap...</strong><span class=\"h-time small\">2021-05-18 11:13</span>\n</p>\n</h4>\n</header>\n<article>\n<p>1stdibs.com, an e-commerce platform for artwork, jewelry, antiques, and other luxury goods, filed on Monday with the SEC to raise up to $100 million in an initial public offering.</p><p><blockquote>1stdibs.com是一家艺术品、珠宝、古董和其他奢侈品的电子商务平台，周一向SEC提交了首次公开募股的申请，筹集至多1亿美元。</blockquote></p><p> 1stDibs is an online marketplace that connects design lovers with the best sellers and makers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. The company states that the uniqueness, diversity, and high quality of products on its marketplace, together with an active marketing effort, has given 1stDibs a large, global, and growing base of buyers. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year with an average aggregate purchase per year of over $5,500.</p><p><blockquote>1stDibs是一个在线市场，将设计爱好者与复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的畅销书和制造商联系起来。该公司表示，其市场上产品的独特性、多样性和高质量，加上积极的营销努力，使1stDibs拥有了庞大的、全球性的且不断增长的买家基础。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> The New York, NY-based company was founded in 2000 and booked $90 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol&nbsp;DIBS. 1stdibs.com filed confidentially on February 12, 2021. BofA Securities, Barclays, Allen &amp; Company, and Evercore ISI are the joint bookrunners on the deal. No pricing terms were disclosed.</p><p><blockquote>这家总部位于纽约州纽约市的公司成立于2000年，截至2021年3月31日的12个月销售额为9000万美元。它计划在纳斯达克上市，股票代码为DIBS。1stdibs.com于2021年2月12日秘密提交。美国银行证券、巴克莱银行、Allen&amp;Company和Evercore ISI是此次交易的联席账簿管理人。没有披露定价条款。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/81842/Online-luxury-goods-marketplace-1stdibs.com-files-for-a-$100-million-IPO\">renaissancecap...</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":{},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/81842/Online-luxury-goods-marketplace-1stdibs.com-files-for-a-$100-million-IPO","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126909753","content_text":"1stdibs.com, an e-commerce platform for artwork, jewelry, antiques, and other luxury goods, filed on Monday with the SEC to raise up to $100 million in an initial public offering.\n1stDibs is an online marketplace that connects design lovers with the best sellers and makers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. The company states that the uniqueness, diversity, and high quality of products on its marketplace, together with an active marketing effort, has given 1stDibs a large, global, and growing base of buyers. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year with an average aggregate purchase per year of over $5,500.\nThe New York, NY-based company was founded in 2000 and booked $90 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol DIBS. 1stdibs.com filed confidentially on February 12, 2021. BofA Securities, Barclays, Allen & Company, and Evercore ISI are the joint bookrunners on the deal. 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Expedite your human transport. Show the world and boostLike TESLA.&nbsp;","listText":"<a href=\"https://laohu8.com/S/SPCE\">$Virgin Galactic(SPCE)$</a>Come on SPCE. Expedite your human transport. Show the world and boostLike TESLA.&nbsp;","text":"$Virgin Galactic(SPCE)$Come on SPCE. Expedite your human transport. Show the world and boostLike TESLA.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/112019793","isVote":1,"tweetType":1,"viewCount":569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195140554,"gmtCreate":1621265027478,"gmtModify":1634192912471,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583915917451734","idStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/195140554","repostId":"2135984810","repostType":4,"isVote":1,"tweetType":1,"viewCount":835,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115350060,"gmtCreate":1622952925250,"gmtModify":1634096625362,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583915917451734","idStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115350060","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","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>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</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\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</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":{"MQ":"Marqeta, Inc.",".SPX":"S&P 500 Index","BZ":"BOSS直聘","LFST":"LifeStance Health Group, Inc.","TASK":"TaskUs Inc.","DIBS":"1stdibs.com Inc.","MNDY":"Monday.com Ltd.",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","ZETA":"Zeta Global Holdings Corp.","ZME":"掌门教育"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{".SPX":0.9,"ZME":0.9,".IXIC":0.9,"TASK":0.9,"BZ":0.9,"LFST":0.9,"ZETA":0.9,"DIBS":0.9,".DJI":0.9,"MQ":0.9,"MNDY":0.9}},"isVote":1,"tweetType":1,"viewCount":757,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112662768,"gmtCreate":1622866755554,"gmtModify":1634097199524,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583915917451734","idStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/112662768","repostId":"1148130971","repostType":4,"repost":{"id":"1148130971","kind":"news","pubTimestamp":1622866524,"share":"https://www.laohu8.com/m/news/1148130971?lang=zh_CN&edition=full","pubTime":"2021-06-05 12:15","market":"us","language":"en","title":"Can NIO Stock Reach $100? We Think It's A Matter Of 'When' Not 'If'<blockquote>蔚来股价能达到100美元吗？我们认为这是“何时”的问题，而不是“如果”的问题</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148130971","media":"seekingalpha","summary":"NIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.We believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.NIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fas","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>NIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.</li>  <li>The company's innovative approach and overseas expansion strategy, combined with the growing market sentiment on global electrification and automation are expected to boost the company's valuation.</li>  <li>We believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b31b2f189fa181e941126674e0b4c0b\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Drew Angerer/Getty Images News via Getty Images</span></p><p><blockquote><ul><li>蔚来的股价在过去一年飙升了816%以上，在3月初的成长股抛售之前，在2月初达到了近62美元的峰值。</li><li>该公司的创新方法和海外扩张战略，加上全球电气化和自动化市场情绪日益高涨，预计将提振该公司的估值。</li><li>我们相信，随着自动驾驶成为现实，全球电动汽车销量持续增长，蔚来股价到2025年将飙升至160美元以上。</li></ul><p class=\"t-img-caption\"><span>摄影：Drew Angerer/Getty Images新闻来自Getty Images</span></p></blockquote></p><p> Despite it being a local Chinese electric vehicle (“EV”) brand that has only recently started its overseas expansion into Europe, NIO(NYSE:NIO)has already garnered significant international attention amidst avid investors within the EV sector in recent years. It has only been three short years since NIO made its first deliveries in mid-2018, yet many are already wondering whether its share price can reach similar heights as an industry leader, Tesla’s(NASDAQ:TSLA). Albeit a little farfetched given Tesla is currently trading at more than $600 per share with a market cap of more than $600 billion, we do believe NIO has promising potential to break $100 per share before 2025. Even Wall Street Analysts remain optimistic about the company’s future by assigning a&nbsp;price target of close to $60, which represents upward potential of more than 35% based on the last traded share price of $42.34 (June 1st).</p><p><blockquote>尽管蔚来（纽约证券交易所股票代码：蔚来）是一个中国本土电动汽车（“EV”）品牌，最近才开始向欧洲进行海外扩张，但近年来已经在电动汽车行业狂热投资者中获得了国际关注。距离蔚来于2018年中期首次交付仅过去了短短三年，但许多人已经想知道其股价是否能达到与行业领导者特斯拉（纳斯达克股票代码：TSLA）类似的高度。尽管考虑到特斯拉目前的股价超过每股600美元，市值超过6000亿美元，这有点牵强，但我们确实相信蔚来有潜力在2025年之前突破每股100美元。就连华尔街分析师也对该公司的未来保持乐观，他们将目标价定为接近60美元，根据上次交易股价42.34美元（6月1日）计算，该目标价有超过35%的上涨潜力。</blockquote></p><p> Founded in 2014, NIO has sold and delivered more than 100,000 vehicles in China to date. The company boasts a fleet of five emission-free, fully battery-powered models, ranging from sports cars to luxury sedans and full-size SUVs. In addition to their vehicles, NIO is also known for their significant progress achieved in innovative technology, including state-of-the-art battery solutions, artificial intelligence, and autonomous driving. The company has also recently turned their global expansion plans into reality, with the first overseas NIO store to open in Oslo, Norway in Q3 2021. We believe that reaching a share price of $100 is no longer a question of “if”, but instead, “when”.</p><p><blockquote>蔚来成立于2014年，迄今在华销售和交付汽车已超过10万辆。该公司拥有一支由五款零排放、全电池驱动的车型组成的车队，从跑车到豪华轿车和全尺寸SUV。除了汽车之外，蔚来还因其在创新技术方面取得的重大进展而闻名，包括最先进的电池解决方案、人工智能和自动驾驶。该公司最近还将他们的全球扩张计划变成了现实，第一家海外蔚来商店将于2021年第三季度在挪威奥斯陆开业。我们认为，股价达到100美元不再是“如果”的问题，而是“何时”的问题。</blockquote></p><p> <b>A Trailblazer in Innovative Technology</b></p><p><blockquote><b>创新技术的开拓者</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16d9fd877602d5604bc3a69593badfdf\" tg-width=\"640\" tg-height=\"262\"><span>Source:ir.nio.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ir.nio.com</span></p></blockquote></p><p> NIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fast and convenient solution to concerns over the typically limited travel range of EVs. Similar to a gas station, Power Swap is a battery swapping station that can swap a dead battery out for a fully charged one in under three minutes; a fully charged battery enables a NIO vehicle to travel up to 435 miles, which is more than double of the&nbsp;181-mile average travel range of electric vehicles&nbsp;currently available on the market. NIO owners have the option to subscribe to the“Battery as a Service” (“BaaS”)package, which is a monthly subscription service that provides NIO owners with flexible options for battery upgrades based on personal needs. The company currently offers a standard 75 kWh battery which enables a travel range of up to 310 miles on a full charge, and an enhanced 100 kWh battery which enables a travel range of up to 435 miles on a full charge; both are available for NIO owners to choose from on a month-to-month basis under BaaS. To date, there are&nbsp;more than 226 battery swapping stations&nbsp;across China, with more on the way following a recent&nbsp;strategic partnership agreement&nbsp;between NIO and Sinopec. NIO’s vehicles are also compatible with local competitor XPeng’s(NYSE:XPEV)1,140 vehicle charging stations available across 164 cities in China, which further enhances its existing network of charging infrastructure in place for NIO owners.</p><p><blockquote>蔚来一直表现出令人不安的创新者的特征。该品牌因其在电池交换技术“Power Swap”方面的突破而广为人知，该技术为蔚来车主提供了一种快速便捷的解决方案，以解决电动汽车行驶里程通常有限的问题。与加油站类似，换电是一个电池交换站，可以在三分钟内将没电的电池换成充满电的电池；充满电的电池使蔚来汽车能够行驶435英里，是目前市场上电动汽车平均行驶里程181英里的两倍多。蔚来车主可以选择订阅“电池即服务”（“BaaS”）套餐，这是一项按月订阅的服务，为蔚来车主根据个人需求提供电池升级的灵活选择。该公司目前提供标准75 kWh电池，充满电后续航里程可达310英里，增强型100 kWh电池，充满电后续航里程可达435英里；两者都可供蔚来车主在BaaS下按月选择。迄今为止，全国已有超过226个电池交换站，继蔚来与中石化最近达成战略合作协议后，更多的电池交换站正在建设中。蔚来的车辆还与当地竞争对手小鹏汽车（纽约证券交易所股票代码：XPEV）在中国164个城市提供的1,140个汽车充电站兼容，这进一步增强了其为蔚来车主提供的现有充电基础设施网络。</blockquote></p><p> In addition to the developed network of infrastructure needed to sustain NIO EVs in the long run, the company has also been working diligently on perfecting their autonomous driving and AI technology in order to remain competitive in the broader EV and tech space. NIO has already been performing testing on its autonomous driving systems since 2016, with their first testing on public roads in Beijing performed in 2018. The company’s commitment to the future of passenger transportation is also proven through their development of&nbsp;EVE, the brand’s concept car for autonomous driving which encompasses a luxurious, comfortable and safe experience powered by NIO’s&nbsp;NOMI AI, the world’s first in-vehicle artificial intelligence.</p><p><blockquote>除了长期维持蔚来电动汽车所需的发达基础设施网络外，该公司还一直在努力完善其自动驾驶和人工智能技术，以在更广泛的电动汽车和技术领域保持竞争力。自2016年以来，蔚来一直在对其自动驾驶系统进行测试，并于2018年在北京的公共道路上进行了首次测试。该公司对未来客运的承诺也通过EVE的开发得到了证明，EVE是该品牌的自动驾驶概念车，由蔚来的NOMI AI（世界上第一个车载人工智能）提供豪华、舒适和安全的体验。</blockquote></p><p></p><p> To further enhance their progress in autonomous driving technology, NIO has recently&nbsp;partnered with Mobileye&nbsp;– an Intel-owned(NASDAQ:INTC)company known for developing the “EyeQ chip” currently used by more than 27 car manufacturers for their assisted-driving technologies – to develop and commercialize driving automation that does not require human interaction (i.e. “level 4” autonomous driving). Their collaboration is expected to accelerate NIO’s launch of the “Autonomous Driving as a Service” (“ADaaS”) package, which is a monthly subscription for their autonomous driving technology, “NIO Autonomous Driving” (“NAD”). However, similar to Tesla’s “Full Self-Driving” package, the NAD technology that is expected to launch in 2022 does not yet make NIO vehicles capable of driving without human intervention, but it does catapult NIO to a comparable spot with industry leader Tesla in the race towards level 4 autonomous driving. NIO owners will have the option to subscribe to ADaaS for a monthly subscription fee of RMB 680. With more than 102,000 NIO vehicles on the road today, the new subscription package is expected to generate incremental annual sales of RMB 840 million ($132 million); the additional revenue stream is valued at approximately RMB 10 billion ($1.6 billion) upon the service’s inception, assuming an average vehicle life of 12 years with most existing NIO owners signing up.</p><p><blockquote>为了进一步推动自动驾驶技术的进步，蔚来最近与Mobileye合作，Mobileye是一家英特尔旗下（纳斯达克股票代码：INTC）公司，以开发“EyeQ芯片”而闻名，目前已被超过27家汽车制造商用于其辅助驾驶技术——开发和商业化不需要人机交互的驾驶自动化（即“4级”自动驾驶）。他们的合作预计将加速蔚来推出“自动驾驶即服务”（“ADaaS”）套餐，这是他们的自动驾驶技术“蔚来自动驾驶”（“NAD”）的每月订阅。然而，与特斯拉的“全自动驾驶”套件类似，预计将于2022年推出的NAD技术尚未使蔚来汽车能够在没有人工干预的情况下驾驶，但它确实使蔚来在通往4级自动驾驶的竞赛中与行业领导者特斯拉相提并论。蔚来车主将可以选择订阅ADaaS，每月订阅费为人民币680元。如今上路的蔚来汽车超过10.2万辆，新的订阅套餐预计将产生8.4亿元人民币（1.32亿美元）的年销售额增量；假设大多数现有蔚来车主注册的平均车辆寿命为12年，该服务推出后的额外收入流价值约为100亿元人民币（16亿美元）。</blockquote></p><p> NIO’s continuous developments in autonomous driving technology are expected to benefit the company and its shareholders greatly in the near future. By 2025, the global autonomous cars market will become one of the fastest growing and most highly demanded segments with an&nbsp;estimated value of $1.6 trillion. A 6% share of this market would add a valuation of at least $100 billion to NIO’s existing $67 billion market cap, boosting its per unit share value to more than $100. Considering NIO is currently one of the very few fully electric automakers to have achieved tangible results within the autonomous driving scene, and is actively growing its overseas sales, we are confident that the company is capable of capturing more than 6% of the said market share, and achieve a per unit share price of more than $100 by 2025 with ease. Combined with the global shift in consumer preference towards electrification and automation, we are projecting vehicle sales of approximately 300,000 units by FY 2025, which will yield total revenues of approximately RMB 140 billion ($22 billion).</p><p><blockquote>蔚来在自动驾驶技术方面的不断发展预计将在不久的将来使公司及其股东受益匪浅。到2025年，全球自动驾驶汽车市场将成为增长最快、需求最大的细分市场之一，估计价值为1.6万亿美元。该市场6%的份额将为蔚来现有670亿美元的市值增加至少1000亿美元的估值，使其每股价值超过100美元。考虑到蔚来是目前极少数在自动驾驶领域取得切实成果的全电动汽车制造商之一，并且正在积极增长其海外销量，我们有信心该公司有能力占据上述市场6%以上的份额，并轻松实现到2025年每股股价超过100美元。结合全球消费者偏好向电气化和自动化的转变，我们预计到2025财年汽车销量约为30万辆，总收入约为1400亿元人民币（220亿美元）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6c800a04e6df92802f6893d214eecdd\" tg-width=\"640\" tg-height=\"213\"><span>Source: Author, with data from our internal forecasts (NIO_-_Forecasted_Financial_Information.pdf).</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部预测（蔚来_-_Forecasted_Financial_Information.pdf）。</span></p></blockquote></p><p> <b>Global Expansion</b></p><p><blockquote><b>全球扩张</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537449f8f7ee9c736b48c1776cbb7259\" tg-width=\"640\" tg-height=\"249\"><span>Source: ir.nio.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ir.nio.com</span></p></blockquote></p><p> Another catalyst that will propel NIO’s share price beyond $100 is their ongoing overseas expansion efforts. NIO has been transparent about their intentions to expand globally, especially in the U.S. and Europe, as part of their plans in becoming an industry leader. NIO will be opening its first&nbsp;overseas sales and service centre in Oslo, Norway&nbsp;in September. The brand’s footprint in Norway will further expand in 2022 with four more NIO stores to open in Bergen, Stavanger, Trondheim and Kristiansand. In addition to its direct sales and service centres, NIO will also be introducing a full charging map for Europe, starting with four NIO Power Swap stations in Norway to provide new NIO owners with the convenience and range that the brand builds its success on. NIO’s flagship SUV, the&nbsp;ES8, which currently retails at a&nbsp;starting price of approximately US$67,000, will be the first model introduced in the European market, with the brand’s newest full-size sedan, the&nbsp;ET7, to follow in 2022.</p><p><blockquote>推动蔚来股价突破100美元的另一个催化剂是他们正在进行的海外扩张努力。蔚来一直公开表示其全球扩张的意图，特别是在美国和欧洲，作为其成为行业领导者计划的一部分。蔚来将于9月在挪威奥斯陆开设首个海外销售及服务中心。该品牌在挪威的足迹将于2022年进一步扩大，将在Bergen、Stavanger、Trondheim和Kristiansand开设四家蔚来商店。除了直销和服务中心外，蔚来还将在欧洲推出完整的充电地图，首先是在挪威的四个蔚来换电站，为新蔚来车主提供该品牌赖以成功的便利和续航里程。蔚来的旗舰SUV ES 8目前零售价约为67,000美元，将是首款引入欧洲市场的车型，该品牌最新的全尺寸轿车ET 7将于2022年紧随其后。</blockquote></p><p> With a proven sales track record in China’s luxury EV market, and specs comparable to the globally recognized Tesla, there is no reason for NIO to not succeed overseas. As mentioned in earlier sections, NIO’s vehicles have a driving range of up to 435 miles on a full charge, making it a desirable choice for potential European and American car owners looking for a reliable companion to accompany them on daily commutes to long road trips. The NIO exterior and interior designs are also modern, luxurious, and comparable to those preferred by the European and North American population. Combined with a diverse product line and price range, NIO is equipped to take on the increasing demands for EVs on a global scale.</p><p><blockquote>凭借在中国豪华电动汽车市场的良好销售记录，以及与全球公认的特斯拉相当的规格，蔚来没有理由不在海外取得成功。正如前面提到的，蔚来的车辆充满电后的行驶里程可达435英里，这使得它成为潜在的欧美车主的理想选择，他们正在寻找一个可靠的伴侣来陪伴他们进行日常通勤和长途旅行。蔚来的外观和内饰设计也是现代、豪华的，可与欧洲和北美人口的首选相媲美。结合多样化的产品线和价格范围，蔚来有能力满足全球范围内对电动汽车不断增长的需求。</blockquote></p><p> <b>NIO’s Historical Performance</b></p><p><blockquote><b>蔚来的历史表现</b></blockquote></p><p></p><p> Just a little more than a year ago, NIO’s share price hit an all-time low at under $2 amidst liquidity troubles despite continued vehicle sales. In mid-2020, the municipal government of Hefei, China came to NIO’s rescue with a&nbsp;capital injection of RMB 7 billion&nbsp;(approximately $1 billion). The arrangement resulted in the creation of “NIO China”, which serves as the operating entity that holds all of NIO’s core businesses and assets; NIO currently holds a 90.36% ownership interest in NIO China, while the “Hefei Strategic Investors” consortium holds the remainder 9.64%. The partnership became the company’s lifeline; the additional capital brought forth significant improvements to the company’s operations and vehicle sales, which were reflected in their strong financial performance and upward trend in share price in the summer of 2020. By the end of 2020’s second quarter, NIO’s share price rebounded by almost 20% on average after posting a 171% quarter-over-quarter increase in total revenues. The company’s share price more than tripled in 2020’s third quarter, averaging $15.40, and continued to climb towards its fourth quarter average of $38.70. By the end of the latest quarter ended March 31st, 2021, NIO’s share price averaged $50.97, and peaked at almost $62 in February which is more than 10x its&nbsp;IPO price in 2018. The company holds a market cap of more than $67 billion today, outgrowing its mere $1 billion market cap when it made its debut on the NYSE.</p><p><blockquote>就在一年多前，尽管汽车销量持续增长，但由于流动性问题，蔚来股价跌至2美元以下的历史低点。2020年年中，中国合肥市政府向蔚来注资70亿元人民币（约合10亿美元）。该安排导致创建了“蔚来中国”，作为持有蔚来所有核心业务和资产的运营实体；蔚来目前持有蔚来90.36%的所有权权益，而“合肥战略投资者”联合体持有馀下9.64%。这种合作关系成为了公司的生命线；额外资本为公司的运营和汽车销售带来了显着改善，这反映在其强劲的财务业绩和2020年夏季股价的上涨趋势上。截至2020年第二季度末，蔚来总收入环比增长171%，股价平均反弹近20%。该公司股价在2020年第三季度上涨了两倍多，平均为15.40美元，并继续攀升至第四季度平均38.70美元。截至2021年3月31日的最新季度末，蔚来的平均股价为50.97美元，并在2月份达到近62美元的峰值，是2018年IPO价格的10倍多。该公司目前的市值超过670亿美元，超过了其在纽约证券交易所上市时仅10亿美元的市值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75a1d7edb18c1762028ba54f617e1982\" tg-width=\"640\" tg-height=\"250\"><span>Source: Author, with data from ir.nio.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自ir.nio.com</span></p></blockquote></p><p> NIO’s fundamentals have also shown nothing but steady improvements since its share price peaked earlier this year before the&nbsp;growth stock sell-off in late February. Deliveries in 2021 have continued to accelerate exponentially, with first quarter deliveries of more than 20,000 vehicles, representing almost 50% of total deliveries made in 2020. The company continues to exhibit a promising outlook with more than 7,100 vehicles delivered in April, representing an increase of more than 125% year-over-year. NIO has also maintained positive cash flows from operating activities for the first quarter of 2021, thanks to the higher deliveries and effective cost-management measures which have amped up their gross profit margin to 19.5%, comparable with industry leaders like Tesla whose first quarter gross margins were 21%. As aforementioned, we are forecasting vehicle sales of close to 300,000 units by FY 2025, which translates to approximately RMB 140 billion ($22 billion) in total revenues ($18.60 per share). Our vehicle sales forecast for FY 2025 is further corroborated by the&nbsp;recently renewed manufacturing agreement&nbsp;with joint venturer “Jianghuai Automobile Group” (“JAC”), which increases the current annual production capacity of 100,000 units to 240,000 units; the ongoing construction of “NeoPark” in Hefei, China is also expected to add annual production capacity of 1 million units, which further supports our positive outlook on NIO’s continued commitment to grow its business. Considering industry peer Tesla’s current P/S ratio of 16.43x with approximately $42 billion in annual revenues (annualization of $10.389 billion in first quarter revenues), the same proportion applied to NIO’s forecasted FY 2025 total revenues is expected to yield a P/S ratio of 8.7x, resulting in a share price of more than $160.</p><p><blockquote>自今年早些时候股价在2月底成长型股票遭到抛售之前见顶以来，蔚来的基本面也只显示出稳步改善。2021年的交付量继续呈指数级增长，第一季度交付量超过20,000辆，几乎占2020年总交付量的50%。该公司继续展现出乐观的前景，4月份交付了超过7,100辆汽车，同比增长超过125%。得益于更高的交付量和有效的成本管理措施，蔚来在2021年第一季度的经营活动中也保持了正现金流，这些措施将其毛利率提高至19.5%，与特斯拉等行业领导者的毛利率相当。第一季度毛利率为21%。如上所述，我们预计到2025财年汽车销量将接近30万辆，这意味着总收入约为1400亿元人民币（220亿美元）（每股18.60美元）。我们最近与合资企业“江淮汽车集团”（“江淮汽车”）续签的制造协议进一步证实了我们对2025财年的汽车销售预测，该协议将目前100,000辆的年产能提高到240,000辆；正在建设中的“NeoPark”亦预期将新增100万台的年产能，这进一步支持了我们对蔚来继续致力于发展其业务的积极展望。考虑到行业同行特斯拉目前的市盈率为16.43倍，年收入约为420亿美元（第一季度收入年化为103.89亿美元），将相同比例应用于蔚来预测的2025财年总收入预计将产生市盈率8.7倍，股价超过160美元。</blockquote></p><p> <b>NIO vs. LI and XPEV</b></p><p><blockquote><b>蔚来vs.LI和XPEV</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af8fa939f92be448d1f427a6ac4bfb25\" tg-width=\"640\" tg-height=\"352\"><span>Source: Finviz</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Finviz</span></p></blockquote></p><p> We have also compared NIO’s current P/S ratio to its domestic peers to gauge the timeline in which NIO’s share price will exceed $100. NIO currently trades at a P/S ratio of approximately 14.88x, while domestic industry peers, Li Auto(NASDAQ:LI)and XPEV, currently trade at a P/S ratio of 14.46x and 21.31x, respectively.</p><p><blockquote>我们还将蔚来目前的市盈率与其国内同行进行了比较，以衡量蔚来股价突破100美元的时间表。蔚来目前的市盈率约为14.88倍，而国内行业同行理想汽车（纳斯达克：LI）和XPEV目前的市盈率分别为14.46倍和21.31倍。</blockquote></p><p></p><p> Considering NIO’s technology, revenues, global footprint, and cash flows are stronger than LI’s and XPEV’s, the former deserves to be traded at a much higher multiple than the latter two. Even if NIO reaches a P/S ratio of 18.1x (mid-point to XPEV's), it will drive the company’s current share price up to $51.50, which represents an upside potential of 22% based on the last traded share price of $42.34 (June 1st). And based on our forecasted revenues for FY 2025 for NIO of RMB 140 billion ($22 billion), or $18.60 per share, even a multiple half of the 18.1x would be more than sufficient to bring NIO's share price beyond $160 by 2025; we believe the trading multiple is achievable for NIO given the cash from operations and technological advancements achieved by then would place them on a trajectory of continued long-term growth within the EV industry, which is expected to continue into 2030 and beyond when the brand's level 4 autonomous driving technology development is complete and commercialized.</p><p><blockquote>考虑到蔚来的技术、收入、全球足迹和现金流都强于LI和XPEV，前者的市盈率应该远高于后两者。即使蔚来的市盈率达到18.1倍（XPEV的中点），也将推动该公司当前股价上涨至51.50美元，基于上次交易股价42.34美元（6月1日），这意味着22%的上涨潜力。根据我们对蔚来2025财年收入1400亿元人民币（220亿美元）或每股18.60美元的预测，即使是18.1倍的一半也足以使蔚来的股价在2025年突破160美元；我们认为，蔚来的交易倍数是可以实现的，因为届时从运营中获得的现金和技术进步将使其走上电动汽车行业持续长期增长的轨道，预计这种增长将持续到2030年及以后，届时该品牌的4级自动驾驶技术开发完成并商业化。</blockquote></p><p> <b>Business Risks and Challenges</b></p><p><blockquote><b>业务风险及挑战</b></blockquote></p><p> As mentioned in one of my&nbsp;previous articles on NIO, the “Holding Foreign Companies Accountable Act” (“HFCA Act”) remains one of the most significant impending threats to the company’s share price. Currently, public accounting firms in China are non-compliant with PCAOB inspection rules required by the SEC, and the enactment of the HFCA Act in December 2020 requires that these public accounting firms comply with PCAOB inspection requests within three years of the enactment date; otherwise, all public companies audited by said firms will be subject to risks of de-listing. NIO is currently audited by PricewaterhouseCoopers Zhong Tian LLP, which is on PCAOB’s&nbsp;denied-access list. The potential threat of being delisted from the NYSE could be a deterrence factor to investors and ultimately hemorrhage NIO’s share price in the long run if Chinese authorities and the PCAOB cannot reach an agreement on conducting inspections soon.</p><p><blockquote>正如我在之前关于蔚来的一篇文章中提到的，《外国公司问责法》（“HFCA法案”）仍然是公司股价面临的最重大威胁之一。目前，中国的公共会计师事务所不符合SEC要求的PCAOB检查规则，2020年12月HFCA法案的颁布要求这些公共会计师事务所在颁布之日起三年内遵守PCAOB的检查要求；否则，上述事务所审计的所有上市公司都将面临退市风险。蔚来目前由普华永道中天会计师事务所（LLP）进行审计，该事务所被列入PCAOB的拒绝访问名单。如果中国当局和PCAOB不能很快就进行检查达成协议，从纽约证券交易所退市的潜在威胁可能会成为投资者的威慑因素，并最终导致蔚来股价长期下跌。</blockquote></p><p> Another imminent challenge to NIO’s business is the ongoing global chip supply shortage. As the automotive industry becomes more dependent on chips to manage every function of their vehicles, the gap between automaker demands and chip manufacturer supplies is widened. NIO was no exception to the impacts of the ongoing chip supply crisis – in March 2021, NIO halted their production activity at the JAC-NIO manufacturing plant for five working days in order to adjust their production levels. However, the company continues to effectively navigate through the situation as proven through their increasing number of deliveries month-over-month; in NIO’s latest delivery update press release for April, the company has continued to keep up with market demand with more than 7,100 vehicle deliveries made, representing a 125% year-over-year growth.</p><p><blockquote>蔚来业务面临的另一个迫在眉睫的挑战是持续的全球芯片供应短缺。随着汽车行业越来越依赖芯片来管理车辆的每一项功能，汽车制造商的需求和芯片制造商的供应之间的差距越来越大。蔚来也不例外地受到持续的芯片供应危机的影响——2021年3月，蔚来停止了江淮蔚来制造工厂的生产活动五个工作日，以调整生产水平。然而，该公司继续有效地应对这种情况，交付量逐月增加就证明了这一点；在蔚来4月份最新的交付更新新闻稿中，该公司继续满足市场需求，交付了超过7,100辆汽车，同比增长125%。</blockquote></p><p> Competition within the EV sector has also ramped up in recent years. Consumer attitude towards EVs has changed drastically in the past decade due to rising concerns over climate change met with price parity between traditional petrol-fueled vehicles and EVs. The entry barrier for emerging EV makers has also lowered significantly as car battery solutions become more accessible through third-party OEMs; new entrants are now keener on participating in the profitable opportunity within the growing EV sector as initial investments become more reasonable than it was for Tesla in 2003 when EVs were still just a concept to many. In addition to new entrants, traditional petrol-fueled automakers like Ford(NYSE:F)have also started to incorporate fully battery-powered vehicles into their fleet in order to meet evolving consumer demands and remain competitive within the automotive industry. However, we believe NIO possesses the brand, customer experience, production strategy, talent and business model (further analyzedhere) needed to remain successful within the new competitive landscape in the long run.</p><p><blockquote>近年来，电动汽车行业的竞争也愈演愈烈。在过去十年中，由于对气候变化的日益担忧以及传统汽油燃料汽车和电动汽车之间的价格平价，消费者对电动汽车的态度发生了巨大变化。随着第三方原始设备制造商更容易获得汽车电池解决方案，新兴电动汽车制造商的进入门槛也大幅降低；随着初始投资变得比2003年特斯拉更加合理，新进入者现在更热衷于参与不断增长的电动汽车行业的盈利机会，当时电动汽车对许多人来说仍然只是一个概念。除了新进入者之外，福特（纽约证券交易所股票代码：F）等传统汽油燃料汽车制造商也开始将全电池驱动的汽车纳入其车队，以满足不断变化的消费者需求并保持在汽车行业内的竞争力。然而，我们相信蔚来拥有在新的竞争格局中长期保持成功所需的品牌、客户体验、生产战略、人才和商业模式（此处进一步分析）。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> NIO has already established a strong brand presence within the domestic Chinese market, which is currently one of the fastest growing EV markets, representing more than 40% of global EV sales in 2020. Combined with their proven ability to produce quality EVs, construct innovative charging infrastructure, achieve breakthrough progress in the development of autonomous driving technology, and execute their overseas expansion strategy, NIO is effectively narrowing the gap between them and Tesla within the EV sector on a global scale. We are confident that the next five years will be a transformational era for the EV and tech company due to increasing demands for electrification and automation within the automotive industry, which NIO has already proven to excel in. The value of its continued achievements will be reflected in its share price in no time, making them a worthy stock pick for those looking to profit off of the impending age of green transition and automation.</p><p><blockquote>蔚来已经在中国国内市场建立了强大的品牌影响力，中国国内市场是目前增长最快的电动汽车市场之一，2020年占全球电动汽车销量的40%以上。结合其生产优质电动汽车、建设创新充电基础设施、在自动驾驶技术开发方面取得突破性进展以及执行海外扩张战略的能力，蔚来正在有效缩小与特斯拉在全球电动汽车领域的差距。我们相信，由于汽车行业对电气化和自动化的需求不断增长，未来五年将是电动汽车和科技公司的转型时代，蔚来已经证明在这方面表现出色。其持续成就的价值将很快反映在其股价中，对于那些希望从即将到来的绿色转型和自动化时代中获利的人来说，这使其成为值得选择的股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can NIO Stock Reach $100? We Think It's A Matter Of 'When' Not 'If'<blockquote>蔚来股价能达到100美元吗？我们认为这是“何时”的问题，而不是“如果”的问题</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\">\nCan NIO Stock Reach $100? We Think It's A Matter Of 'When' Not 'If'<blockquote>蔚来股价能达到100美元吗？我们认为这是“何时”的问题，而不是“如果”的问题</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-05 12:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>NIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.</li>  <li>The company's innovative approach and overseas expansion strategy, combined with the growing market sentiment on global electrification and automation are expected to boost the company's valuation.</li>  <li>We believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7b31b2f189fa181e941126674e0b4c0b\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Drew Angerer/Getty Images News via Getty Images</span></p><p><blockquote><ul><li>蔚来的股价在过去一年飙升了816%以上，在3月初的成长股抛售之前，在2月初达到了近62美元的峰值。</li><li>该公司的创新方法和海外扩张战略，加上全球电气化和自动化市场情绪日益高涨，预计将提振该公司的估值。</li><li>我们相信，随着自动驾驶成为现实，全球电动汽车销量持续增长，蔚来股价到2025年将飙升至160美元以上。</li></ul><p class=\"t-img-caption\"><span>摄影：Drew Angerer/Getty Images新闻来自Getty Images</span></p></blockquote></p><p> Despite it being a local Chinese electric vehicle (“EV”) brand that has only recently started its overseas expansion into Europe, NIO(NYSE:NIO)has already garnered significant international attention amidst avid investors within the EV sector in recent years. It has only been three short years since NIO made its first deliveries in mid-2018, yet many are already wondering whether its share price can reach similar heights as an industry leader, Tesla’s(NASDAQ:TSLA). Albeit a little farfetched given Tesla is currently trading at more than $600 per share with a market cap of more than $600 billion, we do believe NIO has promising potential to break $100 per share before 2025. Even Wall Street Analysts remain optimistic about the company’s future by assigning a&nbsp;price target of close to $60, which represents upward potential of more than 35% based on the last traded share price of $42.34 (June 1st).</p><p><blockquote>尽管蔚来（纽约证券交易所股票代码：蔚来）是一个中国本土电动汽车（“EV”）品牌，最近才开始向欧洲进行海外扩张，但近年来已经在电动汽车行业狂热投资者中获得了国际关注。距离蔚来于2018年中期首次交付仅过去了短短三年，但许多人已经想知道其股价是否能达到与行业领导者特斯拉（纳斯达克股票代码：TSLA）类似的高度。尽管考虑到特斯拉目前的股价超过每股600美元，市值超过6000亿美元，这有点牵强，但我们确实相信蔚来有潜力在2025年之前突破每股100美元。就连华尔街分析师也对该公司的未来保持乐观，他们将目标价定为接近60美元，根据上次交易股价42.34美元（6月1日）计算，该目标价有超过35%的上涨潜力。</blockquote></p><p> Founded in 2014, NIO has sold and delivered more than 100,000 vehicles in China to date. The company boasts a fleet of five emission-free, fully battery-powered models, ranging from sports cars to luxury sedans and full-size SUVs. In addition to their vehicles, NIO is also known for their significant progress achieved in innovative technology, including state-of-the-art battery solutions, artificial intelligence, and autonomous driving. The company has also recently turned their global expansion plans into reality, with the first overseas NIO store to open in Oslo, Norway in Q3 2021. We believe that reaching a share price of $100 is no longer a question of “if”, but instead, “when”.</p><p><blockquote>蔚来成立于2014年，迄今在华销售和交付汽车已超过10万辆。该公司拥有一支由五款零排放、全电池驱动的车型组成的车队，从跑车到豪华轿车和全尺寸SUV。除了汽车之外，蔚来还因其在创新技术方面取得的重大进展而闻名，包括最先进的电池解决方案、人工智能和自动驾驶。该公司最近还将他们的全球扩张计划变成了现实，第一家海外蔚来商店将于2021年第三季度在挪威奥斯陆开业。我们认为，股价达到100美元不再是“如果”的问题，而是“何时”的问题。</blockquote></p><p> <b>A Trailblazer in Innovative Technology</b></p><p><blockquote><b>创新技术的开拓者</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16d9fd877602d5604bc3a69593badfdf\" tg-width=\"640\" tg-height=\"262\"><span>Source:ir.nio.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ir.nio.com</span></p></blockquote></p><p> NIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fast and convenient solution to concerns over the typically limited travel range of EVs. Similar to a gas station, Power Swap is a battery swapping station that can swap a dead battery out for a fully charged one in under three minutes; a fully charged battery enables a NIO vehicle to travel up to 435 miles, which is more than double of the&nbsp;181-mile average travel range of electric vehicles&nbsp;currently available on the market. NIO owners have the option to subscribe to the“Battery as a Service” (“BaaS”)package, which is a monthly subscription service that provides NIO owners with flexible options for battery upgrades based on personal needs. The company currently offers a standard 75 kWh battery which enables a travel range of up to 310 miles on a full charge, and an enhanced 100 kWh battery which enables a travel range of up to 435 miles on a full charge; both are available for NIO owners to choose from on a month-to-month basis under BaaS. To date, there are&nbsp;more than 226 battery swapping stations&nbsp;across China, with more on the way following a recent&nbsp;strategic partnership agreement&nbsp;between NIO and Sinopec. NIO’s vehicles are also compatible with local competitor XPeng’s(NYSE:XPEV)1,140 vehicle charging stations available across 164 cities in China, which further enhances its existing network of charging infrastructure in place for NIO owners.</p><p><blockquote>蔚来一直表现出令人不安的创新者的特征。该品牌因其在电池交换技术“Power Swap”方面的突破而广为人知，该技术为蔚来车主提供了一种快速便捷的解决方案，以解决电动汽车行驶里程通常有限的问题。与加油站类似，换电是一个电池交换站，可以在三分钟内将没电的电池换成充满电的电池；充满电的电池使蔚来汽车能够行驶435英里，是目前市场上电动汽车平均行驶里程181英里的两倍多。蔚来车主可以选择订阅“电池即服务”（“BaaS”）套餐，这是一项按月订阅的服务，为蔚来车主根据个人需求提供电池升级的灵活选择。该公司目前提供标准75 kWh电池，充满电后续航里程可达310英里，增强型100 kWh电池，充满电后续航里程可达435英里；两者都可供蔚来车主在BaaS下按月选择。迄今为止，全国已有超过226个电池交换站，继蔚来与中石化最近达成战略合作协议后，更多的电池交换站正在建设中。蔚来的车辆还与当地竞争对手小鹏汽车（纽约证券交易所股票代码：XPEV）在中国164个城市提供的1,140个汽车充电站兼容，这进一步增强了其为蔚来车主提供的现有充电基础设施网络。</blockquote></p><p> In addition to the developed network of infrastructure needed to sustain NIO EVs in the long run, the company has also been working diligently on perfecting their autonomous driving and AI technology in order to remain competitive in the broader EV and tech space. NIO has already been performing testing on its autonomous driving systems since 2016, with their first testing on public roads in Beijing performed in 2018. The company’s commitment to the future of passenger transportation is also proven through their development of&nbsp;EVE, the brand’s concept car for autonomous driving which encompasses a luxurious, comfortable and safe experience powered by NIO’s&nbsp;NOMI AI, the world’s first in-vehicle artificial intelligence.</p><p><blockquote>除了长期维持蔚来电动汽车所需的发达基础设施网络外，该公司还一直在努力完善其自动驾驶和人工智能技术，以在更广泛的电动汽车和技术领域保持竞争力。自2016年以来，蔚来一直在对其自动驾驶系统进行测试，并于2018年在北京的公共道路上进行了首次测试。该公司对未来客运的承诺也通过EVE的开发得到了证明，EVE是该品牌的自动驾驶概念车，由蔚来的NOMI AI（世界上第一个车载人工智能）提供豪华、舒适和安全的体验。</blockquote></p><p></p><p> To further enhance their progress in autonomous driving technology, NIO has recently&nbsp;partnered with Mobileye&nbsp;– an Intel-owned(NASDAQ:INTC)company known for developing the “EyeQ chip” currently used by more than 27 car manufacturers for their assisted-driving technologies – to develop and commercialize driving automation that does not require human interaction (i.e. “level 4” autonomous driving). Their collaboration is expected to accelerate NIO’s launch of the “Autonomous Driving as a Service” (“ADaaS”) package, which is a monthly subscription for their autonomous driving technology, “NIO Autonomous Driving” (“NAD”). However, similar to Tesla’s “Full Self-Driving” package, the NAD technology that is expected to launch in 2022 does not yet make NIO vehicles capable of driving without human intervention, but it does catapult NIO to a comparable spot with industry leader Tesla in the race towards level 4 autonomous driving. NIO owners will have the option to subscribe to ADaaS for a monthly subscription fee of RMB 680. With more than 102,000 NIO vehicles on the road today, the new subscription package is expected to generate incremental annual sales of RMB 840 million ($132 million); the additional revenue stream is valued at approximately RMB 10 billion ($1.6 billion) upon the service’s inception, assuming an average vehicle life of 12 years with most existing NIO owners signing up.</p><p><blockquote>为了进一步推动自动驾驶技术的进步，蔚来最近与Mobileye合作，Mobileye是一家英特尔旗下（纳斯达克股票代码：INTC）公司，以开发“EyeQ芯片”而闻名，目前已被超过27家汽车制造商用于其辅助驾驶技术——开发和商业化不需要人机交互的驾驶自动化（即“4级”自动驾驶）。他们的合作预计将加速蔚来推出“自动驾驶即服务”（“ADaaS”）套餐，这是他们的自动驾驶技术“蔚来自动驾驶”（“NAD”）的每月订阅。然而，与特斯拉的“全自动驾驶”套件类似，预计将于2022年推出的NAD技术尚未使蔚来汽车能够在没有人工干预的情况下驾驶，但它确实使蔚来在通往4级自动驾驶的竞赛中与行业领导者特斯拉相提并论。蔚来车主将可以选择订阅ADaaS，每月订阅费为人民币680元。如今上路的蔚来汽车超过10.2万辆，新的订阅套餐预计将产生8.4亿元人民币（1.32亿美元）的年销售额增量；假设大多数现有蔚来车主注册的平均车辆寿命为12年，该服务推出后的额外收入流价值约为100亿元人民币（16亿美元）。</blockquote></p><p> NIO’s continuous developments in autonomous driving technology are expected to benefit the company and its shareholders greatly in the near future. By 2025, the global autonomous cars market will become one of the fastest growing and most highly demanded segments with an&nbsp;estimated value of $1.6 trillion. A 6% share of this market would add a valuation of at least $100 billion to NIO’s existing $67 billion market cap, boosting its per unit share value to more than $100. Considering NIO is currently one of the very few fully electric automakers to have achieved tangible results within the autonomous driving scene, and is actively growing its overseas sales, we are confident that the company is capable of capturing more than 6% of the said market share, and achieve a per unit share price of more than $100 by 2025 with ease. Combined with the global shift in consumer preference towards electrification and automation, we are projecting vehicle sales of approximately 300,000 units by FY 2025, which will yield total revenues of approximately RMB 140 billion ($22 billion).</p><p><blockquote>蔚来在自动驾驶技术方面的不断发展预计将在不久的将来使公司及其股东受益匪浅。到2025年，全球自动驾驶汽车市场将成为增长最快、需求最大的细分市场之一，估计价值为1.6万亿美元。该市场6%的份额将为蔚来现有670亿美元的市值增加至少1000亿美元的估值，使其每股价值超过100美元。考虑到蔚来是目前极少数在自动驾驶领域取得切实成果的全电动汽车制造商之一，并且正在积极增长其海外销量，我们有信心该公司有能力占据上述市场6%以上的份额，并轻松实现到2025年每股股价超过100美元。结合全球消费者偏好向电气化和自动化的转变，我们预计到2025财年汽车销量约为30万辆，总收入约为1400亿元人民币（220亿美元）。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b6c800a04e6df92802f6893d214eecdd\" tg-width=\"640\" tg-height=\"213\"><span>Source: Author, with data from our internal forecasts (NIO_-_Forecasted_Financial_Information.pdf).</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自我们的内部预测（蔚来_-_Forecasted_Financial_Information.pdf）。</span></p></blockquote></p><p> <b>Global Expansion</b></p><p><blockquote><b>全球扩张</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/537449f8f7ee9c736b48c1776cbb7259\" tg-width=\"640\" tg-height=\"249\"><span>Source: ir.nio.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：ir.nio.com</span></p></blockquote></p><p> Another catalyst that will propel NIO’s share price beyond $100 is their ongoing overseas expansion efforts. NIO has been transparent about their intentions to expand globally, especially in the U.S. and Europe, as part of their plans in becoming an industry leader. NIO will be opening its first&nbsp;overseas sales and service centre in Oslo, Norway&nbsp;in September. The brand’s footprint in Norway will further expand in 2022 with four more NIO stores to open in Bergen, Stavanger, Trondheim and Kristiansand. In addition to its direct sales and service centres, NIO will also be introducing a full charging map for Europe, starting with four NIO Power Swap stations in Norway to provide new NIO owners with the convenience and range that the brand builds its success on. NIO’s flagship SUV, the&nbsp;ES8, which currently retails at a&nbsp;starting price of approximately US$67,000, will be the first model introduced in the European market, with the brand’s newest full-size sedan, the&nbsp;ET7, to follow in 2022.</p><p><blockquote>推动蔚来股价突破100美元的另一个催化剂是他们正在进行的海外扩张努力。蔚来一直公开表示其全球扩张的意图，特别是在美国和欧洲，作为其成为行业领导者计划的一部分。蔚来将于9月在挪威奥斯陆开设首个海外销售及服务中心。该品牌在挪威的足迹将于2022年进一步扩大，将在Bergen、Stavanger、Trondheim和Kristiansand开设四家蔚来商店。除了直销和服务中心外，蔚来还将在欧洲推出完整的充电地图，首先是在挪威的四个蔚来换电站，为新蔚来车主提供该品牌赖以成功的便利和续航里程。蔚来的旗舰SUV ES 8目前零售价约为67,000美元，将是首款引入欧洲市场的车型，该品牌最新的全尺寸轿车ET 7将于2022年紧随其后。</blockquote></p><p> With a proven sales track record in China’s luxury EV market, and specs comparable to the globally recognized Tesla, there is no reason for NIO to not succeed overseas. As mentioned in earlier sections, NIO’s vehicles have a driving range of up to 435 miles on a full charge, making it a desirable choice for potential European and American car owners looking for a reliable companion to accompany them on daily commutes to long road trips. The NIO exterior and interior designs are also modern, luxurious, and comparable to those preferred by the European and North American population. Combined with a diverse product line and price range, NIO is equipped to take on the increasing demands for EVs on a global scale.</p><p><blockquote>凭借在中国豪华电动汽车市场的良好销售记录，以及与全球公认的特斯拉相当的规格，蔚来没有理由不在海外取得成功。正如前面提到的，蔚来的车辆充满电后的行驶里程可达435英里，这使得它成为潜在的欧美车主的理想选择，他们正在寻找一个可靠的伴侣来陪伴他们进行日常通勤和长途旅行。蔚来的外观和内饰设计也是现代、豪华的，可与欧洲和北美人口的首选相媲美。结合多样化的产品线和价格范围，蔚来有能力满足全球范围内对电动汽车不断增长的需求。</blockquote></p><p> <b>NIO’s Historical Performance</b></p><p><blockquote><b>蔚来的历史表现</b></blockquote></p><p></p><p> Just a little more than a year ago, NIO’s share price hit an all-time low at under $2 amidst liquidity troubles despite continued vehicle sales. In mid-2020, the municipal government of Hefei, China came to NIO’s rescue with a&nbsp;capital injection of RMB 7 billion&nbsp;(approximately $1 billion). The arrangement resulted in the creation of “NIO China”, which serves as the operating entity that holds all of NIO’s core businesses and assets; NIO currently holds a 90.36% ownership interest in NIO China, while the “Hefei Strategic Investors” consortium holds the remainder 9.64%. The partnership became the company’s lifeline; the additional capital brought forth significant improvements to the company’s operations and vehicle sales, which were reflected in their strong financial performance and upward trend in share price in the summer of 2020. By the end of 2020’s second quarter, NIO’s share price rebounded by almost 20% on average after posting a 171% quarter-over-quarter increase in total revenues. The company’s share price more than tripled in 2020’s third quarter, averaging $15.40, and continued to climb towards its fourth quarter average of $38.70. By the end of the latest quarter ended March 31st, 2021, NIO’s share price averaged $50.97, and peaked at almost $62 in February which is more than 10x its&nbsp;IPO price in 2018. The company holds a market cap of more than $67 billion today, outgrowing its mere $1 billion market cap when it made its debut on the NYSE.</p><p><blockquote>就在一年多前，尽管汽车销量持续增长，但由于流动性问题，蔚来股价跌至2美元以下的历史低点。2020年年中，中国合肥市政府向蔚来注资70亿元人民币（约合10亿美元）。该安排导致创建了“蔚来中国”，作为持有蔚来所有核心业务和资产的运营实体；蔚来目前持有蔚来90.36%的所有权权益，而“合肥战略投资者”联合体持有馀下9.64%。这种合作关系成为了公司的生命线；额外资本为公司的运营和汽车销售带来了显着改善，这反映在其强劲的财务业绩和2020年夏季股价的上涨趋势上。截至2020年第二季度末，蔚来总收入环比增长171%，股价平均反弹近20%。该公司股价在2020年第三季度上涨了两倍多，平均为15.40美元，并继续攀升至第四季度平均38.70美元。截至2021年3月31日的最新季度末，蔚来的平均股价为50.97美元，并在2月份达到近62美元的峰值，是2018年IPO价格的10倍多。该公司目前的市值超过670亿美元，超过了其在纽约证券交易所上市时仅10亿美元的市值。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/75a1d7edb18c1762028ba54f617e1982\" tg-width=\"640\" tg-height=\"250\"><span>Source: Author, with data from ir.nio.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者，数据来自ir.nio.com</span></p></blockquote></p><p> NIO’s fundamentals have also shown nothing but steady improvements since its share price peaked earlier this year before the&nbsp;growth stock sell-off in late February. Deliveries in 2021 have continued to accelerate exponentially, with first quarter deliveries of more than 20,000 vehicles, representing almost 50% of total deliveries made in 2020. The company continues to exhibit a promising outlook with more than 7,100 vehicles delivered in April, representing an increase of more than 125% year-over-year. NIO has also maintained positive cash flows from operating activities for the first quarter of 2021, thanks to the higher deliveries and effective cost-management measures which have amped up their gross profit margin to 19.5%, comparable with industry leaders like Tesla whose first quarter gross margins were 21%. As aforementioned, we are forecasting vehicle sales of close to 300,000 units by FY 2025, which translates to approximately RMB 140 billion ($22 billion) in total revenues ($18.60 per share). Our vehicle sales forecast for FY 2025 is further corroborated by the&nbsp;recently renewed manufacturing agreement&nbsp;with joint venturer “Jianghuai Automobile Group” (“JAC”), which increases the current annual production capacity of 100,000 units to 240,000 units; the ongoing construction of “NeoPark” in Hefei, China is also expected to add annual production capacity of 1 million units, which further supports our positive outlook on NIO’s continued commitment to grow its business. Considering industry peer Tesla’s current P/S ratio of 16.43x with approximately $42 billion in annual revenues (annualization of $10.389 billion in first quarter revenues), the same proportion applied to NIO’s forecasted FY 2025 total revenues is expected to yield a P/S ratio of 8.7x, resulting in a share price of more than $160.</p><p><blockquote>自今年早些时候股价在2月底成长型股票遭到抛售之前见顶以来，蔚来的基本面也只显示出稳步改善。2021年的交付量继续呈指数级增长，第一季度交付量超过20,000辆，几乎占2020年总交付量的50%。该公司继续展现出乐观的前景，4月份交付了超过7,100辆汽车，同比增长超过125%。得益于更高的交付量和有效的成本管理措施，蔚来在2021年第一季度的经营活动中也保持了正现金流，这些措施将其毛利率提高至19.5%，与特斯拉等行业领导者的毛利率相当。第一季度毛利率为21%。如上所述，我们预计到2025财年汽车销量将接近30万辆，这意味着总收入约为1400亿元人民币（220亿美元）（每股18.60美元）。我们最近与合资企业“江淮汽车集团”（“江淮汽车”）续签的制造协议进一步证实了我们对2025财年的汽车销售预测，该协议将目前100,000辆的年产能提高到240,000辆；正在建设中的“NeoPark”亦预期将新增100万台的年产能，这进一步支持了我们对蔚来继续致力于发展其业务的积极展望。考虑到行业同行特斯拉目前的市盈率为16.43倍，年收入约为420亿美元（第一季度收入年化为103.89亿美元），将相同比例应用于蔚来预测的2025财年总收入预计将产生市盈率8.7倍，股价超过160美元。</blockquote></p><p> <b>NIO vs. LI and XPEV</b></p><p><blockquote><b>蔚来vs.LI和XPEV</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af8fa939f92be448d1f427a6ac4bfb25\" tg-width=\"640\" tg-height=\"352\"><span>Source: Finviz</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Finviz</span></p></blockquote></p><p> We have also compared NIO’s current P/S ratio to its domestic peers to gauge the timeline in which NIO’s share price will exceed $100. NIO currently trades at a P/S ratio of approximately 14.88x, while domestic industry peers, Li Auto(NASDAQ:LI)and XPEV, currently trade at a P/S ratio of 14.46x and 21.31x, respectively.</p><p><blockquote>我们还将蔚来目前的市盈率与其国内同行进行了比较，以衡量蔚来股价突破100美元的时间表。蔚来目前的市盈率约为14.88倍，而国内行业同行理想汽车（纳斯达克：LI）和XPEV目前的市盈率分别为14.46倍和21.31倍。</blockquote></p><p></p><p> Considering NIO’s technology, revenues, global footprint, and cash flows are stronger than LI’s and XPEV’s, the former deserves to be traded at a much higher multiple than the latter two. Even if NIO reaches a P/S ratio of 18.1x (mid-point to XPEV's), it will drive the company’s current share price up to $51.50, which represents an upside potential of 22% based on the last traded share price of $42.34 (June 1st). And based on our forecasted revenues for FY 2025 for NIO of RMB 140 billion ($22 billion), or $18.60 per share, even a multiple half of the 18.1x would be more than sufficient to bring NIO's share price beyond $160 by 2025; we believe the trading multiple is achievable for NIO given the cash from operations and technological advancements achieved by then would place them on a trajectory of continued long-term growth within the EV industry, which is expected to continue into 2030 and beyond when the brand's level 4 autonomous driving technology development is complete and commercialized.</p><p><blockquote>考虑到蔚来的技术、收入、全球足迹和现金流都强于LI和XPEV，前者的市盈率应该远高于后两者。即使蔚来的市盈率达到18.1倍（XPEV的中点），也将推动该公司当前股价上涨至51.50美元，基于上次交易股价42.34美元（6月1日），这意味着22%的上涨潜力。根据我们对蔚来2025财年收入1400亿元人民币（220亿美元）或每股18.60美元的预测，即使是18.1倍的一半也足以使蔚来的股价在2025年突破160美元；我们认为，蔚来的交易倍数是可以实现的，因为届时从运营中获得的现金和技术进步将使其走上电动汽车行业持续长期增长的轨道，预计这种增长将持续到2030年及以后，届时该品牌的4级自动驾驶技术开发完成并商业化。</blockquote></p><p> <b>Business Risks and Challenges</b></p><p><blockquote><b>业务风险及挑战</b></blockquote></p><p> As mentioned in one of my&nbsp;previous articles on NIO, the “Holding Foreign Companies Accountable Act” (“HFCA Act”) remains one of the most significant impending threats to the company’s share price. Currently, public accounting firms in China are non-compliant with PCAOB inspection rules required by the SEC, and the enactment of the HFCA Act in December 2020 requires that these public accounting firms comply with PCAOB inspection requests within three years of the enactment date; otherwise, all public companies audited by said firms will be subject to risks of de-listing. NIO is currently audited by PricewaterhouseCoopers Zhong Tian LLP, which is on PCAOB’s&nbsp;denied-access list. The potential threat of being delisted from the NYSE could be a deterrence factor to investors and ultimately hemorrhage NIO’s share price in the long run if Chinese authorities and the PCAOB cannot reach an agreement on conducting inspections soon.</p><p><blockquote>正如我在之前关于蔚来的一篇文章中提到的，《外国公司问责法》（“HFCA法案”）仍然是公司股价面临的最重大威胁之一。目前，中国的公共会计师事务所不符合SEC要求的PCAOB检查规则，2020年12月HFCA法案的颁布要求这些公共会计师事务所在颁布之日起三年内遵守PCAOB的检查要求；否则，上述事务所审计的所有上市公司都将面临退市风险。蔚来目前由普华永道中天会计师事务所（LLP）进行审计，该事务所被列入PCAOB的拒绝访问名单。如果中国当局和PCAOB不能很快就进行检查达成协议，从纽约证券交易所退市的潜在威胁可能会成为投资者的威慑因素，并最终导致蔚来股价长期下跌。</blockquote></p><p> Another imminent challenge to NIO’s business is the ongoing global chip supply shortage. As the automotive industry becomes more dependent on chips to manage every function of their vehicles, the gap between automaker demands and chip manufacturer supplies is widened. NIO was no exception to the impacts of the ongoing chip supply crisis – in March 2021, NIO halted their production activity at the JAC-NIO manufacturing plant for five working days in order to adjust their production levels. However, the company continues to effectively navigate through the situation as proven through their increasing number of deliveries month-over-month; in NIO’s latest delivery update press release for April, the company has continued to keep up with market demand with more than 7,100 vehicle deliveries made, representing a 125% year-over-year growth.</p><p><blockquote>蔚来业务面临的另一个迫在眉睫的挑战是持续的全球芯片供应短缺。随着汽车行业越来越依赖芯片来管理车辆的每一项功能，汽车制造商的需求和芯片制造商的供应之间的差距越来越大。蔚来也不例外地受到持续的芯片供应危机的影响——2021年3月，蔚来停止了江淮蔚来制造工厂的生产活动五个工作日，以调整生产水平。然而，该公司继续有效地应对这种情况，交付量逐月增加就证明了这一点；在蔚来4月份最新的交付更新新闻稿中，该公司继续满足市场需求，交付了超过7,100辆汽车，同比增长125%。</blockquote></p><p> Competition within the EV sector has also ramped up in recent years. Consumer attitude towards EVs has changed drastically in the past decade due to rising concerns over climate change met with price parity between traditional petrol-fueled vehicles and EVs. The entry barrier for emerging EV makers has also lowered significantly as car battery solutions become more accessible through third-party OEMs; new entrants are now keener on participating in the profitable opportunity within the growing EV sector as initial investments become more reasonable than it was for Tesla in 2003 when EVs were still just a concept to many. In addition to new entrants, traditional petrol-fueled automakers like Ford(NYSE:F)have also started to incorporate fully battery-powered vehicles into their fleet in order to meet evolving consumer demands and remain competitive within the automotive industry. However, we believe NIO possesses the brand, customer experience, production strategy, talent and business model (further analyzedhere) needed to remain successful within the new competitive landscape in the long run.</p><p><blockquote>近年来，电动汽车行业的竞争也愈演愈烈。在过去十年中，由于对气候变化的日益担忧以及传统汽油燃料汽车和电动汽车之间的价格平价，消费者对电动汽车的态度发生了巨大变化。随着第三方原始设备制造商更容易获得汽车电池解决方案，新兴电动汽车制造商的进入门槛也大幅降低；随着初始投资变得比2003年特斯拉更加合理，新进入者现在更热衷于参与不断增长的电动汽车行业的盈利机会，当时电动汽车对许多人来说仍然只是一个概念。除了新进入者之外，福特（纽约证券交易所股票代码：F）等传统汽油燃料汽车制造商也开始将全电池驱动的汽车纳入其车队，以满足不断变化的消费者需求并保持在汽车行业内的竞争力。然而，我们相信蔚来拥有在新的竞争格局中长期保持成功所需的品牌、客户体验、生产战略、人才和商业模式（此处进一步分析）。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> NIO has already established a strong brand presence within the domestic Chinese market, which is currently one of the fastest growing EV markets, representing more than 40% of global EV sales in 2020. Combined with their proven ability to produce quality EVs, construct innovative charging infrastructure, achieve breakthrough progress in the development of autonomous driving technology, and execute their overseas expansion strategy, NIO is effectively narrowing the gap between them and Tesla within the EV sector on a global scale. We are confident that the next five years will be a transformational era for the EV and tech company due to increasing demands for electrification and automation within the automotive industry, which NIO has already proven to excel in. The value of its continued achievements will be reflected in its share price in no time, making them a worthy stock pick for those looking to profit off of the impending age of green transition and automation.</p><p><blockquote>蔚来已经在中国国内市场建立了强大的品牌影响力，中国国内市场是目前增长最快的电动汽车市场之一，2020年占全球电动汽车销量的40%以上。结合其生产优质电动汽车、建设创新充电基础设施、在自动驾驶技术开发方面取得突破性进展以及执行海外扩张战略的能力，蔚来正在有效缩小与特斯拉在全球电动汽车领域的差距。我们相信，由于汽车行业对电气化和自动化的需求不断增长，未来五年将是电动汽车和科技公司的转型时代，蔚来已经证明在这方面表现出色。其持续成就的价值将很快反映在其股价中，对于那些希望从即将到来的绿色转型和自动化时代中获利的人来说，这使其成为值得选择的股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4432901-nio-stock-reach-100\">seekingalpha</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":{"NIO":"蔚来"},"source_url":"https://seekingalpha.com/article/4432901-nio-stock-reach-100","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148130971","content_text":"Summary\n\nNIO's share price has soared by more than 816% in the past year, peaking at almost $62 in early February before the growth stock sell-off in early March.\nThe company's innovative approach and overseas expansion strategy, combined with the growing market sentiment on global electrification and automation are expected to boost the company's valuation.\nWe believe NIO's share price will soar beyond $160 by 2025 as global EV sales continue to ramp up with autonomous driving becoming a reality.\n\nPhoto by Drew Angerer/Getty Images News via Getty Images\nDespite it being a local Chinese electric vehicle (“EV”) brand that has only recently started its overseas expansion into Europe, NIO(NYSE:NIO)has already garnered significant international attention amidst avid investors within the EV sector in recent years. It has only been three short years since NIO made its first deliveries in mid-2018, yet many are already wondering whether its share price can reach similar heights as an industry leader, Tesla’s(NASDAQ:TSLA). Albeit a little farfetched given Tesla is currently trading at more than $600 per share with a market cap of more than $600 billion, we do believe NIO has promising potential to break $100 per share before 2025. Even Wall Street Analysts remain optimistic about the company’s future by assigning a price target of close to $60, which represents upward potential of more than 35% based on the last traded share price of $42.34 (June 1st).\nFounded in 2014, NIO has sold and delivered more than 100,000 vehicles in China to date. The company boasts a fleet of five emission-free, fully battery-powered models, ranging from sports cars to luxury sedans and full-size SUVs. In addition to their vehicles, NIO is also known for their significant progress achieved in innovative technology, including state-of-the-art battery solutions, artificial intelligence, and autonomous driving. The company has also recently turned their global expansion plans into reality, with the first overseas NIO store to open in Oslo, Norway in Q3 2021. We believe that reaching a share price of $100 is no longer a question of “if”, but instead, “when”.\nA Trailblazer in Innovative Technology\nSource:ir.nio.com\nNIO has continuously exhibited characteristics of an unsettling innovator. The brand is widely known for their breakthrough in battery swapping technology, “Power Swap”, which provides NIO owners with a fast and convenient solution to concerns over the typically limited travel range of EVs. Similar to a gas station, Power Swap is a battery swapping station that can swap a dead battery out for a fully charged one in under three minutes; a fully charged battery enables a NIO vehicle to travel up to 435 miles, which is more than double of the 181-mile average travel range of electric vehicles currently available on the market. NIO owners have the option to subscribe to the“Battery as a Service” (“BaaS”)package, which is a monthly subscription service that provides NIO owners with flexible options for battery upgrades based on personal needs. The company currently offers a standard 75 kWh battery which enables a travel range of up to 310 miles on a full charge, and an enhanced 100 kWh battery which enables a travel range of up to 435 miles on a full charge; both are available for NIO owners to choose from on a month-to-month basis under BaaS. To date, there are more than 226 battery swapping stations across China, with more on the way following a recent strategic partnership agreement between NIO and Sinopec. NIO’s vehicles are also compatible with local competitor XPeng’s(NYSE:XPEV)1,140 vehicle charging stations available across 164 cities in China, which further enhances its existing network of charging infrastructure in place for NIO owners.\nIn addition to the developed network of infrastructure needed to sustain NIO EVs in the long run, the company has also been working diligently on perfecting their autonomous driving and AI technology in order to remain competitive in the broader EV and tech space. NIO has already been performing testing on its autonomous driving systems since 2016, with their first testing on public roads in Beijing performed in 2018. The company’s commitment to the future of passenger transportation is also proven through their development of EVE, the brand’s concept car for autonomous driving which encompasses a luxurious, comfortable and safe experience powered by NIO’s NOMI AI, the world’s first in-vehicle artificial intelligence.\nTo further enhance their progress in autonomous driving technology, NIO has recently partnered with Mobileye – an Intel-owned(NASDAQ:INTC)company known for developing the “EyeQ chip” currently used by more than 27 car manufacturers for their assisted-driving technologies – to develop and commercialize driving automation that does not require human interaction (i.e. “level 4” autonomous driving). Their collaboration is expected to accelerate NIO’s launch of the “Autonomous Driving as a Service” (“ADaaS”) package, which is a monthly subscription for their autonomous driving technology, “NIO Autonomous Driving” (“NAD”). However, similar to Tesla’s “Full Self-Driving” package, the NAD technology that is expected to launch in 2022 does not yet make NIO vehicles capable of driving without human intervention, but it does catapult NIO to a comparable spot with industry leader Tesla in the race towards level 4 autonomous driving. NIO owners will have the option to subscribe to ADaaS for a monthly subscription fee of RMB 680. With more than 102,000 NIO vehicles on the road today, the new subscription package is expected to generate incremental annual sales of RMB 840 million ($132 million); the additional revenue stream is valued at approximately RMB 10 billion ($1.6 billion) upon the service’s inception, assuming an average vehicle life of 12 years with most existing NIO owners signing up.\nNIO’s continuous developments in autonomous driving technology are expected to benefit the company and its shareholders greatly in the near future. By 2025, the global autonomous cars market will become one of the fastest growing and most highly demanded segments with an estimated value of $1.6 trillion. A 6% share of this market would add a valuation of at least $100 billion to NIO’s existing $67 billion market cap, boosting its per unit share value to more than $100. Considering NIO is currently one of the very few fully electric automakers to have achieved tangible results within the autonomous driving scene, and is actively growing its overseas sales, we are confident that the company is capable of capturing more than 6% of the said market share, and achieve a per unit share price of more than $100 by 2025 with ease. Combined with the global shift in consumer preference towards electrification and automation, we are projecting vehicle sales of approximately 300,000 units by FY 2025, which will yield total revenues of approximately RMB 140 billion ($22 billion).\nSource: Author, with data from our internal forecasts (NIO_-_Forecasted_Financial_Information.pdf).\nGlobal Expansion\nSource: ir.nio.com\nAnother catalyst that will propel NIO’s share price beyond $100 is their ongoing overseas expansion efforts. NIO has been transparent about their intentions to expand globally, especially in the U.S. and Europe, as part of their plans in becoming an industry leader. NIO will be opening its first overseas sales and service centre in Oslo, Norway in September. The brand’s footprint in Norway will further expand in 2022 with four more NIO stores to open in Bergen, Stavanger, Trondheim and Kristiansand. In addition to its direct sales and service centres, NIO will also be introducing a full charging map for Europe, starting with four NIO Power Swap stations in Norway to provide new NIO owners with the convenience and range that the brand builds its success on. NIO’s flagship SUV, the ES8, which currently retails at a starting price of approximately US$67,000, will be the first model introduced in the European market, with the brand’s newest full-size sedan, the ET7, to follow in 2022.\nWith a proven sales track record in China’s luxury EV market, and specs comparable to the globally recognized Tesla, there is no reason for NIO to not succeed overseas. As mentioned in earlier sections, NIO’s vehicles have a driving range of up to 435 miles on a full charge, making it a desirable choice for potential European and American car owners looking for a reliable companion to accompany them on daily commutes to long road trips. The NIO exterior and interior designs are also modern, luxurious, and comparable to those preferred by the European and North American population. Combined with a diverse product line and price range, NIO is equipped to take on the increasing demands for EVs on a global scale.\nNIO’s Historical Performance\nJust a little more than a year ago, NIO’s share price hit an all-time low at under $2 amidst liquidity troubles despite continued vehicle sales. In mid-2020, the municipal government of Hefei, China came to NIO’s rescue with a capital injection of RMB 7 billion (approximately $1 billion). The arrangement resulted in the creation of “NIO China”, which serves as the operating entity that holds all of NIO’s core businesses and assets; NIO currently holds a 90.36% ownership interest in NIO China, while the “Hefei Strategic Investors” consortium holds the remainder 9.64%. The partnership became the company’s lifeline; the additional capital brought forth significant improvements to the company’s operations and vehicle sales, which were reflected in their strong financial performance and upward trend in share price in the summer of 2020. By the end of 2020’s second quarter, NIO’s share price rebounded by almost 20% on average after posting a 171% quarter-over-quarter increase in total revenues. The company’s share price more than tripled in 2020’s third quarter, averaging $15.40, and continued to climb towards its fourth quarter average of $38.70. By the end of the latest quarter ended March 31st, 2021, NIO’s share price averaged $50.97, and peaked at almost $62 in February which is more than 10x its IPO price in 2018. The company holds a market cap of more than $67 billion today, outgrowing its mere $1 billion market cap when it made its debut on the NYSE.\nSource: Author, with data from ir.nio.com\nNIO’s fundamentals have also shown nothing but steady improvements since its share price peaked earlier this year before the growth stock sell-off in late February. Deliveries in 2021 have continued to accelerate exponentially, with first quarter deliveries of more than 20,000 vehicles, representing almost 50% of total deliveries made in 2020. The company continues to exhibit a promising outlook with more than 7,100 vehicles delivered in April, representing an increase of more than 125% year-over-year. NIO has also maintained positive cash flows from operating activities for the first quarter of 2021, thanks to the higher deliveries and effective cost-management measures which have amped up their gross profit margin to 19.5%, comparable with industry leaders like Tesla whose first quarter gross margins were 21%. As aforementioned, we are forecasting vehicle sales of close to 300,000 units by FY 2025, which translates to approximately RMB 140 billion ($22 billion) in total revenues ($18.60 per share). Our vehicle sales forecast for FY 2025 is further corroborated by the recently renewed manufacturing agreement with joint venturer “Jianghuai Automobile Group” (“JAC”), which increases the current annual production capacity of 100,000 units to 240,000 units; the ongoing construction of “NeoPark” in Hefei, China is also expected to add annual production capacity of 1 million units, which further supports our positive outlook on NIO’s continued commitment to grow its business. Considering industry peer Tesla’s current P/S ratio of 16.43x with approximately $42 billion in annual revenues (annualization of $10.389 billion in first quarter revenues), the same proportion applied to NIO’s forecasted FY 2025 total revenues is expected to yield a P/S ratio of 8.7x, resulting in a share price of more than $160.\nNIO vs. LI and XPEV\nSource: Finviz\nWe have also compared NIO’s current P/S ratio to its domestic peers to gauge the timeline in which NIO’s share price will exceed $100. NIO currently trades at a P/S ratio of approximately 14.88x, while domestic industry peers, Li Auto(NASDAQ:LI)and XPEV, currently trade at a P/S ratio of 14.46x and 21.31x, respectively.\nConsidering NIO’s technology, revenues, global footprint, and cash flows are stronger than LI’s and XPEV’s, the former deserves to be traded at a much higher multiple than the latter two. Even if NIO reaches a P/S ratio of 18.1x (mid-point to XPEV's), it will drive the company’s current share price up to $51.50, which represents an upside potential of 22% based on the last traded share price of $42.34 (June 1st). And based on our forecasted revenues for FY 2025 for NIO of RMB 140 billion ($22 billion), or $18.60 per share, even a multiple half of the 18.1x would be more than sufficient to bring NIO's share price beyond $160 by 2025; we believe the trading multiple is achievable for NIO given the cash from operations and technological advancements achieved by then would place them on a trajectory of continued long-term growth within the EV industry, which is expected to continue into 2030 and beyond when the brand's level 4 autonomous driving technology development is complete and commercialized.\nBusiness Risks and Challenges\nAs mentioned in one of my previous articles on NIO, the “Holding Foreign Companies Accountable Act” (“HFCA Act”) remains one of the most significant impending threats to the company’s share price. Currently, public accounting firms in China are non-compliant with PCAOB inspection rules required by the SEC, and the enactment of the HFCA Act in December 2020 requires that these public accounting firms comply with PCAOB inspection requests within three years of the enactment date; otherwise, all public companies audited by said firms will be subject to risks of de-listing. NIO is currently audited by PricewaterhouseCoopers Zhong Tian LLP, which is on PCAOB’s denied-access list. The potential threat of being delisted from the NYSE could be a deterrence factor to investors and ultimately hemorrhage NIO’s share price in the long run if Chinese authorities and the PCAOB cannot reach an agreement on conducting inspections soon.\nAnother imminent challenge to NIO’s business is the ongoing global chip supply shortage. As the automotive industry becomes more dependent on chips to manage every function of their vehicles, the gap between automaker demands and chip manufacturer supplies is widened. NIO was no exception to the impacts of the ongoing chip supply crisis – in March 2021, NIO halted their production activity at the JAC-NIO manufacturing plant for five working days in order to adjust their production levels. However, the company continues to effectively navigate through the situation as proven through their increasing number of deliveries month-over-month; in NIO’s latest delivery update press release for April, the company has continued to keep up with market demand with more than 7,100 vehicle deliveries made, representing a 125% year-over-year growth.\nCompetition within the EV sector has also ramped up in recent years. Consumer attitude towards EVs has changed drastically in the past decade due to rising concerns over climate change met with price parity between traditional petrol-fueled vehicles and EVs. The entry barrier for emerging EV makers has also lowered significantly as car battery solutions become more accessible through third-party OEMs; new entrants are now keener on participating in the profitable opportunity within the growing EV sector as initial investments become more reasonable than it was for Tesla in 2003 when EVs were still just a concept to many. In addition to new entrants, traditional petrol-fueled automakers like Ford(NYSE:F)have also started to incorporate fully battery-powered vehicles into their fleet in order to meet evolving consumer demands and remain competitive within the automotive industry. However, we believe NIO possesses the brand, customer experience, production strategy, talent and business model (further analyzedhere) needed to remain successful within the new competitive landscape in the long run.\nConclusion\nNIO has already established a strong brand presence within the domestic Chinese market, which is currently one of the fastest growing EV markets, representing more than 40% of global EV sales in 2020. Combined with their proven ability to produce quality EVs, construct innovative charging infrastructure, achieve breakthrough progress in the development of autonomous driving technology, and execute their overseas expansion strategy, NIO is effectively narrowing the gap between them and Tesla within the EV sector on a global scale. We are confident that the next five years will be a transformational era for the EV and tech company due to increasing demands for electrification and automation within the automotive industry, which NIO has already proven to excel in. The value of its continued achievements will be reflected in its share price in no time, making them a worthy stock pick for those looking to profit off of the impending age of green transition and automation.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":650,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111700482,"gmtCreate":1622696299346,"gmtModify":1634099033841,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583915917451734","idStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/111700482","repostId":"1115876867","repostType":4,"isVote":1,"tweetType":1,"viewCount":719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":119680686,"gmtCreate":1622541680445,"gmtModify":1634100670027,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583915917451734","idStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/119680686","repostId":"1143634909","repostType":4,"isVote":1,"tweetType":1,"viewCount":693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137903682,"gmtCreate":1622277465046,"gmtModify":1634102550956,"author":{"id":"3583915917451734","authorId":"3583915917451734","name":"HisyamSapuan","avatar":"https://static.tigerbbs.com/b078dba2ef9bd2456ed7a96b2f764b80","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583915917451734","idStr":"3583915917451734"},"themes":[],"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137903682","repostId":"2138948877","repostType":4,"isVote":1,"tweetType":1,"viewCount":754,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}