Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock._老虎社区_美港股上老虎

Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.

Barrons2021-03-15

The more I learn aboutCoupang,the more I want to move to Seoul. The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks ...

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AHLONG
·2021-03-16
Sure anot??
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1
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Tourmaline
·2021-03-15
Buy a little
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Snowwhite
·2021-03-15
Tempted to buy
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- BTS:
  NATO [贱笑]
  2021-03-16
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- BTS:
  hopefully no action ya as prx keeps on dropping
  2021-03-17
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- Snowwhite:
  Yup NATO [龇牙]
  2021-03-17
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查看更多 2 条评论
同是天涯沦落人
·2021-03-15
How big is Korea mkt?
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Fionfion82
·2021-03-15
It seem weak to me unlike Bumble Stays strong till now
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1
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lowjiaying
·2021-03-15
🙏🏻🥳
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ST2021
·2021-03-15
Really?
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1
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- Fionfion82:
  I doubt so
  2021-03-15
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Kure
·2021-03-15
🤔🤔
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Sk80
·2021-03-15
Best of the best e commerce company
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1
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- johnnyboy:
  for real?
  2021-03-15
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Kelvinyoon26
·2021-03-15
Buy
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1
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- 股你怕么:
  good
  2021-03-15
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Jason1989
·2021-03-15
Sure or not?
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3
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- johnnyboy:
  I also don't know
  2021-03-15
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Derrickhodl
·2021-03-15
Sorry Amazon ftw📈📈📈❤️
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2
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Poopingmons
·2021-03-15
Yes
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4
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klchua78
·2021-03-15
Looks good. BUY buy buy!!!
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tangtkh
·2021-03-15
good like this one
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3
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LennartM
·2021-03-15
like and comment please
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- Jordathj:
  Hi
  2021-03-15
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- zhen130:
  Hi
  2021-03-15
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aazbhsj
·2021-03-15
like n comment pls
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5
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- LennartM:
  sure
  2021-03-15
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Jchptan
·2021-03-15
Comment pls
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7
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- LennartM:
  sure
  2021-03-15
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- Tourmaline:
  Ok
  2021-03-15
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It now ranks ...\n\n<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CPNG","symbol_name":"Coupang, Inc.","start_time":0,"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","article_id":"1139451069","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","pubTimestamp":1615777682,"columns":[],"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CPNG":"Coupang, Inc."},"translate_title":"优惠券是南韩的亚马逊，但也许更好。现在你可以买股票了。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CPNG":0.9},"content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":322784300,"gmtCreate":1615828866100,"gmtModify":1703493762741,"author":{"id":"3573867170923993","authorId":"3573867170923993","name":"AHLONG","avatar":"https://static.tigerbbs.com/0e278677344d99653c443547c0c9bad0","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3573867170923993","authorIdStr":"3573867170923993"},"htmlText":"Sure anot??","listText":"Sure anot??","text":"Sure anot??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322784300","repostId":1139451069,"repostType":2,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":322844891,"gmtCreate":1615798646113,"gmtModify":1703493098667,"author":{"id":"3575675330726225","authorId":"3575675330726225","name":"Tourmaline","avatar":"https://static.tigerbbs.com/f16bc99b5c482ec75b42f0d04b4b3155","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3575675330726225","authorIdStr":"3575675330726225"},"htmlText":"Buy a little","listText":"Buy a little","text":"Buy a little","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322844891","repostId":1139451069,"repostType":2,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":322128837,"gmtCreate":1615785140029,"gmtModify":1703492914760,"author":{"id":"3562979576963766","authorId":"3562979576963766","name":"Snowwhite","avatar":"https://static.tigerbbs.com/f7b8537e21be09b6dce060ffe87a88e8","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3562979576963766","authorIdStr":"3562979576963766"},"htmlText":"Tempted to buy","listText":"Tempted to buy","text":"Tempted to buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/322128837","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3807560,"gmtCreate":1615890233510,"gmtModify":1635753722100,"authorId":3575367471914930,"author":{"id":3575367471914930,"idStr":"3575367471914930","authorId":3575367471914930,"name":"BTS","avatar":"https://static.tigerbbs.com/7c7ab7c634f3af64309445eed64a501e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":322128837,"type":1,"supId":0,"prevId":0,"content":"NATO [贱笑]","text":"NATO [贱笑]","html":"NATO [贱笑]"},{"id":3812276,"gmtCreate":1615940117128,"gmtModify":1635753460170,"authorId":3575367471914930,"author":{"id":3575367471914930,"idStr":"3575367471914930","authorId":3575367471914930,"name":"BTS","avatar":"https://static.tigerbbs.com/7c7ab7c634f3af64309445eed64a501e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":322128837,"type":1,"supId":0,"prevId":0,"content":"hopefully no action ya as prx keeps on dropping","text":"hopefully no action ya as prx keeps on dropping","html":"hopefully no action ya as prx keeps on dropping"},{"id":3814430,"gmtCreate":1615957430155,"gmtModify":1635753302985,"authorId":3562979576963766,"author":{"id":3562979576963766,"idStr":"3562979576963766","authorId":3562979576963766,"name":"Snowwhite","avatar":"https://static.tigerbbs.com/f7b8537e21be09b6dce060ffe87a88e8","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":322128837,"type":1,"supId":0,"prevId":0,"content":"Yup NATO [龇牙]","text":"Yup NATO [龇牙]","html":"Yup NATO [龇牙]"},{"id":3816973,"gmtCreate":1615981268590,"gmtModify":1635753164222,"authorId":3555376654101817,"author":{"id":3555376654101817,"idStr":"3555376654101817","authorId":3555376654101817,"name":"Huat99","avatar":"https://static.tigerbbs.com/2c30eb3331cf3fbbc42818b462456369","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":322128837,"type":1,"supId":3812276,"prevId":0,"content":"better take no action yet","text":"better take no action yet","html":"better take no action yet"},{"id":3830616,"gmtCreate":1616104788544,"gmtModify":1635752476032,"authorId":3562979576963766,"author":{"id":3562979576963766,"idStr":"3562979576963766","authorId":3562979576963766,"name":"Snowwhite","avatar":"https://static.tigerbbs.com/f7b8537e21be09b6dce060ffe87a88e8","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":322128837,"type":1,"supId":3807560,"prevId":0,"content":"Luckily nvr buy leh","text":"Luckily nvr buy leh","html":"Luckily nvr buy leh"}],"langContent":"EN"},{"id":322168071,"gmtCreate":1615783925293,"gmtModify":1703492898687,"author":{"id":"3554323022733956","authorId":"3554323022733956","name":"同是天涯沦落人","avatar":"https://static.tigerbbs.com/218c98f99603705b961006c26525b95e","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3554323022733956","authorIdStr":"3554323022733956"},"htmlText":"How big is Korea mkt?","listText":"How big is Korea mkt?","text":"How big is Korea mkt?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322168071","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":322180938,"gmtCreate":1615782736224,"gmtModify":1703492880039,"author":{"id":"3567652695695694","authorId":"3567652695695694","name":"Fionfion82","avatar":"https://static.tigerbbs.com/22ca6345985b52ec868cac92aafafdc1","vip":1,"crmLevel":7,"crmLevelSwitch":0,"idStr":"3567652695695694","authorIdStr":"3567652695695694"},"htmlText":"It seem weak to me unlike Bumble Stays strong till now","listText":"It seem weak to me unlike Bumble Stays strong till now","text":"It seem weak to me unlike Bumble Stays strong till now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322180938","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":322113786,"gmtCreate":1615782241245,"gmtModify":1703492868820,"author":{"id":"3573033351755424","authorId":"3573033351755424","name":"lowjiaying","avatar":"https://static.tigerbbs.com/b6a8d03c5fd3ebbf0c932dd507f5cdf7","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3573033351755424","authorIdStr":"3573033351755424"},"htmlText":"🙏🏻🥳","listText":"🙏🏻🥳","text":"🙏🏻🥳","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322113786","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":322119814,"gmtCreate":1615782100538,"gmtModify":1703492866401,"author":{"id":"3575103464431977","authorId":"3575103464431977","name":"ST2021","avatar":"https://static.tigerbbs.com/6ee118d87835058266343c1c14e8552c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575103464431977","authorIdStr":"3575103464431977"},"htmlText":"Really?","listText":"Really?","text":"Really?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322119814","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3796115,"gmtCreate":1615782698020,"gmtModify":1635754368439,"authorId":3567652695695694,"author":{"id":3567652695695694,"idStr":"3567652695695694","authorId":3567652695695694,"name":"Fionfion82","avatar":"https://static.tigerbbs.com/22ca6345985b52ec868cac92aafafdc1","vip":1,"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":322119814,"type":1,"supId":0,"prevId":0,"content":"I doubt so","text":"I doubt so","html":"I doubt so"}],"langContent":"EN"},{"id":322137733,"gmtCreate":1615781923722,"gmtModify":1703492864498,"author":{"id":"3577226353596605","authorId":"3577226353596605","name":"Kure","avatar":"https://static.tigerbbs.com/d884cb2a13cb073fbb3d239f8090478e","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3577226353596605","authorIdStr":"3577226353596605"},"htmlText":"🤔🤔","listText":"🤔🤔","text":"🤔🤔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322137733","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":322196707,"gmtCreate":1615780199309,"gmtModify":1703492842718,"author":{"id":"3575794965953568","authorId":"3575794965953568","name":"Sk80","avatar":"https://static.tigerbbs.com/2ebca3f675e6a3b8faf8a639b1c2d190","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3575794965953568","authorIdStr":"3575794965953568"},"htmlText":"Best of the best e commerce company","listText":"Best of the best e commerce company","text":"Best of the best e commerce company","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322196707","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3795907,"gmtCreate":1615780688977,"gmtModify":1635754381969,"authorId":3574470863456268,"author":{"id":3574470863456268,"idStr":"3574470863456268","authorId":3574470863456268,"name":"johnnyboy","avatar":"https://static.tigerbbs.com/3f1ae504243dd90e4d179be3cee5a24f","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":322196707,"type":1,"supId":0,"prevId":0,"content":"for real?","text":"for real?","html":"for real?"}],"langContent":"EN"},{"id":322191488,"gmtCreate":1615779977344,"gmtModify":1703492839434,"author":{"id":"3558581504257803","authorId":"3558581504257803","name":"Kelvinyoon26","avatar":"https://static.tigerbbs.com/17c18f026fcaa77f437cb20f39e1b4ef","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3558581504257803","authorIdStr":"3558581504257803"},"htmlText":"Buy","listText":"Buy","text":"Buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322191488","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3795996,"gmtCreate":1615781779232,"gmtModify":1635754376898,"authorId":3576816969360521,"author":{"id":3576816969360521,"idStr":"3576816969360521","authorId":3576816969360521,"name":"股你怕么","avatar":"https://static.tigerbbs.com/ea4af6f5bc52855706c4d530b3901e85","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":322191488,"type":1,"supId":0,"prevId":0,"content":"good","text":"good","html":"good"}],"langContent":"EN"},{"id":322102270,"gmtCreate":1615779342090,"gmtModify":1703492829927,"author":{"id":"3574900438263615","authorId":"3574900438263615","name":"Jason1989","avatar":"https://static.tigerbbs.com/76dc78bffeef938c039d38e48e2042e1","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3574900438263615","authorIdStr":"3574900438263615"},"htmlText":"Sure or not?","listText":"Sure or not?","text":"Sure or not?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322102270","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3795909,"gmtCreate":1615780699095,"gmtModify":1635754381727,"authorId":3574470863456268,"author":{"id":3574470863456268,"idStr":"3574470863456268","authorId":3574470863456268,"name":"johnnyboy","avatar":"https://static.tigerbbs.com/3f1ae504243dd90e4d179be3cee5a24f","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":322102270,"type":1,"supId":0,"prevId":0,"content":"I also don't know","text":"I also don't know","html":"I also don't know"}],"langContent":"EN"},{"id":322103586,"gmtCreate":1615778793245,"gmtModify":1703492824378,"author":{"id":"3575765870316438","authorId":"3575765870316438","name":"Derrickhodl","avatar":"https://static.tigerbbs.com/2e1a91ff1e2c7029f0ea5d952a46bebb","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3575765870316438","authorIdStr":"3575765870316438"},"htmlText":"Sorry Amazon ftw📈📈📈❤️","listText":"Sorry Amazon ftw📈📈📈❤️","text":"Sorry Amazon ftw📈📈📈❤️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322103586","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":322377866,"gmtCreate":1615778442455,"gmtModify":1703492819536,"author":{"id":"3574980039957190","authorId":"3574980039957190","name":"Poopingmons","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3574980039957190","authorIdStr":"3574980039957190"},"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322377866","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":322372631,"gmtCreate":1615778065323,"gmtModify":1703492815551,"author":{"id":"3555122349795736","authorId":"3555122349795736","name":"klchua78","avatar":"https://static.tigerbbs.com/2caa379c29ceb64315cbdd5c456bef0c","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3555122349795736","authorIdStr":"3555122349795736"},"htmlText":"Looks good. BUY buy buy!!!","listText":"Looks good. BUY buy buy!!!","text":"Looks good. BUY buy buy!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322372631","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":322376358,"gmtCreate":1615777910974,"gmtModify":1703492813653,"author":{"id":"3574817325947403","authorId":"3574817325947403","name":"tangtkh","avatar":"https://static.tigerbbs.com/d9ad77ea495b2bbbfb9c10734b6f2fb0","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3574817325947403","authorIdStr":"3574817325947403"},"htmlText":"good like this one","listText":"good like this one","text":"good like this one","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322376358","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":322378670,"gmtCreate":1615777827790,"gmtModify":1703492812444,"author":{"id":"3576017931077934","authorId":"3576017931077934","name":"LennartM","avatar":"https://static.tigerbbs.com/2b888cf8f0c645e538df3ec026d3db37","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3576017931077934","authorIdStr":"3576017931077934"},"htmlText":"like and comment please","listText":"like and comment please","text":"like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/322378670","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3795642,"gmtCreate":1615777961470,"gmtModify":1635754397175,"authorId":3573710338829184,"author":{"id":3573710338829184,"idStr":"3573710338829184","authorId":3573710338829184,"name":"Jordathj","avatar":"https://static.tigerbbs.com/64e0aad9b17e68a2896a9e4b8908c95b","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":322378670,"type":1,"supId":0,"prevId":0,"content":"Hi","text":"Hi","html":"Hi"},{"id":3795667,"gmtCreate":1615778289319,"gmtModify":1635754394999,"authorId":3570360623104656,"author":{"id":3570360623104656,"idStr":"3570360623104656","authorId":3570360623104656,"name":"zhen130","avatar":"https://static.tigerbbs.com/553509e2e649eaf0d39f267a7e6de1a1","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":322378670,"type":1,"supId":0,"prevId":0,"content":"Hi","text":"Hi","html":"Hi"}],"langContent":"EN"},{"id":322378920,"gmtCreate":1615777789960,"gmtModify":1703492811753,"author":{"id":"3552739656093163","authorId":"3552739656093163","name":"aazbhsj","avatar":"https://static.tigerbbs.com/25780cc59d031cb888067c1e4030ed8e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3552739656093163","authorIdStr":"3552739656093163"},"htmlText":"like n comment pls","listText":"like n comment pls","text":"like n comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/322378920","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”","news_type":1,"symbols_score_info":{"CPNG":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3795629,"gmtCreate":1615777841799,"gmtModify":1635754397903,"authorId":3576017931077934,"author":{"id":3576017931077934,"idStr":"3576017931077934","authorId":3576017931077934,"name":"LennartM","avatar":"https://static.tigerbbs.com/2b888cf8f0c645e538df3ec026d3db37","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":322378920,"type":1,"supId":0,"prevId":0,"content":"sure","text":"sure","html":"sure"}],"langContent":"EN"},{"id":322371419,"gmtCreate":1615777752831,"gmtModify":1703492811408,"author":{"id":"3547639144615679","authorId":"3547639144615679","name":"Jchptan","avatar":"https://static.tigerbbs.com/d97f1aa10a314dfb46a4e618e4f46ac6","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3547639144615679","authorIdStr":"3547639144615679"},"htmlText":"Comment pls","listText":"Comment pls","text":"Comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/322371419","repostId":1139451069,"repostType":4,"repost":{"id":"1139451069","kind":"news","pubTimestamp":1615777682,"share":"https://www.laohu8.com/m/news/1139451069?lang=zh_CN&edition=full","pubTime":"2021-03-15 11:08","market":"us","language":"en","title":"Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1139451069","media":"Barrons","summary":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in So","content":"The more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoupang Is the Amazon.com of South Korea, but Maybe Even Better. And Now You Can Buy the Stock.<blockquote>Coupang是南韩的亚马逊，但也许更好。现在你可以买股票了。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-03-15 11:08\n\n</h4>\n</header>\n<article>\nThe more I learn aboutCoupang,the more I want to move to Seoul.<blockquote>我对Coupang了解得越多，就越想搬到首尔。</blockquote> The largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.<blockquote>韩国最大的电子商务公司Coupang（股票代码：CPNG）上周以惊人的方式上市。它现在是该国第二大上市公司，仅次于三星电子。这是自2014年阿里巴巴集团控股以来外国发行人在美国最大规模的首次公开募股，也是自2019年优步科技以来美国最大规模的新股发行。</blockquote> Founded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.<blockquote>Coupang由哈佛商学院辍学生Bom Kim于2010年创立，现已成为韩国经济中的一股巨大力量。该公司占该国消费者商业的4%，拥有广泛的在线零售服务：ThinkAmazon.com加Instacart、DoorDash和Netflix.Coupang拥有约50,000名员工，预计到2025年将再雇用50,000名韩国人。</blockquote> Coupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.<blockquote>Coupang可能像亚马逊，但它拥有重要的地理优势。韩国是一个精通技术、密度过高、人口超过5000万的国家。埃里克·金(Eric Kim)于2011年至2017年担任Coupang董事会成员，同时也是该公司投资者Maverick Capital的董事总经理，他指出，韩国的陆地面积与印第安纳州大致相同，但人口几乎是印第安纳州的10倍。他补充道，除去不适合居住的山区，所有这些人都被挤在一个相当于罗德岛州大小的地区。</blockquote> That high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.<blockquote>这种高密度有助于使Coupang反应灵敏。该公司拥有2500万平方英尺的仓库空间，分布在30多个城市的100多个地点。Coupang表示，70%的韩国人居住在其配送中心之一7英里范围内。几乎任何东西都可以当天订购，“黎明送货”保证午夜前订购的商品在早上7点前送达。</blockquote> Coupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.<blockquote>Coupang还消除了75%的交付对纸箱和气泡包装的需求。（让我们看看你怎么做，亚马逊。）该公司市场领先的在线杂货服务Coupang Fresh用可重复使用的容器运送货物——将它们放在门口，然后由Coupang的15,000名送货人员中的一名迅速带走以供重复使用。退货？把它们放在门外——不需要特殊的包装或印刷标签。</blockquote> Coupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.<blockquote>Coupang 2020年收入为120亿美元，比上一年增长91%，疫情帮助其从2019年的55%和2018年的69%加速增长。过去四个季度每个季度的增长率都在90%以上。</blockquote> While not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.<blockquote>虽然尚未盈利，但该公司已接近盈利。以调整后的息税折旧摊销前利润衡量，Coupang去年的利润率为负2.1%，而前年为负8.8%。这反映了保护工人免受疫情影响的一些不寻常成本。</blockquote> In the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.<blockquote>在IPO中，Coupang以每股35美元的价格出售了1.3亿股股票。该股开盘价为63.50美元，使该公司市值达到1140亿美元。该股随后走低，周四收于每股略低于50美元，估值略低于900亿美元。</blockquote> Coupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.<blockquote>Coupang的股价并不便宜——eBay(EBAY)的收入相当，但市值还不到一半。根据过去12个月的销售额，该股的交易价格略高于阿里巴巴-SW(BABA)。但Coupang有一些明显的优势。阿里巴巴-SW面临着来自拼多多和京东等公司的激烈竞争。阿里巴巴的增长率还不到Coupang的一半。Coupang也没有中国共产党的监视。</blockquote> One thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.<blockquote>阿里巴巴-SW和Coupang的一个共同点是与软银集团（SFTBY）关系密切——这家日本控股公司是两家公司的最大投资者。</blockquote> SoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.<blockquote>软银在2015年向Coupang投资了7亿美元。2018年，软银愿景基金（该公司成立于2016年的1000亿美元风险投资组合）在一项由愿景基金高管、现任Coupang董事会成员的莉迪亚·杰特(Lydia Jett)牵头的交易中又投资了20亿美元。最初的投资被转入愿景基金，总赌注为27亿美元。这些股份现在价值300亿美元。这是一场巨大的胜利，也可能是女性风险投资者主导的交易有史以来最大的退出。</blockquote> SoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.<blockquote>杰特在接受采访时表示，软银在此次发行中没有出售任何股票巴伦周刊该公司打算成为长期投资者，就像阿里巴巴-SW一样。在最初投资20多年后，软银仍然是阿里巴巴-SW最大的单一持有者。</blockquote> “We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”<blockquote>“我们准备长期持有Coupang，”杰特说。“5000亿美元的零售市场还有很大的空间。”</blockquote> It seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.<blockquote>韩国作为世界上技术最先进的国家之一，在美国股市中发挥的作用如此之小，这似乎很奇怪。Coupang是十多年来第一家在这里上市的韩国科技公司。佛罗里达大学商学院（University of Florida business school）研究IPO市场的教授杰伊·里特（Jay Ritter）表示，只有六家韩国科技公司在美国市场上市，都是从1999年到2006年。这份名单实际上包括Gmarket，这是一家电子商务公司，于2006年上市，并于2009年被eBay以12亿美元收购。EBay宣布正在为其韩国业务寻找买家。韩国最著名的科技和制造公司——三星、LG、现代汽车、起亚、SK海力士——都没有在美国上市。</blockquote> Jett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. This is just the beginning.”<blockquote>Jett认为Coupang交易将成为韩国风险投资市场的转折点。她说，人们有一种误解，认为韩国科技公司不够创新。“那扇门现在已经被吹掉了，”她说。“这将改变韩国企业的融资方式。这只是一个开始。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc."},"source_url":"https://www.barrons.com/articles/coupang-is-the-amazon-com-of-south-korea-but-maybe-even-better-51615590150?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139451069","content_text":"The more I learn aboutCoupang,the more I want to move to Seoul.\nThe largest e-commerce company in South Korea, Coupang (ticker: CPNG), went public this past week in spectacular fashion. It now ranks as the country’s second-largest publicly held company, trailing onlySamsung Electronics.It was the biggest U.S. initial public offering by a foreign issuer sinceAlibaba Group Holdingin 2014, and the biggest U.S. new issue of any kind sinceUber Technologiesin 2019.\nFounded in 2010 by Harvard Business School dropout Bom Kim, Coupang has become a huge force in the South Korean economy. The company accounts for 4% of the country’s consumer commerce, with a broad array of online retailing services: ThinkAmazon.complusInstacart,DoorDash,andNetflix.Coupang has about 50,000 employees and expects to hire another 50,000 Koreans by 2025.\nCoupang may be like Amazon, but it has important geographical advantages. South Korea is a tech-savvy, superdense, highly populated country of more than 50 million people. Eric Kim, who sat on the Coupang board from 2011 to 2017 while a managing director at Maverick Capital, an investor in the company, notes that South Korea has about the same land mass as Indiana—but almost 10 times the population. Take out the uninhabitable mountain regions, he adds, and all of those people are jammed into an area the size of Rhode Island.\nThat high density helps make Coupang superresponsive. The company has 25 million square feet of warehouse space, spread over 100 locations in more than 30 cities. Coupang says that 70% of Koreans live within seven miles of one of its distribution centers. Almost anything can be ordered same-day, and “dawn delivery” assures that goods ordered by midnight are delivered by 7 a.m.\nCoupang has also eliminated the need for cardboard boxes and bubble wrap for 75% of deliveries. (Let’s see you do that, Amazon.) Coupang Fresh, the company’s market-leading online grocery service, ships goods in reusable containers—leave them by the door and they are whisked away by one of Coupang’s 15,000 delivery staff members for reuse. Returning goods? Leave them outside your door—no special packaging or printed label required.\nCoupang had 2020 revenue of $12 billion, up 91% from the previous year, as the pandemic helped accelerate growth from 55% in 2019 and 69% in 2018. Growth was above 90% in each of the past four quarters.\nWhile not profitable yet, the company is getting close. Coupang’s profit margin, as measured by adjusted earnings before interest, taxes, depreciation, and amortization, was minus 2.1% last year, versus minus 8.8% the previous year. And that reflects some unusual costs to protect workers from the pandemic.\nIn the IPO, Coupang sold 130 million shares at $35 apiece. The stock opened for trading at $63.50, giving the company a $114 billion market cap. The stock then drifted lower, closing on Thursday at just under $50 a share, for a valuation just shy of $90 billion.\nCoupang shares aren’t cheap—eBay(EBAY) has comparable revenue and less than half the market cap. And the stock trades at a slight premium to Alibaba (BABA) based on trailing 12-months sales. But Coupang has some distinct advantages. Alibaba faces fierce competition from companies like Pinduoduo andJD.com.Alibaba’s growth rate is less than half that of Coupang. And Coupang doesn’t have the Chinese Communist Party looking over its shoulder.\nOne thing that Alibaba and Coupang have in common is a tight relationship withSoftBank Group(SFTBY)—the Japanese holding company is the largest investor in both companies.\nSoftBank invested $700 million in Coupang in 2015. In 2018, the SoftBank Vision Fund, the company’s $100 billion venture portfolio founded in 2016, invested another $2 billion in a deal led by Lydia Jett, a Vision Fund executive who now sits on the Coupang board. The original investment was rolled into the Vision Fund, for a total bet of $2.7 billion. That stake is now worth $30 billion. It’s a monster win—and possibly the biggest exit ever for a deal led by a woman venture investor.\nSoftBank did not sell any shares in the offering, and Jett says in an interview withBarron’sthat the company intends to be a long-term investor, as it has been with Alibaba. More than 20 years after its initial investment, SoftBank’s remains the single largest holder in Alibaba.\n“We’re set up to hold Coupang for the long term,” Jett says. “There is a lot of room left in what is a $500 billion retail market.”\nIt seems odd that South Korea, one of the world’s most technologically advanced nations, has played such a small role in the U.S. stock market. Coupang was the first Korean tech company to go public here in more than a decade. Jay Ritter, a University of Florida business school professor who studies the IPO market, says just six Korean tech firms have gone public in the U.S. market, all from 1999 to 2006. That list actually includes Gmarket, an e-commerce company that went public in 2006 and was acquired by eBay for $1.2 billion in 2009. EBay has announced that it is seeking a buyer for its Korean business. None of the best-known Korean tech and manufacturing companies—Samsung,LG,Hyundai Motor,Kia,SK Hynix—have U.S. listings.\nJett thinks the Coupang deal will be a turning point for Korea’s venture capital market. She says there has been a misconception that Korean tech companies weren’t innovative enough. “That door has now been blown off,” she says. “This will transform how Korean companies are funded. 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