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- cxseahcxseah
  ·2021-08-23
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- cxseahcxseah
  ·2021-08-21
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- cxseahcxseah
  ·2021-08-19
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- cxseahcxseah
  ·2021-08-18
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  SoFi Technologies: Why The Market Got It All Wrong<blockquote>SoFi Technologies：为什么市场完全搞错了</blockquote>
  Summary SoFi just reported strong Q2 2021 financial results with accelerating growth across its usa
  SoFi Technologies: Why The Market Got It All Wrong<blockquote>SoFi Technologies：为什么市场完全搞错了</blockquote>
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- cxseahcxseah
  ·2021-08-13
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  Global M&A volumes hit new record in 2021, overtaking last year's haul<blockquote>2021年全球并购交易量创下新纪录，超过去年</blockquote>
  By Patturaja Murugaboopathy and Gaurav Dogra Aug 12 (Reuters)-Global merger and acquisition (M&A) ac
  Global M&A volumes hit new record in 2021, overtaking last year's haul<blockquote>2021年全球并购交易量创下新纪录，超过去年</blockquote>
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- cxseahcxseah
  ·2021-08-12
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  8 Best Growth Stocks For The Second Half Of 2021<blockquote>2021年下半年8只最佳成长型股票</blockquote>
  Despite inflationary pressures and the possibility of a Fed interest rate hike in the offing, growth
  8 Best Growth Stocks For The Second Half Of 2021<blockquote>2021年下半年8只最佳成长型股票</blockquote>
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- cxseahcxseah
  ·2021-08-12
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  Li Auto shares fall 2.1% in Hong Kong debut<blockquote>理想汽车股价在香港首次亮相时下跌 2.1%</blockquote>
  Aug 12 (Reuters) - Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer pric
  Li Auto shares fall 2.1% in Hong Kong debut<blockquote>理想汽车股价在香港首次亮相时下跌 2.1%</blockquote>
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- cxseahcxseah
  ·2021-08-11
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- cxseahcxseah
  ·2021-08-10
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- cxseahcxseah
  ·2021-08-09
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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/831579178","repostId":"1137731189","repostType":4,"isVote":1,"tweetType":1,"viewCount":2260,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833420719,"gmtCreate":1629256526631,"gmtModify":1633686167401,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586519067840195","authorIdStr":"3586519067840195"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/833420719","repostId":"1181607588","repostType":4,"repost":{"id":"1181607588","kind":"news","pubTimestamp":1629256236,"share":"https://www.laohunote.com/m/news/1181607588?lang=zh_CN&edition=full","pubTime":"2021-08-18 11:10","market":"us","language":"en","title":"SoFi Technologies: Why The Market Got It All Wrong<blockquote>SoFi Technologies：为什么市场完全搞错了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181607588","media":"seekingalpha","summary":"Summary\n\nSoFi just reported strong Q2 2021 financial results with accelerating growth across its usa","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>SoFi just reported strong Q2 2021 financial results with accelerating growth across its usage metrics, most of which grew by &gt;100%.</li>  <li>Adjusted revenue for the quarter climbed 74% YoY and was based on a diverse revenue mix from SoFi’s three core business segments.</li>  <li>However, investors got spooked by a net loss of &gt;$150 million for the quarter and a muted guidance for H2 2021.</li>  <li>Management made it clear that net loss was impacted by a deferred tax liability from Galileo, while guidance was reiterated despite a $40M headwind from the CARES Act prolongation.</li>  <li>SoFi is diversifying its business and makes significant progress in terms of multi-product adoption, which will be key for future growth. The 15% drop in shares is a clear overreaction.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe3e6f7bf5e8cff3ceb162bee495437a\" tg-width=\"1536\" tg-height=\"910\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>SoFi刚刚公布了2021年第二季度强劲的财务业绩，其使用指标加速增长，其中大多数指标增长超过100%。</li><li>本季度调整后收入同比增长 74%，是基于 SoFi 三个核心业务部门的多元化收入组合。</li><li>然而，投资者对本季度净亏损超过 1.5 亿美元以及 2021 年下半年的疲软指引感到震惊。</li><li>管理层明确表示，净亏损受到伽利略递延纳税义务的影响，尽管 CARES 法案延期带来了 4000 万美元的阻力，但仍重申了指导意见。</li><li>SoFi正在实现业务多元化，并在多产品采用方面取得了重大进展，这将是未来增长的关键。股价下跌 15% 显然是反应过度。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> SoFi Technologies (SOFI) is a fintech company that offers a multitude of digital financial services to customers under its three key business segments, i.e.:</p><p><blockquote>SoFi Technologies (SOFI) 是一家金融科技公司，在其三个主要业务部门下为客户提供多种数字金融服务，即：</blockquote></p><p> 1) Lending, which includes personal, home, and student loans;</p><p><blockquote>1）贷款，包括个人贷款、住房贷款和学生贷款；</blockquote></p><p> 2) Financial Services, including savings, spending, investment accounts, as well as various debit and credit card services;</p><p><blockquote>2）金融服务，包括储蓄、消费、投资账户以及各种借记卡和信用卡服务；</blockquote></p><p> 3) Financial technology, which primarily consists of Galileo, a market-leading financial technology infrastructure provider thatSoFi acquired in May 2020.</p><p><blockquote>3) 金融科技，主要包括 Galileo，SoFi 于 2020 年 5 月收购了市场领先的金融科技基础设施提供商。</blockquote></p><p> The company aims to become a one-stop-shop for digital financial services and is well on its way to do so.</p><p><blockquote>该公司的目标是成为数字金融服务的一站式商店，并且正在朝着这个目标前进。</blockquote></p><p> SoFi just reported its first set of financial results since becoming a public company, and results were quite strong for the Q2 2021 quarter:</p><p><blockquote>SoFi 刚刚公布了成为上市公司以来的第一套财务业绩，2021 年第二季度的业绩相当强劲：</blockquote></p><p> <ul>  <li>The company showed accelerating growth across its usage metrics, most of which grew by &gt;100%;</li>  <li>Revenues also grew triple-digits at 101% year over year (YoY) to $231.3 million, while adjusted net revenue for the quarter climbed 74% YoY and came in well above guidance of between 58 to 61% YoY growth;</li>  <li>Growth in members and products accelerated as well, all growing by triple-digit percentages, and marking the 8th consecutive quarter of accelerating YoY growth in total members forSoFi.</li>  <li>In addition, the company generated $61 million of positive EBITDA over the past 12 months, a significant improvement from the $149 million of losses experienced for the full year of 2019.</li> </ul> But these numbers were not enough to satisfy investor appetite. In fact, investors rushed out of the stock and shares ofSoFi plunged as much as 15% after the release of results. The stock is now down around -37% over the past 6 months at a market capitalization of around $12 billion.</p><p><blockquote><ul><li>该公司的使用指标均呈现加速增长，其中大部分指标增长超过 100%；</li><li>收入也同比增长 101%，达到三位数，达到 2.313 亿美元，而本季度调整后净收入同比增长 74%，远高于 58% 至 61% 的同比增长指引；</li><li>会员和产品的增长也加速，均以三位数的百分比增长，这标志着 forSoFi 会员总数连续第八个季度同比加速增长。</li><li>此外，该公司在过去 12 个月中实现了 6100 万美元的正 EBITDA，比 2019 年全年的 1.49 亿美元亏损有了显着改善。</li></ul>但这些数字不足以满足投资者的胃口。事实上，投资者纷纷撤出该股，业绩公布后SoFi股价暴跌15%。该股目前在过去 6 个月中下跌了约 -37%，市值约为 120 亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3534b25722128f58c73322ad0b9b2001\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Seemingly, most of the negative reaction to the Q2 results was based on the fact that the company's net loss increased significantly during the quarter. In addition, the company issued guidance for the second half of 2021 that was&nbsp;below what analysts had predicted.</p><p><blockquote>显然，对第二季度业绩的大部分负面反应都是基于该公司本季度净亏损大幅增加这一事实。此外，该公司发布的2021年下半年指引低于分析师的预测。</blockquote></p><p> We believe the market's reaction toSoFi's numbers is well overblown as both factors, the net loss, as well as the guidance can be attributed to one-time impacts or non-cash items, which we'll explain in more detail below.SoFi's CEO Anthony Noto made it clear on the conference call that the company is accelerating its business across almost every metric. And while it may take some time for investors to understandSoFi's competitive advantage and growth runway, we believe that at current levelsSoFi shares are way oversold.</p><p><blockquote>我们认为市场对 SoFi 数据的反应被大大夸大了，因为净亏损和指导这两个因素都可以归因于一次性影响或非现金项目，我们将在下面更详细地解释。 SoFi 首席执行官 Anthony Noto 在电话会议上明确表示，该公司正在几乎所有指标上加速其业务。虽然投资者可能需要一些时间来了解 SoFi 的竞争优势和增长跑道，但我们认为，在目前的水平上，SoFi 股票已经超卖。</blockquote></p><p> This article won't focus on a detailed description of the business, but will highlight the most recent financial results. For a deep-dive into the company's business model, opportunities and risks, go visit&nbsp;our previous article&nbsp;on SoFi.</p><p><blockquote>本文不会重点介绍该业务的详细描述，但会重点介绍最近的财务业绩。要深入了解该公司的商业模式、机遇和风险，请访问我们之前关于 SoFi 的文章。</blockquote></p><p> <b>The Numbers</b></p><p><blockquote><b>数字</b></blockquote></p><p> SoFi reported very strong Q2 financial results:</p><p><blockquote>SoFi 公布了非常强劲的第二季度财务业绩：</blockquote></p><p> Adjusted Revenue for the quarter climbed 74% YoY, way above management's initial guidance of between 58 to 61% growth, and well above analyst expectations. Furthermore, the company had another quarter of positive EBITDA, which reached $11 million for the quarter, up $35 million YoY from negative ($24) million in Q2 2020.</p><p><blockquote>本季度调整后收入同比增长 74%，远高于管理层最初预期的 58% 至 61% 的增长，也远高于分析师的预期。此外，该公司又一个季度实现正 EBITDA，本季度达到 1100 万美元，比 2020 年第二季度的负（2400 万美元）同比增长 3500 万美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2326005d2400bf2a6257b4b187d2bc8\" tg-width=\"640\" tg-height=\"284\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> On an annualized basis,SoFi achieved to bring in $852 million in adjusted net revenue and $61 million in adjusted EBITDA, despite some one-time headwinds in the quarter and alongside aggressive investments in the future growth of the company.</p><p><blockquote>按年化计算，SoFi 的调整后净收入为 8.52 亿美元，调整后 EBITDA 为 6100 万美元，尽管本季度出现了一些一次性逆风，并且对公司未来增长进行了积极的投资。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dad9c230f84bb4059516cd54c4a45f45\" tg-width=\"640\" tg-height=\"283\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> Most importantly, activity onSoFi's platform is accelerating across all areas.SoFi reported the 8th consecutive quarter of accelerating YoY growth for their total members, which reached 2.56 million for the quarter, up from 1.2 million in the Q2 2020 quarter (representing growth of 113%), and up 12% sequentially from Q1.</p><p><blockquote>最重要的是，SoFi 平台上的活动正在所有领域加速。 SoFi 报告称，其会员总数连续第八个季度同比加速增长，本季度达到 256 万，高于 2020 年第二季度的 120 万（增长 113%），较第一季度环比增长 12%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0fb7e3b27b52cca163a823c883e4af0a\" tg-width=\"640\" tg-height=\"304\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> The quarter also showed continued accelerating YoY growth in Products, which were up 123% to reach 3.7 million.SoFi added more than +2 million products on a YoY comparison, representing 123% YoY growth.</p><p><blockquote>本季度产品同比增长持续加速，增长 123%，达到 370 万件。SoFi 同比增加了超过 200 万件产品，同比增长 123%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/024d45093cab2fb40cba8ab7d9bd4744\" tg-width=\"640\" tg-height=\"297\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> Galileo, their financial technology platform, reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter as the company added 42.9 million new accounts to their financial technology offering.</p><p><blockquote>他们的金融技术平台 Galileo 的账户数量从 3600 万个增加到 7900 万个，本季度增长了 119%，因为该公司在其金融技术产品中增加了 4290 万个新账户。</blockquote></p><p> Galileo now posted greater than 100% YoY growth for the last four quarters for Galileo. The platform is a key cornerstone forSoFi's future growth and the fact that they are growing triple-digits and, for the first time, crossed $100 billion of annualized payment volume in July, shows that the business not only has significant scale already but also has a real competitive advantage as reflected by the YoY growth.</p><p><blockquote>伽利略现在公布，伽利略在过去四个季度的同比增长超过100%。该平台是 Sofi 未来增长的关键基石，事实上，他们正在以三位数的速度增长，并且在 7 月份的年化支付量首次突破 1000 亿美元，这表明该业务不仅已经拥有可观的规模，而且还具有真正的竞争优势如同比增长所反映的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1b72ef771e256023ab2cc56f48f9a10\" tg-width=\"640\" tg-height=\"281\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> Lastly,SoFi's business is diversifying in a significant way. Overall member growth for the business was driven by significant expansion in the Financial Services segment, withSoFi Invest andSoFi Money more than tripling the number of Financial Services segment products, to nearly 2.7 million, up from approximately 783,000 vs. Q2 2020. In the most recent quarter Financial Services segment products were nearly three times the number of Lending Products which shows how strongly the business is diversifying away from its initial lending arm (notwithstanding that loan originations still increased by a very strong 66% YoY). The 3x greater scale supported to drive a 1.7x increase in the number of products that were cross-bought by members already active on the platform in comparison to Q2 2020, as noted by the CEO during the conference call.</p><p><blockquote>最后， SoFi 的业务正在显著多元化。金融服务领域的显着扩张推动了该业务的整体会员增长，SoFi Invest 和 SoFi Money 将金融服务领域的产品数量增加了两倍多，从 2020 年第二季度的约 783,000 个增加到近 270 万个。在最近一个季度，金融服务部门的产品数量几乎是贷款产品数量的三倍，这表明该业务从最初的贷款部门多元化发展的力度有多大（尽管贷款发放量仍然同比增长了 66%）。正如首席执行官在电话会议上指出的那样，与2020年第二季度相比，3倍的规模支持推动已经在平台上活跃的会员交叉购买的产品数量增加1.7倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd0fb00ddf2b10ee7226b966df927eb7\" tg-width=\"640\" tg-height=\"271\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> <b>The Number That Spooked Investors</b></p><p><blockquote><b>吓坏投资者的数字</b></blockquote></p><p> The one thing that let many investors to sell the stock ofSoFi after the earnings report was that the company reported a significant net loss of $165.3 million compared to a still positive net income of $7.8 million in the prior year quarter. However, as the company&nbsp;explained during the conference call, this was largely due to a one-time item in relation to the business combination with Galileo, as well as non-cash items like stock-based compensation (SBC):</p><p><blockquote>收益报告发布后，许多投资者出售 SoFi 股票的一件事是，该公司报告净亏损 1.653 亿美元，而去年同期净利润仍为 780 万美元。然而，正如该公司在电话会议期间解释的那样，这主要是由于与伽利略业务合并相关的一次性项目，以及股票薪酬 (SBC) 等非现金项目：</blockquote></p><p>   We remeasured our valuation allowance during 2020 as a result of the deferred tax liabilities recognized in connection with our acquisition of Galileo, which decreased the valuation allowance by $99.8 million. The absence of that tax benefit, together with significant non-cash stock-based compensation expenses and fair value changes in warrants primarily related to the fair market value ofSoFi stock, were the largest contributors to the current period net loss.  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae29dddc9bc00f8fa31eb7cbee8ca3d5\" tg-width=\"640\" tg-height=\"219\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote>由于与收购伽利略相关确认的递延税项负债，我们于二零二零年重新计量了估值拨备，导致估值拨备减少了9980万美元。缺乏税收优惠，以及主要与 SoFi 股票公平市场价值相关的重大非现金股票薪酬费用和认股权证公平价值变化，是本期净亏损的最大原因。<p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> In addition to management's remarks, investors should take a closer look atSoFi's income statement, where it becomes clearer what drove the net loss. The&nbsp;SEC filing&nbsp;shows that management's cost management is actually very prudent as non-interest expenses, including investments into technology and products, sales and marketing, as well as operating costs only increased by 45%, 48%, 46% respectively which is much lower than the company's +74% revenue growth. Only general and administrative expenses more than tripled during the quarter. Digging deeper into the SEC filing reveals that the big chunk of G&amp;A expenses came from aforementioned $99.8 million in deferred tax liabilities as a result of the acquisition of Galileo, and stock-based compensation as a result of being a public company (see items marked below).</p><p><blockquote>除了管理层的言论之外，投资者还应该仔细看看 atSoFi 的损益表，其中更清楚是什么导致了净亏损。SEC文件显示，管理层的成本管理实际上非常谨慎，因为非利息支出，包括技术和产品投资、销售和营销以及运营成本仅分别增加了45%、48%和46%，远低于公司+74%的收入增长。本季度只有一般和管理费用增加了两倍多。深入研究SEC的文件会发现，G&amp;A的大部分费用来自前面提到的9980万美元的递延所得税负债，以及作为上市公司的股票薪酬（见下面标记的项目）。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/1d9473db3f6390b5bfb72b27246d0601\" tg-width=\"640\" tg-height=\"409\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0113b16a7131123dee0e6ebaf065ebb\" tg-width=\"640\" tg-height=\"215\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> If you exclude the one-time item of deferred tax liabilities of $99.8 million, and adjust for three months of SBC with around half of the previous six months SBC expense, thenSoFi's net loss would have only been around negative $(20) million for the quarter (note that this is based on the author's rough estimates and should not be regarded as an accurate reflection of the actual numbers).</p><p><blockquote>如果排除 9,980 万美元的一次性递延所得税负债，并根据前六个月 SBC 费用的一半左右调整三个月的 SBC，thenSoFi 本季度的净亏损将仅为负 (2000) 万美元左右（请注意，这是基于作者的粗略估计，不应被视为实际数字的准确反映）。</blockquote></p><p> With that back-of-the-envelope calculation in mind, we are not particularly worried about the net loss that was reported for the quarter relative to the strong top-line growth thatSoFi reported.SoFi's numbers clearly indicate that the business is accelerating in growth, diversifying its services rapidly, while we see cross-selling activity ramping up within its customer-base which should provide some important efficiency gains in the future in terms of reduced customer acquisition costs and improved margins. This aspect becomes much clearer when we also take a look at the results from the individual business segments and the respective contribution profit metrics:</p><p><blockquote>考虑到这种信封后面的计算，我们并不特别担心本季度报告的净亏损相对于 SoFi 报告的强劲营收增长。 SoFi 的数据清楚地表明，该业务正在加速增长，快速多元化其服务，而我们看到其客户群中的交叉销售活动有所增加，这应该会在未来在降低客户获取成本和提高利润率方面带来一些重要的效率提升。当我们还查看各个业务部门的结果和各自的贡献利润指标时，这方面就变得更加清晰：</blockquote></p><p> <b>1) Lending Segment</b>-SoFi generated adjusted net revenue of $172 million, growing 47% YoY, with a contribution profit of $89 million. The increase was largely driven by personal loan originations, which grew by 188% YoY. In addition, contribution profit (marked below) increased by 80% YoY and respective margins improved to 52% compared to a 42% margin in the prior year quarter - and that was alongside an incremental increase of investment into the business of +$15.3 million for the quarter. Margin improvement was driven by operating efficiencies (e.g. more than 50% of personal loans were fully automated vs. less than 30% one year ago) alongside prudent spending in marketing that has brought cost per funded loan down.</p><p><blockquote><b>1）贷款分部</b>-SoFi 调整后净收入为 1.72 亿美元，同比增长 47%，贡献利润为 8900 万美元。这一增长主要是由个人贷款发放推动的，个人贷款发放同比增长 188%。此外，贡献利润（如下所示）同比增长 80%，相应的利润率从去年同期的 42% 提高到 52%，与此同时，该业务的投资也增加了 1530 万美元本季度。利润率的提高是由运营效率推动的（例如，超过 50% 的个人贷款是全自动的，而一年前这一比例不到 30%），以及谨慎的营销支出降低了每笔融资贷款的成本。</blockquote></p><p> SoFi highlighted in the conference call that growth in this segment was achieved despite noticeable headwinds in the student loans business from the government's CARES-act prolongation, with $859 million in origination volume in the quarter representing less than half of pre-CARES levels.</p><p><blockquote>SoFi在电话会议上强调，尽管政府延长CARES法案给学生贷款业务带来了明显的阻力，但该细分市场还是实现了增长，本季度的发放量为8.59亿美元，不到CARES前水平的一半。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf0b085e6372cd1774f4feac9ca4e2d0\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <img src=\"https://static.tigerbbs.com/3c4af0c2068e800edbbe1728761f863b\" tg-width=\"640\" tg-height=\"165\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15729a0e43c025e7ab40d6017ff0f259\" tg-width=\"640\" tg-height=\"148\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> <b>2) Financial Services Segment</b>- net revenue for this segment for the 2nd quarter reached $17.0 million vs. $2.4 million in Q2 2020, representing growth of a mind-blowing 602% YoY. With a 6x growth rate there is not much doubt that the business is successfully attracting customers, while making significant progress also in terms of cross-selling and multi-product-adoption, which will be an important aspect in reducing customer acquisition costs and driving higher lifetime value per customer. Another important aspect is that the incremental YoY revenue increase is offsetting the increased costs attributable to the segment, which was a $8.5 million YoY increase in expenses vs. a $14.6 million increase in revenue vs. Q2 2020, resulting in an improved contribution metric where losses decreased by 20% YoY.</p><p><blockquote><b>2）金融服务分部</b>- 第二季度该部门的净收入达到 1700 万美元，而 2020 年第二季度为 240 万美元，同比增长 602%，令人兴奋。凭借6倍的增长率，毫无疑问，该业务正在成功吸引客户，同时在交叉销售和多产品采用方面也取得了重大进展，这将是降低客户获取成本和提高每个客户终身价值的一个重要方面。另一个重要方面是，同比收入的增量增长抵消了该部门的成本增加，该部门的费用同比增加了 850 万美元，而收入与 2020 年第二季度相比增加了 1460 万美元，从而改善了贡献指标，损失同比减少了 20%。</blockquote></p><p> The Financial Services Segment also showed strong product growth across all offerings as total products in this segment grew by 243% YoY.SoFi doesn't rest on its laurels as the company has just launched a new equity capital markets and advisory business in the second quarter, which will be interesting to watch.</p><p><blockquote>金融服务部门在所有产品中也表现出强劲的产品增长，该部门的总产品同比增长 243%。 SoFi 并没有固步自封，因为该公司刚刚在第二季度推出了新的股权资本市场和咨询业务，这将会很有趣。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0049b49eeb97244d71a3c9e5e580b1bb\" tg-width=\"640\" tg-height=\"147\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72aecb1a11aaee4636651095b20bd195\" tg-width=\"640\" tg-height=\"181\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> <b>3) Technology Platform</b>- this segment primarily reports results fromSoFi's financial technology offering Galileo, which saw total net revenue increase by 138% YoY reaching $45.3 million vs. $19 million in the prior year quarter. Total Galileo accounts reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter. Galileo also just crossed $100 billion of annualized payment volume in July as noted during the&nbsp;conference call.</p><p><blockquote><b>3）技术平台</b>- 该部门主要报告 SoFi 金融技术产品 Galileo 的业绩，该产品的总净收入同比增长 138%，达到 4530 万美元，而去年同期为 1900 万美元。伽利略账户总数从 3600 万个增加到 7900 万个，本季度增长 119%。正如电话会议期间指出的那样，伽利略在7月份的年化支付额也刚刚突破了1000亿美元。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c567a3c581104d33cb959ebe63c33606\" tg-width=\"640\" tg-height=\"148\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> SoFi is aggressively investing to position Galileo for strong future growth, e.g. by moving operations from on-premise to the cloud, while nearly doubling its headcount and expanding into new geographies. Management mentioned that they are nearing completion of building out a new cloud computing environment for Galileo which is supposed to replace the on premises environment, including the preparation of migrating existing clients to the cloud in Q3. While this contributed to a significant increase in expenses and impacted the resulting contribution profit for this segment,SoFi was still able to show YoY growth in contribution profit of 8%. It is important to see that management is pursuing all efforts to continue to accelerate growth in one of their key differentiating business segments, which Galileo clearly represents. What Amazon did for retail or the cloud with pioneering its AWS offering, could be replicated through Galileo as they are on track to position it as the leading financial technology offering and backbone to the global financial technology industry.</p><p><blockquote>SoFi正在积极投资，为伽利略未来的强劲增长做好准备，例如将运营从内部部署转移到云端，同时将员工人数增加近一倍并扩展到新的地区。管理层提到，他们即将完成为伽利略构建一个新的云计算环境，该环境应取代内部环境，包括准备在第三季度将现有客户端迁移到云端。虽然这导致费用大幅增加并影响了该部门由此产生的贡献利润，但 SoFi 的贡献利润仍同比增长 8%。重要的是要看到，管理层正在尽一切努力继续加速其关键差异化业务部门之一的增长，伽利略清楚地代表了这一点。亚马逊在零售或云领域率先推出 AWS 产品，可以通过伽利略复制，因为他们有望将其定位为领先的金融技术产品和全球金融技术行业的支柱。</blockquote></p><p> <b>Management Guidance</b></p><p><blockquote><b>管理指导</b></blockquote></p><p> For the third quarter of 2021SoFi's management expects adjusted net revenue of $245 million to $255 million, representing only around 15% growth vs. the prior year quarter, which is markedly lower than the $270.2M&nbsp;average estimate from two analysts. Adjusted EBITDA is expected to come in between negative $(7) million to positive $3 million. The expected top-line growth seems to be quite conservative but has surprised many investors who expected much higher growth rates, especially afterSoFi just reported a +74% growth in the most recent quarter.</p><p><blockquote>SoFi 管理层预计 2021 年第三季度调整后净收入为 2.45 亿美元至 2.55 亿美元，较去年同期仅增长 15% 左右，明显低于两位分析师 2.702 亿美元的平均预期。调整后的 EBITDA 预计将在负 (7) 百万美元到正 300 万美元之间。预期的营收增长似乎相当保守，但令许多预期增长率更高的投资者感到惊讶，尤其是在SoFi刚刚报告最近一个季度增长+74%之后。</blockquote></p><p> While the guidance was a significant factor contributing to the sell-off inSoFi's shares, we believe that investors shouldn't put too much focus on the headlines of „missed\" guidance. The fact thatSoFi is sticking to its initial guidance of adjusted net revenue of $980 million and adjusted EBITDA of positive $27 million is the most important take-away.<b>Management was able to reiterate its guidance despite a significant negative expected planning impact on student loan refinancing revenues of negative $40M following the government's extension of the CARES Act moratorium</b>&nbsp;on student loan payments from Sept. 30, 2021 to Jan. 31, 2022. The company now expects a rebound in the student loan refinancing business early next year while, so far, management had planned for the CARES Act to end on September 30 in its initial guidance. In addition, the company also expects a smaller negative impact from the reduced Technology Platform revenue estimate of $12 million based on the minority stake in APEX thatSoFi bought bac (contribution from the investment ended in January 2021).</p><p><blockquote>虽然该指导是导致 inSoFi 股票抛售的一个重要因素，但我们认为投资者不应过分关注“错过”指导的头条新闻。事实上，Sofi 坚持其最初的指导，即调整后净收入为 9.8 亿美元，调整后 EBITDA 为 2700 万美元，这是最重要的收获。<b>尽管在政府延长 CARES 法案暂停期后，预期规划对学生贷款再融资收入产生了负 4000 万美元的重大负面影响，但管理层仍能够重申其指导意见</b>2021年9月30日至2022年1月31日期间的学生贷款支付。该公司现在预计明年初学生贷款再融资业务将出现反弹，而到目前为止，管理层在其初步指导中计划 CARES 法案将于 9 月 30 日结束。此外，该公司还预计，基于 APEX thatSoFi 收购 bac 的少数股权（来自 2021 年 1 月结束的投资的贡献），技术平台收入估计减少 1200 万美元的负面影响较小。</blockquote></p><p> Even despite this significant $40 million negative revenue impact toSoFi's original guidance, plus the originally included $12 million of expected 2021 revenue from the equity investment in APEX, the company did not lower its guidance but was able to reassure investors that the other business segments can outweigh these headwinds, which is a strong validation ofSoFi's diversified business, which will enable the company to maneuver through even difficult periods that may affect one of its business segments from time to time.</p><p><blockquote>尽管 SoFi 最初的指引受到了 4000 万美元的重大负面收入影响，加上最初包括的 2021 年 APEX 股权投资的 1200 万美元预期收入，但该公司并没有降低指引，但能够向投资者保证其他业务部门可以克服这些不利因素，这是对 SoFi 多元化业务的有力验证，这将使该公司能够度过可能不时影响其某个业务部门的困难时期。</blockquote></p><p> Lastly, management pointed out a clear cost management strategy relative to its growth prospects which should re-assure investors that at some point the company will be back to positive net income alongside robust topline growth:</p><p><blockquote>最后，管理层指出了与其增长前景相关的明确成本管理策略，这应该让投资者再次放心，在某个时候，公司将恢复正净利润以及强劲的营收增长：</blockquote></p><p></p><p>   ...we continue invest aggressively in our business to fuel compounding growth, while still delivering profitability to our shareholders. This combination is not easy, but we are committed to contributing around 30% of incremental revenue to the bottom line and reinvest the remaining 70% in bolstering our product innovation to drive decades of compounding growth. Even as we invest aggressively in technology, marketing and people, we continue to realize cost efficiencies, which is beginning to drive real operating leverage. By leveraging cross buying and better gaining realization and targeting we've reduced sales and marketing as a percentage of revenue and customer acquisition cost meaningfully year-over-year.  Lastly, investors were also keen to hear any updates on the anticipated Bank Charter thatSoFi is pursuing. CEO Anthony Noto mentioned during the conference call that the company is working closely with the Federal Reserve Bank and the OCC in a „constructive process\", but they also reiterated that there's not a definitive timeline to the process itself - so we are still waiting for an update on the bank charter. As previously reported,SoFi filed for a banking charter&nbsp;in July 2020.SoFi's career postings suggest they are building out senior management and teams for the much-anticipated banking division, includingrecent job postingsin compliance, software engineering or auditing.</p><p><blockquote>...我们继续积极投资于我们的业务，以推动复合增长，同时仍然为股东带来盈利能力。这种组合并不容易，但我们致力于将约 30% 的增量收入贡献给利润，并将剩余的 70% 再投资于支持我们的产品创新，以推动数十年的复合增长。尽管我们积极投资于技术、营销和人员，但我们继续实现成本效率，这开始推动实际运营杠杆。通过利用交叉购买、更好地实现和定位，我们逐年大幅降低了销售和营销占收入和客户获取成本的百分比。最后，投资者还渴望听到 Sofi 正在寻求的预期银行章程的任何更新。首席执行官 Anthony Noto 在电话会议上提到，公司正在与美联储银行和 OCC 密切合作，开展“建设性进程”，但他们也重申，该进程本身没有明确的时间表，因此我们仍在等待银行章程的更新。正如之前报道的那样，SoFi 于 2020 年 7 月申请了银行章程。SoFi 的招聘信息表明，他们正在为备受期待的银行部门组建高级管理人员和团队，包括最近在合规、软件工程或审计方面的招聘信息。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> There was a lot to like inSoFi's first quarterly report as a public company. We believe the sell-off in the company's shares is an overreaction. The muted guidance, or to put it more positively, the fact that management was able to reiterate its initial guidance for FY 2021 despite the significant negative $40 million impact from the prolongation of the CARES act as management no longer expects a tick-up in the student loan financing business in 2021, should actually be seen as a positive sign that the company's business is building up an important diversification of its business as the other business segments can compensate for these headwinds. While there is a risk that the government may continue to prolong the CARES act moratorium, which would negatively impactSoFi's student loan business, the company is now well diversified to outweigh any negative impact, and the set-up also creates some opportunity for upside surprises as we head into 2022, where the company now expects the tick-up in student loan refinancing to happen.</p><p><blockquote>inSoFi 作为上市公司的第一份季度报告有很多值得喜欢的地方。我们认为公司股票的抛售是一种过度反应。低调的指导，或者更积极地说，尽管 CARES 法案的延长产生了 4000 万美元的重大负面影响，但管理层能够重申其 2021 财年的初始指导，因为管理层不再预计学生贷款融资业务将在 2021 年增加，实际上应该被视为一个积极的迹象，表明该公司的业务正在建立重要的业务多元化，因为其他业务部门可以弥补这些不利因素。虽然政府可能会继续延长 CARES 法案暂停期，这将对 SoFi 的学生贷款业务产生负面影响，但该公司现在的多元化程度足以抵消任何负面影响，而且这一设置也创造了一些机会。随着我们进入 2022 年，该公司现在预计学生贷款再融资将会增加。</blockquote></p><p> In conclusion,SoFi is diversifying its business and is making significant progress in terms of cross-selling and multi-product-adoption amongst its customer base, which will be an important aspect in reducing customer acquisition costs, better margins and driving higher lifetime value per customer. We are encouraged to see how short-term headwinds are compensated by other fast-growing business segments. We remain long the stock.</p><p><blockquote>总之，SoFi 正在实现业务多元化，并在客户群中的交叉销售和多种产品采用方面取得了重大进展，这将是降低客户获取成本、提高利润率和提高每位客户终身价值的重要方面。我们很高兴看到其他快速增长的业务部门如何抵消短期不利因素。我们仍然做多股票。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SoFi Technologies: Why The Market Got It All Wrong<blockquote>SoFi Technologies：为什么市场完全搞错了</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\">\nSoFi Technologies: Why The Market Got It All Wrong<blockquote>SoFi Technologies：为什么市场完全搞错了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-18 11:10</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>SoFi just reported strong Q2 2021 financial results with accelerating growth across its usage metrics, most of which grew by &gt;100%.</li>  <li>Adjusted revenue for the quarter climbed 74% YoY and was based on a diverse revenue mix from SoFi’s three core business segments.</li>  <li>However, investors got spooked by a net loss of &gt;$150 million for the quarter and a muted guidance for H2 2021.</li>  <li>Management made it clear that net loss was impacted by a deferred tax liability from Galileo, while guidance was reiterated despite a $40M headwind from the CARES Act prolongation.</li>  <li>SoFi is diversifying its business and makes significant progress in terms of multi-product adoption, which will be key for future growth. The 15% drop in shares is a clear overreaction.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fe3e6f7bf5e8cff3ceb162bee495437a\" tg-width=\"1536\" tg-height=\"910\" width=\"100%\" height=\"auto\"><span>ipopba/iStock via Getty Images</span></p><p><blockquote><ul><li>SoFi刚刚公布了2021年第二季度强劲的财务业绩，其使用指标加速增长，其中大多数指标增长超过100%。</li><li>本季度调整后收入同比增长 74%，是基于 SoFi 三个核心业务部门的多元化收入组合。</li><li>然而，投资者对本季度净亏损超过 1.5 亿美元以及 2021 年下半年的疲软指引感到震惊。</li><li>管理层明确表示，净亏损受到伽利略递延纳税义务的影响，尽管 CARES 法案延期带来了 4000 万美元的阻力，但仍重申了指导意见。</li><li>SoFi正在实现业务多元化，并在多产品采用方面取得了重大进展，这将是未来增长的关键。股价下跌 15% 显然是反应过度。</li></ul><p class=\"t-img-caption\"><span>ipopba/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> SoFi Technologies (SOFI) is a fintech company that offers a multitude of digital financial services to customers under its three key business segments, i.e.:</p><p><blockquote>SoFi Technologies (SOFI) 是一家金融科技公司，在其三个主要业务部门下为客户提供多种数字金融服务，即：</blockquote></p><p> 1) Lending, which includes personal, home, and student loans;</p><p><blockquote>1）贷款，包括个人贷款、住房贷款和学生贷款；</blockquote></p><p> 2) Financial Services, including savings, spending, investment accounts, as well as various debit and credit card services;</p><p><blockquote>2）金融服务，包括储蓄、消费、投资账户以及各种借记卡和信用卡服务；</blockquote></p><p> 3) Financial technology, which primarily consists of Galileo, a market-leading financial technology infrastructure provider thatSoFi acquired in May 2020.</p><p><blockquote>3) 金融科技，主要包括 Galileo，SoFi 于 2020 年 5 月收购了市场领先的金融科技基础设施提供商。</blockquote></p><p> The company aims to become a one-stop-shop for digital financial services and is well on its way to do so.</p><p><blockquote>该公司的目标是成为数字金融服务的一站式商店，并且正在朝着这个目标前进。</blockquote></p><p> SoFi just reported its first set of financial results since becoming a public company, and results were quite strong for the Q2 2021 quarter:</p><p><blockquote>SoFi 刚刚公布了成为上市公司以来的第一套财务业绩，2021 年第二季度的业绩相当强劲：</blockquote></p><p> <ul>  <li>The company showed accelerating growth across its usage metrics, most of which grew by &gt;100%;</li>  <li>Revenues also grew triple-digits at 101% year over year (YoY) to $231.3 million, while adjusted net revenue for the quarter climbed 74% YoY and came in well above guidance of between 58 to 61% YoY growth;</li>  <li>Growth in members and products accelerated as well, all growing by triple-digit percentages, and marking the 8th consecutive quarter of accelerating YoY growth in total members forSoFi.</li>  <li>In addition, the company generated $61 million of positive EBITDA over the past 12 months, a significant improvement from the $149 million of losses experienced for the full year of 2019.</li> </ul> But these numbers were not enough to satisfy investor appetite. In fact, investors rushed out of the stock and shares ofSoFi plunged as much as 15% after the release of results. The stock is now down around -37% over the past 6 months at a market capitalization of around $12 billion.</p><p><blockquote><ul><li>该公司的使用指标均呈现加速增长，其中大部分指标增长超过 100%；</li><li>收入也同比增长 101%，达到三位数，达到 2.313 亿美元，而本季度调整后净收入同比增长 74%，远高于 58% 至 61% 的同比增长指引；</li><li>会员和产品的增长也加速，均以三位数的百分比增长，这标志着 forSoFi 会员总数连续第八个季度同比加速增长。</li><li>此外，该公司在过去 12 个月中实现了 6100 万美元的正 EBITDA，比 2019 年全年的 1.49 亿美元亏损有了显着改善。</li></ul>但这些数字不足以满足投资者的胃口。事实上，投资者纷纷撤出该股，业绩公布后SoFi股价暴跌15%。该股目前在过去 6 个月中下跌了约 -37%，市值约为 120 亿美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3534b25722128f58c73322ad0b9b2001\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> Seemingly, most of the negative reaction to the Q2 results was based on the fact that the company's net loss increased significantly during the quarter. In addition, the company issued guidance for the second half of 2021 that was&nbsp;below what analysts had predicted.</p><p><blockquote>显然，对第二季度业绩的大部分负面反应都是基于该公司本季度净亏损大幅增加这一事实。此外，该公司发布的2021年下半年指引低于分析师的预测。</blockquote></p><p> We believe the market's reaction toSoFi's numbers is well overblown as both factors, the net loss, as well as the guidance can be attributed to one-time impacts or non-cash items, which we'll explain in more detail below.SoFi's CEO Anthony Noto made it clear on the conference call that the company is accelerating its business across almost every metric. And while it may take some time for investors to understandSoFi's competitive advantage and growth runway, we believe that at current levelsSoFi shares are way oversold.</p><p><blockquote>我们认为市场对 SoFi 数据的反应被大大夸大了，因为净亏损和指导这两个因素都可以归因于一次性影响或非现金项目，我们将在下面更详细地解释。 SoFi 首席执行官 Anthony Noto 在电话会议上明确表示，该公司正在几乎所有指标上加速其业务。虽然投资者可能需要一些时间来了解 SoFi 的竞争优势和增长跑道，但我们认为，在目前的水平上，SoFi 股票已经超卖。</blockquote></p><p> This article won't focus on a detailed description of the business, but will highlight the most recent financial results. For a deep-dive into the company's business model, opportunities and risks, go visit&nbsp;our previous article&nbsp;on SoFi.</p><p><blockquote>本文不会重点介绍该业务的详细描述，但会重点介绍最近的财务业绩。要深入了解该公司的商业模式、机遇和风险，请访问我们之前关于 SoFi 的文章。</blockquote></p><p> <b>The Numbers</b></p><p><blockquote><b>数字</b></blockquote></p><p> SoFi reported very strong Q2 financial results:</p><p><blockquote>SoFi 公布了非常强劲的第二季度财务业绩：</blockquote></p><p> Adjusted Revenue for the quarter climbed 74% YoY, way above management's initial guidance of between 58 to 61% growth, and well above analyst expectations. Furthermore, the company had another quarter of positive EBITDA, which reached $11 million for the quarter, up $35 million YoY from negative ($24) million in Q2 2020.</p><p><blockquote>本季度调整后收入同比增长 74%，远高于管理层最初预期的 58% 至 61% 的增长，也远高于分析师的预期。此外，该公司又一个季度实现正 EBITDA，本季度达到 1100 万美元，比 2020 年第二季度的负（2400 万美元）同比增长 3500 万美元。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f2326005d2400bf2a6257b4b187d2bc8\" tg-width=\"640\" tg-height=\"284\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> On an annualized basis,SoFi achieved to bring in $852 million in adjusted net revenue and $61 million in adjusted EBITDA, despite some one-time headwinds in the quarter and alongside aggressive investments in the future growth of the company.</p><p><blockquote>按年化计算，SoFi 的调整后净收入为 8.52 亿美元，调整后 EBITDA 为 6100 万美元，尽管本季度出现了一些一次性逆风，并且对公司未来增长进行了积极的投资。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dad9c230f84bb4059516cd54c4a45f45\" tg-width=\"640\" tg-height=\"283\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> Most importantly, activity onSoFi's platform is accelerating across all areas.SoFi reported the 8th consecutive quarter of accelerating YoY growth for their total members, which reached 2.56 million for the quarter, up from 1.2 million in the Q2 2020 quarter (representing growth of 113%), and up 12% sequentially from Q1.</p><p><blockquote>最重要的是，SoFi 平台上的活动正在所有领域加速。 SoFi 报告称，其会员总数连续第八个季度同比加速增长，本季度达到 256 万，高于 2020 年第二季度的 120 万（增长 113%），较第一季度环比增长 12%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0fb7e3b27b52cca163a823c883e4af0a\" tg-width=\"640\" tg-height=\"304\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> The quarter also showed continued accelerating YoY growth in Products, which were up 123% to reach 3.7 million.SoFi added more than +2 million products on a YoY comparison, representing 123% YoY growth.</p><p><blockquote>本季度产品同比增长持续加速，增长 123%，达到 370 万件。SoFi 同比增加了超过 200 万件产品，同比增长 123%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/024d45093cab2fb40cba8ab7d9bd4744\" tg-width=\"640\" tg-height=\"297\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> Galileo, their financial technology platform, reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter as the company added 42.9 million new accounts to their financial technology offering.</p><p><blockquote>他们的金融技术平台 Galileo 的账户数量从 3600 万个增加到 7900 万个，本季度增长了 119%，因为该公司在其金融技术产品中增加了 4290 万个新账户。</blockquote></p><p> Galileo now posted greater than 100% YoY growth for the last four quarters for Galileo. The platform is a key cornerstone forSoFi's future growth and the fact that they are growing triple-digits and, for the first time, crossed $100 billion of annualized payment volume in July, shows that the business not only has significant scale already but also has a real competitive advantage as reflected by the YoY growth.</p><p><blockquote>伽利略现在公布，伽利略在过去四个季度的同比增长超过100%。该平台是 Sofi 未来增长的关键基石，事实上，他们正在以三位数的速度增长，并且在 7 月份的年化支付量首次突破 1000 亿美元，这表明该业务不仅已经拥有可观的规模，而且还具有真正的竞争优势如同比增长所反映的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1b72ef771e256023ab2cc56f48f9a10\" tg-width=\"640\" tg-height=\"281\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> Lastly,SoFi's business is diversifying in a significant way. Overall member growth for the business was driven by significant expansion in the Financial Services segment, withSoFi Invest andSoFi Money more than tripling the number of Financial Services segment products, to nearly 2.7 million, up from approximately 783,000 vs. Q2 2020. In the most recent quarter Financial Services segment products were nearly three times the number of Lending Products which shows how strongly the business is diversifying away from its initial lending arm (notwithstanding that loan originations still increased by a very strong 66% YoY). The 3x greater scale supported to drive a 1.7x increase in the number of products that were cross-bought by members already active on the platform in comparison to Q2 2020, as noted by the CEO during the conference call.</p><p><blockquote>最后， SoFi 的业务正在显著多元化。金融服务领域的显着扩张推动了该业务的整体会员增长，SoFi Invest 和 SoFi Money 将金融服务领域的产品数量增加了两倍多，从 2020 年第二季度的约 783,000 个增加到近 270 万个。在最近一个季度，金融服务部门的产品数量几乎是贷款产品数量的三倍，这表明该业务从最初的贷款部门多元化发展的力度有多大（尽管贷款发放量仍然同比增长了 66%）。正如首席执行官在电话会议上指出的那样，与2020年第二季度相比，3倍的规模支持推动已经在平台上活跃的会员交叉购买的产品数量增加1.7倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd0fb00ddf2b10ee7226b966df927eb7\" tg-width=\"640\" tg-height=\"271\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> <b>The Number That Spooked Investors</b></p><p><blockquote><b>吓坏投资者的数字</b></blockquote></p><p> The one thing that let many investors to sell the stock ofSoFi after the earnings report was that the company reported a significant net loss of $165.3 million compared to a still positive net income of $7.8 million in the prior year quarter. However, as the company&nbsp;explained during the conference call, this was largely due to a one-time item in relation to the business combination with Galileo, as well as non-cash items like stock-based compensation (SBC):</p><p><blockquote>收益报告发布后，许多投资者出售 SoFi 股票的一件事是，该公司报告净亏损 1.653 亿美元，而去年同期净利润仍为 780 万美元。然而，正如该公司在电话会议期间解释的那样，这主要是由于与伽利略业务合并相关的一次性项目，以及股票薪酬 (SBC) 等非现金项目：</blockquote></p><p>   We remeasured our valuation allowance during 2020 as a result of the deferred tax liabilities recognized in connection with our acquisition of Galileo, which decreased the valuation allowance by $99.8 million. The absence of that tax benefit, together with significant non-cash stock-based compensation expenses and fair value changes in warrants primarily related to the fair market value ofSoFi stock, were the largest contributors to the current period net loss.  <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ae29dddc9bc00f8fa31eb7cbee8ca3d5\" tg-width=\"640\" tg-height=\"219\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote>由于与收购伽利略相关确认的递延税项负债，我们于二零二零年重新计量了估值拨备，导致估值拨备减少了9980万美元。缺乏税收优惠，以及主要与 SoFi 股票公平市场价值相关的重大非现金股票薪酬费用和认股权证公平价值变化，是本期净亏损的最大原因。<p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> In addition to management's remarks, investors should take a closer look atSoFi's income statement, where it becomes clearer what drove the net loss. The&nbsp;SEC filing&nbsp;shows that management's cost management is actually very prudent as non-interest expenses, including investments into technology and products, sales and marketing, as well as operating costs only increased by 45%, 48%, 46% respectively which is much lower than the company's +74% revenue growth. Only general and administrative expenses more than tripled during the quarter. Digging deeper into the SEC filing reveals that the big chunk of G&amp;A expenses came from aforementioned $99.8 million in deferred tax liabilities as a result of the acquisition of Galileo, and stock-based compensation as a result of being a public company (see items marked below).</p><p><blockquote>除了管理层的言论之外，投资者还应该仔细看看 atSoFi 的损益表，其中更清楚是什么导致了净亏损。SEC文件显示，管理层的成本管理实际上非常谨慎，因为非利息支出，包括技术和产品投资、销售和营销以及运营成本仅分别增加了45%、48%和46%，远低于公司+74%的收入增长。本季度只有一般和管理费用增加了两倍多。深入研究SEC的文件会发现，G&amp;A的大部分费用来自前面提到的9980万美元的递延所得税负债，以及作为上市公司的股票薪酬（见下面标记的项目）。</blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/1d9473db3f6390b5bfb72b27246d0601\" tg-width=\"640\" tg-height=\"409\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e0113b16a7131123dee0e6ebaf065ebb\" tg-width=\"640\" tg-height=\"215\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> If you exclude the one-time item of deferred tax liabilities of $99.8 million, and adjust for three months of SBC with around half of the previous six months SBC expense, thenSoFi's net loss would have only been around negative $(20) million for the quarter (note that this is based on the author's rough estimates and should not be regarded as an accurate reflection of the actual numbers).</p><p><blockquote>如果排除 9,980 万美元的一次性递延所得税负债，并根据前六个月 SBC 费用的一半左右调整三个月的 SBC，thenSoFi 本季度的净亏损将仅为负 (2000) 万美元左右（请注意，这是基于作者的粗略估计，不应被视为实际数字的准确反映）。</blockquote></p><p> With that back-of-the-envelope calculation in mind, we are not particularly worried about the net loss that was reported for the quarter relative to the strong top-line growth thatSoFi reported.SoFi's numbers clearly indicate that the business is accelerating in growth, diversifying its services rapidly, while we see cross-selling activity ramping up within its customer-base which should provide some important efficiency gains in the future in terms of reduced customer acquisition costs and improved margins. This aspect becomes much clearer when we also take a look at the results from the individual business segments and the respective contribution profit metrics:</p><p><blockquote>考虑到这种信封后面的计算，我们并不特别担心本季度报告的净亏损相对于 SoFi 报告的强劲营收增长。 SoFi 的数据清楚地表明，该业务正在加速增长，快速多元化其服务，而我们看到其客户群中的交叉销售活动有所增加，这应该会在未来在降低客户获取成本和提高利润率方面带来一些重要的效率提升。当我们还查看各个业务部门的结果和各自的贡献利润指标时，这方面就变得更加清晰：</blockquote></p><p> <b>1) Lending Segment</b>-SoFi generated adjusted net revenue of $172 million, growing 47% YoY, with a contribution profit of $89 million. The increase was largely driven by personal loan originations, which grew by 188% YoY. In addition, contribution profit (marked below) increased by 80% YoY and respective margins improved to 52% compared to a 42% margin in the prior year quarter - and that was alongside an incremental increase of investment into the business of +$15.3 million for the quarter. Margin improvement was driven by operating efficiencies (e.g. more than 50% of personal loans were fully automated vs. less than 30% one year ago) alongside prudent spending in marketing that has brought cost per funded loan down.</p><p><blockquote><b>1）贷款分部</b>-SoFi 调整后净收入为 1.72 亿美元，同比增长 47%，贡献利润为 8900 万美元。这一增长主要是由个人贷款发放推动的，个人贷款发放同比增长 188%。此外，贡献利润（如下所示）同比增长 80%，相应的利润率从去年同期的 42% 提高到 52%，与此同时，该业务的投资也增加了 1530 万美元本季度。利润率的提高是由运营效率推动的（例如，超过 50% 的个人贷款是全自动的，而一年前这一比例不到 30%），以及谨慎的营销支出降低了每笔融资贷款的成本。</blockquote></p><p> SoFi highlighted in the conference call that growth in this segment was achieved despite noticeable headwinds in the student loans business from the government's CARES-act prolongation, with $859 million in origination volume in the quarter representing less than half of pre-CARES levels.</p><p><blockquote>SoFi在电话会议上强调，尽管政府延长CARES法案给学生贷款业务带来了明显的阻力，但该细分市场还是实现了增长，本季度的发放量为8.59亿美元，不到CARES前水平的一半。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cf0b085e6372cd1774f4feac9ca4e2d0\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <img src=\"https://static.tigerbbs.com/3c4af0c2068e800edbbe1728761f863b\" tg-width=\"640\" tg-height=\"165\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15729a0e43c025e7ab40d6017ff0f259\" tg-width=\"640\" tg-height=\"148\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> <b>2) Financial Services Segment</b>- net revenue for this segment for the 2nd quarter reached $17.0 million vs. $2.4 million in Q2 2020, representing growth of a mind-blowing 602% YoY. With a 6x growth rate there is not much doubt that the business is successfully attracting customers, while making significant progress also in terms of cross-selling and multi-product-adoption, which will be an important aspect in reducing customer acquisition costs and driving higher lifetime value per customer. Another important aspect is that the incremental YoY revenue increase is offsetting the increased costs attributable to the segment, which was a $8.5 million YoY increase in expenses vs. a $14.6 million increase in revenue vs. Q2 2020, resulting in an improved contribution metric where losses decreased by 20% YoY.</p><p><blockquote><b>2）金融服务分部</b>- 第二季度该部门的净收入达到 1700 万美元，而 2020 年第二季度为 240 万美元，同比增长 602%，令人兴奋。凭借6倍的增长率，毫无疑问，该业务正在成功吸引客户，同时在交叉销售和多产品采用方面也取得了重大进展，这将是降低客户获取成本和提高每个客户终身价值的一个重要方面。另一个重要方面是，同比收入的增量增长抵消了该部门的成本增加，该部门的费用同比增加了 850 万美元，而收入与 2020 年第二季度相比增加了 1460 万美元，从而改善了贡献指标，损失同比减少了 20%。</blockquote></p><p> The Financial Services Segment also showed strong product growth across all offerings as total products in this segment grew by 243% YoY.SoFi doesn't rest on its laurels as the company has just launched a new equity capital markets and advisory business in the second quarter, which will be interesting to watch.</p><p><blockquote>金融服务部门在所有产品中也表现出强劲的产品增长，该部门的总产品同比增长 243%。 SoFi 并没有固步自封，因为该公司刚刚在第二季度推出了新的股权资本市场和咨询业务，这将会很有趣。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0049b49eeb97244d71a3c9e5e580b1bb\" tg-width=\"640\" tg-height=\"147\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72aecb1a11aaee4636651095b20bd195\" tg-width=\"640\" tg-height=\"181\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> <b>3) Technology Platform</b>- this segment primarily reports results fromSoFi's financial technology offering Galileo, which saw total net revenue increase by 138% YoY reaching $45.3 million vs. $19 million in the prior year quarter. Total Galileo accounts reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter. Galileo also just crossed $100 billion of annualized payment volume in July as noted during the&nbsp;conference call.</p><p><blockquote><b>3）技术平台</b>- 该部门主要报告 SoFi 金融技术产品 Galileo 的业绩，该产品的总净收入同比增长 138%，达到 4530 万美元，而去年同期为 1900 万美元。伽利略账户总数从 3600 万个增加到 7900 万个，本季度增长 119%。正如电话会议期间指出的那样，伽利略在7月份的年化支付额也刚刚突破了1000亿美元。</blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c567a3c581104d33cb959ebe63c33606\" tg-width=\"640\" tg-height=\"148\" width=\"100%\" height=\"auto\"><span>Source:SoFi</span></p><p><blockquote><p class=\"t-img-caption\"><span>来源：SoFi</span></p></blockquote></p><p> SoFi is aggressively investing to position Galileo for strong future growth, e.g. by moving operations from on-premise to the cloud, while nearly doubling its headcount and expanding into new geographies. Management mentioned that they are nearing completion of building out a new cloud computing environment for Galileo which is supposed to replace the on premises environment, including the preparation of migrating existing clients to the cloud in Q3. While this contributed to a significant increase in expenses and impacted the resulting contribution profit for this segment,SoFi was still able to show YoY growth in contribution profit of 8%. It is important to see that management is pursuing all efforts to continue to accelerate growth in one of their key differentiating business segments, which Galileo clearly represents. What Amazon did for retail or the cloud with pioneering its AWS offering, could be replicated through Galileo as they are on track to position it as the leading financial technology offering and backbone to the global financial technology industry.</p><p><blockquote>SoFi正在积极投资，为伽利略未来的强劲增长做好准备，例如将运营从内部部署转移到云端，同时将员工人数增加近一倍并扩展到新的地区。管理层提到，他们即将完成为伽利略构建一个新的云计算环境，该环境应取代内部环境，包括准备在第三季度将现有客户端迁移到云端。虽然这导致费用大幅增加并影响了该部门由此产生的贡献利润，但 SoFi 的贡献利润仍同比增长 8%。重要的是要看到，管理层正在尽一切努力继续加速其关键差异化业务部门之一的增长，伽利略清楚地代表了这一点。亚马逊在零售或云领域率先推出 AWS 产品，可以通过伽利略复制，因为他们有望将其定位为领先的金融技术产品和全球金融技术行业的支柱。</blockquote></p><p> <b>Management Guidance</b></p><p><blockquote><b>管理指导</b></blockquote></p><p> For the third quarter of 2021SoFi's management expects adjusted net revenue of $245 million to $255 million, representing only around 15% growth vs. the prior year quarter, which is markedly lower than the $270.2M&nbsp;average estimate from two analysts. Adjusted EBITDA is expected to come in between negative $(7) million to positive $3 million. The expected top-line growth seems to be quite conservative but has surprised many investors who expected much higher growth rates, especially afterSoFi just reported a +74% growth in the most recent quarter.</p><p><blockquote>SoFi 管理层预计 2021 年第三季度调整后净收入为 2.45 亿美元至 2.55 亿美元，较去年同期仅增长 15% 左右，明显低于两位分析师 2.702 亿美元的平均预期。调整后的 EBITDA 预计将在负 (7) 百万美元到正 300 万美元之间。预期的营收增长似乎相当保守，但令许多预期增长率更高的投资者感到惊讶，尤其是在SoFi刚刚报告最近一个季度增长+74%之后。</blockquote></p><p> While the guidance was a significant factor contributing to the sell-off inSoFi's shares, we believe that investors shouldn't put too much focus on the headlines of „missed\" guidance. The fact thatSoFi is sticking to its initial guidance of adjusted net revenue of $980 million and adjusted EBITDA of positive $27 million is the most important take-away.<b>Management was able to reiterate its guidance despite a significant negative expected planning impact on student loan refinancing revenues of negative $40M following the government's extension of the CARES Act moratorium</b>&nbsp;on student loan payments from Sept. 30, 2021 to Jan. 31, 2022. The company now expects a rebound in the student loan refinancing business early next year while, so far, management had planned for the CARES Act to end on September 30 in its initial guidance. In addition, the company also expects a smaller negative impact from the reduced Technology Platform revenue estimate of $12 million based on the minority stake in APEX thatSoFi bought bac (contribution from the investment ended in January 2021).</p><p><blockquote>虽然该指导是导致 inSoFi 股票抛售的一个重要因素，但我们认为投资者不应过分关注“错过”指导的头条新闻。事实上，Sofi 坚持其最初的指导，即调整后净收入为 9.8 亿美元，调整后 EBITDA 为 2700 万美元，这是最重要的收获。<b>尽管在政府延长 CARES 法案暂停期后，预期规划对学生贷款再融资收入产生了负 4000 万美元的重大负面影响，但管理层仍能够重申其指导意见</b>2021年9月30日至2022年1月31日期间的学生贷款支付。该公司现在预计明年初学生贷款再融资业务将出现反弹，而到目前为止，管理层在其初步指导中计划 CARES 法案将于 9 月 30 日结束。此外，该公司还预计，基于 APEX thatSoFi 收购 bac 的少数股权（来自 2021 年 1 月结束的投资的贡献），技术平台收入估计减少 1200 万美元的负面影响较小。</blockquote></p><p> Even despite this significant $40 million negative revenue impact toSoFi's original guidance, plus the originally included $12 million of expected 2021 revenue from the equity investment in APEX, the company did not lower its guidance but was able to reassure investors that the other business segments can outweigh these headwinds, which is a strong validation ofSoFi's diversified business, which will enable the company to maneuver through even difficult periods that may affect one of its business segments from time to time.</p><p><blockquote>尽管 SoFi 最初的指引受到了 4000 万美元的重大负面收入影响，加上最初包括的 2021 年 APEX 股权投资的 1200 万美元预期收入，但该公司并没有降低指引，但能够向投资者保证其他业务部门可以克服这些不利因素，这是对 SoFi 多元化业务的有力验证，这将使该公司能够度过可能不时影响其某个业务部门的困难时期。</blockquote></p><p> Lastly, management pointed out a clear cost management strategy relative to its growth prospects which should re-assure investors that at some point the company will be back to positive net income alongside robust topline growth:</p><p><blockquote>最后，管理层指出了与其增长前景相关的明确成本管理策略，这应该让投资者再次放心，在某个时候，公司将恢复正净利润以及强劲的营收增长：</blockquote></p><p></p><p>   ...we continue invest aggressively in our business to fuel compounding growth, while still delivering profitability to our shareholders. This combination is not easy, but we are committed to contributing around 30% of incremental revenue to the bottom line and reinvest the remaining 70% in bolstering our product innovation to drive decades of compounding growth. Even as we invest aggressively in technology, marketing and people, we continue to realize cost efficiencies, which is beginning to drive real operating leverage. By leveraging cross buying and better gaining realization and targeting we've reduced sales and marketing as a percentage of revenue and customer acquisition cost meaningfully year-over-year.  Lastly, investors were also keen to hear any updates on the anticipated Bank Charter thatSoFi is pursuing. CEO Anthony Noto mentioned during the conference call that the company is working closely with the Federal Reserve Bank and the OCC in a „constructive process\", but they also reiterated that there's not a definitive timeline to the process itself - so we are still waiting for an update on the bank charter. As previously reported,SoFi filed for a banking charter&nbsp;in July 2020.SoFi's career postings suggest they are building out senior management and teams for the much-anticipated banking division, includingrecent job postingsin compliance, software engineering or auditing.</p><p><blockquote>...我们继续积极投资于我们的业务，以推动复合增长，同时仍然为股东带来盈利能力。这种组合并不容易，但我们致力于将约 30% 的增量收入贡献给利润，并将剩余的 70% 再投资于支持我们的产品创新，以推动数十年的复合增长。尽管我们积极投资于技术、营销和人员，但我们继续实现成本效率，这开始推动实际运营杠杆。通过利用交叉购买、更好地实现和定位，我们逐年大幅降低了销售和营销占收入和客户获取成本的百分比。最后，投资者还渴望听到 Sofi 正在寻求的预期银行章程的任何更新。首席执行官 Anthony Noto 在电话会议上提到，公司正在与美联储银行和 OCC 密切合作，开展“建设性进程”，但他们也重申，该进程本身没有明确的时间表，因此我们仍在等待银行章程的更新。正如之前报道的那样，SoFi 于 2020 年 7 月申请了银行章程。SoFi 的招聘信息表明，他们正在为备受期待的银行部门组建高级管理人员和团队，包括最近在合规、软件工程或审计方面的招聘信息。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> There was a lot to like inSoFi's first quarterly report as a public company. We believe the sell-off in the company's shares is an overreaction. The muted guidance, or to put it more positively, the fact that management was able to reiterate its initial guidance for FY 2021 despite the significant negative $40 million impact from the prolongation of the CARES act as management no longer expects a tick-up in the student loan financing business in 2021, should actually be seen as a positive sign that the company's business is building up an important diversification of its business as the other business segments can compensate for these headwinds. While there is a risk that the government may continue to prolong the CARES act moratorium, which would negatively impactSoFi's student loan business, the company is now well diversified to outweigh any negative impact, and the set-up also creates some opportunity for upside surprises as we head into 2022, where the company now expects the tick-up in student loan refinancing to happen.</p><p><blockquote>inSoFi 作为上市公司的第一份季度报告有很多值得喜欢的地方。我们认为公司股票的抛售是一种过度反应。低调的指导，或者更积极地说，尽管 CARES 法案的延长产生了 4000 万美元的重大负面影响，但管理层能够重申其 2021 财年的初始指导，因为管理层不再预计学生贷款融资业务将在 2021 年增加，实际上应该被视为一个积极的迹象，表明该公司的业务正在建立重要的业务多元化，因为其他业务部门可以弥补这些不利因素。虽然政府可能会继续延长 CARES 法案暂停期，这将对 SoFi 的学生贷款业务产生负面影响，但该公司现在的多元化程度足以抵消任何负面影响，而且这一设置也创造了一些机会。随着我们进入 2022 年，该公司现在预计学生贷款再融资将会增加。</blockquote></p><p> In conclusion,SoFi is diversifying its business and is making significant progress in terms of cross-selling and multi-product-adoption amongst its customer base, which will be an important aspect in reducing customer acquisition costs, better margins and driving higher lifetime value per customer. We are encouraged to see how short-term headwinds are compensated by other fast-growing business segments. We remain long the stock.</p><p><blockquote>总之，SoFi 正在实现业务多元化，并在客户群中的交叉销售和多种产品采用方面取得了重大进展，这将是降低客户获取成本、提高利润率和提高每位客户终身价值的重要方面。我们很高兴看到其他快速增长的业务部门如何抵消短期不利因素。我们仍然做多股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4450048-sofi-technologies-market-got-it-wrong\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOFI":"SoFi Technologies Inc."},"source_url":"https://seekingalpha.com/article/4450048-sofi-technologies-market-got-it-wrong","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181607588","content_text":"Summary\n\nSoFi just reported strong Q2 2021 financial results with accelerating growth across its usage metrics, most of which grew by >100%.\nAdjusted revenue for the quarter climbed 74% YoY and was based on a diverse revenue mix from SoFi’s three core business segments.\nHowever, investors got spooked by a net loss of >$150 million for the quarter and a muted guidance for H2 2021.\nManagement made it clear that net loss was impacted by a deferred tax liability from Galileo, while guidance was reiterated despite a $40M headwind from the CARES Act prolongation.\nSoFi is diversifying its business and makes significant progress in terms of multi-product adoption, which will be key for future growth. The 15% drop in shares is a clear overreaction.\n\nipopba/iStock via Getty Images\nSummary\nSoFi Technologies (SOFI) is a fintech company that offers a multitude of digital financial services to customers under its three key business segments, i.e.:\n1) Lending, which includes personal, home, and student loans;\n2) Financial Services, including savings, spending, investment accounts, as well as various debit and credit card services;\n3) Financial technology, which primarily consists of Galileo, a market-leading financial technology infrastructure provider thatSoFi acquired in May 2020.\nThe company aims to become a one-stop-shop for digital financial services and is well on its way to do so.\nSoFi just reported its first set of financial results since becoming a public company, and results were quite strong for the Q2 2021 quarter:\n\nThe company showed accelerating growth across its usage metrics, most of which grew by >100%;\nRevenues also grew triple-digits at 101% year over year (YoY) to $231.3 million, while adjusted net revenue for the quarter climbed 74% YoY and came in well above guidance of between 58 to 61% YoY growth;\nGrowth in members and products accelerated as well, all growing by triple-digit percentages, and marking the 8th consecutive quarter of accelerating YoY growth in total members forSoFi.\nIn addition, the company generated $61 million of positive EBITDA over the past 12 months, a significant improvement from the $149 million of losses experienced for the full year of 2019.\n\nBut these numbers were not enough to satisfy investor appetite. In fact, investors rushed out of the stock and shares ofSoFi plunged as much as 15% after the release of results. The stock is now down around -37% over the past 6 months at a market capitalization of around $12 billion.\nData by YCharts\nSeemingly, most of the negative reaction to the Q2 results was based on the fact that the company's net loss increased significantly during the quarter. In addition, the company issued guidance for the second half of 2021 that was below what analysts had predicted.\nWe believe the market's reaction toSoFi's numbers is well overblown as both factors, the net loss, as well as the guidance can be attributed to one-time impacts or non-cash items, which we'll explain in more detail below.SoFi's CEO Anthony Noto made it clear on the conference call that the company is accelerating its business across almost every metric. And while it may take some time for investors to understandSoFi's competitive advantage and growth runway, we believe that at current levelsSoFi shares are way oversold.\nThis article won't focus on a detailed description of the business, but will highlight the most recent financial results. For a deep-dive into the company's business model, opportunities and risks, go visit our previous article on SoFi.\nThe Numbers\nSoFi reported very strong Q2 financial results:\nAdjusted Revenue for the quarter climbed 74% YoY, way above management's initial guidance of between 58 to 61% growth, and well above analyst expectations. Furthermore, the company had another quarter of positive EBITDA, which reached $11 million for the quarter, up $35 million YoY from negative ($24) million in Q2 2020.\nSource:SoFi\nOn an annualized basis,SoFi achieved to bring in $852 million in adjusted net revenue and $61 million in adjusted EBITDA, despite some one-time headwinds in the quarter and alongside aggressive investments in the future growth of the company.\nSource:SoFi\nMost importantly, activity onSoFi's platform is accelerating across all areas.SoFi reported the 8th consecutive quarter of accelerating YoY growth for their total members, which reached 2.56 million for the quarter, up from 1.2 million in the Q2 2020 quarter (representing growth of 113%), and up 12% sequentially from Q1.\nSource:SoFi\nThe quarter also showed continued accelerating YoY growth in Products, which were up 123% to reach 3.7 million.SoFi added more than +2 million products on a YoY comparison, representing 123% YoY growth.\nSource:SoFi\nGalileo, their financial technology platform, reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter as the company added 42.9 million new accounts to their financial technology offering.\nGalileo now posted greater than 100% YoY growth for the last four quarters for Galileo. The platform is a key cornerstone forSoFi's future growth and the fact that they are growing triple-digits and, for the first time, crossed $100 billion of annualized payment volume in July, shows that the business not only has significant scale already but also has a real competitive advantage as reflected by the YoY growth.\nSource:SoFi\nLastly,SoFi's business is diversifying in a significant way. Overall member growth for the business was driven by significant expansion in the Financial Services segment, withSoFi Invest andSoFi Money more than tripling the number of Financial Services segment products, to nearly 2.7 million, up from approximately 783,000 vs. Q2 2020. In the most recent quarter Financial Services segment products were nearly three times the number of Lending Products which shows how strongly the business is diversifying away from its initial lending arm (notwithstanding that loan originations still increased by a very strong 66% YoY). The 3x greater scale supported to drive a 1.7x increase in the number of products that were cross-bought by members already active on the platform in comparison to Q2 2020, as noted by the CEO during the conference call.\nSource:SoFi\nThe Number That Spooked Investors\nThe one thing that let many investors to sell the stock ofSoFi after the earnings report was that the company reported a significant net loss of $165.3 million compared to a still positive net income of $7.8 million in the prior year quarter. However, as the company explained during the conference call, this was largely due to a one-time item in relation to the business combination with Galileo, as well as non-cash items like stock-based compensation (SBC):\n\n We remeasured our valuation allowance during 2020 as a result of the deferred tax liabilities recognized in connection with our acquisition of Galileo, which decreased the valuation allowance by $99.8 million. The absence of that tax benefit, together with significant non-cash stock-based compensation expenses and fair value changes in warrants primarily related to the fair market value ofSoFi stock, were the largest contributors to the current period net loss.\n\nSource:SoFi\nIn addition to management's remarks, investors should take a closer look atSoFi's income statement, where it becomes clearer what drove the net loss. The SEC filing shows that management's cost management is actually very prudent as non-interest expenses, including investments into technology and products, sales and marketing, as well as operating costs only increased by 45%, 48%, 46% respectively which is much lower than the company's +74% revenue growth. Only general and administrative expenses more than tripled during the quarter. Digging deeper into the SEC filing reveals that the big chunk of G&A expenses came from aforementioned $99.8 million in deferred tax liabilities as a result of the acquisition of Galileo, and stock-based compensation as a result of being a public company (see items marked below).\n\nSource:SoFi\nIf you exclude the one-time item of deferred tax liabilities of $99.8 million, and adjust for three months of SBC with around half of the previous six months SBC expense, thenSoFi's net loss would have only been around negative $(20) million for the quarter (note that this is based on the author's rough estimates and should not be regarded as an accurate reflection of the actual numbers).\nWith that back-of-the-envelope calculation in mind, we are not particularly worried about the net loss that was reported for the quarter relative to the strong top-line growth thatSoFi reported.SoFi's numbers clearly indicate that the business is accelerating in growth, diversifying its services rapidly, while we see cross-selling activity ramping up within its customer-base which should provide some important efficiency gains in the future in terms of reduced customer acquisition costs and improved margins. This aspect becomes much clearer when we also take a look at the results from the individual business segments and the respective contribution profit metrics:\n1) Lending Segment-SoFi generated adjusted net revenue of $172 million, growing 47% YoY, with a contribution profit of $89 million. The increase was largely driven by personal loan originations, which grew by 188% YoY. In addition, contribution profit (marked below) increased by 80% YoY and respective margins improved to 52% compared to a 42% margin in the prior year quarter - and that was alongside an incremental increase of investment into the business of +$15.3 million for the quarter. Margin improvement was driven by operating efficiencies (e.g. more than 50% of personal loans were fully automated vs. less than 30% one year ago) alongside prudent spending in marketing that has brought cost per funded loan down.\nSoFi highlighted in the conference call that growth in this segment was achieved despite noticeable headwinds in the student loans business from the government's CARES-act prolongation, with $859 million in origination volume in the quarter representing less than half of pre-CARES levels.\n\n\nSource:SoFi\n2) Financial Services Segment- net revenue for this segment for the 2nd quarter reached $17.0 million vs. $2.4 million in Q2 2020, representing growth of a mind-blowing 602% YoY. With a 6x growth rate there is not much doubt that the business is successfully attracting customers, while making significant progress also in terms of cross-selling and multi-product-adoption, which will be an important aspect in reducing customer acquisition costs and driving higher lifetime value per customer. Another important aspect is that the incremental YoY revenue increase is offsetting the increased costs attributable to the segment, which was a $8.5 million YoY increase in expenses vs. a $14.6 million increase in revenue vs. Q2 2020, resulting in an improved contribution metric where losses decreased by 20% YoY.\nThe Financial Services Segment also showed strong product growth across all offerings as total products in this segment grew by 243% YoY.SoFi doesn't rest on its laurels as the company has just launched a new equity capital markets and advisory business in the second quarter, which will be interesting to watch.\n\nSource:SoFi\n3) Technology Platform- this segment primarily reports results fromSoFi's financial technology offering Galileo, which saw total net revenue increase by 138% YoY reaching $45.3 million vs. $19 million in the prior year quarter. Total Galileo accounts reached 79 million accounts, up from 36 million, representing growth of 119% in the quarter. Galileo also just crossed $100 billion of annualized payment volume in July as noted during the conference call.\nSource:SoFi\nSoFi is aggressively investing to position Galileo for strong future growth, e.g. by moving operations from on-premise to the cloud, while nearly doubling its headcount and expanding into new geographies. Management mentioned that they are nearing completion of building out a new cloud computing environment for Galileo which is supposed to replace the on premises environment, including the preparation of migrating existing clients to the cloud in Q3. While this contributed to a significant increase in expenses and impacted the resulting contribution profit for this segment,SoFi was still able to show YoY growth in contribution profit of 8%. It is important to see that management is pursuing all efforts to continue to accelerate growth in one of their key differentiating business segments, which Galileo clearly represents. What Amazon did for retail or the cloud with pioneering its AWS offering, could be replicated through Galileo as they are on track to position it as the leading financial technology offering and backbone to the global financial technology industry.\nManagement Guidance\nFor the third quarter of 2021SoFi's management expects adjusted net revenue of $245 million to $255 million, representing only around 15% growth vs. the prior year quarter, which is markedly lower than the $270.2M average estimate from two analysts. Adjusted EBITDA is expected to come in between negative $(7) million to positive $3 million. The expected top-line growth seems to be quite conservative but has surprised many investors who expected much higher growth rates, especially afterSoFi just reported a +74% growth in the most recent quarter.\nWhile the guidance was a significant factor contributing to the sell-off inSoFi's shares, we believe that investors shouldn't put too much focus on the headlines of „missed\" guidance. The fact thatSoFi is sticking to its initial guidance of adjusted net revenue of $980 million and adjusted EBITDA of positive $27 million is the most important take-away.Management was able to reiterate its guidance despite a significant negative expected planning impact on student loan refinancing revenues of negative $40M following the government's extension of the CARES Act moratorium on student loan payments from Sept. 30, 2021 to Jan. 31, 2022. The company now expects a rebound in the student loan refinancing business early next year while, so far, management had planned for the CARES Act to end on September 30 in its initial guidance. In addition, the company also expects a smaller negative impact from the reduced Technology Platform revenue estimate of $12 million based on the minority stake in APEX thatSoFi bought bac (contribution from the investment ended in January 2021).\nEven despite this significant $40 million negative revenue impact toSoFi's original guidance, plus the originally included $12 million of expected 2021 revenue from the equity investment in APEX, the company did not lower its guidance but was able to reassure investors that the other business segments can outweigh these headwinds, which is a strong validation ofSoFi's diversified business, which will enable the company to maneuver through even difficult periods that may affect one of its business segments from time to time.\nLastly, management pointed out a clear cost management strategy relative to its growth prospects which should re-assure investors that at some point the company will be back to positive net income alongside robust topline growth:\n\n ...we continue invest aggressively in our business to fuel compounding growth, while still delivering profitability to our shareholders. This combination is not easy, but we are committed to contributing around 30% of incremental revenue to the bottom line and reinvest the remaining 70% in bolstering our product innovation to drive decades of compounding growth. Even as we invest aggressively in technology, marketing and people, we continue to realize cost efficiencies, which is beginning to drive real operating leverage. By leveraging cross buying and better gaining realization and targeting we've reduced sales and marketing as a percentage of revenue and customer acquisition cost meaningfully year-over-year.\n\nLastly, investors were also keen to hear any updates on the anticipated Bank Charter thatSoFi is pursuing. CEO Anthony Noto mentioned during the conference call that the company is working closely with the Federal Reserve Bank and the OCC in a „constructive process\", but they also reiterated that there's not a definitive timeline to the process itself - so we are still waiting for an update on the bank charter. As previously reported,SoFi filed for a banking charter in July 2020.SoFi's career postings suggest they are building out senior management and teams for the much-anticipated banking division, includingrecent job postingsin compliance, software engineering or auditing.\nConclusion\nThere was a lot to like inSoFi's first quarterly report as a public company. We believe the sell-off in the company's shares is an overreaction. The muted guidance, or to put it more positively, the fact that management was able to reiterate its initial guidance for FY 2021 despite the significant negative $40 million impact from the prolongation of the CARES act as management no longer expects a tick-up in the student loan financing business in 2021, should actually be seen as a positive sign that the company's business is building up an important diversification of its business as the other business segments can compensate for these headwinds. While there is a risk that the government may continue to prolong the CARES act moratorium, which would negatively impactSoFi's student loan business, the company is now well diversified to outweigh any negative impact, and the set-up also creates some opportunity for upside surprises as we head into 2022, where the company now expects the tick-up in student loan refinancing to happen.\nIn conclusion,SoFi is diversifying its business and is making significant progress in terms of cross-selling and multi-product-adoption amongst its customer base, which will be an important aspect in reducing customer acquisition costs, better margins and driving higher lifetime value per customer. We are encouraged to see how short-term headwinds are compensated by other fast-growing business segments. We remain long the stock.","news_type":1,"symbols_score_info":{"SOFI":0.9}},"isVote":1,"tweetType":1,"viewCount":3161,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894631193,"gmtCreate":1628820564412,"gmtModify":1633689210092,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586519067840195","authorIdStr":"3586519067840195"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/894631193","repostId":"1178005030","repostType":4,"repost":{"id":"1178005030","kind":"news","pubTimestamp":1628819923,"share":"https://www.laohunote.com/m/news/1178005030?lang=zh_CN&edition=full","pubTime":"2021-08-13 09:58","market":"hk","language":"en","title":"Global M&A volumes hit new record in 2021, overtaking last year's haul<blockquote>2021年全球并购交易量创下新纪录，超过去年</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178005030","media":"Nasdaq","summary":"By Patturaja Murugaboopathy and Gaurav Dogra\nAug 12 (Reuters)-Global merger and acquisition (M&A) ac","content":"<p>By Patturaja Murugaboopathy and Gaurav Dogra</p><p><blockquote>作者：Patturaja Murugaboopathy 和 Gaurav Dogra</blockquote></p><p> Aug 12 (Reuters)-Global merger and acquisition (M&amp;A) activity has breached new highs, building on the record-breaking dealmaking streak from the beginning of the year that has been aided by low interest rates and soaring stock prices.</p><p><blockquote>路透 8 月 12 日 - 在低利率和股价飙升的帮助下，全球并购 (M&amp;A) 活动在年初以来创纪录的交易连胜基础上再创新高。</blockquote></p><p> According to Refinitiv data, the total value of pending and completed deals announced in 2021 has already touched $3.6 trillion year-to-date, surpassing the full-year tally of $3.59 trillion in 2020.</p><p><blockquote>根据路孚特的数据，2021年宣布的待定和已完成交易的总价值今年迄今已达到3.6万亿美元，超过了2020年全年3.59万亿美元的总价值。</blockquote></p><p> So far this year, 35,128 deals have been announced, a 24% jump over last year.</p><p><blockquote>今年到目前为止，已经宣布了35,128笔交易，比去年增长了24%。</blockquote></p><p> \"The M&amp;A momentum points to a fundamentally strong market looking ahead. This pace of dealmaking could continue for the next 18-24 months, with new financing solutions and sectors driving activity,\" said Andrea Guerzoni, global vice chair at Ernst &amp; Young.</p><p><blockquote>安永全球副主席安德里亚·格尔佐尼 (Andrea Guerzoni) 表示：“并购势头表明未来市场将从根本上强劲。这种交易速度可能会在未来 18-24 个月持续，新的融资解决方案和行业将推动活动。”</blockquote></p><p> \"The strong demand from private equity and the rebound in SPAC acquisitions .... should support a robust deal pipeline in the near to mid-term.”</p><p><blockquote>“私募股权的强劲需求和特殊目的收购公司收购的反弹……应该会支持近中期强劲的交易渠道。”</blockquote></p><p> The United States alone accounted for $2.14 trillion worth of M&amp;A deals this year, while Europe and the Asia-Pacific raked in $657 billion and $620 billion, respectively.</p><p><blockquote>今年仅美国就完成了价值 2.14 万亿美元的并购交易，而欧洲和亚太地区分别获得了 6570 亿美元和 6200 亿美元。</blockquote></p><p> Matthew Barbieri, partner in charge at Wiss &amp; Company, said looming tax increases on capital transactions have boosted M&amp;A activity in the U.S.</p><p><blockquote>Wiss &amp; Company 主管合伙人马修·巴比耶里 (Matthew Barbieri) 表示，迫在眉睫的资本交易增税促进了美国的并购活动。</blockquote></p><p> \"You as a seller are facing the fact that if you wait until the new tax legislation is passed, and if it does pass in the manner in which it is being presented now, you are taking a ~20% hit on your net transaction value,\" said Barbieri.</p><p><blockquote>“作为卖家，你面临的事实是，如果你等到新的税收立法通过，并且如果它确实以现在的方式通过，你的净交易额将受到约 20% 的打击，”巴比耶里说。</blockquote></p><p> The technology sector, which typically accounts for the majority of deal volume every quarter, continued to lead the way -- deals worth $799 billion were announced from the sector. Financial services M&amp;A volumes stood at $442 billion, while industrials accounted for $438 billion.</p><p><blockquote>通常占每个季度交易量大部分的科技行业继续领先——该行业宣布了价值 7,990 亿美元的交易。金融服务并购交易额为 4420 亿美元，而工业并购交易额为 4380 亿美元。</blockquote></p><p> Acquisitions by blank-check companies or SPACs (special-purpose acquisition companies) also hit a record $495 billion in the year-to-date period.</p><p><blockquote>今年迄今为止，空白支票公司或 SPAC（特殊目的收购公司）的收购额也达到了创纪录的 4,950 亿美元。</blockquote></p><p> SPACs are listed shell companies that raise funds to acquire a private company with the purpose of taking it public. Going public through a SPAC merger has emerged as an extremely popular route for venture-funded private companies and startups over the past 18 months, as such a process allows such companies to sidestep the more onerous regulatory checks of a traditional initial public offering (IPO).</p><p><blockquote>SPAC是上市空壳公司，筹集资金收购一家私营公司，目的是将其上市。在过去的18个月里，通过SPAC合并上市已成为风险投资的私营公司和初创公司非常受欢迎的途径，因为这一过程使这些公司能够规避传统首次公开募股（IPO）更繁重的监管检查。</blockquote></p><p> Analysts said dealmaking from large buyout firms and corporates, which have built up record levels of cash, would further bolster M&amp;A volumes in the near term.</p><p><blockquote>分析师表示，大型收购公司和企业的交易将在短期内进一步提振并购量，这些公司已经积累了创纪录的现金水平。</blockquote></p><p> \"Private equity firms have nearly $2 trillion in dry powder and there is a similar amount of cash on the balance sheets of the S&amp;P 500. Combine the financial means to do deals with the need to readjust business models to the post-pandemic world, and you’ll find organizations increasingly interested in their M&amp;A options,\" said Jeff Black, partner at Mercer.</p><p><blockquote>“私募股权公司拥有近 2 万亿美元的干粉，标普500的资产负债表上也有类似数量的现金。美世合伙人杰夫-布莱克（Jeff Black）说：”将进行交易的财务手段与重新调整商业模式以适应大流行后世界的需要结合起来，你会发现越来越多的组织对他们的并购选择感兴趣。</blockquote></p><p> The merger between AT&amp;T'sT.NWarner Media and DiscoveryDISCA.O, home to lifestyle TV networks such as HGTV and TLC, is the biggest deal of the year so far, with the enterprise value of the new combined company standing at more than $120 billion.</p><p><blockquote>美国电话电报公司的ST.n华纳媒体和DiscoveryDISCA.O（HGTV和TLC等生活方式电视网络的所在地）之间的合并是今年迄今为止最大的交易，新合并公司的企业价值超过1200亿美元。</blockquote></p><p> The latest data from Refinitiv revealed that sectors which are still struggling from the pandemic, such as consumer retail and travel firms, have lagged other acquisitive sectors such as technology and healthcare on M&amp;A activity this year.</p><p><blockquote>路孚特的最新数据显示，消费零售和旅游公司等仍在大流行中苦苦挣扎的行业，今年的并购活动落后于科技和医疗保健等其他收购行业。</blockquote></p><p> The renewable energy sector has raked in about $18 billion worth of deals so far this year, more than twice the M&amp;A volume that was generated last year.</p><p><blockquote>今年迄今为止，可再生能源行业已获得价值约 180 亿美元的交易，是去年并购交易量的两倍多。</blockquote></p><p></p>","source":"lsy1603171495471","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>Global M&A volumes hit new record in 2021, overtaking last year's haul<blockquote>2021年全球并购交易量创下新纪录，超过去年</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; 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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\">\nGlobal M&A volumes hit new record in 2021, overtaking last year's haul<blockquote>2021年全球并购交易量创下新纪录，超过去年</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Nasdaq</strong><span class=\"h-time small\">2021-08-13 09:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>By Patturaja Murugaboopathy and Gaurav Dogra</p><p><blockquote>作者：Patturaja Murugaboopathy 和 Gaurav Dogra</blockquote></p><p> Aug 12 (Reuters)-Global merger and acquisition (M&amp;A) activity has breached new highs, building on the record-breaking dealmaking streak from the beginning of the year that has been aided by low interest rates and soaring stock prices.</p><p><blockquote>路透 8 月 12 日 - 在低利率和股价飙升的帮助下，全球并购 (M&amp;A) 活动在年初以来创纪录的交易连胜基础上再创新高。</blockquote></p><p> According to Refinitiv data, the total value of pending and completed deals announced in 2021 has already touched $3.6 trillion year-to-date, surpassing the full-year tally of $3.59 trillion in 2020.</p><p><blockquote>根据路孚特的数据，2021年宣布的待定和已完成交易的总价值今年迄今已达到3.6万亿美元，超过了2020年全年3.59万亿美元的总价值。</blockquote></p><p> So far this year, 35,128 deals have been announced, a 24% jump over last year.</p><p><blockquote>今年到目前为止，已经宣布了35,128笔交易，比去年增长了24%。</blockquote></p><p> \"The M&amp;A momentum points to a fundamentally strong market looking ahead. This pace of dealmaking could continue for the next 18-24 months, with new financing solutions and sectors driving activity,\" said Andrea Guerzoni, global vice chair at Ernst &amp; Young.</p><p><blockquote>安永全球副主席安德里亚·格尔佐尼 (Andrea Guerzoni) 表示：“并购势头表明未来市场将从根本上强劲。这种交易速度可能会在未来 18-24 个月持续，新的融资解决方案和行业将推动活动。”</blockquote></p><p> \"The strong demand from private equity and the rebound in SPAC acquisitions .... should support a robust deal pipeline in the near to mid-term.”</p><p><blockquote>“私募股权的强劲需求和特殊目的收购公司收购的反弹……应该会支持近中期强劲的交易渠道。”</blockquote></p><p> The United States alone accounted for $2.14 trillion worth of M&amp;A deals this year, while Europe and the Asia-Pacific raked in $657 billion and $620 billion, respectively.</p><p><blockquote>今年仅美国就完成了价值 2.14 万亿美元的并购交易，而欧洲和亚太地区分别获得了 6570 亿美元和 6200 亿美元。</blockquote></p><p> Matthew Barbieri, partner in charge at Wiss &amp; Company, said looming tax increases on capital transactions have boosted M&amp;A activity in the U.S.</p><p><blockquote>Wiss &amp; Company 主管合伙人马修·巴比耶里 (Matthew Barbieri) 表示，迫在眉睫的资本交易增税促进了美国的并购活动。</blockquote></p><p> \"You as a seller are facing the fact that if you wait until the new tax legislation is passed, and if it does pass in the manner in which it is being presented now, you are taking a ~20% hit on your net transaction value,\" said Barbieri.</p><p><blockquote>“作为卖家，你面临的事实是，如果你等到新的税收立法通过，并且如果它确实以现在的方式通过，你的净交易额将受到约 20% 的打击，”巴比耶里说。</blockquote></p><p> The technology sector, which typically accounts for the majority of deal volume every quarter, continued to lead the way -- deals worth $799 billion were announced from the sector. Financial services M&amp;A volumes stood at $442 billion, while industrials accounted for $438 billion.</p><p><blockquote>通常占每个季度交易量大部分的科技行业继续领先——该行业宣布了价值 7,990 亿美元的交易。金融服务并购交易额为 4420 亿美元，而工业并购交易额为 4380 亿美元。</blockquote></p><p> Acquisitions by blank-check companies or SPACs (special-purpose acquisition companies) also hit a record $495 billion in the year-to-date period.</p><p><blockquote>今年迄今为止，空白支票公司或 SPAC（特殊目的收购公司）的收购额也达到了创纪录的 4,950 亿美元。</blockquote></p><p> SPACs are listed shell companies that raise funds to acquire a private company with the purpose of taking it public. Going public through a SPAC merger has emerged as an extremely popular route for venture-funded private companies and startups over the past 18 months, as such a process allows such companies to sidestep the more onerous regulatory checks of a traditional initial public offering (IPO).</p><p><blockquote>SPAC是上市空壳公司，筹集资金收购一家私营公司，目的是将其上市。在过去的18个月里，通过SPAC合并上市已成为风险投资的私营公司和初创公司非常受欢迎的途径，因为这一过程使这些公司能够规避传统首次公开募股（IPO）更繁重的监管检查。</blockquote></p><p> Analysts said dealmaking from large buyout firms and corporates, which have built up record levels of cash, would further bolster M&amp;A volumes in the near term.</p><p><blockquote>分析师表示，大型收购公司和企业的交易将在短期内进一步提振并购量，这些公司已经积累了创纪录的现金水平。</blockquote></p><p> \"Private equity firms have nearly $2 trillion in dry powder and there is a similar amount of cash on the balance sheets of the S&amp;P 500. Combine the financial means to do deals with the need to readjust business models to the post-pandemic world, and you’ll find organizations increasingly interested in their M&amp;A options,\" said Jeff Black, partner at Mercer.</p><p><blockquote>“私募股权公司拥有近 2 万亿美元的干粉，标普500的资产负债表上也有类似数量的现金。美世合伙人杰夫-布莱克（Jeff Black）说：”将进行交易的财务手段与重新调整商业模式以适应大流行后世界的需要结合起来，你会发现越来越多的组织对他们的并购选择感兴趣。</blockquote></p><p> The merger between AT&amp;T'sT.NWarner Media and DiscoveryDISCA.O, home to lifestyle TV networks such as HGTV and TLC, is the biggest deal of the year so far, with the enterprise value of the new combined company standing at more than $120 billion.</p><p><blockquote>美国电话电报公司的ST.n华纳媒体和DiscoveryDISCA.O（HGTV和TLC等生活方式电视网络的所在地）之间的合并是今年迄今为止最大的交易，新合并公司的企业价值超过1200亿美元。</blockquote></p><p> The latest data from Refinitiv revealed that sectors which are still struggling from the pandemic, such as consumer retail and travel firms, have lagged other acquisitive sectors such as technology and healthcare on M&amp;A activity this year.</p><p><blockquote>路孚特的最新数据显示，消费零售和旅游公司等仍在大流行中苦苦挣扎的行业，今年的并购活动落后于科技和医疗保健等其他收购行业。</blockquote></p><p> The renewable energy sector has raked in about $18 billion worth of deals so far this year, more than twice the M&amp;A volume that was generated last year.</p><p><blockquote>今年迄今为止，可再生能源行业已获得价值约 180 亿美元的交易，是去年并购交易量的两倍多。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nasdaq.com/articles/graphic-global-ma-volumes-hit-new-record-in-2021-overtaking-last-years-haul-2021-08-12\">Nasdaq</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.nasdaq.com/articles/graphic-global-ma-volumes-hit-new-record-in-2021-overtaking-last-years-haul-2021-08-12","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178005030","content_text":"By Patturaja Murugaboopathy and Gaurav Dogra\nAug 12 (Reuters)-Global merger and acquisition (M&A) activity has breached new highs, building on the record-breaking dealmaking streak from the beginning of the year that has been aided by low interest rates and soaring stock prices.\nAccording to Refinitiv data, the total value of pending and completed deals announced in 2021 has already touched $3.6 trillion year-to-date, surpassing the full-year tally of $3.59 trillion in 2020.\nSo far this year, 35,128 deals have been announced, a 24% jump over last year.\n\"The M&A momentum points to a fundamentally strong market looking ahead. This pace of dealmaking could continue for the next 18-24 months, with new financing solutions and sectors driving activity,\" said Andrea Guerzoni, global vice chair at Ernst & Young.\n\"The strong demand from private equity and the rebound in SPAC acquisitions .... should support a robust deal pipeline in the near to mid-term.”\nThe United States alone accounted for $2.14 trillion worth of M&A deals this year, while Europe and the Asia-Pacific raked in $657 billion and $620 billion, respectively.\nMatthew Barbieri, partner in charge at Wiss & Company, said looming tax increases on capital transactions have boosted M&A activity in the U.S.\n\"You as a seller are facing the fact that if you wait until the new tax legislation is passed, and if it does pass in the manner in which it is being presented now, you are taking a ~20% hit on your net transaction value,\" said Barbieri.\nThe technology sector, which typically accounts for the majority of deal volume every quarter, continued to lead the way -- deals worth $799 billion were announced from the sector. Financial services M&A volumes stood at $442 billion, while industrials accounted for $438 billion.\nAcquisitions by blank-check companies or SPACs (special-purpose acquisition companies) also hit a record $495 billion in the year-to-date period.\nSPACs are listed shell companies that raise funds to acquire a private company with the purpose of taking it public. Going public through a SPAC merger has emerged as an extremely popular route for venture-funded private companies and startups over the past 18 months, as such a process allows such companies to sidestep the more onerous regulatory checks of a traditional initial public offering (IPO).\nAnalysts said dealmaking from large buyout firms and corporates, which have built up record levels of cash, would further bolster M&A volumes in the near term.\n\"Private equity firms have nearly $2 trillion in dry powder and there is a similar amount of cash on the balance sheets of the S&P 500. Combine the financial means to do deals with the need to readjust business models to the post-pandemic world, and you’ll find organizations increasingly interested in their M&A options,\" said Jeff Black, partner at Mercer.\nThe merger between AT&T'sT.NWarner Media and DiscoveryDISCA.O, home to lifestyle TV networks such as HGTV and TLC, is the biggest deal of the year so far, with the enterprise value of the new combined company standing at more than $120 billion.\nThe latest data from Refinitiv revealed that sectors which are still struggling from the pandemic, such as consumer retail and travel firms, have lagged other acquisitive sectors such as technology and healthcare on M&A activity this year.\nThe renewable energy sector has raked in about $18 billion worth of deals so far this year, more than twice the M&A volume that was generated last year.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2551,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895873838,"gmtCreate":1628735754624,"gmtModify":1633689886788,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586519067840195","authorIdStr":"3586519067840195"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895873838","repostId":"1155538846","repostType":4,"repost":{"id":"1155538846","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1628732272,"share":"https://www.laohunote.com/m/news/1155538846?lang=zh_CN&edition=full","pubTime":"2021-08-12 09:37","market":"us","language":"en","title":"8 Best Growth Stocks For The Second Half Of 2021<blockquote>2021年下半年8只最佳成长型股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155538846","media":"Benzinga Earnings","summary":"Despite inflationary pressures and the possibility of a Fed interest rate hike in the offing, growth","content":"<p>Despite inflationary pressures and the possibility of a Fed interest rate hike in the offing, growth stocks have continued the momentum gained in 2020.</p><p><blockquote>尽管面临通胀压力以及美联储加息的可能性迫在眉睫，但成长型股票仍延续了 2020 年获得的势头。</blockquote></p><p> All three major indices recorded double-digit gains in the first half of 2021. The Dow, S&amp;P 500 and Nasdaq added 12.7%, 14.4%&nbsp;and 12.5%, respectively,&nbsp;in the first six months of the year.</p><p><blockquote>2021年上半年，三大指数均录得两位数涨幅。今年前六个月，道琼斯指数、标普500指数和纳斯达克指数分别上涨 12.7%、14.4% 和 12.5%。</blockquote></p><p> Wall Street analysts widely expect the momentum to continue in the back half of 2021.</p><p><blockquote>华尔街分析师普遍预计这一势头将在 2021 年下半年继续下去。</blockquote></p><p> The following are growth stocks that could perform well in the second half, in no particular order.</p><p><blockquote>以下是下半年可能表现良好的成长股，排名不分先后。</blockquote></p><p> <h3><b>Alphabet</b></h3> <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> beat first- and second-quarter earnings estimates by a wide margin. While the continued shift by businesses to the cloud could boost the prospects of Google Cloud, the revival of travel and retail spending is likely to drive Google’s performance.</p><p><blockquote><h3><b>Alphabet</b></h3><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>大幅超出第一季度和第二季度盈利预期。虽然企业不断向云迁移可能会提振谷歌云的前景，但旅行和零售支出的复苏可能会推动谷歌的业绩。</blockquote></p><p> Alphabet is also gearing up to launch new and innovative features to boost the Google TV app.</p><p><blockquote>Alphabet还准备推出新的创新功能来提升谷歌电视应用。</blockquote></p><p> <h3><b>Apple</b></h3> Semiconductor shortage aside,&nbsp;<a href=\"https://laohu8.com/S/AAPL\">Apple</a> has plenty of growth drivers. The company’s loyal user base could drive its next phase of growth. Apple has been aggressively monetizing its services with a 660-million subscriber base and recurring subscription revenues.</p><p><blockquote><h3><b>苹果</b></h3>抛开半导体短缺不谈，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>有大量的增长动力。该公司的忠实用户群可能会推动其下一阶段的增长。苹果一直在积极将其服务货币化，拥有 6.6 亿用户群和经常性订阅收入。</blockquote></p><p> <h3><b>Microsoft</b></h3> Despite&nbsp;<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> strong execution and blowout results, investor response has remained tepid year-to-date.</p><p><blockquote><h3><b>微软</b></h3>尽管<a href=\"https://laohu8.com/S/MSFT\">微软</a>强劲的执行力和井喷式的业绩，今年迄今为止投资者的反应仍然不温不火。</blockquote></p><p> The software giant launched its Windows 11 operating system in June, with a refreshed design, new features, and integration of its Teams videoconferencing app. Microsoft recently acquired&nbsp;<a href=\"https://laohu8.com/S/NUAN\">Nuance</a> to flex its muscles in the health caresector.</p><p><blockquote>这家软件巨头在6月份推出了Windows 11操作系统，具有更新的设计、新功能，并集成了其团队视频会议应用程序。微软最近收购<a href=\"https://laohu8.com/S/NUAN\">细微差别</a>在医疗保健领域展示其实力。</blockquote></p><p> <h3><b>Pfizer</b></h3> The COVID-19 vaccine is estimated to generate $26 billion in revenue&nbsp;for&nbsp;<a href=\"https://laohu8.com/S/PFE\">Pfizer</a> in 2021. The pharma giant also has contracts with governments worldwide to supply vaccines until 2024.</p><p><blockquote><h3><b>辉瑞</b></h3>COVID-19 疫苗预计将为<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>2021年。这家制药巨头还与世界各国政府签订了供应疫苗的合同，直至 2024 年。</blockquote></p><p> Continued spread of the Delta variant of COVID-19 could keep market sentiment for Pfizer’s stock elevated.</p><p><blockquote>COVID-19 德尔塔变异毒株的持续蔓延可能会推高市场对辉瑞公司股票的情绪。</blockquote></p><p> <h3><b>Zoom Video Communications</b></h3> Shares of&nbsp;<a href=\"https://laohu8.com/S/ZM\">Zoom</a> jumped 14.7% in the first half, with some important launches, including Zoom Events and Zoom Phone Appliances.</p><p><blockquote><h3><b>Zoom Video通讯</b></h3>股份<a href=\"https://laohu8.com/S/ZM\">缩放</a>上半年跃升14.7%，推出了一些重要产品，包括Zoom Events和Zoom手机设备。</blockquote></p><p> “The control of internal and external communications should also better position Zoom to open the platform for application developers and create a marketplace. With a $5 billion cash position and 36% operating margins, we also believe Zoom has an attractive opportunity to do more potential M&amp;A, outspend competitors, and extend its leadership position,” Bank of America analyst Daniel Bartus said in a note to clients. The BofA analyst also named Zoom Video Communications a top pick.</p><p><blockquote>“对内部和外部沟通的控制也应该使 Zoom 更好地为应用程序开发者开放平台并创建一个市场。美国银行分析师丹尼尔-巴图斯（Daniel Bartus）在给客户的一份报告中说：”Zoom 拥有 50 亿美元的现金头寸和 36% 的营业利润率，我们也相信 Zoom 有机会进行更多潜在的并购，超越竞争对手，并扩大其领导地位。美国银行分析师还将Zoom Video通信列为首选。</blockquote></p><p> <h3><b>Etsy</b></h3> <a href=\"https://laohu8.com/S/ETSY\">Etsy</a> is entering new markets, with the recent acquisition of Brazilian peer Elo7 and global fashion reseller Depop. The Depop acquisition positions the company well in the $558.7-billion online apparel market, which is projected to grow to $1.3 trillion by 2026.</p><p><blockquote><h3><b>埃齐</b></h3><a href=\"https://laohu8.com/S/ETSY\">埃齐</a>最近收购了巴西同行 Elo7 和全球时尚经销商 Depop，正在进入新市场。收购Depop使该公司在价值5587亿美元的在线服装市场中处于有利地位，预计到2026年该市场将增长到1.3万亿美元。</blockquote></p><p> <h3><b>PayPal Holdings</b></h3> A global leader in the digital payments market,&nbsp;<a href=\"https://laohu8.com/S/PYPL\">PayPal</a> is accelerating its expansion strategies by venturing intocryptocurrencypayments, BNPL&nbsp;and cross-border payment systems.</p><p><blockquote><h3><b>PayPal控股</b></h3>数字支付市场的全球领导者，<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>正在通过进军加密货币支付、BNPL 和跨境支付系统来加速其扩张战略。</blockquote></p><p> The company has diversified its revenue sources with Xoom and Venmo. Contactless finance could remain relevant in the post-COVID-19 world, making this growth stock worth a look.</p><p><blockquote>该公司通过 Xoom 和 Venmo 实现了收入来源多元化。非接触式金融在后 COVID-19 时代可能仍然具有相关性，这使得这只成长型股票值得一看。</blockquote></p><p> <h3><b>Fiverr International</b></h3> <a href=\"https://laohu8.com/S/FVRR\">Fiverr International Ltd.</a> is expanding into new markets, with the addition of data-related services as its ninth vertical. The company’s role in supporting the gig economy could continue to favor the stock.</p><p><blockquote><h3><b>Fiverr国际</b></h3><a href=\"https://laohu8.com/S/FVRR\">菲弗国际有限公司</a>正在拓展新市场，增加数据相关服务作为其第九个垂直领域。该公司在支持零工经济方面的作用可能会继续有利于该股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>8 Best Growth Stocks For The Second Half Of 2021<blockquote>2021年下半年8只最佳成长型股票</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\">\n8 Best Growth Stocks For The Second Half Of 2021<blockquote>2021年下半年8只最佳成长型股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-08-12 09:37</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Despite inflationary pressures and the possibility of a Fed interest rate hike in the offing, growth stocks have continued the momentum gained in 2020.</p><p><blockquote>尽管面临通胀压力以及美联储加息的可能性迫在眉睫，但成长型股票仍延续了 2020 年获得的势头。</blockquote></p><p> All three major indices recorded double-digit gains in the first half of 2021. The Dow, S&amp;P 500 and Nasdaq added 12.7%, 14.4%&nbsp;and 12.5%, respectively,&nbsp;in the first six months of the year.</p><p><blockquote>2021年上半年，三大指数均录得两位数涨幅。今年前六个月，道琼斯指数、标普500指数和纳斯达克指数分别上涨 12.7%、14.4% 和 12.5%。</blockquote></p><p> Wall Street analysts widely expect the momentum to continue in the back half of 2021.</p><p><blockquote>华尔街分析师普遍预计这一势头将在 2021 年下半年继续下去。</blockquote></p><p> The following are growth stocks that could perform well in the second half, in no particular order.</p><p><blockquote>以下是下半年可能表现良好的成长股，排名不分先后。</blockquote></p><p> <h3><b>Alphabet</b></h3> <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a> beat first- and second-quarter earnings estimates by a wide margin. While the continued shift by businesses to the cloud could boost the prospects of Google Cloud, the revival of travel and retail spending is likely to drive Google’s performance.</p><p><blockquote><h3><b>Alphabet</b></h3><a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>大幅超出第一季度和第二季度盈利预期。虽然企业不断向云迁移可能会提振谷歌云的前景，但旅行和零售支出的复苏可能会推动谷歌的业绩。</blockquote></p><p> Alphabet is also gearing up to launch new and innovative features to boost the Google TV app.</p><p><blockquote>Alphabet还准备推出新的创新功能来提升谷歌电视应用。</blockquote></p><p> <h3><b>Apple</b></h3> Semiconductor shortage aside,&nbsp;<a href=\"https://laohu8.com/S/AAPL\">Apple</a> has plenty of growth drivers. The company’s loyal user base could drive its next phase of growth. Apple has been aggressively monetizing its services with a 660-million subscriber base and recurring subscription revenues.</p><p><blockquote><h3><b>苹果</b></h3>抛开半导体短缺不谈，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>有大量的增长动力。该公司的忠实用户群可能会推动其下一阶段的增长。苹果一直在积极将其服务货币化，拥有 6.6 亿用户群和经常性订阅收入。</blockquote></p><p> <h3><b>Microsoft</b></h3> Despite&nbsp;<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a> strong execution and blowout results, investor response has remained tepid year-to-date.</p><p><blockquote><h3><b>微软</b></h3>尽管<a href=\"https://laohu8.com/S/MSFT\">微软</a>强劲的执行力和井喷式的业绩，今年迄今为止投资者的反应仍然不温不火。</blockquote></p><p> The software giant launched its Windows 11 operating system in June, with a refreshed design, new features, and integration of its Teams videoconferencing app. Microsoft recently acquired&nbsp;<a href=\"https://laohu8.com/S/NUAN\">Nuance</a> to flex its muscles in the health caresector.</p><p><blockquote>这家软件巨头在6月份推出了Windows 11操作系统，具有更新的设计、新功能，并集成了其团队视频会议应用程序。微软最近收购<a href=\"https://laohu8.com/S/NUAN\">细微差别</a>在医疗保健领域展示其实力。</blockquote></p><p> <h3><b>Pfizer</b></h3> The COVID-19 vaccine is estimated to generate $26 billion in revenue&nbsp;for&nbsp;<a href=\"https://laohu8.com/S/PFE\">Pfizer</a> in 2021. The pharma giant also has contracts with governments worldwide to supply vaccines until 2024.</p><p><blockquote><h3><b>辉瑞</b></h3>COVID-19 疫苗预计将为<a href=\"https://laohu8.com/S/PFE\">辉瑞</a>2021年。这家制药巨头还与世界各国政府签订了供应疫苗的合同，直至 2024 年。</blockquote></p><p> Continued spread of the Delta variant of COVID-19 could keep market sentiment for Pfizer’s stock elevated.</p><p><blockquote>COVID-19 德尔塔变异毒株的持续蔓延可能会推高市场对辉瑞公司股票的情绪。</blockquote></p><p> <h3><b>Zoom Video Communications</b></h3> Shares of&nbsp;<a href=\"https://laohu8.com/S/ZM\">Zoom</a> jumped 14.7% in the first half, with some important launches, including Zoom Events and Zoom Phone Appliances.</p><p><blockquote><h3><b>Zoom Video通讯</b></h3>股份<a href=\"https://laohu8.com/S/ZM\">缩放</a>上半年跃升14.7%，推出了一些重要产品，包括Zoom Events和Zoom手机设备。</blockquote></p><p> “The control of internal and external communications should also better position Zoom to open the platform for application developers and create a marketplace. With a $5 billion cash position and 36% operating margins, we also believe Zoom has an attractive opportunity to do more potential M&amp;A, outspend competitors, and extend its leadership position,” Bank of America analyst Daniel Bartus said in a note to clients. The BofA analyst also named Zoom Video Communications a top pick.</p><p><blockquote>“对内部和外部沟通的控制也应该使 Zoom 更好地为应用程序开发者开放平台并创建一个市场。美国银行分析师丹尼尔-巴图斯（Daniel Bartus）在给客户的一份报告中说：”Zoom 拥有 50 亿美元的现金头寸和 36% 的营业利润率，我们也相信 Zoom 有机会进行更多潜在的并购，超越竞争对手，并扩大其领导地位。美国银行分析师还将Zoom Video通信列为首选。</blockquote></p><p> <h3><b>Etsy</b></h3> <a href=\"https://laohu8.com/S/ETSY\">Etsy</a> is entering new markets, with the recent acquisition of Brazilian peer Elo7 and global fashion reseller Depop. The Depop acquisition positions the company well in the $558.7-billion online apparel market, which is projected to grow to $1.3 trillion by 2026.</p><p><blockquote><h3><b>埃齐</b></h3><a href=\"https://laohu8.com/S/ETSY\">埃齐</a>最近收购了巴西同行 Elo7 和全球时尚经销商 Depop，正在进入新市场。收购Depop使该公司在价值5587亿美元的在线服装市场中处于有利地位，预计到2026年该市场将增长到1.3万亿美元。</blockquote></p><p> <h3><b>PayPal Holdings</b></h3> A global leader in the digital payments market,&nbsp;<a href=\"https://laohu8.com/S/PYPL\">PayPal</a> is accelerating its expansion strategies by venturing intocryptocurrencypayments, BNPL&nbsp;and cross-border payment systems.</p><p><blockquote><h3><b>PayPal控股</b></h3>数字支付市场的全球领导者，<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>正在通过进军加密货币支付、BNPL 和跨境支付系统来加速其扩张战略。</blockquote></p><p> The company has diversified its revenue sources with Xoom and Venmo. Contactless finance could remain relevant in the post-COVID-19 world, making this growth stock worth a look.</p><p><blockquote>该公司通过 Xoom 和 Venmo 实现了收入来源多元化。非接触式金融在后 COVID-19 时代可能仍然具有相关性，这使得这只成长型股票值得一看。</blockquote></p><p> <h3><b>Fiverr International</b></h3> <a href=\"https://laohu8.com/S/FVRR\">Fiverr International Ltd.</a> is expanding into new markets, with the addition of data-related services as its ninth vertical. The company’s role in supporting the gig economy could continue to favor the stock.</p><p><blockquote><h3><b>Fiverr国际</b></h3><a href=\"https://laohu8.com/S/FVRR\">菲弗国际有限公司</a>正在拓展新市场，增加数据相关服务作为其第九个垂直领域。该公司在支持零工经济方面的作用可能会继续有利于该股。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NUAN":"微妙通讯","FVRR":"Fiverr International Ltd","GOOG":"谷歌","AAPL":"苹果","ETSY":"Etsy, Inc.","MSFT":"微软"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155538846","content_text":"Despite inflationary pressures and the possibility of a Fed interest rate hike in the offing, growth stocks have continued the momentum gained in 2020.\nAll three major indices recorded double-digit gains in the first half of 2021. The Dow, S&P 500 and Nasdaq added 12.7%, 14.4% and 12.5%, respectively, in the first six months of the year.\nWall Street analysts widely expect the momentum to continue in the back half of 2021.\nThe following are growth stocks that could perform well in the second half, in no particular order.\nAlphabet\nAlphabet beat first- and second-quarter earnings estimates by a wide margin. While the continued shift by businesses to the cloud could boost the prospects of Google Cloud, the revival of travel and retail spending is likely to drive Google’s performance.\nAlphabet is also gearing up to launch new and innovative features to boost the Google TV app.\nApple\nSemiconductor shortage aside, Apple has plenty of growth drivers. The company’s loyal user base could drive its next phase of growth. Apple has been aggressively monetizing its services with a 660-million subscriber base and recurring subscription revenues.\nMicrosoft\nDespite Microsoft strong execution and blowout results, investor response has remained tepid year-to-date.\nThe software giant launched its Windows 11 operating system in June, with a refreshed design, new features, and integration of its Teams videoconferencing app. Microsoft recently acquired Nuance to flex its muscles in the health caresector.\nPfizer\nThe COVID-19 vaccine is estimated to generate $26 billion in revenue for Pfizer in 2021. The pharma giant also has contracts with governments worldwide to supply vaccines until 2024.\nContinued spread of the Delta variant of COVID-19 could keep market sentiment for Pfizer’s stock elevated.\nZoom Video Communications\nShares of Zoom jumped 14.7% in the first half, with some important launches, including Zoom Events and Zoom Phone Appliances.\n“The control of internal and external communications should also better position Zoom to open the platform for application developers and create a marketplace. With a $5 billion cash position and 36% operating margins, we also believe Zoom has an attractive opportunity to do more potential M&A, outspend competitors, and extend its leadership position,” Bank of America analyst Daniel Bartus said in a note to clients. The BofA analyst also named Zoom Video Communications a top pick.\nEtsy\nEtsy is entering new markets, with the recent acquisition of Brazilian peer Elo7 and global fashion reseller Depop. The Depop acquisition positions the company well in the $558.7-billion online apparel market, which is projected to grow to $1.3 trillion by 2026.\nPayPal Holdings\nA global leader in the digital payments market, PayPal is accelerating its expansion strategies by venturing intocryptocurrencypayments, BNPL and cross-border payment systems.\nThe company has diversified its revenue sources with Xoom and Venmo. Contactless finance could remain relevant in the post-COVID-19 world, making this growth stock worth a look.\nFiverr International\nFiverr International Ltd. is expanding into new markets, with the addition of data-related services as its ninth vertical. The company’s role in supporting the gig economy could continue to favor the stock.","news_type":1,"symbols_score_info":{"NUAN":0.9,"FVRR":0.9,"AAPL":0.9,"MSFT":0.9,"GOOG":0.9,"ETSY":0.9}},"isVote":1,"tweetType":1,"viewCount":2317,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895879840,"gmtCreate":1628735704580,"gmtModify":1633689887537,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586519067840195","authorIdStr":"3586519067840195"},"themes":[],"title":"","htmlText":"Yeah","listText":"Yeah","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895879840","repostId":"1115545302","repostType":4,"repost":{"id":"1115545302","kind":"news","pubTimestamp":1628734190,"share":"https://www.laohunote.com/m/news/1115545302?lang=zh_CN&edition=full","pubTime":"2021-08-12 10:09","market":"us","language":"en","title":"Li Auto shares fall 2.1% in Hong Kong debut<blockquote>理想汽车股价在香港首次亮相时下跌 2.1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115545302","media":"Reuters","summary":"Aug 12 (Reuters) - Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer pric","content":"<p>Aug 12 (Reuters) - Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer price of HK$118 in the company's trading debut at the Hong Kong Stock Exchange on Thursday.</p><p><blockquote>路透 8 月 12 日 - 中国电动汽车制造商理想汽车周四在香港联交所首次交易时，其股价较 118 港元的发售价下跌 2.1%。</blockquote></p><p> The company raised $1.52 billion by pricing its stock at HK$118 each in its dual primary listing in the city.</p><p><blockquote>该公司在该市的双重主要上市中以每股118港元的价格筹集了15.2亿美元。</blockquote></p><p> Hong Kong's Hang Seng Index(.HSI)was flat in early trade.</p><p><blockquote>香港恒生指数(.HSI)早盘持平。</blockquote></p><p> The weaker debut followed a 1.1% rise in New York-listed Li Auto shares on Wednesday.</p><p><blockquote>周三，纽约上市的理想汽车股价上涨 1.1%，随后开盘走弱。</blockquote></p><p> At HK$118 each, the price represented a 3.2% discount to the level where the New York stock was trading at before the Hong Kong deal was launched on Aug. 3.</p><p><blockquote>该价格为每股 118 港元，较 8 月 3 日香港交易启动前纽约股票交易水平折扣 3.2%。</blockquote></p><p> Li Auto had aimed to raise more but the stock dropped 4% in the United States last Thursday before the price was finalised which reduced the amount investors were willing to pay.</p><p><blockquote>理想汽车的目标是筹集更多资金，但上周四，在价格最终确定之前，该股在美国下跌了4%，这减少了投资者愿意支付的金额。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Li Auto shares fall 2.1% in Hong Kong debut<blockquote>理想汽车股价在香港首次亮相时下跌 2.1%</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\">\nLi Auto shares fall 2.1% in Hong Kong debut<blockquote>理想汽车股价在香港首次亮相时下跌 2.1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-08-12 10:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Aug 12 (Reuters) - Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer price of HK$118 in the company's trading debut at the Hong Kong Stock Exchange on Thursday.</p><p><blockquote>路透 8 月 12 日 - 中国电动汽车制造商理想汽车周四在香港联交所首次交易时，其股价较 118 港元的发售价下跌 2.1%。</blockquote></p><p> The company raised $1.52 billion by pricing its stock at HK$118 each in its dual primary listing in the city.</p><p><blockquote>该公司在该市的双重主要上市中以每股118港元的价格筹集了15.2亿美元。</blockquote></p><p> Hong Kong's Hang Seng Index(.HSI)was flat in early trade.</p><p><blockquote>香港恒生指数(.HSI)早盘持平。</blockquote></p><p> The weaker debut followed a 1.1% rise in New York-listed Li Auto shares on Wednesday.</p><p><blockquote>周三，纽约上市的理想汽车股价上涨 1.1%，随后开盘走弱。</blockquote></p><p> At HK$118 each, the price represented a 3.2% discount to the level where the New York stock was trading at before the Hong Kong deal was launched on Aug. 3.</p><p><blockquote>该价格为每股 118 港元，较 8 月 3 日香港交易启动前纽约股票交易水平折扣 3.2%。</blockquote></p><p> Li Auto had aimed to raise more but the stock dropped 4% in the United States last Thursday before the price was finalised which reduced the amount investors were willing to pay.</p><p><blockquote>理想汽车的目标是筹集更多资金，但上周四，在价格最终确定之前，该股在美国下跌了4%，这减少了投资者愿意支付的金额。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/business/autos-transportation/li-auto-shares-fall-21-hong-kong-debut-2021-08-12/\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","02015":"理想汽车-W"},"source_url":"https://www.reuters.com/business/autos-transportation/li-auto-shares-fall-21-hong-kong-debut-2021-08-12/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115545302","content_text":"Aug 12 (Reuters) - Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer price of HK$118 in the company's trading debut at the Hong Kong Stock Exchange on Thursday.\nThe company raised $1.52 billion by pricing its stock at HK$118 each in its dual primary listing in the city.\nHong Kong's Hang Seng Index(.HSI)was flat in early trade.\nThe weaker debut followed a 1.1% rise in New York-listed Li Auto shares on Wednesday.\nAt HK$118 each, the price represented a 3.2% discount to the level where the New York stock was trading at before the Hong Kong deal was launched on Aug. 3.\nLi Auto had aimed to raise more but the stock dropped 4% in the United States last Thursday before the price was finalised which reduced the amount investors were willing to pay.","news_type":1,"symbols_score_info":{"02015":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":3386,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892241827,"gmtCreate":1628668008869,"gmtModify":1633745252584,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586519067840195","authorIdStr":"3586519067840195"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/892241827","repostId":"1149948447","repostType":4,"isVote":1,"tweetType":1,"viewCount":2671,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896874090,"gmtCreate":1628573152710,"gmtModify":1633746033655,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586519067840195","authorIdStr":"3586519067840195"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896874090","repostId":"1168711372","repostType":4,"isVote":1,"tweetType":1,"viewCount":1800,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":898151195,"gmtCreate":1628479699317,"gmtModify":1633746832064,"author":{"id":"3586519067840195","authorId":"3586519067840195","name":"cxseah","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586519067840195","authorIdStr":"3586519067840195"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898151195","repostId":"2157418467","repostType":4,"isVote":1,"tweetType":1,"viewCount":2477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}