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2021-06-28

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China-based Middle East ‘Clubhouse’ Yalla: Unicorn or Just Empty Talk?<blockquote>总部位于中国的中东“俱乐部”Yalla：独角兽还是空谈？</blockquote>

Company’s shares have gyrated wildly since its 2020 IPO, soaring on comparisons to popular U.S. voic

China-based Middle East ‘Clubhouse’ Yalla: Unicorn or Just Empty Talk?<blockquote>总部位于中国的中东“俱乐部”Yalla：独角兽还是空谈？</blockquote>

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Now the bigger question looms: Is Yalla worthy of its unicorn status, or is it mostly a chatroom full of hot air?<blockquote>但“上涨的必然下跌”这句老话在这里非常适用，因为即使在中国互联网股票在二月份上涨后遭受更广泛的调整之后，饥饿的卖空者仍在关注该公司膨胀的股价。现在，更大的问题迫在眉睫：Yalla配得上它的独角兽地位吗，或者它主要是一个充满空话的聊天室？</blockquote> Short seller Gotham City Research described the company as an ugly duck in a tweet on May 19, following Swan Street Research’s issue of a 31-page report accusing the company of inflating its metrics, including revenues and cash.<blockquote>5月19日，卖空者Gotham City Research在一条推文中将该公司描述为一只丑小鸭，此前Swan Street Research发布了一份长达31页的报告，指责该公司夸大了包括收入和现金在内的指标。</blockquote> Gotham City likened Yalla to Luckin Coffee, a formerly New York-listed Chinese Starbucks wannabe that filed for bankruptcy in the U.S. in February after being exposed for fraud by another famous short seller, Muddy Waters. Luckin admitted to fabricating hundreds of millions of dollars in sales and paid a $180 million fine to the U.S. securities regulator last December.<blockquote>哥谭市将Yalla比作瑞星咖啡，后者曾是一家在纽约上市的中国星巴克的崇拜者，在被另一家著名卖空者浑水(Muddy Waters)揭露欺诈后，于二月份在美国申请破产。瑞幸承认虚构了数亿美元的销售额，并于去年12月向美国证券监管机构支付了1.8亿美元的罚款。</blockquote> In a typical pattern for this kind of attack, Yalla immediately denied the allegations, saying the reports “contain numerous errors and distorted, misleading and unsubstantiated claims regarding the company.” Two days later it&nbsp;announced a plan&nbsp;to buy back up to $150 million worth of its ADSs.<blockquote>在此类攻击的典型模式中，亚拉立即否认了这些指控，称这些报告“包含大量错误以及有关该公司的扭曲、误导和未经证实的说法”。两天后宣布了一项计划回购最多价值1.5亿美元的ADS。</blockquote> The news lifted Yalla ADSs by as much as 22% at one point after the announcement last Friday before the stock ultimately closed up a more modest 5.9%.<blockquote>上周五宣布这一消息后，Yalla ADS一度上涨22%，最终收盘小幅上涨5.9%。</blockquote> The wild gyrations have seen Yalla’s stock tumble from pre-attack levels by nearly 20%, before rebounding somewhat in the following days. As of Wednesday’s close, the stock had lost 12.4% of its value from pre-attack levels, giving it a market value of $2.3 billion – still well above the $1 billion threshold for unicorn status.<blockquote>剧烈波动导致Yalla的股价从攻击前的水平下跌了近20%，然后在接下来的几天里有所反弹。截至周三收盘，该股较攻击前水平下跌了12.4%，市值为23亿美元——仍远高于独角兽地位10亿美元的门槛。</blockquote> Overseas-listed Chinese companies are particularly attractive targets for short sellers due to a perception of lax accounting standards. Beijing has contributed to the problem by refusing to allow the U.S. securities regulator to review audit papers of such firms when fraud is suspected.<blockquote>由于人们认为会计准则宽松，在海外上市的中国公司是对卖空者特别有吸引力的目标。北京拒绝允许美国证券监管机构在涉嫌欺诈的情况下审查此类公司的审计文件，从而加剧了这一问题。</blockquote> Yalla is hardly the first Chinese company to fall victim to short sellers. Over the last decade, others including Citron Research and Muddy Waters have launched many similar attacks accusing a wide range of Chinese companies of fraud, often sending their U.S.- and Hong Kong-listed shares tumbling.<blockquote>Yalla并不是第一家成为卖空者受害者的中国公司。在过去十年中，包括香橼研究公司和浑水公司在内的其他公司也发起了许多类似的攻击，指责众多中国公司欺诈，经常导致这些公司在美国和香港上市的股票暴跌。</blockquote> Jury Still Out<blockquote>陪审团仍未确定</blockquote> As the dust continues to settle in this latest attack, it’s still too early to say who will ultimately win the battle. Yalla’s quick rebuttal may have softened the blow, and its share price is still nearly double from its IPO when it raised $144.8 million.<blockquote>随着这场最新攻击的尘埃落定，现在说谁将最终赢得这场战斗还为时过早。Yalla的快速反驳可能减轻了打击，其股价仍较IPO时筹集1.448亿美元时的近一倍。</blockquote> Short seller attacks also often backfire, which was the case last year for Chinese education technology firm GSX Techedu and solar panel maker JinkoSolar, whose shares both rallied following brief sell-offs after reports were first posted.<blockquote>卖空者的攻击也常常适得其反，去年中国教育科技公司跟谁学和太阳能电池板制造商晶科能源就是这种情况，这两家公司的股价在报告首次发布后短暂抛售后均上涨。</blockquote> Founded in 2016 in China by its Chairman Yang Tao, Yalla carved out a niche in the fast-growing voice chat space by focusing on the Middle East while keeping its technology and product development functions in the Chinese city of Hangzhou. That allowed it to side-step China’s strict requirements for platform operators to police their user-generated content for sensitive topics. Yalla is continuing to steer clear of operating a service in China, with North Africa and North America as the next stops on its road map.<blockquote>Yalla由董事长杨涛于2016年在中国创立，通过专注于中东，同时将其技术和产品开发职能保留在中国杭州，在快速增长的语音聊天领域开辟了一个利基市场。这使得它能够避开中国对平台运营商监管其用户生成的敏感话题内容的严格要求。Yalla继续避开在中国运营服务，北非和北美是其路线图上的下一站。</blockquote> “For the next two to three years, (the Middle East and North Africa) will certainly be our main focus. And with Yalla Parchis’ launch, we will keep our eye on the South American market and see if there are any other potential opportunities,” said Yang on a May 10 call to discuss the company’slatest quarterly results. Before starting his company, Yang worked at Chinese telecoms equipment giant ZTE Corp. for more than 10 years, including as general manager of its Abu Dhabi branch.<blockquote>“未来两到三年，（中东和北非）肯定会是我们的主要关注点。随着Yalla Parchis的推出，我们将密切关注南美市场，看看是否有任何其他潜在机会，”杨在5月10日的看涨期权上讨论该公司的最新季度业绩在创办自己的公司之前，杨在中国电信设备巨头中兴通讯公司工作了10多年，包括担任其阿布扎比分公司的总经理。</blockquote> Yalla engages in two main businesses: Yalla, a voice social network, and Yalla Ludo, a gaming platform. The majority of its 5.8 million paying users, or 79% of its total, were casual gamers in this year’s first quarter, with the rest coming from the main Clubhouse-like app. Revenue from Yalla Ludo surpassed Yalla in last year’s fourth quarter of 2020.<blockquote>Yalla主要从事两项业务：语音社交网络Yalla和游戏平台Yalla Ludo。今年第一季度，其580万付费用户中的大多数（占总数的79%）是休闲游戏玩家，其余来自主要的类似Clubhouse的应用程序。Yalla Ludo的收入在去年2020年第四季度超过了Yalla。</blockquote> The Clubhouse-like app Yalla offers public chatrooms on thousands of topics as well as private, one-on-one text and voice chat capabilities. Yalla Ludo is a platform with mobile games that incorporates audio chat and other social networking features. It also allows people to buy animated gifts and virtual currencies.<blockquote>类似俱乐部会所的应用程序Yalla提供数千个主题的公共聊天室以及私人一对一的文本和语音聊天功能。Yalla Ludo是一个包含音频聊天和其他社交网络功能的手机游戏平台。它还允许人们购买动画礼物和虚拟货币。</blockquote> Earlier this month before the attack, the company reported its first quarter revenue more than tripled year-on-year to $67.6 million. Its net income doubled to $19.8 million and non-GAAP net income more than tripled to $33.6 million, as paying users surged 260% from a year earlier to 5.8 million.<blockquote>在袭击发生前的本月早些时候，该公司报告称，其第一季度收入同比增长了两倍多，达到6760万美元。其净利润翻了一番，达到1980万美元，非GAAP净利润增长了两倍多，达到3360万美元，付费用户同比激增260%，达到580万美元。</blockquote> As a newbie internet stock, not many analysts cover the company yet. But two who do have rated the stock a “buy,” and a third rates it a “hold,” according to Bloomberg data.<blockquote>作为互联网股新手，目前还没有多少分析师关注该公司。但根据彭博社的数据，其中两人将该股评级为“买入”，三分之一的人将其评级为“持有”。</blockquote> Oppenheimer analyst Bo Pei raised his target price on Yalla by 7% to $30 and maintained an “outperform” rating on the stock after the company issued its quarterly results but before the short seller attack. The upgrade was based on the belief that new apps launched in February, including the iOS version Yalla Parchis (a Spanish version of Ludo), Yalla Baloot, and 101 Okey, could drive more upside for the company.<blockquote>Oppenheimer分析师Bo Pei将Yalla的目标价上调7%至30美元，并在该公司发布季度业绩后但在空头发起攻击之前维持对该股的“跑赢大盘”评级。此次升级是基于这样一种信念，即2月份推出的新应用程序，包括iOS版本Yalla Parchis（Ludo的西班牙语版本）、Yalla Baloot和101 Okey，可以为公司带来更多上涨空间。</blockquote> Haitong International also has the same target price, putting future price-to-earnings (PE) ratios at between 22 and 25 from 2021 to 2023. It said Yalla’s net profit will fall in the second quarter but won’t affect its fundamentals.<blockquote>海通国际也有相同的目标价，将2021年至2023年的未来市盈率（PE）定在22至25之间。该公司表示，Yalla第二季度净利润将下降，但不会影响其基本面。</blockquote> While Yalla’s shares have gained back much of the ground from the short seller attack, one remaining overhang is shareholder lawsuits that typically follow such attacks. Several law firms said they are investigating potential claims against the company, which could ultimately be forced to pay settlements in those cases.<blockquote>虽然Yalla的股价已经从卖空者的攻击中收复了大部分失地，但剩下的一个悬而未决的问题是通常在此类攻击之后提起的股东诉讼。几家律师事务所表示，他们正在调查针对该公司的潜在索赔，在这些案件中，该公司最终可能被迫支付和解金。</blockquote>","source":"lsy1622096880323","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China-based Middle East ‘Clubhouse’ Yalla: Unicorn or Just Empty Talk?<blockquote>总部位于中国的中东“俱乐部”Yalla：独角兽还是空谈？</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; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina-based Middle East ‘Clubhouse’ Yalla: Unicorn or Just Empty Talk?<blockquote>总部位于中国的中东“俱乐部”Yalla：独角兽还是空谈？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Bamboo Works2021-05-27 14:28\n\n</h4>\n</header>\n<article>\nCompany’s shares have gyrated wildly since its 2020 IPO, soaring on comparisons to popular U.S. voice chat app before plunging last week after short-seller attack<blockquote>自2020年首次公开募股以来，该公司股价大幅波动，与美国流行的语音聊天应用程序相比股价飙升，但上周在卖空者攻击后暴跌</blockquote> <ul> <li>Yalla lost nearly all gains for 2021 following short seller attack, even after it refuted the allegations and announced a stock repurchase program</li> </ul> <ul> <li>Analysts general upbeat on Dubai-based company as it posted triple-digit revenue and profit growth in its latest quarter</li> </ul> Chinese-founded&nbsp;Yalla Group Ltd.&nbsp;(NYSE:YALA), often likened to a Middle East version of U.S. voice-centric social networking sensation Clubhouse, isn’t quite so thrilled with all the chatter swirling around it lately.<blockquote><ul><li>尽管Yalla驳斥了指控并宣布了股票回购计划，但在卖空者攻击后几乎失去了2021年的所有涨幅</li></ul><ul><li>分析师普遍对这家总部位于迪拜的公司持乐观态度，因为该公司最近一个季度实现了三位数的收入和利润增长</li></ul>华人创办亚拉集团有限公司。（纽约证券交易所代码：YALA）经常被比作中东版的美国以语音为中心的社交网络轰动Clubhouse，但最近围绕它的所有讨论并不那么兴奋。</blockquote> Its shares are down more than 12% over the past week following a classic short seller attack, even after the United Arab Emirates-based company quickly refuted allegations of accounting tricks and announced a $150 million share buyback.<blockquote>尽管这家总部位于阿拉伯联合酋长国的公司迅速驳斥了会计舞弊的指控并宣布回购1.5亿美元的股票，但在经历了典型的卖空攻击后，该公司股价在过去一周下跌了12%以上。</blockquote> As the first UAE-based tech unicorn listed on the New York Stock Exchange, Yalla shares tapped Clubhouse fever to soar to a high of $41.35 in February, or 5.5 times its IPO price of $7.50 per American depository share (ADS) from last September.<blockquote>作为第一家在纽约证券交易所上市的阿联酋科技独角兽，Yalla股价在2月份凭借Clubhouse fever飙升至41.35美元的高点，是去年9月每股美国存托股票(ADS)7.50美元IPO价格的5.5倍。</blockquote> But the old saying “What goes up, must come down” applies well here, as hungry short sellers eyed the company’s inflated shares even after a broader correction for Chinese internet stocks hit Yalla after its February run-up. Now the bigger question looms: Is Yalla worthy of its unicorn status, or is it mostly a chatroom full of hot air?<blockquote>但“上涨的必然下跌”这句老话在这里非常适用，因为即使在中国互联网股票在二月份上涨后遭受更广泛的调整之后，饥饿的卖空者仍在关注该公司膨胀的股价。现在，更大的问题迫在眉睫：Yalla配得上它的独角兽地位吗，或者它主要是一个充满空话的聊天室？</blockquote> Short seller Gotham City Research described the company as an ugly duck in a tweet on May 19, following Swan Street Research’s issue of a 31-page report accusing the company of inflating its metrics, including revenues and cash.<blockquote>5月19日，卖空者Gotham City Research在一条推文中将该公司描述为一只丑小鸭，此前Swan Street Research发布了一份长达31页的报告，指责该公司夸大了包括收入和现金在内的指标。</blockquote> Gotham City likened Yalla to Luckin Coffee, a formerly New York-listed Chinese Starbucks wannabe that filed for bankruptcy in the U.S. in February after being exposed for fraud by another famous short seller, Muddy Waters. Luckin admitted to fabricating hundreds of millions of dollars in sales and paid a $180 million fine to the U.S. securities regulator last December.<blockquote>哥谭市将Yalla比作瑞星咖啡，后者曾是一家在纽约上市的中国星巴克的崇拜者，在被另一家著名卖空者浑水(Muddy Waters)揭露欺诈后，于二月份在美国申请破产。瑞幸承认虚构了数亿美元的销售额，并于去年12月向美国证券监管机构支付了1.8亿美元的罚款。</blockquote> In a typical pattern for this kind of attack, Yalla immediately denied the allegations, saying the reports “contain numerous errors and distorted, misleading and unsubstantiated claims regarding the company.” Two days later it&nbsp;announced a plan&nbsp;to buy back up to $150 million worth of its ADSs.<blockquote>在此类攻击的典型模式中，亚拉立即否认了这些指控，称这些报告“包含大量错误以及有关该公司的扭曲、误导和未经证实的说法”。两天后宣布了一项计划回购最多价值1.5亿美元的ADS。</blockquote> The news lifted Yalla ADSs by as much as 22% at one point after the announcement last Friday before the stock ultimately closed up a more modest 5.9%.<blockquote>上周五宣布这一消息后，Yalla ADS一度上涨22%，最终收盘小幅上涨5.9%。</blockquote> The wild gyrations have seen Yalla’s stock tumble from pre-attack levels by nearly 20%, before rebounding somewhat in the following days. As of Wednesday’s close, the stock had lost 12.4% of its value from pre-attack levels, giving it a market value of $2.3 billion – still well above the $1 billion threshold for unicorn status.<blockquote>剧烈波动导致Yalla的股价从攻击前的水平下跌了近20%，然后在接下来的几天里有所反弹。截至周三收盘，该股较攻击前水平下跌了12.4%，市值为23亿美元——仍远高于独角兽地位10亿美元的门槛。</blockquote> Overseas-listed Chinese companies are particularly attractive targets for short sellers due to a perception of lax accounting standards. Beijing has contributed to the problem by refusing to allow the U.S. securities regulator to review audit papers of such firms when fraud is suspected.<blockquote>由于人们认为会计准则宽松，在海外上市的中国公司是对卖空者特别有吸引力的目标。北京拒绝允许美国证券监管机构在涉嫌欺诈的情况下审查此类公司的审计文件，从而加剧了这一问题。</blockquote> Yalla is hardly the first Chinese company to fall victim to short sellers. Over the last decade, others including Citron Research and Muddy Waters have launched many similar attacks accusing a wide range of Chinese companies of fraud, often sending their U.S.- and Hong Kong-listed shares tumbling.<blockquote>Yalla并不是第一家成为卖空者受害者的中国公司。在过去十年中，包括香橼研究公司和浑水公司在内的其他公司也发起了许多类似的攻击，指责众多中国公司欺诈，经常导致这些公司在美国和香港上市的股票暴跌。</blockquote> Jury Still Out<blockquote>陪审团仍未确定</blockquote> As the dust continues to settle in this latest attack, it’s still too early to say who will ultimately win the battle. Yalla’s quick rebuttal may have softened the blow, and its share price is still nearly double from its IPO when it raised $144.8 million.<blockquote>随着这场最新攻击的尘埃落定，现在说谁将最终赢得这场战斗还为时过早。Yalla的快速反驳可能减轻了打击，其股价仍较IPO时筹集1.448亿美元时的近一倍。</blockquote> Short seller attacks also often backfire, which was the case last year for Chinese education technology firm GSX Techedu and solar panel maker JinkoSolar, whose shares both rallied following brief sell-offs after reports were first posted.<blockquote>卖空者的攻击也常常适得其反，去年中国教育科技公司跟谁学和太阳能电池板制造商晶科能源就是这种情况，这两家公司的股价在报告首次发布后短暂抛售后均上涨。</blockquote> Founded in 2016 in China by its Chairman Yang Tao, Yalla carved out a niche in the fast-growing voice chat space by focusing on the Middle East while keeping its technology and product development functions in the Chinese city of Hangzhou. That allowed it to side-step China’s strict requirements for platform operators to police their user-generated content for sensitive topics. Yalla is continuing to steer clear of operating a service in China, with North Africa and North America as the next stops on its road map.<blockquote>Yalla由董事长杨涛于2016年在中国创立，通过专注于中东，同时将其技术和产品开发职能保留在中国杭州，在快速增长的语音聊天领域开辟了一个利基市场。这使得它能够避开中国对平台运营商监管其用户生成的敏感话题内容的严格要求。Yalla继续避开在中国运营服务，北非和北美是其路线图上的下一站。</blockquote> “For the next two to three years, (the Middle East and North Africa) will certainly be our main focus. And with Yalla Parchis’ launch, we will keep our eye on the South American market and see if there are any other potential opportunities,” said Yang on a May 10 call to discuss the company’slatest quarterly results. Before starting his company, Yang worked at Chinese telecoms equipment giant ZTE Corp. for more than 10 years, including as general manager of its Abu Dhabi branch.<blockquote>“未来两到三年，（中东和北非）肯定会是我们的主要关注点。随着Yalla Parchis的推出，我们将密切关注南美市场，看看是否有任何其他潜在机会，”杨在5月10日的看涨期权上讨论该公司的最新季度业绩在创办自己的公司之前，杨在中国电信设备巨头中兴通讯公司工作了10多年，包括担任其阿布扎比分公司的总经理。</blockquote> Yalla engages in two main businesses: Yalla, a voice social network, and Yalla Ludo, a gaming platform. The majority of its 5.8 million paying users, or 79% of its total, were casual gamers in this year’s first quarter, with the rest coming from the main Clubhouse-like app. Revenue from Yalla Ludo surpassed Yalla in last year’s fourth quarter of 2020.<blockquote>Yalla主要从事两项业务：语音社交网络Yalla和游戏平台Yalla Ludo。今年第一季度，其580万付费用户中的大多数（占总数的79%）是休闲游戏玩家，其余来自主要的类似Clubhouse的应用程序。Yalla Ludo的收入在去年2020年第四季度超过了Yalla。</blockquote> The Clubhouse-like app Yalla offers public chatrooms on thousands of topics as well as private, one-on-one text and voice chat capabilities. Yalla Ludo is a platform with mobile games that incorporates audio chat and other social networking features. It also allows people to buy animated gifts and virtual currencies.<blockquote>类似俱乐部会所的应用程序Yalla提供数千个主题的公共聊天室以及私人一对一的文本和语音聊天功能。Yalla Ludo是一个包含音频聊天和其他社交网络功能的手机游戏平台。它还允许人们购买动画礼物和虚拟货币。</blockquote> Earlier this month before the attack, the company reported its first quarter revenue more than tripled year-on-year to $67.6 million. Its net income doubled to $19.8 million and non-GAAP net income more than tripled to $33.6 million, as paying users surged 260% from a year earlier to 5.8 million.<blockquote>在袭击发生前的本月早些时候，该公司报告称，其第一季度收入同比增长了两倍多，达到6760万美元。其净利润翻了一番，达到1980万美元，非GAAP净利润增长了两倍多，达到3360万美元，付费用户同比激增260%，达到580万美元。</blockquote> As a newbie internet stock, not many analysts cover the company yet. But two who do have rated the stock a “buy,” and a third rates it a “hold,” according to Bloomberg data.<blockquote>作为互联网股新手，目前还没有多少分析师关注该公司。但根据彭博社的数据，其中两人将该股评级为“买入”，三分之一的人将其评级为“持有”。</blockquote> Oppenheimer analyst Bo Pei raised his target price on Yalla by 7% to $30 and maintained an “outperform” rating on the stock after the company issued its quarterly results but before the short seller attack. The upgrade was based on the belief that new apps launched in February, including the iOS version Yalla Parchis (a Spanish version of Ludo), Yalla Baloot, and 101 Okey, could drive more upside for the company.<blockquote>Oppenheimer分析师Bo Pei将Yalla的目标价上调7%至30美元，并在该公司发布季度业绩后但在空头发起攻击之前维持对该股的“跑赢大盘”评级。此次升级是基于这样一种信念，即2月份推出的新应用程序，包括iOS版本Yalla Parchis（Ludo的西班牙语版本）、Yalla Baloot和101 Okey，可以为公司带来更多上涨空间。</blockquote> Haitong International also has the same target price, putting future price-to-earnings (PE) ratios at between 22 and 25 from 2021 to 2023. It said Yalla’s net profit will fall in the second quarter but won’t affect its fundamentals.<blockquote>海通国际也有相同的目标价，将2021年至2023年的未来市盈率（PE）定在22至25之间。该公司表示，Yalla第二季度净利润将下降，但不会影响其基本面。</blockquote> While Yalla’s shares have gained back much of the ground from the short seller attack, one remaining overhang is shareholder lawsuits that typically follow such attacks. Several law firms said they are investigating potential claims against the company, which could ultimately be forced to pay settlements in those cases.<blockquote>虽然Yalla的股价已经从卖空者的攻击中收复了大部分失地，但剩下的一个悬而未决的问题是通常在此类攻击之后提起的股东诉讼。几家律师事务所表示，他们正在调查针对该公司的潜在索赔，在这些案件中，该公司最终可能被迫支付和解金。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.thebambooworks.com/china-based-middle-east-clubhouse-yalla-unicorn-or-just-empty-talk/\">The Bamboo Works</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"YALA":"雅乐科技"},"source_url":"https://www.thebambooworks.com/china-based-middle-east-clubhouse-yalla-unicorn-or-just-empty-talk/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1177352317","content_text":"Company’s shares have gyrated wildly since its 2020 IPO, soaring on comparisons to popular U.S. voice chat app before plunging last week after short-seller attack\n\nYalla lost nearly all gains for 2021 following short seller attack, even after it refuted the allegations and announced a stock repurchase program\n\n\nAnalysts general upbeat on Dubai-based company as it posted triple-digit revenue and profit growth in its latest quarter\n\nChinese-founded Yalla Group Ltd. (NYSE:YALA), often likened to a Middle East version of U.S. voice-centric social networking sensation Clubhouse, isn’t quite so thrilled with all the chatter swirling around it lately.\nIts shares are down more than 12% over the past week following a classic short seller attack, even after the United Arab Emirates-based company quickly refuted allegations of accounting tricks and announced a $150 million share buyback.\nAs the first UAE-based tech unicorn listed on the New York Stock Exchange, Yalla shares tapped Clubhouse fever to soar to a high of $41.35 in February, or 5.5 times its IPO price of $7.50 per American depository share (ADS) from last September.\nBut the old saying “What goes up, must come down” applies well here, as hungry short sellers eyed the company’s inflated shares even after a broader correction for Chinese internet stocks hit Yalla after its February run-up. Now the bigger question looms: Is Yalla worthy of its unicorn status, or is it mostly a chatroom full of hot air?\nShort seller Gotham City Research described the company as an ugly duck in a tweet on May 19, following Swan Street Research’s issue of a 31-page report accusing the company of inflating its metrics, including revenues and cash.\nGotham City likened Yalla to Luckin Coffee, a formerly New York-listed Chinese Starbucks wannabe that filed for bankruptcy in the U.S. in February after being exposed for fraud by another famous short seller, Muddy Waters. Luckin admitted to fabricating hundreds of millions of dollars in sales and paid a $180 million fine to the U.S. securities regulator last December.\nIn a typical pattern for this kind of attack, Yalla immediately denied the allegations, saying the reports “contain numerous errors and distorted, misleading and unsubstantiated claims regarding the company.” Two days later it announced a plan to buy back up to $150 million worth of its ADSs.\nThe news lifted Yalla ADSs by as much as 22% at one point after the announcement last Friday before the stock ultimately closed up a more modest 5.9%.\nThe wild gyrations have seen Yalla’s stock tumble from pre-attack levels by nearly 20%, before rebounding somewhat in the following days. As of Wednesday’s close, the stock had lost 12.4% of its value from pre-attack levels, giving it a market value of $2.3 billion – still well above the $1 billion threshold for unicorn status.\nOverseas-listed Chinese companies are particularly attractive targets for short sellers due to a perception of lax accounting standards. Beijing has contributed to the problem by refusing to allow the U.S. securities regulator to review audit papers of such firms when fraud is suspected.\nYalla is hardly the first Chinese company to fall victim to short sellers. Over the last decade, others including Citron Research and Muddy Waters have launched many similar attacks accusing a wide range of Chinese companies of fraud, often sending their U.S.- and Hong Kong-listed shares tumbling.\nJury Still Out\nAs the dust continues to settle in this latest attack, it’s still too early to say who will ultimately win the battle. Yalla’s quick rebuttal may have softened the blow, and its share price is still nearly double from its IPO when it raised $144.8 million.\nShort seller attacks also often backfire, which was the case last year for Chinese education technology firm GSX Techedu and solar panel maker JinkoSolar, whose shares both rallied following brief sell-offs after reports were first posted.\nFounded in 2016 in China by its Chairman Yang Tao, Yalla carved out a niche in the fast-growing voice chat space by focusing on the Middle East while keeping its technology and product development functions in the Chinese city of Hangzhou. That allowed it to side-step China’s strict requirements for platform operators to police their user-generated content for sensitive topics. Yalla is continuing to steer clear of operating a service in China, with North Africa and North America as the next stops on its road map.\n“For the next two to three years, (the Middle East and North Africa) will certainly be our main focus. And with Yalla Parchis’ launch, we will keep our eye on the South American market and see if there are any other potential opportunities,” said Yang on a May 10 call to discuss the company’slatest quarterly results. Before starting his company, Yang worked at Chinese telecoms equipment giant ZTE Corp. for more than 10 years, including as general manager of its Abu Dhabi branch.\nYalla engages in two main businesses: Yalla, a voice social network, and Yalla Ludo, a gaming platform. The majority of its 5.8 million paying users, or 79% of its total, were casual gamers in this year’s first quarter, with the rest coming from the main Clubhouse-like app. Revenue from Yalla Ludo surpassed Yalla in last year’s fourth quarter of 2020.\nThe Clubhouse-like app Yalla offers public chatrooms on thousands of topics as well as private, one-on-one text and voice chat capabilities. Yalla Ludo is a platform with mobile games that incorporates audio chat and other social networking features. It also allows people to buy animated gifts and virtual currencies.\nEarlier this month before the attack, the company reported its first quarter revenue more than tripled year-on-year to $67.6 million. Its net income doubled to $19.8 million and non-GAAP net income more than tripled to $33.6 million, as paying users surged 260% from a year earlier to 5.8 million.\nAs a newbie internet stock, not many analysts cover the company yet. But two who do have rated the stock a “buy,” and a third rates it a “hold,” according to Bloomberg data.\nOppenheimer analyst Bo Pei raised his target price on Yalla by 7% to $30 and maintained an “outperform” rating on the stock after the company issued its quarterly results but before the short seller attack. The upgrade was based on the belief that new apps launched in February, including the iOS version Yalla Parchis (a Spanish version of Ludo), Yalla Baloot, and 101 Okey, could drive more upside for the company.\nHaitong International also has the same target price, putting future price-to-earnings (PE) ratios at between 22 and 25 from 2021 to 2023. It said Yalla’s net profit will fall in the second quarter but won’t affect its fundamentals.\nWhile Yalla’s shares have gained back much of the ground from the short seller attack, one remaining overhang is shareholder lawsuits that typically follow such attacks. Several law firms said they are investigating potential claims against the company, which could ultimately be forced to pay settlements in those cases.","news_type":1,"symbols_score_info":{"YALA":0.9}},"isVote":1,"tweetType":1,"viewCount":1779,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}