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  ·2021-06-13
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  Li Jianwei of Zhencheng Investment: More technology companies with growth potential will list through SPACs in the future.
  6月12日，老虎证券举办七周年Open Day。现场多位来自一二级市场的投资大咖和业界人士，针对当前的市场行情和未来前景做出分析和预测。针对当前资本市场上最热的上市方式之一SPAC IPO，真成投资管
  Li Jianwei of Zhencheng Investment: More technology companies with growth potential will list through SPACs in the future.
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Several investment experts and industry professionals from the primary and secondary markets at the event analyzed and predicted the current market conditions and future prospects. Regarding SPAC IPOs, one of the hottest listing methods in the current capital market, Li Jianwei, managing partner of Zhencheng Investment, shared his observations on the SPAC market and his predictions for future development trends with the audience.</p><p><img src=\"https://static.tigerbbs.com/90d1b38b558579b9b4683b75b131a94c\" tg-width=\"1080\" tg-height=\"1527\"></p><p>Li Jianwei stated that SPACs are not a new concept in the market, but since the second half of 2020, SPACs have become an important financing method in the capital market. In the first quarter of 2021, more than 79% of companies chose to list through SPACs. The COVID-19 pandemic was one of the catalysts for the rise of SPACs – multiple rounds of stimulus measures following the pandemic have increased market liquidity, and retail investors and new investors are also open to this new investment approach. Amid this trend, more and more well-known figures are becoming initiators of SPACs, such as Masayoshi Son of SoftBank Group, NBA superstar Shaquille O'Neal, and Li Ning from China.</p><p><img src=\"https://static.tigerbbs.com/f218b1c6b04504852323978132d54018\" tg-width=\"831\" tg-height=\"232\"></p><p>Regarding why more and more companies are hoping to list through SPACs, Li Jianwei said, \"For companies with listing plans, SPACs are a very efficient channel.\" Traditional IPOs usually take about a year, require many auditors, investment banks, and law firms, and the pricing process is also very complicated, requiring a lot of preparatory work. However, under the SPAC structure, companies planning to go public only need to communicate with the SPAC initiator, which usually takes three to four months to complete. The process is simple and highly certain. For the target company or the CEO planning an IPO, SPACs provide a faster and clearer listing path. Grab, a Southeast Asian company combining Didi and Meituan, has already announced its IPO through a SPAC.</p><p><img src=\"https://static.tigerbbs.com/1f37d5e6eb738c6f95107e5347cd67d4\" tg-width=\"831\" tg-height=\"234\"></p><p>For investors, early participation in SPACs is a relatively safe approach. If a SPAC raises funds or fails to find a suitable target, it can also be redeemed and even earn interest. SPACs are at the merger and acquisition stage, where valuations can fluctuate significantly. Regarding how to generate revenue through SPACs after an acquisition, Li Jianwei said, \"Investors should pay attention to the industry sector and business model of the acquired target, as well as the company's fundamentals.\"</p><p><img src=\"https://static.tigerbbs.com/3305e70fd9fad5e28d78f74d344db51c\" tg-width=\"830\" tg-height=\"234\"></p><p>Despite the booming investment in SPACs, many mainstream voices believe that SPACs are a bubble. At this year's shareholder meeting, Buffett and Munger pointed out that SPACs are not only poison, but also divert their potential targets in the M&A market. The SEC has also begun investigating Wall Street's SPAC frenzy and issuing new rules. “Companies have been unable to prove profitability for a considerable period of time. In the past, there were three or four SPACs in China that went public, but so far none of them have been able to prove themselves.”</p><p>Regarding how SPACs will select acquisition targets, Li Jianwei frankly stated that operating SPAC projects is highly similar to VC/PE projects. Zhencheng Investment divides all investment opportunities into four quadrants. The horizontal axis defines the quality of fundamental growth, including market size and development speed, product differentiation, late-stage product roadmap, team vision and execution capabilities, and cash flow situation. The vertical axis represents the degree of consensus among investors. Investors generally prefer to invest in companies with sound fundamentals and reasonable valuations located in the primary price limit. \"If the quality of the target's fundamental growth exceeds the consensus level of investors, we have the opportunity to achieve excess returns.\"</p><p><img src=\"https://static.tigerbbs.com/45b94a1619c13a3dd9cf753bd2495743\" tg-width=\"830\" tg-height=\"238\"></p><p>Regarding the future development of SPACs, Li Jianwei believes that SPACs are a legal way to publicly issue shares, and they will continue to exist and play an important role in the IPO market. Although SPAC IPOs and mergers will be further regulated, more high-tech companies that are still relatively early in revenue but have huge growth potential will list through SPACs due to their economics and efficiency. At the same time, more and more successful SPACs will be launched by well-known venture capital and private equity firms with abundant project resources, making SPACs an arena for professional players.</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 Jianwei of Zhencheng Investment: More technology companies with growth potential will list through SPACs in the future.</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 Jianwei of Zhencheng Investment: More technology companies with growth potential will list through SPACs in the future.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-13 12:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 12, Tiger Brokers held its seventh anniversary Open Day. Several investment experts and industry professionals from the primary and secondary markets at the event analyzed and predicted the current market conditions and future prospects. Regarding SPAC IPOs, one of the hottest listing methods in the current capital market, Li Jianwei, managing partner of Zhencheng Investment, shared his observations on the SPAC market and his predictions for future development trends with the audience.</p><p><img src=\"https://static.tigerbbs.com/90d1b38b558579b9b4683b75b131a94c\" tg-width=\"1080\" tg-height=\"1527\"></p><p>Li Jianwei stated that SPACs are not a new concept in the market, but since the second half of 2020, SPACs have become an important financing method in the capital market. In the first quarter of 2021, more than 79% of companies chose to list through SPACs. The COVID-19 pandemic was one of the catalysts for the rise of SPACs – multiple rounds of stimulus measures following the pandemic have increased market liquidity, and retail investors and new investors are also open to this new investment approach. Amid this trend, more and more well-known figures are becoming initiators of SPACs, such as Masayoshi Son of SoftBank Group, NBA superstar Shaquille O'Neal, and Li Ning from China.</p><p><img src=\"https://static.tigerbbs.com/f218b1c6b04504852323978132d54018\" tg-width=\"831\" tg-height=\"232\"></p><p>Regarding why more and more companies are hoping to list through SPACs, Li Jianwei said, \"For companies with listing plans, SPACs are a very efficient channel.\" Traditional IPOs usually take about a year, require many auditors, investment banks, and law firms, and the pricing process is also very complicated, requiring a lot of preparatory work. However, under the SPAC structure, companies planning to go public only need to communicate with the SPAC initiator, which usually takes three to four months to complete. The process is simple and highly certain. For the target company or the CEO planning an IPO, SPACs provide a faster and clearer listing path. Grab, a Southeast Asian company combining Didi and Meituan, has already announced its IPO through a SPAC.</p><p><img src=\"https://static.tigerbbs.com/1f37d5e6eb738c6f95107e5347cd67d4\" tg-width=\"831\" tg-height=\"234\"></p><p>For investors, early participation in SPACs is a relatively safe approach. If a SPAC raises funds or fails to find a suitable target, it can also be redeemed and even earn interest. SPACs are at the merger and acquisition stage, where valuations can fluctuate significantly. Regarding how to generate revenue through SPACs after an acquisition, Li Jianwei said, \"Investors should pay attention to the industry sector and business model of the acquired target, as well as the company's fundamentals.\"</p><p><img src=\"https://static.tigerbbs.com/3305e70fd9fad5e28d78f74d344db51c\" tg-width=\"830\" tg-height=\"234\"></p><p>Despite the booming investment in SPACs, many mainstream voices believe that SPACs are a bubble. At this year's shareholder meeting, Buffett and Munger pointed out that SPACs are not only poison, but also divert their potential targets in the M&A market. The SEC has also begun investigating Wall Street's SPAC frenzy and issuing new rules. “Companies have been unable to prove profitability for a considerable period of time. In the past, there were three or four SPACs in China that went public, but so far none of them have been able to prove themselves.”</p><p>Regarding how SPACs will select acquisition targets, Li Jianwei frankly stated that operating SPAC projects is highly similar to VC/PE projects. Zhencheng Investment divides all investment opportunities into four quadrants. The horizontal axis defines the quality of fundamental growth, including market size and development speed, product differentiation, late-stage product roadmap, team vision and execution capabilities, and cash flow situation. The vertical axis represents the degree of consensus among investors. Investors generally prefer to invest in companies with sound fundamentals and reasonable valuations located in the primary price limit. \"If the quality of the target's fundamental growth exceeds the consensus level of investors, we have the opportunity to achieve excess returns.\"</p><p><img src=\"https://static.tigerbbs.com/45b94a1619c13a3dd9cf753bd2495743\" tg-width=\"830\" tg-height=\"238\"></p><p>Regarding the future development of SPACs, Li Jianwei believes that SPACs are a legal way to publicly issue shares, and they will continue to exist and play an important role in the IPO market. Although SPAC IPOs and mergers will be further regulated, more high-tech companies that are still relatively early in revenue but have huge growth potential will list through SPACs due to their economics and efficiency. At the same time, more and more successful SPACs will be launched by well-known venture capital and private equity firms with abundant project resources, making SPACs an arena for professional players.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/56a62cec0b9783cde49306e8e3213143","relate_stocks":{"TIGR":"老虎证券"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197738106","content_text":"6月12日，老虎证券举办七周年Open Day。现场多位来自一二级市场的投资大咖和业界人士，针对当前的市场行情和未来前景做出分析和预测。针对当前资本市场上最热的上市方式之一SPAC IPO，真成投资管理合伙人李剑威向观众分享了对SPAC市场的观察和对未来发展趋势的预测。\n\n李剑威表示，SPAC并不是刚出现市场上的新鲜事物，但从2020年下半年起，SPAC在资本市场上已经变成一种重要的融资方式，2021年第一季度有超过79%的公司选择SPAC的方式上市。新冠疫情是SPAC走向风口的催化剂之一——疫情之后多轮刺激措施，让市场上的流动性更加充足，散户和和新晋股民也对于这种新的投资方式持开放态度。在风口之下，越来越多的知名人士成为SPAC的发起人，如软银集团孙正义、NBA巨星奥尼尔和来自中国的李宁等。\n\n针对为何越来越多的公司希望通过SPAC上市，李剑威表示，“对于有上市计划的公司而言，SPAC是一个非常有效率的通道。”传统的IPO通常需要一年左右，需要通过很多审计师、投行、律所，定价过程也十分繁琐，之中需要很多筹备工作。但在SPAC结构下，计划上市企业只需要与SPAC发起人进行沟通，通常三至四个月即可完成，过程简单且确定性高，对于标的公司来说或者计划IPO的CEO而言，SPAC提供了更快且明确的上市路径。东南亚的“滴滴+美团”Grab，就已宣布通过SPAC上市。\n\n对于投资者而言，早期参与SPAC是一个相对比较安全的方式。如果SPAC募集或没有找到合适标的，也可进行赎回，甚至还能得到利息。SPAC的风险处在并购阶段，此时估价会出现巨大波动。并购之后如何通过SPAC获得收益，李剑威表示，“投资人要关注并购标的所处的行业赛道和商业模式，同时要关注公司的基本面。”\n\n尽管SPAC投资火热，但很多主流的声音认为SPAC是泡沫。巴菲特和芒格在今年的股东大会上指出，SPAC不仅是毒药，还在并购市场上分流了他们的潜在标的。SEC也开始对华尔街的SPAC狂热进行调查并发布新规。“公司在相当长的时间内无法证明盈利能力，中国过去有SPAC有三、四家上市，但是到目前为止还没有一家可以证明自己。”\n针对SPAC将如何挑选并购标的，李剑威坦言，操盘SPAC项目与VC/PE项目有很高的相似度，真成投资会把所有的投资机会分成四个象限，横轴定义基本面的增长质量，包括市场大小和发展速度、产品差异化、产品后期的路线图、团队的愿景和执行能力、现金流情况，纵轴则是投资人的共识程度。投资人普遍希望投资处在第一象限价基本面良好且有合理估值的企业。“如果标的的基本面增长质量高过投资者的共识程度的话，我们有机会取得超额收益。”\n\n对于SPAC未来的发展，李剑威认为，SPAC是公开发行股票的合法途径，它将持续存在并继续在IPO市场中发挥重要作用。尽管SPAC IPO和合并会进一步受到监管，但因其经济性和高效性，更多营收上尚处于相对早期但具有巨大增长潜力的高科技好公司会通过SPAC上市。与此同时，越来越多的成功SPAC会由知名且项目资源丰富的风投和私募机构发起，使得SPAC成为专业选手的竞技场。","news_type":1,"symbols_score_info":{"TIGR":0.9}},"isVote":1,"tweetType":1,"viewCount":1840,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}