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SHADOWLEE

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- SHADOWLEESHADOWLEE
  ·2021-06-29
  good
  Nayuki's tea winning rate is 8%, and 40 hands are subscribed to win steadily
  6月29日消息，本周二奈雪的茶发布公告，公司发行2.57亿股股份，每股定价19.8港元，每手500股，预期将于6月30日上市。分配结果：甲组每手500股，一手中签率8%，认购40手稳中一手。乙组头
  Nayuki's tea winning rate is 8%, and 40 hands are subscribed to win steadily
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- SHADOWLEESHADOWLEE
  ·2021-06-25
  oh
  Talking about CXO Track Valuation Bubble
  随着CXO渗透率的提高，未来行业增速将快速下降。聊之前，先说结论：目前无论你持有哪一只CXO股票，现在的一两百的pe，估值明显都已经是泡沫了，但泡沫不意味着要你止盈，只是要给大家提个醒，对未来期望有
  Talking about CXO Track Valuation Bubble
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- SHADOWLEESHADOWLEE
  ·2021-06-25
  look
  XPeng Motors-W starts its IPO today, with a first-hand entry fee of approximately HK$18,181.39
  6月25日，小鹏汽车-W发布公告，公司于6月25日至6月30日招股；拟全球发售8500万股股份，其中香港发售股份425万股，国际发售股份8075万股，另有15%超额配股权；每股发行价不超过180港元，
  XPeng Motors-W starts its IPO today, with a first-hand entry fee of approximately HK$18,181.39
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- SHADOWLEESHADOWLEE
  ·2021-06-17
  up
  Sorry, this post has been deleted
  1.70K Comment
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- SHADOWLEESHADOWLEE
  ·2021-06-10
  hi ,nice to meet here
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A total of 642,033 valid applications were received.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 129 million (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares.</p><p>For fundraising purposes, the Company intends to use the estimated net proceeds received from the Global Offering of approximately HK$4.84 billion (assuming the Over-allotment Option is not exercised) for the following purposes: approximately 70.0% will be used to expand the teahouse network and increase its market penetration in the next three years; Approximately 10.0% will be used in the next three years to further enhance the overall operation by strengthening technical capabilities to improve operational efficiency; Approximately 10.0% will be used to enhance supply chain capabilities in the next three years to support the company's scale-up; Approximately 10.0% will be used as working capital and for general corporate purposes.</p><p>It is reported that Naixue's tea shop operated by the company is the leading high-end freshly made tea chain store in China, focusing on providing freshly made tea drinks. According to CIC, Nayuki's tea was the second largest teahouse brand in the high-end freshly made teahouse market in China with a market share of 18.9% in terms of total retail consumption value in 2020. In terms of total retail consumption in 2020, Nayuki's tea was the seventh largest teahouse brand in the overall freshly made teahouse industry in China, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the Company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the Company's Nayuki's tea shop network. The company's Nayuki's tea membership system has about 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. Revenue generated from the Company's Nayuki teahouses increased from RMB910 million in 2018 to RMB2,292 million in 2019, and further increased to RMB2,871 million in 2020.</p><p>In addition, in terms of same store in 2018 and 2019, Nayuki's tea same store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively. Due to the impact of the COVID-19 outbreak, Nayuki's tea same-store profit margin was 13.5% in 2020 as compared to 21.0% in 2019 in terms of same-store in 2019 and 2020.</p><p>Throughout the Track Record Period, the Company's profitability continued to improve, with total revenue increasing from RMB1,087 million in 2018 to RMB3,057 million in 2020, representing a CAGR of 67.7% from 2018 to 2020; Adjusted net loss decreased significantly from RMB56.58 million in 2018 to RMB11.735 million in 2019, and further reversed to adjusted net profit of RMB16.643 million in 2020.</p><p>In the first nine months of 2020, the Company recorded revenue of RMB2.115 billion and adjusted net profit of RMB4.484 million. Under the influence of the pandemic, the domestic food industry was greatly impacted, and the adjusted net profit of the Company narrowed under pressure, but the revenue still maintained a strong growth momentum.</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>Nayuki's tea winning rate is 8%, and 40 hands are subscribed to win steadily</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\">\nNayuki's tea winning rate is 8%, and 40 hands are subscribed to win steadily\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\">2021-06-29 08:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 29 news, this Tuesday<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>An announcement was made that the company issued 257 million shares at a price of HK$ 19.8 per share and 500 shares per lot, which is expected to be listed on June 30th.<img src=\"https://static.tigerbbs.com/6af239b570522de01079011982ac9576\" tg-width=\"661\" tg-height=\"550\" referrerpolicy=\"no-referrer\"><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 8% in one lot, and 40 lots are subscribed for a steady one.</p><p>The head of Group B is 300,000 shares (600 lots), and 3,000 shares (6 lots) are allocated.<img src=\"https://static.tigerbbs.com/d1861f115ef2892bc51ce6b5f05ff7b8\" tg-width=\"536\" tg-height=\"629\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/5f27f80d6ce9a1fdc75d8516bf6b6ffe\" tg-width=\"543\" tg-height=\"741\" referrerpolicy=\"no-referrer\">Nayuki's tea was subscribed 432.03 times during the Public Offer, and the final number of Offer Shares allocated to the Public Offer was 129 million, representing 50% of the total Offer Shares (before any Over-allotment Option is exercised). A total of 642,033 valid applications were received.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 129 million (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares.</p><p>For fundraising purposes, the Company intends to use the estimated net proceeds received from the Global Offering of approximately HK$4.84 billion (assuming the Over-allotment Option is not exercised) for the following purposes: approximately 70.0% will be used to expand the teahouse network and increase its market penetration in the next three years; Approximately 10.0% will be used in the next three years to further enhance the overall operation by strengthening technical capabilities to improve operational efficiency; Approximately 10.0% will be used to enhance supply chain capabilities in the next three years to support the company's scale-up; Approximately 10.0% will be used as working capital and for general corporate purposes.</p><p>It is reported that Naixue's tea shop operated by the company is the leading high-end freshly made tea chain store in China, focusing on providing freshly made tea drinks. According to CIC, Nayuki's tea was the second largest teahouse brand in the high-end freshly made teahouse market in China with a market share of 18.9% in terms of total retail consumption value in 2020. In terms of total retail consumption in 2020, Nayuki's tea was the seventh largest teahouse brand in the overall freshly made teahouse industry in China, with a market share of 3.9%.</p><p>In order to enhance the convenience and personalized experience of Nayuki's tea to customers, the Company launched Nayuki's tea membership system and Nayuki's tea application, and achieved full integration with the Company's Nayuki's tea shop network. The company's Nayuki's tea membership system has about 34.7 million registered members. In 2020, approximately 49.0% of Nayuki's total tea orders came from Nayuki's tea members.</p><p>The number of Nayuki teahouses grew rapidly from 44 as of December 31, 2017 to 491 as of December 31, 2020, and further to 562 as of the Latest Practicable Date. Revenue generated from the Company's Nayuki teahouses increased from RMB910 million in 2018 to RMB2,292 million in 2019, and further increased to RMB2,871 million in 2020.</p><p>In addition, in terms of same store in 2018 and 2019, Nayuki's tea same store profit margin remained stable at 24.9% and 25.3% in 2018 and 2019, respectively. Due to the impact of the COVID-19 outbreak, Nayuki's tea same-store profit margin was 13.5% in 2020 as compared to 21.0% in 2019 in terms of same-store in 2019 and 2020.</p><p>Throughout the Track Record Period, the Company's profitability continued to improve, with total revenue increasing from RMB1,087 million in 2018 to RMB3,057 million in 2020, representing a CAGR of 67.7% from 2018 to 2020; Adjusted net loss decreased significantly from RMB56.58 million in 2018 to RMB11.735 million in 2019, and further reversed to adjusted net profit of RMB16.643 million in 2020.</p><p>In the first nine months of 2020, the Company recorded revenue of RMB2.115 billion and adjusted net profit of RMB4.484 million. Under the influence of the pandemic, the domestic food industry was greatly impacted, and the adjusted net profit of the Company narrowed under pressure, but the revenue still maintained a strong growth momentum.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/969153dc5674369c3b376e33d2fc3976","relate_stocks":{"02150":"奈雪的茶"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104770632","content_text":"6月29日消息，本周二奈雪的茶发布公告，公司发行2.57亿股股份，每股定价19.8港元，每手500股，预期将于6月30日上市。分配结果：\n甲组每手500股，一手中签率8%，认购40手稳中一手。\n乙组头为30万股（600手），获配3000股（6手）。公开发售阶段奈雪的茶获432.03倍认购，分配至公开发售的发售股份最终数目为1.29亿股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获642033份有效申请。\n此外，国际发售获大幅超额认购，发售股份最终数目为1.29亿股（不包括超额分配股份），相当于发售股份总数的50%。\n筹资用途方面，公司拟将收取的全球发售所得款项净额估计约48.4亿港元（假设超额配股权并无获行使）用于以下用途：约70.0%将在未来三年用于扩张茶饮店网络并提高其市场渗透率；约10.0%将在未来三年用于通过强化技术能力，进一步提升整体运营，以提升运营效率；约10.0%将在未来三年用于提升供应链能力，以支持公司的规模扩张；约10.0%将用作营运资金及作一般企业用途。\n据悉，公司所经营的奈雪的茶茶饮店是中国领先的高端现制茶饮连锁店，专注于提供现制茶饮。根据灼识谘询的资料，按2020年零售消费总值计，奈雪的茶在中国高端现制茶饮店市场中为第二大茶饮店品牌，市场份额为18.9%。按2020年零售消费总值计，奈雪的茶在中国整体现制茶饮店行业中为第七大茶饮店品牌，市场份额为3.9%。\n为提升奈雪的茶对客户的便利性及个性化体验，公司推出奈雪的茶会员体系及奈雪的茶应用程序，并实现与公司奈雪的茶茶饮店网络的全面整合。公司的奈雪的茶会员体系有注册会员约3470万名。于2020年，奈雪的茶订单总数中约49.0%来自奈雪的茶会员。\n奈雪的茶茶饮店数量由截至2017年12月31日的44间迅速增长至截至2020年12月31日的491间，并于截至最后实际可行日期进一步增至562间。公司的奈雪的茶茶饮店所产生的收益由2018年的人民币9.1亿元增至2019年的人民币22.92亿元，并进一步增至2020年的人民币28.71亿元。\n此外，就2018年及2019年的同店而言，奈雪的茶同店利润率于2018年及2019年维持稳定，分别为24.9%及25.3%。由于COVID-19爆发的影响，就2019年及2020年的同店而言，奈雪的茶同店利润率于2020年为13.5%，而2019年为21.0%。\n于整个往绩记录期间，公司的盈利能力不断提升，总营收由2018年的10.87亿元提升至2020年的30.57亿元人民币，2018~2020年的复合年增长率达67.7%；经调整净亏损由2018年的人民币5658万元大幅减少至2019年的人民币1173.5万元，并进一步扭转为2020年的经调整净利润1664.3万元人民币。\n2020年前9个月，公司录得收入21.15亿元，经调整净利润448.4万元。在疫情影响下，国内食品行业受到较大冲击，公司经调整净利润承压收窄，但营收仍保持强劲增长势头。","news_type":1,"symbols_score_info":{"02150":0.9}},"isVote":1,"tweetType":1,"viewCount":1809,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122303537,"gmtCreate":1624595733929,"gmtModify":1703841326454,"author":{"id":"3586297136997911","authorId":"3586297136997911","name":"SHADOWLEE","avatar":"https://static.tigerbbs.com/a2f36a7dea38634fe3d043e6ed5a2b1d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586297136997911","idStr":"3586297136997911"},"themes":[],"htmlText":"oh","listText":"oh","text":"oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122303537","repostId":"1198330093","repostType":4,"repost":{"id":"1198330093","kind":"news","weMediaInfo":{"introduction":"民间投资共享平台——汇集投资高手，发现投资好点子。","home_visible":1,"media_name":"阿尔法工场研究院","id":"1026500124","head_image":"https://static.tigerbbs.com/4df70e92a2d64be896797ea06b5e676a"},"pubTimestamp":1624588229,"share":"https://ttm.financial/m/news/1198330093?lang=en_US&edition=fundamental","pubTime":"2021-06-25 10:30","market":"sh","language":"zh","title":"Talking about CXO Track Valuation Bubble","url":"https://stock-news.laohu8.com/highlight/detail?id=1198330093","media":"阿尔法工场研究院","summary":"随着CXO渗透率的提高，未来行业增速将快速下降。\n聊之前，先说结论：目前无论你持有哪一只CXO股票，现在的一两百的pe，估值明显都已经是泡沫了，但泡沫不意味着要你止盈，只是要给大家提个醒，对未来期望有","content":"<p><img src=\"https://static.tigerbbs.com/928c8711580d163a8c799df993db2d29\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><b>With the increase of CXO penetration, the growth rate of the industry will decline rapidly in the future.</b></p><p>Before talking, let's talk about the conclusion: at present, no matter which CXO stock you hold, the valuation of one or two hundred pe is obviously a bubble, but the bubble doesn't mean that you should take profit, just to give everyone a reminder and have a correct psychological expectation for the future.</p><p>The CXO track has undoubtedly been one of the undoubtedly best quality tracks in A-shares in recent years, and one of these can even be removed.</p><p>The rapid development of domestic CXO gods in recent years has benefited from these factors: First, engineer dividend. China's undergraduate, master's and doctorate supply is blowout and the labor cost is relatively low (only equivalent to 30%-50% of that of European and American countries). In addition, in recent years, leading talents in overseas related fields have returned to China to start businesses, and the combination of the two has prominent advantages.</p><p>2. In the past few years, the penetration rate of China's pharmaceutical outsourcing market was low, only about 35% in 2018.</p><p>3. The industrial transfer of international pharmaceutical R&D outsourcing services, but judging from the current increasing costs, the future industrial transfer speed has to be questioned.</p><p>4. The crazy investment of capital in domestic innovative drug companies in recent years.</p><p>Other fundamentals don't need to be discussed in detail. Let's take a look at the future development potential.</p><p><b>01</b></p><p>The growth of CXO is closely related to the growth of innovative pharmaceutical companies.<b>To judge the golden cycle of CXO, it must be inseparable from the development and growth cycle of innovative drugs.</b></p><p>From the perspective of foreign mature markets, the growth rate of drugs under development matches the growth rate of CXO. Let's take a look at the global and Chinese pharmaceutical market size:</p><p><img src=\"https://static.tigerbbs.com/97773744b4b5641959840aaa0410f500\" tg-width=\"516\" tg-height=\"348\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7b8157b70922b8885798ae8bec9850cf\" tg-width=\"514\" tg-height=\"341\" referrerpolicy=\"no-referrer\">The global pharmaceutical market size was US$1,153.6 billion in 2016 and is expected to reach US$1,475.1 billion in 2021, with a compound growth rate of about 5%.</p><p>From a geographical perspective, the United States is still the largest pharmaceutical market in the world. In 2016, the U.S. market size accounted for about 38% of the global market in the same period. As the world's largest emerging market, China's market size has maintained a rapid growth with the increasing demand in recent years, and it is expected to reach 178.2 billion USD by 2021, with a growth rate of about 8%.</p><p>Let's take a look at the financing situation of domestic biotechnology companies in recent years. There should be an obvious correlation between the high point of financing and the high point of pharmaceutical outsourcing growth. As can be seen in the following figure, 2019 and 2020 are the peak periods of financing, and the two years after the peak of financing should also be the peak of CXO track growth.<img src=\"https://static.tigerbbs.com/77382e31cfaea57bcbe2a6d0e0fd118c\" tg-width=\"506\" tg-height=\"349\" referrerpolicy=\"no-referrer\">Visually, 2020 and 2021 will be the peak of domestic CXO performance growth.<img src=\"https://static.tigerbbs.com/9abb7b6623e38f03db5ab2fe4ec70af3\" tg-width=\"516\" tg-height=\"354\" referrerpolicy=\"no-referrer\">Let's take a look at the development of the pharmaceutical market and the role of pharmaceutical outsourcing services. At present, the penetration rate of foreign pharmaceutical R&D outsourcing has reached about 55%, while the penetration rate of domestic pharmaceutical R&D outsourcing is still about 40% to 45%.</p><p>That is, if there is no foreign market, then there is still 10 to 15% potential for domestic pharmaceutical outsourcing to be tapped in the future.</p><p>Judging from the actual penetration rate and estimates of pharmaceutical R&D outsourcing development, the growth is beyond expectations.<b>The ceiling for future development should be very low,</b>Some industry insiders predict that the penetration ceiling is around 60% to 65% or even lower.<img src=\"https://static.tigerbbs.com/242f24b01dd6070eb041e944988dc3df\" tg-width=\"558\" tg-height=\"351\" referrerpolicy=\"no-referrer\">To add a picture of the penetration rate of domestic pharmaceutical outsourcing, I think it is a bit underestimated based on other data.<img src=\"https://static.tigerbbs.com/0b764f34f3aad9e995adfc0b88e3b44c\" tg-width=\"649\" tg-height=\"454\" referrerpolicy=\"no-referrer\"><b>The foreign pharmaceutical outsourcing market is very mature. Compared with the domestic market, the growth rate of the track is much slower. From the authoritative data, the growth rate of CXO in a mature market is about 10%.</b></p><p><b>02</b></p><p>The global pharmaceutical outsourcing market exceeds US$100 billion, of which the chemical drug C (D) MO market accounts for the largest proportion, and the biological drug C (D) MO has the fastest growth rate. It is reported that the average annual compound growth rate from 2013 to 2017 is 10.3%, and the overall growth of the global pharmaceutical outsourcing market is steady.</p><p>The overall market size reached $104.1 billion in 2017, of which the CRO market size was $44.6 billion, or 43%, and the C (D) MO market size was $59.5 billion, or 57%.</p><p>In the next five years, the global CRO + C (D) MO industry will continue to maintain rapid growth. In 2022, the global pharmaceutical outsourcing industry will reach US$178.4 billion, with an average annual compound growth rate of 11.4%.<img src=\"https://static.tigerbbs.com/18fba7f0a1b0e11022ec40ea3a216aba\" tg-width=\"499\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d15886781297933be5997e460da5d6e6\" tg-width=\"503\" tg-height=\"375\" referrerpolicy=\"no-referrer\">The expected growth of China's pharmaceutical outsourcing scale is as follows, with an average annual growth rate of about 12%.<img src=\"https://static.tigerbbs.com/7c08a2a436bd1d9a1c8d15a883425160\" tg-width=\"510\" tg-height=\"358\" referrerpolicy=\"no-referrer\">To say one more thing, if we look at the CXO sub-industry, there are two aspects that deserve everyone's attention: First, CRO enterprises, whether in the past or in the future<b>The development trend is far less than that of CDMO enterprises</b>； Second, the future competitiveness of CXO enterprises whose main income comes from the world is much greater than that of enterprises with low proportion of international income.</p><p>I won't go into detail here. The following pictures are for your reference.<img src=\"https://static.tigerbbs.com/9e5ac5dd0c02a7acfe64445230f1c9e2\" tg-width=\"793\" tg-height=\"757\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4d5a5959082d1d943a32d3d125279c3a\" tg-width=\"770\" tg-height=\"545\" referrerpolicy=\"no-referrer\">To sum up, there are two main factors in the global pharmaceutical market, including the Chinese market, that determine the future growth of the CXO track: First, the scale growth of the pharmaceutical market, especially the growth rate of innovative drug development; Second, the penetration rate of the pharmaceutical outsourcing market has increased. The growth rate of the global pharmaceutical market is expected to be 5%, and that of China is 8%. The current penetration rate is 55% globally and about 40% to 45% in China. At this point, the conclusion is self-evident.</p><p>Except for the top-quality CXO enterprises in the first line, everyone else is good and cherished.</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>Talking about CXO Track Valuation Bubble</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\">\nTalking about CXO Track Valuation Bubble\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1026500124\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/4df70e92a2d64be896797ea06b5e676a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">阿尔法工场研究院 </p>\n<p class=\"h-time smaller\">2021-06-25 10:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/928c8711580d163a8c799df993db2d29\" tg-width=\"1080\" tg-height=\"721\" referrerpolicy=\"no-referrer\"><b>With the increase of CXO penetration, the growth rate of the industry will decline rapidly in the future.</b></p><p>Before talking, let's talk about the conclusion: at present, no matter which CXO stock you hold, the valuation of one or two hundred pe is obviously a bubble, but the bubble doesn't mean that you should take profit, just to give everyone a reminder and have a correct psychological expectation for the future.</p><p>The CXO track has undoubtedly been one of the undoubtedly best quality tracks in A-shares in recent years, and one of these can even be removed.</p><p>The rapid development of domestic CXO gods in recent years has benefited from these factors: First, engineer dividend. China's undergraduate, master's and doctorate supply is blowout and the labor cost is relatively low (only equivalent to 30%-50% of that of European and American countries). In addition, in recent years, leading talents in overseas related fields have returned to China to start businesses, and the combination of the two has prominent advantages.</p><p>2. In the past few years, the penetration rate of China's pharmaceutical outsourcing market was low, only about 35% in 2018.</p><p>3. The industrial transfer of international pharmaceutical R&D outsourcing services, but judging from the current increasing costs, the future industrial transfer speed has to be questioned.</p><p>4. The crazy investment of capital in domestic innovative drug companies in recent years.</p><p>Other fundamentals don't need to be discussed in detail. Let's take a look at the future development potential.</p><p><b>01</b></p><p>The growth of CXO is closely related to the growth of innovative pharmaceutical companies.<b>To judge the golden cycle of CXO, it must be inseparable from the development and growth cycle of innovative drugs.</b></p><p>From the perspective of foreign mature markets, the growth rate of drugs under development matches the growth rate of CXO. Let's take a look at the global and Chinese pharmaceutical market size:</p><p><img src=\"https://static.tigerbbs.com/97773744b4b5641959840aaa0410f500\" tg-width=\"516\" tg-height=\"348\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/7b8157b70922b8885798ae8bec9850cf\" tg-width=\"514\" tg-height=\"341\" referrerpolicy=\"no-referrer\">The global pharmaceutical market size was US$1,153.6 billion in 2016 and is expected to reach US$1,475.1 billion in 2021, with a compound growth rate of about 5%.</p><p>From a geographical perspective, the United States is still the largest pharmaceutical market in the world. In 2016, the U.S. market size accounted for about 38% of the global market in the same period. As the world's largest emerging market, China's market size has maintained a rapid growth with the increasing demand in recent years, and it is expected to reach 178.2 billion USD by 2021, with a growth rate of about 8%.</p><p>Let's take a look at the financing situation of domestic biotechnology companies in recent years. There should be an obvious correlation between the high point of financing and the high point of pharmaceutical outsourcing growth. As can be seen in the following figure, 2019 and 2020 are the peak periods of financing, and the two years after the peak of financing should also be the peak of CXO track growth.<img src=\"https://static.tigerbbs.com/77382e31cfaea57bcbe2a6d0e0fd118c\" tg-width=\"506\" tg-height=\"349\" referrerpolicy=\"no-referrer\">Visually, 2020 and 2021 will be the peak of domestic CXO performance growth.<img src=\"https://static.tigerbbs.com/9abb7b6623e38f03db5ab2fe4ec70af3\" tg-width=\"516\" tg-height=\"354\" referrerpolicy=\"no-referrer\">Let's take a look at the development of the pharmaceutical market and the role of pharmaceutical outsourcing services. At present, the penetration rate of foreign pharmaceutical R&D outsourcing has reached about 55%, while the penetration rate of domestic pharmaceutical R&D outsourcing is still about 40% to 45%.</p><p>That is, if there is no foreign market, then there is still 10 to 15% potential for domestic pharmaceutical outsourcing to be tapped in the future.</p><p>Judging from the actual penetration rate and estimates of pharmaceutical R&D outsourcing development, the growth is beyond expectations.<b>The ceiling for future development should be very low,</b>Some industry insiders predict that the penetration ceiling is around 60% to 65% or even lower.<img src=\"https://static.tigerbbs.com/242f24b01dd6070eb041e944988dc3df\" tg-width=\"558\" tg-height=\"351\" referrerpolicy=\"no-referrer\">To add a picture of the penetration rate of domestic pharmaceutical outsourcing, I think it is a bit underestimated based on other data.<img src=\"https://static.tigerbbs.com/0b764f34f3aad9e995adfc0b88e3b44c\" tg-width=\"649\" tg-height=\"454\" referrerpolicy=\"no-referrer\"><b>The foreign pharmaceutical outsourcing market is very mature. Compared with the domestic market, the growth rate of the track is much slower. From the authoritative data, the growth rate of CXO in a mature market is about 10%.</b></p><p><b>02</b></p><p>The global pharmaceutical outsourcing market exceeds US$100 billion, of which the chemical drug C (D) MO market accounts for the largest proportion, and the biological drug C (D) MO has the fastest growth rate. It is reported that the average annual compound growth rate from 2013 to 2017 is 10.3%, and the overall growth of the global pharmaceutical outsourcing market is steady.</p><p>The overall market size reached $104.1 billion in 2017, of which the CRO market size was $44.6 billion, or 43%, and the C (D) MO market size was $59.5 billion, or 57%.</p><p>In the next five years, the global CRO + C (D) MO industry will continue to maintain rapid growth. In 2022, the global pharmaceutical outsourcing industry will reach US$178.4 billion, with an average annual compound growth rate of 11.4%.<img src=\"https://static.tigerbbs.com/18fba7f0a1b0e11022ec40ea3a216aba\" tg-width=\"499\" tg-height=\"375\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d15886781297933be5997e460da5d6e6\" tg-width=\"503\" tg-height=\"375\" referrerpolicy=\"no-referrer\">The expected growth of China's pharmaceutical outsourcing scale is as follows, with an average annual growth rate of about 12%.<img src=\"https://static.tigerbbs.com/7c08a2a436bd1d9a1c8d15a883425160\" tg-width=\"510\" tg-height=\"358\" referrerpolicy=\"no-referrer\">To say one more thing, if we look at the CXO sub-industry, there are two aspects that deserve everyone's attention: First, CRO enterprises, whether in the past or in the future<b>The development trend is far less than that of CDMO enterprises</b>； Second, the future competitiveness of CXO enterprises whose main income comes from the world is much greater than that of enterprises with low proportion of international income.</p><p>I won't go into detail here. The following pictures are for your reference.<img src=\"https://static.tigerbbs.com/9e5ac5dd0c02a7acfe64445230f1c9e2\" tg-width=\"793\" tg-height=\"757\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4d5a5959082d1d943a32d3d125279c3a\" tg-width=\"770\" tg-height=\"545\" referrerpolicy=\"no-referrer\">To sum up, there are two main factors in the global pharmaceutical market, including the Chinese market, that determine the future growth of the CXO track: First, the scale growth of the pharmaceutical market, especially the growth rate of innovative drug development; Second, the penetration rate of the pharmaceutical outsourcing market has increased. The growth rate of the global pharmaceutical market is expected to be 5%, and that of China is 8%. The current penetration rate is 55% globally and about 40% to 45% in China. At this point, the conclusion is self-evident.</p><p>Except for the top-quality CXO enterprises in the first line, everyone else is good and cherished.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/928c8711580d163a8c799df993db2d29","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198330093","content_text":"随着CXO渗透率的提高，未来行业增速将快速下降。\n聊之前，先说结论：目前无论你持有哪一只CXO股票，现在的一两百的pe，估值明显都已经是泡沫了，但泡沫不意味着要你止盈，只是要给大家提个醒，对未来期望有个正确的心理预期。\nCXO赛道这几年毫无疑问是A股无容置疑的最优质赛道之一，甚至可以把这个之一拿掉。\n这些年国内CXO众神的飞速发展得益于这几个因素：一、工程师红利。我国本硕博供给井喷且劳动力成本相对较低（只相当于欧美国家的30%-50%），加上这几年海外相关领域的领军人才回国创业，两相结合，优势凸显。\n二、前几年中国医药外包市场的渗透率较低，2018年才35%左右。\n三、国际医药研发外包服务的产业转移，但从目前不断增长的各种成本来看，未来的产业转移速度要打个疑问了。\n四、近几年资本给国内创新药公司的疯狂投入。\n其他基本面就不用细谈了，我们来看看未来的发展潜力吧。\n01\nCXO的增长是与创新药公司的增长息息相关的，要判断CXO的黄金周期必定离不开创新药的发展增长周期。\n从国外成熟市场来看，在研药物规模增速和CXO增速是相匹配的，我们来看看全球和中国的医药市场规模：\n2016年全球医药市场规模为11536亿美元，预计将在2021年达到14751亿美元，复合增速约5%。\n从地域来看，美国仍是世界上最大的医药市场，2016年美国市场规模约占同期全球市场38%的份额。而中国作为全球最大的新兴市场，近年随需求不断提升，其市场规模也保持高速增长，预计到2021年将达到1782亿美元，增速约8%。\n再来看看这几年国内生物科技公司的融资情况，融资的高点与医药外包增长高点应该是前后相关性很明显的。下图可以看到2019、2020年是融资的高峰期，融资高峰后的两年也应该是CXO赛道增长的高峰。目测下图2020年、2021年会是国内CXO业绩增长的高峰。再来看看医药市场发展的同时医药外包服务起到的作用有多大，目前国外医药研发外包的渗透率已达到55%左右，而国内的医药研发外包渗透率仍在40%到45%左右。\n也就是如果没有国外市场，那么未来国内医药外包还有10到15%的潜力可以挖掘。\n从医药研发外包发展的实际渗透率和预计来看，增长是超预期的。未来发展的天花板应该很低了，有行业人士预测渗透率天花板在60%到65%左右甚至更低。补充一张国内医药外包渗透率的图片，我觉得根据其他数据综合来看有点低估了。国外的医药外包市场已经非常成熟了，相比国内而言赛道增长速度是放低很多，从权威的数据来看，一个成熟的市场的CXO增长速度大概10%左右。\n02\n全球医药外包市场规模超千亿美元，其中化药C(D)MO市场规模占比最大，生物药C(D)MO增速最快。据悉，2013—2017年年均复合增长率10.3%，全球医药外包市场规模整体增长平稳。\n2017年总体市场规模达到1041亿美元，其中CRO市场规模446亿美元，占43%，C(D)MO市场规模595亿美元，占57%。\n未来5年，全球CRO+C(D)MO行业仍将保持高速增长，2022年全球医药外包行业规模将达1784亿美元，年均复合增长率达11.4%。中国的医药外包规模预计增长情况如下，大概年均增长率12%左右。再多说一句，如果从CXO的细分行业来看，有两个方面值得大家注意：一是CRO企业不管是以前还是未来的发展趋势都远不及CDMO企业；二是主要收入来源于国际的CXO企业未来竞争力远大于国际收入占比低的企业。\n这里就不展开细说了。下面图片给大家参考。综上来看，全球医药市场包括中国市场主要有两个主要因素决定了CXO赛道未来的增长情况：一是医药市场的规模增长，特别是创新药发展的增速；二是医药外包市场的渗透率增长。全球医药市场增长预期是5%，中国是8%，目前的渗透率，全球55%，中国是40%到45%左右。 聊到了这里，结论已经不言而喻了。\n除了头部几个一线的最优质的CXO企业，其他的大家且行且珍重。","news_type":1,"symbols_score_info":{"WX":0.9}},"isVote":1,"tweetType":1,"viewCount":1954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122309831,"gmtCreate":1624595682423,"gmtModify":1703841324350,"author":{"id":"3586297136997911","authorId":"3586297136997911","name":"SHADOWLEE","avatar":"https://static.tigerbbs.com/a2f36a7dea38634fe3d043e6ed5a2b1d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586297136997911","idStr":"3586297136997911"},"themes":[],"htmlText":"look&nbsp;","listText":"look&nbsp;","text":"look","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122309831","repostId":"1102925117","repostType":4,"repost":{"id":"1102925117","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624582814,"share":"https://ttm.financial/m/news/1102925117?lang=en_US&edition=fundamental","pubTime":"2021-06-25 09:00","market":"us","language":"zh","title":"XPeng Motors-W starts its IPO today, with a first-hand entry fee of approximately HK$18,181.39","url":"https://stock-news.laohu8.com/highlight/detail?id=1102925117","media":"老虎资讯综合","summary":"6月25日，小鹏汽车-W发布公告，公司于6月25日至6月30日招股；拟全球发售8500万股股份，其中香港发售股份425万股，国际发售股份8075万股，另有15%超额配股权；每股发行价不超过180港元，","content":"<p>On June 25,<a href=\"https://laohu8.com/S/09868\">XPeng Motors-W</a>An announcement was made, and the company offered shares from June 25th to June 30th; It is proposed to offer 85 million shares globally, including 4.25 million shares in the Hong Kong offer, 80.75 million shares in the international offer and 15% over-allotment option; The issue price per share is not more than HK$180, each board lot is 100 shares, and the admission fee is approximately HK$18,181.39; The Shares are expected to be listed on the Main Board of the Stock Exchange on 7 July.</p><p><b>Tiger Trade will open for subscription at 11:30 [</b><a href=\"https://www-web.itiger.com/mi/ipo/index/hk/listing\" target=\"_blank\"><b>Purchase portal</b></a><b>】</b></p><p><img src=\"https://static.tigerbbs.com/1e2905fbe978b70a1fadc57bfb9804ec\" tg-width=\"891\" tg-height=\"622\" referrerpolicy=\"no-referrer\"></p><p>Subscription ladder:</p><p>100 shares per lot with an admission fee of HK$18,181.39.</p><p>The threshold of Group B is 30,000 shares, and the funds required for subscription are about HK$ 5,454,415.8.</p><p><img src=\"https://static.tigerbbs.com/a8dafe8d708afb61e06e25e0b275bf27\" tg-width=\"934\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>Founded in 2015, XPeng Motors has grown into China's leading smart electric vehicle company, listed on the NYSE in August 2020. XPeng Motors is engaged in the design, research and development, manufacturing and marketing of smart electric vehicles in the PRC. According to IHS Markit, as of the Latest Practicable Date, the company was the only automotive company in China to independently develop full-stack autonomous driving technology and apply the software to mass-produced vehicles. The company is building a rapidly expanding, diversified portfolio of attractive smart EV models to meet the growing demand for smart EVs and the differentiated needs of a broad customer base.</p><p>As of 2021Q1, XPeng Automobile had 178 sales stores and 61 service centers nationwide, covering 70 cities, with the vast majority of stores located in shopping malls. In terms of network layout of charging facilities, as of 2021Q1, there were 172 XPeng-branded super charging stations across the country, covering 60 cities. The company offers a free charging plan to eligible car owners, which has covered more than 140 cities by the end of March.</p><p>In terms of financial data, the Company achieved significant growth and strong operating results during the Track Record Period. From 2018 to 2020, the company's total revenue increased from 9.706 million yuan to 5.844 billion yuan. With strong revenue growth, the company's gross profit margin grew from (24.3%) in 2018 to 4.6% in 2020, turning positive. In the first quarter of 2021, the company recorded a total revenue of 450 million yuan, a net loss of 120 million yuan, and a gross profit margin of 11.2%.</p><p><img src=\"https://static.tigerbbs.com/853e033a96dad5cd098377abcd2fede8\" tg-width=\"973\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p><p>For financing purposes, the IPO is expected to receive net proceeds from the Global Offering of approximately HK$15,039 million (after deducting underwriting commissions and other estimated expenses in connection with the Global Offering) based on the ceiling of the Offer Price of HK$180. The Company intends to use the net proceeds from the Share Offer for the following purposes: approximately 45% is expected to be used to expand the Company's product portfolio and develop more advanced technologies; Approximately 35% is expected to be used to accelerate the Company's business expansion by enhancing the Company's brand recognition, acquiring customers through omni-channel marketing strategies, and increasing sales and service coverage in domestic and international markets; Approximately 10% is expected to be used to enhance production capacity, including expanding production capacity, upgrading production facilities and developing production technology; Approximately 10% is expected to be used for general corporate purposes, including as working capital.</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>XPeng Motors-W starts its IPO today, with a first-hand entry fee of approximately HK$18,181.39</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\">\nXPeng Motors-W starts its IPO today, with a first-hand entry fee of approximately HK$18,181.39\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\">2021-06-25 09:00</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 25,<a href=\"https://laohu8.com/S/09868\">XPeng Motors-W</a>An announcement was made, and the company offered shares from June 25th to June 30th; It is proposed to offer 85 million shares globally, including 4.25 million shares in the Hong Kong offer, 80.75 million shares in the international offer and 15% over-allotment option; The issue price per share is not more than HK$180, each board lot is 100 shares, and the admission fee is approximately HK$18,181.39; The Shares are expected to be listed on the Main Board of the Stock Exchange on 7 July.</p><p><b>Tiger Trade will open for subscription at 11:30 [</b><a href=\"https://www-web.itiger.com/mi/ipo/index/hk/listing\" target=\"_blank\"><b>Purchase portal</b></a><b>】</b></p><p><img src=\"https://static.tigerbbs.com/1e2905fbe978b70a1fadc57bfb9804ec\" tg-width=\"891\" tg-height=\"622\" referrerpolicy=\"no-referrer\"></p><p>Subscription ladder:</p><p>100 shares per lot with an admission fee of HK$18,181.39.</p><p>The threshold of Group B is 30,000 shares, and the funds required for subscription are about HK$ 5,454,415.8.</p><p><img src=\"https://static.tigerbbs.com/a8dafe8d708afb61e06e25e0b275bf27\" tg-width=\"934\" tg-height=\"360\" referrerpolicy=\"no-referrer\"></p><p>Founded in 2015, XPeng Motors has grown into China's leading smart electric vehicle company, listed on the NYSE in August 2020. XPeng Motors is engaged in the design, research and development, manufacturing and marketing of smart electric vehicles in the PRC. According to IHS Markit, as of the Latest Practicable Date, the company was the only automotive company in China to independently develop full-stack autonomous driving technology and apply the software to mass-produced vehicles. The company is building a rapidly expanding, diversified portfolio of attractive smart EV models to meet the growing demand for smart EVs and the differentiated needs of a broad customer base.</p><p>As of 2021Q1, XPeng Automobile had 178 sales stores and 61 service centers nationwide, covering 70 cities, with the vast majority of stores located in shopping malls. In terms of network layout of charging facilities, as of 2021Q1, there were 172 XPeng-branded super charging stations across the country, covering 60 cities. The company offers a free charging plan to eligible car owners, which has covered more than 140 cities by the end of March.</p><p>In terms of financial data, the Company achieved significant growth and strong operating results during the Track Record Period. From 2018 to 2020, the company's total revenue increased from 9.706 million yuan to 5.844 billion yuan. With strong revenue growth, the company's gross profit margin grew from (24.3%) in 2018 to 4.6% in 2020, turning positive. In the first quarter of 2021, the company recorded a total revenue of 450 million yuan, a net loss of 120 million yuan, and a gross profit margin of 11.2%.</p><p><img src=\"https://static.tigerbbs.com/853e033a96dad5cd098377abcd2fede8\" tg-width=\"973\" tg-height=\"762\" referrerpolicy=\"no-referrer\"></p><p>For financing purposes, the IPO is expected to receive net proceeds from the Global Offering of approximately HK$15,039 million (after deducting underwriting commissions and other estimated expenses in connection with the Global Offering) based on the ceiling of the Offer Price of HK$180. The Company intends to use the net proceeds from the Share Offer for the following purposes: approximately 45% is expected to be used to expand the Company's product portfolio and develop more advanced technologies; Approximately 35% is expected to be used to accelerate the Company's business expansion by enhancing the Company's brand recognition, acquiring customers through omni-channel marketing strategies, and increasing sales and service coverage in domestic and international markets; Approximately 10% is expected to be used to enhance production capacity, including expanding production capacity, upgrading production facilities and developing production technology; Approximately 10% is expected to be used for general corporate purposes, including as working capital.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a7cf240033f083a329240e6179df017","relate_stocks":{"XPEV":"小鹏集团","09868":"小鹏集团-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102925117","content_text":"6月25日，小鹏汽车-W发布公告，公司于6月25日至6月30日招股；拟全球发售8500万股股份，其中香港发售股份425万股，国际发售股份8075万股，另有15%超额配股权；每股发行价不超过180港元，每手买卖单位100股，入场费约18181.39港元；预期股份将于7月7日于联交所主板挂牌上市。\nTiger Trade将于11:30开放申购【申购入口】\n\n申购阶梯：\n每手100股，入场费18181.39港元。\n乙组门槛为3万股，申购所需资金约5454415.8港元。\n\n小鹏汽车成立于2015年，目前已发展成中国领先的智能电动汽车公司，于2020年8月在纽交所上市。小鹏汽车在中国从事智能电动汽车的设计、研发、制造及营销。根据IHS Markit的数据，截至最后实际可行日期，公司是中国唯一一家自主开发全栈式自动驾驶技术，并在量产汽车上应用该软件的汽车公司。公司正在打造一个快速扩展、多元化的具有吸引力的智能电动汽车车型组合，以满足智能电动汽车日益增长的需求以及广大客户群的差异化需求。\n截至2021Q1，小鹏汽车全国销售门店达178家，服务中心达61家，覆盖70个城市，绝大多数门店均位于购物中心。充电设施网络布局方面，截至2021Q1，全国共有172座小鹏品牌超级充电站，覆盖60个城市。公司向符合条件的车主提供免费充电计划，截至3月底，该计划已覆盖超过140个城市。\n财务数据方面，于往绩记录期间，公司实现了显著的增长及强劲的经营业绩。2018年至2020年，公司总收入由970.6万元增长至58.44亿元。随着收入的强劲增长，公司毛利率从2018年的(24.3%)增长至2020年的4.6%，实现转正。2021年一季度，公司录得总收入4.50亿元，净亏损1.20亿元，毛利率达到11.2%。\n\n筹资用途方面，以发售价的上限180港元计算，此次IPO预计自全球发售收取所得款项净额约150.39亿港元（经扣除包销佣金及与全球发售有关的其他估计开支）。公司拟将股份发售所得款项净额用于以下用途：约45%预期将用于拓展公司的产品组合及开发更先进的技术；约35%预期将用于通过提升公司的品牌认知度，借助全渠道营销策略获取客户，以及在国内及国际市场增加销售及服务覆盖，来加速公司的业务扩张；约10%预期将用于提升生产能力，包括扩大产能、升级生产设施和开发生产技术；约10%预期将用于一般公司用途，包括用作运营资金。","news_type":1,"symbols_score_info":{"09868":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163854576,"gmtCreate":1623876777695,"gmtModify":1703822108690,"author":{"id":"3586297136997911","authorId":"3586297136997911","name":"SHADOWLEE","avatar":"https://static.tigerbbs.com/a2f36a7dea38634fe3d043e6ed5a2b1d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586297136997911","idStr":"3586297136997911"},"themes":[],"htmlText":"up","listText":"up","text":"up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/163854576","repostId":"1174117014","repostType":4,"isVote":1,"tweetType":1,"viewCount":1696,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183868518,"gmtCreate":1623322455934,"gmtModify":1704200848771,"author":{"id":"3586297136997911","authorId":"3586297136997911","name":"SHADOWLEE","avatar":"https://static.tigerbbs.com/a2f36a7dea38634fe3d043e6ed5a2b1d","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586297136997911","idStr":"3586297136997911"},"themes":[],"htmlText":"hi ,nice to meet here","listText":"hi ,nice to meet here","text":"hi ,nice to meet here","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/183868518","isVote":1,"tweetType":1,"viewCount":1546,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}