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2021-05-09

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Naixue plans to hold a hearing on the Hong Kong Stock Exchange on May 13 and is expected to be listed in mid-to-early June

5月8日，腾讯新闻《潜望》独家获悉，奈雪计划于5月13日聆讯。按照港交所上市流程，奈雪或将在6月中上旬完成上市。关于此次IPO募资的具体额度，预计奈雪将在5月最后一周确定。此外，腾讯新闻《潜望》获悉，

Naixue plans to hold a hearing on the Hong Kong Stock Exchange on May 13 and is expected to be listed in mid-to-early June

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":107223033,"tweetId":"107223033","gmtCreate":1620515235022,"gmtModify":1704344405485,"author":{"id":3472536105367512,"idStr":"3472536105367512","authorId":3472536105367512,"authorIdStr":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":37,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>6</p></body></html>","htmlText":"<html><head></head><body><p>6</p></body></html>","text":"6","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/107223033","repostId":1133900125,"repostType":4,"repost":{"id":"1133900125","kind":"news","pubTimestamp":1620457507,"share":"https://ttm.financial/m/news/1133900125?lang=en_US&edition=fundamental","pubTime":"2021-05-08 15:05","market":"hk","language":"zh","title":"Naixue plans to hold a hearing on the Hong Kong Stock Exchange on May 13 and is expected to be listed in mid-to-early June","url":"https://stock-news.laohu8.com/highlight/detail?id=1133900125","media":"腾讯新闻","summary":"5月8日，腾讯新闻《潜望》独家获悉，奈雪计划于5月13日聆讯。按照港交所上市流程，奈雪或将在6月中上旬完成上市。关于此次IPO募资的具体额度，预计奈雪将在5月最后一周确定。此外，腾讯新闻《潜望》获悉，","content":"<p><img src=\"https://static.tigerbbs.com/e96e2889a7577f7ebb7f4c3b53fef19d\" tg-width=\"766\" tg-height=\"503\" referrerpolicy=\"no-referrer\">On May 8, Tencent News \"Periscope\" exclusively learned that Naixue plans to hold a hearing on May 13. According to the listing process of the Hong Kong Stock Exchange, Naixue may complete its listing in mid-to-early June.</p><p>Regarding the specific amount of funds raised by this IPO, it is expected that Naixue will be determined in the last week of May. In addition, Tencent News \"Periscope\" learned that Naixue plans to raise approximately US $600 million this time. Based on its issuance of 15% shares, Naixue is expected to be valued at approximately US $4 billion, equivalent to approximately HK $31 billion.</p><p>As of press time, Tencent News \"Periscope\" has not been able to contact Naixue and its sponsor JPMorgan Chase for comment.</p><p><b>Investors worry that Naixue's valuation is too high</b></p><p>Naixue has conducted a total of 5 financings in the past 5 years. In addition to Tiantu Capital's earliest three consecutive rounds of investment, Naixue received another US $100 million in financing from PAG Taimeng Investment Group and others in 2020.</p><p>Bloomberg reported that Naixue's valuation reached $2 billion after receiving financing from PAG Pacific Alliance Investment. This is also Naixue's last round of fundraising before the IPO.</p><p>In other words, compared with the last round of financing before the IPO, Naixue's current valuation has approximately doubled.</p><p>Some large institutional investors told Tencent News \"Periscope\" that Naixue is a good company, but they are worried that the final valuation is too expensive. According to previous market rumors, Naixue is valued at HK $35 billion.</p><p>Compared with the market sentiment when Naixue launched its listing in February this year, institutional investors are currently more cautious about Naixue's valuation. Some institutional investors value it at about 30 billion Hong Kong dollars, but some institutional investors who are keen on Naixue still follow the previous valuation, and even give a valuation of 40 billion Hong Kong dollars.</p><p>Some large institutional investors told Tencent News \"First Line\" that if the valuation is reasonable, they will consider placing orders. The order prices placed by these large institutional investors will directly affect Naixue's final pricing range.</p><p>In the past week, many institutional investors have been nervously waiting for the decision of Naixue's listing team and management, that is, to finalize the cornerstone list. Tencent News \"Periscope\" learned that there are many institutions that hope to be cornerstone investors in Naixue, and the final cornerstone list will be finalized after the hearing next week.</p><p><b>Naixue has lost more than 100 million in three years, investors are worried about its ability to make money</b></p><p>In previous non-trading roadshows, investors' concerns about Naixue were more concentrated: the ability to make money in the future. The answer given by the management is also easy to understand, that is, as the scale increases, the cost will be diluted and the profit will also increase.</p><p>Naixue is still in a state of loss. The financial report shows that Naixue's revenue in 2018, 2019 and the first three quarters of 2020 was 1.087 billion yuan, 2.502 billion yuan, and 2.115 billion yuan respectively, while its net losses were 69.73 million, 39.68 million, and 27.51 million yuan respectively.</p><p>Like other fast-moving consumer goods industries, investors are more concerned about the same-store sales and same-store profits in Naixue's prospectus.</p><p>Naixue's prospectus shows that in 2018 and 2019, there were 49 stores with business hours of no less than 300 days. Based on the data of 2018 and 2019 alone, Naixue's same-store net profits were 1.453 million yuan and 1.414 million yuan respectively.</p><p>An institutional investor who has invested in the consumer field for a long time told Tencent News \"Periscope\" that generally speaking, the reasonable range of same-store profit margins is about 20%.</p><p>Judging from the data of the first two full fiscal years, Naixue's single-store profit is not bad. According to the prospectus, Naixue's same-store profit margins were 24.9%, 25.3% and 12.6% in 2018, 2019 and the first three quarters of 2020, respectively. Among them, the same-store profit margin in 2020 will be greatly affected by the epidemic.</p><p>However, manpower accounts for a large proportion of Nayuki's cost expenditure. Naixue's prospectus shows that its labor costs remain high. In 2018, the staff cost was 340 million yuan, accounting for 31.3% of the total cost. In 2019, the staff cost was 750 million yuan, accounting for 30% of the total cost. This expenditure is similar to Naixue's material cost, which was 380 million yuan and 910 million yuan in 2018 and 2019 respectively.</p><p>In other words, as domestic labor costs gradually rise in the future, the labor expenses that Naixue needs to bear will become higher and higher. More importantly, Naixue's stores are all concentrated in first-and second-tier and quasi-second-tier cities, and labor costs in these cities will continue to be high in the foreseeable future.</p><p>Although the total cost of Naixue will be slightly diluted as the scale expands in the future, after the stores in first-and second-tier cities are saturated, as Naixue continues to sink into other cities, the benefits of a single store may decrease. This means that it will be difficult for Naixue to continue to maintain a single store profit margin of more than 20%.</p><p>An institutional investor who mainly invests in the consumer field in the secondary market told Tencent News \"Periscope\" that after studying Naixue's data, his institution finally decided not to invest.</p><p>There are not a few such investors, and some people are looking forward to the competing product Heytea, which will also be listed in Hong Kong in the future. Some investors who have seen Heytea's financial data revealed to Tencent News \"Periscope\" that compared with Naixue, Heytea's profitability is much better than Naixue's, its cost control is better, and it is more suitable for long-term holdings. investors.</p>","source":"TXXW","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>Naixue plans to hold a hearing on the Hong Kong Stock Exchange on May 13 and is expected to be listed in mid-to-early June</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\">\nNaixue plans to hold a hearing on the Hong Kong Stock Exchange on May 13 and is expected to be listed in mid-to-early June\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯新闻</strong><span class=\"h-time small\">2021-05-08 15:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/e96e2889a7577f7ebb7f4c3b53fef19d\" tg-width=\"766\" tg-height=\"503\" referrerpolicy=\"no-referrer\">On May 8, Tencent News \"Periscope\" exclusively learned that Naixue plans to hold a hearing on May 13. According to the listing process of the Hong Kong Stock Exchange, Naixue may complete its listing in mid-to-early June.</p><p>Regarding the specific amount of funds raised by this IPO, it is expected that Naixue will be determined in the last week of May. In addition, Tencent News \"Periscope\" learned that Naixue plans to raise approximately US $600 million this time. Based on its issuance of 15% shares, Naixue is expected to be valued at approximately US $4 billion, equivalent to approximately HK $31 billion.</p><p>As of press time, Tencent News \"Periscope\" has not been able to contact Naixue and its sponsor JPMorgan Chase for comment.</p><p><b>Investors worry that Naixue's valuation is too high</b></p><p>Naixue has conducted a total of 5 financings in the past 5 years. In addition to Tiantu Capital's earliest three consecutive rounds of investment, Naixue received another US $100 million in financing from PAG Taimeng Investment Group and others in 2020.</p><p>Bloomberg reported that Naixue's valuation reached $2 billion after receiving financing from PAG Pacific Alliance Investment. This is also Naixue's last round of fundraising before the IPO.</p><p>In other words, compared with the last round of financing before the IPO, Naixue's current valuation has approximately doubled.</p><p>Some large institutional investors told Tencent News \"Periscope\" that Naixue is a good company, but they are worried that the final valuation is too expensive. According to previous market rumors, Naixue is valued at HK $35 billion.</p><p>Compared with the market sentiment when Naixue launched its listing in February this year, institutional investors are currently more cautious about Naixue's valuation. Some institutional investors value it at about 30 billion Hong Kong dollars, but some institutional investors who are keen on Naixue still follow the previous valuation, and even give a valuation of 40 billion Hong Kong dollars.</p><p>Some large institutional investors told Tencent News \"First Line\" that if the valuation is reasonable, they will consider placing orders. The order prices placed by these large institutional investors will directly affect Naixue's final pricing range.</p><p>In the past week, many institutional investors have been nervously waiting for the decision of Naixue's listing team and management, that is, to finalize the cornerstone list. Tencent News \"Periscope\" learned that there are many institutions that hope to be cornerstone investors in Naixue, and the final cornerstone list will be finalized after the hearing next week.</p><p><b>Naixue has lost more than 100 million in three years, investors are worried about its ability to make money</b></p><p>In previous non-trading roadshows, investors' concerns about Naixue were more concentrated: the ability to make money in the future. The answer given by the management is also easy to understand, that is, as the scale increases, the cost will be diluted and the profit will also increase.</p><p>Naixue is still in a state of loss. The financial report shows that Naixue's revenue in 2018, 2019 and the first three quarters of 2020 was 1.087 billion yuan, 2.502 billion yuan, and 2.115 billion yuan respectively, while its net losses were 69.73 million, 39.68 million, and 27.51 million yuan respectively.</p><p>Like other fast-moving consumer goods industries, investors are more concerned about the same-store sales and same-store profits in Naixue's prospectus.</p><p>Naixue's prospectus shows that in 2018 and 2019, there were 49 stores with business hours of no less than 300 days. Based on the data of 2018 and 2019 alone, Naixue's same-store net profits were 1.453 million yuan and 1.414 million yuan respectively.</p><p>An institutional investor who has invested in the consumer field for a long time told Tencent News \"Periscope\" that generally speaking, the reasonable range of same-store profit margins is about 20%.</p><p>Judging from the data of the first two full fiscal years, Naixue's single-store profit is not bad. According to the prospectus, Naixue's same-store profit margins were 24.9%, 25.3% and 12.6% in 2018, 2019 and the first three quarters of 2020, respectively. Among them, the same-store profit margin in 2020 will be greatly affected by the epidemic.</p><p>However, manpower accounts for a large proportion of Nayuki's cost expenditure. Naixue's prospectus shows that its labor costs remain high. In 2018, the staff cost was 340 million yuan, accounting for 31.3% of the total cost. In 2019, the staff cost was 750 million yuan, accounting for 30% of the total cost. This expenditure is similar to Naixue's material cost, which was 380 million yuan and 910 million yuan in 2018 and 2019 respectively.</p><p>In other words, as domestic labor costs gradually rise in the future, the labor expenses that Naixue needs to bear will become higher and higher. More importantly, Naixue's stores are all concentrated in first-and second-tier and quasi-second-tier cities, and labor costs in these cities will continue to be high in the foreseeable future.</p><p>Although the total cost of Naixue will be slightly diluted as the scale expands in the future, after the stores in first-and second-tier cities are saturated, as Naixue continues to sink into other cities, the benefits of a single store may decrease. This means that it will be difficult for Naixue to continue to maintain a single store profit margin of more than 20%.</p><p>An institutional investor who mainly invests in the consumer field in the secondary market told Tencent News \"Periscope\" that after studying Naixue's data, his institution finally decided not to invest.</p><p>There are not a few such investors, and some people are looking forward to the competing product Heytea, which will also be listed in Hong Kong in the future. Some investors who have seen Heytea's financial data revealed to Tencent News \"Periscope\" that compared with Naixue, Heytea's profitability is much better than Naixue's, its cost control is better, and it is more suitable for long-term holdings. investors.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/omn/20210508/20210508A062YL00.html\">腾讯新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e96e2889a7577f7ebb7f4c3b53fef19d","relate_stocks":{},"source_url":"https://new.qq.com/omn/20210508/20210508A062YL00.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133900125","content_text":"5月8日，腾讯新闻《潜望》独家获悉，奈雪计划于5月13日聆讯。按照港交所上市流程，奈雪或将在6月中上旬完成上市。关于此次IPO募资的具体额度，预计奈雪将在5月最后一周确定。此外，腾讯新闻《潜望》获悉，奈雪此次计划的募资额约6亿美元。以其发行15%股份来计，奈雪预计估值约40亿美元，折合港币约310亿。截至发稿，腾讯新闻《潜望》暂未能联系奈雪及其保荐人摩根大通等置评。投资者忧奈雪估值过高奈雪在过去5年中，共进行了5次融资。除了天图资本最早开始连续三轮投资外，奈雪于2020年又获得了PAG太盟投资集团等1亿美金的融资。彭博报道称，奈雪在获得PAG太盟投资的融资后，其估值达到20亿美元。这也是奈雪在IPO前的最后一轮募资。也就是说，相较于IPO前最后一轮融资，奈雪当前的估值翻了约一倍。一些大型机构投资者对腾讯新闻《潜望》表示，奈雪是一家不错的公司，但是担心最后确定的估值太贵。之前市场传闻，奈雪估值为350亿港元。相较于奈雪今年2月启动上市时的市场情绪，当前机构投资者对于奈雪的估值较为谨慎。部分机构投资者对其估值约300亿港元，但是也有部分热衷于奈雪的机构投资者则依旧按照之前的估值，甚至还有给出400亿港元估值的。一些大型机构投资者对腾讯新闻《一线》表示，若是估值合理，会考虑下单。这些大型机构投资者的下单价格会直接影响奈雪最后定价区间。过去这一周，不少机构投资者都在紧张等待奈雪上市团队及管理层的决定，即最后敲定基石名单。腾讯新闻《潜望》获悉，希望做奈雪基石投资者的机构不少，最终的基石名单将在下周聆讯结束后敲定。奈雪三年亏损超1亿 投资者忧其赚钱能力在此前的非交易路演中，投资者对于奈雪的担忧比较集中：未来赚钱的能力。管理层给出的回答也很好理解，即随着规模起来，成本会摊薄，利润也会起来。奈雪当前依旧处于亏损状态。财报显示，奈雪于2018年、2019年以及2020年前三季度的收入分别为10.87亿、25.02亿元、21.15亿元，而其净亏损分别为6973万、3968万、2751万元。和其他快消行业一样，投资者对于奈雪招股书中的同店销售额以及同店利润等数据较为关注。奈雪招股书显示，2018年及2019年满足营业时间不少于300天的店铺为49家。仅以2018年以及2019年全年的数据来看，奈雪的同店净利润分别为145.3万元以及141.4万元。一位长期投资消费领域的机构投资者对腾讯新闻《潜望》表示，一般来说，同店利润率的合理区间大概是20%左右。前两个完整财年的数据来看，奈雪的单店利润还不错。招股书显示，奈雪的同店利润率于2018年、2019年以及2020年前三个季度分别为24.9%、25.3%以及12.6%。其中，2020年的同店利润率受疫情影响比较大。但是奈雪的成本开支中人力占比很大。奈雪的招股书显示，其人力成本居高不下，2018年员工成本为3.4亿元，占总成本的31.3%，2019年员工成本则为7.5亿，占比总成本的30%。这一项开支和奈雪的材料成本不差上下，后者2018年及2019年分别为3.8亿元及9.1亿元。也就是说，未来随着国内人力成本逐渐上涨，奈雪需要承担的人力开支将会越来越高。更为重要的是，奈雪的店铺全部集中在一二线及准二线城市，这些城市的人力成本在可预见的未来会持续高企。尽管未来奈雪随着规模的扩大，总成本会有些许摊薄，但是一二线城市店铺饱和后，奈雪继续下沉其他城市的过程中，单店效益有可能递减。这就意味着奈雪将难以继续维持单店利润率超过20%。一位主要在二级市场投资消费领域的机构投资者对腾讯新闻《潜望》表示，研究完奈雪的数据后，其所在的机构最后决定不投资。这样的投资者不在少数，也有一些人期待后续也将赴港上市的竞品喜茶。一些看过喜茶财务数据的投资者对腾讯新闻《潜望》透露，相较于奈雪来说，喜茶的盈利能力要比奈雪好很多，成本控制做得更好，更适合长期持有的投资者。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2226,"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":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}