Mark-To The Moon - Tiger Brokers Online Investing Community

Like
Comment
Favorite

EC
2021-08-06

Mark

Behind the evaporation of Kuaishou's market value by trillions: the valuation of the primary and secondary markets is inverted

港股集体大跌的背景下，快手无疑是跌幅最大的那个。 “短视频第一股”快手从7月26日首次跌破发行价以来，股价持续下行，8月5日收盘价为89.1港元/股，已经较最高点417.8港元/股跌去约78%，总市值

Behind the evaporation of Kuaishou's market value by trillions: the valuation of the primary and secondary markets is inverted

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

Top
Latest

No comments yet

Most Discussed

{"i18n":{"language":"en_US"},"data":{"magic":2,"id":893991107,"tweetId":"893991107","gmtCreate":1628226594309,"gmtModify":1703503540289,"author":{"id":3498102267939502,"idStr":"3498102267939502","authorId":3498102267939502,"authorIdStr":"3498102267939502","name":"EC","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":5,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Mark</body></html>","htmlText":"<html><head></head><body>Mark</body></html>","text":"Mark","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/893991107","repostId":1187518828,"repostType":2,"repost":{"id":"1187518828","kind":"news","weMediaInfo":{"introduction":"《深网》是一档原创深度报道栏目，挖掘TMT领域热门公司、事件和人物中的隐秘故事，探究背后的深层逻辑。","home_visible":1,"media_name":"深网腾讯新闻","id":"1045161675","head_image":"https://static.tigerbbs.com/79fb4e017d55411483d940659131729e"},"pubTimestamp":1628216211,"share":"https://ttm.financial/m/news/1187518828?lang=en_US&edition=fundamental","pubTime":"2021-08-06 10:16","market":"hk","language":"zh","title":"Behind the evaporation of Kuaishou's market value by trillions: the valuation of the primary and secondary markets is inverted","url":"https://stock-news.laohu8.com/highlight/detail?id=1187518828","media":"深网腾讯新闻","summary":"港股集体大跌的背景下，快手无疑是跌幅最大的那个。\n“短视频第一股”快手从7月26日首次跌破发行价以来，股价持续下行，8月5日收盘价为89.1港元/股，已经较最高点417.8港元/股跌去约78%，总市值","content":"Against the background of the collective plunge in Hong Kong stocks, Kuaishou is undoubtedly the one with the biggest decline.Aauto Quicker, the \"first short video stock\", has continued to decline since it fell below the issue price for the first time on July 26.The closing price on August 5 was HK $89.1 per share, which has dropped by about 78% from the highest point of HK $417.8 per share. The total market value has dropped from the highest point of HK $1.738 trillion to HK $370.67 billion, evaporating nearly HK $1.4 trillion.And listed on the Hong Kong Stock Exchange on June 30<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>, broke immediately after listing, the issue price was 19.8 Hong Kong dollars per share, and the closing price of the day was 17.12 Hong Kong dollars per share, a drop of 13.54%. Then it entered a state of continuous decline, with the latest quotation of HK $9.640 per share.It's not just Nayuki's tea, a statistical data from the Financial Associated Press shows that from January 1, 2020 to May 7, 2021, a total of 23 Chinese concept stock companies went public in the United States. As of the close on May 7, the stock price There are 18 companies that are lower than the issue price, and the break rate is as high as 78%.A secondary market fund manager told \"Deep Net\" that flour is more expensive than bread, and inverted valuations in the primary and secondary markets have become a common phenomenon.\"The so-called valuation inversion is a confrontation between the two valuation systems of the primary and secondary markets. The ruthless pricing mechanism of the secondary market has extinguished the virtual fire of the primary market.\"Zhang Huan, CEO of Zhitong Finance, said.The person in charge of the Hong Kong brokerage business of a large domestic investment bank told Shenzhen Net that some new economy companies broke on the day of their listing in Hong Kong. First, the valuation of domestic new economy companies in the primary market is not recognized in the secondary market, and second, it shows that it will take time for Hong Kong market investors to understand new economy companies.The primary market is boomingAt the end of 2015, Naixue's first store landed in Shenzhen. On February 11 this year, Naixue submitted a prospectus to the Hong Kong Stock Exchange, hitting the \"first tea stock\".<img src=\"https://static.tigerbbs.com/f89778ee077d4832d9977b1075c0d38c\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\">According to the announcement, the IPO price range of Nayuki's tea is set at HK $17.20-19.80. According to this price, the market value of Nayuki's tea listed will reach HK $29.5-34 billion. The last round of financing before Naixue's tea went public was in December last year. According to Bloomberg, after this round of financing, Naixue's valuation reached US $2 billion, about 13 billion yuan.In just half a year, the valuation of Nayuki's tea doubled. Naixue's tea prospectus shows that during 2017-2020, Naixue completed a total of 5 rounds of financing. Investors include Tiantu Capital, SCGC Capital, Shenzhen Venture Capital, PAG Taimeng Investment, etc.Is Nayuki's tea worth more than 30 billion? Institutional investors and cornerstone investors in the secondary market and venture investors in the primary market are optimistic about the tea drinking track. According to data from China Insights Consulting, the size of China's tea market in 2020 is about 410.7 billion yuan, of which ready-made tea drinks are about 113.6 billion yuan, and the penetration rate continues to increase.Of course, some people think it's not worth it. According to the 21st Century Business Herald, a Hong Kong fund manager bluntly said: \"The valuation of Nayuki's tea is too expensive, and it is more reasonable for the market value to drop to more than 20 billion Hong Kong dollars.\"On the day of listing, Nayuki's tea broke. Not just Nayuki's tea, on June 25, \"the first fresh food e-commerce stock\"<a href=\"https://laohu8.com/S/MF\">Daily excellent fresh</a>Landing on Nasdaq, after plummeting 25% at the opening on the day of listing and once falling to 40% during the session, Daily Youxian also gained the status quo of \"three consecutive days of decline\". Also broken are those listed in the United States in April<a href=\"https://laohu8.com/S/WDH\">Water droplets</a>Raise.\"Too much money has poured into the primary market from the secondary market. The primary market has raised valuations and overdrawn the performance of unicorn companies in the next year or two. Therefore, many companies may break when they go public.\"Allen Zhu, a partner of Jinshajiang Venture Capital, pointed out in the analysis of \"Financial Appointment with You\".Compared with the experience of Nayuki's tea, the \"first tea drink stock\", Kuaishou's listing can be described as the right time, place and people.Kuaishou was founded in 2012. On November 5, 2020, Kuaishou, which had raised 9 rounds of financing, finally submitted an IPO application to the Hong Kong Stock Exchange. Kuaishou's latest round of financing occurred in December 2019. The financing amount was close to US $3 billion, and the company's valuation reached US $28.6 billion. Kuaishou's pre-listing valuation ranged from US $55.6 billion to US $60.9 billion.In one year, Kuaishou's valuation has also doubled. On February 5, Kuaishou, known as \"the first short video stock in China\", was listed on the Hong Kong Stock Exchange.At that time, the global capital market was also in a bull market. In the first half of 2021 alone, the United States launched a multi-trillion rescue plan. Currencies of various countries were over-issued, there was more hot money in the capital market, and the secondary market was also on the rise. Capital is more enthusiastic about the short video track.One week after Kuaishou's listing, Kuaishou's stock price reached a maximum of HK $417.8 per share, and its total market value once exceeded HK $1.73 trillion, exceeding<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Xiaomi and<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>, second only to<a href=\"https://laohu8.com/S/00700\">Tencent</a>, Ali, Meituan and<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>, ranked fifth.Secondary market defoamingKuaishou's Waterloo in the capital market began with Kuaishou's first-quarter financial report.In May this year, Kuaishou released its financial report for the first quarter of 2021, showing that its total revenue was 17.02 billion yuan, a year-on-year increase of 36.6%, a net loss of 57.75 billion yuan, and an adjusted loss of 4.918 billion yuan, compared with a loss of 4.345 billion yuan in the same period last year.If losses cause the capital market to change its face towards Kuaishou, it can only be one of the factors, but it is obviously not all the factors. Because before Kuaishou went public, the prospectus submitted showed that for the eleven months ended November 30, 2020, Kuaishou's gross profit was 20.9 billion yuan, the gross profit margin was 39.9%, and Kuaishou's operating loss was 9.4 billion yuan.Therefore, the capital market's attention to Kuaishou must lose money, which is only one of the reasons.Kuaishou's Q1 financial report shows: On the user growth side, Kuaishou's DAU in 2021Q1 was 295 million, and Kuaishou's DAU during the Spring Festival in 2020 was already 282 million. Kuaishou's marketing expenses in 2021Q1 were as high as 11.66 billion yuan, accounting for 68.5% of Kuaishou's total revenue.Kuaishou has spent so much money, and user growth has peaked. From the perspective of the general environment, the penetration rate of China's short video market has reached 90%. From 2018 to 2021<a href=\"https://laohu8.com/S/DYIN\">Douyin</a>, Kuaishou user overlap climbed from 10.3% to 60%. This means that Kuaishou's strategy of burning money for growth has failed, and the gap with Douyin has widened.The capital market has returned to rationality, which is specifically reflected in Kuaishou's stock price. Kuaishou released its financial report on May 24. In just one day, at the close on May 25, the stock price closed at HK $205.6 per share, a sharp drop of 11.46%, the largest single-day drop in three months. Since then, Kuaishou has fallen endlessly and kicked off.Blue Moon, the first laundry detergent stock blessed by Hillhouse, has seen its stock price drop by nearly 50% from the issue price of HK $13 since its listing. At the time of listing, its P/E was as high as 70 times. It was priced according to the highest issue price range, which overdraws the company's growth.What investors didn't expect was that in the first half of this year, Blue Moon's performance suddenly turned from profit to loss, with an estimated loss of 44 million Hong Kong dollars, compared with a profit of 302 million Hong Kong dollars in the same period last year.Only half a year after its listing, its performance has changed dramatically, exacerbating the capital market's distrust of Blue Moon's management, which is also the main reason for the recent plunge in Blue Moon's stock price.\"The poor performance of the company's stock price is inseparable from the drag of the overall poor market, but the main influencing factors are the high pricing at the time of listing and the company's unsatisfactory fundamental business.\"A Hong Kong foreign hedge fund analyst told Deep Web.The same is true in reality.The prospectus of Nayuki's tea, Shuidichou and Daily Youxian are all in a \"loss state\".Under International Financial Reporting Standards, Naixue's net losses in 2018 and 2019 were 69.73 million yuan and 39.68 million yuan respectively. By 2020, its net loss expanded by 412% year-on-year to 203.3 million yuan. However, Naixue's latest updated prospectus emphasizes that \"in 2020, the adjusted net profit (non-IFRS measurement) successfully'turned losses into profits' and achieved a profit of 16.64 million yuan.\"According to the prospectus of Shuidichou, from 2018 to 2020, its net losses were 209 million yuan, 322 million yuan and 664 million yuan respectively. According to the prospectus of Daily Youxian, in 2018, 2019 and 2020, the three-year net losses of Daily Youxian were 2.216 billion yuan, 2.777 billion yuan, and 1.590 billion yuan respectively.A fund manager in the secondary market told Shenzhen Net that the main reason why some companies broke their shares on the first day of listing is that they have not yet demonstrated their profitability to the market, mainly because their main business has not yet brought profits. When new economy companies go public and break, cornerstone investors are the first to bear the brunt of the harm.On the day Nayuki's tea went public, cornerstone investors suffered a floating loss of US $20.97 million. On August 5, Kuaishou lifted the ban, and cornerstone investors suffered a floating loss of about 17%. Cornerstone investors in the Hong Kong stock market include: sovereign wealth funds, international institutional investors, enterprises, private equity institutions, and top billionaires.Generally speaking, cornerstone investors do not know the company's stock issue price when signing the subscription agreement (the Hong Kong Stock Exchange does not allow cornerstone investors to subscribe for shares at a price lower than the issue price), and there is a 6-month lock-up period. Therefore, cornerstone investors convey confidence to the secondary market and recognize the company's development potential.On December 15th, 2017, the Hong Kong Stock Exchange announced the most significant reform in 30 years-allowing unprofitable or revenue-free biotechnology companies to go public. This reform will enable the Hong Kong Stock Exchange to accept the listing of companies with the same shares and different rights. After the reform, the Hong Kong Stock Exchange is embracing both technology companies and medical companies.Cornerstone investors are also welcoming to \"new economy\" companies, but they have suffered heavy losses. One of the most active cornerstone investors in the Hong Kong market, the Government Investment Corporation of Singapore (GIC), has served as a cornerstone investor in many new economy companies.<a href=\"https://laohu8.com/S/01833\">Ping An Good Doctor</a>The floating loss of investment in Razer is 50%, and the floating loss of investment in Razer is 80%.In the prospectus of XPeng's Hong Kong listing, cornerstone investors are no longer visible.Primary and secondary market valuation logic is differentThe secondary market has discarded the valuation bubble in the primary market by breaking. In addition, the valuation logic of primary and secondary companies is different, and all this requires new economy companies to use time to prove it. In this process, it is normal for stock prices to fall endlessly.Zhang Huan, CEO of Zhitong Finance, told \"Shenzhen Net\", \"If the valuation of the primary market is too high and there is a'surplus' of virtual fire, on the day of listing, the ruthless pricing mechanism of Hong Kong stocks extinguished this'virtual fire ', and the follow-up will slowly return to value.\" And all this can only be proved by time.Xiaomi, a representative company of the new economy, has also suffered two years of continuous declines when listed on the Hong Kong stock market.On July 9, 2018, Xiaomi opened with an open low of 2.35% on its first day of listing, and returned to HK $16.8 as of the close, which was lower than the issue price. According to the issue price of 17 Hong Kong dollars per share, Xiaomi's overall market value is more than 370 billion Hong Kong dollars, equivalent to about 48.473 billion US dollars, even lower than the lower limit valuation of 55 billion US dollars.Previously, Xiaomi's valuation has been significantly reduced, from the initial media report of 100 billion US dollars to the rumored 80 billion-75 billion US dollars; Then it was lowered to US $70 billion to US $55 billion. \"How much is Xiaomi worth?\" Has always been the focus of debate in the market.This depends on the valuation logic of the primary market, and the factors measured from the primary market to the secondary market are different.According to the prospectus, Xiaomi's F round of financing spanned from 2014 to 2017, with a total of two rounds. Among them, the subscription price of the F-1 round, which signed the first share purchase agreement on December 23, 2014, was US $20.168 per share, corresponding to a market value of US $45 billion, while the subscription price of the F-2 round ended on August 4, 2017 was US $17.927./share, corresponding to a valuation of approximately US $40 billion.The valuation logic of the primary market is the story logic. Investors who entered from the A round and investors who entered before the IPO are all calculated according to a valuation that must make money. But Xiaomi's F-2 round of subscription has deviated from this logic.Immediately afterwards, the story of Xiaomi's valuation came to the secondary market, but it was still controversial. The main point of disagreement was whether Xiaomi was a mobile phone hardware company or an Internet company.According to Xiaomi's prospectus, Xiaomi is more like a hardware company. Xiaomi's Internet service revenue in the first quarter of 2019 was 4.2 billion yuan, accounting for only 9.7% of total revenue, far lower than the proportion of smartphone and IoT product businesses. When hardware growth encounters bottlenecks, \"Internet revenue\" is an important benchmark for the development of hardware manufacturers.<img src=\"https://static.tigerbbs.com/2c607b2298eb1b52a90baa97a6b39182\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\">One year after Xiaomi's listing: Internet revenue does not account for a high proportion of the overall revenue, but the gross profit of Internet revenue accounts for nearly half of the overall gross profit. Xiaomi also announced that it has made a profit. Xiaomi's cumulative number of repurchases this year has reached 22 times. Even so, Xiaomi's stock price is still falling all the way. Two years after its listing, Xiaomi's stock price has been hovering around HK $10. Even, on September 2, 2019, Xiaomi's stock price fell to HK $8.28 per share, which was halved from the issue price.Until July 10, 2020, Xiaomi rose back to the issue price, and the stock reached HK $34.4 per share at a high point.As Xiaomi's mobile phone market share continues to rise in 2021, Xiaomi has become one of the most resilient star technology companies in Hong Kong stocks this year.The experience of Meituan, the representative of another new economy company, is roughly the same as Xiaomi.\"Good companies are not afraid. Meituan, for example, is very typical. After listing, it fell by one third. If it was listed for 60 yuan, it fell to 40 yuan, but a really good company will rise. I think a good company It still takes time to reflect its performance.\" Allen Zhu said in an interview with \"Cai Yue You\".For these new economy companies that have been listed in recent years, it is not terrible to break, and it is not terrible for the capital market to not understand it. Those companies that have abandoned financial and technical packaging and conceptual packaging, are not trying to make money, and really have good performance and business models. Supported companies will eventually return to maximum value.","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>Behind the evaporation of Kuaishou's market value by trillions: the valuation of the primary and secondary markets is inverted</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\">\nBehind the evaporation of Kuaishou's market value by trillions: the valuation of the primary and secondary markets is inverted\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1045161675\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/79fb4e017d55411483d940659131729e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n深网腾讯新闻 \n2021-08-06 10:16\n</div>\n</a>\n</h4>\n</header>\n<article>\nAgainst the background of the collective plunge in Hong Kong stocks, Kuaishou is undoubtedly the one with the biggest decline.Aauto Quicker, the \"first short video stock\", has continued to decline since it fell below the issue price for the first time on July 26.The closing price on August 5 was HK $89.1 per share, which has dropped by about 78% from the highest point of HK $417.8 per share. The total market value has dropped from the highest point of HK $1.738 trillion to HK $370.67 billion, evaporating nearly HK $1.4 trillion.And listed on the Hong Kong Stock Exchange on June 30<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>, broke immediately after listing, the issue price was 19.8 Hong Kong dollars per share, and the closing price of the day was 17.12 Hong Kong dollars per share, a drop of 13.54%. Then it entered a state of continuous decline, with the latest quotation of HK $9.640 per share.It's not just Nayuki's tea, a statistical data from the Financial Associated Press shows that from January 1, 2020 to May 7, 2021, a total of 23 Chinese concept stock companies went public in the United States. As of the close on May 7, the stock price There are 18 companies that are lower than the issue price, and the break rate is as high as 78%.A secondary market fund manager told \"Deep Net\" that flour is more expensive than bread, and inverted valuations in the primary and secondary markets have become a common phenomenon.\"The so-called valuation inversion is a confrontation between the two valuation systems of the primary and secondary markets. The ruthless pricing mechanism of the secondary market has extinguished the virtual fire of the primary market.\"Zhang Huan, CEO of Zhitong Finance, said.The person in charge of the Hong Kong brokerage business of a large domestic investment bank told Shenzhen Net that some new economy companies broke on the day of their listing in Hong Kong. First, the valuation of domestic new economy companies in the primary market is not recognized in the secondary market, and second, it shows that it will take time for Hong Kong market investors to understand new economy companies.The primary market is boomingAt the end of 2015, Naixue's first store landed in Shenzhen. On February 11 this year, Naixue submitted a prospectus to the Hong Kong Stock Exchange, hitting the \"first tea stock\".<img src=\"https://static.tigerbbs.com/f89778ee077d4832d9977b1075c0d38c\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\">According to the announcement, the IPO price range of Nayuki's tea is set at HK $17.20-19.80. According to this price, the market value of Nayuki's tea listed will reach HK $29.5-34 billion. The last round of financing before Naixue's tea went public was in December last year. According to Bloomberg, after this round of financing, Naixue's valuation reached US $2 billion, about 13 billion yuan.In just half a year, the valuation of Nayuki's tea doubled. Naixue's tea prospectus shows that during 2017-2020, Naixue completed a total of 5 rounds of financing. Investors include Tiantu Capital, SCGC Capital, Shenzhen Venture Capital, PAG Taimeng Investment, etc.Is Nayuki's tea worth more than 30 billion? Institutional investors and cornerstone investors in the secondary market and venture investors in the primary market are optimistic about the tea drinking track. According to data from China Insights Consulting, the size of China's tea market in 2020 is about 410.7 billion yuan, of which ready-made tea drinks are about 113.6 billion yuan, and the penetration rate continues to increase.Of course, some people think it's not worth it. According to the 21st Century Business Herald, a Hong Kong fund manager bluntly said: \"The valuation of Nayuki's tea is too expensive, and it is more reasonable for the market value to drop to more than 20 billion Hong Kong dollars.\"On the day of listing, Nayuki's tea broke. Not just Nayuki's tea, on June 25, \"the first fresh food e-commerce stock\"<a href=\"https://laohu8.com/S/MF\">Daily excellent fresh</a>Landing on Nasdaq, after plummeting 25% at the opening on the day of listing and once falling to 40% during the session, Daily Youxian also gained the status quo of \"three consecutive days of decline\". Also broken are those listed in the United States in April<a href=\"https://laohu8.com/S/WDH\">Water droplets</a>Raise.\"Too much money has poured into the primary market from the secondary market. The primary market has raised valuations and overdrawn the performance of unicorn companies in the next year or two. Therefore, many companies may break when they go public.\"Allen Zhu, a partner of Jinshajiang Venture Capital, pointed out in the analysis of \"Financial Appointment with You\".Compared with the experience of Nayuki's tea, the \"first tea drink stock\", Kuaishou's listing can be described as the right time, place and people.Kuaishou was founded in 2012. On November 5, 2020, Kuaishou, which had raised 9 rounds of financing, finally submitted an IPO application to the Hong Kong Stock Exchange. Kuaishou's latest round of financing occurred in December 2019. The financing amount was close to US $3 billion, and the company's valuation reached US $28.6 billion. Kuaishou's pre-listing valuation ranged from US $55.6 billion to US $60.9 billion.In one year, Kuaishou's valuation has also doubled. On February 5, Kuaishou, known as \"the first short video stock in China\", was listed on the Hong Kong Stock Exchange.At that time, the global capital market was also in a bull market. In the first half of 2021 alone, the United States launched a multi-trillion rescue plan. Currencies of various countries were over-issued, there was more hot money in the capital market, and the secondary market was also on the rise. Capital is more enthusiastic about the short video track.One week after Kuaishou's listing, Kuaishou's stock price reached a maximum of HK $417.8 per share, and its total market value once exceeded HK $1.73 trillion, exceeding<a href=\"https://laohu8.com/S/JD\">JD.com</a>, Xiaomi and<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>, second only to<a href=\"https://laohu8.com/S/00700\">Tencent</a>, Ali, Meituan and<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>, ranked fifth.Secondary market defoamingKuaishou's Waterloo in the capital market began with Kuaishou's first-quarter financial report.In May this year, Kuaishou released its financial report for the first quarter of 2021, showing that its total revenue was 17.02 billion yuan, a year-on-year increase of 36.6%, a net loss of 57.75 billion yuan, and an adjusted loss of 4.918 billion yuan, compared with a loss of 4.345 billion yuan in the same period last year.If losses cause the capital market to change its face towards Kuaishou, it can only be one of the factors, but it is obviously not all the factors. Because before Kuaishou went public, the prospectus submitted showed that for the eleven months ended November 30, 2020, Kuaishou's gross profit was 20.9 billion yuan, the gross profit margin was 39.9%, and Kuaishou's operating loss was 9.4 billion yuan.Therefore, the capital market's attention to Kuaishou must lose money, which is only one of the reasons.Kuaishou's Q1 financial report shows: On the user growth side, Kuaishou's DAU in 2021Q1 was 295 million, and Kuaishou's DAU during the Spring Festival in 2020 was already 282 million. Kuaishou's marketing expenses in 2021Q1 were as high as 11.66 billion yuan, accounting for 68.5% of Kuaishou's total revenue.Kuaishou has spent so much money, and user growth has peaked. From the perspective of the general environment, the penetration rate of China's short video market has reached 90%. From 2018 to 2021<a href=\"https://laohu8.com/S/DYIN\">Douyin</a>, Kuaishou user overlap climbed from 10.3% to 60%. This means that Kuaishou's strategy of burning money for growth has failed, and the gap with Douyin has widened.The capital market has returned to rationality, which is specifically reflected in Kuaishou's stock price. Kuaishou released its financial report on May 24. In just one day, at the close on May 25, the stock price closed at HK $205.6 per share, a sharp drop of 11.46%, the largest single-day drop in three months. Since then, Kuaishou has fallen endlessly and kicked off.Blue Moon, the first laundry detergent stock blessed by Hillhouse, has seen its stock price drop by nearly 50% from the issue price of HK $13 since its listing. At the time of listing, its P/E was as high as 70 times. It was priced according to the highest issue price range, which overdraws the company's growth.What investors didn't expect was that in the first half of this year, Blue Moon's performance suddenly turned from profit to loss, with an estimated loss of 44 million Hong Kong dollars, compared with a profit of 302 million Hong Kong dollars in the same period last year.Only half a year after its listing, its performance has changed dramatically, exacerbating the capital market's distrust of Blue Moon's management, which is also the main reason for the recent plunge in Blue Moon's stock price.\"The poor performance of the company's stock price is inseparable from the drag of the overall poor market, but the main influencing factors are the high pricing at the time of listing and the company's unsatisfactory fundamental business.\"A Hong Kong foreign hedge fund analyst told Deep Web.The same is true in reality.The prospectus of Nayuki's tea, Shuidichou and Daily Youxian are all in a \"loss state\".Under International Financial Reporting Standards, Naixue's net losses in 2018 and 2019 were 69.73 million yuan and 39.68 million yuan respectively. By 2020, its net loss expanded by 412% year-on-year to 203.3 million yuan. However, Naixue's latest updated prospectus emphasizes that \"in 2020, the adjusted net profit (non-IFRS measurement) successfully'turned losses into profits' and achieved a profit of 16.64 million yuan.\"According to the prospectus of Shuidichou, from 2018 to 2020, its net losses were 209 million yuan, 322 million yuan and 664 million yuan respectively. According to the prospectus of Daily Youxian, in 2018, 2019 and 2020, the three-year net losses of Daily Youxian were 2.216 billion yuan, 2.777 billion yuan, and 1.590 billion yuan respectively.A fund manager in the secondary market told Shenzhen Net that the main reason why some companies broke their shares on the first day of listing is that they have not yet demonstrated their profitability to the market, mainly because their main business has not yet brought profits. When new economy companies go public and break, cornerstone investors are the first to bear the brunt of the harm.On the day Nayuki's tea went public, cornerstone investors suffered a floating loss of US $20.97 million. On August 5, Kuaishou lifted the ban, and cornerstone investors suffered a floating loss of about 17%. Cornerstone investors in the Hong Kong stock market include: sovereign wealth funds, international institutional investors, enterprises, private equity institutions, and top billionaires.Generally speaking, cornerstone investors do not know the company's stock issue price when signing the subscription agreement (the Hong Kong Stock Exchange does not allow cornerstone investors to subscribe for shares at a price lower than the issue price), and there is a 6-month lock-up period. Therefore, cornerstone investors convey confidence to the secondary market and recognize the company's development potential.On December 15th, 2017, the Hong Kong Stock Exchange announced the most significant reform in 30 years-allowing unprofitable or revenue-free biotechnology companies to go public. This reform will enable the Hong Kong Stock Exchange to accept the listing of companies with the same shares and different rights. After the reform, the Hong Kong Stock Exchange is embracing both technology companies and medical companies.Cornerstone investors are also welcoming to \"new economy\" companies, but they have suffered heavy losses. One of the most active cornerstone investors in the Hong Kong market, the Government Investment Corporation of Singapore (GIC), has served as a cornerstone investor in many new economy companies.<a href=\"https://laohu8.com/S/01833\">Ping An Good Doctor</a>The floating loss of investment in Razer is 50%, and the floating loss of investment in Razer is 80%.In the prospectus of XPeng's Hong Kong listing, cornerstone investors are no longer visible.Primary and secondary market valuation logic is differentThe secondary market has discarded the valuation bubble in the primary market by breaking. In addition, the valuation logic of primary and secondary companies is different, and all this requires new economy companies to use time to prove it. In this process, it is normal for stock prices to fall endlessly.Zhang Huan, CEO of Zhitong Finance, told \"Shenzhen Net\", \"If the valuation of the primary market is too high and there is a'surplus' of virtual fire, on the day of listing, the ruthless pricing mechanism of Hong Kong stocks extinguished this'virtual fire ', and the follow-up will slowly return to value.\" And all this can only be proved by time.Xiaomi, a representative company of the new economy, has also suffered two years of continuous declines when listed on the Hong Kong stock market.On July 9, 2018, Xiaomi opened with an open low of 2.35% on its first day of listing, and returned to HK $16.8 as of the close, which was lower than the issue price. According to the issue price of 17 Hong Kong dollars per share, Xiaomi's overall market value is more than 370 billion Hong Kong dollars, equivalent to about 48.473 billion US dollars, even lower than the lower limit valuation of 55 billion US dollars.Previously, Xiaomi's valuation has been significantly reduced, from the initial media report of 100 billion US dollars to the rumored 80 billion-75 billion US dollars; Then it was lowered to US $70 billion to US $55 billion. \"How much is Xiaomi worth?\" Has always been the focus of debate in the market.This depends on the valuation logic of the primary market, and the factors measured from the primary market to the secondary market are different.According to the prospectus, Xiaomi's F round of financing spanned from 2014 to 2017, with a total of two rounds. Among them, the subscription price of the F-1 round, which signed the first share purchase agreement on December 23, 2014, was US $20.168 per share, corresponding to a market value of US $45 billion, while the subscription price of the F-2 round ended on August 4, 2017 was US $17.927./share, corresponding to a valuation of approximately US $40 billion.The valuation logic of the primary market is the story logic. Investors who entered from the A round and investors who entered before the IPO are all calculated according to a valuation that must make money. But Xiaomi's F-2 round of subscription has deviated from this logic.Immediately afterwards, the story of Xiaomi's valuation came to the secondary market, but it was still controversial. The main point of disagreement was whether Xiaomi was a mobile phone hardware company or an Internet company.According to Xiaomi's prospectus, Xiaomi is more like a hardware company. Xiaomi's Internet service revenue in the first quarter of 2019 was 4.2 billion yuan, accounting for only 9.7% of total revenue, far lower than the proportion of smartphone and IoT product businesses. When hardware growth encounters bottlenecks, \"Internet revenue\" is an important benchmark for the development of hardware manufacturers.<img src=\"https://static.tigerbbs.com/2c607b2298eb1b52a90baa97a6b39182\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\">One year after Xiaomi's listing: Internet revenue does not account for a high proportion of the overall revenue, but the gross profit of Internet revenue accounts for nearly half of the overall gross profit. Xiaomi also announced that it has made a profit. Xiaomi's cumulative number of repurchases this year has reached 22 times. Even so, Xiaomi's stock price is still falling all the way. Two years after its listing, Xiaomi's stock price has been hovering around HK $10. Even, on September 2, 2019, Xiaomi's stock price fell to HK $8.28 per share, which was halved from the issue price.Until July 10, 2020, Xiaomi rose back to the issue price, and the stock reached HK $34.4 per share at a high point.As Xiaomi's mobile phone market share continues to rise in 2021, Xiaomi has become one of the most resilient star technology companies in Hong Kong stocks this year.The experience of Meituan, the representative of another new economy company, is roughly the same as Xiaomi.\"Good companies are not afraid. Meituan, for example, is very typical. After listing, it fell by one third. If it was listed for 60 yuan, it fell to 40 yuan, but a really good company will rise. I think a good company It still takes time to reflect its performance.\" Allen Zhu said in an interview with \"Cai Yue You\".For these new economy companies that have been listed in recent years, it is not terrible to break, and it is not terrible for the capital market to not understand it. Those companies that have abandoned financial and technical packaging and conceptual packaging, are not trying to make money, and really have good performance and business models. Supported companies will eventually return to maximum value.\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3755fdda80ee4878d06bf1bcbfdbf496","relate_stocks":{"01024":"快手-W"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187518828","content_text":"港股集体大跌的背景下，快手无疑是跌幅最大的那个。\n“短视频第一股”快手从7月26日首次跌破发行价以来，股价持续下行，8月5日收盘价为89.1港元/股，已经较最高点417.8港元/股跌去约78%，总市值从最高点1.738万亿港元跌至3706.7亿港元，蒸发近1.4万亿港元。\n而6月30日在港交所挂牌的奈雪的茶，上市即破发，发行价19.8港元/股，当日收盘价17.12港元/股，跌幅达13.54%。随后便进入跌跌不停的状态，最新报价9.640港元/股。\n不仅仅是奈雪的茶，财联社的一份统计数据显示，2020年1月1日至2021年5月7日，共有23家中概股企业赴美上市，截至5月7日收盘，股价低过发行价的有18家，破发率高达78%。\n一位二级市场基金经理告诉《深网》，面粉比面包贵，一二级市场估值倒挂成为普遍现象。\n“所谓的估值倒挂，是一二级市场两种估值体系的对抗，二级市场无情的定价机制熄灭了一级市场的虚火”，智通财经CEO张欢表示。\n国内某大型投资银行香港券商业务负责人告诉《深网》，一些新经济公司香港上市当日破发，一是国内新经济企业在一级市场的估值在二级市场不被认可，二是表明香港市场投资者对新经济企业的理解还需时日。\n一级市场虚火旺\n2015年底，奈雪的第一家门店落地深圳。今年2月11日，奈雪向港交所递交招股书，冲击“茶饮第一股”。\n\n据公告，奈雪的茶招股价区间定为17.20-19.80港元，按照这个价格计算，奈雪的茶上市的市值将达到295-340亿港元。奈雪的茶上市前最后一轮的融资是去年12月，据彭博报道，该轮融资后奈雪估值达到20亿美元，约130亿元人民币。\n仅仅半年，奈雪的茶估值翻了一倍。奈雪的茶招股书显示，2017-2020年期间，奈雪共完成了5轮融资，投资方包括天图资本、SCGC资本、深创投、PAG太盟投资等。\n奈雪的茶值300多亿吗？二级市场的机构投资者和基石投资者和一级市场的风险投资者是看好茶饮赛道的。根据灼识咨询数据，2020年中国茶市场规模约4107亿元，其中现制茶饮约1136亿元，渗透率不断提升。\n当然也有人觉得不值。据21世纪经济报道，有香港基金经理直言：“奈雪的茶估值偏贵，市值降到200多亿港元才比较合理。”\n上市当日，奈雪的茶破发。不仅仅是奈雪的茶，6月25日，“生鲜电商第一股”每日优鲜登陆纳斯达克，在上市当天开盘暴跌25%、盘中一度跌至40%后，每日优鲜还收获了“连跌三天”的现状。同样破发的还有4月赴美上市的水滴筹。\n“太多的钱从二级市场涌到了一级市场，一级市场抬高了估值，透支了独角兽公司可能未来一两年的业绩，因此很多公司可能上市就破发。”金沙江创投合伙人朱啸虎对《财约你》分析指出。\n相对于“茶饮第一股”奈雪的茶的遭遇，快手的上市可谓是天时地利人和。\n快手2012年创立，2020年11月5日，融资9轮的快手终于向港交所提交了IPO申请。而快手的最近一轮融资发生在2019年12月份，融资金额接近30亿美元，公司估值达到了286亿美元。而快手上市前的估值介于556亿至609亿美元。\n一年时间，快手的估值也翻了一番。2月5日，被誉为“中国短视频第一股”的快手在港交所上市。\n彼时，全球资本市场亦处于牛市，美国2021年仅上半年就推出了数万亿的救市计划，各国货币超发，资本市场上热钱变多，二级市场也是一种上扬的状态。资本对短视频赛道是更加狂热的追棒。\n快手上市一周后，快手股价最高摸到了417.8港元/股，总市值一度突破1.73万亿港元，超过了京东、小米与百度，仅次于腾讯、阿里、美团与拼多多，排在第五位。\n二级市场去泡沫\n快手在资本市场的滑铁卢是从快手一季度财报开始的。\n今年5月，快手发布的2021年第一季度财报显示，其总营收170.2亿元，同比增长36.6%，净亏损577.5亿元，经调整亏损49.18亿元，上一年同期为亏损43.45亿元。\n如果说亏损导致资本市场对快手变脸，只能是因素之一，但显然不是全部因素。因为快手上市前，递交的招股书显示：截至2020年11月30日止十一个月，快手的毛利为209亿元，毛利率为39.9%，快手的经营亏损为94亿元。\n因此，资本市场对快手的关注度肯定亏损只是原因之一。\n快手Q1财报显示：用户增长端，2021Q1快手DAU2.95亿，而2020年春节期间快手的DAU已是2.82亿。快手2021Q1营销费用高达116.6亿元，占快手总营收68.5%。\n快手这么多钱砸下去，用户增长见顶。从大环境来看，中国短视频市场的渗透率已经达到90%，2018~2021年抖音、快手用户重合度从10.3%攀升至60%。这意味着快手烧钱换增长的策略已经失效，且与抖音的差距再拉大。\n资本市场回归理性，具体反映都在快手的股价上。快手5月24日发布财报，仅仅一天，5月25日收盘时，股价以205.6港元/股收盘，大跌11.46%，创下了3个月以来最大的单日跌幅。此后，快手跌跌不休便拉开了序幕。\n高瓴加持的洗衣液第一股蓝月亮，自上市以来股价较发行价13港元跌幅也近50%，上市时市盈率高达70倍，按照发行价区间最高定价，透支了公司的成长性。\n更让投资人没有想到的是，今年上半年，蓝月亮业绩突然由盈转亏，预计亏损4400万港元，而上年同期为盈利3.02亿港元。\n仅仅上市半年，业绩就大变脸，加剧了资本市场对蓝月亮管理层的不信任，这也是蓝月亮近期股价暴跌的主要原因。\n“公司股价表现不好，离不开市场整体不佳的拖累，但主要影响因素还是上市时定价高和公司基本面业务不理想。”一位香港外资对冲基金分析人士告诉《深网》。\n现实亦是如此。\n奈雪的茶、水滴筹和每日优鲜，招股书都是“亏损状态”。\n在国际财务报告准则下，奈雪在2018年和2019年期间，净亏损分别为6973万元和3968万元，到了2020年，其净亏损同比扩大412%至2.033亿元。不过，奈雪最新一版更新的招股书则强调，“2020年经调整净利润（非国际财务报告准则计量）成功‘扭亏为盈’实现盈利1664万元”。\n水滴筹招股书显示，2018-2020年，其净亏损分别为2.09亿元、3.22亿元和6.64亿元。每日优鲜的招股书显示，2018年、2019年和2020年，每日优鲜三年净亏损分别为22.16亿元 、27.77亿元、15.90亿元。\n一位二级市场的基金经理告诉《深网》，一些公司上市首日破发的主要原因是目前他们还没有向市场展现其盈利能力，主要是其主营业务还没带来利润。而新经济公司上市破发，首当其冲受伤害的是基石投资者。\n奈雪的茶上市当日基石投资者浮亏2097万美元。8月5日，快手解禁，基石投资者浮亏约17%。港股市场的基石投资者包括：主权财富基金、国际机构投资者、企业、私募机构、顶级富豪。\n一般来说，基石投资者在签订认购协议的时候并不知道公司的股票发行价格（港交所不允许基石投资者以低于发行价认购股份的），且有6个月的锁定期。因此，基石投资者是向二级市场传递信心的，其认可公司的发展潜力。\n2017年12月15日，港交所宣布了三十年来最重大改革——允许未盈利或者没有收入的生物科技公司上市。这一改革将使港交所接受同股不同权企业上市。改革后港交所，对科技企业和医疗企业都是拥抱态势。\n基石投资者对“新经济”公司也是欢迎的，但损失惨重。香港市场上最活跃的基石投资者之一、新加坡政府投资公司（GIC），曾经担任了众多新经济公司的基石投资人，对平安好医生的投资浮亏50%，对雷蛇的投资浮亏80%。\n而小鹏香港上市的招股书中，已看不到基石投资者的身影了。\n一二级市场估值逻辑不同\n二级市场以破发的方式撇去了一级市场的估值泡沫，此外，一二级公司的估值逻辑不同，而这一切，都需要新经济公司用时间去证明，而在这个过程中，股价跌跌不休亦是常态。\n智通财经CEO张欢告诉《深网》，“如果说一级市场估值过高，虚火‘过剩’，在上市当日，港股无情的定价机制熄灭了这股‘虚火’，后续慢慢将回归价值。”而这一切唯有通过时间来证明。\n新经济代表公司小米在港股上市也曾遭遇过两年时间的跌跌不休。\n2018年小米7月9日上市首日开盘低开2.35%，截止收盘回到16.8港元的位置，低于发行价。按照17港元/股的发行价，小米的整体市值为 3700多亿港币，相当于约484.73亿美元，甚至低于550亿美元下限的估值。\n此前，小米的估值一直在大幅度下调，从最初媒体报道的千亿美金，到传闻中的800亿-750亿美元；再到下调为700亿-550亿美元。“小米到底值多少钱？”一直是市场争论的焦点。\n这取决于一级市场的估值逻辑，而从一级市场到二级市场，其衡量的因素又有所不同。\n招股书显示，小米公司F轮融资从2014年跨至2017年，一共进行了两轮。其中2014年12月23日签署首购股协议的F-1轮，认购价为20.168美元/股，对应市值为450亿美元，而2017年8月4日结束的F-2轮认购价为17.927美元/股，对应的估值约400亿美元。\n一级市场的估值逻辑是故事逻辑，从A轮进入的投资人和IPO之前进入的投资人，都是按照一个必须赚钱的估值来计算的。但小米F-2轮的认购已经是偏离这一逻辑了。\n紧接着，小米估值的故事就讲到了二级市场上，但依然争议很大，主要分歧点在于小米是家手机硬件公司还是家互联网公司。\n根据小米招股书披露，小米更像是一家硬件公司。小米2019年一季度的互联网服务营收为42亿元人民币，仅占总营收的9.7%，远低于智能手机和IoT产品业务所占比重。当硬件增长遭遇瓶颈时，“互联网收入”是硬件厂商发展的重要风向标。\n\n小米上市一年后：互联网收入占整体收入占比不高，但是互联网收入毛利占整体毛利近一半，小米也宣布，已经盈利。这一年小米累计回购次数已达22次。即便如此，小米的股价依然一路下跌。上市后两年时间，小米的股价一直在10港元上下徘徊。甚至，2019年9月2日，小米股价跌至8.28港元/股，较发行价腰斩。\n直到2020年7月10日，小米涨回了发行价，股票高点时达到34.4港元/股。\n而随着2021年小米手机市场占有率不断走高，小米又成了今年港股最抗跌的明星科技公司之一。\n而另一家新经济公司的代表美团的遭遇和小米大致相同。\n“好公司是不怕的，像美团就很典型，上市以后跌了三分之一，60块钱上市的，跌到了40块钱，但真正好的公司是会涨起来的，我觉得好公司还是需要靠时间来体现它的业绩的。”朱啸虎在接受《财约你》访问时表示。\n对于近几年上市的这些新经济公司来说，破发并不可怕，资本市场看不懂也不可怕，那些摒弃了财技包装、概念包装，不为圈钱，真正有好的业绩和商业模式支撑的公司，终归会回归最大价值。","news_type":1,"symbols_score_info":{"90022":0.9,"01024":0.9}},"isVote":1,"tweetType":1,"viewCount":612,"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":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}