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"达达"顶风美国上市,做贼心虚呼吁加强对市场的监督 【中英对照翻译】

作者:Evelyn Cheng

消息来源:CNBC 《美国有线电视新闻网》

翻译/简评:Johnwallis

PR:Julia Win

简评:

本文作者报道了在中美紧张局势不断升温波及金融业期间,中共国零售配送公司达达(Dada)6月5日完成了在纳斯达克上市。达达是由沃尔玛战略投资的,其创始人兼首席执行官蒯佳祺(Philip Kuai)认为目前地缘政治紧张局势对企业的影响只是暂时的。蒯佳祺同时呼吁加强监管机制,认为只有整个环境健康的时候,每个人的利益才能得到保护,市场才能健康发展。文艺复兴资本(Renaissance Capital)高级IPO市场策略师马修-肯尼迪(Matthew Kennedy)表示,从最近的申请活动来看,尽管中-美关系加剧,香港、伦敦甚至中国大陆都将成为最优选的上市地,但在美国纳斯达克或纽约证券交易所上市仍对于许多中共国公司来说具有诱惑力。

美国参议院20日通过《国外公司问责法案》,该议案使得中概股面临审计问题,目前已有多家如网易,京东中概股公司考虑退市。达达在招股书中警示说,该股有可能面临被摘牌的风险。

郭文贵先生在最近的直播中,警示中概股投资者赶紧出来。目前两百多家中概股公司面临该法案的严格审计,是否在财务会计等文件中造假,是否“心虚”另谋上市,只有他们自己心里清楚。

China’s online grocery platform Dada debuts on the Nasdaq, calls for greater scrutiny on markets

中共国在线零售平台达达首次在纳斯达克上市,呼吁加强对市场的监督

KEY POINTS

要点

  • Despite rising U.S.-China tensions that are spilling into the financial sector, Chinese grocery delivery company Dada went ahead with its IPO on the Nasdaq on Friday.
  • 尽管中美紧张局势不断升温波及金融业,但中共国零售配送公司达达(Dada)周五还是完成了在纳斯达克上市。
  • Philip Kuai, founder and CEO of Dada, a Walmart-invested company, played down the impact of geopolitical tensions as temporary.
  • 沃尔玛投资的达达公司创始人兼首席执行官蒯佳祺(Philip Kuai)淡化了地缘政治紧张局势的影响,认为这是暂时的。
  • “Chinese companies appear to be undeterred, based on recent filing activity,” says Matthew Kennedy, senior IPO market strategist at Renaissance Capital.
  • "从最近的申请活动来看,中共国企业似乎并不气馁,"文艺复兴资本(Renaissance Capital)高级IPO市场策略师马修-肯尼迪(Matthew Kennedy)表示。
Dada Founder and CEO, Philip Kuai, at the company’s Nasdaq IPO celebration held in Shanghai on June 5, 2020. Courtesy of Dada / 2020年6月5日,达达创始人兼CEO蒯佳祺在上海举行的公司纳斯达克上市庆典上。达达公司提供

SHANGHAI – Chinese grocery delivery company Dada is confident it can stand up to U.S. scrutiny as a newly listed company in New York.

上海--中国食品零售配送公司达达有信心,作为一家新近在纽约上市的公司,经得起美国的审查。

The Walmart-invested company went public under the ticker DADA on the Nasdaq Friday, with a valuation of $3.5 billion. In remarks to reporters, founder and CEO Philip Kuai played down the impact of U.S.-China tensions as temporary, and struck a confident tone in the long-term prospects of Dada’s business, which has benefited from the coronavirus outbreak.

这家由沃尔玛投资的公司周五在纳斯达克上市,股票代码为DADA,估值为35亿美元。在与对记者的讲话中,公司创始人兼首席执行官蒯佳祺(Philip Kuai)淡化了中美紧张局势的影响,认为这是暂时的,受益于冠状病毒爆发,他对达达的业务长期前景充满信心。

“We particularly welcome better auditing and regulation,” Kuai said Friday, according to a CNBC translation of his Mandarin-language remarks. “Only when your entire environment is as healthy as possible will the interests of everyone — investors, users etc. — be protected, and the market develop in a healthy way.”

"我们特别欢迎更好的审计和监管,"根据CNBC对他普通话的翻译,蒯佳祺周五说。"只有整个环境尽可能健康的时候,每个人的利益--投资者、用户等--才能得到保护,市场才能健康发展。"

Kuai’s call for increased regulation comes as the U.S. Congress reviews a bill that’s putting pressure on Chinese companies to delist from American stock exchanges. Some companies, such as Dada’s strategic investor JD.com, are pursuing a secondary Hong Kong listing as a backup.

蒯(佳祺)呼吁加强监管,因为美国国会正在审查一项法案,该法案给中共国企业带来了从美国证券交易所退市的压力。一些公司,如达达的战略投资者京东,正在寻求在香港二次上市作为备用。

Amid increasingly fraught U.S.-China tensions, Xiamen-based Luckin Coffee’s revelation of fraud in April pushed American lawmakers over the edge, analysts said.

分析人士表示,在中美关系日益紧张的情况下,总部位于厦门的瑞幸咖啡(Luckin Coffee)4月份被揭露的欺诈行为将美国立法者推到了风口浪尖。

Chinese companies appear to be undeterred, based on recent filing activity.

---Matthew Kennedy, senior IPO market strategist at Renaissance Capital

从最近的申请活动来看,中国企业似乎并不气馁。

--文艺复兴资本高级IPO市场策略师马修-肯尼迪(Matthew Kennedy)

Dada warned in its prospectus of the risk the stock could be delisted. The company added in a statement it wouldn’t rule out other capital market activities, but said it’s rather early to comment on the possibility of a dual-listing given its recent Nasdaq IPO.

达达在其招股书中警示说,该股有可能被摘牌的风险。该公司在一份声明中补充说,它不会排除其他资本市场活动的可能性,但表示鉴于其最近在纳斯达克上市,现在评论双重上市的可能性还尚早。

The stock priced at $16 a share, and ended up offering about 20% more shares than originally planned due to high demand, according to the company. Shares closed one cent lower after a volatile opening day.

该公司股定价为每股16美元,由于需求量大,最终发行的股票比原计划多出约20%。该股价在开盘后波动较大,收盘下跌1美分。

Growth amid the coronavirus pandemic

冠状病毒大流行中的增长情况

The coronavirus outbreak, which first emerged late last year in the Chinese city of Wuhan, forced most of the country’s 1.4 billion people to stay at home for weeks in the first three months of this year. The disease has since become a global pandemic that’s infected more than 6.9 million people and killed more than 400,000.

去年年底,冠状病毒疫情首次在中共国武汉出现,今年前三个月,14亿人口中的大部分人被迫在家待了几个星期。此后,该病已成为全球流行病,感染人数超过690万,死亡人数超过40万。

Government stay-home orders have increased demand for delivery in many countries.

政府的外出禁止令增加了许多地区的送货需求。

One habit consumers developed that many analysts say is likely to stay is shopping for groceries online. During the first three months of the year, Dada said active customers for on-demand retail delivery increased to 11.9 million — up from 7.1 million a year ago, while the average order size rose more than 50% to 149.5 yuan ($21).

许多分析家说消费者养成的一个习惯很可能会保留下来,那就是网上买菜。今年前三个月,达达表示,按需零售配送的活跃客户增加到1190万--高于一年前的710万,而平均订单量增长超过50%,达到149.5元(21美元)。

Dada’s technology platform connects major supermarket chains in China with more than 630,000 part-time delivery people, according to the company. Customers can place orders through an app.

据达达公司介绍,该公司的技术平台连接了中共国各大连锁超市和超过63万名兼职配送员。顾客可以通过应用程序下单。

Like many start-ups, particularly Chinese technology firms, Dada is still burning cash. The company reported an operating loss of 1.7 billion yuan ($247 million) in 2019, slightly less than nearly 2 billion yuan reported for 2018. Net revenues rose from more than 60% during the same time period, from 1.9 billion yuan in 2018 to 3.1 billion yuan in 2019.

和许多初创企业一样,尤其是中共国的科技公司,达达仍然在烧钱。该公司在2019年报告了17亿元人民币(2.47亿美元)的运营亏损,略低于2018年报告的近20亿元。同期净营收从2018年的19亿元增长到2019年的31亿元,增幅超过60%。

As of the end of March, the company said it has more than $270 million in cash, cash equivalents and short-term investments.

截至3月底,该公司表示拥有超过2.7亿元的现金、现金等价物和短期投资。

Chinese IPOs undeterred

不屈不挠的中共国IPO

At least 8 Chinese companies have gone public in the U.S. so far this year, matching that of last year, Matthew Kennedy, senior IPO market strategist at Renaissance Capital, which sells pre-IPO research to institutions. He added that at least four more have filed.

向机构出售上市前研究报告的文艺复兴资本公司(Renaissance Capital)高级IPO市场策略师马修-肯尼迪(Matthew Kennedy)表示,今年以来,至少有8家中共国公司在美国上市,与去年持平。他补充说,至少还有四家公司已经提交了申请。

“Chinese companies appear to be undeterred, based on recent filing activity,” Kennedy said in an email last week.

"从最近的申报活动来看,中共国企业似乎并不气馁,"肯尼迪上周在一封电子邮件中表示。

Companies often begin planning for their IPO at least a year or two in advance.

公司通常至少在一两年前就开始筹划IPO。

Even though analysts said Hong Kong, London and even mainland China would become more attractive places to list as tensions rise with the U.S., affiliation with the Nasdaq or New York Stock Exchange brands still holds allure for many Chinese companies.

尽管分析师表示,随着与美国的紧张关系加剧,香港、伦敦甚至中国大陆都将成为更具吸引力的上市地,但隶属于纳斯达克或纽约证券交易所的品牌对许多中国公司来说仍具有诱惑力。

Question of investor demand

投资者需求问题

However, newly listed companies may need to work harder to gain investor interest in an increasingly fraught geopolitical environment.

然而,在日益忧虑的地缘政治的环境中,新上市的公司可能需要更加努力才能获得投资者的兴趣。

Most Chinese stock issuers since 2019 trade below their offering price and underperform the rest of the U.S. IPO market, according to Renaissance Capital’s Kennedy.

据文艺复兴资本(Renaissance Capital)的肯尼迪(Kennedy)称,自2019年以来,大多数中共国股票发行商的交易价格低于其发行价,并且表现不如美国IPO市场的其他股票。

While optimists on China tout the country’s hundreds of millions of middle-class consumers, it’s not a given which companies will ultimately capture the market in a major way.

虽然乐观主义者吹捧中共国拥有数以亿计的中产阶级消费者,但哪家公司最终会大举占领市场是未知的。

Dada’s share is still small at 11.9 million active customers. Even that figure from a June 1 filing with the U.S. Securities and Exchange Commission was revised down by 4.6 million to remove duplicates from the number reported in the May 15 version of the prospectus, according to the company.

达达的份额还很小,只有1190万活跃客户。据该公司称,即使6月1日向美国证券交易委员会(Securities and Exchange Commission)提交文件中的这一数字,也下调了460万,以去除5月15日版招股书中报告的重复数字。

The overall year-on-year growth rate of 67.6% reported in the June 1 document still surpasses the 58.7% rate of the old figures.

6月1日文件中报告的67.6%同比年增长率仍然超过了旧数据的58.7%。

On Friday, Dada’s Kuai said there was “very strong momentum” for the company’s business since brands, sellers and consumers are all now willing to use the mix of software and delivery that Dada sells.

周五,达达的蒯佳祺表示,公司业务有 "非常强劲的势头",因为现在品牌商、卖家和消费者都愿意使用达达销售的软件和快递的组合。

He brushed off the Luckin scandal as “something that happens every two years” in his experience in China. The 37-year-old entrepreneur said he asked the big four U.S. auditing firms, beginning with PricewaterhouseCoopers, to inspect the company, about six months after Dada’s launch in June 2014.

他把瑞幸咖啡丑闻斥为他在中共国的经历中 "每两年发生一次的事情"。这位37岁的企业家说,在2014年6月达达推出后约半年,他要求美国四大审计公司,从普华永道开始对公司进行审查。

A local representative for PwC did not immediately respond to CNBC’s request for comment outside of Beijing business hours. Bank of America, Goldman Sachs and Jefferies were the underwriters for Dada’s IPO.

在北京工作时间之外,普华永道的一位当地代表并没有立即回应CNBC的置评请求。美国银行(Bank of America)、高盛(Goldman Sachs)和杰富瑞(Jefferies)是达达IPO的承销商。

“From the beginning, establishing your structure and company management mechanisms well are a way to help the company survive for the long term,” Kuai said. As a company, Dada encourages employees to try their hand at completing a delivery.

"从一开始就建立好公司的架构和管理机制,是帮助公司长期生存的一种方式。"蒯佳祺说。作为一家公司,达达鼓励员工尝试亲手完成一次送货。

If Kuai is right in his approach to business management, at least he convinced Walmart to buy in early. The Sam Walton company, which has struggled for much of its two-plus decades in China, became a strategic investor in Dada in 2016 and invested $370 million over the next few years. Walmart intended to buy more than 10% of shares in Dada’s initial public offering, according to the prospectus.

如果蒯(佳祺)的企业管理方法是对的,至少他说服了沃尔玛提前入股。这家山姆-沃尔顿公司在中共国二十多年来的大部分时间里都在挣扎,它在2016年成为达达的战略投资者,并在接下来的几年里投资了3.7亿美元。根据招股书,沃尔玛打算在达达的首次公开募股中购买超过10%的股份。

“We are excited to participate in today’s listing and see compelling opportunities for Dada to further expand and execute on its accelerated growth strategy,” Zhiyu Chen, senior vice president of Walmart China, said in a release around Dada’s IPO.

"我们很高兴参与今天的上市,并看到达达进一步扩大和执行其加速发展战略的引人注目的机会。"沃尔玛中国高级副总裁陈志宇在达达上市后的新闻稿中表示。

A virtual IPO

虚拟IPO

Travel restrictions didn’t stop Dada from launching, or fully participating, in its Nasdaq IPO.

旅行限制并没有阻止达达启动,或者说全面参与其纳斯达克上市。

Just about an hour before speaking to reporters, Kuai took the stage in an event hall in Shanghai Tower, the city’s tallest building, in the heart of the financial district.

就在向记者发表演讲的前一个小时,蒯(佳祺)在位于金融区中心地带的上海大厦--这座城市最高的建筑--的一个活动大厅里登台。

Dressed in commemorative white IPO t-shirts, Kuai and his colleagues rang the Nasdaq opening bell — virtually, just as the entire process of selling the stock offering to investors had been. These limitations did not dampen the mood in Shanghai, where investors and company executives cheered the U.S. market open to buoyant theatrical music and confetti.

身着IPO白色纪念T恤,蒯(佳祺)和他的同事们敲响了纳斯达克的开盘钟--虚拟的,就像向投资者销售股票发行的整个过程一样。这些限制并没有影响现场的气氛,在上海,投资者和公司高管在振奋人心的戏剧音乐和五彩纸屑中欢呼美国市场开盘。

Nasdaq Stock Exchange President Nelson Griggs congratulated Dada via a short video. “There’s absolutely no doubt that Dada has pioneered the evolution of mobile-on-demand service in China, and you are so well-positioned for future growth and success,” he said. “We look forward to supporting your continued growth as a Nasdaq-listed company for many years to come.”

纳斯达克证券交易所总裁尼尔森-格里格斯(Nelson Griggs)通过一段短视频向达达表示祝贺。"绝对毋庸置疑,达达开创了移动需求服务的发展,你们为未来的增长和成功做好了充分的准备。"他说。"我们期待在未来,支持你们作为纳斯达克上市公司持续发展。"

编辑:【喜马拉雅战鹰团】Edited by:【Himalaya Hawk Squad】