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2021-07-08

Nice

Alibaba: A Rare Case Of Bullish Technicals And Fundamentals

2021-07-07

Right management

He XPeng's Second Dream

2021-07-01

Strong buy?

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2021-06-29

The chart only show 3% that is higher PS and lower revenue growth. Where to find the 90%?

Palantir: The Mass Exodus

2021-06-29

$8I Holdings Ltd(8IH.AU)$ why keep shares buy back after price has rally up recently. Still undervalue?

2021-06-27

Invest the undervalue and just wait.

Sorry, the original content has been removed

2021-06-20

Be the lemming with life jacket

Sorry, the original content has been removed

2021-03-30

Ark

The woman who "allocates funds for God"!

2021-03-19

More seeking alpha article. Thanks

Sorry, the original content has been removed

2021-03-19

$8I Holdings Ltd(8IH.AU)$ who pump money in?

2021-02-27

Fair value now

Palantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept.

2021-02-25

Seeking alpha article is the best

Sorry, the original content has been removed

2021-02-16

$8I Holdings Ltd(8IH.AU)$ market cap is just AUD70million, compare to 8VI market cap OF AUD 130million. 8IH own 80% of 8VI.

Go to Tiger App to see more news

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And this correction is most likely already completed.Fundamentally, the company is undervalued by at least 100%.Alibaba Groupnow represents that rare case when both technical and fundamental analysis simultaneously indicate a very likely increase in the company's capitalization in the n","content":"<p>Summary</p>\n<ul>\n <li>From the very moment of the IPO in 2017, Alibaba's share price continues to move along the upward support.</li>\n <li>The price drop that we have been observing since November last year fits into the concept of a correction.&nbsp;And this correction is most likely already completed.</li>\n <li>Fundamentally, the company is undervalued by at least 100%.</li>\n</ul>\n<p>Thesis</p>\n<p>Alibaba Group(NYSE:BABA)(OTCPK:BABAF)now represents that rare case when both technical and fundamental analysis simultaneously indicate a very likely increase in the company's capitalization in the near future.</p>\n<p>Part 1: Fundamental analysis</p>\n<p>Among the fundamental analysis tools, in this case, I find DCF modeling the most suitable because this method gives a rough idea of a company’s current rational value based on its development trends, the situation in the debt market and current volatility. In addition, this method allows you to look at the company as unbiased as possible.</p>\n<p>The quality of the DCF model is largely determined by the quality of the long-term company’s revenue forecast, incorporated in the model. To consider a conservative scenario, when predicting Alibaba's revenue for the next decade, I proceeded from the lower bound of analysts'expectations. In my opinion, the CAGR of 15% over the next 10 years is more than realistic for Alibaba, given the current growth rate of China's economy. Let me remind you that the company receives more than 90% of its revenue in the domestic market.</p>\n<p><img src=\"https://static.tigerbbs.com/53010c963ff2d110ab8caa4b8639d3fe\" tg-width=\"640\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: Bloomberg</i></p>\n<p>In addition, the model assumes a gradual decrease in the operating margin to 11% in the terminal year. This condition is dictated by the desire to consider a pessimistic scenario. In addition, it is in line with the trend shown by the company.</p>\n<p><img src=\"https://static.tigerbbs.com/2f745edf64e78553f2d0975d39710a8e\" tg-width=\"635\" tg-height=\"371\" referrerpolicy=\"no-referrer\">Data byYCharts</p>\n<p>To calculate the Weighted Average Cost of Capital, I used thecurrent yield of China 10-Year Bondas a risk-free rate for the Chinese market (3.11%),equity risk premium(5.4%) and 3-yearrolling beta coefficient(0.6). For the terminal year, I used Beta equal to 1. To calculate the Cost of Debt, I used the interest expense for 2020 and 2021 FY divided by the debt value for the same years. Here is the calculation:</p>\n<p><img src=\"https://static.tigerbbs.com/3f88ac415a591de21c8392e67a5b4494\" tg-width=\"480\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p>\n<p>Among other parameters, the following should be highlighted:</p>\n<ol>\n <li>The relative size of CAPEX will remain at the five-year average.</li>\n <li>The tax rate will amount to 27%.</li>\n</ol>\n<p>And, here's the model itself:</p>\n<p><img src=\"https://static.tigerbbs.com/c86901f09a266e8e3ceb828ab09f4a0d\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p>\n<p><i>The DCF-based target price of Alibaba's shares is ~$500, offering 130% upside. Please note that the considered scenario for the development of Alibaba cannot be called optimistic.</i></p>\n<p>Part 2: Technical analysis</p>\n<p>This block should begin with the fact that from the very moment of the IPO in 2017, the company's share price continues to move along the upward support. The monthly chart demonstrates this very well:</p>\n<p><img src=\"https://static.tigerbbs.com/7b3c2a6bdf2aa4515f183e3906672ac9\" tg-width=\"1001\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: TradingView.com, Author</i></p>\n<p>Separately, it is worth noting that the fall in the price of Alibaba shares, which we have been observing since the end of 2020, fully fits into this pattern.<i>In other words, in a technical context, nothing extraordinary has happened here over the past eight months.</i></p>\n<p>Now, let's move on to the weekly chart and take a closer look at the last two years.</p>\n<p>The last major full wave (growth and correction), which stands out in the dynamics of the company's share price, began in March 2020. And if we assume that in May 2021 the price of Alibaba's share reached its local minimum, then we get a pattern that is in very good agreement with theFibonacci retracement levels.In addition, the preservation of the macro uptrend is confirmed again because<i>the end of the wave is higher than its beginning.</i></p>\n<p><img src=\"https://static.tigerbbs.com/3600db32e0f86b2741bdbe516a7b19d2\" tg-width=\"1001\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: TradingView.com, Author</i></p>\n<p>Now, let's move on to the daily chart and focus on the last eight months.</p>\n<p>The fall in the company's share price, which began in November last year, clearly consists of three waves, indicated in the following chart by the letters A, B, C. (<i>By the way, according to theElliott Wave Theory, the correction should consist of three waves.)</i></p>\n<p><img src=\"https://static.tigerbbs.com/b790996d6facd6effb4a2b8e455800ba\" tg-width=\"941\" tg-height=\"597\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: TradingView.com, Author</i></p>\n<p>In addition, for the last eight months, the price had been falling without breaking through the resistance line, which is marked in red on the previous chart. And only on June 24, the share price rose above this line. A day later, the stock rallied above the 50-day moving average.<i>Agree, the technical picture is quite clear and positive.</i></p>\n<p>Moreover, I also want to draw your attention to the dynamics of theMACDindicator:</p>\n<p><img src=\"https://static.tigerbbs.com/346c067c36b033a29857ae91717fc897\" tg-width=\"941\" tg-height=\"597\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: TradingView.com, Author</i></p>\n<p>Since the beginning of the year, this indicator has been showing a steady upward trend. And now it is already in the positive zone.</p>\n<p><i>In my opinion, all this indicates that the correction is most likely completed. Now a new, upward wave is emerging.</i></p>\n<p>And one more thing. Shares of Alibaba, much like the shares of most public companies, follow their long-term exponential trend, which tends to be well-identified on the graph with log y-axis. Here is this trend:</p>\n<p><img src=\"https://static.tigerbbs.com/7cc925fcc792b16d970c8a0da5cd8202\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p>\n<p>Now, the company's stock price is below this trend by one standard deviation. But overall, the trend doesn't seem broken.<i>And just a return of the price to the balanced state within the framework of this model would mean an increase of 35%.</i></p>\n<p>Bottom line</p>\n<p>In the context of investments, the key factors for success are patience and objectivity in the perception of the situation. In my opinion, this is even more important than deep theoretical knowledge.</p>\n<p>I do not and cannot have all the information regarding Alibaba Group. But I clearly see that in the context of technical analysis, the situation here is positive. Moreover, the price drop that we have been observing since November last year fits into the concept of a correction. And this correction is most likely already completed.</p>\n<p>Fundamental analysis is no less unambiguous. The undervaluation of the company is at least 100%.</p>\n<p>In talking about Alibaba, it is impossible to ignore the sovereign risks, which have especially increased in the last year. Much has already been written on this topic, in particular, I evenassessedthese risks through the calculation of the WACC (Weighted Average Cost of Capital). But any risk comes at a price. And in my opinion, it is the technical analysis that shows well that this risk is already taken into account in the price of the company.</p>\n<p>Therefore, there is no need to complicate things. You just need to be patient. The company's price is potentially prone to rise in price by at least 30% in the next six months.</p>\n<p>Just be patient!</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>Alibaba: A Rare Case Of Bullish Technicals And Fundamentals</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlibaba: A Rare Case Of Bullish Technicals And Fundamentals\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-07 15:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4437988-alibaba-rare-case-bullish-technicals-fundamentals><strong>seeking alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nFrom the very moment of the IPO in 2017, Alibaba's share price continues to move along the upward support.\nThe price drop that we have been observing since November last year fits into the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4437988-alibaba-rare-case-bullish-technicals-fundamentals\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4437988-alibaba-rare-case-bullish-technicals-fundamentals","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195805799","content_text":"Summary\n\nFrom the very moment of the IPO in 2017, Alibaba's share price continues to move along the upward support.\nThe price drop that we have been observing since November last year fits into the concept of a correction. And this correction is most likely already completed.\nFundamentally, the company is undervalued by at least 100%.\n\nThesis\nAlibaba Group(NYSE:BABA)(OTCPK:BABAF)now represents that rare case when both technical and fundamental analysis simultaneously indicate a very likely increase in the company's capitalization in the near future.\nPart 1: Fundamental analysis\nAmong the fundamental analysis tools, in this case, I find DCF modeling the most suitable because this method gives a rough idea of a company’s current rational value based on its development trends, the situation in the debt market and current volatility. In addition, this method allows you to look at the company as unbiased as possible.\nThe quality of the DCF model is largely determined by the quality of the long-term company’s revenue forecast, incorporated in the model. To consider a conservative scenario, when predicting Alibaba's revenue for the next decade, I proceeded from the lower bound of analysts'expectations. In my opinion, the CAGR of 15% over the next 10 years is more than realistic for Alibaba, given the current growth rate of China's economy. Let me remind you that the company receives more than 90% of its revenue in the domestic market.\n\nSource: Bloomberg\nIn addition, the model assumes a gradual decrease in the operating margin to 11% in the terminal year. This condition is dictated by the desire to consider a pessimistic scenario. In addition, it is in line with the trend shown by the company.\nData byYCharts\nTo calculate the Weighted Average Cost of Capital, I used thecurrent yield of China 10-Year Bondas a risk-free rate for the Chinese market (3.11%),equity risk premium(5.4%) and 3-yearrolling beta coefficient(0.6). For the terminal year, I used Beta equal to 1. To calculate the Cost of Debt, I used the interest expense for 2020 and 2021 FY divided by the debt value for the same years. Here is the calculation:\nSource: Author\nAmong other parameters, the following should be highlighted:\n\nThe relative size of CAPEX will remain at the five-year average.\nThe tax rate will amount to 27%.\n\nAnd, here's the model itself:\nSource: Author\nThe DCF-based target price of Alibaba's shares is ~$500, offering 130% upside. Please note that the considered scenario for the development of Alibaba cannot be called optimistic.\nPart 2: Technical analysis\nThis block should begin with the fact that from the very moment of the IPO in 2017, the company's share price continues to move along the upward support. The monthly chart demonstrates this very well:\n\nSource: TradingView.com, Author\nSeparately, it is worth noting that the fall in the price of Alibaba shares, which we have been observing since the end of 2020, fully fits into this pattern.In other words, in a technical context, nothing extraordinary has happened here over the past eight months.\nNow, let's move on to the weekly chart and take a closer look at the last two years.\nThe last major full wave (growth and correction), which stands out in the dynamics of the company's share price, began in March 2020. And if we assume that in May 2021 the price of Alibaba's share reached its local minimum, then we get a pattern that is in very good agreement with theFibonacci retracement levels.In addition, the preservation of the macro uptrend is confirmed again becausethe end of the wave is higher than its beginning.\n\nSource: TradingView.com, Author\nNow, let's move on to the daily chart and focus on the last eight months.\nThe fall in the company's share price, which began in November last year, clearly consists of three waves, indicated in the following chart by the letters A, B, C. (By the way, according to theElliott Wave Theory, the correction should consist of three waves.)\n\nSource: TradingView.com, Author\nIn addition, for the last eight months, the price had been falling without breaking through the resistance line, which is marked in red on the previous chart. And only on June 24, the share price rose above this line. A day later, the stock rallied above the 50-day moving average.Agree, the technical picture is quite clear and positive.\nMoreover, I also want to draw your attention to the dynamics of theMACDindicator:\n\nSource: TradingView.com, Author\nSince the beginning of the year, this indicator has been showing a steady upward trend. And now it is already in the positive zone.\nIn my opinion, all this indicates that the correction is most likely completed. Now a new, upward wave is emerging.\nAnd one more thing. Shares of Alibaba, much like the shares of most public companies, follow their long-term exponential trend, which tends to be well-identified on the graph with log y-axis. Here is this trend:\nSource: VisualizedAnalytics.com\nNow, the company's stock price is below this trend by one standard deviation. But overall, the trend doesn't seem broken.And just a return of the price to the balanced state within the framework of this model would mean an increase of 35%.\nBottom line\nIn the context of investments, the key factors for success are patience and objectivity in the perception of the situation. In my opinion, this is even more important than deep theoretical knowledge.\nI do not and cannot have all the information regarding Alibaba Group. But I clearly see that in the context of technical analysis, the situation here is positive. Moreover, the price drop that we have been observing since November last year fits into the concept of a correction. And this correction is most likely already completed.\nFundamental analysis is no less unambiguous. The undervaluation of the company is at least 100%.\nIn talking about Alibaba, it is impossible to ignore the sovereign risks, which have especially increased in the last year. Much has already been written on this topic, in particular, I evenassessedthese risks through the calculation of the WACC (Weighted Average Cost of Capital). But any risk comes at a price. And in my opinion, it is the technical analysis that shows well that this risk is already taken into account in the price of the company.\nTherefore, there is no need to complicate things. You just need to be patient. The company's price is potentially prone to rise in price by at least 30% in the next six months.\nJust be patient!","news_type":1,"symbols_score_info":{"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":1719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140388968,"gmtCreate":1625629616454,"gmtModify":1703745273605,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Right management","listText":"Right management","text":"Right management","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140388968","repostId":"1157988669","repostType":2,"repost":{"id":"1157988669","kind":"news","pubTimestamp":1625623393,"share":"https://ttm.financial/m/news/1157988669?lang=en_US&edition=fundamental","pubTime":"2021-07-07 10:03","market":"us","language":"zh","title":"He XPeng's Second Dream","url":"https://stock-news.laohu8.com/highlight/detail?id=1157988669","media":"FN商业","summary":"何小鹏的内心深处仍然埋藏着创业梦，等待被激活。或许他自己都没有察觉，这颗种子早在他独自走下大巴车的时候就已经埋下了。\n\n\n造车新势力中，小鹏最晚登陆美股。然而在纽交所上市不满一年，它已完成“双重主要上","content":"<p>He XPeng still has his entrepreneurial dream buried deep in his heart, waiting to be activated. Perhaps he didn't realize it himself, but this seed had been planted as early as when he got off the bus alone.<img src=\"https://static.tigerbbs.com/742f2336829be615cea2b9a16f842a2e\" tg-width=\"650\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Among the new car-making forces, XPeng was the latest to land in the US stock market. However, less than a year after listing on the New York Stock Exchange, it has completed a \"dual primary listing\".</p><p>On July 7, XPeng Motors landed on the Hong Kong Stock Exchange, opening up 1.82%, with an issue price of HK $165, a highest stock price of HK $168, and a total market value of HK $284.2 billion. XPeng's first smart electric vehicle stock in Hong Kong stock market is likely to set off a trend of new car companies returning to Hong Kong for listing.</p><p>He XPeng of XPeng Automobile, with his second dream, kept diving into the deep water area of new cars.</p><p><b>01</b></p><p>On June 11, 2014, Alibaba acquired UC for US $4.35 billion in cash and equity.<b>It has set a merger and acquisition record in the history of domestic mobile Internet.</b>After becoming a wholly-owned subsidiary of Ali, UC was merged into the Ali system.</p><p>Ten years after founding UC, He XPeng, who achieved financial freedom, joined Alibaba with Yu Yongfu. This year, Ma Yun was the richest man in China.</p><p>After joining Ali, He XPeng served as the CEO of UC, became the president of Ali Mobile Business Group a year later, and was later transferred to the chairman of Ali Games. In 2017, he served as the president of Tudou.</p><p>But<b>He XPeng still has his entrepreneurial dream buried deep in his heart, waiting to be activated.</b>Perhaps he didn't even notice it, but this seed had been planted as early as when he got off the bus alone.</p><p>In 1999, South China University of Technology ushered in the graduation season. He XPeng and two other students got on a bus and followed their tutors to different enterprises for interviews, including two state-owned enterprises and one private enterprise.</p><p>The bus stopped in front of this private enterprise named \"AsiaInfo Technology\", and only He XPeng got off the bus. At that time, few people were willing to give up the iron rice bowl of state-owned enterprises. But He XPeng's idea is very different. His wish is to achieve financial freedom before the age of 40 and then retire.</p><p><b>No one can predict the future, and the way fate favors the lucky is full of drama.</b></p><p>Tian Shuoning, the founder of AsiaInfo Technology, later became the famous \"Mr. Internet\", and AsiaInfo was the \"architect of China's Internet\", but this is another story.</p><p>After graduation, He XPeng officially entered AsiaInfo Guangzhou office and started as a software testing engineer.</p><p>During his work in AsiaInfo, He XPeng met his fellow brother Liang Jie. Liang Jie has strong technical strength and is good at writing code. The two were in the same R&D team, and they cooperated very tacitly to jointly develop a large-capacity mail system, which became the company's flagship product.</p><p>In 2000, AsiaInfo was listed on Nasdaq. He XPeng has been in the company for one year and has 1,500 shares. According to the listed stock price of US $20, it is equivalent to US $30,000. When his leader gave him the equity agreement, he said,<b>You got a suite as soon as you came to the company</b>。”</p><p>But in 2004, He XPeng felt that migrant workers who earned thousands of dollars a month could not achieve financial freedom, so he resigned to start a business. Following the emerging trend of mobile Internet, he founded UC with Liang Jie.</p><p>At that time, China's Internet industry had just entered its first decade. He XPeng and Liang Jie were the first people to \"surf the Internet\" with mobile phones, and they were also the first to discover the entrepreneurial opportunities of mobile Internet.</p><p>At the beginning of its business, UC developed two products: UC Mail and UC Web. UC stands for You Can, meaning \"You Can send and receive mail and access the internet (at any time)\".</p><p><img src=\"https://static.tigerbbs.com/bab609b1da7cd95d17eeb37c2d16ab21\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>However, limited by the popularity of mobile Internet and hardware devices, users have not yet developed the habit of sending and receiving emails with mobile phones, but this product has attracted Ding Lei's attention.<b>Ding Lei also started as a mailbox and is very sensitive to similar products on the market.</b></p><p>Unfortunately, Chen Leihua, one of the developers of Netease Mailbox, is a classmate of He XPeng. He matched the bridge and the two sides met.</p><p>At the wine table, Ding Lei heard that UC's team couldn't even afford to rent an office. First, they borrowed 800,000 yuan, and then lent their office to He XPeng.<b>This office, once again why XPeng opened the door of luck.</b></p><p>UC's team moved into Ding Lei's office, next door is Li Xueling, editor-in-chief of Netease. Li Xueling later resigned to start a business and was the founder of YY. In 2006, Li Xueling introduced He XPeng to Yu Yongfu, vice president of Legend Investment (now Legend Capital). Yu Yongfu wanted to invest in UC very much, but the project failed because of one vote difference.</p><p>Yu Yongfu is unwilling. He has visited UC for half a year and is very optimistic about this project. So, on the night of the investment decision-making meeting, Yu Yongfu met Lei Jun in a bar on the streets of Beijing, and Lei Jun only said one sentence after listening to it:<b>\"If you go to UC, I will vote.\"</b></p><p>As a result, Yu Yongfu resigned from the position of vice president of Lenovo Investment, became the chairman and CEO of UC, and quickly completed a financing of 4 million yuan for UC, of which 2 million yuan was given by Lei Jun.</p><p><img src=\"https://static.tigerbbs.com/5d9db67406720f587d94f553fb67c2cf\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>Later, after Lei Jun left Jinshan, he also served as the chairman of UC. He is a fellow villager of He XPeng and an investor in He XPeng's two ventures.</p><p><b>02</b></p><p>Back to June 13, 2014, the day after UC was merged into Ali, the butterfly on the other side of the ocean flapped its wings. Musk announced that Tesla would adopt an \"open source model\". Subsequently, the new car-making force \"Wei Xiaoli\" was established one after another.</p><p>In the same year, Musk came to China and delivered the first batch of Tesla cars to domestic users. He XPeng was the first batch of users. He mentioned more than once that after getting on a Tesla, \"<b>The first feeling is that the world is about to change, and changes in the automobile industry are coming.</b>”</p><p>He XPeng mentioned in a self-report, \"<b>After Ali integrated UC in 2014, I proposed to build cars in the Ali system, but I was ruthlessly rejected.</b>I like cars and believe in the future of smart cars, but building your own car may face more responsibility, anxiety and pressure, and maybe it's better to be an investor. \"</p><p>At that time,<b>He XPeng, 37, completed his goal of financial freedom three years ahead of schedule</b>, but his first thought was not retirement, but the pain, emptiness and confusion after financial freedom.</p><p>So,<b>He XPeng began to initiate and promote car manufacturing projects as an investor.</b></p><p>Among this car-making team is Xia Heng, who was born in Tsinghua University majoring in automotive engineering. He joined GAC Trumpchi when it was first established and participated in the entire process of Trumpchi's birth.</p><p>Xia Heng was very excited about the idea of building a \"Chinese Tesla\", so he resolutely left GAC.</p><p>Before founding XPeng, Xia Heng was the chief of the control section of GAC New Energy Center, where he was responsible for the development of control systems for a variety of new energy vehicles and smart vehicles.</p><p>He Tao, another founder of XPeng Motors, is Xia Heng's junior and colleague. After graduating in 2010, he joined the Guangzhou Automobile Research Institute, engaged in the research and development of new energy vehicle control-related systems. Due to his strong technical ability, He Tao then coordinated the advancement of GAC's driverless project as a project manager.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55bb88fe0777b1f5dfe5d1bd9a2520c7\" tg-width=\"1080\" tg-height=\"665\"><span>(He Tao, He XPeng, Xia Heng)</span></p><p>After the establishment of XPeng Automobile's start-up team, it is still far from He XPeng changing from an investor to a founder<b>A phone call</b>。</p><p>On February 16th, 2017, He XPeng's child was born. Just a few minutes after hugging it, he received a phone call. This call came from Fu Jixun, managing partner of GGV GGV Capital, who he ridiculed as \"the bad guy who prompted me to start my business\".</p><p>\"The upgrading of the manufacturing industry and the upgrading of the travel industry has become the general trend. You have to come out quickly, and if you don't come out, this Windows (window period) will be gone.\"</p><p>According to He XPeng's recollection, since he formed a car-building team as an investor, he had always had the idea of starting a business and building a car again. Until the moment I received the phone call, I suddenly felt a strong emotion in my heart: I had to do something to prove it to my son.</p><p><b>This phone call officially activated He XPeng's entrepreneurial dream.</b></p><p>Six months later, on UC's 13th birthday, He XPeng officially left Ali. Yu Yongfu, then chairman and CEO of Alibaba Culture and Entertainment Group, said in an internal letter that He XPeng would officially \"retire\" and \"start a new journey of pursuing dreams\".</p><p>On that day, He XPeng sent a circle of friends: a cycle of entrepreneurship, bitter, spicy, sour, sweet and salty, and he was still a teenager when he came back.</p><p><b>03</b></p><p>Before He XPeng officially joined, XPeng Automobile's car-making plan had begun to advance, including obtaining Pre-A round of financing and 2.2 billion yuan in Series A financing, releasing the Beta version of the first mass-produced car, settling a tens of billions of production bases in Zhaoqing City, obtaining sales qualifications, etc.</p><p>He XPeng's joining has brought entrepreneurial experience and broad contacts.</p><p>Within one year of joining, XPeng Automobile completed 2 billion financing, and its shareholders include Alibaba, Foxconn, IDG and other investment giants. At the same time, He XPeng also hired a number of technical executives to supplement team talents.</p><p>On October 12, 2017, more than two months after He XPeng joined XPeng Motors, XPeng Motors' first mass-produced model officially rolled off the assembly line, becoming the first among the new car-making forces to achieve mass production.</p><p>On January 10, 2018, XPeng Motors G3 made its world premiere at the CES International Consumer Electronics Show in the United States. Domestically, XPeng Motors G3 appeared at the Geek Park Innovation Festival booth. In the same month, XPeng Motor delivered its first 39 new vehicles.</p><p>In March 2018, XPeng Automobile's 1.0 mass-produced model won the first new energy license plate for the mass-produced vehicle of the new Chinese car-making force.</p><p>However, what followed was a slowdown in XPeng. The first batch of XPeng Motors products were not put on the market, but were given to employees to continue driving tests in different scenarios.</p><p>He XPeng's attitude is very firm: \"Consumers should never be our first users.\"</p><p>Until December 12, 2018, XPeng Motors announced the official launch of the G3 and started delivery at the same time. The new car is divided into two models: G3 520 and G3 400. After comprehensive subsidies, the national unified price range is 143,800-196,800 yuan. The first batch of sold More than 10,000 vehicles.</p><p>But at this time, XPeng Motors has been overtaken by Nio Motors in terms of delivery.</p><p>Entering 2019, XPeng Automobile's development plan mentioned that 200 super charging stations will be built at the front end, an increase of 50%; Mid-range XPeng vehicles will expand the company scale to 5,000 employees, an increase of 40%; The back-end Zhaoqing factory will start construction and deliver 40,000 new cars, an increase of more than 7563%.</p><p>As a result, XPeng Motors began to build a VIE structure, and then news of launching an IPO in the United States came out, but the drastic changes in the new energy market came unexpectedly.</p><p>In March 2019, relevant departments issued the \"Notice on Further Improving the Financial Subsidy Policies for the Promotion and Application of New Energy Vehicles\". By the end of June, national subsidies for new energy vehicles would be halved and local subsidies would directly disappear.</p><p>Subsequently, the new energy vehicle market experienced coldness for the first time.</p><p>\"Currently, XPeng Motors has no schedule for the time and place of the IPO.\" On March 28, He XPeng announced.</p><p>In addition to market fluctuations and IPOs that have not yet been included in the plan, XPeng Motors has also begun to encounter doubts from users.</p><p>In July 2019, XPeng launched the G3 2020 model, but it quickly aroused strong dissatisfaction among old XPeng car owners. Compared with the 2019 G3, the new model not only has improved battery life, but also has a lower price than the old model.</p><p>On July 13, XPeng Automobile encountered the biggest crisis. A large wave of car owners went to XPeng Automobile headquarters and service centers in various cities to pull up banners to defend their rights, accusing XPeng Automobile of suspected consumer fraud.</p><p><img src=\"https://static.tigerbbs.com/42a12e066dfe967e8bf65b6e3916e2b2\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p><p>In desperation, XPeng Motors offered a compensation plan: when an old car owner purchases any model of XPeng Motors within 3 years, he will enjoy an additional exclusive subsidy of 10,000 yuan on the basis of enjoying all the current promotion policy rights and interests of the new car he intends to purchase.</p><p>More than a month later, He XPeng sighed in an interview with the media, \"<b>In the automobile industry, in addition to physical and mental fatigue, there is also mental fatigue</b>”。 In his words, he entered the \"hard zone\" of the automobile circle from the \"comfort zone\" of the Internet circle.</p><p>In fact, from 2018 to mid-2020, He XPeng repeatedly revealed negative emotions.</p><p>He used to be full of pain about delivery: \"I used to think that R&D and manufacturing were difficult, but delivery was not difficult, but now I find that the difficulty of delivery is far higher than building hundreds of units. In order to deliver, there are booking and sales links, and a huge CRM (Customer Relationship Management System) and dozens of information systems should be built internally. In order to sell, more than 40 companies should be opened all over the country, because every place has to deliver and invoice. We have to have charging stations everywhere. What should we do after-sales and maintenance...<b>The current pain I think will last for two years, until 2020.</b>”</p><p>By 2020, the pain continues. In June of this year, He XPeng sent a group photo in Weibo. In the photo, He XPeng, Li Bin and Li Xiang were sitting next to each other, and Li Bin's hands were closely placed on the shoulders of the two people next to him. He XPeng wrote: \"Three hardships, remembering their hardships and thinking about change...\"</p><p><img src=\"https://static.tigerbbs.com/ff8d8caa7b954731b82901887f5148db\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>Fortunately, a temporary \"hardship\" will not knock down an industry, especially an industry such as new energy vehicles that is destined to rise.</p><p>In July 2020, XPeng Motors released its second mass-produced model, the P7 smart coupe. The P7 is a benchmark against the domestic Tesla Model 3, with a cruising range of 706 kilometers and a price of about 230,000 yuan after subsidies.</p><p>The biggest \"difficulty\" for new car-making forces lies in building their own factories. However, the Zhaoqing factory, which invested 2 billion at the beginning, has begun to reap fruits, and the P7 is produced by the Zhaoqing factory.</p><p>The number of monthly deliveries urges He XPeng to keep moving forward, but in this battlefield where \"burning money\" has become a consensus, financing issues have been plaguing all players in the circle.</p><p>Due to the demand for mass production, car manufacturing requires extremely high funds, and 20 billion is only the threshold for entering the industry. He XPeng himself has invested 300 million US dollars like drizzle, and XPeng Motors has raised more than 18 billion yuan in 10 rounds of financing. In addition to old friends Alibaba and Xiaomi Group, investors also include Sequoia, Hillhouse, Foxconn and IDG Capital.</p><p>At this time, Nio Motors has become the leader among the three musketeers of car manufacturing. It was listed on the New York Stock Exchange on September 12, 2018, raising US $1 billion; Li Xiang's Li Auto followed closely behind and was listed on Nasdaq in the United States on July 30, 2020, raising US $1.05 billion.</p><p>XPeng Motor landed on the New York Stock Exchange on August 27, raising US $1.5 billion.</p><p><b>04</b></p><p>XPeng Automobile is about to land on the Hong Kong stock market and complete the \"dual primary listing\".</p><p>Since it is less than a year away from listing on the New York Stock Exchange, unlike a number of Chinese concept stocks such as JD.com, Baidu, and Bilibili that have gone to Hong Kong for secondary listing, XPeng Automobile cannot meet the requirements of the Hong Kong Stock Exchange for \"two fiscal years\". The only way to choose the \"dual primary market\" method to raise funds in Hong Kong.</p><p>At the same time, Nio and Ideal also revealed their willingness to go public in Hong Kong.</p><p><b>The urgent demand for listing reflects the development status of the new energy vehicle industry</b>: The thirst for funds and the recognition of the capital market complement each other; The appointment to return to Hong Kong for listing also reflects the quiet transformation of the core market of new energy vehicles.</p><p><b>In the capital market, the imagination of the new energy vehicle industry continues to nourish the stock prices of new forces.</b></p><p>Tesla has become the car company with the highest market value, and Wei Xiaoli's market value has also exceeded many century-old car companies. However, from the perspective of sales scale, the gap between the two sides is still large.</p><p>This year has just entered July, and new car-making forces can't wait to show their June sales report cards. Among them, Nio continued to lead with 8,083 vehicles delivered, Ideal became second with 7,713 vehicles, and XPeng delivered 6,565 vehicles, ranking third.</p><p>Since 2021, the scale of the new energy vehicle industry has expanded steadily. Nio, which has the highest delivery volume, is hitting annual sales of 100,000 vehicles, while Ideal and XPeng have the opportunity to hit annual sales of 80,000 vehicles.</p><p>However,<b>The monthly delivery volume in thousands is still a niche in the automobile market with millions of shipments</b>, this is the limitation caused by production capacity, and it is also the room for imagination to expand.</p><p>Thanks to the increase in shipments, XPeng Motor's revenue and gross profit have grown simultaneously, and it has begun to narrow the distance with its peers. Its prospectus shows that XPeng Automobile achieved a total revenue of 2.951 billion yuan in the first quarter of 2021, a year-on-year increase of 616.1% from 412 million yuan in 2020. The growth rate exceeded 481.8% of Nio Automobile and 319.8% of Li Auto. However, during the same period, Nio Automobile's revenue was 7.98 billion yuan, and Li Auto's revenue was 3.58 billion yuan.</p><p>In addition, XPeng vehicles have begun to enter the production capacity ramp-up stage. According to the prospectus, the utilization rate of XPeng's automobile production line is close to 40%, of which the capacity utilization rate of Haima factory has increased from 6.4% in 2018 to 40.6%, and the capacity utilization rate of Zhaoqing's new factory has also reached 38.5%, which is close to that of Chinese passenger cars. 40% average capacity utilization rate.</p><p><b>However, XPeng Automobile still hasn't got rid of the loss predicament.</b>XPeng warned of risks in the prospectus. The company is still incurring losses and negative operating cash flow, and this situation may continue for some time.</p><p>The financial report shows that XPeng has accumulated losses of more than 7.8 billion yuan in the past three years. From January to March 2021, XPeng's net loss was 786.6 million yuan, which was further expanded compared with 649.8 million yuan in the same period last year. The main reason for the loss was the high investment in research and development expenses, marketing promotion and advertising expenses. Among them, research and development expenses reached 5351 million yuan.</p><p><b>Among the three giants of new car manufacturing forces, Nio Motors leads in brand positioning and service system. Li Auto likes to tell the story of battery anxiety behind range-extending technology, while the moat XPeng Motors has built for itself is \"intelligence\".</b></p><p>In the prospectus, XPeng Motor also stated that its most critical core competitiveness is intelligence, that is, all software and core hardware are independently developed. Different from other OEMs, XPeng Automobile independently designed and developed full-stack autonomous driving technology and operating system, and said it was the first new car-making force company to independently develop autonomous driving software and commercialize it.</p><p>Taking technology as the core is determined by the genes of the founding team of XPeng Motors. In addition to the technical background of the two co-founders, there are also R&D positions accounting for nearly 40%. The prospectus mentioned that as of March 31, 2021, XPeng Motors has a total of 6,132 employees worldwide, of which 39.8% are R&D positions, including three categories: automotive design and engineering, autonomous driving and intelligent operating systems.</p><p>After the \"dual primary listing\", with the endless stories told in the new energy market and the complete closed loop of R&D, design, production, and sales services realized with self-built factories as the axis, funding is no longer the biggest problem.</p><p>The next hurdle lies in self-hematopoiesis at the business model level, intelligent research and development at the technical level, and the fierce invasion of mobile phone manufacturers.</p><p><b>05</b></p><p>“<b>I welcome more people to come in. There are still some opportunities in the past five years. After 2025, it will be a change from the Spring and Autumn Period to the Warring States Period.</b>\"At the Shanghai Auto Show, He XPeng once described the competition in the new energy vehicle market.</p><p>Why did Lei Jun, who solved XPeng's urgent need at the beginning, have already stood at the forefront of new car manufacturing with tens of billions of dollars. Ten years of reincarnation, old and new stories alternate.</p><p>He XPeng, a serial entrepreneur, fulfilled his dream of financial freedom three years ahead of schedule, but he was still determined to enter the muddy waters of new car manufacturing. Listed twice within a year, XPeng's identity has been transformed between pathfinder, chaser and leader.</p>","source":"lsy1590629264667","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>He XPeng's Second Dream</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\">\nHe XPeng's Second Dream\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FN商业</strong><span class=\"h-time small\">2021-07-07 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>He XPeng still has his entrepreneurial dream buried deep in his heart, waiting to be activated. Perhaps he didn't realize it himself, but this seed had been planted as early as when he got off the bus alone.<img src=\"https://static.tigerbbs.com/742f2336829be615cea2b9a16f842a2e\" tg-width=\"650\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Among the new car-making forces, XPeng was the latest to land in the US stock market. However, less than a year after listing on the New York Stock Exchange, it has completed a \"dual primary listing\".</p><p>On July 7, XPeng Motors landed on the Hong Kong Stock Exchange, opening up 1.82%, with an issue price of HK $165, a highest stock price of HK $168, and a total market value of HK $284.2 billion. XPeng's first smart electric vehicle stock in Hong Kong stock market is likely to set off a trend of new car companies returning to Hong Kong for listing.</p><p>He XPeng of XPeng Automobile, with his second dream, kept diving into the deep water area of new cars.</p><p><b>01</b></p><p>On June 11, 2014, Alibaba acquired UC for US $4.35 billion in cash and equity.<b>It has set a merger and acquisition record in the history of domestic mobile Internet.</b>After becoming a wholly-owned subsidiary of Ali, UC was merged into the Ali system.</p><p>Ten years after founding UC, He XPeng, who achieved financial freedom, joined Alibaba with Yu Yongfu. This year, Ma Yun was the richest man in China.</p><p>After joining Ali, He XPeng served as the CEO of UC, became the president of Ali Mobile Business Group a year later, and was later transferred to the chairman of Ali Games. In 2017, he served as the president of Tudou.</p><p>But<b>He XPeng still has his entrepreneurial dream buried deep in his heart, waiting to be activated.</b>Perhaps he didn't even notice it, but this seed had been planted as early as when he got off the bus alone.</p><p>In 1999, South China University of Technology ushered in the graduation season. He XPeng and two other students got on a bus and followed their tutors to different enterprises for interviews, including two state-owned enterprises and one private enterprise.</p><p>The bus stopped in front of this private enterprise named \"AsiaInfo Technology\", and only He XPeng got off the bus. At that time, few people were willing to give up the iron rice bowl of state-owned enterprises. But He XPeng's idea is very different. His wish is to achieve financial freedom before the age of 40 and then retire.</p><p><b>No one can predict the future, and the way fate favors the lucky is full of drama.</b></p><p>Tian Shuoning, the founder of AsiaInfo Technology, later became the famous \"Mr. Internet\", and AsiaInfo was the \"architect of China's Internet\", but this is another story.</p><p>After graduation, He XPeng officially entered AsiaInfo Guangzhou office and started as a software testing engineer.</p><p>During his work in AsiaInfo, He XPeng met his fellow brother Liang Jie. Liang Jie has strong technical strength and is good at writing code. The two were in the same R&D team, and they cooperated very tacitly to jointly develop a large-capacity mail system, which became the company's flagship product.</p><p>In 2000, AsiaInfo was listed on Nasdaq. He XPeng has been in the company for one year and has 1,500 shares. According to the listed stock price of US $20, it is equivalent to US $30,000. When his leader gave him the equity agreement, he said,<b>You got a suite as soon as you came to the company</b>。”</p><p>But in 2004, He XPeng felt that migrant workers who earned thousands of dollars a month could not achieve financial freedom, so he resigned to start a business. Following the emerging trend of mobile Internet, he founded UC with Liang Jie.</p><p>At that time, China's Internet industry had just entered its first decade. He XPeng and Liang Jie were the first people to \"surf the Internet\" with mobile phones, and they were also the first to discover the entrepreneurial opportunities of mobile Internet.</p><p>At the beginning of its business, UC developed two products: UC Mail and UC Web. UC stands for You Can, meaning \"You Can send and receive mail and access the internet (at any time)\".</p><p><img src=\"https://static.tigerbbs.com/bab609b1da7cd95d17eeb37c2d16ab21\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>However, limited by the popularity of mobile Internet and hardware devices, users have not yet developed the habit of sending and receiving emails with mobile phones, but this product has attracted Ding Lei's attention.<b>Ding Lei also started as a mailbox and is very sensitive to similar products on the market.</b></p><p>Unfortunately, Chen Leihua, one of the developers of Netease Mailbox, is a classmate of He XPeng. He matched the bridge and the two sides met.</p><p>At the wine table, Ding Lei heard that UC's team couldn't even afford to rent an office. First, they borrowed 800,000 yuan, and then lent their office to He XPeng.<b>This office, once again why XPeng opened the door of luck.</b></p><p>UC's team moved into Ding Lei's office, next door is Li Xueling, editor-in-chief of Netease. Li Xueling later resigned to start a business and was the founder of YY. In 2006, Li Xueling introduced He XPeng to Yu Yongfu, vice president of Legend Investment (now Legend Capital). Yu Yongfu wanted to invest in UC very much, but the project failed because of one vote difference.</p><p>Yu Yongfu is unwilling. He has visited UC for half a year and is very optimistic about this project. So, on the night of the investment decision-making meeting, Yu Yongfu met Lei Jun in a bar on the streets of Beijing, and Lei Jun only said one sentence after listening to it:<b>\"If you go to UC, I will vote.\"</b></p><p>As a result, Yu Yongfu resigned from the position of vice president of Lenovo Investment, became the chairman and CEO of UC, and quickly completed a financing of 4 million yuan for UC, of which 2 million yuan was given by Lei Jun.</p><p><img src=\"https://static.tigerbbs.com/5d9db67406720f587d94f553fb67c2cf\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>Later, after Lei Jun left Jinshan, he also served as the chairman of UC. He is a fellow villager of He XPeng and an investor in He XPeng's two ventures.</p><p><b>02</b></p><p>Back to June 13, 2014, the day after UC was merged into Ali, the butterfly on the other side of the ocean flapped its wings. Musk announced that Tesla would adopt an \"open source model\". Subsequently, the new car-making force \"Wei Xiaoli\" was established one after another.</p><p>In the same year, Musk came to China and delivered the first batch of Tesla cars to domestic users. He XPeng was the first batch of users. He mentioned more than once that after getting on a Tesla, \"<b>The first feeling is that the world is about to change, and changes in the automobile industry are coming.</b>”</p><p>He XPeng mentioned in a self-report, \"<b>After Ali integrated UC in 2014, I proposed to build cars in the Ali system, but I was ruthlessly rejected.</b>I like cars and believe in the future of smart cars, but building your own car may face more responsibility, anxiety and pressure, and maybe it's better to be an investor. \"</p><p>At that time,<b>He XPeng, 37, completed his goal of financial freedom three years ahead of schedule</b>, but his first thought was not retirement, but the pain, emptiness and confusion after financial freedom.</p><p>So,<b>He XPeng began to initiate and promote car manufacturing projects as an investor.</b></p><p>Among this car-making team is Xia Heng, who was born in Tsinghua University majoring in automotive engineering. He joined GAC Trumpchi when it was first established and participated in the entire process of Trumpchi's birth.</p><p>Xia Heng was very excited about the idea of building a \"Chinese Tesla\", so he resolutely left GAC.</p><p>Before founding XPeng, Xia Heng was the chief of the control section of GAC New Energy Center, where he was responsible for the development of control systems for a variety of new energy vehicles and smart vehicles.</p><p>He Tao, another founder of XPeng Motors, is Xia Heng's junior and colleague. After graduating in 2010, he joined the Guangzhou Automobile Research Institute, engaged in the research and development of new energy vehicle control-related systems. Due to his strong technical ability, He Tao then coordinated the advancement of GAC's driverless project as a project manager.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55bb88fe0777b1f5dfe5d1bd9a2520c7\" tg-width=\"1080\" tg-height=\"665\"><span>(He Tao, He XPeng, Xia Heng)</span></p><p>After the establishment of XPeng Automobile's start-up team, it is still far from He XPeng changing from an investor to a founder<b>A phone call</b>。</p><p>On February 16th, 2017, He XPeng's child was born. Just a few minutes after hugging it, he received a phone call. This call came from Fu Jixun, managing partner of GGV GGV Capital, who he ridiculed as \"the bad guy who prompted me to start my business\".</p><p>\"The upgrading of the manufacturing industry and the upgrading of the travel industry has become the general trend. You have to come out quickly, and if you don't come out, this Windows (window period) will be gone.\"</p><p>According to He XPeng's recollection, since he formed a car-building team as an investor, he had always had the idea of starting a business and building a car again. Until the moment I received the phone call, I suddenly felt a strong emotion in my heart: I had to do something to prove it to my son.</p><p><b>This phone call officially activated He XPeng's entrepreneurial dream.</b></p><p>Six months later, on UC's 13th birthday, He XPeng officially left Ali. Yu Yongfu, then chairman and CEO of Alibaba Culture and Entertainment Group, said in an internal letter that He XPeng would officially \"retire\" and \"start a new journey of pursuing dreams\".</p><p>On that day, He XPeng sent a circle of friends: a cycle of entrepreneurship, bitter, spicy, sour, sweet and salty, and he was still a teenager when he came back.</p><p><b>03</b></p><p>Before He XPeng officially joined, XPeng Automobile's car-making plan had begun to advance, including obtaining Pre-A round of financing and 2.2 billion yuan in Series A financing, releasing the Beta version of the first mass-produced car, settling a tens of billions of production bases in Zhaoqing City, obtaining sales qualifications, etc.</p><p>He XPeng's joining has brought entrepreneurial experience and broad contacts.</p><p>Within one year of joining, XPeng Automobile completed 2 billion financing, and its shareholders include Alibaba, Foxconn, IDG and other investment giants. At the same time, He XPeng also hired a number of technical executives to supplement team talents.</p><p>On October 12, 2017, more than two months after He XPeng joined XPeng Motors, XPeng Motors' first mass-produced model officially rolled off the assembly line, becoming the first among the new car-making forces to achieve mass production.</p><p>On January 10, 2018, XPeng Motors G3 made its world premiere at the CES International Consumer Electronics Show in the United States. Domestically, XPeng Motors G3 appeared at the Geek Park Innovation Festival booth. In the same month, XPeng Motor delivered its first 39 new vehicles.</p><p>In March 2018, XPeng Automobile's 1.0 mass-produced model won the first new energy license plate for the mass-produced vehicle of the new Chinese car-making force.</p><p>However, what followed was a slowdown in XPeng. The first batch of XPeng Motors products were not put on the market, but were given to employees to continue driving tests in different scenarios.</p><p>He XPeng's attitude is very firm: \"Consumers should never be our first users.\"</p><p>Until December 12, 2018, XPeng Motors announced the official launch of the G3 and started delivery at the same time. The new car is divided into two models: G3 520 and G3 400. After comprehensive subsidies, the national unified price range is 143,800-196,800 yuan. The first batch of sold More than 10,000 vehicles.</p><p>But at this time, XPeng Motors has been overtaken by Nio Motors in terms of delivery.</p><p>Entering 2019, XPeng Automobile's development plan mentioned that 200 super charging stations will be built at the front end, an increase of 50%; Mid-range XPeng vehicles will expand the company scale to 5,000 employees, an increase of 40%; The back-end Zhaoqing factory will start construction and deliver 40,000 new cars, an increase of more than 7563%.</p><p>As a result, XPeng Motors began to build a VIE structure, and then news of launching an IPO in the United States came out, but the drastic changes in the new energy market came unexpectedly.</p><p>In March 2019, relevant departments issued the \"Notice on Further Improving the Financial Subsidy Policies for the Promotion and Application of New Energy Vehicles\". By the end of June, national subsidies for new energy vehicles would be halved and local subsidies would directly disappear.</p><p>Subsequently, the new energy vehicle market experienced coldness for the first time.</p><p>\"Currently, XPeng Motors has no schedule for the time and place of the IPO.\" On March 28, He XPeng announced.</p><p>In addition to market fluctuations and IPOs that have not yet been included in the plan, XPeng Motors has also begun to encounter doubts from users.</p><p>In July 2019, XPeng launched the G3 2020 model, but it quickly aroused strong dissatisfaction among old XPeng car owners. Compared with the 2019 G3, the new model not only has improved battery life, but also has a lower price than the old model.</p><p>On July 13, XPeng Automobile encountered the biggest crisis. A large wave of car owners went to XPeng Automobile headquarters and service centers in various cities to pull up banners to defend their rights, accusing XPeng Automobile of suspected consumer fraud.</p><p><img src=\"https://static.tigerbbs.com/42a12e066dfe967e8bf65b6e3916e2b2\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p><p>In desperation, XPeng Motors offered a compensation plan: when an old car owner purchases any model of XPeng Motors within 3 years, he will enjoy an additional exclusive subsidy of 10,000 yuan on the basis of enjoying all the current promotion policy rights and interests of the new car he intends to purchase.</p><p>More than a month later, He XPeng sighed in an interview with the media, \"<b>In the automobile industry, in addition to physical and mental fatigue, there is also mental fatigue</b>”。 In his words, he entered the \"hard zone\" of the automobile circle from the \"comfort zone\" of the Internet circle.</p><p>In fact, from 2018 to mid-2020, He XPeng repeatedly revealed negative emotions.</p><p>He used to be full of pain about delivery: \"I used to think that R&D and manufacturing were difficult, but delivery was not difficult, but now I find that the difficulty of delivery is far higher than building hundreds of units. In order to deliver, there are booking and sales links, and a huge CRM (Customer Relationship Management System) and dozens of information systems should be built internally. In order to sell, more than 40 companies should be opened all over the country, because every place has to deliver and invoice. We have to have charging stations everywhere. What should we do after-sales and maintenance...<b>The current pain I think will last for two years, until 2020.</b>”</p><p>By 2020, the pain continues. In June of this year, He XPeng sent a group photo in Weibo. In the photo, He XPeng, Li Bin and Li Xiang were sitting next to each other, and Li Bin's hands were closely placed on the shoulders of the two people next to him. He XPeng wrote: \"Three hardships, remembering their hardships and thinking about change...\"</p><p><img src=\"https://static.tigerbbs.com/ff8d8caa7b954731b82901887f5148db\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>Fortunately, a temporary \"hardship\" will not knock down an industry, especially an industry such as new energy vehicles that is destined to rise.</p><p>In July 2020, XPeng Motors released its second mass-produced model, the P7 smart coupe. The P7 is a benchmark against the domestic Tesla Model 3, with a cruising range of 706 kilometers and a price of about 230,000 yuan after subsidies.</p><p>The biggest \"difficulty\" for new car-making forces lies in building their own factories. However, the Zhaoqing factory, which invested 2 billion at the beginning, has begun to reap fruits, and the P7 is produced by the Zhaoqing factory.</p><p>The number of monthly deliveries urges He XPeng to keep moving forward, but in this battlefield where \"burning money\" has become a consensus, financing issues have been plaguing all players in the circle.</p><p>Due to the demand for mass production, car manufacturing requires extremely high funds, and 20 billion is only the threshold for entering the industry. He XPeng himself has invested 300 million US dollars like drizzle, and XPeng Motors has raised more than 18 billion yuan in 10 rounds of financing. In addition to old friends Alibaba and Xiaomi Group, investors also include Sequoia, Hillhouse, Foxconn and IDG Capital.</p><p>At this time, Nio Motors has become the leader among the three musketeers of car manufacturing. It was listed on the New York Stock Exchange on September 12, 2018, raising US $1 billion; Li Xiang's Li Auto followed closely behind and was listed on Nasdaq in the United States on July 30, 2020, raising US $1.05 billion.</p><p>XPeng Motor landed on the New York Stock Exchange on August 27, raising US $1.5 billion.</p><p><b>04</b></p><p>XPeng Automobile is about to land on the Hong Kong stock market and complete the \"dual primary listing\".</p><p>Since it is less than a year away from listing on the New York Stock Exchange, unlike a number of Chinese concept stocks such as JD.com, Baidu, and Bilibili that have gone to Hong Kong for secondary listing, XPeng Automobile cannot meet the requirements of the Hong Kong Stock Exchange for \"two fiscal years\". The only way to choose the \"dual primary market\" method to raise funds in Hong Kong.</p><p>At the same time, Nio and Ideal also revealed their willingness to go public in Hong Kong.</p><p><b>The urgent demand for listing reflects the development status of the new energy vehicle industry</b>: The thirst for funds and the recognition of the capital market complement each other; The appointment to return to Hong Kong for listing also reflects the quiet transformation of the core market of new energy vehicles.</p><p><b>In the capital market, the imagination of the new energy vehicle industry continues to nourish the stock prices of new forces.</b></p><p>Tesla has become the car company with the highest market value, and Wei Xiaoli's market value has also exceeded many century-old car companies. However, from the perspective of sales scale, the gap between the two sides is still large.</p><p>This year has just entered July, and new car-making forces can't wait to show their June sales report cards. Among them, Nio continued to lead with 8,083 vehicles delivered, Ideal became second with 7,713 vehicles, and XPeng delivered 6,565 vehicles, ranking third.</p><p>Since 2021, the scale of the new energy vehicle industry has expanded steadily. Nio, which has the highest delivery volume, is hitting annual sales of 100,000 vehicles, while Ideal and XPeng have the opportunity to hit annual sales of 80,000 vehicles.</p><p>However,<b>The monthly delivery volume in thousands is still a niche in the automobile market with millions of shipments</b>, this is the limitation caused by production capacity, and it is also the room for imagination to expand.</p><p>Thanks to the increase in shipments, XPeng Motor's revenue and gross profit have grown simultaneously, and it has begun to narrow the distance with its peers. Its prospectus shows that XPeng Automobile achieved a total revenue of 2.951 billion yuan in the first quarter of 2021, a year-on-year increase of 616.1% from 412 million yuan in 2020. The growth rate exceeded 481.8% of Nio Automobile and 319.8% of Li Auto. However, during the same period, Nio Automobile's revenue was 7.98 billion yuan, and Li Auto's revenue was 3.58 billion yuan.</p><p>In addition, XPeng vehicles have begun to enter the production capacity ramp-up stage. According to the prospectus, the utilization rate of XPeng's automobile production line is close to 40%, of which the capacity utilization rate of Haima factory has increased from 6.4% in 2018 to 40.6%, and the capacity utilization rate of Zhaoqing's new factory has also reached 38.5%, which is close to that of Chinese passenger cars. 40% average capacity utilization rate.</p><p><b>However, XPeng Automobile still hasn't got rid of the loss predicament.</b>XPeng warned of risks in the prospectus. The company is still incurring losses and negative operating cash flow, and this situation may continue for some time.</p><p>The financial report shows that XPeng has accumulated losses of more than 7.8 billion yuan in the past three years. From January to March 2021, XPeng's net loss was 786.6 million yuan, which was further expanded compared with 649.8 million yuan in the same period last year. The main reason for the loss was the high investment in research and development expenses, marketing promotion and advertising expenses. Among them, research and development expenses reached 5351 million yuan.</p><p><b>Among the three giants of new car manufacturing forces, Nio Motors leads in brand positioning and service system. Li Auto likes to tell the story of battery anxiety behind range-extending technology, while the moat XPeng Motors has built for itself is \"intelligence\".</b></p><p>In the prospectus, XPeng Motor also stated that its most critical core competitiveness is intelligence, that is, all software and core hardware are independently developed. Different from other OEMs, XPeng Automobile independently designed and developed full-stack autonomous driving technology and operating system, and said it was the first new car-making force company to independently develop autonomous driving software and commercialize it.</p><p>Taking technology as the core is determined by the genes of the founding team of XPeng Motors. In addition to the technical background of the two co-founders, there are also R&D positions accounting for nearly 40%. The prospectus mentioned that as of March 31, 2021, XPeng Motors has a total of 6,132 employees worldwide, of which 39.8% are R&D positions, including three categories: automotive design and engineering, autonomous driving and intelligent operating systems.</p><p>After the \"dual primary listing\", with the endless stories told in the new energy market and the complete closed loop of R&D, design, production, and sales services realized with self-built factories as the axis, funding is no longer the biggest problem.</p><p>The next hurdle lies in self-hematopoiesis at the business model level, intelligent research and development at the technical level, and the fierce invasion of mobile phone manufacturers.</p><p><b>05</b></p><p>“<b>I welcome more people to come in. There are still some opportunities in the past five years. After 2025, it will be a change from the Spring and Autumn Period to the Warring States Period.</b>\"At the Shanghai Auto Show, He XPeng once described the competition in the new energy vehicle market.</p><p>Why did Lei Jun, who solved XPeng's urgent need at the beginning, have already stood at the forefront of new car manufacturing with tens of billions of dollars. Ten years of reincarnation, old and new stories alternate.</p><p>He XPeng, a serial entrepreneur, fulfilled his dream of financial freedom three years ahead of schedule, but he was still determined to enter the muddy waters of new car manufacturing. Listed twice within a year, XPeng's identity has been transformed between pathfinder, chaser and leader.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/V2HHylVXC8SZXT7jorxbSw\">FN商业</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2d86c8942d70bb8f5f19dc3d70ace2d9","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"https://mp.weixin.qq.com/s/V2HHylVXC8SZXT7jorxbSw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157988669","content_text":"何小鹏的内心深处仍然埋藏着创业梦，等待被激活。或许他自己都没有察觉，这颗种子早在他独自走下大巴车的时候就已经埋下了。\n\n\n造车新势力中，小鹏最晚登陆美股。然而在纽交所上市不满一年，它已完成“双重主要上市”。\n7月7日，小鹏汽车登陆港交所，开盘涨1.82%，发行价165港元，最高股价168港元，总市值2842亿港元。小鹏抢跑“港股智能电动车第一股”，很可能掀起新造车企业回港上市的潮流。\n小鹏汽车何小鹏，带着他的第二个梦想，朝新造车的深水区不断下潜。\n01\n2014年6月11日，阿里巴巴以43.5亿美元的现金加股权收购UC，创下了国内移动互联网史上的并购记录。成为阿里全资子公司后，UC被合并至阿里体系内。\n创办UC整整十年后，实现了财务自由的何小鹏，与俞永福一起加入阿里，这一年，马云是中国首富。\n进入阿里之后，何小鹏担任UC的CEO，一年后成为阿里移动事业群总裁，后又调任阿里游戏董事长，2017年担任土豆网总裁。\n但何小鹏的内心深处仍然埋藏着创业梦，等待被激活。或许他自己都没有察觉，这颗种子早在他独自走下大巴车的时候就已经埋下了。\n1999年，华南理工迎来毕业季，何小鹏和另外两位同学上了一辆大巴车，跟随导师去不同的企业面试，其中有两家国企，一家私企。\n大巴车停在这家名为“亚信科技”的私企门前，只有何小鹏一人下了车，在那个年代，很少有人愿意放弃国企的铁饭碗。但何小鹏的想法很不一样，他的愿望是40岁之前实现财务自由，然后退休。\n没有人能预测未来，命运眷顾幸运者的方式充满了戏剧性。\n亚信科技的创始人田朔宁，是后来鼎鼎有名的“互联网先生”，亚信则是“中国互联网的建筑师”，不过，这都是后话了。\n毕业之后，何小鹏正式进入亚信广州办事处，从软件测试工程师做起。\n在亚信工作期间，何小鹏认识了同系师兄梁捷。梁捷技术实力强，擅长写代码。两人在同一个研发团队，配合非常默契，共同开发了大容量邮件系统，成为公司的旗舰产品。\n2000年，亚信在纳斯达克上市，何小鹏入职满一年，有1500股，按照20美元的上市股价，相当于3万美元。他的领导给他股权协议书时说，“你一来公司就有一套房了。”\n但在2004年，何小鹏觉得每个月拿几千块的打工人无法实现财务自由，于是他辞职创业，跟随移动互联网刚刚兴起的潮流，与梁捷一起创办了UC。\n那时，中国的互联网行业刚刚迈入第一个十年，何小鹏和梁捷都是最早一批用手机“网上冲浪”的人，也最早发现了移动互联网的创业机会。\n创业初期，UC开发出了两款产品：UC Mail和UC Web。UC代表You Can，意思是“你（随时）可以收发邮件和访问互联网”。\n\n但是，受限于移动互联网和硬件设备的普及程度，用户尚未养成用手机收发邮件的习惯，不过这款产品引起了丁磊的注意。丁磊同样是做邮箱起家，对于市面上的同类产品非常敏感。\n好巧不巧，网易邮箱的开发人员之一陈磊华，是何小鹏的同学，由他牵线搭桥，双方见了面。\n酒桌上，丁磊听说UC的团队连办公室都租不起，先是借了80万，又把自己的办公室借给何小鹏办公。这间办公室，再次为何小鹏打开了幸运的大门。\nUC的团队搬进丁磊的办公室，隔壁就是网易总编辑李学凌。李学凌后来辞职创业，就是YY的创始人。2006年，李学凌把何小鹏介绍给联想投资（现君联资本）副总裁俞永福，俞永福非常想投资UC，但项目因为一票之差没有通过。\n俞永福不甘心，他曾在UC考察过半年，非常看好这个项目。于是，投资决策会议结束的当晚，俞永福在北京街头的酒吧里见到了雷军，而雷军听完后只说了一句话：“你去UC，我就投。”\n于是，俞永福辞掉了联想投资副总裁的职位，成为UC董事长和CEO，并很快为UC完成了400万元的融资，其中200万是雷军给的。\n\n再后来，雷军离开金山之后，也曾担任过UC董事长。他是何小鹏的湖北老乡，也是何小鹏两次创业的投资人。\n02\n时间回到2014年6月13日，UC刚被并入阿里第二天，大洋彼岸的蝴蝶扇动了翅膀，马斯克宣布特斯拉将采取“开源模式”，随后，造车新势力“蔚小理”相继成立。\n同一年，马斯克来到中国，向国内用户交付了首批特斯拉汽车，何小鹏是首批用户。他曾不止一次提到，坐上特斯拉之后，“第一感受就是世界要变，汽车行业的变革来了。”\n何小鹏在一篇自述中提到，“2014年阿里整合UC之后，我提出在阿里体系造车，被无情否掉了。我喜欢汽车，也相信智能汽车的未来，但自己造车可能面临更多责任、焦虑和压力，也许作为投资人更好。”\n那时候，37岁的何小鹏提前三年完成了财务自由的目标，但他首先想到的不是退休，而是财务自由后的痛苦、空虚和迷茫。\n于是，何小鹏开始以投资人的身份发起并推动造车项目。\n这个造车团队中，有出身于清华大学汽车工程专业的夏珩，他曾在广汽传祺刚刚成立时加入，参与了传祺诞生的整个过程。\n打造“中国特斯拉”的想法让夏珩很兴奋，于是他毅然离开了广汽。\n创立小鹏之前，夏珩的身份是广汽新能源中心控制科科长，在广汽负责开展多款新能源汽车及智能汽车的控制系统开发工作。\n另一位小鹏汽车创始人何涛，是夏珩的学弟和同事。2010年毕业后进入广汽研究院工作，从事新能源汽车车辆控制相关系统的研发工作。由于技术能力较强，何涛随后又以项目经理的身份统筹广汽的无人驾驶项目推进。\n（何涛、何小鹏、夏珩）\n小鹏汽车的初创团队成立之后，距离何小鹏从投资人变成创始人，还差了一通电话。\n2017年2月16日，何小鹏的孩子出生，刚刚抱上几分钟，就接到一个电话。这个电话来自于被他调侃为“促使我创业的坏人”——GGV纪源资本管理合伙人符绩勋。\n“制造业升级，出行行业升级，已经大势所趋了。你要赶紧出来，再不出来这个Windows（窗口期）就没有了。”\n据何小鹏回忆，自从以投资人的身份组建造车团队后，就一直有再次创业与造车的想法，直到接到电话的那一刻，内心突然产生了一种强烈的情感：要做一些事情证明给儿子看。\n这通电话，正式激活了何小鹏的创业梦。\n半年后，在UC 13岁生日那天，何小鹏正式离开阿里。时任阿里文化娱乐集团董事长兼CEO俞永福在内部信中说，何小鹏将正式“荣退”，并“开启自己新的一段追梦之旅”。\n那一天，何小鹏发了一条朋友圈：创业一轮回，苦辣酸甜咸，归来仍是少年。\n03\n在何小鹏正式加入之前，小鹏汽车的造车计划已经开始推进，包括获得Pre-A轮融资和22亿元A轮融资、发布首款量产车Beta版、百亿级生产基地落户肇庆市区、获得销售资格等。\n何小鹏的加入，带来了创业经验和广阔的人脉。\n加入一年内，小鹏汽车完成了20亿融资，股东包括阿里、富士康、IDG等投资巨头。同时，何小鹏还挖来多位技术高管，补充团队人才。\n2017年10月12日，何小鹏加入小鹏汽车两个多月后，小鹏汽车首款量产车型正式下线，成为造车新势力中最先实现量产的。\n2018年1月10日，小鹏汽车G3在美国CES国际电子消费展上全球首发。在国内，小鹏汽车G3现身极客公园创新节展台。同月，小鹏汽车交付了首批39辆新车。\n2018年3月，小鹏汽车1.0量产车型获得中国造车新势力量产车落地的首张新能源号牌。\n然而，随之而来的是小鹏的降速，小鹏汽车首批产品并未上市销售，而是给员工在不同的场景继续驾驶测试。\n何小鹏态度很坚决：“消费者绝不应该是我们的首批用户。”\n直到2018年12月12日，小鹏汽车宣布G3正式上市，并同期启动交付，新车分为G3 520、G3 400两个型号，综合补贴后全国统一售价区间为14.38-19.68万元，首批卖出一万多辆。\n但这时，小鹏汽车在交付层面上已经被蔚来汽车赶超。\n进入2019年，小鹏汽车的发展计划中提到，前端要建成200座超级充电站，增幅为50%；中端小鹏汽车要将公司规模拓展至5000人，增幅为40%；后端肇庆工厂要开工并交付4万部新车，增幅超过7563%。\n于是，小鹏汽车开始搭建VIE结构，并随之传出了启动在美IPO的消息，但新能源市场的剧变来得猝不及防。\n2019年3月，有关部门下发《关于进一步完善新能源汽车推广应用财政补贴政策的通知》，到6月底，新能源车国补减半、地补直接消失。\n随后，新能源汽车市场初次遇冷。\n“目前，小鹏汽车对于IPO的时间和地点都没有计划表。”3月28日，何小鹏对外宣布。\n除了市场方面的波动和尚未列进计划的IPO，小鹏汽车也开始遭遇用户的质疑。\n2019年7月，小鹏汽车推出G3 2020款，但很快引发小鹏汽车老车主的强烈不满。对比2019款G3，新款车型不仅续航能力提升，且价格还低于老款。\n7月13日，小鹏汽车遭遇了最大的危机，一大波车主跑到小鹏汽车总部，各个城市的服务中心，拉起横幅维权，控诉小鹏汽车涉嫌消费欺诈。\n\n无奈之下，小鹏汽车给出补偿方案：老车主在3年之内增换购小鹏汽车任何一款车型时，在享受拟购买新车当期所有促销政策权益的基础上，额外享受1万元专属补贴权益。\n一个多月后，何小鹏在接受媒体采访时发出感叹，“在汽车行业里面除了体力累、脑力累，还有一个心累”。用他的话说，自己是从互联网圈的“舒适区”进入了汽车圈“艰苦区”。\n实际上，从2018年到2020年中旬，何小鹏多次流露负面情绪。\n他曾经对于交付充满痛苦：“以前我认为研发和制造很难，交付不是很难，但现在发现交付的难度远远比造出几百台要高。为了交付，需要有预定和销售环节，内部要建一个巨大的CRM（客户关系管理系统），数十个信息化系统。为了销售，在全国要开四十多个公司，因为每一个地方要进行交付，要开发票。我们在每个地方都要有充电站，售后怎么办，维修怎么办……现在的痛苦我觉得会持续两年，持续到2020年。”\n到了2020年，痛苦仍然持续。这一年6月，何小鹏在微博发出一张合照，照片中何小鹏、李斌、李想相依而坐，李斌的双手亲密地搭在旁边两人的肩上。何小鹏配文说：“三个苦逼，在忆苦思变......”\n\n好在一时的“艰苦”并不会打倒一个行业，尤其是新能源汽车这种注定会上升的行业。\n2020年7月，小鹏汽车又发布了第二款量产车型P7智能轿跑。P7对标国产特斯拉Model 3，续航里程达到了706公里，补贴后售价23万元左右。\n造车新势力最大的“难”在于自建工厂，不过当初投资20亿建造的肇庆工厂已经开始收获成果，P7就是由肇庆工厂生产的。\n每个月的交付数量督促着何小鹏不断前进，但在这个“烧钱”成为共识的战场上，融资问题一直困扰着圈内的各个玩家。\n由于量产的需求，造车对于资金的要求极高，200亿只是入行的门槛。何小鹏自己先后投入的3亿美金像是毛毛雨，小鹏汽车累计10轮融资超过180亿元，投资方除了老朋友阿里巴巴和小米集团，还有红杉、高瓴、富士康和IDG资本。\n在这个时候，蔚来汽车已经成为造车三剑客中领跑的一方，于2018年9月12日在美国纽交所上市，募集了10亿美元；李想的理想汽车紧随其后，于2020年7月30日在美国纳斯达克上市，募集10.5亿美元。\n而小鹏汽车8月27日登陆美国纽交所，募集资金15亿美元。\n04\n小鹏汽车即将登陆港股，完成“双重主要上市”。\n由于相距纽交所挂牌上市时间不满一年，与京东、百度、哔哩哔哩等一批赴港二次上市的中概股不同，小鹏汽车无法满足港交所对于“两个会计年度”的要求，只能选择“双重一级市场”的方式赴港募资。\n与此同时，蔚来和理想也透露出赴香港上市的意愿。\n迫切的上市需求折射出新能源汽车行业的发展现状：对于资金的渴求和资本市场的认可相得益彰；而相约回港上市，也从侧面反映了新能源汽车核心市场的悄然转变。\n在资本市场上，新能源汽车行业的想象空间持续滋养着新势力的股价。\n特斯拉成为市值最高的车企，蔚小理的市值也超过了很多百年车企。但从销量规模来看，双方的差距仍大。\n今年刚进入7月，造车新势力们便迫不及待地亮出6月销量成绩单。其中，蔚来以8083辆交付量继续领跑，理想以7713辆的成绩成为第二，小鹏交付6565辆，位列第三。\n2021年以来，新能源汽车行业的规模平稳扩大，交付量最高的蔚来正在冲击10万辆的年销量，理想、小鹏则有机会冲击8万辆年销量。\n不过，以千为单位的月交付量，放在百万级出货量的汽车市场上仍然显得小众，这是产能所造成的限制，也是想象力拓展的空间。\n得益于出货量的提升，小鹏汽车的营收与毛利同步增长，并开始缩小与同行的距离。其招股书显示，小鹏汽车2021年第一季度共实现营收29.51亿人民币，较2020年4.12亿人民币同比增长616.1%，增速层面超过了481.8%的蔚来汽车和319.8%的理想汽车，不过同期蔚来汽车营收79.8亿人民币，理想汽车营收35.8亿人民币。\n此外，小鹏汽车开始进入产能爬坡阶段。招股书显示，小鹏汽车生产线利用率已经接近40%，其中海马工厂产能利用率由2018年的6.4%已提升至40.6%，肇庆新工厂的产能利用率也达到38.5%，接近中国乘用车40%的平均产能利用率。\n不过，小鹏汽车依然没有摆脱亏损困境。小鹏在招股书中预警风险，企业目前仍在产生亏损和负经营现金流，这一情况可能还会持续一段时间。\n财报显示，过去三年小鹏已累计亏损超78亿元。2021年1-3月，小鹏净亏损为7.866亿元，相比去年同期6.498亿元进一步扩大，亏损的主要原因是高额投入的研发费用、营销推广和广告费用，其中，研发费用达到5.351 亿元。\n造车新势力三巨头中，蔚来汽车以品牌定位和服务体系领先，理想汽车喜欢讲述增程技术背后的电量焦虑故事，而小鹏汽车为自己打造的护城河则是“智能”。\n在招股书中，小鹏汽车也表示其最关键的核心竞争力是智能，即所有软件和核心硬件都进行自主研发。不同于其他主机厂，小鹏汽车自主设计和开发了全栈式的自动驾驶技术和操作系统，并表示是第一家自主研发出自动驾驶软件，并将其实现商业化应用的造车新势力公司。\n以技术为核，是由小鹏汽车创始团队的基因决定的，除了两位联合创始人的技术出身，还有占比近40%的研发岗位。招股书提到，截止2021年3月31日，小鹏汽车全球共有员工6132人，其中39.8%是研发岗，包括汽车设计与工程、自动驾驶和智能操作系统三大类别。\n而在“双重主要上市”之后，配合新能源市场讲不完的故事，和以自建工厂为轴所实现的研发、设计、生产、销售服务的完整闭环，资金已经不再是最大的难题。\n下一个坎，在于商业模式层面的自我造血，技术层面的智能研发，以及手机厂商们的凶猛入侵。\n05\n“我欢迎更多人进来，这五年还是有一些机会，2025年以后就是一个从春秋到战国的变革。”在上海车展上，何小鹏曾如此描述新能源汽车市场的竞争。\n当初为何小鹏解决燃眉之急的雷军，已经手持百亿美元站在了新造车的风口上。十年一个轮回，新旧故事交替上演。\n而连续创业者何小鹏，虽然提前三年完成了财富自由的梦想，但依然下定决心进入了新造车的浑水之中。一年之内两次上市，小鹏汽车的身份在探路者、追赶者与领先者之间完成了转换。","news_type":1,"symbols_score_info":{"XPEV":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":2093,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151725833,"gmtCreate":1625108336922,"gmtModify":1703736324497,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Strong buy?","listText":"Strong buy?","text":"Strong buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151725833","repostId":"1176914673","repostType":2,"isVote":1,"tweetType":1,"viewCount":2086,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159070704,"gmtCreate":1624933283308,"gmtModify":1703848268959,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"The chart only show 3% that is higher PS and lower revenue growth. Where to find the 90%?","listText":"The chart only show 3% that is higher PS and lower revenue growth. Where to find the 90%?","text":"The chart only show 3% that is higher PS and lower revenue growth. Where to find the 90%?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159070704","repostId":"1105982179","repostType":2,"repost":{"id":"1105982179","kind":"news","pubTimestamp":1624889210,"share":"https://ttm.financial/m/news/1105982179?lang=en_US&edition=fundamental","pubTime":"2021-06-28 22:06","market":"us","language":"en","title":"Palantir: The Mass Exodus","url":"https://stock-news.laohu8.com/highlight/detail?id=1105982179","media":"seekingalpha","summary":"Summary\n\nShort interest in Palantir dropped by 23.8% in the latest cycle.\nEven though Palantir conti","content":"<p><b>Summary</b></p>\n<ul>\n <li>Short interest in Palantir dropped by 23.8% in the latest cycle.</li>\n <li>Even though Palantir continues to be surrounded by bearish narratives, market participants don't seem to be comfortable with shorting the stock.</li>\n <li>The stock could rally further.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16279727ada0c46eb4d43744da02d1cc\" tg-width=\"768\" tg-height=\"512\"><span>Michael Vi/iStock Editorial via Getty Images</span></p>\n<p>Palantir's (PLTR) shares are up 20% in the last month alone but the rally could still continue. Latest data reveals that short interest in Palantir declined by 23.8% in the latest cycle alone. This suggests that a broad swath of market participants isn't buying into the bearish narratives surrounding the company, perceive its stock to be fairly valued and perhaps even anticipate it to rally going forward. This development should come across as an encouraging sign for the company's long-side investors. Let's take a closer look at it all.</p>\n<p><b>The Data</b></p>\n<p>I'd like to start by explaining the term \"short interest\" for the uninitiated. It's essentially the total number of short positions that are open against any given stock. A sharp rise in the metric indicates that traders grew bearish on the concerned company, and actively initiated short positions against it. Conversely, a sharp decline in the metric indicates that traders actively wound up their short positions either perhaps because they anticipate the stock to bottom out and/or rally going forward. So, the short interest is a useful tool to gauge the Street's ever-evolving market sentiment.</p>\n<p>In Palantir's case, its short interest at the end of the latest data cycle stood at 52.3 million, sharply down by 23.8% on a sequential basis. Although Palantir's short interest figure isn't at its all-time low yet, the pace of its recent decline, however, is certainly one of the fastest in the company's brief history since its direct listing last year. For the record, Palantir has over 1.8 billion shares outstanding which means that about 2.8% of its entire share total had been shorted. Also, the short interest data is for the cycle spanning from early June to mid-June, and the data wasreleasedon Thursday.</p>\n<p><img src=\"https://static.tigerbbs.com/95e4623fda1d9079a2699b57d4ee0f42\" tg-width=\"637\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p>\n<p>Next, I wanted to confirm if other software application companies also registered a sharp reduction in their short interest figures, or was Palantir an anomaly in its peer group. So, to get a broader perspective on its industry, I pulled the short interest figures for about 100 software application stocks listed in the US. Interestingly, 55% of these stocks registered a net reduction in their short interest figures, of varying magnitudes of course, which points to an industry-wide short unwinding.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/091feec9aa17f821d01f34a7b46bb2bb\" tg-width=\"610\" tg-height=\"506\"><span>(Source: BusinessQuant.com, Wsj.com)</span></p>\n<p>Moreover, the median short interest decline was 1.9%, whereas Palantir's short interest declined by a far more significant 23.8% during the same data cycle. In fact, there were just 6 other stocks in our study group, which saw their short interest decline in excess of 23.8%. This conclusively shows that market participants were far too active with unwinding their short positions in Palantir.</p>\n<p>But this leads us to an important question - why are market participants so cautious with shorting Palantir in the first place?</p>\n<p><b>Cautious for Good Reason</b></p>\n<p>As I've explained in my prior articles, Palantir has several initiatives at play which could collectively catapult its growth in 2021-22. These initiatives include itstransitionto a customer-friendly payment model to boost commercial sales, offeringfree trialsto major companies to expand its sales funnel and expanding itssales teamto revamp its outbound marketing function. We won't be discussing the same points again to avoid being repetitive, but the takeaway here is that since Palantir is undertaking several growth initiatives, it makes for a risky short bet for the time being at least.</p>\n<p>But don't take my word for it.</p>\n<p>The community of professional analysts is realizing Palantir's growth potential and raising their revenue estimates for its current fiscal year. They've raised their FY21 revenue estimates by about 5% so far since mid-January and there's no telling how many of such upward revenue revisions are still in store for the remainder of Palantir's FY21. This bullish uncertainty presents an unfavorable risk-reward ratio for short-side market participants and explains why short interest in Palantir continues to decline.</p>\n<p><img src=\"https://static.tigerbbs.com/74bccdf90ceb880c1a3edddad8743a1e\" tg-width=\"636\" tg-height=\"419\" referrerpolicy=\"no-referrer\"></p>\n<p>There's another point to consider here, that nobody seems to be talking about. Palantir has won several COVID-19 tracking-related contracts (such ashere,here,here,hereandhere) over the last 12 - 15 months as government agencies across the globe grappled to control the spread and tried to better manage their resources. With COVID-19 said to be making a fierce comeback with thedelta variant, I contend that Palantir could experience a similar order windfall this year, from proactive government agencies, which could boost the company's government sales along the way.</p>\n<p>Lastly, several commenters argue that Palantir's shares are trading at a premium and are due for a sharp correction. Its shares are trading at about 34-times trailing twelve-month sales so it's understandable why many might think that the stock is overvalued. But I believe the problem with this approach is that we're not factoring in industry-wide trading multiples or Palantir's revenue growth rate, compared to its peers.</p>\n<p>So, to put things in perspective, I compiled the revenue growth rates and price-to-sales (or P/S) multiples for over 320 software infrastructure and software application stocks that are currently listed on US exchanges. Next, I benchmarked these industry groups based on Palantir's revenue growth rate and its P/S multiple. As it turns out, over 90% of Palantir's peers have a slower revenue growth and/or are trading at higher trading multiples. This suggests that Palantir's higher pace of growth justifies its price premium and that the bearish concerns regarding its valuations, are exaggerated.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fefb171f61438817b747d6a50fff8133\" tg-width=\"640\" tg-height=\"414\"><span>(Source: Business Quant.com)</span></p>\n<p><b>Final Thoughts</b></p>\n<p>I'd like to point to readers that fluctuations in short interest figures don't always impact the underlying stock prices. This data is based on short positions that were open at a prior cut-off date and investors with a long-term time horizon should, at best, use it to corroborate their bull or bear thesis.</p>\n<p>Having said that, if the bearish narratives surrounding Palantir held any merit, or posed a legitimate risk to its share price, a broad swath of market participants would've actively shorted the stock to profit off of this near-certain eventuality. But that didn't happen and its short interest declined instead, that too by a significant amount.</p>\n<p>This active short unwinding indicates that market participants are uncomfortable in shorting the stock at current levels. This should come across as a reassuring sign for the company's long-side shareholders. The stock seems to be fairly valued and has the potential to rally further. Good Luck!</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>Palantir: The Mass Exodus</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nPalantir: The Mass Exodus\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 22:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436907-palantir-the-mass-exodus><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nShort interest in Palantir dropped by 23.8% in the latest cycle.\nEven though Palantir continues to be surrounded by bearish narratives, market participants don't seem to be comfortable with ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436907-palantir-the-mass-exodus\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4436907-palantir-the-mass-exodus","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105982179","content_text":"Summary\n\nShort interest in Palantir dropped by 23.8% in the latest cycle.\nEven though Palantir continues to be surrounded by bearish narratives, market participants don't seem to be comfortable with shorting the stock.\nThe stock could rally further.\n\nMichael Vi/iStock Editorial via Getty Images\nPalantir's (PLTR) shares are up 20% in the last month alone but the rally could still continue. Latest data reveals that short interest in Palantir declined by 23.8% in the latest cycle alone. This suggests that a broad swath of market participants isn't buying into the bearish narratives surrounding the company, perceive its stock to be fairly valued and perhaps even anticipate it to rally going forward. This development should come across as an encouraging sign for the company's long-side investors. Let's take a closer look at it all.\nThe Data\nI'd like to start by explaining the term \"short interest\" for the uninitiated. It's essentially the total number of short positions that are open against any given stock. A sharp rise in the metric indicates that traders grew bearish on the concerned company, and actively initiated short positions against it. Conversely, a sharp decline in the metric indicates that traders actively wound up their short positions either perhaps because they anticipate the stock to bottom out and/or rally going forward. So, the short interest is a useful tool to gauge the Street's ever-evolving market sentiment.\nIn Palantir's case, its short interest at the end of the latest data cycle stood at 52.3 million, sharply down by 23.8% on a sequential basis. Although Palantir's short interest figure isn't at its all-time low yet, the pace of its recent decline, however, is certainly one of the fastest in the company's brief history since its direct listing last year. For the record, Palantir has over 1.8 billion shares outstanding which means that about 2.8% of its entire share total had been shorted. Also, the short interest data is for the cycle spanning from early June to mid-June, and the data wasreleasedon Thursday.\n\nNext, I wanted to confirm if other software application companies also registered a sharp reduction in their short interest figures, or was Palantir an anomaly in its peer group. So, to get a broader perspective on its industry, I pulled the short interest figures for about 100 software application stocks listed in the US. Interestingly, 55% of these stocks registered a net reduction in their short interest figures, of varying magnitudes of course, which points to an industry-wide short unwinding.\n(Source: BusinessQuant.com, Wsj.com)\nMoreover, the median short interest decline was 1.9%, whereas Palantir's short interest declined by a far more significant 23.8% during the same data cycle. In fact, there were just 6 other stocks in our study group, which saw their short interest decline in excess of 23.8%. This conclusively shows that market participants were far too active with unwinding their short positions in Palantir.\nBut this leads us to an important question - why are market participants so cautious with shorting Palantir in the first place?\nCautious for Good Reason\nAs I've explained in my prior articles, Palantir has several initiatives at play which could collectively catapult its growth in 2021-22. These initiatives include itstransitionto a customer-friendly payment model to boost commercial sales, offeringfree trialsto major companies to expand its sales funnel and expanding itssales teamto revamp its outbound marketing function. We won't be discussing the same points again to avoid being repetitive, but the takeaway here is that since Palantir is undertaking several growth initiatives, it makes for a risky short bet for the time being at least.\nBut don't take my word for it.\nThe community of professional analysts is realizing Palantir's growth potential and raising their revenue estimates for its current fiscal year. They've raised their FY21 revenue estimates by about 5% so far since mid-January and there's no telling how many of such upward revenue revisions are still in store for the remainder of Palantir's FY21. This bullish uncertainty presents an unfavorable risk-reward ratio for short-side market participants and explains why short interest in Palantir continues to decline.\n\nThere's another point to consider here, that nobody seems to be talking about. Palantir has won several COVID-19 tracking-related contracts (such ashere,here,here,hereandhere) over the last 12 - 15 months as government agencies across the globe grappled to control the spread and tried to better manage their resources. With COVID-19 said to be making a fierce comeback with thedelta variant, I contend that Palantir could experience a similar order windfall this year, from proactive government agencies, which could boost the company's government sales along the way.\nLastly, several commenters argue that Palantir's shares are trading at a premium and are due for a sharp correction. Its shares are trading at about 34-times trailing twelve-month sales so it's understandable why many might think that the stock is overvalued. But I believe the problem with this approach is that we're not factoring in industry-wide trading multiples or Palantir's revenue growth rate, compared to its peers.\nSo, to put things in perspective, I compiled the revenue growth rates and price-to-sales (or P/S) multiples for over 320 software infrastructure and software application stocks that are currently listed on US exchanges. Next, I benchmarked these industry groups based on Palantir's revenue growth rate and its P/S multiple. As it turns out, over 90% of Palantir's peers have a slower revenue growth and/or are trading at higher trading multiples. This suggests that Palantir's higher pace of growth justifies its price premium and that the bearish concerns regarding its valuations, are exaggerated.\n(Source: Business Quant.com)\nFinal Thoughts\nI'd like to point to readers that fluctuations in short interest figures don't always impact the underlying stock prices. This data is based on short positions that were open at a prior cut-off date and investors with a long-term time horizon should, at best, use it to corroborate their bull or bear thesis.\nHaving said that, if the bearish narratives surrounding Palantir held any merit, or posed a legitimate risk to its share price, a broad swath of market participants would've actively shorted the stock to profit off of this near-certain eventuality. But that didn't happen and its short interest declined instead, that too by a significant amount.\nThis active short unwinding indicates that market participants are uncomfortable in shorting the stock at current levels. This should come across as a reassuring sign for the company's long-side shareholders. The stock seems to be fairly valued and has the potential to rally further. Good Luck!","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":1832,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150797048,"gmtCreate":1624927073084,"gmtModify":1703848023079,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/8IH.AU\">$8I Holdings Ltd(8IH.AU)$</a>&nbsp;why keep shares buy back after price has rally up recently. Still undervalue?&nbsp;","listText":"<a href=\"https://laohu8.com/S/8IH.AU\">$8I Holdings Ltd(8IH.AU)$</a>&nbsp;why keep shares buy back after price has rally up recently. Still undervalue?&nbsp;","text":"$8I Holdings Ltd(8IH.AU)$ why keep shares buy back after price has rally up recently. Still undervalue?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/150797048","isVote":1,"tweetType":1,"viewCount":2779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124408630,"gmtCreate":1624776402120,"gmtModify":1703845020861,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Invest the undervalue and just wait.&nbsp;","listText":"Invest the undervalue and just wait.&nbsp;","text":"Invest the undervalue and just wait.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124408630","repostId":"1164137597","repostType":2,"isVote":1,"tweetType":1,"viewCount":1980,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164132519,"gmtCreate":1624178867531,"gmtModify":1703830236330,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Be the lemming with life jacket","listText":"Be the lemming with life jacket","text":"Be the lemming with life jacket","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/164132519","repostId":"1126454279","repostType":2,"isVote":1,"tweetType":1,"viewCount":2197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355243216,"gmtCreate":1617079221735,"gmtModify":1704801677873,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Ark","listText":"Ark","text":"Ark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355243216","repostId":"2123790280","repostType":4,"repost":{"id":"2123790280","kind":"news","pubTimestamp":1616991909,"share":"https://ttm.financial/m/news/2123790280?lang=en_US&edition=fundamental","pubTime":"2021-03-29 12:25","market":"us","language":"zh","title":"The woman who \"allocates funds for God\"!","url":"https://stock-news.laohu8.com/highlight/detail?id=2123790280","media":"华尔街见闻","summary":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。","content":"<p>\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:</p><p>She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.</p><p>She said to give me a few fulcrums and let me pry the whole world.</p><p>She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.</p><p>To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:</p><p><img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.</p><p>Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.</p><p>Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\"><span>The Image of the \"Ark of the Covenant\" in the Bible</span></p><p>Six years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.</p><p>However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.</p><p>Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.<b>People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.</b></p><p><b>A traveling childhood curious child</b></p><p>To really trace Wood's soft spot for new things, we may have to start with her unstable childhood.</p><p>In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.</p><p>Because of my father's work, I often have to move my family from one military base to another.<b>As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.</b>Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.</p><p>When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).</p><p>At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.</p><p>Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.</p><p>Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.</p><p><b>Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.</b></p><p>Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".</p><p>Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\"><span>Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business Daily</span></p><p><b>Young Chief: On the Other Side of the Consensus</b></p><p>Also under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.</p><p>In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.<b>That is to say, in just three years, Wood went from assistant to chief at the age of 25.</b></p><p>At the beginning of her big responsibility, the American economy is also undergoing great changes.</p><p>In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>U.S. inflation rose to a high point in 1980</span></p><p>Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.</p><p>Wood thinks otherwise,<b>Interest rates and inflation have peaked, she insists.</b></p><p>Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.</p><p><b>On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.</b>We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.</p><p>After witnessing many debates, Segalas made this evaluation of Wood:<b>A lady with incredibly strong convictions. She's the sharpest one so far.</b></p><p>Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-<b>And those behaviors that violate the \"consensus\" may have great potential.</b></p><p>Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.</p><p><b>Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.</b></p><p><b>She didn't expect this at that time.</b></p><p><b>Moving to Stocks: Looking for Scraps Under the Table</b></p><p>All she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.</p><p>So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\"><span>Wood in his youthCredit: Jesus Calling</span></p><p>Amid the hustle and bustle of tech stocks, she left the big army again.</p><p>Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.</p><p>Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?</p><p>She immediately had the answer.<b>So, with great tendency and even paranoia, Wood began to try to find two types of stocks:</b></p><p><ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul><b>She describes herself as \"a puppy looking for scraps under the table\".</b>She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.</p><p>When studying stocks, Wood has no fixed procedures or routines at all.<b>Just greedily absorbing all the information he can touch, digesting and judging it.</b>Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:</p><p>\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"</p><p><b>Sometimes she even listened to what her intuition said.</b>For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?</p><p>Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"</p><p><b>As we will see later, this \"reckless\" investment style has been retained by Wood to this day.</b></p><p>In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\"><span>Wood and kidsCredit: Jesus Calling</span></p><p>After Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.</p><p>At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.</p><p><b>Get rid of traditional self-establishment</b></p><p>At AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.</p><p><b>But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.</b></p><p>First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.</p><p>However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.</p><p>Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.</p><p>The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that she<b>The sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.</b></p><p>From then on, a thought gradually became deeply rooted in Wood's mind-<b>To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.</b></p><p>The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.</p><p><b>But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.</b></p><p>She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"</p><p><b>These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.</b></p><p>She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.</p><p>The era of ARK begins.</p><p><b>Deviant ARK</b></p><p>Therefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.<b>Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.</b></p><p>She drew a clear line with traditional asset management in one sentence:</p><p><b>\"What we really want to do is encourage new creation, God's new creation.</b>We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"<b>\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.</b></p><p>Which side do you choose, she asked?</p><p>Naturally, the words are not just talk,<b>Wood's \"three fires for new officials\" continue to this day.</b></p><p><b>One</b>Just like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.<b>Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.</b></p><p>Tesla is probably the most famous and successful example of them all.</p><p>Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"</p><p>When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.<b>Wood was the 1% voice when 99% of the market was bearish on Tesla</b>。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.</p><p>Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.</p><p>According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\"><span>Source: Alotta Money</span></p><p><b>Second, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.</b></p><p>Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.</p><p>Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.</p><p>Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.</p><p>She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.</p><p><b>Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".</b></p><p>ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.</p><p>Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.</p><p><b>Investing in ARK = believing in God and the future?</b></p><p><b>The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.</b></p><p>So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.</p><p>But more importantly,<b>The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.</b></p><p><b>Think about it, investing in ARK is linked to believing in the future.</b>If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.</p><p>Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"</p><p>After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?</p><p>The power of this set of thinking is much greater than imagined.</p><p>Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\"><span>As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKK</span></p><p>But it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?</p><p>For example, what will be the outcome of this year?</p><p>2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.</p><p>The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.</p><p><b>In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.</b></p><p>For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".</p><p>Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.</p><p>However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.</p><p>So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?</p><p>More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?</p><p>Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?</p><p>Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?</p><p>Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".</p><p>Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?</p>","source":"wallstreetcn_api","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>The woman who \"allocates funds for God\"!</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\">\nThe woman who \"allocates funds for God\"!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-03-29 12:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:</p><p>She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.</p><p>She said to give me a few fulcrums and let me pry the whole world.</p><p>She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.</p><p>To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:</p><p><img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.</p><p>Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.</p><p>Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\"><span>The Image of the \"Ark of the Covenant\" in the Bible</span></p><p>Six years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.</p><p>However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.</p><p>Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.<b>People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.</b></p><p><b>A traveling childhood curious child</b></p><p>To really trace Wood's soft spot for new things, we may have to start with her unstable childhood.</p><p>In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.</p><p>Because of my father's work, I often have to move my family from one military base to another.<b>As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.</b>Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.</p><p>When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).</p><p>At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.</p><p>Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.</p><p>Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.</p><p><b>Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.</b></p><p>Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".</p><p>Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\"><span>Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business Daily</span></p><p><b>Young Chief: On the Other Side of the Consensus</b></p><p>Also under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.</p><p>In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.<b>That is to say, in just three years, Wood went from assistant to chief at the age of 25.</b></p><p>At the beginning of her big responsibility, the American economy is also undergoing great changes.</p><p>In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>U.S. inflation rose to a high point in 1980</span></p><p>Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.</p><p>Wood thinks otherwise,<b>Interest rates and inflation have peaked, she insists.</b></p><p>Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.</p><p><b>On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.</b>We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.</p><p>After witnessing many debates, Segalas made this evaluation of Wood:<b>A lady with incredibly strong convictions. She's the sharpest one so far.</b></p><p>Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-<b>And those behaviors that violate the \"consensus\" may have great potential.</b></p><p>Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.</p><p><b>Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.</b></p><p><b>She didn't expect this at that time.</b></p><p><b>Moving to Stocks: Looking for Scraps Under the Table</b></p><p>All she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.</p><p>So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\"><span>Wood in his youthCredit: Jesus Calling</span></p><p>Amid the hustle and bustle of tech stocks, she left the big army again.</p><p>Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.</p><p>Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?</p><p>She immediately had the answer.<b>So, with great tendency and even paranoia, Wood began to try to find two types of stocks:</b></p><p><ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul><b>She describes herself as \"a puppy looking for scraps under the table\".</b>She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.</p><p>When studying stocks, Wood has no fixed procedures or routines at all.<b>Just greedily absorbing all the information he can touch, digesting and judging it.</b>Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:</p><p>\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"</p><p><b>Sometimes she even listened to what her intuition said.</b>For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?</p><p>Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"</p><p><b>As we will see later, this \"reckless\" investment style has been retained by Wood to this day.</b></p><p>In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\"><span>Wood and kidsCredit: Jesus Calling</span></p><p>After Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.</p><p>At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.</p><p><b>Get rid of traditional self-establishment</b></p><p>At AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.</p><p><b>But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.</b></p><p>First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.</p><p>However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.</p><p>Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.</p><p>The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that she<b>The sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.</b></p><p>From then on, a thought gradually became deeply rooted in Wood's mind-<b>To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.</b></p><p>The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.</p><p><b>But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.</b></p><p>She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"</p><p><b>These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.</b></p><p>She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.</p><p>The era of ARK begins.</p><p><b>Deviant ARK</b></p><p>Therefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.<b>Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.</b></p><p>She drew a clear line with traditional asset management in one sentence:</p><p><b>\"What we really want to do is encourage new creation, God's new creation.</b>We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"<b>\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.</b></p><p>Which side do you choose, she asked?</p><p>Naturally, the words are not just talk,<b>Wood's \"three fires for new officials\" continue to this day.</b></p><p><b>One</b>Just like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.<b>Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.</b></p><p>Tesla is probably the most famous and successful example of them all.</p><p>Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"</p><p>When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.<b>Wood was the 1% voice when 99% of the market was bearish on Tesla</b>。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.</p><p>Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.</p><p>According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\"><span>Source: Alotta Money</span></p><p><b>Second, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.</b></p><p>Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.</p><p>Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.</p><p>Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.</p><p>She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.</p><p><b>Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".</b></p><p>ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.</p><p>Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.</p><p><b>Investing in ARK = believing in God and the future?</b></p><p><b>The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.</b></p><p>So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.</p><p>But more importantly,<b>The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.</b></p><p><b>Think about it, investing in ARK is linked to believing in the future.</b>If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.</p><p>Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"</p><p>After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?</p><p>The power of this set of thinking is much greater than imagined.</p><p>Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\"><span>As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKK</span></p><p>But it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?</p><p>For example, what will be the outcome of this year?</p><p>2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.</p><p>The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.</p><p><b>In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.</b></p><p>For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".</p><p>Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.</p><p>However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.</p><p>So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?</p><p>More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?</p><p>Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?</p><p>Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?</p><p>Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".</p><p>Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3623490\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5","relate_stocks":{"ARKF":"ARK Fintech Innovation ETF",".DJI":"道琼斯","ARKK":"ARK Innovation ETF",".SPX":"S&P 500 Index","TSLA":"特斯拉",".IXIC":"NASDAQ Composite"},"source_url":"https://wallstreetcn.com/articles/3623490","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2123790280","content_text":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。很难想象这样一番撼动市场的格局：她投资特斯拉，赌它颠覆汽车领域；她投资比特币，赌它掀翻货币体系；她筹备太空基金，放眼火星未来；她投资流媒体平台Roku、移动支付公司Square、3D打印公司Stratasys，它们走在技术进步的前沿，共同拨动着当代生活变革的杠杆。她说给我几个支点，让我撬动整个世界。她将赌注下在各行各业的颠覆者上，自己也站在资管业风暴的中心。生于华尔街，她却抛弃传统，不顾“纪律”，最终走上一条离经叛道的投资之路，时至今日，一度风光无限，又备受质疑。楼之倾覆或在一夜之间，多少人看过它高楼起，就多少人想看它楼倾覆。而要问这一切是如何开始的，ARK Invest的创始人、这位如今家喻户晓的年度“牛市女皇”——年过65岁的伍德女士（Cathie Wood），坐在某张舒服的座椅上，捋了捋及肩的灰褐色长发，扶稳了她的标志性黑框眼镜，徐徐回忆起多年前那个夏天的午后：那是个美丽的夏日，我回到家里，周围是一片陌生的静寂。三个孩子去基督营了，还有别的什么活动，我突然意识到，接下来两周我都要一个人度过了。我和这样的日子分别太久了。走进厨房，我既不快乐也不悲伤，只是有些恍惚……直到一阵突如其来的撼动划破空气，我仿佛听到圣灵在对我说话——“来吧，开启你的计划。”我听到他说。她说你看，你一辈子都在研究颠覆性创新，何不试着颠覆下自己的行业呢？何不用新的技术革新它？何不将新的想法公之于众，用社交媒体传播它？何不叫上竞争对手，一起碰撞思维的火花？他这样说，我遂这样做了。“她这样说，我遂这样做了”，于是2014年，57岁的伍德从大名鼎鼎的资管巨头联博（Alliance Bernstein）辞职，创立了这家属于自己的资管公司，并以《圣经》中圣物约柜（ARK）的名字为它命名。正如旧约时代的以色列人带着约柜征战，相信神与约柜同在一样，这位虔诚的天主教徒坚信，ARK注定要将资本投向创新，投向未来，投向“神的手笔”，这是在完成上帝交托的使命。现在很多中文媒体都将ARK译作“方舟”，虽非伍德本意，却也颇有其自视“身负世界命运”的神韵。《圣经》中的“约柜”形象六年过去，对ARK来说，2020年无疑是历史性的一年。3月的史诗级波动如一声号响，撞上疫情的美股在央行大放水中全面复苏，ARK则由于此前打着“颠覆性创新”的旗号狂买科技股和小盘股，成了本轮牛市的头号受益者，旗下ETF包揽全美基金年度冠亚季军，5只表现最好的ETF年度回报平均达141%，规模最高涨超10倍，仿佛神终于为其忠实的信徒降下恩典。不过时间又来到今年二月，月初还风光无限的ARK，到了月底就随科技股下跌一路俯冲。越来越多质疑的声音开始涌现。人们说，伍德是否将重蹈上世纪90年代互联网泡沫时期那一大批明星基金经理的覆辙？他们先是飘飘然起飞，又随着泡沫破裂摔得一败涂地。大起大落之中，几个月来，有关ARK和伍德本人的报道铺天盖地。人们后知后觉地发现，这位自称替上帝配资本的“牛市女皇”，要不就是信仰界的“传教”高手、基金界的昙花一朵，要不，就可能真是资管业横空出世的颠覆者、是预示未来创新方向的“先知”。游历的童年 好奇的孩子真要追溯伍德对新生事物的情有独钟，可能还得从她不算安定的童年讲起。1955年，伍德出生在美国洛杉矶的一个天主教移民家庭，从小诵经读卷，去教堂做礼拜。她的父母都来自爱尔兰，父亲曾经在爱尔兰陆军和美国空军服役，后来成为了一名成功的雷达系统工程师。由于父亲工作的缘故，经常需要带着全家从一个军事基地搬到另一个基地，小时候的伍德从没在哪个地方待过很久，12岁就已经搬了十次家。好在，大概是继承了母亲活泼开明的个性，伍德并未对周遭频繁的变动感到太多不安，反而从适应新环境和探索新事物中，不断迸发出对生活的好奇。略微长大之后，和许多移民家庭的孩子一样，她开始经受良好的教育，并在学习上逐渐显露出天赋。圣母学院高中毕业后，1981年，她在南加州大学（USC）获得金融经济学学士学位，以优异的成绩荣誉毕业。升入南加大的最初，伍德对未来的设想也很模糊。大三选专业前的两年时间里，她一边在超市打工赚着学费，一边思忖着可能的进修方向：地质学、天文学、工程学……似乎很多都可以尝试，但又没有哪个说得上是多么坚定的选择。直到某一学期，在父亲的建议之下，伍德初尝到了宏观经济学的味道——命运的神妙之处就是在那一刻，全身心的感应都告诉你：就是它了。伍德深深地着迷于那些从经济活动中诞生，而又凌驾于微观和具体之上的“宏大观点”——遥远的、纵览全局的、直指未来的“宏大观点”。按照她自己的说法，她发现宏观研究是多么该死的迷人，让人大胆地畅想，畅想未来世界运转的方式，比起研究那些已经存在的理论，这是更加要紧的事。回头来看，这是头一回，那股对未知事物一脉相承的偏爱，以一种直击脑门的方式，帮伍德做了一个重大的人生抉择。师从名门让伍德在这条路上比其他人走得更快了些。她的导师——经济学教授Arthur Laffer正是著名的“拉弗曲线”的提出者。虽是本科生，伍德仍然参加了他教授的研究生课程，凭借着优秀的禀赋深得器重。2014年10月21日，Wood和Laffer在纽交所主席台上亮相 图源：Investors’Business Daily年轻的首席：站在共识另一边也是在拉弗的牵线下，22岁时，伍德进入传统资管巨头Capital Group就任助理经济学家，开启了她的职业生涯。1980年，她又在一次偶然机遇下移居纽约，成为了投顾公司Jennison Associates的首席经济学家。也就是说，仅仅三年，伍德就在年仅25岁之时从助理做到了首席。正值她初担大任之际，美国经济也正经历一番风起云涌的巨变。20世纪80年代初的美国正处于高度滞胀的深渊，生产下降和失业率猛增的同时，物价不但没有下跌反而普遍大幅上涨，出现了高通胀、高失业和低经济增长并存的罕见局面。当时美联储新上任的主席保罗·沃尔克试图缩减货币供应来对抗高企的通胀，但始终收效甚微。美国通胀在1980年升至高点这一背景下，“末日博士”亨利·考夫曼和米尔顿·弗里德曼等一批当时美国最具权威性的经济学家都绝望地认为，通货膨胀已经成为常态，根深蒂固了。伍德则认为不然，她坚持，利率和通货膨胀已经见顶。Jennison的联合创始人Spiros Segalas与伍德亦师亦友，那段时间，他经常邀请这些学界知名人士来公司分享他们的预测，又出于或训练、或考验、或交流的目的，让伍德站在“反方”，跟他们一对一辩上一辩。一边是江湖多年、拥有庞大阵营的老将，一边是刚刚做上首席、单看年龄就好像没什么经验的少数派选手，我们无法知道“考夫曼们”究竟是在认真参与这场学术对垒，还是抱着指教后辈的心态倾情演出，但事实最终证明，伍德的判断十分准确，1980年里根政府上台后，通胀和利率得到了不错的控制，从高峰一路下跌。目睹了许多场辩论之后，Segalas对伍德做出这样的评价：一位有着不可思议坚定信念的女士。她是目前为止最犀利的一个。伍德后来说，正是那段日子真正塑造了她自行其是、挑战权威的能力，让她深刻意识到，要时刻警惕那些所谓的“共识”，它们看似不容辩驳，却往往有可商榷的空间——而那些有违“共识”的行为，反而可能有巨大的潜力。几十年后回首初生牛犊的往昔，伍德会发现，自己做下这一精准预测之时，正站在自身和历史转折交汇的当口。利率一经回落，随之而来的将是一场长达40年的科技股牛市，而她不久后将参与其中，以同样“特立独行”的姿态战斗数年，直到掀起一番风浪。届时，她将“忤逆”的不再是几位学界的“考夫曼”，而是一整个华尔街。那时的她并未料到这一点。转战股票：在桌子底下寻找残羹剩饭她能嗅到的只是，科技股的风要刮上一阵子了。利率下行为之前深受冲击的科技公司带来了更多成长空间，伍德本来就热爱天文学和工程学，很快决定得坐上这班车。于是1985年，她在Jennison从宏观转向股票研究，1990年又兼任该公司的投资组合经理，始终聚焦科技股领域。年轻时的伍德 图源：Jesus Calling在科技股熙熙攘攘的人潮中，她又一次离开了大部队。和利率预测时不同，这一次，违背共识、寻找新事物的信念真正“主动”发挥了作用。伍德一上来就问自己，别的分析师肯定把不错的科技股都研究过一轮了，一个也不会放过，那还剩下什么？留给我的是什么？哪些是属于我的股票？她随即有了答案。于是，极具倾向性、甚至有些偏执地，伍德开始努力寻找两类股票：那些过于超前，超前到人们还没引起重视、还来不及一拥而上的领域；某些股票位于多个行业的交汇处，而没有任何方面的分析师跟进。伍德认为，这很可能也是创新诞生的地方。她将自己形容为“一只小狗，在桌子底下寻找残羹剩饭”。她说，“当分析师和基金经理都认为某些股票不足挂齿，或无法完美地融入任意一个投资组合中时，通常得多看两眼”，它们可能暂时被低估，但随着时间推移，可能爆发指数级的增长。研究股票时，伍德没什么固定的程序、套路可言，只是贪婪地汲取着所能触及的所有信息，加以消化和判断。现任摩根士丹利首席投资官的Lisa Shalett曾同她工作过一段时间，回忆说：“Cathie的好奇心像是永远得不到满足，她如饥似渴地吸收来自大大小小各类渠道的研究成果，一天24小时不知疲倦地工作，以确保团队拥有最深入的研究，生成最独到的观点。”有时候，她甚至会听一听直觉讲的话。比如投资路透社（Reuters）时，人们普遍很难理解这种“出版数据库”的商业模式——从金融公司收集数据，再把数据全部卖回给它们，这算什么呢？伍德自己也说不好，但她认为这种模式非常创新。她后来回忆说：“当时只是觉得它在干件大事，现在我们知道了，这正是当今互联网概念的缩影。”我们后面会看到，这种“肆意妄为”的投资风格，一直被伍德保留到了今天。就这样，伍德在Jennison一待就是18年。余下的几年时光，她一边将三个孩子抚养长大，一边在股票研究的道路上越走越远，也在其独特的选股门道上越走越精。Wood和孩子们 图源：Jesus Calling1998年，伍德离开Jennison后，先是在对冲基金Tupelo Capital做了3年的有限合伙人，2001年正式加入联博，担任基金经理和专题研究策略师。揣着50亿美元资金的管理规模，伍德在联博继续潜心股票领域，开启了长达12年的又一个职业阶段。那时她尚未意识到，伴随着一阵金融风暴的来袭，这段岁月将成为其日后自立门户的关键转折。摆脱传统 自立门户在联博，伍德延续一贯的投资风格，走着高增长、高风险、小盘股的路径。2002年下半年开始，美股正值一轮牛市，伍德的投资组合也表现得相当不错。但随后发生的两件事，让她萌生了摆脱传统基金投资分析框架的想法。先是2006年，美国房地产泡沫已经达到了相当高的水平，市场上开始出现各种各样矛盾的信号，伍德预计泡沫不久就会破裂。她随即大幅降低了投资组合的头寸。然而次贷的盛宴又继续了一年多，清醒得太早的代价是，伍德当年的收益率仅5%，跑输了大盘（12%-13%）将近一千个基点。伍德深受打击。而当她对天主教会的导师诉说这件事，向其寻求开解的时候，导师留下一句意味深长的话，完全扭转了她原先看问题的角度：你不能崇拜任何偶像，而现在，市场基准却成了你的偶像。第二年，伍德弥补了大部分损失，但在祈祷和冥想中回味起导师的话，她说自己突然意识到，指数投资的成功属于过去，而上帝并不希望我们停留在过去，他希望我们进入新的创造。从这时起，一个念头逐渐被深耕在伍德心里——要变革原有的投资方式，投资的真正使命是要走向上帝所指引的未来，是要替上帝分配资本。时间到了08-09年金融危机，高风险的投资策略使得伍德的基金在美股崩盘中，回撤明显大于市场水平。联博看不下去了，要求伍德在持仓中加入标普500等指数来减小波动性。但是这一次，伍德不愿再受制于所谓的市场“基准”了。她直截了当地反驳道：“我认为我们太过信奉基准投资法了，针对创新领域的投资则太少。现在有些创新公司在公开市场的价格，甚至只有私募市场的10%，这是个巨大的机会！”这两件事如一段抑扬顿挫的前奏，最终将伍德引向了同一个方向：2014年，伍德辞去了联博收入稳定的工作，着手建立属于自己的初创公司。她意识到，想要真正摆脱传统基金公司投资框架下的束手束脚，想要真正践行一套自己的标准和投资理念、大胆把钱投在创新领域，那就只有自立门户。ARK的时代就此开始了。离经叛道的ARK因而可以说，ARK从最开始就是为了绕开传统资管的条条框框而生的，自然和大家走的不是一条路子。不再寄人篱下的伍德，将其不拘一格释放到极限，向着离经叛道的方向越走越远。她用一句话就和传统资管划清了界限：“我们真正要做的是鼓励新的创造，上帝的新创造。我们要将资本配置到它能发挥最高效益的、最有用的地方——那些有望改变世界、改善世界的变革性技术之上。而他们，那些其他的基金业者，只是把钱投向过去，那是最安全的路径。”“我们”，和“他们”——一边是无惧挑战的、变革性的、先锋的、连接未来的、为“神的创造”分配资产的；另一边，是安全的、翻旧账的、对新兴技术视而不见的、毫无上进心和使命感可言的。她问，你选哪一方？话自然不只说说而已，伍德的“新官上任三把火”延续至今。一则就像那个夏日午后，伍德自称圣灵在自己心里种下的计划一样，成立以来，ARK使命必达地将投资瞄准那些初绽头角的颠覆性技术，对不少传统基金嗤之以鼻的新兴企业都大为鼓励，这与后者怕波动、稳收益的投资策略截然不同。特斯拉可能是其中最著名、也最成功的例子了。伍德五年前就投资了特斯拉，当时股价50美元左右，过去三年，特斯拉一直是ARK的最大持股。伍德认为，特斯拉就是那样一个“位于多个行业的交汇处”的企业，集机器人、人工智能、能源储存于一身，传统的汽车分析师“不知道该怎么办”。2018年8月特斯拉股价徘徊在320美元时，马斯克一度考虑将公司私有化，用420美元/股的价格回购所有股票。伍德却是当时99%的市场看跌特斯拉时那1%的声音。她随即向马斯克发了一封公开信，预测称特斯拉在五年内股价最高能达到4000美元，反对其私有化公司。那封公开信至今，特斯拉已经发布了Model3，股价从320美元飙升至3500美元(按1比5的拆股比例调整)，伍德独到的眼光也得到了验证。根据ARK 2021年投资报告，除了比特币和电动车，如今伍德又将目光驻足到深度学习、新一代基因测序、数据中心再创造等等多个新兴领域，一如既往不吝对这些象征颠覆性创新的词汇付诸无限热情。图源：Alotta Money二则，和伍德所设想的一样，ARK公司从分析师本身到投资策略，从不拘泥于传统的指标、规则，十足的野路子打法，却不失漂亮。传统ETF主要被动投资于指数，而伍德的ETF采取主动选股、积极管理策略，这是很罕见的，即便在主动型ETF越来越受欢迎的今天，也只占美国ETF总资产的3%。正如前文提到，伍德很不喜欢指数，认为那衡量是过去的成就。她的雇员和传统基金也完全不同，总共30多名员工，很少有华尔街背景或MBA学位的，大多数都是不同行业的专业人士——癌症科学家、人工智能分析师、游戏工程师，甚至船长。他们不懂移动平均线，不懂动量指标，有些甚至连彭博终端都不会用。伍德不在乎这些，她看中的就是不同背景、不同领域的专业性。她似乎也非常信奉“咖啡馆里出哲学”的理念，以一种极轻松的模式管理着公司。曼哈顿东28街的办公室没有隔间，酒吧式的高脚椅旁边，所有桌子围成一圈，职员们自由地走动、交流、对谈，随时准备着思维的交锋。三则，传统资管公司总爱深藏不露自己掌握的“独家信息”，ARK则完全不同。伍德的态度是：透明、开放，“信息吸引信息”。ARK的周度“头脑风暴”会议任何人都可以参加，包括行业专家和竞争对手。团队可以与科学家、工程师、医生和其他专家分享研究成果并进行合作，这在很多传统基金公司是违规行为，是要被开除的。不仅如此，伍德还会在Reddit论坛等社交平台上免费发布研究报告，每天公布持仓变动，甚至亲自和网友讨论投资标的，这为其积攒下一大批忠实的粉丝。她认为，这有助于ARK对与市场存在分歧或误解的地方进行反思，更好地理解世界在发生什么。投资ARK=信上帝、信未来？所谓离经叛道者，人们要么视其为天才，要么笑其为疯子，投资特斯拉的成功有如一剂强心剂，让更多人愿意相信伍德归属前者。于是这三把火多少在粉丝心中埋下了几分狂热因子，似乎伍德已经为其股票池无可限量的创新前景打了包票——在ARK这里，只要付出时间成本，就能获得金钱回报。但更重要的一点是，上面这句话在上帝、信仰、未来这些概念的贯穿下，卸下了俗套的外衣，听起来慷慨激昂，振奋人心。想想吧，投资ARK，和笃信未来挂了钩。如果巴菲特、芒格版价值投资算是经验主义的王道，那么ARK这套轰轰烈烈的说法就有些形而上的架势了。总的来说，人还是爱幻想的动物，对于虚无缥缈着的东西总容易信点什么。你可以不信特斯拉、不信比特币，但你信技术吗，信技术的发展吗？你可以不信ARK，但你信“上帝的使命”吗？你说你不是基督徒，那你信未来吗？当ARK信誓旦旦地描画着未来，你又能喊出同样的音量反驳说，未来并非如此吗？毕竟，那个被所有人称作是骗子的特斯拉真的干成了不是吗，它颠覆了整个汽车业，从金属到能源也为之改变——那么比特币呢？那么一路看好特斯拉到现在的ARK呢？这套思维的力量比想象中要大得多。就算在路途中受了些苦，比如净值暴跌了30个点什么的……一些投资者也会觉得自己是在为未来买单，是林中有两条路，选择了布满荆棘的那条，是坚持到最后的人笑得最大声。截至3/8，ARK五只表现最好的ETF自高点平均下跌近30个点，图为旗舰基金ARKK净值曲线但确实如此，谁又说得准未来呢？有限的钱包是否真的可以为无限的信仰买单，即便未来确乎如此，坚持得到的又是多远的未来？比如，今年的结局又将是如何。2021年对ARK无疑是严峻挑战的一年。风风火火的几个月过去，ARK与特斯拉、比特币之间千丝万缕的联系几乎酿成了“三位一体”的风险格局，去年年底伍德还告诉媒体，有决心未来五年把投资人的钱翻三倍，不料进入2021年才两个月，股价就开始掉头向下，开局不利。对小盘股的钟爱还始终是一大隐患。有分析师举例，ARK旗下ARKG基金持仓的标的中有20家超过流通股本的5%，占全部持仓标的比例为45.45%，ARK已经成为不少标的的第一大股东，一旦市场环境不好或板块热度下降，基金净值可能会出现利空叠加流动性风险带来的大幅下跌。人们在恐慌中再次回想起上世纪90年代的美股市场——那座用泡沫堆成的高楼一夜之间轰然倒塌，也将一众刚升起不久的“资管新星”埋在废墟之下。比如，曾在1991年至2005连续15年间跑赢标普500指数的明星基金经理比尔·米勒（Bill Miller），08年金融危机时却惨遭滑铁卢，一度被市场形容为“晚节不保”。又比如共同基金公司Janus（古罗马神话中的两面神），1998年底至2000年3月间，从美国第20大共同基金公司发展到第5大，短短十年规模从30亿美元扩张到3000亿。就连曾任美国总统的克林顿都把个人账户交托Janus管理。但随着互联网泡沫破裂，其部分基金产品净值一下子暴跌三分之二，“两面神”的神话也就此灰飞烟灭。和ARK一样，Janus恰好也对科技股和小盘股情有独钟，也恰好是一副放眼未来，一旦看好就重拳出击的自信架势。那么如今的ARK，会成为下一个两面神吗？如今的伍德，会是下一个跌落神坛的米勒吗？还是，它们将成为下一个特斯拉和马斯克，度过艰难的日子，真正站上行业变革的中心？两年多前马斯克在节目上一口大麻一口酒，愁眉不展地度过特斯拉最艰难的日子。如今，伍德也正迎来这样的时候吗？而后，马斯克真的成了汽车领域的颠覆者，传统车企不得不大象掉头奋起直追，伍德也将这样地拨云开雾吗？华尔街将出现更多的ARK吗？更透明、更开放、更具活力的资管业正在形成吗？遵从上帝的话，诺亚建好了方舟，那年方舟从大洪水中存活下来，神说“我使云彩盖地的时候，必有虹现在云中”。如今“遵从圣灵之托”，伍德建成ARK也来到第七个年头，大洪水化身金融市场的风暴袭来，云雾遮挡视线。伍德能够带领整船的人翻过洪水，真正掀起行业变革的风吗？她能见到，神降下的虹吗？","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARKK":0.9,"ARKF":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327745021,"gmtCreate":1616130322963,"gmtModify":1704791338562,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"More seeking alpha article. Thanks","listText":"More seeking alpha article. Thanks","text":"More seeking alpha article. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/327745021","repostId":"1167332168","repostType":4,"isVote":1,"tweetType":1,"viewCount":2009,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327760798,"gmtCreate":1616126832214,"gmtModify":1704791287133,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/8IH.AU\">$8I Holdings Ltd(8IH.AU)$</a>&nbsp;who pump money in?&nbsp;","listText":"<a href=\"https://laohu8.com/S/8IH.AU\">$8I Holdings Ltd(8IH.AU)$</a>&nbsp;who pump money in?&nbsp;","text":"$8I Holdings Ltd(8IH.AU)$ who pump money in?","images":[{"img":"https://static.tigerbbs.com/671e2962f2c08b8756a2bbcb649f9b6d","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/327760798","isVote":1,"tweetType":1,"viewCount":2891,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3562206499105387","authorId":"3562206499105387","name":"CY_Ng","avatar":"https://static.tigerbbs.com/eba016392472f02387b5ae5505dbc524","crmLevel":12,"crmLevelSwitch":1,"authorIdStr":"3562206499105387","idStr":"3562206499105387"},"content":"company own share buy back since Monday","text":"company own share buy back since Monday","html":"company own share buy back since Monday"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":366341851,"gmtCreate":1614399904173,"gmtModify":1704771567968,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Fair value now","listText":"Fair value now","text":"Fair value now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366341851","repostId":"2114091633","repostType":2,"repost":{"id":"2114091633","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1614356700,"share":"https://ttm.financial/m/news/2114091633?lang=en_US&edition=fundamental","pubTime":"2021-02-27 00:25","market":"us","language":"en","title":"Palantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept.","url":"https://stock-news.laohu8.com/highlight/detail?id=2114091633","media":"Dow Jones","summary":"MW Palantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept","content":"<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Palantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept.\n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  February 26, 2021 11:25 ET (16:25 GMT)\n</p>\n<p>\n  Copyright (c) 2021 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>","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>Palantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept.</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nPalantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-02-27 00:25</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Palantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept.\n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  February 26, 2021 11:25 ET (16:25 GMT)\n</p>\n<p>\n  Copyright (c) 2021 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2114091633","content_text":"MW Palantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept.\n\n\n \n\n\n$(END)$ Dow Jones Newswires\n\n\n  February 26, 2021 11:25 ET (16:25 GMT)\n\n\n  Copyright (c) 2021 Dow Jones & Company, Inc.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":754,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361681406,"gmtCreate":1614228767005,"gmtModify":1704889881339,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Seeking alpha article is the best","listText":"Seeking alpha article is the best","text":"Seeking alpha article is the best","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/361681406","repostId":"1115367460","repostType":4,"isVote":1,"tweetType":1,"viewCount":734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382530252,"gmtCreate":1613464404076,"gmtModify":1704880715321,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/8IH.AU\">$8I Holdings Ltd(8IH.AU)$</a>&nbsp;market cap is just AUD70million, compare to 8VI market cap OF AUD 130million. 8IH own 80% of 8VI.","listText":"<a href=\"https://laohu8.com/S/8IH.AU\">$8I Holdings Ltd(8IH.AU)$</a>&nbsp;market cap is just AUD70million, compare to 8VI market cap OF AUD 130million. 8IH own 80% of 8VI.","text":"$8I Holdings Ltd(8IH.AU)$ market cap is just AUD70million, compare to 8VI market cap OF AUD 130million. 8IH own 80% of 8VI.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382530252","isVote":1,"tweetType":1,"viewCount":693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":327760798,"gmtCreate":1616126832214,"gmtModify":1704791287133,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/8IH.AU\">$8I Holdings Ltd(8IH.AU)$</a>&nbsp;who pump money in?&nbsp;","listText":"<a href=\"https://laohu8.com/S/8IH.AU\">$8I Holdings Ltd(8IH.AU)$</a>&nbsp;who pump money in?&nbsp;","text":"$8I Holdings Ltd(8IH.AU)$ who pump money in?","images":[{"img":"https://static.tigerbbs.com/671e2962f2c08b8756a2bbcb649f9b6d","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/327760798","isVote":1,"tweetType":1,"viewCount":2891,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3562206499105387","authorId":"3562206499105387","name":"CY_Ng","avatar":"https://static.tigerbbs.com/eba016392472f02387b5ae5505dbc524","crmLevel":12,"crmLevelSwitch":1,"authorIdStr":"3562206499105387","idStr":"3562206499105387"},"content":"company own share buy back since Monday","text":"company own share buy back since Monday","html":"company own share buy back since Monday"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":150797048,"gmtCreate":1624927073084,"gmtModify":1703848023079,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/8IH.AU\">$8I Holdings Ltd(8IH.AU)$</a>&nbsp;why keep shares buy back after price has rally up recently. Still undervalue?&nbsp;","listText":"<a href=\"https://laohu8.com/S/8IH.AU\">$8I Holdings Ltd(8IH.AU)$</a>&nbsp;why keep shares buy back after price has rally up recently. Still undervalue?&nbsp;","text":"$8I Holdings Ltd(8IH.AU)$ why keep shares buy back after price has rally up recently. Still undervalue?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/150797048","isVote":1,"tweetType":1,"viewCount":2779,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382530252,"gmtCreate":1613464404076,"gmtModify":1704880715321,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/8IH.AU\">$8I Holdings Ltd(8IH.AU)$</a>&nbsp;market cap is just AUD70million, compare to 8VI market cap OF AUD 130million. 8IH own 80% of 8VI.","listText":"<a href=\"https://laohu8.com/S/8IH.AU\">$8I Holdings Ltd(8IH.AU)$</a>&nbsp;market cap is just AUD70million, compare to 8VI market cap OF AUD 130million. 8IH own 80% of 8VI.","text":"$8I Holdings Ltd(8IH.AU)$ market cap is just AUD70million, compare to 8VI market cap OF AUD 130million. 8IH own 80% of 8VI.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382530252","isVote":1,"tweetType":1,"viewCount":693,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164132519,"gmtCreate":1624178867531,"gmtModify":1703830236330,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Be the lemming with life jacket","listText":"Be the lemming with life jacket","text":"Be the lemming with life jacket","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/164132519","repostId":"1126454279","repostType":2,"isVote":1,"tweetType":1,"viewCount":2197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124408630,"gmtCreate":1624776402120,"gmtModify":1703845020861,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Invest the undervalue and just wait.&nbsp;","listText":"Invest the undervalue and just wait.&nbsp;","text":"Invest the undervalue and just wait.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124408630","repostId":"1164137597","repostType":2,"isVote":1,"tweetType":1,"viewCount":1980,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355243216,"gmtCreate":1617079221735,"gmtModify":1704801677873,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Ark","listText":"Ark","text":"Ark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355243216","repostId":"2123790280","repostType":4,"isVote":1,"tweetType":1,"viewCount":1860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327745021,"gmtCreate":1616130322963,"gmtModify":1704791338562,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"More seeking alpha article. Thanks","listText":"More seeking alpha article. Thanks","text":"More seeking alpha article. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/327745021","repostId":"1167332168","repostType":4,"isVote":1,"tweetType":1,"viewCount":2009,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":361681406,"gmtCreate":1614228767005,"gmtModify":1704889881339,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Seeking alpha article is the best","listText":"Seeking alpha article is the best","text":"Seeking alpha article is the best","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/361681406","repostId":"1115367460","repostType":4,"isVote":1,"tweetType":1,"viewCount":734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149820685,"gmtCreate":1625715669947,"gmtModify":1703747006393,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/149820685","repostId":"1195805799","repostType":2,"repost":{"id":"1195805799","kind":"news","pubTimestamp":1625644452,"share":"https://ttm.financial/m/news/1195805799?lang=en_US&edition=fundamental","pubTime":"2021-07-07 15:54","market":"hk","language":"en","title":"Alibaba: A Rare Case Of Bullish Technicals And Fundamentals","url":"https://stock-news.laohu8.com/highlight/detail?id=1195805799","media":"seeking alpha","summary":"From the very moment of the IPO in 2017, Alibaba's share price continues to move along the upward support.The price drop that we have been observing since November last year fits into the concept of a correction. And this correction is most likely already completed.Fundamentally, the company is undervalued by at least 100%.Alibaba Groupnow represents that rare case when both technical and fundamental analysis simultaneously indicate a very likely increase in the company's capitalization in the n","content":"<p>Summary</p>\n<ul>\n <li>From the very moment of the IPO in 2017, Alibaba's share price continues to move along the upward support.</li>\n <li>The price drop that we have been observing since November last year fits into the concept of a correction.&nbsp;And this correction is most likely already completed.</li>\n <li>Fundamentally, the company is undervalued by at least 100%.</li>\n</ul>\n<p>Thesis</p>\n<p>Alibaba Group(NYSE:BABA)(OTCPK:BABAF)now represents that rare case when both technical and fundamental analysis simultaneously indicate a very likely increase in the company's capitalization in the near future.</p>\n<p>Part 1: Fundamental analysis</p>\n<p>Among the fundamental analysis tools, in this case, I find DCF modeling the most suitable because this method gives a rough idea of a company’s current rational value based on its development trends, the situation in the debt market and current volatility. In addition, this method allows you to look at the company as unbiased as possible.</p>\n<p>The quality of the DCF model is largely determined by the quality of the long-term company’s revenue forecast, incorporated in the model. To consider a conservative scenario, when predicting Alibaba's revenue for the next decade, I proceeded from the lower bound of analysts'expectations. In my opinion, the CAGR of 15% over the next 10 years is more than realistic for Alibaba, given the current growth rate of China's economy. Let me remind you that the company receives more than 90% of its revenue in the domestic market.</p>\n<p><img src=\"https://static.tigerbbs.com/53010c963ff2d110ab8caa4b8639d3fe\" tg-width=\"640\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: Bloomberg</i></p>\n<p>In addition, the model assumes a gradual decrease in the operating margin to 11% in the terminal year. This condition is dictated by the desire to consider a pessimistic scenario. In addition, it is in line with the trend shown by the company.</p>\n<p><img src=\"https://static.tigerbbs.com/2f745edf64e78553f2d0975d39710a8e\" tg-width=\"635\" tg-height=\"371\" referrerpolicy=\"no-referrer\">Data byYCharts</p>\n<p>To calculate the Weighted Average Cost of Capital, I used thecurrent yield of China 10-Year Bondas a risk-free rate for the Chinese market (3.11%),equity risk premium(5.4%) and 3-yearrolling beta coefficient(0.6). For the terminal year, I used Beta equal to 1. To calculate the Cost of Debt, I used the interest expense for 2020 and 2021 FY divided by the debt value for the same years. Here is the calculation:</p>\n<p><img src=\"https://static.tigerbbs.com/3f88ac415a591de21c8392e67a5b4494\" tg-width=\"480\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p>\n<p>Among other parameters, the following should be highlighted:</p>\n<ol>\n <li>The relative size of CAPEX will remain at the five-year average.</li>\n <li>The tax rate will amount to 27%.</li>\n</ol>\n<p>And, here's the model itself:</p>\n<p><img src=\"https://static.tigerbbs.com/c86901f09a266e8e3ceb828ab09f4a0d\" tg-width=\"640\" tg-height=\"395\" referrerpolicy=\"no-referrer\"><i>Source: Author</i></p>\n<p><i>The DCF-based target price of Alibaba's shares is ~$500, offering 130% upside. Please note that the considered scenario for the development of Alibaba cannot be called optimistic.</i></p>\n<p>Part 2: Technical analysis</p>\n<p>This block should begin with the fact that from the very moment of the IPO in 2017, the company's share price continues to move along the upward support. The monthly chart demonstrates this very well:</p>\n<p><img src=\"https://static.tigerbbs.com/7b3c2a6bdf2aa4515f183e3906672ac9\" tg-width=\"1001\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: TradingView.com, Author</i></p>\n<p>Separately, it is worth noting that the fall in the price of Alibaba shares, which we have been observing since the end of 2020, fully fits into this pattern.<i>In other words, in a technical context, nothing extraordinary has happened here over the past eight months.</i></p>\n<p>Now, let's move on to the weekly chart and take a closer look at the last two years.</p>\n<p>The last major full wave (growth and correction), which stands out in the dynamics of the company's share price, began in March 2020. And if we assume that in May 2021 the price of Alibaba's share reached its local minimum, then we get a pattern that is in very good agreement with theFibonacci retracement levels.In addition, the preservation of the macro uptrend is confirmed again because<i>the end of the wave is higher than its beginning.</i></p>\n<p><img src=\"https://static.tigerbbs.com/3600db32e0f86b2741bdbe516a7b19d2\" tg-width=\"1001\" tg-height=\"576\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: TradingView.com, Author</i></p>\n<p>Now, let's move on to the daily chart and focus on the last eight months.</p>\n<p>The fall in the company's share price, which began in November last year, clearly consists of three waves, indicated in the following chart by the letters A, B, C. (<i>By the way, according to theElliott Wave Theory, the correction should consist of three waves.)</i></p>\n<p><img src=\"https://static.tigerbbs.com/b790996d6facd6effb4a2b8e455800ba\" tg-width=\"941\" tg-height=\"597\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: TradingView.com, Author</i></p>\n<p>In addition, for the last eight months, the price had been falling without breaking through the resistance line, which is marked in red on the previous chart. And only on June 24, the share price rose above this line. A day later, the stock rallied above the 50-day moving average.<i>Agree, the technical picture is quite clear and positive.</i></p>\n<p>Moreover, I also want to draw your attention to the dynamics of theMACDindicator:</p>\n<p><img src=\"https://static.tigerbbs.com/346c067c36b033a29857ae91717fc897\" tg-width=\"941\" tg-height=\"597\" referrerpolicy=\"no-referrer\"></p>\n<p><i>Source: TradingView.com, Author</i></p>\n<p>Since the beginning of the year, this indicator has been showing a steady upward trend. And now it is already in the positive zone.</p>\n<p><i>In my opinion, all this indicates that the correction is most likely completed. Now a new, upward wave is emerging.</i></p>\n<p>And one more thing. Shares of Alibaba, much like the shares of most public companies, follow their long-term exponential trend, which tends to be well-identified on the graph with log y-axis. Here is this trend:</p>\n<p><img src=\"https://static.tigerbbs.com/7cc925fcc792b16d970c8a0da5cd8202\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"><i>Source: VisualizedAnalytics.com</i></p>\n<p>Now, the company's stock price is below this trend by one standard deviation. But overall, the trend doesn't seem broken.<i>And just a return of the price to the balanced state within the framework of this model would mean an increase of 35%.</i></p>\n<p>Bottom line</p>\n<p>In the context of investments, the key factors for success are patience and objectivity in the perception of the situation. In my opinion, this is even more important than deep theoretical knowledge.</p>\n<p>I do not and cannot have all the information regarding Alibaba Group. But I clearly see that in the context of technical analysis, the situation here is positive. Moreover, the price drop that we have been observing since November last year fits into the concept of a correction. And this correction is most likely already completed.</p>\n<p>Fundamental analysis is no less unambiguous. The undervaluation of the company is at least 100%.</p>\n<p>In talking about Alibaba, it is impossible to ignore the sovereign risks, which have especially increased in the last year. Much has already been written on this topic, in particular, I evenassessedthese risks through the calculation of the WACC (Weighted Average Cost of Capital). But any risk comes at a price. And in my opinion, it is the technical analysis that shows well that this risk is already taken into account in the price of the company.</p>\n<p>Therefore, there is no need to complicate things. You just need to be patient. The company's price is potentially prone to rise in price by at least 30% in the next six months.</p>\n<p>Just be patient!</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>Alibaba: A Rare Case Of Bullish Technicals And Fundamentals</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlibaba: A Rare Case Of Bullish Technicals And Fundamentals\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-07 15:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4437988-alibaba-rare-case-bullish-technicals-fundamentals><strong>seeking alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nFrom the very moment of the IPO in 2017, Alibaba's share price continues to move along the upward support.\nThe price drop that we have been observing since November last year fits into the ...</p>\n\n<a href=\"https://seekingalpha.com/article/4437988-alibaba-rare-case-bullish-technicals-fundamentals\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴"},"source_url":"https://seekingalpha.com/article/4437988-alibaba-rare-case-bullish-technicals-fundamentals","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195805799","content_text":"Summary\n\nFrom the very moment of the IPO in 2017, Alibaba's share price continues to move along the upward support.\nThe price drop that we have been observing since November last year fits into the concept of a correction. And this correction is most likely already completed.\nFundamentally, the company is undervalued by at least 100%.\n\nThesis\nAlibaba Group(NYSE:BABA)(OTCPK:BABAF)now represents that rare case when both technical and fundamental analysis simultaneously indicate a very likely increase in the company's capitalization in the near future.\nPart 1: Fundamental analysis\nAmong the fundamental analysis tools, in this case, I find DCF modeling the most suitable because this method gives a rough idea of a company’s current rational value based on its development trends, the situation in the debt market and current volatility. In addition, this method allows you to look at the company as unbiased as possible.\nThe quality of the DCF model is largely determined by the quality of the long-term company’s revenue forecast, incorporated in the model. To consider a conservative scenario, when predicting Alibaba's revenue for the next decade, I proceeded from the lower bound of analysts'expectations. In my opinion, the CAGR of 15% over the next 10 years is more than realistic for Alibaba, given the current growth rate of China's economy. Let me remind you that the company receives more than 90% of its revenue in the domestic market.\n\nSource: Bloomberg\nIn addition, the model assumes a gradual decrease in the operating margin to 11% in the terminal year. This condition is dictated by the desire to consider a pessimistic scenario. In addition, it is in line with the trend shown by the company.\nData byYCharts\nTo calculate the Weighted Average Cost of Capital, I used thecurrent yield of China 10-Year Bondas a risk-free rate for the Chinese market (3.11%),equity risk premium(5.4%) and 3-yearrolling beta coefficient(0.6). For the terminal year, I used Beta equal to 1. To calculate the Cost of Debt, I used the interest expense for 2020 and 2021 FY divided by the debt value for the same years. Here is the calculation:\nSource: Author\nAmong other parameters, the following should be highlighted:\n\nThe relative size of CAPEX will remain at the five-year average.\nThe tax rate will amount to 27%.\n\nAnd, here's the model itself:\nSource: Author\nThe DCF-based target price of Alibaba's shares is ~$500, offering 130% upside. Please note that the considered scenario for the development of Alibaba cannot be called optimistic.\nPart 2: Technical analysis\nThis block should begin with the fact that from the very moment of the IPO in 2017, the company's share price continues to move along the upward support. The monthly chart demonstrates this very well:\n\nSource: TradingView.com, Author\nSeparately, it is worth noting that the fall in the price of Alibaba shares, which we have been observing since the end of 2020, fully fits into this pattern.In other words, in a technical context, nothing extraordinary has happened here over the past eight months.\nNow, let's move on to the weekly chart and take a closer look at the last two years.\nThe last major full wave (growth and correction), which stands out in the dynamics of the company's share price, began in March 2020. And if we assume that in May 2021 the price of Alibaba's share reached its local minimum, then we get a pattern that is in very good agreement with theFibonacci retracement levels.In addition, the preservation of the macro uptrend is confirmed again becausethe end of the wave is higher than its beginning.\n\nSource: TradingView.com, Author\nNow, let's move on to the daily chart and focus on the last eight months.\nThe fall in the company's share price, which began in November last year, clearly consists of three waves, indicated in the following chart by the letters A, B, C. (By the way, according to theElliott Wave Theory, the correction should consist of three waves.)\n\nSource: TradingView.com, Author\nIn addition, for the last eight months, the price had been falling without breaking through the resistance line, which is marked in red on the previous chart. And only on June 24, the share price rose above this line. A day later, the stock rallied above the 50-day moving average.Agree, the technical picture is quite clear and positive.\nMoreover, I also want to draw your attention to the dynamics of theMACDindicator:\n\nSource: TradingView.com, Author\nSince the beginning of the year, this indicator has been showing a steady upward trend. And now it is already in the positive zone.\nIn my opinion, all this indicates that the correction is most likely completed. Now a new, upward wave is emerging.\nAnd one more thing. Shares of Alibaba, much like the shares of most public companies, follow their long-term exponential trend, which tends to be well-identified on the graph with log y-axis. Here is this trend:\nSource: VisualizedAnalytics.com\nNow, the company's stock price is below this trend by one standard deviation. But overall, the trend doesn't seem broken.And just a return of the price to the balanced state within the framework of this model would mean an increase of 35%.\nBottom line\nIn the context of investments, the key factors for success are patience and objectivity in the perception of the situation. In my opinion, this is even more important than deep theoretical knowledge.\nI do not and cannot have all the information regarding Alibaba Group. But I clearly see that in the context of technical analysis, the situation here is positive. Moreover, the price drop that we have been observing since November last year fits into the concept of a correction. And this correction is most likely already completed.\nFundamental analysis is no less unambiguous. The undervaluation of the company is at least 100%.\nIn talking about Alibaba, it is impossible to ignore the sovereign risks, which have especially increased in the last year. Much has already been written on this topic, in particular, I evenassessedthese risks through the calculation of the WACC (Weighted Average Cost of Capital). But any risk comes at a price. And in my opinion, it is the technical analysis that shows well that this risk is already taken into account in the price of the company.\nTherefore, there is no need to complicate things. You just need to be patient. The company's price is potentially prone to rise in price by at least 30% in the next six months.\nJust be patient!","news_type":1,"symbols_score_info":{"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":1719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140388968,"gmtCreate":1625629616454,"gmtModify":1703745273605,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Right management","listText":"Right management","text":"Right management","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140388968","repostId":"1157988669","repostType":2,"repost":{"id":"1157988669","kind":"news","pubTimestamp":1625623393,"share":"https://ttm.financial/m/news/1157988669?lang=en_US&edition=fundamental","pubTime":"2021-07-07 10:03","market":"us","language":"zh","title":"He XPeng's Second Dream","url":"https://stock-news.laohu8.com/highlight/detail?id=1157988669","media":"FN商业","summary":"何小鹏的内心深处仍然埋藏着创业梦，等待被激活。或许他自己都没有察觉，这颗种子早在他独自走下大巴车的时候就已经埋下了。\n\n\n造车新势力中，小鹏最晚登陆美股。然而在纽交所上市不满一年，它已完成“双重主要上","content":"<p>He XPeng still has his entrepreneurial dream buried deep in his heart, waiting to be activated. Perhaps he didn't realize it himself, but this seed had been planted as early as when he got off the bus alone.<img src=\"https://static.tigerbbs.com/742f2336829be615cea2b9a16f842a2e\" tg-width=\"650\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Among the new car-making forces, XPeng was the latest to land in the US stock market. However, less than a year after listing on the New York Stock Exchange, it has completed a \"dual primary listing\".</p><p>On July 7, XPeng Motors landed on the Hong Kong Stock Exchange, opening up 1.82%, with an issue price of HK $165, a highest stock price of HK $168, and a total market value of HK $284.2 billion. XPeng's first smart electric vehicle stock in Hong Kong stock market is likely to set off a trend of new car companies returning to Hong Kong for listing.</p><p>He XPeng of XPeng Automobile, with his second dream, kept diving into the deep water area of new cars.</p><p><b>01</b></p><p>On June 11, 2014, Alibaba acquired UC for US $4.35 billion in cash and equity.<b>It has set a merger and acquisition record in the history of domestic mobile Internet.</b>After becoming a wholly-owned subsidiary of Ali, UC was merged into the Ali system.</p><p>Ten years after founding UC, He XPeng, who achieved financial freedom, joined Alibaba with Yu Yongfu. This year, Ma Yun was the richest man in China.</p><p>After joining Ali, He XPeng served as the CEO of UC, became the president of Ali Mobile Business Group a year later, and was later transferred to the chairman of Ali Games. In 2017, he served as the president of Tudou.</p><p>But<b>He XPeng still has his entrepreneurial dream buried deep in his heart, waiting to be activated.</b>Perhaps he didn't even notice it, but this seed had been planted as early as when he got off the bus alone.</p><p>In 1999, South China University of Technology ushered in the graduation season. He XPeng and two other students got on a bus and followed their tutors to different enterprises for interviews, including two state-owned enterprises and one private enterprise.</p><p>The bus stopped in front of this private enterprise named \"AsiaInfo Technology\", and only He XPeng got off the bus. At that time, few people were willing to give up the iron rice bowl of state-owned enterprises. But He XPeng's idea is very different. His wish is to achieve financial freedom before the age of 40 and then retire.</p><p><b>No one can predict the future, and the way fate favors the lucky is full of drama.</b></p><p>Tian Shuoning, the founder of AsiaInfo Technology, later became the famous \"Mr. Internet\", and AsiaInfo was the \"architect of China's Internet\", but this is another story.</p><p>After graduation, He XPeng officially entered AsiaInfo Guangzhou office and started as a software testing engineer.</p><p>During his work in AsiaInfo, He XPeng met his fellow brother Liang Jie. Liang Jie has strong technical strength and is good at writing code. The two were in the same R&D team, and they cooperated very tacitly to jointly develop a large-capacity mail system, which became the company's flagship product.</p><p>In 2000, AsiaInfo was listed on Nasdaq. He XPeng has been in the company for one year and has 1,500 shares. According to the listed stock price of US $20, it is equivalent to US $30,000. When his leader gave him the equity agreement, he said,<b>You got a suite as soon as you came to the company</b>。”</p><p>But in 2004, He XPeng felt that migrant workers who earned thousands of dollars a month could not achieve financial freedom, so he resigned to start a business. Following the emerging trend of mobile Internet, he founded UC with Liang Jie.</p><p>At that time, China's Internet industry had just entered its first decade. He XPeng and Liang Jie were the first people to \"surf the Internet\" with mobile phones, and they were also the first to discover the entrepreneurial opportunities of mobile Internet.</p><p>At the beginning of its business, UC developed two products: UC Mail and UC Web. UC stands for You Can, meaning \"You Can send and receive mail and access the internet (at any time)\".</p><p><img src=\"https://static.tigerbbs.com/bab609b1da7cd95d17eeb37c2d16ab21\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>However, limited by the popularity of mobile Internet and hardware devices, users have not yet developed the habit of sending and receiving emails with mobile phones, but this product has attracted Ding Lei's attention.<b>Ding Lei also started as a mailbox and is very sensitive to similar products on the market.</b></p><p>Unfortunately, Chen Leihua, one of the developers of Netease Mailbox, is a classmate of He XPeng. He matched the bridge and the two sides met.</p><p>At the wine table, Ding Lei heard that UC's team couldn't even afford to rent an office. First, they borrowed 800,000 yuan, and then lent their office to He XPeng.<b>This office, once again why XPeng opened the door of luck.</b></p><p>UC's team moved into Ding Lei's office, next door is Li Xueling, editor-in-chief of Netease. Li Xueling later resigned to start a business and was the founder of YY. In 2006, Li Xueling introduced He XPeng to Yu Yongfu, vice president of Legend Investment (now Legend Capital). Yu Yongfu wanted to invest in UC very much, but the project failed because of one vote difference.</p><p>Yu Yongfu is unwilling. He has visited UC for half a year and is very optimistic about this project. So, on the night of the investment decision-making meeting, Yu Yongfu met Lei Jun in a bar on the streets of Beijing, and Lei Jun only said one sentence after listening to it:<b>\"If you go to UC, I will vote.\"</b></p><p>As a result, Yu Yongfu resigned from the position of vice president of Lenovo Investment, became the chairman and CEO of UC, and quickly completed a financing of 4 million yuan for UC, of which 2 million yuan was given by Lei Jun.</p><p><img src=\"https://static.tigerbbs.com/5d9db67406720f587d94f553fb67c2cf\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>Later, after Lei Jun left Jinshan, he also served as the chairman of UC. He is a fellow villager of He XPeng and an investor in He XPeng's two ventures.</p><p><b>02</b></p><p>Back to June 13, 2014, the day after UC was merged into Ali, the butterfly on the other side of the ocean flapped its wings. Musk announced that Tesla would adopt an \"open source model\". Subsequently, the new car-making force \"Wei Xiaoli\" was established one after another.</p><p>In the same year, Musk came to China and delivered the first batch of Tesla cars to domestic users. He XPeng was the first batch of users. He mentioned more than once that after getting on a Tesla, \"<b>The first feeling is that the world is about to change, and changes in the automobile industry are coming.</b>”</p><p>He XPeng mentioned in a self-report, \"<b>After Ali integrated UC in 2014, I proposed to build cars in the Ali system, but I was ruthlessly rejected.</b>I like cars and believe in the future of smart cars, but building your own car may face more responsibility, anxiety and pressure, and maybe it's better to be an investor. \"</p><p>At that time,<b>He XPeng, 37, completed his goal of financial freedom three years ahead of schedule</b>, but his first thought was not retirement, but the pain, emptiness and confusion after financial freedom.</p><p>So,<b>He XPeng began to initiate and promote car manufacturing projects as an investor.</b></p><p>Among this car-making team is Xia Heng, who was born in Tsinghua University majoring in automotive engineering. He joined GAC Trumpchi when it was first established and participated in the entire process of Trumpchi's birth.</p><p>Xia Heng was very excited about the idea of building a \"Chinese Tesla\", so he resolutely left GAC.</p><p>Before founding XPeng, Xia Heng was the chief of the control section of GAC New Energy Center, where he was responsible for the development of control systems for a variety of new energy vehicles and smart vehicles.</p><p>He Tao, another founder of XPeng Motors, is Xia Heng's junior and colleague. After graduating in 2010, he joined the Guangzhou Automobile Research Institute, engaged in the research and development of new energy vehicle control-related systems. Due to his strong technical ability, He Tao then coordinated the advancement of GAC's driverless project as a project manager.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55bb88fe0777b1f5dfe5d1bd9a2520c7\" tg-width=\"1080\" tg-height=\"665\"><span>(He Tao, He XPeng, Xia Heng)</span></p><p>After the establishment of XPeng Automobile's start-up team, it is still far from He XPeng changing from an investor to a founder<b>A phone call</b>。</p><p>On February 16th, 2017, He XPeng's child was born. Just a few minutes after hugging it, he received a phone call. This call came from Fu Jixun, managing partner of GGV GGV Capital, who he ridiculed as \"the bad guy who prompted me to start my business\".</p><p>\"The upgrading of the manufacturing industry and the upgrading of the travel industry has become the general trend. You have to come out quickly, and if you don't come out, this Windows (window period) will be gone.\"</p><p>According to He XPeng's recollection, since he formed a car-building team as an investor, he had always had the idea of starting a business and building a car again. Until the moment I received the phone call, I suddenly felt a strong emotion in my heart: I had to do something to prove it to my son.</p><p><b>This phone call officially activated He XPeng's entrepreneurial dream.</b></p><p>Six months later, on UC's 13th birthday, He XPeng officially left Ali. Yu Yongfu, then chairman and CEO of Alibaba Culture and Entertainment Group, said in an internal letter that He XPeng would officially \"retire\" and \"start a new journey of pursuing dreams\".</p><p>On that day, He XPeng sent a circle of friends: a cycle of entrepreneurship, bitter, spicy, sour, sweet and salty, and he was still a teenager when he came back.</p><p><b>03</b></p><p>Before He XPeng officially joined, XPeng Automobile's car-making plan had begun to advance, including obtaining Pre-A round of financing and 2.2 billion yuan in Series A financing, releasing the Beta version of the first mass-produced car, settling a tens of billions of production bases in Zhaoqing City, obtaining sales qualifications, etc.</p><p>He XPeng's joining has brought entrepreneurial experience and broad contacts.</p><p>Within one year of joining, XPeng Automobile completed 2 billion financing, and its shareholders include Alibaba, Foxconn, IDG and other investment giants. At the same time, He XPeng also hired a number of technical executives to supplement team talents.</p><p>On October 12, 2017, more than two months after He XPeng joined XPeng Motors, XPeng Motors' first mass-produced model officially rolled off the assembly line, becoming the first among the new car-making forces to achieve mass production.</p><p>On January 10, 2018, XPeng Motors G3 made its world premiere at the CES International Consumer Electronics Show in the United States. Domestically, XPeng Motors G3 appeared at the Geek Park Innovation Festival booth. In the same month, XPeng Motor delivered its first 39 new vehicles.</p><p>In March 2018, XPeng Automobile's 1.0 mass-produced model won the first new energy license plate for the mass-produced vehicle of the new Chinese car-making force.</p><p>However, what followed was a slowdown in XPeng. The first batch of XPeng Motors products were not put on the market, but were given to employees to continue driving tests in different scenarios.</p><p>He XPeng's attitude is very firm: \"Consumers should never be our first users.\"</p><p>Until December 12, 2018, XPeng Motors announced the official launch of the G3 and started delivery at the same time. The new car is divided into two models: G3 520 and G3 400. After comprehensive subsidies, the national unified price range is 143,800-196,800 yuan. The first batch of sold More than 10,000 vehicles.</p><p>But at this time, XPeng Motors has been overtaken by Nio Motors in terms of delivery.</p><p>Entering 2019, XPeng Automobile's development plan mentioned that 200 super charging stations will be built at the front end, an increase of 50%; Mid-range XPeng vehicles will expand the company scale to 5,000 employees, an increase of 40%; The back-end Zhaoqing factory will start construction and deliver 40,000 new cars, an increase of more than 7563%.</p><p>As a result, XPeng Motors began to build a VIE structure, and then news of launching an IPO in the United States came out, but the drastic changes in the new energy market came unexpectedly.</p><p>In March 2019, relevant departments issued the \"Notice on Further Improving the Financial Subsidy Policies for the Promotion and Application of New Energy Vehicles\". By the end of June, national subsidies for new energy vehicles would be halved and local subsidies would directly disappear.</p><p>Subsequently, the new energy vehicle market experienced coldness for the first time.</p><p>\"Currently, XPeng Motors has no schedule for the time and place of the IPO.\" On March 28, He XPeng announced.</p><p>In addition to market fluctuations and IPOs that have not yet been included in the plan, XPeng Motors has also begun to encounter doubts from users.</p><p>In July 2019, XPeng launched the G3 2020 model, but it quickly aroused strong dissatisfaction among old XPeng car owners. Compared with the 2019 G3, the new model not only has improved battery life, but also has a lower price than the old model.</p><p>On July 13, XPeng Automobile encountered the biggest crisis. A large wave of car owners went to XPeng Automobile headquarters and service centers in various cities to pull up banners to defend their rights, accusing XPeng Automobile of suspected consumer fraud.</p><p><img src=\"https://static.tigerbbs.com/42a12e066dfe967e8bf65b6e3916e2b2\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p><p>In desperation, XPeng Motors offered a compensation plan: when an old car owner purchases any model of XPeng Motors within 3 years, he will enjoy an additional exclusive subsidy of 10,000 yuan on the basis of enjoying all the current promotion policy rights and interests of the new car he intends to purchase.</p><p>More than a month later, He XPeng sighed in an interview with the media, \"<b>In the automobile industry, in addition to physical and mental fatigue, there is also mental fatigue</b>”。 In his words, he entered the \"hard zone\" of the automobile circle from the \"comfort zone\" of the Internet circle.</p><p>In fact, from 2018 to mid-2020, He XPeng repeatedly revealed negative emotions.</p><p>He used to be full of pain about delivery: \"I used to think that R&D and manufacturing were difficult, but delivery was not difficult, but now I find that the difficulty of delivery is far higher than building hundreds of units. In order to deliver, there are booking and sales links, and a huge CRM (Customer Relationship Management System) and dozens of information systems should be built internally. In order to sell, more than 40 companies should be opened all over the country, because every place has to deliver and invoice. We have to have charging stations everywhere. What should we do after-sales and maintenance...<b>The current pain I think will last for two years, until 2020.</b>”</p><p>By 2020, the pain continues. In June of this year, He XPeng sent a group photo in Weibo. In the photo, He XPeng, Li Bin and Li Xiang were sitting next to each other, and Li Bin's hands were closely placed on the shoulders of the two people next to him. He XPeng wrote: \"Three hardships, remembering their hardships and thinking about change...\"</p><p><img src=\"https://static.tigerbbs.com/ff8d8caa7b954731b82901887f5148db\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>Fortunately, a temporary \"hardship\" will not knock down an industry, especially an industry such as new energy vehicles that is destined to rise.</p><p>In July 2020, XPeng Motors released its second mass-produced model, the P7 smart coupe. The P7 is a benchmark against the domestic Tesla Model 3, with a cruising range of 706 kilometers and a price of about 230,000 yuan after subsidies.</p><p>The biggest \"difficulty\" for new car-making forces lies in building their own factories. However, the Zhaoqing factory, which invested 2 billion at the beginning, has begun to reap fruits, and the P7 is produced by the Zhaoqing factory.</p><p>The number of monthly deliveries urges He XPeng to keep moving forward, but in this battlefield where \"burning money\" has become a consensus, financing issues have been plaguing all players in the circle.</p><p>Due to the demand for mass production, car manufacturing requires extremely high funds, and 20 billion is only the threshold for entering the industry. He XPeng himself has invested 300 million US dollars like drizzle, and XPeng Motors has raised more than 18 billion yuan in 10 rounds of financing. In addition to old friends Alibaba and Xiaomi Group, investors also include Sequoia, Hillhouse, Foxconn and IDG Capital.</p><p>At this time, Nio Motors has become the leader among the three musketeers of car manufacturing. It was listed on the New York Stock Exchange on September 12, 2018, raising US $1 billion; Li Xiang's Li Auto followed closely behind and was listed on Nasdaq in the United States on July 30, 2020, raising US $1.05 billion.</p><p>XPeng Motor landed on the New York Stock Exchange on August 27, raising US $1.5 billion.</p><p><b>04</b></p><p>XPeng Automobile is about to land on the Hong Kong stock market and complete the \"dual primary listing\".</p><p>Since it is less than a year away from listing on the New York Stock Exchange, unlike a number of Chinese concept stocks such as JD.com, Baidu, and Bilibili that have gone to Hong Kong for secondary listing, XPeng Automobile cannot meet the requirements of the Hong Kong Stock Exchange for \"two fiscal years\". The only way to choose the \"dual primary market\" method to raise funds in Hong Kong.</p><p>At the same time, Nio and Ideal also revealed their willingness to go public in Hong Kong.</p><p><b>The urgent demand for listing reflects the development status of the new energy vehicle industry</b>: The thirst for funds and the recognition of the capital market complement each other; The appointment to return to Hong Kong for listing also reflects the quiet transformation of the core market of new energy vehicles.</p><p><b>In the capital market, the imagination of the new energy vehicle industry continues to nourish the stock prices of new forces.</b></p><p>Tesla has become the car company with the highest market value, and Wei Xiaoli's market value has also exceeded many century-old car companies. However, from the perspective of sales scale, the gap between the two sides is still large.</p><p>This year has just entered July, and new car-making forces can't wait to show their June sales report cards. Among them, Nio continued to lead with 8,083 vehicles delivered, Ideal became second with 7,713 vehicles, and XPeng delivered 6,565 vehicles, ranking third.</p><p>Since 2021, the scale of the new energy vehicle industry has expanded steadily. Nio, which has the highest delivery volume, is hitting annual sales of 100,000 vehicles, while Ideal and XPeng have the opportunity to hit annual sales of 80,000 vehicles.</p><p>However,<b>The monthly delivery volume in thousands is still a niche in the automobile market with millions of shipments</b>, this is the limitation caused by production capacity, and it is also the room for imagination to expand.</p><p>Thanks to the increase in shipments, XPeng Motor's revenue and gross profit have grown simultaneously, and it has begun to narrow the distance with its peers. Its prospectus shows that XPeng Automobile achieved a total revenue of 2.951 billion yuan in the first quarter of 2021, a year-on-year increase of 616.1% from 412 million yuan in 2020. The growth rate exceeded 481.8% of Nio Automobile and 319.8% of Li Auto. However, during the same period, Nio Automobile's revenue was 7.98 billion yuan, and Li Auto's revenue was 3.58 billion yuan.</p><p>In addition, XPeng vehicles have begun to enter the production capacity ramp-up stage. According to the prospectus, the utilization rate of XPeng's automobile production line is close to 40%, of which the capacity utilization rate of Haima factory has increased from 6.4% in 2018 to 40.6%, and the capacity utilization rate of Zhaoqing's new factory has also reached 38.5%, which is close to that of Chinese passenger cars. 40% average capacity utilization rate.</p><p><b>However, XPeng Automobile still hasn't got rid of the loss predicament.</b>XPeng warned of risks in the prospectus. The company is still incurring losses and negative operating cash flow, and this situation may continue for some time.</p><p>The financial report shows that XPeng has accumulated losses of more than 7.8 billion yuan in the past three years. From January to March 2021, XPeng's net loss was 786.6 million yuan, which was further expanded compared with 649.8 million yuan in the same period last year. The main reason for the loss was the high investment in research and development expenses, marketing promotion and advertising expenses. Among them, research and development expenses reached 5351 million yuan.</p><p><b>Among the three giants of new car manufacturing forces, Nio Motors leads in brand positioning and service system. Li Auto likes to tell the story of battery anxiety behind range-extending technology, while the moat XPeng Motors has built for itself is \"intelligence\".</b></p><p>In the prospectus, XPeng Motor also stated that its most critical core competitiveness is intelligence, that is, all software and core hardware are independently developed. Different from other OEMs, XPeng Automobile independently designed and developed full-stack autonomous driving technology and operating system, and said it was the first new car-making force company to independently develop autonomous driving software and commercialize it.</p><p>Taking technology as the core is determined by the genes of the founding team of XPeng Motors. In addition to the technical background of the two co-founders, there are also R&D positions accounting for nearly 40%. The prospectus mentioned that as of March 31, 2021, XPeng Motors has a total of 6,132 employees worldwide, of which 39.8% are R&D positions, including three categories: automotive design and engineering, autonomous driving and intelligent operating systems.</p><p>After the \"dual primary listing\", with the endless stories told in the new energy market and the complete closed loop of R&D, design, production, and sales services realized with self-built factories as the axis, funding is no longer the biggest problem.</p><p>The next hurdle lies in self-hematopoiesis at the business model level, intelligent research and development at the technical level, and the fierce invasion of mobile phone manufacturers.</p><p><b>05</b></p><p>“<b>I welcome more people to come in. There are still some opportunities in the past five years. After 2025, it will be a change from the Spring and Autumn Period to the Warring States Period.</b>\"At the Shanghai Auto Show, He XPeng once described the competition in the new energy vehicle market.</p><p>Why did Lei Jun, who solved XPeng's urgent need at the beginning, have already stood at the forefront of new car manufacturing with tens of billions of dollars. Ten years of reincarnation, old and new stories alternate.</p><p>He XPeng, a serial entrepreneur, fulfilled his dream of financial freedom three years ahead of schedule, but he was still determined to enter the muddy waters of new car manufacturing. Listed twice within a year, XPeng's identity has been transformed between pathfinder, chaser and leader.</p>","source":"lsy1590629264667","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>He XPeng's Second Dream</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\">\nHe XPeng's Second Dream\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">FN商业</strong><span class=\"h-time small\">2021-07-07 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>He XPeng still has his entrepreneurial dream buried deep in his heart, waiting to be activated. Perhaps he didn't realize it himself, but this seed had been planted as early as when he got off the bus alone.<img src=\"https://static.tigerbbs.com/742f2336829be615cea2b9a16f842a2e\" tg-width=\"650\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Among the new car-making forces, XPeng was the latest to land in the US stock market. However, less than a year after listing on the New York Stock Exchange, it has completed a \"dual primary listing\".</p><p>On July 7, XPeng Motors landed on the Hong Kong Stock Exchange, opening up 1.82%, with an issue price of HK $165, a highest stock price of HK $168, and a total market value of HK $284.2 billion. XPeng's first smart electric vehicle stock in Hong Kong stock market is likely to set off a trend of new car companies returning to Hong Kong for listing.</p><p>He XPeng of XPeng Automobile, with his second dream, kept diving into the deep water area of new cars.</p><p><b>01</b></p><p>On June 11, 2014, Alibaba acquired UC for US $4.35 billion in cash and equity.<b>It has set a merger and acquisition record in the history of domestic mobile Internet.</b>After becoming a wholly-owned subsidiary of Ali, UC was merged into the Ali system.</p><p>Ten years after founding UC, He XPeng, who achieved financial freedom, joined Alibaba with Yu Yongfu. This year, Ma Yun was the richest man in China.</p><p>After joining Ali, He XPeng served as the CEO of UC, became the president of Ali Mobile Business Group a year later, and was later transferred to the chairman of Ali Games. In 2017, he served as the president of Tudou.</p><p>But<b>He XPeng still has his entrepreneurial dream buried deep in his heart, waiting to be activated.</b>Perhaps he didn't even notice it, but this seed had been planted as early as when he got off the bus alone.</p><p>In 1999, South China University of Technology ushered in the graduation season. He XPeng and two other students got on a bus and followed their tutors to different enterprises for interviews, including two state-owned enterprises and one private enterprise.</p><p>The bus stopped in front of this private enterprise named \"AsiaInfo Technology\", and only He XPeng got off the bus. At that time, few people were willing to give up the iron rice bowl of state-owned enterprises. But He XPeng's idea is very different. His wish is to achieve financial freedom before the age of 40 and then retire.</p><p><b>No one can predict the future, and the way fate favors the lucky is full of drama.</b></p><p>Tian Shuoning, the founder of AsiaInfo Technology, later became the famous \"Mr. Internet\", and AsiaInfo was the \"architect of China's Internet\", but this is another story.</p><p>After graduation, He XPeng officially entered AsiaInfo Guangzhou office and started as a software testing engineer.</p><p>During his work in AsiaInfo, He XPeng met his fellow brother Liang Jie. Liang Jie has strong technical strength and is good at writing code. The two were in the same R&D team, and they cooperated very tacitly to jointly develop a large-capacity mail system, which became the company's flagship product.</p><p>In 2000, AsiaInfo was listed on Nasdaq. He XPeng has been in the company for one year and has 1,500 shares. According to the listed stock price of US $20, it is equivalent to US $30,000. When his leader gave him the equity agreement, he said,<b>You got a suite as soon as you came to the company</b>。”</p><p>But in 2004, He XPeng felt that migrant workers who earned thousands of dollars a month could not achieve financial freedom, so he resigned to start a business. Following the emerging trend of mobile Internet, he founded UC with Liang Jie.</p><p>At that time, China's Internet industry had just entered its first decade. He XPeng and Liang Jie were the first people to \"surf the Internet\" with mobile phones, and they were also the first to discover the entrepreneurial opportunities of mobile Internet.</p><p>At the beginning of its business, UC developed two products: UC Mail and UC Web. UC stands for You Can, meaning \"You Can send and receive mail and access the internet (at any time)\".</p><p><img src=\"https://static.tigerbbs.com/bab609b1da7cd95d17eeb37c2d16ab21\" tg-width=\"640\" tg-height=\"480\" referrerpolicy=\"no-referrer\"></p><p>However, limited by the popularity of mobile Internet and hardware devices, users have not yet developed the habit of sending and receiving emails with mobile phones, but this product has attracted Ding Lei's attention.<b>Ding Lei also started as a mailbox and is very sensitive to similar products on the market.</b></p><p>Unfortunately, Chen Leihua, one of the developers of Netease Mailbox, is a classmate of He XPeng. He matched the bridge and the two sides met.</p><p>At the wine table, Ding Lei heard that UC's team couldn't even afford to rent an office. First, they borrowed 800,000 yuan, and then lent their office to He XPeng.<b>This office, once again why XPeng opened the door of luck.</b></p><p>UC's team moved into Ding Lei's office, next door is Li Xueling, editor-in-chief of Netease. Li Xueling later resigned to start a business and was the founder of YY. In 2006, Li Xueling introduced He XPeng to Yu Yongfu, vice president of Legend Investment (now Legend Capital). Yu Yongfu wanted to invest in UC very much, but the project failed because of one vote difference.</p><p>Yu Yongfu is unwilling. He has visited UC for half a year and is very optimistic about this project. So, on the night of the investment decision-making meeting, Yu Yongfu met Lei Jun in a bar on the streets of Beijing, and Lei Jun only said one sentence after listening to it:<b>\"If you go to UC, I will vote.\"</b></p><p>As a result, Yu Yongfu resigned from the position of vice president of Lenovo Investment, became the chairman and CEO of UC, and quickly completed a financing of 4 million yuan for UC, of which 2 million yuan was given by Lei Jun.</p><p><img src=\"https://static.tigerbbs.com/5d9db67406720f587d94f553fb67c2cf\" tg-width=\"500\" tg-height=\"333\" referrerpolicy=\"no-referrer\"></p><p>Later, after Lei Jun left Jinshan, he also served as the chairman of UC. He is a fellow villager of He XPeng and an investor in He XPeng's two ventures.</p><p><b>02</b></p><p>Back to June 13, 2014, the day after UC was merged into Ali, the butterfly on the other side of the ocean flapped its wings. Musk announced that Tesla would adopt an \"open source model\". Subsequently, the new car-making force \"Wei Xiaoli\" was established one after another.</p><p>In the same year, Musk came to China and delivered the first batch of Tesla cars to domestic users. He XPeng was the first batch of users. He mentioned more than once that after getting on a Tesla, \"<b>The first feeling is that the world is about to change, and changes in the automobile industry are coming.</b>”</p><p>He XPeng mentioned in a self-report, \"<b>After Ali integrated UC in 2014, I proposed to build cars in the Ali system, but I was ruthlessly rejected.</b>I like cars and believe in the future of smart cars, but building your own car may face more responsibility, anxiety and pressure, and maybe it's better to be an investor. \"</p><p>At that time,<b>He XPeng, 37, completed his goal of financial freedom three years ahead of schedule</b>, but his first thought was not retirement, but the pain, emptiness and confusion after financial freedom.</p><p>So,<b>He XPeng began to initiate and promote car manufacturing projects as an investor.</b></p><p>Among this car-making team is Xia Heng, who was born in Tsinghua University majoring in automotive engineering. He joined GAC Trumpchi when it was first established and participated in the entire process of Trumpchi's birth.</p><p>Xia Heng was very excited about the idea of building a \"Chinese Tesla\", so he resolutely left GAC.</p><p>Before founding XPeng, Xia Heng was the chief of the control section of GAC New Energy Center, where he was responsible for the development of control systems for a variety of new energy vehicles and smart vehicles.</p><p>He Tao, another founder of XPeng Motors, is Xia Heng's junior and colleague. After graduating in 2010, he joined the Guangzhou Automobile Research Institute, engaged in the research and development of new energy vehicle control-related systems. Due to his strong technical ability, He Tao then coordinated the advancement of GAC's driverless project as a project manager.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/55bb88fe0777b1f5dfe5d1bd9a2520c7\" tg-width=\"1080\" tg-height=\"665\"><span>(He Tao, He XPeng, Xia Heng)</span></p><p>After the establishment of XPeng Automobile's start-up team, it is still far from He XPeng changing from an investor to a founder<b>A phone call</b>。</p><p>On February 16th, 2017, He XPeng's child was born. Just a few minutes after hugging it, he received a phone call. This call came from Fu Jixun, managing partner of GGV GGV Capital, who he ridiculed as \"the bad guy who prompted me to start my business\".</p><p>\"The upgrading of the manufacturing industry and the upgrading of the travel industry has become the general trend. You have to come out quickly, and if you don't come out, this Windows (window period) will be gone.\"</p><p>According to He XPeng's recollection, since he formed a car-building team as an investor, he had always had the idea of starting a business and building a car again. Until the moment I received the phone call, I suddenly felt a strong emotion in my heart: I had to do something to prove it to my son.</p><p><b>This phone call officially activated He XPeng's entrepreneurial dream.</b></p><p>Six months later, on UC's 13th birthday, He XPeng officially left Ali. Yu Yongfu, then chairman and CEO of Alibaba Culture and Entertainment Group, said in an internal letter that He XPeng would officially \"retire\" and \"start a new journey of pursuing dreams\".</p><p>On that day, He XPeng sent a circle of friends: a cycle of entrepreneurship, bitter, spicy, sour, sweet and salty, and he was still a teenager when he came back.</p><p><b>03</b></p><p>Before He XPeng officially joined, XPeng Automobile's car-making plan had begun to advance, including obtaining Pre-A round of financing and 2.2 billion yuan in Series A financing, releasing the Beta version of the first mass-produced car, settling a tens of billions of production bases in Zhaoqing City, obtaining sales qualifications, etc.</p><p>He XPeng's joining has brought entrepreneurial experience and broad contacts.</p><p>Within one year of joining, XPeng Automobile completed 2 billion financing, and its shareholders include Alibaba, Foxconn, IDG and other investment giants. At the same time, He XPeng also hired a number of technical executives to supplement team talents.</p><p>On October 12, 2017, more than two months after He XPeng joined XPeng Motors, XPeng Motors' first mass-produced model officially rolled off the assembly line, becoming the first among the new car-making forces to achieve mass production.</p><p>On January 10, 2018, XPeng Motors G3 made its world premiere at the CES International Consumer Electronics Show in the United States. Domestically, XPeng Motors G3 appeared at the Geek Park Innovation Festival booth. In the same month, XPeng Motor delivered its first 39 new vehicles.</p><p>In March 2018, XPeng Automobile's 1.0 mass-produced model won the first new energy license plate for the mass-produced vehicle of the new Chinese car-making force.</p><p>However, what followed was a slowdown in XPeng. The first batch of XPeng Motors products were not put on the market, but were given to employees to continue driving tests in different scenarios.</p><p>He XPeng's attitude is very firm: \"Consumers should never be our first users.\"</p><p>Until December 12, 2018, XPeng Motors announced the official launch of the G3 and started delivery at the same time. The new car is divided into two models: G3 520 and G3 400. After comprehensive subsidies, the national unified price range is 143,800-196,800 yuan. The first batch of sold More than 10,000 vehicles.</p><p>But at this time, XPeng Motors has been overtaken by Nio Motors in terms of delivery.</p><p>Entering 2019, XPeng Automobile's development plan mentioned that 200 super charging stations will be built at the front end, an increase of 50%; Mid-range XPeng vehicles will expand the company scale to 5,000 employees, an increase of 40%; The back-end Zhaoqing factory will start construction and deliver 40,000 new cars, an increase of more than 7563%.</p><p>As a result, XPeng Motors began to build a VIE structure, and then news of launching an IPO in the United States came out, but the drastic changes in the new energy market came unexpectedly.</p><p>In March 2019, relevant departments issued the \"Notice on Further Improving the Financial Subsidy Policies for the Promotion and Application of New Energy Vehicles\". By the end of June, national subsidies for new energy vehicles would be halved and local subsidies would directly disappear.</p><p>Subsequently, the new energy vehicle market experienced coldness for the first time.</p><p>\"Currently, XPeng Motors has no schedule for the time and place of the IPO.\" On March 28, He XPeng announced.</p><p>In addition to market fluctuations and IPOs that have not yet been included in the plan, XPeng Motors has also begun to encounter doubts from users.</p><p>In July 2019, XPeng launched the G3 2020 model, but it quickly aroused strong dissatisfaction among old XPeng car owners. Compared with the 2019 G3, the new model not only has improved battery life, but also has a lower price than the old model.</p><p>On July 13, XPeng Automobile encountered the biggest crisis. A large wave of car owners went to XPeng Automobile headquarters and service centers in various cities to pull up banners to defend their rights, accusing XPeng Automobile of suspected consumer fraud.</p><p><img src=\"https://static.tigerbbs.com/42a12e066dfe967e8bf65b6e3916e2b2\" tg-width=\"640\" tg-height=\"289\" referrerpolicy=\"no-referrer\"></p><p>In desperation, XPeng Motors offered a compensation plan: when an old car owner purchases any model of XPeng Motors within 3 years, he will enjoy an additional exclusive subsidy of 10,000 yuan on the basis of enjoying all the current promotion policy rights and interests of the new car he intends to purchase.</p><p>More than a month later, He XPeng sighed in an interview with the media, \"<b>In the automobile industry, in addition to physical and mental fatigue, there is also mental fatigue</b>”。 In his words, he entered the \"hard zone\" of the automobile circle from the \"comfort zone\" of the Internet circle.</p><p>In fact, from 2018 to mid-2020, He XPeng repeatedly revealed negative emotions.</p><p>He used to be full of pain about delivery: \"I used to think that R&D and manufacturing were difficult, but delivery was not difficult, but now I find that the difficulty of delivery is far higher than building hundreds of units. In order to deliver, there are booking and sales links, and a huge CRM (Customer Relationship Management System) and dozens of information systems should be built internally. In order to sell, more than 40 companies should be opened all over the country, because every place has to deliver and invoice. We have to have charging stations everywhere. What should we do after-sales and maintenance...<b>The current pain I think will last for two years, until 2020.</b>”</p><p>By 2020, the pain continues. In June of this year, He XPeng sent a group photo in Weibo. In the photo, He XPeng, Li Bin and Li Xiang were sitting next to each other, and Li Bin's hands were closely placed on the shoulders of the two people next to him. He XPeng wrote: \"Three hardships, remembering their hardships and thinking about change...\"</p><p><img src=\"https://static.tigerbbs.com/ff8d8caa7b954731b82901887f5148db\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>Fortunately, a temporary \"hardship\" will not knock down an industry, especially an industry such as new energy vehicles that is destined to rise.</p><p>In July 2020, XPeng Motors released its second mass-produced model, the P7 smart coupe. The P7 is a benchmark against the domestic Tesla Model 3, with a cruising range of 706 kilometers and a price of about 230,000 yuan after subsidies.</p><p>The biggest \"difficulty\" for new car-making forces lies in building their own factories. However, the Zhaoqing factory, which invested 2 billion at the beginning, has begun to reap fruits, and the P7 is produced by the Zhaoqing factory.</p><p>The number of monthly deliveries urges He XPeng to keep moving forward, but in this battlefield where \"burning money\" has become a consensus, financing issues have been plaguing all players in the circle.</p><p>Due to the demand for mass production, car manufacturing requires extremely high funds, and 20 billion is only the threshold for entering the industry. He XPeng himself has invested 300 million US dollars like drizzle, and XPeng Motors has raised more than 18 billion yuan in 10 rounds of financing. In addition to old friends Alibaba and Xiaomi Group, investors also include Sequoia, Hillhouse, Foxconn and IDG Capital.</p><p>At this time, Nio Motors has become the leader among the three musketeers of car manufacturing. It was listed on the New York Stock Exchange on September 12, 2018, raising US $1 billion; Li Xiang's Li Auto followed closely behind and was listed on Nasdaq in the United States on July 30, 2020, raising US $1.05 billion.</p><p>XPeng Motor landed on the New York Stock Exchange on August 27, raising US $1.5 billion.</p><p><b>04</b></p><p>XPeng Automobile is about to land on the Hong Kong stock market and complete the \"dual primary listing\".</p><p>Since it is less than a year away from listing on the New York Stock Exchange, unlike a number of Chinese concept stocks such as JD.com, Baidu, and Bilibili that have gone to Hong Kong for secondary listing, XPeng Automobile cannot meet the requirements of the Hong Kong Stock Exchange for \"two fiscal years\". The only way to choose the \"dual primary market\" method to raise funds in Hong Kong.</p><p>At the same time, Nio and Ideal also revealed their willingness to go public in Hong Kong.</p><p><b>The urgent demand for listing reflects the development status of the new energy vehicle industry</b>: The thirst for funds and the recognition of the capital market complement each other; The appointment to return to Hong Kong for listing also reflects the quiet transformation of the core market of new energy vehicles.</p><p><b>In the capital market, the imagination of the new energy vehicle industry continues to nourish the stock prices of new forces.</b></p><p>Tesla has become the car company with the highest market value, and Wei Xiaoli's market value has also exceeded many century-old car companies. However, from the perspective of sales scale, the gap between the two sides is still large.</p><p>This year has just entered July, and new car-making forces can't wait to show their June sales report cards. Among them, Nio continued to lead with 8,083 vehicles delivered, Ideal became second with 7,713 vehicles, and XPeng delivered 6,565 vehicles, ranking third.</p><p>Since 2021, the scale of the new energy vehicle industry has expanded steadily. Nio, which has the highest delivery volume, is hitting annual sales of 100,000 vehicles, while Ideal and XPeng have the opportunity to hit annual sales of 80,000 vehicles.</p><p>However,<b>The monthly delivery volume in thousands is still a niche in the automobile market with millions of shipments</b>, this is the limitation caused by production capacity, and it is also the room for imagination to expand.</p><p>Thanks to the increase in shipments, XPeng Motor's revenue and gross profit have grown simultaneously, and it has begun to narrow the distance with its peers. Its prospectus shows that XPeng Automobile achieved a total revenue of 2.951 billion yuan in the first quarter of 2021, a year-on-year increase of 616.1% from 412 million yuan in 2020. The growth rate exceeded 481.8% of Nio Automobile and 319.8% of Li Auto. However, during the same period, Nio Automobile's revenue was 7.98 billion yuan, and Li Auto's revenue was 3.58 billion yuan.</p><p>In addition, XPeng vehicles have begun to enter the production capacity ramp-up stage. According to the prospectus, the utilization rate of XPeng's automobile production line is close to 40%, of which the capacity utilization rate of Haima factory has increased from 6.4% in 2018 to 40.6%, and the capacity utilization rate of Zhaoqing's new factory has also reached 38.5%, which is close to that of Chinese passenger cars. 40% average capacity utilization rate.</p><p><b>However, XPeng Automobile still hasn't got rid of the loss predicament.</b>XPeng warned of risks in the prospectus. The company is still incurring losses and negative operating cash flow, and this situation may continue for some time.</p><p>The financial report shows that XPeng has accumulated losses of more than 7.8 billion yuan in the past three years. From January to March 2021, XPeng's net loss was 786.6 million yuan, which was further expanded compared with 649.8 million yuan in the same period last year. The main reason for the loss was the high investment in research and development expenses, marketing promotion and advertising expenses. Among them, research and development expenses reached 5351 million yuan.</p><p><b>Among the three giants of new car manufacturing forces, Nio Motors leads in brand positioning and service system. Li Auto likes to tell the story of battery anxiety behind range-extending technology, while the moat XPeng Motors has built for itself is \"intelligence\".</b></p><p>In the prospectus, XPeng Motor also stated that its most critical core competitiveness is intelligence, that is, all software and core hardware are independently developed. Different from other OEMs, XPeng Automobile independently designed and developed full-stack autonomous driving technology and operating system, and said it was the first new car-making force company to independently develop autonomous driving software and commercialize it.</p><p>Taking technology as the core is determined by the genes of the founding team of XPeng Motors. In addition to the technical background of the two co-founders, there are also R&D positions accounting for nearly 40%. The prospectus mentioned that as of March 31, 2021, XPeng Motors has a total of 6,132 employees worldwide, of which 39.8% are R&D positions, including three categories: automotive design and engineering, autonomous driving and intelligent operating systems.</p><p>After the \"dual primary listing\", with the endless stories told in the new energy market and the complete closed loop of R&D, design, production, and sales services realized with self-built factories as the axis, funding is no longer the biggest problem.</p><p>The next hurdle lies in self-hematopoiesis at the business model level, intelligent research and development at the technical level, and the fierce invasion of mobile phone manufacturers.</p><p><b>05</b></p><p>“<b>I welcome more people to come in. There are still some opportunities in the past five years. After 2025, it will be a change from the Spring and Autumn Period to the Warring States Period.</b>\"At the Shanghai Auto Show, He XPeng once described the competition in the new energy vehicle market.</p><p>Why did Lei Jun, who solved XPeng's urgent need at the beginning, have already stood at the forefront of new car manufacturing with tens of billions of dollars. Ten years of reincarnation, old and new stories alternate.</p><p>He XPeng, a serial entrepreneur, fulfilled his dream of financial freedom three years ahead of schedule, but he was still determined to enter the muddy waters of new car manufacturing. Listed twice within a year, XPeng's identity has been transformed between pathfinder, chaser and leader.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/V2HHylVXC8SZXT7jorxbSw\">FN商业</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2d86c8942d70bb8f5f19dc3d70ace2d9","relate_stocks":{"09868":"小鹏汽车-W","XPEV":"小鹏汽车"},"source_url":"https://mp.weixin.qq.com/s/V2HHylVXC8SZXT7jorxbSw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157988669","content_text":"何小鹏的内心深处仍然埋藏着创业梦，等待被激活。或许他自己都没有察觉，这颗种子早在他独自走下大巴车的时候就已经埋下了。\n\n\n造车新势力中，小鹏最晚登陆美股。然而在纽交所上市不满一年，它已完成“双重主要上市”。\n7月7日，小鹏汽车登陆港交所，开盘涨1.82%，发行价165港元，最高股价168港元，总市值2842亿港元。小鹏抢跑“港股智能电动车第一股”，很可能掀起新造车企业回港上市的潮流。\n小鹏汽车何小鹏，带着他的第二个梦想，朝新造车的深水区不断下潜。\n01\n2014年6月11日，阿里巴巴以43.5亿美元的现金加股权收购UC，创下了国内移动互联网史上的并购记录。成为阿里全资子公司后，UC被合并至阿里体系内。\n创办UC整整十年后，实现了财务自由的何小鹏，与俞永福一起加入阿里，这一年，马云是中国首富。\n进入阿里之后，何小鹏担任UC的CEO，一年后成为阿里移动事业群总裁，后又调任阿里游戏董事长，2017年担任土豆网总裁。\n但何小鹏的内心深处仍然埋藏着创业梦，等待被激活。或许他自己都没有察觉，这颗种子早在他独自走下大巴车的时候就已经埋下了。\n1999年，华南理工迎来毕业季，何小鹏和另外两位同学上了一辆大巴车，跟随导师去不同的企业面试，其中有两家国企，一家私企。\n大巴车停在这家名为“亚信科技”的私企门前，只有何小鹏一人下了车，在那个年代，很少有人愿意放弃国企的铁饭碗。但何小鹏的想法很不一样，他的愿望是40岁之前实现财务自由，然后退休。\n没有人能预测未来，命运眷顾幸运者的方式充满了戏剧性。\n亚信科技的创始人田朔宁，是后来鼎鼎有名的“互联网先生”，亚信则是“中国互联网的建筑师”，不过，这都是后话了。\n毕业之后，何小鹏正式进入亚信广州办事处，从软件测试工程师做起。\n在亚信工作期间，何小鹏认识了同系师兄梁捷。梁捷技术实力强，擅长写代码。两人在同一个研发团队，配合非常默契，共同开发了大容量邮件系统，成为公司的旗舰产品。\n2000年，亚信在纳斯达克上市，何小鹏入职满一年，有1500股，按照20美元的上市股价，相当于3万美元。他的领导给他股权协议书时说，“你一来公司就有一套房了。”\n但在2004年，何小鹏觉得每个月拿几千块的打工人无法实现财务自由，于是他辞职创业，跟随移动互联网刚刚兴起的潮流，与梁捷一起创办了UC。\n那时，中国的互联网行业刚刚迈入第一个十年，何小鹏和梁捷都是最早一批用手机“网上冲浪”的人，也最早发现了移动互联网的创业机会。\n创业初期，UC开发出了两款产品：UC Mail和UC Web。UC代表You Can，意思是“你（随时）可以收发邮件和访问互联网”。\n\n但是，受限于移动互联网和硬件设备的普及程度，用户尚未养成用手机收发邮件的习惯，不过这款产品引起了丁磊的注意。丁磊同样是做邮箱起家，对于市面上的同类产品非常敏感。\n好巧不巧，网易邮箱的开发人员之一陈磊华，是何小鹏的同学，由他牵线搭桥，双方见了面。\n酒桌上，丁磊听说UC的团队连办公室都租不起，先是借了80万，又把自己的办公室借给何小鹏办公。这间办公室，再次为何小鹏打开了幸运的大门。\nUC的团队搬进丁磊的办公室，隔壁就是网易总编辑李学凌。李学凌后来辞职创业，就是YY的创始人。2006年，李学凌把何小鹏介绍给联想投资（现君联资本）副总裁俞永福，俞永福非常想投资UC，但项目因为一票之差没有通过。\n俞永福不甘心，他曾在UC考察过半年，非常看好这个项目。于是，投资决策会议结束的当晚，俞永福在北京街头的酒吧里见到了雷军，而雷军听完后只说了一句话：“你去UC，我就投。”\n于是，俞永福辞掉了联想投资副总裁的职位，成为UC董事长和CEO，并很快为UC完成了400万元的融资，其中200万是雷军给的。\n\n再后来，雷军离开金山之后，也曾担任过UC董事长。他是何小鹏的湖北老乡，也是何小鹏两次创业的投资人。\n02\n时间回到2014年6月13日，UC刚被并入阿里第二天，大洋彼岸的蝴蝶扇动了翅膀，马斯克宣布特斯拉将采取“开源模式”，随后，造车新势力“蔚小理”相继成立。\n同一年，马斯克来到中国，向国内用户交付了首批特斯拉汽车，何小鹏是首批用户。他曾不止一次提到，坐上特斯拉之后，“第一感受就是世界要变，汽车行业的变革来了。”\n何小鹏在一篇自述中提到，“2014年阿里整合UC之后，我提出在阿里体系造车，被无情否掉了。我喜欢汽车，也相信智能汽车的未来，但自己造车可能面临更多责任、焦虑和压力，也许作为投资人更好。”\n那时候，37岁的何小鹏提前三年完成了财务自由的目标，但他首先想到的不是退休，而是财务自由后的痛苦、空虚和迷茫。\n于是，何小鹏开始以投资人的身份发起并推动造车项目。\n这个造车团队中，有出身于清华大学汽车工程专业的夏珩，他曾在广汽传祺刚刚成立时加入，参与了传祺诞生的整个过程。\n打造“中国特斯拉”的想法让夏珩很兴奋，于是他毅然离开了广汽。\n创立小鹏之前，夏珩的身份是广汽新能源中心控制科科长，在广汽负责开展多款新能源汽车及智能汽车的控制系统开发工作。\n另一位小鹏汽车创始人何涛，是夏珩的学弟和同事。2010年毕业后进入广汽研究院工作，从事新能源汽车车辆控制相关系统的研发工作。由于技术能力较强，何涛随后又以项目经理的身份统筹广汽的无人驾驶项目推进。\n（何涛、何小鹏、夏珩）\n小鹏汽车的初创团队成立之后，距离何小鹏从投资人变成创始人，还差了一通电话。\n2017年2月16日，何小鹏的孩子出生，刚刚抱上几分钟，就接到一个电话。这个电话来自于被他调侃为“促使我创业的坏人”——GGV纪源资本管理合伙人符绩勋。\n“制造业升级，出行行业升级，已经大势所趋了。你要赶紧出来，再不出来这个Windows（窗口期）就没有了。”\n据何小鹏回忆，自从以投资人的身份组建造车团队后，就一直有再次创业与造车的想法，直到接到电话的那一刻，内心突然产生了一种强烈的情感：要做一些事情证明给儿子看。\n这通电话，正式激活了何小鹏的创业梦。\n半年后，在UC 13岁生日那天，何小鹏正式离开阿里。时任阿里文化娱乐集团董事长兼CEO俞永福在内部信中说，何小鹏将正式“荣退”，并“开启自己新的一段追梦之旅”。\n那一天，何小鹏发了一条朋友圈：创业一轮回，苦辣酸甜咸，归来仍是少年。\n03\n在何小鹏正式加入之前，小鹏汽车的造车计划已经开始推进，包括获得Pre-A轮融资和22亿元A轮融资、发布首款量产车Beta版、百亿级生产基地落户肇庆市区、获得销售资格等。\n何小鹏的加入，带来了创业经验和广阔的人脉。\n加入一年内，小鹏汽车完成了20亿融资，股东包括阿里、富士康、IDG等投资巨头。同时，何小鹏还挖来多位技术高管，补充团队人才。\n2017年10月12日，何小鹏加入小鹏汽车两个多月后，小鹏汽车首款量产车型正式下线，成为造车新势力中最先实现量产的。\n2018年1月10日，小鹏汽车G3在美国CES国际电子消费展上全球首发。在国内，小鹏汽车G3现身极客公园创新节展台。同月，小鹏汽车交付了首批39辆新车。\n2018年3月，小鹏汽车1.0量产车型获得中国造车新势力量产车落地的首张新能源号牌。\n然而，随之而来的是小鹏的降速，小鹏汽车首批产品并未上市销售，而是给员工在不同的场景继续驾驶测试。\n何小鹏态度很坚决：“消费者绝不应该是我们的首批用户。”\n直到2018年12月12日，小鹏汽车宣布G3正式上市，并同期启动交付，新车分为G3 520、G3 400两个型号，综合补贴后全国统一售价区间为14.38-19.68万元，首批卖出一万多辆。\n但这时，小鹏汽车在交付层面上已经被蔚来汽车赶超。\n进入2019年，小鹏汽车的发展计划中提到，前端要建成200座超级充电站，增幅为50%；中端小鹏汽车要将公司规模拓展至5000人，增幅为40%；后端肇庆工厂要开工并交付4万部新车，增幅超过7563%。\n于是，小鹏汽车开始搭建VIE结构，并随之传出了启动在美IPO的消息，但新能源市场的剧变来得猝不及防。\n2019年3月，有关部门下发《关于进一步完善新能源汽车推广应用财政补贴政策的通知》，到6月底，新能源车国补减半、地补直接消失。\n随后，新能源汽车市场初次遇冷。\n“目前，小鹏汽车对于IPO的时间和地点都没有计划表。”3月28日，何小鹏对外宣布。\n除了市场方面的波动和尚未列进计划的IPO，小鹏汽车也开始遭遇用户的质疑。\n2019年7月，小鹏汽车推出G3 2020款，但很快引发小鹏汽车老车主的强烈不满。对比2019款G3，新款车型不仅续航能力提升，且价格还低于老款。\n7月13日，小鹏汽车遭遇了最大的危机，一大波车主跑到小鹏汽车总部，各个城市的服务中心，拉起横幅维权，控诉小鹏汽车涉嫌消费欺诈。\n\n无奈之下，小鹏汽车给出补偿方案：老车主在3年之内增换购小鹏汽车任何一款车型时，在享受拟购买新车当期所有促销政策权益的基础上，额外享受1万元专属补贴权益。\n一个多月后，何小鹏在接受媒体采访时发出感叹，“在汽车行业里面除了体力累、脑力累，还有一个心累”。用他的话说，自己是从互联网圈的“舒适区”进入了汽车圈“艰苦区”。\n实际上，从2018年到2020年中旬，何小鹏多次流露负面情绪。\n他曾经对于交付充满痛苦：“以前我认为研发和制造很难，交付不是很难，但现在发现交付的难度远远比造出几百台要高。为了交付，需要有预定和销售环节，内部要建一个巨大的CRM（客户关系管理系统），数十个信息化系统。为了销售，在全国要开四十多个公司，因为每一个地方要进行交付，要开发票。我们在每个地方都要有充电站，售后怎么办，维修怎么办……现在的痛苦我觉得会持续两年，持续到2020年。”\n到了2020年，痛苦仍然持续。这一年6月，何小鹏在微博发出一张合照，照片中何小鹏、李斌、李想相依而坐，李斌的双手亲密地搭在旁边两人的肩上。何小鹏配文说：“三个苦逼，在忆苦思变......”\n\n好在一时的“艰苦”并不会打倒一个行业，尤其是新能源汽车这种注定会上升的行业。\n2020年7月，小鹏汽车又发布了第二款量产车型P7智能轿跑。P7对标国产特斯拉Model 3，续航里程达到了706公里，补贴后售价23万元左右。\n造车新势力最大的“难”在于自建工厂，不过当初投资20亿建造的肇庆工厂已经开始收获成果，P7就是由肇庆工厂生产的。\n每个月的交付数量督促着何小鹏不断前进，但在这个“烧钱”成为共识的战场上，融资问题一直困扰着圈内的各个玩家。\n由于量产的需求，造车对于资金的要求极高，200亿只是入行的门槛。何小鹏自己先后投入的3亿美金像是毛毛雨，小鹏汽车累计10轮融资超过180亿元，投资方除了老朋友阿里巴巴和小米集团，还有红杉、高瓴、富士康和IDG资本。\n在这个时候，蔚来汽车已经成为造车三剑客中领跑的一方，于2018年9月12日在美国纽交所上市，募集了10亿美元；李想的理想汽车紧随其后，于2020年7月30日在美国纳斯达克上市，募集10.5亿美元。\n而小鹏汽车8月27日登陆美国纽交所，募集资金15亿美元。\n04\n小鹏汽车即将登陆港股，完成“双重主要上市”。\n由于相距纽交所挂牌上市时间不满一年，与京东、百度、哔哩哔哩等一批赴港二次上市的中概股不同，小鹏汽车无法满足港交所对于“两个会计年度”的要求，只能选择“双重一级市场”的方式赴港募资。\n与此同时，蔚来和理想也透露出赴香港上市的意愿。\n迫切的上市需求折射出新能源汽车行业的发展现状：对于资金的渴求和资本市场的认可相得益彰；而相约回港上市，也从侧面反映了新能源汽车核心市场的悄然转变。\n在资本市场上，新能源汽车行业的想象空间持续滋养着新势力的股价。\n特斯拉成为市值最高的车企，蔚小理的市值也超过了很多百年车企。但从销量规模来看，双方的差距仍大。\n今年刚进入7月，造车新势力们便迫不及待地亮出6月销量成绩单。其中，蔚来以8083辆交付量继续领跑，理想以7713辆的成绩成为第二，小鹏交付6565辆，位列第三。\n2021年以来，新能源汽车行业的规模平稳扩大，交付量最高的蔚来正在冲击10万辆的年销量，理想、小鹏则有机会冲击8万辆年销量。\n不过，以千为单位的月交付量，放在百万级出货量的汽车市场上仍然显得小众，这是产能所造成的限制，也是想象力拓展的空间。\n得益于出货量的提升，小鹏汽车的营收与毛利同步增长，并开始缩小与同行的距离。其招股书显示，小鹏汽车2021年第一季度共实现营收29.51亿人民币，较2020年4.12亿人民币同比增长616.1%，增速层面超过了481.8%的蔚来汽车和319.8%的理想汽车，不过同期蔚来汽车营收79.8亿人民币，理想汽车营收35.8亿人民币。\n此外，小鹏汽车开始进入产能爬坡阶段。招股书显示，小鹏汽车生产线利用率已经接近40%，其中海马工厂产能利用率由2018年的6.4%已提升至40.6%，肇庆新工厂的产能利用率也达到38.5%，接近中国乘用车40%的平均产能利用率。\n不过，小鹏汽车依然没有摆脱亏损困境。小鹏在招股书中预警风险，企业目前仍在产生亏损和负经营现金流，这一情况可能还会持续一段时间。\n财报显示，过去三年小鹏已累计亏损超78亿元。2021年1-3月，小鹏净亏损为7.866亿元，相比去年同期6.498亿元进一步扩大，亏损的主要原因是高额投入的研发费用、营销推广和广告费用，其中，研发费用达到5.351 亿元。\n造车新势力三巨头中，蔚来汽车以品牌定位和服务体系领先，理想汽车喜欢讲述增程技术背后的电量焦虑故事，而小鹏汽车为自己打造的护城河则是“智能”。\n在招股书中，小鹏汽车也表示其最关键的核心竞争力是智能，即所有软件和核心硬件都进行自主研发。不同于其他主机厂，小鹏汽车自主设计和开发了全栈式的自动驾驶技术和操作系统，并表示是第一家自主研发出自动驾驶软件，并将其实现商业化应用的造车新势力公司。\n以技术为核，是由小鹏汽车创始团队的基因决定的，除了两位联合创始人的技术出身，还有占比近40%的研发岗位。招股书提到，截止2021年3月31日，小鹏汽车全球共有员工6132人，其中39.8%是研发岗，包括汽车设计与工程、自动驾驶和智能操作系统三大类别。\n而在“双重主要上市”之后，配合新能源市场讲不完的故事，和以自建工厂为轴所实现的研发、设计、生产、销售服务的完整闭环，资金已经不再是最大的难题。\n下一个坎，在于商业模式层面的自我造血，技术层面的智能研发，以及手机厂商们的凶猛入侵。\n05\n“我欢迎更多人进来，这五年还是有一些机会，2025年以后就是一个从春秋到战国的变革。”在上海车展上，何小鹏曾如此描述新能源汽车市场的竞争。\n当初为何小鹏解决燃眉之急的雷军，已经手持百亿美元站在了新造车的风口上。十年一个轮回，新旧故事交替上演。\n而连续创业者何小鹏，虽然提前三年完成了财富自由的梦想，但依然下定决心进入了新造车的浑水之中。一年之内两次上市，小鹏汽车的身份在探路者、追赶者与领先者之间完成了转换。","news_type":1,"symbols_score_info":{"XPEV":0.9,"09868":0.9}},"isVote":1,"tweetType":1,"viewCount":2093,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151725833,"gmtCreate":1625108336922,"gmtModify":1703736324497,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Strong buy?","listText":"Strong buy?","text":"Strong buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151725833","repostId":"1176914673","repostType":2,"isVote":1,"tweetType":1,"viewCount":2086,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159070704,"gmtCreate":1624933283308,"gmtModify":1703848268959,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"The chart only show 3% that is higher PS and lower revenue growth. Where to find the 90%?","listText":"The chart only show 3% that is higher PS and lower revenue growth. Where to find the 90%?","text":"The chart only show 3% that is higher PS and lower revenue growth. Where to find the 90%?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159070704","repostId":"1105982179","repostType":2,"repost":{"id":"1105982179","kind":"news","pubTimestamp":1624889210,"share":"https://ttm.financial/m/news/1105982179?lang=en_US&edition=fundamental","pubTime":"2021-06-28 22:06","market":"us","language":"en","title":"Palantir: The Mass Exodus","url":"https://stock-news.laohu8.com/highlight/detail?id=1105982179","media":"seekingalpha","summary":"Summary\n\nShort interest in Palantir dropped by 23.8% in the latest cycle.\nEven though Palantir conti","content":"<p><b>Summary</b></p>\n<ul>\n <li>Short interest in Palantir dropped by 23.8% in the latest cycle.</li>\n <li>Even though Palantir continues to be surrounded by bearish narratives, market participants don't seem to be comfortable with shorting the stock.</li>\n <li>The stock could rally further.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16279727ada0c46eb4d43744da02d1cc\" tg-width=\"768\" tg-height=\"512\"><span>Michael Vi/iStock Editorial via Getty Images</span></p>\n<p>Palantir's (PLTR) shares are up 20% in the last month alone but the rally could still continue. Latest data reveals that short interest in Palantir declined by 23.8% in the latest cycle alone. This suggests that a broad swath of market participants isn't buying into the bearish narratives surrounding the company, perceive its stock to be fairly valued and perhaps even anticipate it to rally going forward. This development should come across as an encouraging sign for the company's long-side investors. Let's take a closer look at it all.</p>\n<p><b>The Data</b></p>\n<p>I'd like to start by explaining the term \"short interest\" for the uninitiated. It's essentially the total number of short positions that are open against any given stock. A sharp rise in the metric indicates that traders grew bearish on the concerned company, and actively initiated short positions against it. Conversely, a sharp decline in the metric indicates that traders actively wound up their short positions either perhaps because they anticipate the stock to bottom out and/or rally going forward. So, the short interest is a useful tool to gauge the Street's ever-evolving market sentiment.</p>\n<p>In Palantir's case, its short interest at the end of the latest data cycle stood at 52.3 million, sharply down by 23.8% on a sequential basis. Although Palantir's short interest figure isn't at its all-time low yet, the pace of its recent decline, however, is certainly one of the fastest in the company's brief history since its direct listing last year. For the record, Palantir has over 1.8 billion shares outstanding which means that about 2.8% of its entire share total had been shorted. Also, the short interest data is for the cycle spanning from early June to mid-June, and the data wasreleasedon Thursday.</p>\n<p><img src=\"https://static.tigerbbs.com/95e4623fda1d9079a2699b57d4ee0f42\" tg-width=\"637\" tg-height=\"450\" referrerpolicy=\"no-referrer\"></p>\n<p>Next, I wanted to confirm if other software application companies also registered a sharp reduction in their short interest figures, or was Palantir an anomaly in its peer group. So, to get a broader perspective on its industry, I pulled the short interest figures for about 100 software application stocks listed in the US. Interestingly, 55% of these stocks registered a net reduction in their short interest figures, of varying magnitudes of course, which points to an industry-wide short unwinding.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/091feec9aa17f821d01f34a7b46bb2bb\" tg-width=\"610\" tg-height=\"506\"><span>(Source: BusinessQuant.com, Wsj.com)</span></p>\n<p>Moreover, the median short interest decline was 1.9%, whereas Palantir's short interest declined by a far more significant 23.8% during the same data cycle. In fact, there were just 6 other stocks in our study group, which saw their short interest decline in excess of 23.8%. This conclusively shows that market participants were far too active with unwinding their short positions in Palantir.</p>\n<p>But this leads us to an important question - why are market participants so cautious with shorting Palantir in the first place?</p>\n<p><b>Cautious for Good Reason</b></p>\n<p>As I've explained in my prior articles, Palantir has several initiatives at play which could collectively catapult its growth in 2021-22. These initiatives include itstransitionto a customer-friendly payment model to boost commercial sales, offeringfree trialsto major companies to expand its sales funnel and expanding itssales teamto revamp its outbound marketing function. We won't be discussing the same points again to avoid being repetitive, but the takeaway here is that since Palantir is undertaking several growth initiatives, it makes for a risky short bet for the time being at least.</p>\n<p>But don't take my word for it.</p>\n<p>The community of professional analysts is realizing Palantir's growth potential and raising their revenue estimates for its current fiscal year. They've raised their FY21 revenue estimates by about 5% so far since mid-January and there's no telling how many of such upward revenue revisions are still in store for the remainder of Palantir's FY21. This bullish uncertainty presents an unfavorable risk-reward ratio for short-side market participants and explains why short interest in Palantir continues to decline.</p>\n<p><img src=\"https://static.tigerbbs.com/74bccdf90ceb880c1a3edddad8743a1e\" tg-width=\"636\" tg-height=\"419\" referrerpolicy=\"no-referrer\"></p>\n<p>There's another point to consider here, that nobody seems to be talking about. Palantir has won several COVID-19 tracking-related contracts (such ashere,here,here,hereandhere) over the last 12 - 15 months as government agencies across the globe grappled to control the spread and tried to better manage their resources. With COVID-19 said to be making a fierce comeback with thedelta variant, I contend that Palantir could experience a similar order windfall this year, from proactive government agencies, which could boost the company's government sales along the way.</p>\n<p>Lastly, several commenters argue that Palantir's shares are trading at a premium and are due for a sharp correction. Its shares are trading at about 34-times trailing twelve-month sales so it's understandable why many might think that the stock is overvalued. But I believe the problem with this approach is that we're not factoring in industry-wide trading multiples or Palantir's revenue growth rate, compared to its peers.</p>\n<p>So, to put things in perspective, I compiled the revenue growth rates and price-to-sales (or P/S) multiples for over 320 software infrastructure and software application stocks that are currently listed on US exchanges. Next, I benchmarked these industry groups based on Palantir's revenue growth rate and its P/S multiple. As it turns out, over 90% of Palantir's peers have a slower revenue growth and/or are trading at higher trading multiples. This suggests that Palantir's higher pace of growth justifies its price premium and that the bearish concerns regarding its valuations, are exaggerated.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fefb171f61438817b747d6a50fff8133\" tg-width=\"640\" tg-height=\"414\"><span>(Source: Business Quant.com)</span></p>\n<p><b>Final Thoughts</b></p>\n<p>I'd like to point to readers that fluctuations in short interest figures don't always impact the underlying stock prices. This data is based on short positions that were open at a prior cut-off date and investors with a long-term time horizon should, at best, use it to corroborate their bull or bear thesis.</p>\n<p>Having said that, if the bearish narratives surrounding Palantir held any merit, or posed a legitimate risk to its share price, a broad swath of market participants would've actively shorted the stock to profit off of this near-certain eventuality. But that didn't happen and its short interest declined instead, that too by a significant amount.</p>\n<p>This active short unwinding indicates that market participants are uncomfortable in shorting the stock at current levels. This should come across as a reassuring sign for the company's long-side shareholders. The stock seems to be fairly valued and has the potential to rally further. Good Luck!</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>Palantir: The Mass Exodus</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nPalantir: The Mass Exodus\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 22:06 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436907-palantir-the-mass-exodus><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nShort interest in Palantir dropped by 23.8% in the latest cycle.\nEven though Palantir continues to be surrounded by bearish narratives, market participants don't seem to be comfortable with ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436907-palantir-the-mass-exodus\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4436907-palantir-the-mass-exodus","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105982179","content_text":"Summary\n\nShort interest in Palantir dropped by 23.8% in the latest cycle.\nEven though Palantir continues to be surrounded by bearish narratives, market participants don't seem to be comfortable with shorting the stock.\nThe stock could rally further.\n\nMichael Vi/iStock Editorial via Getty Images\nPalantir's (PLTR) shares are up 20% in the last month alone but the rally could still continue. Latest data reveals that short interest in Palantir declined by 23.8% in the latest cycle alone. This suggests that a broad swath of market participants isn't buying into the bearish narratives surrounding the company, perceive its stock to be fairly valued and perhaps even anticipate it to rally going forward. This development should come across as an encouraging sign for the company's long-side investors. Let's take a closer look at it all.\nThe Data\nI'd like to start by explaining the term \"short interest\" for the uninitiated. It's essentially the total number of short positions that are open against any given stock. A sharp rise in the metric indicates that traders grew bearish on the concerned company, and actively initiated short positions against it. Conversely, a sharp decline in the metric indicates that traders actively wound up their short positions either perhaps because they anticipate the stock to bottom out and/or rally going forward. So, the short interest is a useful tool to gauge the Street's ever-evolving market sentiment.\nIn Palantir's case, its short interest at the end of the latest data cycle stood at 52.3 million, sharply down by 23.8% on a sequential basis. Although Palantir's short interest figure isn't at its all-time low yet, the pace of its recent decline, however, is certainly one of the fastest in the company's brief history since its direct listing last year. For the record, Palantir has over 1.8 billion shares outstanding which means that about 2.8% of its entire share total had been shorted. Also, the short interest data is for the cycle spanning from early June to mid-June, and the data wasreleasedon Thursday.\n\nNext, I wanted to confirm if other software application companies also registered a sharp reduction in their short interest figures, or was Palantir an anomaly in its peer group. So, to get a broader perspective on its industry, I pulled the short interest figures for about 100 software application stocks listed in the US. Interestingly, 55% of these stocks registered a net reduction in their short interest figures, of varying magnitudes of course, which points to an industry-wide short unwinding.\n(Source: BusinessQuant.com, Wsj.com)\nMoreover, the median short interest decline was 1.9%, whereas Palantir's short interest declined by a far more significant 23.8% during the same data cycle. In fact, there were just 6 other stocks in our study group, which saw their short interest decline in excess of 23.8%. This conclusively shows that market participants were far too active with unwinding their short positions in Palantir.\nBut this leads us to an important question - why are market participants so cautious with shorting Palantir in the first place?\nCautious for Good Reason\nAs I've explained in my prior articles, Palantir has several initiatives at play which could collectively catapult its growth in 2021-22. These initiatives include itstransitionto a customer-friendly payment model to boost commercial sales, offeringfree trialsto major companies to expand its sales funnel and expanding itssales teamto revamp its outbound marketing function. We won't be discussing the same points again to avoid being repetitive, but the takeaway here is that since Palantir is undertaking several growth initiatives, it makes for a risky short bet for the time being at least.\nBut don't take my word for it.\nThe community of professional analysts is realizing Palantir's growth potential and raising their revenue estimates for its current fiscal year. They've raised their FY21 revenue estimates by about 5% so far since mid-January and there's no telling how many of such upward revenue revisions are still in store for the remainder of Palantir's FY21. This bullish uncertainty presents an unfavorable risk-reward ratio for short-side market participants and explains why short interest in Palantir continues to decline.\n\nThere's another point to consider here, that nobody seems to be talking about. Palantir has won several COVID-19 tracking-related contracts (such ashere,here,here,hereandhere) over the last 12 - 15 months as government agencies across the globe grappled to control the spread and tried to better manage their resources. With COVID-19 said to be making a fierce comeback with thedelta variant, I contend that Palantir could experience a similar order windfall this year, from proactive government agencies, which could boost the company's government sales along the way.\nLastly, several commenters argue that Palantir's shares are trading at a premium and are due for a sharp correction. Its shares are trading at about 34-times trailing twelve-month sales so it's understandable why many might think that the stock is overvalued. But I believe the problem with this approach is that we're not factoring in industry-wide trading multiples or Palantir's revenue growth rate, compared to its peers.\nSo, to put things in perspective, I compiled the revenue growth rates and price-to-sales (or P/S) multiples for over 320 software infrastructure and software application stocks that are currently listed on US exchanges. Next, I benchmarked these industry groups based on Palantir's revenue growth rate and its P/S multiple. As it turns out, over 90% of Palantir's peers have a slower revenue growth and/or are trading at higher trading multiples. This suggests that Palantir's higher pace of growth justifies its price premium and that the bearish concerns regarding its valuations, are exaggerated.\n(Source: Business Quant.com)\nFinal Thoughts\nI'd like to point to readers that fluctuations in short interest figures don't always impact the underlying stock prices. This data is based on short positions that were open at a prior cut-off date and investors with a long-term time horizon should, at best, use it to corroborate their bull or bear thesis.\nHaving said that, if the bearish narratives surrounding Palantir held any merit, or posed a legitimate risk to its share price, a broad swath of market participants would've actively shorted the stock to profit off of this near-certain eventuality. But that didn't happen and its short interest declined instead, that too by a significant amount.\nThis active short unwinding indicates that market participants are uncomfortable in shorting the stock at current levels. This should come across as a reassuring sign for the company's long-side shareholders. The stock seems to be fairly valued and has the potential to rally further. Good Luck!","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":1832,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366341851,"gmtCreate":1614399904173,"gmtModify":1704771567968,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573119962682037","idStr":"3573119962682037"},"themes":[],"htmlText":"Fair value now","listText":"Fair value now","text":"Fair value now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366341851","repostId":"2114091633","repostType":2,"repost":{"id":"2114091633","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1614356700,"share":"https://ttm.financial/m/news/2114091633?lang=en_US&edition=fundamental","pubTime":"2021-02-27 00:25","market":"us","language":"en","title":"Palantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept.","url":"https://stock-news.laohu8.com/highlight/detail?id=2114091633","media":"Dow Jones","summary":"MW Palantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept","content":"<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Palantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept.\n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  February 26, 2021 11:25 ET (16:25 GMT)\n</p>\n<p>\n  Copyright (c) 2021 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>","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>Palantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept.</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nPalantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-02-27 00:25</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Palantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept.\n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/END\">$(END)$</a> Dow Jones Newswires\n</p>\n<p>\n  February 26, 2021 11:25 ET (16:25 GMT)\n</p>\n<p>\n  Copyright (c) 2021 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2114091633","content_text":"MW Palantir stock has tumbled 18.6% this week, the biggest weekly decline since going public in Sept.\n\n\n \n\n\n$(END)$ Dow Jones Newswires\n\n\n  February 26, 2021 11:25 ET (16:25 GMT)\n\n\n  Copyright (c) 2021 Dow Jones & Company, Inc.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":754,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}