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2021-06-13

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Zhencheng Investment Li Jianwei: More technology companies with growth potential will go public through SPACs in the future

6月12日，老虎证券举办七周年Open Day。现场多位来自一二级市场的投资大咖和业界人士，针对当前的市场行情和未来前景做出分析和预测。针对当前资本市场上最热的上市方式之一SPAC IPO，真成投资管

Zhencheng Investment Li Jianwei: More technology companies with growth potential will go public through SPACs in the future

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":182863835,"tweetId":"182863835","gmtCreate":1623563314527,"gmtModify":1704206279427,"author":{"id":3583543102595122,"idStr":"3583543102595122","authorId":3583543102595122,"authorIdStr":"3583543102595122","name":"金枝LH","avatar":"https://static.tigerbbs.com/8deaaad077e0875ad9569544a1f26124","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":17,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>??????</p></body></html>","htmlText":"<html><head></head><body><p>??????</p></body></html>","text":"??????","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/182863835","repostId":1197738106,"repostType":4,"repost":{"id":"1197738106","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623559545,"share":"https://ttm.financial/m/news/1197738106?lang=en_US&edition=fundamental","pubTime":"2021-06-13 12:45","market":"us","language":"zh","title":"Zhencheng Investment Li Jianwei: More technology companies with growth potential will go public through SPACs in the future","url":"https://stock-news.laohu8.com/highlight/detail?id=1197738106","media":"老虎资讯综合","summary":"6月12日，老虎证券举办七周年Open Day。现场多位来自一二级市场的投资大咖和业界人士，针对当前的市场行情和未来前景做出分析和预测。针对当前资本市场上最热的上市方式之一SPAC IPO，真成投资管","content":"<p>On June 12, Tiger Securities held its seventh anniversary Open Day. Many investors and industry professionals from the primary and secondary markets at the scene analyzed and predicted the current market conditions and future prospects. Regarding the SPAC IPO, one of the hottest listing methods in the current capital market, Li Jianwei, managing partner of Zhencheng Investment, shared with the audience his observation of the SPAC market and his prediction of future development trends.</p><p><img src=\"https://static.tigerbbs.com/90d1b38b558579b9b4683b75b131a94c\" tg-width=\"1080\" tg-height=\"1527\"></p><p>Li Jianwei said that SPAC is not a new thing in the market, but since the second half of 2020, SPAC has become an important financing method in the capital market. In the first quarter of 2021, more than 79% of companies chose SPAC to go public. COVID-19 pandemic is one of the catalysts for SPACs to become popular-multiple rounds of stimulus measures after the epidemic have made the market more liquid, and retail investors and new investors are also open to this new investment method. Under the trend, more and more celebrities have become the sponsors of SPACs, such as Masayoshi Son of SoftBank Group, NBA superstar O 'Neill and Li Ning from China.</p><p><img src=\"https://static.tigerbbs.com/f218b1c6b04504852323978132d54018\" tg-width=\"831\" tg-height=\"232\"></p><p>Regarding why more and more companies want to go public through SPAC, Li Jianwei said, \"For companies with listing plans, SPAC is a very efficient channel.\" Traditional IPOs usually take about a year and need to pass many auditors, investment banks, law firms, and the pricing process is also very cumbersome, requiring a lot of preparatory work. However, under the SPAC structure, companies planning to go public only need to communicate with the SPAC sponsor, which usually takes three to four months to complete. The process is simple and highly certain. For the target company or the CEO planning an IPO, SPAC Provides a faster and clear path to listing. Southeast Asia's \"Didi + Meituan\" Grab has announced its listing through SPAC.</p><p><img src=\"https://static.tigerbbs.com/1f37d5e6eb738c6f95107e5347cd67d4\" tg-width=\"831\" tg-height=\"234\"></p><p>For investors, early participation in SPACs is a relatively safe way. If the SPAC raises funds or does not find a suitable target, it can also be redeemed and even get interest. The risk of SPAC is in the merger and acquisition stage, when valuations will fluctuate greatly. How to obtain profits through SPAC after the merger and acquisition, Li Jianwei said, \"Investors should pay attention to the industry track and business model of the target of the merger and acquisition, and at the same time pay attention to the fundamentals of the company.\"</p><p><img src=\"https://static.tigerbbs.com/3305e70fd9fad5e28d78f74d344db51c\" tg-width=\"830\" tg-height=\"234\"></p><p>Although SPAC investment is hot, many mainstream voices believe that SPAC is a bubble. Buffett and Munger pointed out at this year's shareholder meeting that SPACs are not only poison, but also divert their potential targets in the M&A market. The SEC has also begun an investigation into Wall Street's SPAC frenzy and issued new regulations. \"The company has been unable to prove profitability for a long time. In the past, there were three or four SPACs listed in China, but so far none of them can prove themselves.\"</p><p>Regarding how SPACs will select merger and acquisition targets, Li Jianwei said frankly that trading SPAC projects and VC/PE projects have a high degree of similarity. Zhencheng Investment will divide all investment opportunities into four quadrants, and the horizontal axis defines the growth quality of fundamentals. Including market size and development speed, product differentiation, roadmap in the later stage of the product, team vision and execution ability, cash flow, and the vertical axis is the degree of investor consensus. Investors generally want to invest in companies with good fundamentals and reasonable valuations in the first elephant price limit. \"If the fundamental growth quality of the underlying is higher than the consensus of investors, we have the opportunity to achieve excess returns.\"</p><p><img src=\"https://static.tigerbbs.com/45b94a1619c13a3dd9cf753bd2495743\" tg-width=\"830\" tg-height=\"238\"></p><p>Regarding the future development of SPAC, Li Jianwei believes that SPAC is a legal way to publicly issue shares, and it will continue to exist and continue to play an important role in the IPO market. Although SPAC IPOs and mergers will be further regulated, due to their economics and efficiency, more good high-tech companies that are still relatively early in revenue but have huge growth potential will go public through SPACs. At the same time, more and more successful SPACs will be initiated by well-known venture capital and private equity institutions with rich project resources, making SPACs an arena for professional players.</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>Zhencheng Investment Li Jianwei: More technology companies with growth potential will go public through SPACs in the future</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\">\nZhencheng Investment Li Jianwei: More technology companies with growth potential will go public through SPACs in the future\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-13 12:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On June 12, Tiger Securities held its seventh anniversary Open Day. Many investors and industry professionals from the primary and secondary markets at the scene analyzed and predicted the current market conditions and future prospects. Regarding the SPAC IPO, one of the hottest listing methods in the current capital market, Li Jianwei, managing partner of Zhencheng Investment, shared with the audience his observation of the SPAC market and his prediction of future development trends.</p><p><img src=\"https://static.tigerbbs.com/90d1b38b558579b9b4683b75b131a94c\" tg-width=\"1080\" tg-height=\"1527\"></p><p>Li Jianwei said that SPAC is not a new thing in the market, but since the second half of 2020, SPAC has become an important financing method in the capital market. In the first quarter of 2021, more than 79% of companies chose SPAC to go public. COVID-19 pandemic is one of the catalysts for SPACs to become popular-multiple rounds of stimulus measures after the epidemic have made the market more liquid, and retail investors and new investors are also open to this new investment method. Under the trend, more and more celebrities have become the sponsors of SPACs, such as Masayoshi Son of SoftBank Group, NBA superstar O 'Neill and Li Ning from China.</p><p><img src=\"https://static.tigerbbs.com/f218b1c6b04504852323978132d54018\" tg-width=\"831\" tg-height=\"232\"></p><p>Regarding why more and more companies want to go public through SPAC, Li Jianwei said, \"For companies with listing plans, SPAC is a very efficient channel.\" Traditional IPOs usually take about a year and need to pass many auditors, investment banks, law firms, and the pricing process is also very cumbersome, requiring a lot of preparatory work. However, under the SPAC structure, companies planning to go public only need to communicate with the SPAC sponsor, which usually takes three to four months to complete. The process is simple and highly certain. For the target company or the CEO planning an IPO, SPAC Provides a faster and clear path to listing. Southeast Asia's \"Didi + Meituan\" Grab has announced its listing through SPAC.</p><p><img src=\"https://static.tigerbbs.com/1f37d5e6eb738c6f95107e5347cd67d4\" tg-width=\"831\" tg-height=\"234\"></p><p>For investors, early participation in SPACs is a relatively safe way. If the SPAC raises funds or does not find a suitable target, it can also be redeemed and even get interest. The risk of SPAC is in the merger and acquisition stage, when valuations will fluctuate greatly. How to obtain profits through SPAC after the merger and acquisition, Li Jianwei said, \"Investors should pay attention to the industry track and business model of the target of the merger and acquisition, and at the same time pay attention to the fundamentals of the company.\"</p><p><img src=\"https://static.tigerbbs.com/3305e70fd9fad5e28d78f74d344db51c\" tg-width=\"830\" tg-height=\"234\"></p><p>Although SPAC investment is hot, many mainstream voices believe that SPAC is a bubble. Buffett and Munger pointed out at this year's shareholder meeting that SPACs are not only poison, but also divert their potential targets in the M&A market. The SEC has also begun an investigation into Wall Street's SPAC frenzy and issued new regulations. \"The company has been unable to prove profitability for a long time. In the past, there were three or four SPACs listed in China, but so far none of them can prove themselves.\"</p><p>Regarding how SPACs will select merger and acquisition targets, Li Jianwei said frankly that trading SPAC projects and VC/PE projects have a high degree of similarity. Zhencheng Investment will divide all investment opportunities into four quadrants, and the horizontal axis defines the growth quality of fundamentals. Including market size and development speed, product differentiation, roadmap in the later stage of the product, team vision and execution ability, cash flow, and the vertical axis is the degree of investor consensus. Investors generally want to invest in companies with good fundamentals and reasonable valuations in the first elephant price limit. \"If the fundamental growth quality of the underlying is higher than the consensus of investors, we have the opportunity to achieve excess returns.\"</p><p><img src=\"https://static.tigerbbs.com/45b94a1619c13a3dd9cf753bd2495743\" tg-width=\"830\" tg-height=\"238\"></p><p>Regarding the future development of SPAC, Li Jianwei believes that SPAC is a legal way to publicly issue shares, and it will continue to exist and continue to play an important role in the IPO market. Although SPAC IPOs and mergers will be further regulated, due to their economics and efficiency, more good high-tech companies that are still relatively early in revenue but have huge growth potential will go public through SPACs. At the same time, more and more successful SPACs will be initiated by well-known venture capital and private equity institutions with rich project resources, making SPACs an arena for professional players.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/56a62cec0b9783cde49306e8e3213143","relate_stocks":{"TIGR":"老虎证券"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197738106","content_text":"6月12日，老虎证券举办七周年Open Day。现场多位来自一二级市场的投资大咖和业界人士，针对当前的市场行情和未来前景做出分析和预测。针对当前资本市场上最热的上市方式之一SPAC IPO，真成投资管理合伙人李剑威向观众分享了对SPAC市场的观察和对未来发展趋势的预测。\n\n李剑威表示，SPAC并不是刚出现市场上的新鲜事物，但从2020年下半年起，SPAC在资本市场上已经变成一种重要的融资方式，2021年第一季度有超过79%的公司选择SPAC的方式上市。新冠疫情是SPAC走向风口的催化剂之一——疫情之后多轮刺激措施，让市场上的流动性更加充足，散户和和新晋股民也对于这种新的投资方式持开放态度。在风口之下，越来越多的知名人士成为SPAC的发起人，如软银集团孙正义、NBA巨星奥尼尔和来自中国的李宁等。\n\n针对为何越来越多的公司希望通过SPAC上市，李剑威表示，“对于有上市计划的公司而言，SPAC是一个非常有效率的通道。”传统的IPO通常需要一年左右，需要通过很多审计师、投行、律所，定价过程也十分繁琐，之中需要很多筹备工作。但在SPAC结构下，计划上市企业只需要与SPAC发起人进行沟通，通常三至四个月即可完成，过程简单且确定性高，对于标的公司来说或者计划IPO的CEO而言，SPAC提供了更快且明确的上市路径。东南亚的“滴滴+美团”Grab，就已宣布通过SPAC上市。\n\n对于投资者而言，早期参与SPAC是一个相对比较安全的方式。如果SPAC募集或没有找到合适标的，也可进行赎回，甚至还能得到利息。SPAC的风险处在并购阶段，此时估价会出现巨大波动。并购之后如何通过SPAC获得收益，李剑威表示，“投资人要关注并购标的所处的行业赛道和商业模式，同时要关注公司的基本面。”\n\n尽管SPAC投资火热，但很多主流的声音认为SPAC是泡沫。巴菲特和芒格在今年的股东大会上指出，SPAC不仅是毒药，还在并购市场上分流了他们的潜在标的。SEC也开始对华尔街的SPAC狂热进行调查并发布新规。“公司在相当长的时间内无法证明盈利能力，中国过去有SPAC有三、四家上市，但是到目前为止还没有一家可以证明自己。”\n针对SPAC将如何挑选并购标的，李剑威坦言，操盘SPAC项目与VC/PE项目有很高的相似度，真成投资会把所有的投资机会分成四个象限，横轴定义基本面的增长质量，包括市场大小和发展速度、产品差异化、产品后期的路线图、团队的愿景和执行能力、现金流情况，纵轴则是投资人的共识程度。投资人普遍希望投资处在第一象限价基本面良好且有合理估值的企业。“如果标的的基本面增长质量高过投资者的共识程度的话，我们有机会取得超额收益。”\n\n对于SPAC未来的发展，李剑威认为，SPAC是公开发行股票的合法途径，它将持续存在并继续在IPO市场中发挥重要作用。尽管SPAC IPO和合并会进一步受到监管，但因其经济性和高效性，更多营收上尚处于相对早期但具有巨大增长潜力的高科技好公司会通过SPAC上市。与此同时，越来越多的成功SPAC会由知名且项目资源丰富的风投和私募机构发起，使得SPAC成为专业选手的竞技场。","news_type":1,"symbols_score_info":{"TIGR":0.9}},"isVote":1,"tweetType":1,"viewCount":1848,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}