Tag Archives: IPO

China Microlender To Make US Listing

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China Commercial Credit files for US IPO

It’s a relatively slow day for financial news, so I thought I’d take a look at a very low-key IPO getting ready to launch in New York by a small Chinese microlender named China Commercial Credit. This particular offering is so small, set to raise about $18 million, that it normally wouldn’t be worth mentioning. But what’s interesting is that this is the first US listing of this size that I’ve seen by a Chinese lender, and could perhaps auger a wave of similar listings by a new generation of private Chinese banking firms. Read Full Post…

LightInTheBox IPO Moves Ahead

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LightInTheBox IPO back on track

Today I want to give myself the poor timing award for my recent remarks about the upcoming New York IPO for Chinese e-commerce firm LightInTheBox. A day after commenting that the company’s IPO had mysteriously disappeared 5 weeks after it was first announced, media are now reporting that the offering is indeed moving ahead with a new public filing. (Chinese article) What’s more, my speculation that the silence could be due to lack of investor interest also seems to be at least partly incorrect, since the latest reports indicate the company could still raise up to the full $86 million that it had originally indicated in its first public filing in April. Read Full Post…

IPOs Heat Up With Sinopec Unit, Galaxy

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Galaxy Securities launches HK IPO

After a dismal first quarter, we’re seeing the latest signs of new life in the moribund market for offshore Chinese IPOs with the planned launch of 2 major new offerings later this week in Hong Kong. The pair of IPOs, one for brokerage Galaxy Securities and the other for a unit of oil major Sinopec (HKEx: 386; Shanghai: 600028; NYSE: SNP), could raise up to $3.5 billion combined, following a dismal first quarter for new listings. The IPOs would also come as online retailer LightInTheBox seeks to launch the year’s first public offering for a Chinese company in New York later this month. Read Full Post…

Beijing IPO Campaign to Boost Markets Falls Flat 大宗IPO提振中国股市或成泡影

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Beijing is quickly discovering that it can throw a party by making mega-IPOs for some of its best companies in a bid to revive its moribund stock markets, but there’s no guarantee that anyone will come to join the fun. That appears to be the lesson as CITIC Securities (Shanghai: 600030) has been forced to pare back its plans for a Hong Kong IPO by more than 10 percent due to lackluster demand. (English article) The company, which offers one of the best windows for foreign investors into China’s promising financial sector, is now aiming to raise just $1.7 billion, compared with a previous target of $2 billion, after pricing the deal at the low end of its range. The reduced offering and final pricing, which give the company a modest price-to-earnings ratio of just 9 times 2011 earnings, are a bit surprising after reports said earlier this week that the deal was 4 times covered. Clearly either the company’s bankers were exaggerating to generate more enthusiasm, or investors got cold feet due to growing uncertainty about China’s financial sector, or most like a combination of the 2 was behind this disappointing result. CITIC Securities was to be the first of a steady stream of Chinese blue-chip firms to make new mega-listings in Hong Kong and Shanghai, in what I suspect was a carefully orchestrated effort by Beijing to revive those two markets — especially a Shanghai market now trading at its lowest levels in over a year. Other major firms that announced mega listing plans included Sany Heavy Industries (Shanghai: 600031), which was aiming to raise $3.3 billion in a Hong Kong listing; and Sinohydra Group, operator of the 3 Gorges Dam, and China Communications Construction, which were aiming to raise $2.6 billion and $3.1 billion, respectively, through listings in Shanghai. (previous post) Some of the companies were already talking about reducing or canceling their offerings due to weak market demand, and this disappointing showing for CITIC Securities will only cause more hesitation. If I had some extra money to spend, I would invest in some of these upcoming IPOs, as they will undoubtedly offer nice bargains for some of China’s top corporate names. That will be bad news for Beijing, which was hoping to get better returns for some if its top-notch players.

Bottom line: Investor angst will undermine Beijing’s plans to revive markets with IPOs for some of China’s top companies, providing bargain buying opportunities for bolder investors.

中国当局很快就发现：虽然能通过一些优质企业大规模招股为股市注入活力，但却不能保证有多少人愿意凑这场热闹。中信证券(600030.SS)在香港IPO，由于需求不旺而降低了筹资额。中信证券是外国投资者押注中国金融业的一个良机，原计划透过在港IPO筹资20亿美元，但最终以招股价指导区间低端定价，筹资额减为17亿美元。这有点令人意外，因本周稍早报导称，中信证券H股获得了四倍认购。这麽看来，要麽是承销商为吸引投资热情而夸大其词，要麽就是投资者面对中国金融业的不确定性望而却步，更大的可能是二者兼而有之。我猜测中信证券香港IPO可能是中国政府精心策划的，希望能藉此提振沪港股市，尤其是跌至逾一年低位的沪市。其他宣布了大宗上市计划的还有三一重工(600031.SS)、中国水电和中国交通建设等。三一重工计划在香港上市融资33亿美元；中国水电是三峡大坝建设方，计划在沪市融资26亿美元；中国交通建设则计划在沪市融资31亿美元。由于市场需求低迷，有些公司已经在考虑削减或取消上市计划，而此次中信证券的表现，肯定会令它们更加迟疑。不过，如果我手头有闲钱，我就会买这些即将上市的新股，因为肯定能够以较低的价格，买到这些中国顶级企业的股份。不过这样的局面，恐怕会令中国当局感到失望。

一句话：投资者不安情绪，不利于中国当局藉由大宗IPO提振股市的计划，不过对胆大的投资者来说，倒是不错的买入时机。

Related postings 相关文章:

◙ China Offers Up Premier IPOs to Revive Markets 大企业沪港上市 政府借机重燃沪港生机

◙ CITIC Securities $2 Bln IPO Looks Good, With Potential to Jumpstart HK 中信证券香港IPO值得期待

◙ 360Buy IPO: Let the Delays Begin 京东商城放缓IPO进程

CITIC Securities $2 Bln IPO Looks Good, With Potential to Jumpstart HK 中信证券香港IPO值得期待

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Despite a frosty environment for new initial public offerings, China’s largest brokerage CITIC Securities (Shanghai: 600030) has announced its  moving ahead with a planned IPO worth nearly $2 billion, in what looks like a good bet to breathe some new life into an otherwise moribund market. (English article) CITIC Securities, whose shares have been listed in Shanghai since 2003, is taking an interesting gamble with this offering, and the timing looks particularly curious since the Hong Kong market is down more than 10 percent since the last mega-offering when Prada (HKEx: 1913) listed its shares in June. I suspect the Chinese government has quietly pushed CITIC to go ahead with this deal, as a successful offering could potentially breathe new life not only into Hong Kong, but also into the sputtering Shanghai stock market, which has lost a comparable amount since June. In my view, CITIC Securities represents one of the strongest bets you’ll see for China’s the financial sector, which can always get investors excited due to the nation’s huge growth potential. It’s the premier name among Chinese brokerages which are generally commercially driven, unlike banks that take their cues from the government. What’s more, Chinese brokerages also work as investment banks, giving them nice exposure to a sizable Chinese IPO and bond underwriting market off-limits to foreigners. CITIC Securities now trades at a healthy 15 times this year’s earnings, which is about the industry average. All that said, barring a major sell-off in Hong Kong or Shanghai, I would expect to see this offering do nicely when it debuts in October, possibly giving a small kick to the sputtering Hong Kong and Chinese markets.

Bottom line: CITIC Securities will offer international investors a strong window into China’s brokerage sector, and is likely to see strong demand for its October IPO.

尽管当前新股发行环境严峻，中信证券仍宣布推进在香港规模近20亿美元的首次公开发行（IPO）计划，这或许能为死气沉沉的市场注入些许活力。中信证券2003年就已在A股挂牌，此次香港招股时机有点令人费解，毕竟港股大盘自6月Prada大宗IPO以来已跌逾10%。我推测，可能是中国政府暗中推动中信证券IPO，因为若其招股案成功，不仅能为港股注入新的生机，可能也有助於提振A股，A股6月以来也跌幅惨重。我认为，中信证券是押注中国金融业的一个机会，由於中国经济增长潜力巨大，其金融业也总是能让投资者感到兴奋。中信证券是中国券商中的佼佼者，有别于那些唯行政指引是瞻的银行，中信证券整体上是受商业因素驱动。此外，中国券商也扮演投资银行的角色，因此能受益於中国企业招股活动，以及债券承销业务。中信证券市盈率为15倍，处於健康水准，与行业平均水平相仿。因此除非港股或A股出现沉重跌势，否则中信证券10月在港股挂牌应有不俗表现，或许还能稍稍提振港股和A股。

一句话：中信证券IPO，是国际投资者投资中国券商行业的良机，其10月IPO可能吸引旺盛需求。

Related postings 相关文章:

◙ ICBC Discovers China’s Latest Low-Cost Export: Currency 工行将从非洲人民币结算业务中获益

◙ Record Profits Bolster Banks as Storm Looms 创纪录利润有助银行抵御楼市低迷隐忧

◙ China Merchants Bank Kicks Off “Capital Raising II” 招商银行掀起第二轮融资热潮

Lashou Begs for an IPO Banking Partner 拉手网拼命寻找上市承销商

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Lashou, China’s top group buying site whose name literally means “join hands” in Chinese, is desperately shopping for an investment banking partner to underwrite an IPO in a sudden race against time among Chinese Web firms to go public before a looming Internet bubble bursts. At least that’s my interpretation of the latest media reports saying Lashou is racing to find new underwriters for the planned offering, after Morgan Stanley (NYSE: MS) and Goldman Sachs (NYSE: GS) resigned from the case. (English article; Chinese article) If this news sounds familiar to some of you, it’s because it is. Just last month, similar reports emerged that another leading group buying site, 55tuan, was abandoning plans for an IPO after several major investment banks, including Goldman Sachs, refused to underwrite the listing over concerns about accounting records for some of its previous acquisitions. (previous post) A report issued earlier this week said the group buying space has exploded to 5,000 players this year from just 2,000 at the end of 2010 (previous post), as Chinese companies pile into the latest Internet trend in a bid to become the country’s next Groupon. The only problem is, even Groupon is struggling in the overheated China group buying market right now, laying off hundreds of employees in the last month from its troubled Gaopeng joint venture with leading Chinese Internet firm Tencent (HKEx: 700). (previous post) This new problem at Lashou is just the latest development on a list of signs of crisis in group buying that is growing so long I won’t even bother to repeat them here. But I predicted earlier this week (previous post) that group buying sites look set to become the first domino to fall in China’s dangerously overinflated Internet bubble, and this latest Lashou development just adds more fuel to that argument.

Bottom line: Lashou’s inability to find an underwriter for a planned US IPO is the latest sign of distress in China’s overheated group buying sector, which could enter a full-blown crisis by year end.

拉手网正拼命寻找一家可承销其首次公开募股(IPO)的投行夥伴，加入中国互联网企业争分夺秒赶在互联网泡沫破灭前上市的行列中。这至少是我对媒体报导的拉手网正急切寻找新的承销商助其上市的解读。此前，摩根士丹利(MS.N)和高盛(GS.N)退出了拉手网的IPO承销案。如果你们中有些人觉得这听着很耳熟，原因是这种新闻的确不陌生。上个月就有类似报导称，中国另一家主要的团购网站“窝窝团”放弃赴美上市，因包括高盛在内的多家投行因担心其之前的并购产生的会计问题而拒绝承销其IPO。本周早些时候的一篇报导称，中国国内今年的团购网站数量已经从2010年底的2,000家激增至5,000家，因中国企业纷纷涉足这个互联网新趋势，希望成为中国的下一个Groupon。唯一的问题是，Groupon自己还在中国过热的团购市场中自顾不暇，且上月对自己在中国的合资企业“高朋网”进行了大规模裁员。拉手网遭遇的这个新问题只是团购业种种危机迹象的最新发展。这种迹象有很多，所以我也不想在此反复赘述。但我本周早些时候曾预言，团购网站有望成为中国过热互联网泡沫中首个倒下的多米诺骨牌，拉手网的最新进展只是为这一断言增加了更多证据。

一句话：拉手网无法找到一个助其上市的承销商是中国过热的团购业出现瓶颈的最新迹象。中国的团购业或许在今年年底前陷入全面危机中。

Related postings 相关文章:

◙ 360Buy $5 Bln IPO Plan Looks Like Desperation 京东商城50亿美元上市计划凸显绝望

◙ Group Buying Sites: The First to Fall? 团购网或将在互联网泡沫破灭时应声而倒？

◙ Tax Evasion Report: Trouble Brewing in Group Buying? 团购被曝逃税 行业整顿或在即

Shanda Cloudary Returns to Market, Worth a Look

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Shanda Interactive (Nasdaq: SNDA) Chairman Chen Tianqiao is either very persistent or very stupid, as he returns to market with an IPO for his online literature unit, Shanda Cloudary, just months after he shelved the offering due to poor market sentiment, even as current sentiment remains poor. I’ve heard the guy is quite intelligent, even if most of his business endeavors don’t yield very impressive results, so I’m willing to give this new offering a look. (English article) Based on the numbers, the story actually looks quite interesting. Cloudary’s two biggest income sources, revenue from online users and from its online wireless service, both rose by triple digit percentages in the first half of the year, with the latter up more than 200 percent to a relatively modest 73.7 million yuan, or about $12 million. The company posted a net loss for the first half of the year, but that loss narrowed to about 14 million yuan from 22 million yuan in 2010. With revenue of around $50 million in the first half of this year, Cloudary is clearly not a huge company yet and has lots of room to grow. I’ve previously yawned at this offering, calling it just another attempt by Chen to squeeze more money out of financial markets, but I have to admit the numbers do seem to tell an interesting story. What’s even more interesting for me, however, is the reality on the ground: walking around in Shanghai, it’s nearly impossible to go for more than a few minutes without seeing someone on the subway or waiting in line at a shop reading on their cellphone or tablet computer. Perhaps it’s news, or perhaps it’s literature or perhaps it’s both. But regardless, Cloudary does seem to be in a strong position to take advantage of this trend, which will undoubtedly grow stronger as mobile devices such as e-readers and smartphones become more common. That said, I’m going to tweak my previous prediction and say that despite a dismal debut by video sharing IPO Tudou (Nasdaq: TUDO) earlier this month (previous post), Cloudary could actually do well in its offering and bring back a little buzz to the sputtering China Internet.

Bottom line: Shanda’s Cloudary online literature unit could offer an intriguing play into the growing market for mobile content with its upcoming IPO.

Related postings 相关文章:

◙ Tudou IPO Set to Stumble Out of the Gate 土豆上市首日难有精彩表现

◙ Wall Street Clean-Up Underway Amid Accounting Crisis 会计危机中华尔街展开清理行动

◙  Dud Looms With Shanda Literature Offering 盛大文学上市令人不解

Tudou IPO Moves Forward Despite Headwinds 土豆网“逆风”上市

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One has to wonder what exactly is going on behind the scenes with video sharing site Tudou, whose IPO faces stiff headwinds due to despite extremely negative market sentiment towards China companies. Domestic and international media are reporting the money-losing company has set a price range of $28-$30 for its IPO shares, which will give it a relatively modest market value of $820 million, or about a quarter that of chief rival Youku (NYSE: YOKU), which debuted at a much better time  late last year. (Chinese article) Tudou, whose name means potato in Chinese, hopes to raise about $160 million from the offering, an improvement from the $120 million mentioned in some reports earlier in the week, possibly indicating sentiment toward the offering, now set for mid-August, has been positive initially. (English article) Tudou’s stubborn determination to move ahead with this offering, despite facing one of the worst climates for China stocks on Wall Street in recent years, has left many puzzled, myself included. My guess is that the firm is under pressure from its investors to make the offering, which was originally scheduled for late last year but ran into problems due to a messy divorce between Chairman Gary Wang and his now-former wife. The negative sentiment does seem to have quieted somewhat in the last two weeks, and may have even bottomed out following the disastrous pulling of another IPO for video sharing site Xunlei last month (previous post). But with broader market sentiment still weak after resolution of the US debt crisis, and questions still lingering over accounting standards at many US-listed Chinese firms, this hardly seems like the best time to go to market. Accordingly, I wouldn’t be surprised to see Tudou’s shares price at or even below the bottom of their range and for the IPO to be delayed once more if the offering’s size slips below $100 million.

Bottom line: Tudou is taking a big risk by making an IPO into the current negative market, and stands a strong chance of having to pull the offering.

眼下中资股在美国股市的形势非常不利，土豆网仍坚持推进上市事宜，这不禁让人感到纳闷。中国和海外媒体报导称，土豆网IPO指导价区间为28-30美元，相当于市值8.2亿美元左右，约为优酷(YOKU.N)的四分之一，不过後者去年底上市的时机比现在好多了。土豆网希望此次招股能筹资1.6亿美元，这比本周一些报导中说的1.2亿要高。眼下是多年来中资股在华尔街最艰难的阶段之一，土豆网仍坚持推进上市事宜，让许多人百思不得其解，其中也包括我。据我推测，土豆网坚持上市可能是迫于来自投资者的压力，因为原本计划去年底就上市，後来由于其首席执行官王微离婚纠纷而拖延。过去两周，市场的负面气氛似乎已减退，甚至有点触底回升的苗头，但整体市场氛围仍偏于疲弱，因美国债务危机刚刚才化解，而市场对许多美国上市中资股的会计标准仍存在疑问，因此怎麽看都不是上市的好时机。如果土豆网IPO价格处于甚至低于指导价区间下限，或者由于筹资规模不足1亿美元而再次推迟上市，我都不会感到意外。

一句话：土豆网在眼下市场氛围中推进上市事宜，实在是冒着很大风险，最後也有可能暂时取消上市。

Related postings 相关文章:

◙ Xunlei’s Shrinking IPO Disappears 迅雷无限期推迟IPO时间

◙ Investors Feast on Sun Art 高鑫零售首日挂牌表现抢眼

◙ Wall Street Clean-Up Underway Amid Accounting Crisis 会计危机中华尔街展开清理行动

 

NetEase Sharpens Up Messaging in Run-Up to Portal Spin-Off 网易剥离门户网站 再度磨砺电邮服务

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Internet stalwart NetEase (Nasdaq: NTES) is prettying up its popular e-mail and other messaging services as it prepares to spin off its older portal business into a separate company, bringing focus back to these services that were once its bread and butter but later became neglected as it moved its attention to online games. Chinese media are reporting that just weeks after telling the world of its plans to spin off its portal business, most likely into a separate unit that will become publicly listed (previous post), NetEase is releasing some figures for its e-mail service, once a leader in China, that still look relatively impressive. The company says it now has more than 400 million registered e-mail users, whose accounts will be integrated with its mobile, instant messaging and other platforms. (English article) It goes on to add that the e-mail business, banking on advertising and income from other value added services, is already profitable. Old timers will remember that NetEase’s 163.com and 126.com were among China’s earliest e-mail services, and at one point were nearly synonymous with e-mail in China. Of course the same can be said of AOL, which is now a shadow of its former self. But in NetEase’s case, I think these portal and messaging products never really fell from grace quite as badly as AOL and were rather just neglected. That said, I’m quite confident NetEase can revive these products without too much effort if  it tries and, if it does, create a nice “new” product to compete with old rivals Sina (Nasdaq: SINA) and Sohu (Nasdaq: SOHU) in an IPO that should be fairly profitable and attractive.

Bottom line: NetEase’s renewed attention to its e-mail is the latest step as it prepares its portal business for an IPO that should be quite attractive.

互联网公司网易<NTES.O>在筹备剥离门户网站、成立单独公司之际，正在装扮网易电邮与其他信息传送功能。昔日相关服务曾是网易的核心业务，但因网易後来把重点放在了网游上，这些业务被冷落。几周前网易刚刚对外公布要分拆门户业务，很可能要成立一家单独的公司，将来还可能会上市。中国媒体报导网易正公布其电邮服务相关数据，曾经电邮领域的领头羊现在表现仍算不错。公司称网易目前拥有注册电邮用户4亿人，用户的账户将与其他平台整合。而且网易还表示得益於广告与其他增值服务，电邮业务已开始盈利。老客户应该还记得，网易的163.com和126.com属中国最早的一批电邮服务，甚至一度是中国电邮的代名词。当然你也可以说美国在线(AOL)也发生过类似的事。但就网易而言，我认为，网易的门户和讯息类产品从来都没有像AOL那样跌得那麽惨，它们充其量只是被忽视了而已。可以这麽说，如果网易尝试，我相信其可以不费吹灰之力地重振这些产品，并在IPO中创建一个可以抗衡新浪<SINA.O>和搜狐<SOHU.O>的新产品。

一句话：网易重新关注其电邮服务是准备为其门户业务上市所迈出的最新一步。

Related postings 相关文章:

◙ NetEase Looks to Reinvigorate Portal 网易似要重振门户

◙ Sohu: New Media Fox or Just Another Game Player? 搜狐：新媒体巨头还是一个网游公司？

◙ Sina Gets Serious on SNS With New “Blogging Light” 新浪推出轻博客 大力进军社交网络业务

55tuan Scraps Listing Plan After Banks Get Cold Feet 各投行临阵退缩 “窝窝团”放弃赴美上市

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It seems investors aren’t the only ones getting jittery about Chinese accounting standards in the current crisis of confidence surrounding US-listed China stocks. Domestic media are reporting that up-and-coming group buying site 55tuan, which just two months ago raised $200 million from a group including Goldman Sachs (previous post) is now having to abort its plans for an IPO. But this time, 55tuan is abandoning the plan for a US listing not due to weak market sentiment, but because it was rejected by some of the biggest investment banks, including Credit Suisse, Merrill Lynch and Goldman Sachs itself, according to a Chinese report, citing informed sources. (Chinese article) It seems the banks are all concerned about 55tuan’s rapid growth in the last couple of years, which came on the back of a big buying spree that saw it acquire lots of smaller local group buying sites. According to the Chinese report, the investment banks are worried about lax accounting at many of the acquired companies, which could throw much of 55tuan’s own books into question. Clearly the big banks don’t want to be caught with any potential liability from shareholder lawsuits of have to answer to the SEC if they help a company list that later turns out to have crooked books. One of my sources previously told me that similar acquisitions were at the heart of the crisis that hit Longtop Financial, whose own accounting was called into question due to doubts about the books at one or more of its acquired companies. If that’s the case, companies that have grown by acquisition could be especially vulnerable as the current confidence crisis plays out.

Bottom line: Companies like 55tuan, which grew through questionable acquisitions, will find themselves under growing scrutiny in the crisis surrounding US-listed China stocks.

对於中国赴美企业正在经历的信任危机，投资者似乎并不是唯一担心其会计准则的人。国内媒体报导称，团购网“窝窝团”赴美IPO(首次公开募股)计划受阻。该网站两个月前刚从包括高盛那里募集到2亿美元。但据中国媒体引述消息人士的话报导，“窝窝团”此次赴美上市计划受阻并非因市场情绪低迷，而是因遭到瑞士信贷、美林、甚至包括高盛等多家国际大投行拒绝。看似各大投行对“窝窝团”过去一两年的飞速发展都有所顾虑。“窝窝团”依靠收购众多当地小型团购网站而迅速发展起来。根据该篇中国媒体的报导，各大投行担心“窝窝团”收购的很多公司可能存在会计问题，而这将会使“窝窝团”的会计问题遭到质疑。如果各投行帮助其上市，最终却发现公司存在会计问题，其必将面临股东诉讼，并需遭受美国证券交易委员会的质询，各投行显然不想面临这种局面。之前曾有消息人士对我说，中国赴美企业会计丑闻中的东南融通就因类似收购而导致其财务状况遭质疑，因其所收购的一个或多个公司存在会计问题。若果真如此，在当前信任危机闹得沸沸扬扬之时，那些靠并购发展的企业可能尤其易受伤。

一句话：那些像“窝窝团”一样通过并购发展的企业会发现自己在此次中国赴美企业会计丑闻中面临着更严格的审查。

Related postings 相关文章:

◙ Sharks Come Out in China Stock Crisis 信任危机冲击在美上市中资股

◙ Wall Street Clean-Up Underway Amid Accounting Crisis 会计危机中华尔街展开清理行动

◙ China Confidence Crisis Separates Wheat from Chaff 中国企业信任危机 对不同公司各有利弊

Xunlei’s Shrinking IPO Disappears 迅雷无限期推迟IPO时间

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Yesterday I wrote that video- and music-sharing site Xunlei’s New York listing plan was fast shrinking, and today it looks like it’s disappeared completely, the victim of a perfect storm of market- and company-related factors. In a tersely worded statement, Xunlei said simply that it had delayed the offering “due to market conditions”. (company announcement) The offering’s downfall came swiftly, and marks a stunning turnaround for a company that just over a month ago said that it hoped to raise up to $200 million. (previous post) It already boasted Baidu (Nasdaq: BIDU) and Google (Nasdaq: GOOG) as previous backers, and went on to add News Corp (Nasdaq: NWSA) media mogul Rupert Murdoch to the list, though that backing may have lost some importance in light of the current scandal surrounding Murdoch’s newspapers in the UK. But then shaky accounting practices at Chinese companies became a major concern in the market over the last month, and Xunlei’s own confession that weak accounting practices could constitute an investor risk did little to help its case. Add to that a lawsuit by seven major global record labels over music piracy (previous post), and the offering quickly shrank by more than half, from the previous $200 million to about $75, by the time  Xunlei finally decided to scrap the deal, at least for now. The company is likely to relaunch this offering when market sentiment improves, and would be well advised to clean up its accounting books and the content traded on its site before it makes such an attempt. Of course, those kind of clean-ups could be costly — wiping out substantial amounts of revenue and significantly shrinking the company’s prospects. Still, I would expect to see Xunlei return to market in the next 2-3 months, this time in a much lower-key offering and probably seeking a much lower valuation than it previously hoped for.

Bottom line: Xunlei’s withdrawal of it IPO reflects both company and market issues, but it is likely to make a second, more low-key, lower-valued bid in the next 2-3 months.

昨天，我写了一篇关於视频和音乐分享网站迅雷纽约上市计划迅速缩水的文章，而今天，迅雷看似将彻底无限期推迟IPO，成为市场和公司因素“完美风暴”的受害者。迅雷在一份简要声明中称，鉴於目前的市场情况，该公司决定推迟上市时间。迅雷IPO急转直下，而一个月前该公司还表示，希望融资规模能达到2亿美元。迅雷曾宣称，其支持者包括百度<BIDU.O>、谷歌<GOOG. O>及新闻集团<NWSA.O>媒体大亨默多克，鉴於默多克因窃听丑闻缠身，这种支持似乎已不那麽重要了。过去一个月来，中国赴美上市企业会计丑闻成为市场的主要关注点，而迅雷承认，会计问题或构成投资者风险对其亦无益。此外，全球七大唱片公司起诉迅雷侵权。该公司IPO规模迅速缩水逾一半，从先前的2亿美元降至迅雷最终决定暂停IPO计划时的7,500万美元左右。  如果市况转好，迅雷或将重启IPO，并可能会被建议提前清理会计账本和网站内容。当然，这种清理行动成本可能很高，会使其营收大幅减少，并导致公司前景大打折扣。不过，我预计迅雷未来两三个月将重归IPO轨道，届时迅雷料将更为低调上市，并可能大幅下调融资规模预期。

一句话：迅雷暂停IPO计划是出於公司和市场原因，但未来两三个月，该公司很可能会再次筹备上市，但将更低调，融资规模更小。

Related postings 相关文章:

◙ Xunlei’s Incredible Shrinking IPO 迅雷IPO规模缩水 纽约首秀或破发

◙ Xunlei’s Rich Parentage List Grows 迅雷投资方阵容强大

◙ Xunlei Marches Down IPO Aisle 迅雷迈向IPO之路