当低空经济开始盛行，政策、技术也逐一落地，小鹏汽车（下称"小鹏"）的"飞行器"开始加速驶向资本市场。 1月13日，有消息称，小鹏已聘请银行协助其飞行汽车部门在香港进行首次公开募股。 据知情人士消息，小鹏已选择摩根大通和摩根士丹利为小鹏汇天的上市做准备。该知情人士表示，小鹏已秘密提交上市申请，最早可能在今年内完 成。 秘密递表，是港交所的一项制度。有投资人士指出，去年，香港证监会与港交所推出了"科企专线"，助推特专科技公司及生物科技公司申请上市，并 允许这些公司选择以保密形式提交上市申请，披露时点推迟到后续环节再公开，以保护研发布局与商业机密。 对于该消息，小鹏方面并未否认，也未给出官方回复。 虽然官方没有证实，但资本市场反应迅速。连续两个交易日，小鹏港股股价活跃，13日当日开盘2分钟便拉升4.85%，股价达到当日最高值84.25港 元，最终报收82.1港元，14日再度微涨。 孙婉秋 摄 10年投入百亿元 如果递表属实，背后则反映出小鹏汇天对资金的需求。 从2020年公司更名至今，已有6年时间，小鹏汇天累计融资超7.5亿美元（约53.75亿元）。 但飞行汽车的研发成本极高，Joby Aviation 2023年 ...

小鹏汽车，要原地"上天"。 1月12日，据彭博社报道，小鹏汇天已聘请摩根大通和摩根士丹利协助筹备香港IPO，最快有望在今年内完成上市。这一消息如果属实，将意味着这家亚 洲规模最大的飞行汽车公司正式进入了资本运作的关键阶段。 而就在不久前的2025年11月，小鹏汇天位于广州黄埔的工厂刚刚迎来了首台量产车的下线。 从制造端的量产跑通，到资本端的独立上市，这一系列密集的动作表明，飞行汽车正在快速脱离"概念验证"阶段，转向实质性的商业化落地。 对于科技产业而言，这不仅是一家企业的融资行为，更是"低空经济"从图纸走向产业化的一个重要样本。 这不仅是何小鹏为小鹏汽车寻找"第二增长曲线"的豪赌，更是整个出行行业在地面交通"内卷"到极致后，一次壮烈的、向三维空间的集体突围。 地面已经杀红了眼，小鹏决定上天，但这片天空，真的会是坦途吗？ 01 当造车变成了一场"消耗战" 小鹏汇天急着上市，主要是"地面"上的硝烟久久不散。 在刚刚过去的2025年，中国新能源汽车市场的渗透率早已突破50%，但市场的繁荣并未带来安逸，反而加剧了前所未有的"内卷"。 价格战从年初打到年尾，已经成为了行业的常态。而车企为了保住市场份额，不断探底利润红线 ...

Core Viewpoint - Cognizant Technology Solutions Corp. generates more revenue than Infosys Ltd but is valued at only half of Infosys' market capitalization, indicating a significant valuation arbitrage opportunity as Cognizant considers a dual listing in India [1][2]. Group 1: Financial Comparison - Infosys has a market capitalization of $70.5 billion, while Cognizant is valued at $35.01 billion, despite both companies reporting comparable revenues of $19.74 billion and $19.28 billion, respectively [2]. - Cognizant's price-to-earnings (P/E) ratio stands at 16.59, compared to 18-25 for its Indian peers, suggesting a lower valuation despite generating more business than Infosys, HCL Technologies, and Wipro [5]. Group 2: Strategic Moves - Cognizant is in the exploratory phase of a dual listing in India, which could enhance its share value and attract investments from India-specific funds [6][7]. - The potential listing in India is seen as a way to unlock value and improve valuations, as it would allow Cognizant to access capital from India-centric funds [7]. Group 3: Market Dynamics - The rise of Generative AI is prompting Cognizant to consider a listing in India to gain financial flexibility for investments in AI platforms and automation, which are essential for adapting to changing market conditions [8][9]. - Cognizant's operating margins were reported at 14.7%, significantly lower than Tata Consultancy Services' 24.3% and Infosys' 21.1%, highlighting the need for strategic adjustments in response to competitive pressures [9]. Group 4: Historical Context - Cognizant was established in 1994 and became a separate entity in 1996, marking its entry into the US market during the Y2K boom, which positioned it as a key player in the IT services sector [4][11]. - The company experienced significant growth post-2008 financial crisis due to strategic reinvestments, but faced challenges in the following decade, leading to changes in leadership and a focus on recovery [12][13]. Group 5: Recent Performance - Cognizant reported a revenue of $5.42 billion in the last quarter, marking a 3.2% sequential increase and its best performance in four quarters, alongside signing three deals valued over $500 million [14].

Core Viewpoint - The acquisition of 100% equity of Siyuanli by Meili Tianyuan for 1.25 billion RMB marks a significant consolidation in China's high-end beauty service market, following the acquisition of another brand, Nairui'er, in 2024. This transaction is notable for its innovative financing structure, which includes a combination of cash, acquisition loans, and share payments, resulting in a "zero cash occupation" acquisition [1][4]. Financial Structure - The deal involves 330 million RMB in cash, 510 million RMB in acquisition loans, and 410 million RMB in share payments, effectively utilizing Siyuanli's 360 million RMB cash reserves to cover the cash component [4]. - The acquisition corresponds to a price-to-earnings (PE) ratio of approximately 14.8 times for Siyuanli, significantly lower than Meili Tianyuan's PE of 29.5 times and the industry average of 23.3 times, indicating a valuation arbitrage opportunity [4]. Market Positioning - Meili Tianyuan's acquisition strategy positions it strongly within the high-end beauty market, with a total of 734 stores post-acquisition, effectively doubling its store count since its IPO. The company will control three of the top four brands in the industry [1][5]. - The acquisition allows Meili Tianyuan to capture a significant share of high-value commercial properties in first-tier and new first-tier cities, with a combined presence in 191 out of 456 core commercial properties, representing 42% coverage [5]. Membership and Customer Base - The acquisition of Siyuanli will add approximately 60,000 active members, resulting in a 44% increase in Meili Tianyuan's total active membership, surpassing 200,000 members [6][8]. - The geographical overlap of Siyuanli's medical beauty clinics with Meili Tianyuan's existing locations facilitates resource integration and operational synergies [6]. Competitive Landscape - Post-acquisition, Meili Tianyuan will hold a dominant position in the market, with significant revenue contributions from major cities, enhancing its competitive edge against other brands [6][7]. - The presence of multiple brands under Meili Tianyuan raises challenges regarding differentiation and internal competition, which management acknowledges as a potential issue [7]. Integration and Synergies - The management emphasizes that the acquisition is not merely additive but aims for systemic integration, focusing on member flow, medical business integration, and backend empowerment [8]. - Plans to upgrade half of Siyuanli's medical clinics over the next three years will require substantial investment, raising concerns about funding sources amid existing acquisition loan obligations [8]. Long-term Strategy - The acquisition is part of a broader strategy of aggressive expansion through acquisitions, which may lead to increased operational complexity and integration challenges in the future [9].