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四个IPO,流血1375亿
投中网· 2025-08-28 02:08
Core Viewpoint - The investment landscape in 2023 is characterized by confusion, while 2024 is expected to be turbulent, leading to a more optimistic outlook for 2025, with the A-share market stabilizing into a "slow bull" phase and significant IPOs providing liquidity to the market [6][7]. Group 1: IPO Performance - In 2025, approximately 16% of IPOs experienced valuation discounts compared to their last financing round, marking the highest level in a decade [7]. - The second quarter of 2025 was particularly severe, with all IPOs over $1 billion completing with "market value inversion" [7]. - Four major IPOs in Q2 2025 collectively saw a market value reduction of $19.2 billion (approximately 137.5 billion RMB) [9]. Group 2: Notable IPOs - MNTN, an advertising company, went public in May 2025 with a target valuation of $1.1 billion, down from a previous valuation of $2 billion [9][10]. - Hinge Health, a digital healthcare service, had a market cap of $3 billion at IPO, down from $6.2 billion [10]. - Circle, a blockchain unicorn, completed its IPO in June 2025 with a valuation of slightly over $7 billion, down from a peak of $9 billion [10]. - Chime, a digital bank, went public with a valuation of $11.6 billion, significantly lower than its last funding round valuation of $25 billion, resulting in a market value drop of nearly $13.4 billion (approximately 96 billion RMB) [10][11]. Group 3: Market Context and Future Outlook - The total exit scale for the venture capital industry in 2025 was $67 billion, indicating a 29% reduction in expected assets for limited partners (LPs) [11]. - The term "bloody IPO" refers to the situation where companies go public at a lower valuation than anticipated, reflecting the market's cautious sentiment [11]. - Despite the challenges, companies like MNTN and Hinge Health are positioned as leaders in their respective fields, with MNTN's revenue growing tenfold since 2020 and Hinge Health showing significant improvement in financial performance [13][14].
首日涨幅创纪录,北证再现市值“倒挂”?
北证三板研习社· 2025-05-14 13:53
Core Viewpoint - The article highlights the exceptional performance of TianGong Co., Ltd. on its debut at the Beijing Stock Exchange, with a first-day increase of 411.93%, marking it as the largest first-day gain for a new stock this year [1][2]. Group 1: Stock Performance - TianGong's first-day increase of 411.93% surpasses other notable stocks such as XingTu Measurement Control (+407.23%) and HongHai Technology (+246.14%) [1]. - The stock continued to rise the next day with a trading volume turnover rate of 53%, indicating strong investor interest and higher expectations [1]. - In the historical context of the Beijing Stock Exchange, TianGong's performance ranks fifth, with the top four stocks experiencing significant declines in subsequent days, suggesting potential "bubble" characteristics in their initial gains [1]. Group 2: Market Capitalization and Parent-Child Company Dynamics - After two days of trading, TianGong's total market capitalization reached 13.2 billion, placing it in the top five of the Beijing Stock Exchange [2]. - TianGong is the first company to be listed on the Beijing Stock Exchange as a spin-off from a Hong Kong-listed parent company, TianGong International, which has a market cap of 5.2 billion [4]. - The article notes instances of "market cap inversion" where the child company (TianGong) has a higher market cap than its parent company (TianGong International), reflecting the market's preference for high-growth prospects [5][6]. Group 3: Market Trends and Implications - The article suggests that the enthusiasm for low-priced new stocks and favorable market conditions, such as the easing of trade disputes, contributed to TianGong's successful debut [2]. - The significant pricing difference between the primary and secondary markets may attract more companies to list on the Beijing Stock Exchange, enhancing its capacity to accommodate new listings [6]. - The liquidity premium observed in the market indicates a robust environment for new stocks, fostering a positive cycle of stock performance and investor interest [6].