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  • Imagine someone famous asking  you to invest in a company.

    想象一下,一個有名的人讓你投資一家公司。

  • Chances are, you will want to know more.

    你有可能會想知道更多。

  • As it turns out, there is no company, at least not yet.

    事實證明,沒有公司,至少現在還沒有。

  • Will you part with your money?

    你會把錢分給我嗎?

  • That is the pitch by owners of SPACs, or  special purpose acquisition companies,

    這就是SPAC,或者說是特殊目的收購公司的所有者的宣傳。

  • which is arguably the hottest asset class in the  U.S. of late, led by notable investors such as

    這可以說是美國近期最火爆的資產類別,由著名的投資者領銜,如

  • hedge fund billionaire Bill Ackman and former  Facebook executive Chamath Palihapitiya.

    對沖基金億萬富翁比爾-阿克曼(Bill Ackman)和Facebook前高管查馬斯-帕利哈皮蒂亞(Chamath Palihapitiya)。

  • We're getting a lot of questions about SPACs this week.

    本週我們收到很多關於SPACs的問題。

  • SPACs this year have raised triple the  amount that they did in all of 2019.

    SPAC今年的籌款額是2019年全年的三倍。

  • With companies slashing dividends and interest rates at rock bottom levels, investors are flocking to SPACs.

    隨著公司削減股息和利率處於谷底水準,投資者紛紛湧向SPAC。

  • So what exactly are SPACs, and why are they so popular?

    那麼,SPAC到底是什麼,為什麼這麼受歡迎呢?

  • Once shunned by investors, SPACs, also known  as blank check companies, have become an

    曾經被投資者避之唯恐不及的SPAC,也就是所謂的空頭支票公司,現在已經成為了一種。

  • increasingly popular method in recent years  to list companies on a stock exchange.

    近年來,越來越多的公司在證券交易所上市的方法。

  • SPACs are shell companies with no actual  commercial operations but are created solely

    SPACs是沒有實際商業運作的空殼公司,但完全是在以下情況下建立的

  • for raising capital through an initial public  offeringor IPOto acquire a private company.

    通過首次公開募股(或IPO)籌集資金以收購一傢俬人公司。

  • This is done by selling common stockwith shares  commonly sold at $10 apieceand a warrant,

    這是通過出售普通股--通常以每股10美元的價格出售--和認股權證來實現的。

  • which gives investors the preference to  buy more stock later at a fixed price.

    這讓投資者以後可以優先以固定價格購買更多的股票。

  • Once the funds are raised, they will be kept  in a trust until one of two things happen.

    一旦籌集到資金,這些資金將被保存在信託基金中,直到兩種情況之一發生。

  • First, the management team of a SPACalso  known as sponsorsidentifies a company of interest,

    首先,SPAC的管理團隊--也就是贊助商--確定一個感興趣的公司。

  • which will then be taken public through an acquisitionusing the capital raised in the IPO.

    然後通過收購,利用IPO募集的資金將其上市。

  • Or second, if the SPAC fails to merge or  acquire a company within a deadline

    或者第二種情況,如果SPAC未能在限期內兼併或收購一家公司

  • typically two yearsthe SPAC will be liquidatedand investors get their money back.

    - 通常是兩年 - SPAC將被清算,投資者將拿回他們的錢。

  • SPACs have existed in one form or another as early as the 1990s, typically as a last resort for smaller companies to go public.

    早在20世紀90年代,SPAC就以這樣或那樣的形式存在,通常是作為小公司上市的最後手段。

  • The number of SPAC IPOs has waxed and waned over  the years in tandem with the economic cycles,

    多年來,SPAC IPO的數量隨著經濟週期的變化而變化。

  • and they have been making a resurgence of late.

    而他們最近也在重新崛起。

  • Notable SPACs include Palihapitiya's  Social Capital Hedosophia Holdings,

    值得注意的SPAC包括Palihapitiya的社會資本Hedosophia控股。

  • which acquired a 49% stake in British  spaceflight company Virgin Galactic in 2019.

    該公司在2019年收購了英國航天公司維珍銀河49%的股份。

  • The biggest SPAC on record raised $4 billion in July 2020,

    2020年7月,史上最大的SPAC籌集了40億美元。

  • led by hedge fund manager Bill Ackman's  Pershing Square Tontine Holdings.

    由對沖基金經理比爾-阿克曼(Bill Ackman)的Pershing Square Tontine Holdings牽頭。

  • The structure of SPACs allows investors  to contribute money towards a fund

    SPACs的結構允許投資者向基金出資。

  • without any knowledge of how their capital will  be used, thus the term 'blank-check companies'.

    而不知道其資本將如何使用,是以稱為 "空頭支票公司"。

  • But what's the difference betweenSPAC IPO, and a traditional one?

    但SPAC的IPO,和傳統的IPO有什麼區別?

  • There are several waysprivate company can go public.

    民營企業上市有幾種方式。

  • The most common route is through a traditional IPO,

    最常見的途徑是通過傳統的IPO。

  • where it's subject to regulatory and investor  scrutiny of its audited financial statements.

    其中,它的經審計的財務報表要接受監管和投資者的監督。

  • An investment bank is usually hired  by the company to underwrite the IPO,

    投資銀行通常被公司聘請來承銷IPO。

  • which usually takes 4-6 months to complete.

    通常需要4-6個月才能完成。

  • This involves roadshows and pitch  meetings between company executives  

    這涉及到公司高管之間的路演和推介會。

  • and potential investors to drum up  interest and demand in its shares.

    和潛在投資者,以鼓動對其股票的興趣和需求。

  • And not all IPOs succeed.

    而且不是所有的IPO都能成功。

  • Co-working-space company WeWork withdrew its  high-profile IPO in 2019 amid weak demand  

    在需求疲軟的情況下,聯合辦公空間公司WeWork高調撤回了2019年的IPO。

  • for its shares after massive losses and  leadership controversies were revealed.

    在鉅額虧損和領導層爭議被披露後,為其股。

  • Other companies such as Spotify and Slack went  public through direct listings, saving on fees

    其他公司如Spotify和Slack通過直接上市,節省了費用。

  • paid to middlemen such as investment banksalthough there are more risks involved.

    付給投資銀行等中間商,不過其中的風險較大。

  • And while private companies listed through  SPACs are similar to reverse takeovers,  

    而通過SPAC上市的民營企業則類似於反向收購。

  • such as the case for insolvent fintech company Wirecard,  

    如破產的金融科技公司Wirecard的情況。

  • they are different in that SPACs start off  on a clean slate and have lower risks.

    它們的不同之處在於,SPACs是在乾淨的基礎上開始的,風險較低。

  • Because SPACs are nothing more but shell  companies, their track records depend on the

    因為SPAC不過是個空殼公司,其業績記錄取決於

  • reputation of the management teams.

    管理團隊的聲譽。

  • By skipping the roadshow process, SPAC IPOs also typically list in a much shorter time.

    由於跳過了路演的過程,SPAC IPO上市的時間通常也會大大縮短。

  • This has led some investors to become wary of  buying shares in companies listed through SPACs  

    這導致一些投資者對購買通過SPACs上市的公司的股票持謹慎態度。

  • due to the lack of scrutiny compared to traditional IPOs.

    由於與傳統IPO相比,缺乏審查。

  • SPAC sponsors also typically receive 20% of founder shares in the company at a heavily discounted price,

    SPAC的贊助商通常也會以大幅折扣的價格獲得公司20%的創始人股份。

  • also known as thepromote.”

    又稱 "推廣"。

  • This essentially dilutes the ownership of public shareholders.

    這實質上稀釋了公眾股東的所有權。

  • For example, initial shareholders of Palihapitiya's Social Capital got 20% of the company at $0.002 cent,

    例如,Palihapitiya的社會資本的初始股東以0.002美元的價格獲得了公司20%的股份。

  • while public shareholders got the remaining 80% at $10 a share.

    而公眾股東則以每股10元的價格獲得了剩餘的80%。

  • But how have SPACs fared in equity marketsespecially for ordinary investors?

    但SPAC在股市中的表現如何,尤其是對於普通投資者而言?

  • A study of 56 SPACs that completed acquisitions  or mergers since the start of 2018 found that

    對2018年年初以來完成收購或兼併的56家SPAC進行研究後發現。

  • they tend to underperform the S&P 500 during a threesix and 12-month period after the transaction.

    在交易後的3個月、6個月和12個月期間,它們的表現往往低於標準普爾500指數。

  • A separate study of blank-check companies  in the U.S. organized between 2015 and 2019  

    2015年至2019年期間組織的美國空白檢查公司的單獨研究。

  • found that the majority are trading below  the standard price of $10 per share.

    發現,大部分的交易價格都低於10元/股的標準價格。

  • Between 2017 and the middle of 2019, there  were slightly over 100 SPACs in the U.S.,  

    2017年至2019年中,美國的SPAC略高於100個。

  • with an average return of a mere 2%.

    平均回報率僅為2%。

  • If there's one thing that markets hate, that's uncertainty.

    如果說市場最討厭的是什麼,那就是不確定性。

  • Even before the pandemicSPACs were already on the rise, buoyed by the equity boom and hot IPO market in 2019.

    在2019年股權投資熱潮和火熱的IPO市場的推動下,即使在疫情發生之前,SPAC已經開始崛起。

  • While the pandemic has slowed the pipeline of  traditional IPOs, SPACs have bucked the trend.

    雖然疫情使傳統IPO的進程放緩,但SPAC卻逆勢而上。

  • With the quality of management teams  improving, fewer disclosure requirements  

    隨著管理隊伍素質的提高,對資訊披露的要求減少了

  • and a relatively straightforward listing  process, blank check companies are booming.

    以及相對簡單的上市流程,空頭支票公司蓬勃發展。

  • In fact, funds raised through SPACs outpaced traditional IPOs in August — a rarity on Wall Street.

    事實上,8月份通過SPAC籌集的資金超過了傳統的IPO,這在華爾街是罕見的。

  • In the first ten months of 2020, there were 165 SPACs IPOs globally, of which 96% of them were listed in the U.S.

    2020年前10個月,全球共有165家SPACs IPO,其中96%在美國上市。

  • That is nearly double the number of global SPACs  issued in 2019 and five times that of 2015.

    這幾乎是2019年全球SPAC發行數量的兩倍,是2015年的5倍。

  • Of the $56 billion poured into global SPAC  listings in 2020, 99% was raised in the U.S.,  

    在2020年投入全球SPAC上市的560億美元中,99%是在美國籌集的。

  • and that figure is nearly 12 times the amount  raised globally in 2015 over the same period.

    而這一數字是2015年同期全球籌資額的近12倍。

  • While largely an American phenomenonSPACs have caught the attention of investors in other jurisdictions.

    雖然主要是美國的現象,但SPAC已經引起了其他地區投資者的注意。

  • In 2018, Antony Leung, the former finance  secretary of Hong Kong, raised $1.5 billion on the  

    2018年,香港前財政司司長梁振英在上融資15億美元。

  • New York Stock Exchange through his SPAC, which  bought a mainland hospital chain a year later.

    紐約證券交易所通過他的SPAC,一年後收購了一家內地連鎖醫院。

  • Other players include Masayoshi Son's SoftBank,  

    其他玩家還包括孫正義的軟銀。

  • and the investment arm of Chinese  state-owned conglomerate CITIC Group.

    和中國國有企業集團中信集團的投資部門。

  • Despite having sponsors from Asia looking  to acquire international companies,

    儘管有來自亞洲的贊助商希望收購國際公司。

  • these SPACs are ultimately listed in the U.S.

    這些空間站最終都被列入美國。

  • It's a similar story in Europe, which  has seen muted SPAC activity.

    歐洲也有類似的情況,SPAC的活動也很平淡。

  • For example, the management team of blank check company Broadstone Acquisition Corp is based in London,

    例如,空頭支票公司Broadstone Acquisition Corp的管理團隊就設在倫敦。

  • targeting private companies in the U.K. and Europe, but is listed on the New York Stock Exchange.

    目標是英國和歐洲的私人公司,但在紐約證券交易所上市。

  • One main reason is the different  rules for SPACs across jurisdictions.

    其中一個主要原因是各轄區對SPAC的規則不同。

  • In the U.S., investors can vote to  approve the acquisition the SPAC proposes,

    在美國,投資者可以投票準許SPAC提議的收購。

  • or redeem their funds if they do not support the proposed deal.

    如果他們不支持擬議的交易,或贖回他們的資金。

  • This, however, isn't a requirement in some  European jurisdictions, including the U.K.

    然而,在包括英國在內的一些歐洲司法管轄區,這並不是一項要求。

  • There is also a lock-in period for British investors once an acquisition is announced until the approval of the prospectus,

    一旦宣佈收購,英國投資者還有一個鎖定期,直到招股書獲批。

  • which ties them into deals that they may  not support in that indefinite period.

    將他們捆綁在他們可能不會支持的無限期的交易中。

  • But changes may be afoot.

    但變化可能正在發生。

  • As SPAC activity reaches fever pitch in the U.S., regulators are putting these blank check companies under the microscope.

    隨著SPAC活動在美國達到熱潮,監管機構正在將這些空頭支票公司置於顯微鏡下。

  • Competition to the IPO process is probably  a good thing, but for good competition and

    競爭對IPO進程來說也許是件好事,但對於好的競爭和

  • good decision-making, you need good information.

    好的決策,你需要好的資訊。

  • And one of the areas in the SPAC space  that I'm particularly focused on is

    而在SPAC領域,我特別關注的一個領域是

  • incentives and compensation to the SPAC sponsors.

    獎勵和補償給SPAC的贊助者;

  • However, investors like Palihapitiya have  defended SPACs transactions, saying that they

    然而,像Palihapitiya這樣的投資者為SPACs的交易進行了辯護,稱它們

  • are no different from the fees that banks  collect in a traditional IPO process.

    與銀行在傳統IPO過程中收取的費用並無不同。

  • As more ordinary investors jump on the  SPAC bandwagon, experts are concerned

    隨著越來越多的普通投資者加入到SPAC的行列中,專家擔心

  • that this will overheat markets and  affect any fragile economic recovery.

    這將使市場過熱,影響任何脆弱的經濟復甦。

  • While SPACs provide a straightforward route  to invest through a trusted intermediary,  

    雖然SPACs提供了一個直接的途徑,通過一個值得信賴的中介機構進行投資。

  • its performance so far means that it is  a dicey bet for ordinary investors.

    其迄今為止的表現意味著,對於普通投資者來說,它是一個危險的賭注。

  • Hi, guys. What's your thoughts on SPACs? Would you invest in one?

    嗨,夥計們,你們對SPACs有什麼看法?你對SPAC有什麼看法? 你會投資一個嗎?

  • Drop your comments, and don't forget to subscribe.

    留下你的評論,別忘了訂閱。

  • In the meantime, thanks for watching, stay safe.

    同時,感謝大家的觀看,注意安全。

Imagine someone famous asking  you to invest in a company.

想象一下,一個有名的人讓你投資一家公司。

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什麼是SPAC?| CNBC解釋 (What is a SPAC? | CNBC Explains)

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    Summer 發佈於 2020 年 11 月 10 日
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