Tesla is actually not very suitable for going public.


Tesla is actually not very suitable for listing

Source: ID:QYJEQYJE. Title: Tesla is not suitable for listing. Tiger sniff net is authorized to reprint.

I haven't written public numbers for a long time. I feel ashamed that I was updated by readers for the first two days.

However, today, Jung two children's shoes are coming back, and they are pulling a friend's question. The problem comes from 36 krypton, as follows:

Good morning, Qiuyuan! To ask you to do a quiz is our trump card column, inviting professionals from all walks of life to answer a question in his field, about seven hundred words, similar to http: / 36kr.comp / 5145209.html/ http.r.36kr.com.p5146321.html. These two days Musk did not want to delist privatize Tesla, a reader asked why the listing and delisting, what kind of companies would like to privatize, how to privatize?

First of all, give a personal conclusion: Tesla, such companies are not very suitable for listing.

Main reasons:

1. Tesla is currently facing a large number of competition, listing will expose a lot of key information to the relevant competitors, traditional auto companies, emerging manufacturers eyeing covetously, will see clearly the Tesla, which is very bad for the development of the company.

2. listing is actually not very suitable for Tesla, which is developing at a high speed with huge losses. After listing, the capital market is a steelyard, which will assess the company's situation at any time. many short-term indicators are assessed and expected. On the " expected treadmill", it is easy to be abandoned by investors because short-term indicators do not meet expectations.

At the same time, the company's long-term strategic objectives are usually incompatible with the short-term market expectations, especially for such companies with high-speed development and huge losses, the pressure may lead to short-sighted actions that are unfavorable to the long-term interests of the company in order to cater to the market.

The stock market has its own evaluation system, which will make the growth, profit and revenue a priority, and the leading indicators such as the long-term competitiveness of the enterprise and the moat are leaning back. It can not be said that the system is wrong, but at least inappropriate for Tesla at this stage.

Ignore the market noise, focus on the company's long-term value creation is the foundation of the company.

Case: after listing, the pursuit of profit vs JingDong listing, the pursuit of the window of vs Ali as a whole listing, natural course

3. dealing with wall street relations has consumed musk a lot of energy. In the long run, the company's value comes from the company's ability to create value, regardless of whether the company has a good relationship with investors, whether it is held by a star fund, or whether it is recognized by most people. There is often a time lag between recognition and the company's intrinsic value, either long or short.

Because of the particularity of Tesla, huge loss of production capacity, lack of funds, is naturally the favorite of bears, short always follow, short to release information, not to judge the company right and wrong, But whether the short-term can cause a sharp fall in stock prices. To a certain extent, the short man is the guardian of the market, expelling the inferior company, but more often has his own interest tendency, exists a large number of deviations, often "hunts" the high quality company. It is also a gulf between a good company and a fundable company.

In addition, every quarter, semi-annual report and annual report, Musk needs a lot of energy to explain the company's prospects, strategy, performance, etc., and communicate with Wall Street, but these are meaningless things, wasting a lot of time, no value. Tesla, a company with insufficient capacity, long-term investment, and huge losses, including innovation in driverless business, is easy to become a focus when it comes to nature. It is easy to be manipulated by short-term market opinions, and it is easy to cause psychological fluctuations of employees and not to do business well.

For the above reasons, Musk chose to withdraw from the market, which is actually more conducive to the company's choice. Although the capital market has advantages such as fundraising, liquidity, and public supervision, the expression of these advantages is conditional. For Tesla, the value is not great.

At this stage, Tesla is like Ali in 2005-2009. Only continuous blood transfusion can develop Taobao, Tmall, Alipay and so on. Tesla needs continuous blood transfusions to address production, global expansion and massive R&D.

Of course, unlike Amazon, Amazon has a strong position and relatively small suppliers, and its cash flow continues to grow. Tesla is faced with very limited suppliers. It can be said that it is excellent and the bargaining power is different. In addition, manufacturing and distribution companies have fundamentally different business models. So Amazon can continue to lose money, but Tesla may face many problems.

There are several reasons for choosing a privatized company:

1. Companies are misunderstood by the market, share prices are too low, and repackaging, in private market trading or another stock market listing, will get a higher valuation. Such as 360, focus Media and other shares, Hillhouse Capital privatized Belle shoes

2. listed companies delayed the long-term development, such as specific business information exposure, competitors Zhi Xiao, a lot of effort, the pursuit of short-term goals, leading to the long-term strategy has been abandoned.

3., one kind, is Buffett, the company has good economic characteristics, shareholders do not want to share with people, tend to have exclusive ownership, and do not care about liquidity, the company creates value, there is enough income on the line.

Privatization operations:

The controlling shareholder sends an invitation to buy a market share at a certain price. Market recognition is not important. It can be carried out through shareholder meetings, regulatory licensing (which may be disagreed by small and medium-sized shareholders, and prosecution).

General funds come from controlling shareholders, private placements, syndicates, trusts and other institutions.


* The article is the author's independent point of view, does not represent the position of the tiger sniffing net. This article was published by Qiu Yuanjun, authorized by Huwei.com, and edited by Tiger Sniffing. Reprint this article subject to the author's consent, and please attach the source (虎 sniffing net) and the link on this page. Original link: https://www.huxiu.com/article/256662.html

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