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    IPO之后,Robinhood坐上了過山車

    IPO之后,Robinhood坐上了過山車

    DECLAN HARTY 2021年08月02日
    其向“所有人”開放IPO的努力,或將成為一個警告信號。

    經過數年的醞釀,Robinhood的上市進程遭到了冷遇。

    這家總部位于加州的經紀公司的IPO,原本被認為是2021年最熱門的項目之一——在擁擠的市場中,各大公司競相以任何可能的方式上市,投資者大量購買新股。Robinhood是如此地被報以期待,以至于其甚至留出了第一次向客戶發售5500萬股股票中的35%,盡管其中最終被購買了多少還不清楚。

    但是,Robinhood的IPO結果未能達到預期——這對華爾街的部分人士來說是一個跡象,表明投資者可能對該公司成為金融巨頭的道路感到不安。Renaissance Capital副總裁尼克?艾因霍恩對《財富》表示:“對Robinhood來說,今年顯然是非常瘋狂的一年。從各種角度來看,Robinhood的未來還有很多不確定性?!?/p>

    Robinhood在納斯達克上市,股票代碼為“HOOD”,其發行價在發行前一天晚上位于目標區間的最底端——從理論上講,這會使該股在上市首日大漲。不過,7月29日開盤時,該股股價持平于每股38美元。緊接著,竟然出現了拋售。在一開始的30分鐘內,股價迅速跌超10%。雖然Robinhood的股價后來有所回彈,但收盤時仍下跌8.37%,至34.82美元。7月30日的盤前交易顯示,股價可能還會再下跌1%以上。

    新上市的股票在上市首日表現不佳,這一現象并不罕見。佛羅里達大學(University of Florida)金融學教授里特表示,事實上,今年完成IPO的運營公司中,約有四分之一的股價在上市首日破發。而如Facebook、Moderna等公司,盡管股價在早期表現不佳,卻可以輕松實現反彈。但Robinhood發現自己陷入了一個尷尬的境地,其向“所有人”開放IPO的努力,或將成為一個警告信號——因為Robinhood的IPO Access產品的市場定位,就是在大多數股票看到首日“暴漲”時,吸引散戶投資者參與。該公司的股票最終會像Facebook那樣迅速膨脹,還是像Vonage那樣停滯不前(Vonage在2006年上市時,散戶投資者占了很大比例),對于那些買入的投資者來說,這仍是一個未知數。

    但這并不是說高管們就會關注每天的股價變動,至少他們對外宣稱如此?!昂芏嗳私o我提供了建議,不僅是在今天,過去幾個月也是。我們在建立長期性的業務,所以你必須忽略這些短期波動。股票時漲時跌,這再正常不過?!?月29日晚些時候,Robinhood首席執行官弗拉德?特涅夫對CNBC表示。

    2013年,特內夫(Tenev)和巴巨?巴特(Baiju Bhatt)共同創建了互聯網券商Robinhood,公司成立最初的目標是通過一款面向年輕人的零傭金股票交易應用程序,實現金融的民主化。確實,這款應用程序大受追捧。Robinhood開創了零售投資的新時代,零傭金、零點股和首次公開募股投資等特征如今已為人熟知。就連盈透證券(Interactive Brokers)的創始人托馬斯?彼得菲(Thomas Peterffy)也對《財富》表示,Robinhood在“為人們打開進入市場的大門”方面做得“非常好”。

    這家券商的市值增長速度令人震驚。疫情促使人們開始逐漸對金融市場越來越感興趣。例如,凈基金賬戶已從2020年底的1170萬增長到今年中期預估的2250萬,與行業中堅嘉信理財(Charles Schwab)相差不遠。不過,與嘉信理財相比,它的資產只是九牛一毛。

    對Robinhood市值增長好景不長的擔心,也加劇了人們對該股首日表現的失望之情。隨著股價、期權和加密貨幣交易量的下跌,該美股經紀公司警告稱,其未來幾個月的交易收入增長都將放緩。在訂單流中賺取交易差價是一種有爭議的做法。這種做法是指券商將客戶訂單快速出售給華爾街交易員,以賺取少量費用。然而這種收入占Robinhood第一季度收入的81%。這意味著,在公司實現業務多元化之前,其股票價格漲跌可能會與市場活動有著很強的相關性。

    “公共市場不喜歡波動性,市場喜歡可預測性,”Rainmaker Securities證券公司的董事長格雷格?馬丁對《財富》表示?!耙虼?,這只股票的走勢將像坐過山車一樣?!?/p>

    Robinhood的首次公開募股為這家券商給今年的動蕩畫上了句號,盡管該公司股價動蕩越發嚴重。美國證券交易委員會(Securities and Exchange Commission,簡稱sec)一直密切關注訂單支付,其主席詹斯勒(Gary Gensler)一直對這種做法持質疑態度。這家券商已經向監管機構支付了數百萬美元的和解金以及罰款。這些罰款均是因為該公司此前的一些不當的業務行為,比如不披露其盈利方式,以及沒有充分確定投資者是否應該進行期權交易。在2021年早些時候,Robinhood發現自己變成了互聯網上被猛烈攻擊和國會兩黨關注的對象,以及關于它導致全球電視游戲零售業巨頭GameStop崩潰的陰謀論一時沸沸揚揚。

    Robinhood實現業務多元化之路還有待觀察。這家美股經紀商已經明確表示,將計劃繼續為不斷增長的客戶群體推出新功能,包括備用投資,還有退休賬戶。金融領域研究機構Autonomous Research的分析師克里斯蒂安?博盧(Christian Bolu)表示,該公司的前景遠遠超出了投資貸款、支付和咨詢服務等金融領域的其他領域。博盧最近在一份報告中預計,Robinhood目前所處的市場總共有大約1200億美元的潛在收入,為其提供了一條“重要的增長路徑”,這將使其與比特幣公司Coinbase、嘉信理財(Schwab)和PayPal等公司展開直接競爭。

    “這是一家有趣的公司,”博盧在接受《財富》(Fortune)采訪時表示?!八麄冋娴氖窃诠粢粋€很大的市場。坦率地說,這是美國大部分散戶的聚集地?!保ㄘ敻恢形木W)

    編譯:楊二一、於欣

    經過數年的醞釀,Robinhood的上市進程遭到了冷遇。

    這家總部位于加州的經紀公司的IPO,原本被認為是2021年最熱門的項目之一——在擁擠的市場中,各大公司競相以任何可能的方式上市,投資者大量購買新股。Robinhood是如此地被報以期待,以至于其甚至留出了第一次向客戶發售5500萬股股票中的35%,盡管其中最終被購買了多少還不清楚。

    但是,Robinhood的IPO結果未能達到預期——這對華爾街的部分人士來說是一個跡象,表明投資者可能對該公司成為金融巨頭的道路感到不安。Renaissance Capital副總裁尼克?艾因霍恩對《財富》表示:“對Robinhood來說,今年顯然是非常瘋狂的一年。從各種角度來看,Robinhood的未來還有很多不確定性?!?/p>

    Robinhood在納斯達克上市,股票代碼為“HOOD”,其發行價在發行前一天晚上位于目標區間的最底端——從理論上講,這會使該股在上市首日大漲。不過,7月29日開盤時,該股股價持平于每股38美元。緊接著,竟然出現了拋售。在一開始的30分鐘內,股價迅速跌超10%。雖然Robinhood的股價后來有所回彈,但收盤時仍下跌8.37%,至34.82美元。7月30日的盤前交易顯示,股價可能還會再下跌1%以上。

    新上市的股票在上市首日表現不佳,這一現象并不罕見。佛羅里達大學(University of Florida)金融學教授里特表示,事實上,今年完成IPO的運營公司中,約有四分之一的股價在上市首日破發。而如Facebook、Moderna等公司,盡管股價在早期表現不佳,卻可以輕松實現反彈。但Robinhood發現自己陷入了一個尷尬的境地,其向“所有人”開放IPO的努力,或將成為一個警告信號——因為Robinhood的IPO Access產品的市場定位,就是在大多數股票看到首日“暴漲”時,吸引散戶投資者參與。該公司的股票最終會像Facebook那樣迅速膨脹,還是像Vonage那樣停滯不前(Vonage在2006年上市時,散戶投資者占了很大比例),對于那些買入的投資者來說,這仍是一個未知數。

    但這并不是說高管們就會關注每天的股價變動,至少他們對外宣稱如此?!昂芏嗳私o我提供了建議,不僅是在今天,過去幾個月也是。我們在建立長期性的業務,所以你必須忽略這些短期波動。股票時漲時跌,這再正常不過?!?月29日晚些時候,Robinhood首席執行官弗拉德?特涅夫對CNBC表示。

    2013年,特內夫(Tenev)和巴巨?巴特(Baiju Bhatt)共同創建了互聯網券商Robinhood,公司成立最初的目標是通過一款面向年輕人的零傭金股票交易應用程序,實現金融的民主化。確實,這款應用程序大受追捧。Robinhood開創了零售投資的新時代,零傭金、零點股和首次公開募股投資等特征如今已為人熟知。就連盈透證券(Interactive Brokers)的創始人托馬斯?彼得菲(Thomas Peterffy)也對《財富》表示,Robinhood在“為人們打開進入市場的大門”方面做得“非常好”。

    這家券商的市值增長速度令人震驚。疫情促使人們開始逐漸對金融市場越來越感興趣。例如,凈基金賬戶已從2020年底的1170萬增長到今年中期預估的2250萬,與行業中堅嘉信理財(Charles Schwab)相差不遠。不過,與嘉信理財相比,它的資產只是九牛一毛。

    對Robinhood市值增長好景不長的擔心,也加劇了人們對該股首日表現的失望之情。隨著股價、期權和加密貨幣交易量的下跌,該美股經紀公司警告稱,其未來幾個月的交易收入增長都將放緩。在訂單流中賺取交易差價是一種有爭議的做法。這種做法是指券商將客戶訂單快速出售給華爾街交易員,以賺取少量費用。然而這種收入占Robinhood第一季度收入的81%。這意味著,在公司實現業務多元化之前,其股票價格漲跌可能會與市場活動有著很強的相關性。

    “公共市場不喜歡波動性,市場喜歡可預測性,”Rainmaker Securities證券公司的董事長格雷格?馬丁對《財富》表示?!耙虼?,這只股票的走勢將像坐過山車一樣?!?/p>

    Robinhood的首次公開募股為這家券商給今年的動蕩畫上了句號,盡管該公司股價動蕩越發嚴重。美國證券交易委員會(Securities and Exchange Commission,簡稱sec)一直密切關注訂單支付,其主席詹斯勒(Gary Gensler)一直對這種做法持質疑態度。這家券商已經向監管機構支付了數百萬美元的和解金以及罰款。這些罰款均是因為該公司此前的一些不當的業務行為,比如不披露其盈利方式,以及沒有充分確定投資者是否應該進行期權交易。在2021年早些時候,Robinhood發現自己變成了互聯網上被猛烈攻擊和國會兩黨關注的對象,以及關于它導致全球電視游戲零售業巨頭GameStop崩潰的陰謀論一時沸沸揚揚。

    Robinhood實現業務多元化之路還有待觀察。這家美股經紀商已經明確表示,將計劃繼續為不斷增長的客戶群體推出新功能,包括備用投資,還有退休賬戶。金融領域研究機構Autonomous Research的分析師克里斯蒂安?博盧(Christian Bolu)表示,該公司的前景遠遠超出了投資貸款、支付和咨詢服務等金融領域的其他領域。博盧最近在一份報告中預計,Robinhood目前所處的市場總共有大約1200億美元的潛在收入,為其提供了一條“重要的增長路徑”,這將使其與比特幣公司Coinbase、嘉信理財(Schwab)和PayPal等公司展開直接競爭。

    “這是一家有趣的公司,”博盧在接受《財富》(Fortune)采訪時表示?!八麄冋娴氖窃诠粢粋€很大的市場。坦率地說,這是美國大部分散戶的聚集地?!保ㄘ敻恢形木W)

    編譯:楊二一、於欣

    Robinhood’s entry into the public markets was met with an icy reception following years of buildup.

    Originally expected to be one of the hottest IPOs of 2021, the California brokerage’s long-awaited debut figured to stand out in a market where companies have raced to go public any way they can as investors have gobbled up shares of new stocks. So much so that Robinhood even set aside up to 35% of the 55 million shares it was offering to its first sale to its customers, though how much they ended up buying is unclear.

    And yet, Robinhood’s IPO failed to live up to expectations—a sign to some on Wall Street that investors may have been uneasy about the company’s path toward becoming a financial superpower. “It’s obviously been a very wild year or so for the company,” Renaissance Capital vice president Nick Einhorn told Fortune. “And I think there’s a lot of uncertainty about the future of [Robinhood] from a lot of different perspectives.”

    Shares in Robinhood, listed on Nasdaq under the ticker “HOOD,” were priced at the low end of the target range the night before the offering in a move that in theory should have set the stock up to pop in its debut. On Thursday, though, the stock was flat at $38 a share when it opened for trading. And then, the selloff began. The price quickly dropped more than 10% in the first 30 minutes. And while Robinhood shares did pare some of the losses, the stock still ended the day down 8.37% at $34.82. Premarket trading in Robinhood’s stock Friday showed additional losses of more than 1% could be on the table.

    It’s not unusual for a newly public stock to struggle on its first day. In fact, about a quarter of operating companies completing IPOs this year have fallen from their offer prices on day one of trading, according to University of Florida finance professor Jay Ritter. And in many cases, such as for Facebook and Moderna, companies whose stocks do struggle early on can bounce back with ease. But Robinhood finds itself in the awkward position of having potentially become a warning sign of its own push to open up IPOs to anyone, as its IPO Access product had been marketed as a way to get retail investors in on the first-day “pops” most stocks see. Whether the company’s stock ends up ballooning like Facebook or stagnating like Vonage, which went public in 2006 with a heavy retail investor allocation, is of course an unknown for those investors who did buy in.

    Not that executives pay attention to daily price movements, or so they say: “A lot of people have given me the advice, not just today but over the past few months, that we’re building a long-term business, so you have to ignore these short-term fluctuations,” Robinhood CEO Vlad Tenev said on CNBC on July 29, later in the day. “Some days, the stock is up. Some days, the stock is down.”

    Founded in 2013 by Tenev and Baiju Bhatt, Robinhood was started with a goal of democratizing finance by way of a pioneering zero-commission stock-trading app for younger people. And it worked. Robinhood has helped usher in a new era for retail investing where features like zero commissions, fractional shares, and IPO investing are now commonplace. Even Thomas Peterffy, the founder of Interactive Brokers, told Fortune that Robinhood has done a “terrific job” in being a “gateway for people to come into the marketplace.”

    The brokerage has seen stunning levels of growth that have only accelerated throughout the pandemic with a revival of interest in financial markets. Net funded accounts, for example, have grown from 11.7 million at the end of 2020 to an estimated 22.5 million halfway through this year, putting it not too far behind industry stalwart Charles Schwab. Its assets are a mere fraction compared to Schwab’s, though.

    Questions over how long Robinhood can continue to grow at this rate seem to be one of the driving forces behind the stock’s disappointing debut. With equity, option, and crypto trading volumes waning, the brokerage has already warned that it stands to see a slowdown in transactional revenues in the coming months. Transaction rebates and payment for order flow, the controversial practice where brokerages off-load client orders to speedy Wall Street traders for execution in return for a small fee, represented 81% of Robinhood’s revenues in the first quarter, meaning its stock will likely carry a strong correlation to market activity until the company diversifies its business.

    “The public markets don’t like volatility, they like predictability,” Rainmaker Securities managing director Greg Martin told Fortune. “So it’s going to be a roller-coaster ride for that stock.”

    Robinhood’s IPO caps off what has been at times a tumultuous year for the brokerage, even as it has continually grown. Payment for order flow has come under a close eye at the U.S. Securities and Exchange Commission, and chair Gary Gensler has been an outspoken skeptic of the practice. The brokerage has paid out millions in settlements and fines to regulators over prior business practices such as not disclosing how it was making money and not adequately determining whether investors should be trading options. And earlier in 2021, Robinhood found itself the subject of Internet vitriol, bipartisan congressional attention, and conspiracy theories over its role in the GameStop debacle.

    How Robinhood diversifies its business remains to be seen. The brokerage has made it clear that it plans to continue to roll out new features for its growing customer base, including spare-change investing and possibly retirement accounts. Christian Bolu, an analyst with Autonomous Research, said the company’s prospects reach far beyond investing into other corners of finance like lending, payments, and advisory services. In total, Robinhood is operating in market that Bolu recently estimated in a report carries a roughly $120 billion revenue opportunity, presenting the brokerage with a “significant runway for growth” that would put it in line to directly compete with the likes of everyone from Coinbase to Schwab to PayPal.

    “It’s an interesting company,” Bolu said in an interview with Fortune. “They’re really attacking a large segment. It’s most of the U.S. population, frankly.”

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