Airbnb首次公开募股:你需要知道的一切

2020-11-19 08:05

Airbnb’s IPO: Everything You Need to Know 6HB世界播

Airbnb首次公开募股:你需要知道的一切6HB世界播


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Airbnb is pursuing a traditional IPO in which it will sell new shares to raise capital. It plans to list on the Nasdaq under the symbol ABNB. 6HB世界播

Airbnb正在寻求一种传统的首次公开募股(IPO),即通过发售新股来筹集资金。该公司计划在纳斯达克(Nasdaq)上市,代码为ABNB6HB世界播


Home-sharing giant Airbnb Inc. unveiled paperwork for its initial public offering this week, moving ahead with its plans to sell shares to the public in a challenging year when the coronavirus pandemic has buckled the travel industry. 6HB世界播

房屋共享巨头Airbnb Inc.。该公司本周公布了首次公开发行(IPO)的文件,在冠状病毒疫情重创旅游业的充满挑战的一年里,推进了向公众发行股票的计划。6HB世界播


The San Francisco-based company was founded in 2008 after Joe Gebbia got his friends Brian Chesky and Nathan Blecharczyk excited about renting an air mattress in his downtown apartment. It has grown into a global behemoth with more than 4 million hosts and over 7.4 million listings of home rentals along with “experiences” like guided wine tours, mountaintop yoga and pottery classes. 6HB世界播

这家总部位于旧金山的公司成立于2008年,当时乔·格比亚(Joe Gebbia)让他的朋友布莱恩·切斯基(Brian Chesky)和内森·布莱查奇克(Nathan Blecharczyk)对在他位于市中心的公寓租一张充气床垫感到兴奋。它已经成长为一个全球庞然大物,拥有超过400万的房东和超过740万的房屋租赁清单,以及像导游葡萄酒之旅、山顶瑜伽和陶艺课程这样的“体验”。6HB世界播


Here is what you need to know: 6HB世界播

以下是您需要知道的内容:6HB世界播


Airbnb is planning its market debut in mid-December after an investor roadshow to promote the offering and gauge demand. The investment banks underwriting the offering will then work with the company to decide how many shares to offer in what price range. 6HB世界播

Airbnb计划在12月中旬上市,此前该公司进行了投资者路演,以推广此次发行并衡量需求。承销此次发行的投行随后将与该公司合作,决定在什么价格范围内发行多少股票。6HB世界播


The company had been considering a direct listing, in which shares can start trading publicly but no money is raised. Instead, Airbnb has opted for a traditional IPO in which it will sell new shares to raise capital. The company plans to list on the Nasdaq Stock Market under the symbol ABNB. 6HB世界播

该公司一直在考虑直接上市,即股票可以公开交易,但不会筹集资金。相反,Airbnb选择了传统的IPO,即通过发售新股来筹集资金。该公司计划在纳斯达克股票市场上市,代码为ABNB。6HB世界播


The money raised can be used for various things, including investments, acquisitions and paying off the money Airbnb borrowed to navigate the health crisis earlier this year. It is also a way for the company’s founders and early investors—including family members, employees and venture-capital firms—to sell some or all of their stakes and make money from their initial bets on the startup. It isn’t known how many might sell at the time of the IPO. The company has said it would allow its employees to sell up to 15% of their shares when it lists next month. 6HB世界播

募集的资金可用于各种用途,包括投资、收购和偿还Airbnb今年早些时候为应对健康危机而借入的资金。这也是该公司的创始人和早期投资者(包括家族成员、员工和风险投资公司)出售部分或全部股份,并从最初对这家初创公司的押注中赚钱的一种方式。目前尚不清楚有多少公司可能在IPO时出售。该公司曾表示,将允许员工在下月上市时出售至多15%的股份。6HB世界播


Airbnb’s leadership—including Mr. Chesky, the company’s chief executive—toyed with the idea of going public for several years. Some early investors and employees, a handful of whom are set to lose their stock options next year, were applying pressure on the CEO to take the company public so they could cash out. Airbnb had planned to make its widely anticipated debut earlier this year, but then the pandemic hit, hammering bookings in Asia, Europe and the U.S. 6HB世界播

Airbnb的领导层--包括该公司首席执行官切斯基--曾考虑过上市几年的想法。一些早期投资者和员工,其中一些人明年将失去股票期权,正在向这位首席执行官施压,要求他们将公司上市,这样他们就可以套现了。Airbnb原本计划在今年早些时候首次亮相,但后来疫情来袭,打击了亚洲、欧洲和美国的预订量。6HB世界播


Airbnb’s debut is slated to come at the end of a year that has already broken records for IPO dollars raised, entering a market where investors largely have been bidding up shares of newly public companies. 6HB世界播

Airbnb的首次公开募股(IPO)定于今年年底进行,此前该公司已打破IPO筹资纪录,进入一个投资者基本上一直在抬高新上市公司股价的市场。6HB世界播


Airbnb is expected to garner a valuation of roughly $30 billion in its offering, according to people familiar with the deal, though valuations can change until an offering is priced. Airbnb’s valuation fell to $18 billion when it raced to secure a loan as bookings fell during the pandemic earlier this year. It was valued at $31 billion in a 2017 investment round. 6HB世界播

据知情人士透露,Airbnb预计将在此次发行中获得约300亿美元的估值,不过在定价之前,估值可能会发生变化。由于今年早些时候疫情期间预订量下降,Airbnb的估值降至180亿美元,当时它竞相获得贷款。在2017年的一轮投资中,该公司的估值为310亿美元。6HB世界播


Ride-hailing giant Uber Technologies Inc. closed its first day of trading last year at a valuation of $76 billion, lower than its priced offering. Its market capitalization is more than $85 billion today. 6HB世界播

叫车巨头优步技术公司(Uber Technologies Inc.)。去年首日交易结束时,其估值为760亿美元,低于其定价。如今其市值已超过850亿美元。6HB世界播


Airbnb’s underwriting team, led by Morgan Stanley and Goldman Sachs Group Inc., will give an initial allocation of shares to a mix of institutional investors, including mutual funds and hedge funds, and some individual investors, at a set price on the day before it starts trading on the Nasdaq exchange. Once Airbnb’s shares start trading, individual and institutional investors can buy the shares through a brokerage firm. 6HB世界播

Airbnb的承销团队由摩根士丹利(Morgan Stanley)和高盛集团(Goldman Sachs Group Inc.)牵头,将在开始在纳斯达克交易所(Nasdaq Exchange)交易的前一天,以固定价格向包括共同基金和对冲基金在内的机构投资者以及一些个人投资者初始配售股票。一旦Airbnb的股票开始交易,个人和机构投资者就可以通过经纪公司购买股票。6HB世界播


The pandemic initially crushed the company’s business. Revenue in the three months that ended June 30 dropped 72% from the year-earlier period. The loss over the same period nearly doubled. 6HB世界播

疫情最初摧毁了该公司的业务。截至6月30日的三个月,该公司营收较上年同期下降72%。同期亏损几乎翻了一番。6HB世界播


But business picked up in the three months ending Sept. 30, leading revenue to fall just 18% from the year-earlier period. An unforeseen pickup in local stays, combined with deep cost cuts, led the company to post a profit of $219 million over the period. 6HB世界播

但在截至9月1日的三个月里,业务有所回升。30%,导致营收同比仅下降18%。当地住宿的意外回升,加上成本的大幅削减,导致该公司在此期间实现了2.19亿美元的利润。6HB世界播


The June-September quarter is typically strong for the platform because of seasonal factors including summer vacations, and Airbnb has turned a profit in that period since 2018. The fact that it squeezed out a third-quarter profit this year is notable, but its future prospects will depend on whether it can turn other quarters and, eventually, an annual profit. 6HB世界播

由于包括暑假在内的季节性因素,6月至9月这个季度对该平台来说通常是强劲的,自2018年以来,Airbnb在这段时间里已经扭亏为盈。值得注意的是,该公司今年第三季度实现了盈利,但其未来前景将取决于它能否扭转其他季度的颓势,最终实现年度盈利。6HB世界播


Mr. Chesky pivoted quickly to raising capital to keep the business afloat, laid off a quarter of staff and shed noncore businesses. 6HB世界播

切斯基迅速转向筹集资金以维持业务运营,解雇了四分之一的员工,并剥离了非核心业务。6HB世界播


The CEO had drawn criticism for spending big before the pandemic. But he cut 54% of marketing costs through the nine months ended Sept. 30, compared with the year-earlier period. Total expenses over the period declined 22%. 6HB世界播

这位首席执行官曾因在疫情爆发前大手大脚而招致批评。但在截至9月1日的九个月里,他削减了54%的营销成本。30亿美元,比去年同期下降了30%。这一时期的总支出下降了22%。6HB世界播


Mr. Chesky separately ordered a redesign of Airbnb’s app and website so the company could focus on local stays during the pandemic—a strategy that paid off as people ventured into neighboring communities so they didn’t have to fly. Many users viewed staying in stand-alone properties as safer than using shared facilities in hotels. Mr. Chesky spoke to The Wall Street Journal last month about steering the company out of its worst crisis. 6HB世界播

切斯基另外下令重新设计Airbnb的应用程序和网站,以便该公司可以在疫情爆发期间专注于当地住宿。随着人们冒险进入邻近社区,这样他们就不必乘坐飞机,这一策略获得了回报。许多用户认为,住在独立酒店比使用酒店的共享设施更安全。切斯基上个月接受《华尔街日报》(Wall Street Journal)采访时谈到了带领公司走出最严重危机的问题。6HB世界播


Airbnb’s accumulated losses since its 2008 founding totaled $2.1 billion through Sept. 30. 6HB世界播

Airbnb自2008年成立以来,截至9月1日累计亏损21亿美元。30.。6HB世界播


It reported a loss of $697 million through the first nine months of this year, more than twice as much as in the year-earlier period, largely because of shrinking revenue earlier in the health crisis. Its $674 million loss last year was greater than its losses in the previous four years combined, as the company spent big on marketing and other administrative costs. 6HB世界播

该公司报告称,今年前九个月亏损6.97亿美元,是去年同期的两倍多,这主要是因为早些时候的健康危机导致收入缩水。该公司去年亏损6.74亿美元,超过了前四年的亏损总和,原因是该公司在营销和其他行政成本上投入了大量资金。6HB世界播


That said, most Silicon Valley startups are bleeding red ink when they go public. Airbnb’s combined losses are still a fraction of the $7.9 billion that Uber reported through 2018, the year before it went public. Uber was founded seven months after Airbnb. 6HB世界播

尽管如此,大多数硅谷初创企业在上市时都在亏损。与优步(Uber)在上市前一年公布的截至2018年的79亿美元相比,Airbnb的总亏损仍然只是一个零头。优步是在Airbnb之后7个月成立的。6HB世界播


The Covid-19 pandemic continues to be Airbnb’s biggest near-term challenge. Investors must also contend with risk factors such as cities weighing zoning restrictions on short-term rentals and Airbnb’s difficulties policing crime and promoting safety on its platform—a matter that is expected to draw more scrutiny as it becomes a public company. Airbnb is one of the few Silicon Valley startups with a presence in China, though the U.S. and Europe continue to be its biggest markets. 6HB世界播

新冠肺炎疫情仍然是Airbnb近期面临的最大挑战。投资者还必须应对风险因素,比如城市在权衡对短期租赁的分区限制,以及Airbnb在打击犯罪和促进其平台安全方面的困难--随着Airbnb成为一家上市公司,预计这一问题将受到更多关注。Airbnb是硅谷为数不多的在中国开展业务的初创企业之一,但美国和欧洲仍是其最大的市场。6HB世界播


The company said a prolonged deterioration in U.S.-China relations could hurt its business. It also said it is subject to various requirements and requests from government agencies to share information about users of its platform in China. “We need to ensure that our business practices in China are compliant with local laws and regulations, which may be interpreted and enforced in ways that are different from our interpretation,” Airbnb has said. 6HB世界播

该公司表示,美中关系的长期恶化可能会损害其业务。该公司还表示,它受到政府机构的各种要求和要求,要求分享其平台在中国用户的信息。Airbnb表示:“我们需要确保我们在中国的商业行为符合当地法律法规,这些法规的解释和执行方式可能与我们的解释不同。”6HB世界播


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Airbnb was supposed to be the hottest public offering of 2020. Instead, the home-sharing giant just cut 25% of its workforce and expects revenue to be less than half of what it was in 2019. WSJ’s Preetika Rana explains what made the company so vulnerable. PHOTO: Stephanie Swart for the Wall Street Journal (Originally published May 18, 2020) 6HB世界播

Airbnb被认为是2020年最热门的公开募股(IPO)。相反,这家房屋共享巨头刚刚裁员25%,预计收入将不到2019年的一半。《华尔街日报》记者普雷蒂卡·拉纳解释了该公司如此脆弱的原因。图片来源:《华尔街日报》斯蒂芬妮·斯沃特(Stephanie Swart)(最初发表于2020年5月18日)6HB世界播

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