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????中國節能企業挪寶新能源集團（Nobao Renewable Energy Holdings）上周四撤回了1.67億美元的IPO登記，其股東包括凱雷投資集團(The Carlyle Group)、Silver Lake Partners等。挪寶新能源集團告訴美國證券交易委員會(SEC)，撤銷IPO登記是“考慮到市況”。 ????真的是“市況”嗎？我所能看到的市況完全是積極的，無論是獲得風險投資、還是私募支持的企業都順利地通過了IPO，尤其是那些來自中國的上市公司。 ????而且，這顯然也不是能源/清潔技術問題，因為上周四新能源公司Solazyme剛剛通過上調發行規模，募集了1.98億美元資金。也不是盈利能力的問題，畢竟像ZipCar、甚至是宣布2011年將重現虧損的LinkedIn這樣的公司都獲得了高定價。 ????顯然，一家公司在撤銷IPO登記時給出什么理由并不太重要，但至少要誠實。舉個例子，如果我現在無法以2萬美元售出我的豐田普銳斯轎車，我該抱怨“市況”不好嗎？還是應該歸因于13萬英里的行駛里程和不明座椅污漬？當然是后者了。 |
????Nobao Renewable Energy Holdings, a Chinese energy efficiency company whose shareholders include The Carlyle Group and Silver Lake Partners, yesterday withdrew registration for a $167 million IPO. It told the SEC that its decision was made "in light of market conditions." ????Seriously? "Market conditions?" The only market conditions I see are positive, with both VC-backed and PE-backed companies sliding through the IPO window as if it were greased with butter. Particularly Chinese issuers. ????And it's not an energy/cleantech problem, since Solazyme (SZYM) yesterday raised $198 million in an up-sized offering. Nor is it a profitability problem, given that companies like ZipCar (ZIP) priced strong and even LinkedIn (LNKD) says that it will return to the red in 2011. ????It obviously doesn't matter much what rationale a company puts in a registration withdrawal notice, but at least be honest about it. For example, should I blame "market conditions" for why I currently can't sell my Toyota Prius for $20k? Or should I blame the 130k miles and seat stains of unknown origin? Pretty sure it's the latter. |
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