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IPO之后,Robinhood坐上了过山车

IPO之后,Robinhood坐上了过山车

DECLAN HARTY 2021年08月02日
其向“所有人”开放IPO的努力,或将成为一个警告信号。

经过数年的酝酿,Robinhood的上市进程遭到了冷遇。

这家总部位于加州的经纪公司的IPO,原本被认为是2021年最热门的项目之一——在拥挤的市场中,各大公司竞相以任何可能的方式上市,投资者大量购买新股。Robinhood是如此地被报以期待,以至于其甚至留出了第一次向客户发售5500万股股票中的35%,尽管其中最终被购买了多少还不清楚。

但是,Robinhood的IPO结果未能达到预期——这对华尔街的部分人士来说是一个迹象,表明投资者可能对该公司成为金融巨头的道路感到不安。Renaissance Capital副总裁尼克•艾因霍恩对《财富》表示:“对Robinhood来说,今年显然是非常疯狂的一年。从各种角度来看,Robinhood的未来还有很多不确定性。”

Robinhood在纳斯达克上市,股票代码为“HOOD”,其发行价在发行前一天晚上位于目标区间的最底端——从理论上讲,这会使该股在上市首日大涨。不过,7月29日开盘时,该股股价持平于每股38美元。紧接着,竟然出现了抛售。在一开始的30分钟内,股价迅速跌超10%。虽然Robinhood的股价后来有所回弹,但收盘时仍下跌8.37%,至34.82美元。7月30日的盘前交易显示,股价可能还会再下跌1%以上。

新上市的股票在上市首日表现不佳,这一现象并不罕见。佛罗里达大学(University of Florida)金融学教授里特表示,事实上,今年完成IPO的运营公司中,约有四分之一的股价在上市首日破发。而如Facebook、Moderna等公司,尽管股价在早期表现不佳,却可以轻松实现反弹。但Robinhood发现自己陷入了一个尴尬的境地,其向“所有人”开放IPO的努力,或将成为一个警告信号——因为Robinhood的IPO Access产品的市场定位,就是在大多数股票看到首日“暴涨”时,吸引散户投资者参与。该公司的股票最终会像Facebook那样迅速膨胀,还是像Vonage那样停滞不前(Vonage在2006年上市时,散户投资者占了很大比例),对于那些买入的投资者来说,这仍是一个未知数。

但这并不是说高管们就会关注每天的股价变动,至少他们对外宣称如此。“很多人给我提供了建议,不仅是在今天,过去几个月也是。我们在建立长期性的业务,所以你必须忽略这些短期波动。股票时涨时跌,这再正常不过。”7月29日晚些时候,Robinhood首席执行官弗拉德•特涅夫对CNBC表示。

2013年,特内夫(Tenev)和巴巨•巴特(Baiju Bhatt)共同创建了互联网券商Robinhood,公司成立最初的目标是通过一款面向年轻人的零佣金股票交易应用程序,实现金融的民主化。确实,这款应用程序大受追捧。Robinhood开创了零售投资的新时代,零佣金、零点股和首次公开募股投资等特征如今已为人熟知。就连盈透证券(Interactive Brokers)的创始人托马斯•彼得菲(Thomas Peterffy)也对《财富》表示,Robinhood在“为人们打开进入市场的大门”方面做得“非常好”。

这家券商的市值增长速度令人震惊。疫情促使人们开始逐渐对金融市场越来越感兴趣。例如,净基金账户已从2020年底的1170万增长到今年中期预估的2250万,与行业中坚嘉信理财(Charles Schwab)相差不远。不过,与嘉信理财相比,它的资产只是九牛一毛。

对Robinhood市值增长好景不长的担心,也加剧了人们对该股首日表现的失望之情。随着股价、期权和加密货币交易量的下跌,该美股经纪公司警告称,其未来几个月的交易收入增长都将放缓。在订单流中赚取交易差价是一种有争议的做法。这种做法是指券商将客户订单快速出售给华尔街交易员,以赚取少量费用。然而这种收入占Robinhood第一季度收入的81%。这意味着,在公司实现业务多元化之前,其股票价格涨跌可能会与市场活动有着很强的相关性。

“公共市场不喜欢波动性,市场喜欢可预测性,”Rainmaker Securities证券公司的董事长格雷格•马丁对《财富》表示。“因此,这只股票的走势将像坐过山车一样。”

Robinhood的首次公开募股为这家券商给今年的动荡画上了句号,尽管该公司股价动荡越发严重。美国证券交易委员会(Securities and Exchange Commission,简称sec)一直密切关注订单支付,其主席詹斯勒(Gary Gensler)一直对这种做法持质疑态度。这家券商已经向监管机构支付了数百万美元的和解金以及罚款。这些罚款均是因为该公司此前的一些不当的业务行为,比如不披露其盈利方式,以及没有充分确定投资者是否应该进行期权交易。在2021年早些时候,Robinhood发现自己变成了互联网上被猛烈攻击和国会两党关注的对象,以及关于它导致全球电视游戏零售业巨头GameStop崩溃的阴谋论一时沸沸扬扬。

Robinhood实现业务多元化之路还有待观察。这家美股经纪商已经明确表示,将计划继续为不断增长的客户群体推出新功能,包括备用投资,还有退休账户。金融领域研究机构Autonomous Research的分析师克里斯蒂安•博卢(Christian Bolu)表示,该公司的前景远远超出了投资贷款、支付和咨询服务等金融领域的其他领域。博卢最近在一份报告中预计,Robinhood目前所处的市场总共有大约1200亿美元的潜在收入,为其提供了一条“重要的增长路径”,这将使其与比特币公司Coinbase、嘉信理财(Schwab)和PayPal等公司展开直接竞争。

“这是一家有趣的公司,”博卢在接受《财富》(Fortune)采访时表示。“他们真的是在攻击一个很大的市场。坦率地说,这是美国大部分散户的聚集地。”(财富中文网)

编译:杨二一、於欣

经过数年的酝酿,Robinhood的上市进程遭到了冷遇。

这家总部位于加州的经纪公司的IPO,原本被认为是2021年最热门的项目之一——在拥挤的市场中,各大公司竞相以任何可能的方式上市,投资者大量购买新股。Robinhood是如此地被报以期待,以至于其甚至留出了第一次向客户发售5500万股股票中的35%,尽管其中最终被购买了多少还不清楚。

但是,Robinhood的IPO结果未能达到预期——这对华尔街的部分人士来说是一个迹象,表明投资者可能对该公司成为金融巨头的道路感到不安。Renaissance Capital副总裁尼克•艾因霍恩对《财富》表示:“对Robinhood来说,今年显然是非常疯狂的一年。从各种角度来看,Robinhood的未来还有很多不确定性。”

Robinhood在纳斯达克上市,股票代码为“HOOD”,其发行价在发行前一天晚上位于目标区间的最底端——从理论上讲,这会使该股在上市首日大涨。不过,7月29日开盘时,该股股价持平于每股38美元。紧接着,竟然出现了抛售。在一开始的30分钟内,股价迅速跌超10%。虽然Robinhood的股价后来有所回弹,但收盘时仍下跌8.37%,至34.82美元。7月30日的盘前交易显示,股价可能还会再下跌1%以上。

新上市的股票在上市首日表现不佳,这一现象并不罕见。佛罗里达大学(University of Florida)金融学教授里特表示,事实上,今年完成IPO的运营公司中,约有四分之一的股价在上市首日破发。而如Facebook、Moderna等公司,尽管股价在早期表现不佳,却可以轻松实现反弹。但Robinhood发现自己陷入了一个尴尬的境地,其向“所有人”开放IPO的努力,或将成为一个警告信号——因为Robinhood的IPO Access产品的市场定位,就是在大多数股票看到首日“暴涨”时,吸引散户投资者参与。该公司的股票最终会像Facebook那样迅速膨胀,还是像Vonage那样停滞不前(Vonage在2006年上市时,散户投资者占了很大比例),对于那些买入的投资者来说,这仍是一个未知数。

但这并不是说高管们就会关注每天的股价变动,至少他们对外宣称如此。“很多人给我提供了建议,不仅是在今天,过去几个月也是。我们在建立长期性的业务,所以你必须忽略这些短期波动。股票时涨时跌,这再正常不过。”7月29日晚些时候,Robinhood首席执行官弗拉德•特涅夫对CNBC表示。

2013年,特内夫(Tenev)和巴巨•巴特(Baiju Bhatt)共同创建了互联网券商Robinhood,公司成立最初的目标是通过一款面向年轻人的零佣金股票交易应用程序,实现金融的民主化。确实,这款应用程序大受追捧。Robinhood开创了零售投资的新时代,零佣金、零点股和首次公开募股投资等特征如今已为人熟知。就连盈透证券(Interactive Brokers)的创始人托马斯•彼得菲(Thomas Peterffy)也对《财富》表示,Robinhood在“为人们打开进入市场的大门”方面做得“非常好”。

这家券商的市值增长速度令人震惊。疫情促使人们开始逐渐对金融市场越来越感兴趣。例如,净基金账户已从2020年底的1170万增长到今年中期预估的2250万,与行业中坚嘉信理财(Charles Schwab)相差不远。不过,与嘉信理财相比,它的资产只是九牛一毛。

对Robinhood市值增长好景不长的担心,也加剧了人们对该股首日表现的失望之情。随着股价、期权和加密货币交易量的下跌,该美股经纪公司警告称,其未来几个月的交易收入增长都将放缓。在订单流中赚取交易差价是一种有争议的做法。这种做法是指券商将客户订单快速出售给华尔街交易员,以赚取少量费用。然而这种收入占Robinhood第一季度收入的81%。这意味着,在公司实现业务多元化之前,其股票价格涨跌可能会与市场活动有着很强的相关性。

“公共市场不喜欢波动性,市场喜欢可预测性,”Rainmaker Securities证券公司的董事长格雷格•马丁对《财富》表示。“因此,这只股票的走势将像坐过山车一样。”

Robinhood的首次公开募股为这家券商给今年的动荡画上了句号,尽管该公司股价动荡越发严重。美国证券交易委员会(Securities and Exchange Commission,简称sec)一直密切关注订单支付,其主席詹斯勒(Gary Gensler)一直对这种做法持质疑态度。这家券商已经向监管机构支付了数百万美元的和解金以及罚款。这些罚款均是因为该公司此前的一些不当的业务行为,比如不披露其盈利方式,以及没有充分确定投资者是否应该进行期权交易。在2021年早些时候,Robinhood发现自己变成了互联网上被猛烈攻击和国会两党关注的对象,以及关于它导致全球电视游戏零售业巨头GameStop崩溃的阴谋论一时沸沸扬扬。

Robinhood实现业务多元化之路还有待观察。这家美股经纪商已经明确表示,将计划继续为不断增长的客户群体推出新功能,包括备用投资,还有退休账户。金融领域研究机构Autonomous Research的分析师克里斯蒂安•博卢(Christian Bolu)表示,该公司的前景远远超出了投资贷款、支付和咨询服务等金融领域的其他领域。博卢最近在一份报告中预计,Robinhood目前所处的市场总共有大约1200亿美元的潜在收入,为其提供了一条“重要的增长路径”,这将使其与比特币公司Coinbase、嘉信理财(Schwab)和PayPal等公司展开直接竞争。

“这是一家有趣的公司,”博卢在接受《财富》(Fortune)采访时表示。“他们真的是在攻击一个很大的市场。坦率地说,这是美国大部分散户的聚集地。”(财富中文网)

编译:杨二一、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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