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发表于 2009-11-10 05:57 PM
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本帖最后由 yaobooyao 于 2009-11-10 18:16 编辑
AONE 触底反弹可能还需要点儿日子。
今天的ER 从数字到展望， 乏善可陈。 但是现金充裕，就看下一步的市场发展和产量了。Gross profit 方面，COGS （Cost of Goods Sold) 有改善，但是毛利率依然为负。找目前来看，2009年它的总销售收入可能在$81M ~92M 之间。按照其目前的市值$1.27B 来看， valuation 有点儿过了， 这可能会是一个负面的印象。
9月份的IPO 共发售新股25M, 外加私募战略投资人可以发售的一些股份(680,501 shares)，以及IPO 券商可以over-allotment 的部分 (3,852,075 shares)，以上三个相加，基本上就是目前可交易的流通股本总数（30M share 左右)。这些在stock Exchange 上公开交易的股票， IPO 价格（final) 在$13.5左右， 券商的包销价格成本应该在此之下。
普通股总数：96,816,482 shares of common stock （实际可能还要多一点儿）
其私募的战略投资人手中的股份价格远在IPO价格之下（不同阶段的投资人私募价格不同，GE等的好像是在$5 左右）， 这些股份总共有约70M shares，有180天的禁售期， 解禁应该在明年2月底（具体要查），解禁后对战略投资人的抛售也有明确规定，具体见以下摘自AONE 的IPO 招股说明书登记的S1 Form.
Sales of Restricted Securities
Upon the closing of this offering, we will have outstanding 96,816,482 shares of common stock, based on the number of shares outstanding at August 31, 2009, assuming an initial public offering price of $10.75 per share, which is the midpoint of the range listed on the cover page of this prospectus, and giving effect to the issuance of 25,000,000 shares of common stock in this offering.
Of the shares to be outstanding after the closing of this offering, the 25,680,501 shares sold by us and the selling stockholders in this offering will be freely tradable without restriction under the Securities Act, except that any shares purchased in this offering by our "affiliates," as that term is defined in Rule 144 under the Securities Act of 1933, generally may be sold in the public market only in compliance with Rule 144. The remaining 71,135,981 shares of common stock are "restricted" shares under Rule 144 and therefore generally may be sold in the public market only in compliance with Rule 144. In addition, substantially all of these restricted securities will be subject to the lock-up agreements described below.
Lock-up Agreements
Our officers, directors and other stockholders, including the selling stockholders, representing 70,631,492 shares of our capital stock, will be subject to lock-up agreements with the underwriters that will restrict the sale of the shares of our common stock held by them for 180 days, subject to certain exceptions. See "Underwriters" for a description of these lock-up agreements. In addition, there will also be 218,304 shares of common stock subject to a 180-day contractual lock-up with us. We may not release these shares from these restrictions without the prior written consent of either Morgan Stanley or Goldman, Sachs & Co.
Rule 144
In general, under Rule 144, beginning 90 days after the date of this prospectus, a person who is not our affiliate and has not been our affiliate at any time during the preceding three months will be entitled to sell any shares of our common stock that such person has beneficially owned for at least six months, including the holding period of any prior owner other than one of our affiliates, without regard to volume limitations. Sales of our common stock by any such person would be subject to the availability of current public information about us if the shares to be sold were beneficially owned by such person for less than one year.
Approximately 286,185 shares of our common stock that are not subject to the lock-up agreements described below will be eligible for sale under Rule 144 immediately upon the closing of this offering.
Beginning 90 days after the date of this prospectus, our affiliates who have beneficially owned shares of our common stock for at least six months, including the holding period of any prior owner other than one of our affiliates, would be entitled to sell within any three-month period a number of shares that does not exceed the greater of:
•1% of the number of shares of our common stock then outstanding, which will equal approximately 968,165 shares immediately after this offering, assuming an initial public offering price of $10.75 per share, which is the midpoint of the range listed on the cover page of this prospectus; and
•the average weekly trading volume in our common stock on The NASDAQ Global Market during the four calendar weeks preceding the date of filing of a Notice of Proposed Sale of Securities Pursuant to Rule 144 with respect to the sale.
Sales under Rule 144 by our affiliates are also subject to manner of sale provisions and notice requirements and to the availability of current public information about us. |
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发表于 2009-11-10 04:04 PM
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