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2021-11-17
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Paytm’s Mega IPO Is Priced for Perfection<blockquote>Paytm的大型IPO定价完美</blockquote>
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Not, however, a Chinese one.</p><p><blockquote>中国亿万富翁马云可能最终会通过移动支付巨头的首次公开募股套现。然而，不是中国人。</blockquote></p><p> One97 Communications, which owns Paytm—one of India’s leading mobile payment companies—is set to go public on Thursday in the country’s largest-ever IPO. China’s Ant Group, backed by Mr. Ma, is the company’s largest shareholder with an approximately 28% stake. Its affiliate company Alibaba also owns a roughly 7% stake. Both companies are set for a windfall: They first invested in Paytm in 2015, when its valuation was much lower. Paytm’s offer price values the company at nearly $20 billion. Ant itself failed to go public one year agoas regulators halted its IPO at the last minute.</p><p><blockquote>拥有印度领先移动支付公司之一Paytm的One97 Communications将于周四上市，这是该国有史以来规模最大的IPO。马云支持的蚂蚁集团是该公司的最大股东，持有约28%的股份。其附属公司阿里巴巴-SW也拥有约7%的股份。两家公司都将获得意外之财：他们于2015年首次投资Paytm，当时其估值要低得多。Paytm的要约价格对该公司的估值接近200亿美元。一年前，由于监管机构在最后一刻叫停了蚂蚁金服的IPO，蚂蚁金服本身未能上市。</blockquote></p><p> Other well-known billionaire investors are also set for a payday.Warren Buffett’s Berkshire Hathaway and Masayoshi Son’s SoftBank are other backers of the Indian company. SoftBank’s investments in China, including Alibaba,have suffered under that country’s regulatory crackdown. It’s a different story in India. In addition to Paytm, other Indian startups backed by SoftBank have gone public or plan to this year,taking advantage of the buoyant market.</p><p><blockquote>其他知名亿万富翁投资者也将迎来发薪日。沃伦·巴菲特的伯克希尔·哈撒韦公司和孙正义的软银是这家印度公司的其他支持者。软银在中国（包括阿里巴巴-SW）的投资受到了中国监管的打击。在印度，情况就不同了。除了Paytm之外，软银支持的其他印度初创公司也利用活跃的市场在今年上市或计划上市。</blockquote></p><p> Mobile payments have taken off in India in recent years, as the cost of smartphones and mobile plans have dropped. Banking services are relatively underdeveloped and so mobile payments have become one of the easiest ways to access financial services, similar to what has happened in China. The 2016 launch of Unified Payments Interface, an open system regulated by the central bank, has also helped mobile payments become more popular.</p><p><blockquote>近年来，随着智能手机和移动计划成本的下降，移动支付在印度蓬勃发展。银行服务相对不发达，因此移动支付已成为获得金融服务最简单的方式之一，类似于中国发生的情况。2016年由央行监管的开放系统统一支付接口的推出也帮助移动支付变得更加流行。</blockquote></p><p> Investors are excited about India because e-commerce is still at a relatively early stage, given that around half of the population doesn’t even use the internet. Total payments made to merchants on Paytm’s app grew 76% in the past two years to 4 trillion rupees in the fiscal year ended March, the equivalent of $54 billion.</p><p><blockquote>投资者对印度感到兴奋，因为电子商务仍处于相对早期的阶段，因为大约一半的人口甚至不使用互联网。在截至3月份的财年中，Paytm应用程序向商家支付的总金额在过去两年中增长了76%，达到4万亿卢比，相当于540亿美元。</blockquote></p><p> Paytm has borrowed the playbook of its Chinese investors. Payments are fundamentally just a way to grow its user base. The company is actually banking on selling high-margin financial services to its 337 million customers. Paytm disbursed 1.4 million loans for the quarter ending in June, compared with 23,000 a year earlier. Bernstein expects financial services will be 19% of its revenue in the fiscal year ending March 2027, up from 5% currently. Paytm has also leapt aboardthe latest trend in paymentswith its own buy-now, pay-later service. Fintech companies fromPayPalto Square are all jumping into the space.</p><p><blockquote>Paytm借鉴了中国投资者的剧本。从根本上说，支付只是扩大用户群的一种方式。该公司实际上指望向其3.37亿客户出售高利润的金融服务。截至6月份的季度，Paytm发放了140万笔贷款，而去年同期为2.3万笔。伯恩斯坦预计，在截至2027年3月的财年，金融服务将占其收入的19%，高于目前的5%。Paytm还通过自己的先买后付服务赶上了支付的最新趋势。来自PayPalto Square的金融科技公司都在进军这一领域。</blockquote></p><p> That growth potential is probably why investors are paying a premium even though Paytm remains in the red. At the IPO price, Paytm is trading at 50 times last fiscal year’s revenue. PayPal is trading at 10 times.</p><p><blockquote>尽管Paytm仍处于亏损状态，但这种增长潜力可能是投资者仍支付溢价的原因。按IPO价格计算，Paytm的交易价格是上一财年收入的50倍。PayPal的交易价格是10倍。</blockquote></p><p> Such lofty heights may be justified—if Paytm continues to grow at a stellar pace. But it’s also facing strong competition. Google andWalmart’sPhonePe have big market share in the peer-to-peer payments market and could be formidable rivals. WhatsApp, which has partnered with mobile carrier Jio,controlled by India’s richest man, is another potential challenger.</p><p><blockquote>如果Paytm继续以惊人的速度增长，如此崇高的高度可能是合理的。但它也面临着激烈的竞争。谷歌和沃尔玛的PhonePe在点对点支付市场拥有很大的市场份额，可能是强大的竞争对手。与印度首富控制的移动运营商Jio合作的WhatsApp是另一个潜在的挑战者。</blockquote></p><p> Regulation is another risk. Ant’s ambitions were sunk in part by Beijing’s decision toregulate the company more like a bank. Future moves by Indian regulators may not be as drastic. But tighter regulation of consumer internet firms is a global trend.</p><p><blockquote>监管是另一个风险。蚂蚁金服的雄心在一定程度上因北京决定像银行一样对该公司进行监管而受挫。印度监管机构未来的举措可能不会那么激烈。但对消费互联网公司更严格的监管是全球趋势。</blockquote></p><p> Paytm investors are betting everything goes right at current prices. New Delhi—and the competition—might have different ideas.</p><p><blockquote>Paytm投资者押注以当前价格一切顺利。新德里和竞争对手可能有不同的想法。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Paytm’s Mega IPO Is Priced for Perfection<blockquote>Paytm的大型IPO定价完美</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPaytm’s Mega IPO Is Priced for Perfection<blockquote>Paytm的大型IPO定价完美</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wall Street Journal</strong><span class=\"h-time small\">2021-11-17 21:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Chinese billionaire Jack Ma may finally cash out through the initial public offering of a mobile payments giant. Not, however, a Chinese one.</p><p><blockquote>中国亿万富翁马云可能最终会通过移动支付巨头的首次公开募股套现。然而，不是中国人。</blockquote></p><p> One97 Communications, which owns Paytm—one of India’s leading mobile payment companies—is set to go public on Thursday in the country’s largest-ever IPO. China’s Ant Group, backed by Mr. Ma, is the company’s largest shareholder with an approximately 28% stake. Its affiliate company Alibaba also owns a roughly 7% stake. Both companies are set for a windfall: They first invested in Paytm in 2015, when its valuation was much lower. Paytm’s offer price values the company at nearly $20 billion. Ant itself failed to go public one year agoas regulators halted its IPO at the last minute.</p><p><blockquote>拥有印度领先移动支付公司之一Paytm的One97 Communications将于周四上市，这是该国有史以来规模最大的IPO。马云支持的蚂蚁集团是该公司的最大股东，持有约28%的股份。其附属公司阿里巴巴-SW也拥有约7%的股份。两家公司都将获得意外之财：他们于2015年首次投资Paytm，当时其估值要低得多。Paytm的要约价格对该公司的估值接近200亿美元。一年前，由于监管机构在最后一刻叫停了蚂蚁金服的IPO，蚂蚁金服本身未能上市。</blockquote></p><p> Other well-known billionaire investors are also set for a payday.Warren Buffett’s Berkshire Hathaway and Masayoshi Son’s SoftBank are other backers of the Indian company. SoftBank’s investments in China, including Alibaba,have suffered under that country’s regulatory crackdown. It’s a different story in India. In addition to Paytm, other Indian startups backed by SoftBank have gone public or plan to this year,taking advantage of the buoyant market.</p><p><blockquote>其他知名亿万富翁投资者也将迎来发薪日。沃伦·巴菲特的伯克希尔·哈撒韦公司和孙正义的软银是这家印度公司的其他支持者。软银在中国（包括阿里巴巴-SW）的投资受到了中国监管的打击。在印度，情况就不同了。除了Paytm之外，软银支持的其他印度初创公司也利用活跃的市场在今年上市或计划上市。</blockquote></p><p> Mobile payments have taken off in India in recent years, as the cost of smartphones and mobile plans have dropped. Banking services are relatively underdeveloped and so mobile payments have become one of the easiest ways to access financial services, similar to what has happened in China. The 2016 launch of Unified Payments Interface, an open system regulated by the central bank, has also helped mobile payments become more popular.</p><p><blockquote>近年来，随着智能手机和移动计划成本的下降，移动支付在印度蓬勃发展。银行服务相对不发达，因此移动支付已成为获得金融服务最简单的方式之一，类似于中国发生的情况。2016年由央行监管的开放系统统一支付接口的推出也帮助移动支付变得更加流行。</blockquote></p><p> Investors are excited about India because e-commerce is still at a relatively early stage, given that around half of the population doesn’t even use the internet. Total payments made to merchants on Paytm’s app grew 76% in the past two years to 4 trillion rupees in the fiscal year ended March, the equivalent of $54 billion.</p><p><blockquote>投资者对印度感到兴奋，因为电子商务仍处于相对早期的阶段，因为大约一半的人口甚至不使用互联网。在截至3月份的财年中，Paytm应用程序向商家支付的总金额在过去两年中增长了76%，达到4万亿卢比，相当于540亿美元。</blockquote></p><p> Paytm has borrowed the playbook of its Chinese investors. Payments are fundamentally just a way to grow its user base. The company is actually banking on selling high-margin financial services to its 337 million customers. Paytm disbursed 1.4 million loans for the quarter ending in June, compared with 23,000 a year earlier. Bernstein expects financial services will be 19% of its revenue in the fiscal year ending March 2027, up from 5% currently. Paytm has also leapt aboardthe latest trend in paymentswith its own buy-now, pay-later service. Fintech companies fromPayPalto Square are all jumping into the space.</p><p><blockquote>Paytm借鉴了中国投资者的剧本。从根本上说，支付只是扩大用户群的一种方式。该公司实际上指望向其3.37亿客户出售高利润的金融服务。截至6月份的季度，Paytm发放了140万笔贷款，而去年同期为2.3万笔。伯恩斯坦预计，在截至2027年3月的财年，金融服务将占其收入的19%，高于目前的5%。Paytm还通过自己的先买后付服务赶上了支付的最新趋势。来自PayPalto Square的金融科技公司都在进军这一领域。</blockquote></p><p> That growth potential is probably why investors are paying a premium even though Paytm remains in the red. At the IPO price, Paytm is trading at 50 times last fiscal year’s revenue. PayPal is trading at 10 times.</p><p><blockquote>尽管Paytm仍处于亏损状态，但这种增长潜力可能是投资者仍支付溢价的原因。按IPO价格计算，Paytm的交易价格是上一财年收入的50倍。PayPal的交易价格是10倍。</blockquote></p><p> Such lofty heights may be justified—if Paytm continues to grow at a stellar pace. But it’s also facing strong competition. Google andWalmart’sPhonePe have big market share in the peer-to-peer payments market and could be formidable rivals. WhatsApp, which has partnered with mobile carrier Jio,controlled by India’s richest man, is another potential challenger.</p><p><blockquote>如果Paytm继续以惊人的速度增长，如此崇高的高度可能是合理的。但它也面临着激烈的竞争。谷歌和沃尔玛的PhonePe在点对点支付市场拥有很大的市场份额，可能是强大的竞争对手。与印度首富控制的移动运营商Jio合作的WhatsApp是另一个潜在的挑战者。</blockquote></p><p> Regulation is another risk. Ant’s ambitions were sunk in part by Beijing’s decision toregulate the company more like a bank. Future moves by Indian regulators may not be as drastic. But tighter regulation of consumer internet firms is a global trend.</p><p><blockquote>监管是另一个风险。蚂蚁金服的雄心在一定程度上因北京决定像银行一样对该公司进行监管而受挫。印度监管机构未来的举措可能不会那么激烈。但对消费互联网公司更严格的监管是全球趋势。</blockquote></p><p> Paytm investors are betting everything goes right at current prices. New Delhi—and the competition—might have different ideas.</p><p><blockquote>Paytm投资者押注以当前价格一切顺利。新德里和竞争对手可能有不同的想法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/paytms-mega-ipo-is-priced-for-perfection-11637155277?siteid=yhoof2\">Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://www.wsj.com/articles/paytms-mega-ipo-is-priced-for-perfection-11637155277?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136886899","content_text":"Chinese billionaire Jack Ma may finally cash out through the initial public offering of a mobile payments giant. Not, however, a Chinese one.\nOne97 Communications, which owns Paytm—one of India’s leading mobile payment companies—is set to go public on Thursday in the country’s largest-ever IPO. China’s Ant Group, backed by Mr. Ma, is the company’s largest shareholder with an approximately 28% stake. Its affiliate company Alibaba also owns a roughly 7% stake. Both companies are set for a windfall: They first invested in Paytm in 2015, when its valuation was much lower. Paytm’s offer price values the company at nearly $20 billion. Ant itself failed to go public one year agoas regulators halted its IPO at the last minute.\nOther well-known billionaire investors are also set for a payday.Warren Buffett’s Berkshire Hathaway and Masayoshi Son’s SoftBank are other backers of the Indian company. SoftBank’s investments in China, including Alibaba,have suffered under that country’s regulatory crackdown. It’s a different story in India. In addition to Paytm, other Indian startups backed by SoftBank have gone public or plan to this year,taking advantage of the buoyant market.\nMobile payments have taken off in India in recent years, as the cost of smartphones and mobile plans have dropped. Banking services are relatively underdeveloped and so mobile payments have become one of the easiest ways to access financial services, similar to what has happened in China. The 2016 launch of Unified Payments Interface, an open system regulated by the central bank, has also helped mobile payments become more popular.\nInvestors are excited about India because e-commerce is still at a relatively early stage, given that around half of the population doesn’t even use the internet. Total payments made to merchants on Paytm’s app grew 76% in the past two years to 4 trillion rupees in the fiscal year ended March, the equivalent of $54 billion.\nPaytm has borrowed the playbook of its Chinese investors. Payments are fundamentally just a way to grow its user base. The company is actually banking on selling high-margin financial services to its 337 million customers. Paytm disbursed 1.4 million loans for the quarter ending in June, compared with 23,000 a year earlier. Bernstein expects financial services will be 19% of its revenue in the fiscal year ending March 2027, up from 5% currently. Paytm has also leapt aboardthe latest trend in paymentswith its own buy-now, pay-later service. Fintech companies fromPayPalto Square are all jumping into the space.\nThat growth potential is probably why investors are paying a premium even though Paytm remains in the red. At the IPO price, Paytm is trading at 50 times last fiscal year’s revenue. PayPal is trading at 10 times.\nSuch lofty heights may be justified—if Paytm continues to grow at a stellar pace. But it’s also facing strong competition. Google andWalmart’sPhonePe have big market share in the peer-to-peer payments market and could be formidable rivals. WhatsApp, which has partnered with mobile carrier Jio,controlled by India’s richest man, is another potential challenger.\nRegulation is another risk. Ant’s ambitions were sunk in part by Beijing’s decision toregulate the company more like a bank. Future moves by Indian regulators may not be as drastic. But tighter regulation of consumer internet firms is a global trend.\nPaytm investors are betting everything goes right at current prices. New Delhi—and the competition—might have different ideas.","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":1823,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/878144857"}
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