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專欄 - Allan Sloan

誰(shuí)是Facebook上市亂戰(zhàn)中的真正贏家?

Allan Sloan 2012年05月25日

艾倫·斯?。ˋllan Sloan)為《財(cái)富》雜志高級(jí)編輯。出生于紐約布魯克林,1966年畢業(yè)于布魯克林學(xué)院,次年畢業(yè)于哥倫比亞大學(xué)新聞學(xué)院研究生院。他是金融領(lǐng)域的資深記者,2008年以“"House of Junk”一文第七次獲得財(cái)經(jīng)新聞界最高榮譽(yù)杰洛德-羅布獎(jiǎng)(Gerald Loeb Award)。
社交網(wǎng)站Facebook號(hào)稱自己的使命是將全世界人民聯(lián)合起來(lái)。但事實(shí)上,這家公司混亂不堪的IPO只是讓少數(shù)的內(nèi)部人士和金融機(jī)構(gòu)撈到了好處。他們?cè)谏鲜兄暗淖詈箨P(guān)頭拿到了重要信息,不僅沒(méi)有增持,反而大舉套現(xiàn)。

????馬克?扎克伯格聲稱,F(xiàn)acebook的使命是將人們聯(lián)系起來(lái),并給予他們權(quán)力。而華爾街的真正使命是給予大人物權(quán)力和金錢。兩者的使命互相沖突。猜猜哪個(gè)會(huì)獲勝?當(dāng)然是華爾街輕松勝出。這就是我們從Facebook首次公開募股的失敗中得到的教訓(xùn)。

????這件事真的有點(diǎn)可笑,如果你喜歡金融黑色幽默的話。Facebook和以摩根士丹利(Morgan Stanley)為主的承銷商們激發(fā)了人們對(duì)這次新股發(fā)行的熱情。發(fā)行價(jià)區(qū)間最初為每股28至35美元,但最后被提高到了38美元。買家們都垂涎欲滴,有關(guān)這次新股發(fā)行的討論簡(jiǎn)直震耳欲聾。

????然而,在最后關(guān)頭,據(jù)說(shuō)有些大型投資者拿到了一份分析,稱Facebook的發(fā)展前景并非像較早前公告書中所描繪的那樣美好。因此,似乎這些大玩家都降低了對(duì)Facebook首次公開募股的買入力度,甚至干脆取消了下單。納斯達(dá)克上周五的交易亂象甚至也和這些最后關(guān)頭的活動(dòng)有關(guān)。Facebook股票就是在那天首次亮相的。

????大人物的退出,再加上可購(gòu)買股票數(shù)量的增加,使個(gè)人投資者可以購(gòu)買到更多的Facebook股票。他們按照38美元的全額零售價(jià)買入,然后眼睜睜地看著股價(jià)大幅滑落。我撰寫本文時(shí),F(xiàn)acebook的股價(jià)相比發(fā)行價(jià)已經(jīng)下跌了16%,三天里的跌幅相當(dāng)之大。

????當(dāng)天取消IPO買單的大人物們現(xiàn)在有機(jī)會(huì)以30美元出頭、而不是38美元的價(jià)格買入Facebook股票。我敢肯定,從個(gè)人的角度來(lái)說(shuō),他們那天的行為完全合法。然而,懷揣著發(fā)財(cái)夢(mèng)想的散戶們一度認(rèn)為,自己能夠以發(fā)行價(jià)購(gòu)買Facebook股票簡(jiǎn)直是鴻運(yùn)當(dāng)頭。但現(xiàn)在股價(jià)卻下跌了6美元還多。即使他們沒(méi)有割肉減倉(cāng),但他們?cè)谏现芪遒I入的時(shí)候,價(jià)格是38美元每股,而他們?cè)究梢缘鹊浆F(xiàn)在以每股低于32美元的價(jià)格買入。上市首日從公開市場(chǎng)上以40多美元購(gòu)買這只股票的人更是虧大了。

????這次新股發(fā)行的走勢(shì)使誰(shuí)成為了受益者?主要是在新股發(fā)行中套現(xiàn)的Facebook早期投資者。據(jù)最新文件顯示,從扎克伯格到微軟(Microsoft)再到各個(gè)風(fēng)險(xiǎn)投資基金的Facebook早期投資者在這次IPO發(fā)行中共出售了2.412億股,而該公司本身只發(fā)售了1.8億股。早期投資者出售的股票占到IPO交易股票的57%,這么大的比重實(shí)屬罕見。

????Facebook上市前幾周,我們發(fā)現(xiàn)有內(nèi)部人士提供的股票不斷增加。按照定義來(lái)看,這些人都是大人物。5月3日提交的文件首次列出了具體數(shù)字。Facebook在文件中聲稱,內(nèi)部人士將出售1.574億股。但他們實(shí)際上多出售了8,380萬(wàn)股。而Facebook的股票發(fā)行量仍然保持在最初設(shè)定的水平上,也就是上文提到的1.8億股。

????When Mark Zuckerberg's stated mission to connect and empower people collides with Wall Street's actual mission, which is to empower and enrich the well-connected, guess which mission prevails? Wall Street's, hands down. That's the lesson we can take from the debacle of Facebook's initial public stock offering.

????It's really sort of funny, if you're into dark financial humor. Facebook (FB) and its underwriters, led by Morgan Stanley, whipped up enthusiasm for the offering, whose initial price range was $28 to $35 a share, but ultimately was increased to $38. Buyers were salivating. The buzz about the offering was deafening.

????Then, at the last-minute, some big investors were reportedly given access to an analysis saying that the company's prospects weren't quite as rosy as the picture painted in its early disclosure documents. So the big guys, it appears, cut back or even canceled their orders to buy shares in the offering. This late-in-the-game burst of activity may even have had something to do with the Nasdaq foul up that roiled trading last Friday, the day the stock debuted.

????The exit of the well-connected, combined with an increase in the number of shares being offered, left more shares available for individual investors, who paid the full retail price of $38. Then, they got to watch the stock's sickening slide. As I write this, Facebook is trading 16% below its initial offering price -- a pretty nasty three-day loss.

????The well-connected who canceled their IPO orders -- all of which, I'm sure, is perfectly legal on everyone's part -- have had a chance to buy stock in the low 30s rather than at $38. Retail investors who were dreaming of riches and figured they were lucky to be able to buy at the offering price have gotten bagged for more than $6 a share. Even though they may not have actually sold at a loss, they paid $38 Friday for stock they could have bought at less than $32 today. The numbers are even worse for people who bought shares in the open market at prices in the 40s on the first day of trading.

????Who benefited from the way the offering has played out? Primarily, the early Facebook shareholders who cashed out in the offering. According to the most recent available document, early Facebook investors ranging from Zuckerberg to Microsoft (MSFT) to various venture capital funds sold a total of 241.2 million shares in the offering, compared with only 180 million shares sold by the company itself. It's unusual to see early investors selling this big a piece -- 57% -- of the shares being peddled in an IPO.

????During the weeks that the Facebook offering was pending, we saw a steady increase in the number of shares being offered by insiders, all of whom by definition are well-connected. In its May 3 filing, the first with specific numbers, Facebook said insiders would sell 157.4 million shares. They wound up selling an additional 83.8 million shares -- the company's piece of the offering remained where it had been originally set, at the aforementioned 180 million shares.

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