Dám bảo "đại ca" em ngớ ngẩn?

bài này trên Bloomberg (và được Washington Post đăng lại) nhìn vụ anh Vượng bắt tay với tỷ phú cờ bạc Lawrence Ho (con trai trùm cờ bạc huyền thoại Stanley Ho) để niêm yết cổ phiếu ở Mỹ theo hình thức SPAC như là một hình thức kêu gọi vốn rủi ro (hay dùng từ của tác giả còn tệ hơn, là ngớ ngẩn "silly"). Tác giả, một cây bỉnh bút của Bloomberg, cho rằng cổ phiếu của Vinfast sẽ rất rủi ro, với 1 ví dụ là thương vụ SPAC lớn nhất trong lịch sử (33 tỷ đô, so với 23 tỷ đô của anh Vượng), đã chứng kiến giá cổ phiếu sụt giảm 96% so với giá ban đầu được định ra.

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"Unlike some neophyte (mới bước vào nghề, mới nhập đạo) EV firms that have joined the public markets recently, VinFast does at least generate revenue. Vuong is welcome to spend his fortune however he wishes, but he’s asking SPAC investors who come along for the ride to pay a high price. Excluding debt, VinFast’s $23 billion equity value is almost double the market capitalization of EV startups Lucid Group Inc. and Rivian Automotive Inc., and more than twice that of established European automotive groups like Volvo Car AB and Renault SA.

One lesson we really should have learned by now is that trying to produce electric vehicles from scratch (từ con số 0) is a costly and very risky (rất tốn kém và rất rủi ro) endeavor. The recent price war Tesla Inc. seems hellbent on initiating makes it even more so.

Lucid and Rivian are burning heaps of cash, but their cars have at least won plaudits (tràng pháo tay hoan hô, hoan hô nhiệt liệt). In contrast, the first US reviews of VinFast’s $50,000 VF8 City Edition SUV have been abysmal (không đáy, thăm thẳm, sâu không dò được): One reviewer claimed to have become car sick for the first time when riding in it.

Had VinFast tried to join the stock market two years ago, investors might have ignored such blemishes. But the everything bubble has popped and EV makers have had to lower their aspirations. When another Asian billionaire-backed electric-car company, Lotus Technology Inc., tested the SPAC market in February, it opted for a comparatively modest $5.4 billion price tag.

Of course, SPAC deal values are more of a place marker than a firm promise when first announced: VinFast doesn’t appear to have lined up institutional investors to invest alongside the SPAC in a private investment in public equity (PIPE) transaction. It also hasn’t published a slide deck explaining how it arrived at the valuation. So for now, VinFast is worth $27 billion because the company and Black Spade say it is.

In these situations, the valuation can adjust to something more reasonable once the transaction closes. The most valuable SPAC deal in history, healthcare litigation firm MSP Recovery Inc.’s merger with Lionheart Acquisition Corp. II, did not retain its initial $33 billion price tag for long. The shares have since fallen 96% (and MSP has changed its name to LifeWallet)"

Bài trước: Sai lầm của Vice