Original link: https://www.latepost.com/news/dj_detail?id=1345
Rolex is better than stock
Rolex, Audemars Piguet and even Patek Philippe have not been immune to the nearly 20% drop in used transaction prices for some popular Swiss watches over the past six months. A report from Morgan Stanley said that given the continued resale by collectors, the current market is full of supply, and then catches up with the risk of economic recession, some watches may continue to “cut prices”.
According to watch price tracking website WatchCharts, the average price of second-hand Rolex watches fell 19.4% from April, the most popular “Water Ghost” series fell 15.8%, Daytona fell 20.3%, and Greenwich fell 18.4%. Other popular watch models of other brands with similar declines during the period include:
- Audemars Piguet fell by an average of 15.7%, and the Royal Oak series fell by 15.6%;
- Vacheron Constantin fell on average by 7.2%, and the vertical and horizontal series rose and fell unevenly, with a drop of 25.6% in half a year and a rise of 30.8%;
- Patek Philippe fell 19% on average, the Nautilus series fell 16.5%, and the Aquanaut series fell 22%.
But if the timeline is extended to one year or even three years, the situation is very different. It is not uncommon for these popular models to have a second-hand price twice the official price.
For example, the average second-hand price of the Patek Philippe Nautilus is now 1.3 million yuan, compared with 470,000 yuan three years ago. Audemars Piguet’s Royal Oak now sells for 917,000 yuan, up from 278,000 yuan three years ago. Rolex, with an annual output of 1 million watches, has not grown so exaggerated because of its large circulation. The current average price of Daytona is 390,000 yuan, and the average price three years ago was about 230,000 yuan.
Zhang Yuan, CEO of WatchBox China, a global diversified watch trader, told Late Finance that the price fluctuations of watches within a few months are like instantaneous ups and downs in the watch industry. The retail price has tripled or quadrupled, and for some classic watches, it should look at the price trend of five or even ten years.
“For example, Patek Philippe’s green-faced nautilus, the recent transaction price may have dropped by more than ten percent from the high point, but compared with the premium (200% or even higher) of its retail price, it is basically two concepts.” Zhang Yuan said , “In the so-called bull and bear market, the scarcity of such watches will not change. It’s just that their owners will change at different stages, which will bring periodic changes to the market.”
Compared with alternative investments such as Bitcoin or traditional investments such as stocks, the secondary market prices of popular Rolex and Patek Philippe watches have performed much better in the past two years. Since January 2021, the average price of the 30 most traded Rolex watches in the quarter rose 21%. During the same period, the S&P 500 index did not rise or fall, and Bitcoin fell by more than 30%. (Gong Fangyi)
SPAC orgy is over
According to a recent study by Crunchbase, a technology venture capital incubation and research organization, the market value of 14 self-driving companies has dropped by an average of 80% from the beginning of the listing, and their overall market value has dropped from more than $50 billion to $9.1 billion — at least half of which Going public through SPACs — these companies are just a microcosm of the end of the SPAC spree.
More than a third of the 339 SPACs so far in 2020 have lost more than 80% of their value, according to SPAC Research.
SPACs are considered to be one of the projects that have benefited the most from central banks in the capital market in the past two years. Its transaction process is that the investor sets up a company with no business and only cash, that is, a SPAC, sends it to the exchange for listing, raises funds, finds and acquires a non-listed company (De-SPAC) within a specified time, and becomes a company with A company or group of entities that do business.
In 2020, 248 SPACs went public, raising $83.3 billion, according to SPAC tracking site SPACInsider. In 2021, the number of listings and the scale of fundraising will reach a higher level, reaching 613 and $162.5 billion. The self-driving company AEye, which has lost 91% of its market value, will complete its merger and listing in August 2021.
Since SPAC sponsors traditionally receive a bonus equivalent to 20% of the SPAC after a De-SPAC, waving their checkbooks around to sign bills, reaping huge rewards, leaving the burden of risk and losing money on public market investors.
Inflation, interest rate hikes and the decline in the stock market itself have led to a rapid shrinking of the SPAC market this year. So far, only 89 SPACs have been listed and the scale of fundraising has dropped to $13.1 billion, returning to the level in 2019. (Gong Fangyi)
solitary unit universe
According to media reports, Horizon Worlds, a metaverse platform owned by Meta (Facebook), has less than 200,000 monthly active users, far below the initial target of 500,000, which Meta has recently revised to 280,000.
Meta internal stats show that most users don’t log into the platform after visiting Horizon Worlds for a month, with only 9% of the worlds ever being visited by at least about 50 people. And Meta’s second-quarter earnings report shows that at least 2.93 billion people visit Facebook every month, and more than 1 billion people use Instagram and WhatsApp every month.
In October 2021, Meta announced that it would change its name from “Facebook” to “Mate”. In December of the same year, the Horizon Worlds platform was opened, and users could log in and create their own avatars through Meta’s virtual head-mounted device, Quest.
Nearly a year since Horizon Worlds launched, all the characters are floating half bodies, and it wasn’t until last week’s Meta Connect conference that Zuckerberg showed off his full avatar for the first time, adding a half body to the body. Movable legs. Also released is the $1,499 Quest Pro.
Meta plans to invest $10 billion a year in research and development in the Metaverse, and Zuckerberg only spent $1 billion when he bought Instagram. Metaverse unit Reality Labs lost $10 billion in 2021 and nearly $5.8 billion in the first half of this year. Losses are expected to continue in the future.
The more successful metaverse platforms Roblox and Fortnite are based on games, and Horizon Worlds is essentially no different from Second Life or PlayStation Home. The existing content ecosystem has yet to reach the wider mass market, and unless there is a technological revolution, it will be difficult to create a product like a phone in much less time than a phone.
There are more than Meta in the lonely metaverse. According to data from DappRadar, in the 24 hours on October 7, the two metaverse companies with a market value of more than $1.3 billion, Decentraland and TheSandbox, had only 38 and 522 daily active users respectively. (Intern Zeng Xing)
Know later丨Advertiser Runge Interactive’s Hong Kong stock market rose nearly 111% on the first day of listing
There are at least 3 IPOs in A shares this week.
- Zhongke Meiling: Raised 387 million yuan, focusing on the research and development, production and sales of biomedical cryogenic storage equipment.
- Transit Technology: Raised 1.43 billion yuan, mainly engaged in the research and development and sales of big data, databases and related basic software.
- Canray Technology: Raised about 2 billion yuan to engage in R&D, design, packaging, testing and sales of high-performance digital-analog hybrid integrated circuits and analog integrated circuits.
There are at least 2 IPOs in Hong Kong stocks this week.
- Runge Interactive: It is a marketing service provider. It started by providing marketing services for advertisers through traditional offline channels, while providing additional services such as online marketing services, virtual goods procurement and delivery services, advertising distribution services and advertising placement services through large media platform operators. The IPO issue price was HK$0.64 per share, reaching a maximum of HK$1.32 on the first day of listing.
- Feitian Yundong: A leading provider of AR/VR content development and software services in China, the IPO price was HK$2.21 per share, with a market value of about HK$4 billion.
U.S. stocks had at least three IPOs this week.
- Alopexx, an infectious disease biotech company
- BiotechnologyIntensity Therapeutics
- Israeli video software provider Beamr Imaging (intern Zeng Xing)
OTHER NEWS
5 public offerings and asset management of securities companies purchased 560 million yuan.
On October 17, E Fund, China Universal, China Southern Asset Management and many other public fund companies and brokerage asset management announced plans to purchase their own fund products in the near future. Among them, E Fund announced a self-purchase of 150 million yuan, Guotai Junan Asset Management announced a self-purchase of 110 million yuan, and China Southern Asset Management, China Universal Fund and Zhongtai Securities Asset Management each purchased 100 million yuan.
BMW will produce the MINI electric car in China by the end of next year.
According to media reports, BMW will stop the production of MINI electric cars at the Oxford plant in the UK and transfer the production line to China by the end of next year due to the inefficiency of producing electric cars and gasoline-powered cars on the same production line. Great Wall’s Zhangjiagang plant in Jiangsu will manufacture the electric MINI and electric MINI Aceman models. BMW’s Oxford plant produces more than 40,000 electrified MINIs a year. After the shutdown, the Oxford plant will only produce fuel vehicles, while upgrading the production line.
Hiring with AI doesn’t reduce bias either.
Professional bodies in human resources believe artificial intelligence (AI) can fight bias, but Cambridge University researchers say in a study that AI recruiting tools will not reduce bias or increase diversity. Because it is difficult for AI to be trained to recognize only job-related features, and it is also affected by some irrelevant variables, such as adjusting brightness, saturation, or candidates wearing glasses or headscarves will affect AI scoring.
Goldman’s main business will be reorganized into three divisions.
According to media reports, Goldman Sachs plans to reorganize its most important businesses into three divisions. Investment banking and trading will be combined into one division, asset management and wealth management will be merged into a second division, and transaction banking and the bank’s fintech platform will be combined into a third division. In addition, Marcus, its personal consumer lending platform, will be merged into a second division, which will become part of the Asset and Wealth Management division.
ByteDance abolished the project team of the social application “Party Island”.
On October 17, according to the “Science and Technology Innovation Board Daily” report, ByteDance has cut off the project team of the social application “Party Island”, and the project team members returned to the original team in Zhongtai. According to incomplete statistics from “Waidian Finance”, ByteDance has shut down the social networking site Feichao and the cross-border women’s clothing e-commerce Dmonstudio this year; it has sold the securities business Dolphin Stock App; Tangyuan English.
11 cities in Zhejiang Province added local cases “20+4”.
- On October 16, there were 182 new local confirmed cases and 534 asymptomatic infections.
- Beijing added a new local “13+2”. As of 15:00 on the 17th, there were 8 new cases of infection, including 2 social cases.
- There are 32 new cases of local asymptomatic infections in Shanghai.
- Shanxi added 40 new local confirmed cases and 19 asymptomatic infections.
- Guangdong added 23 local confirmed cases and 38 asymptomatic infections.
- Yunnan added 6 local confirmed cases and 31 local asymptomatic infections.
- Zhejiang added 20 local confirmed cases and 4 asymptomatic infections, involving 11 cities.
- As of 14:00 on the 17th, Ningbo has added 4 confirmed cases and 10 asymptomatic infections.
- Xinjiang added 13 local confirmed cases and 175 asymptomatic infections.
GCL Technology’s net profit of photovoltaic materials in the third quarter was 5.5 billion yuan.
On the evening of October 16, GCL Technology released a performance forecast, saying that its photovoltaic materials business profit in the first three quarters was about 12.7 billion yuan. Among them, the profit in the third quarter was about 5.5 billion yuan, about 80% of the profit in the first half of the year. The increase in performance was mainly due to the fact that the installed capacity of the photovoltaic industry exceeded the demand expectations, and the supply of polysilicon products was in short supply. At the same time, the gross profit of polysilicon increased by 30% compared with the first half of the year.
Cathay Pacific carried 265,800 passengers in September, up 101.7% year-on-year.
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