DangDang - "Chinesisches Amazon" - 500 Beiträge pro Seite

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Dangdang Announces Pricing of Initial Public Offering on NYSE

BEIJING, Dec 07, 2010 (BUSINESS WIRE) --

E-commerce China Dangdang Inc. ("Dangdang" or the "Company") (NYSE: DANG), a leading B2C e-commerce company in China, today announced that its initial public offering of 17,000,000 American Depositary Shares ("ADSs"), each representing five Class A common shares of the Company, was priced at $16.00 per ADS. The ADSs will begin trading on the New York Stock Exchange today, December 8, 2010, under the symbol "DANG."

Of the 17,000,000 ADSs being offered, 13,200,000 ADSs are offered by Dangdang, and 3,800,000 ADSs are offered by the selling shareholders. The underwriters have been granted an option to purchase up to an additional 300,000 ADSs from Dangdang and 2,250,000 ADSs from certain selling shareholders within 30 days from the date of the final prospectus at the initial public offering price, less underwriting discounts and commissions.

Credit Suisse and Morgan Stanley are acting as joint bookrunners for this offering. The co-managers of this offering are Oppenheimer & Co., Piper Jaffray and Cowen and Company.

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Dangdang Makes Round Trip to IPO Spike Price
3 comments | by: TraderMark December 16, 2010 | about: DANG / YOKU


Interested in "China's Amazon.com"? Well lo and behold, you are now able to buy it for just about the same price it spiked post IPO 7 days ago. Granted, it is not the same price the "smart money" was able to get it for (and flip it to you for mad money for nothing more than being a good - read high volume - institutional client), but then again YOU dear sir/madam are not 'smart' money (neither am I).

With all the hype around Youku.com (YOKU), E-Commerce China Dangdang (DANG) has sort of been lost in the conversation as they IPO'd together, but it probably has more interesting potential. That said, the chance of there being any 1 Chinese Amazon is miniscule as competition is already intense, and the model now has a blueprint to copcat, unlike what Jeff Bezos was building 12-13 years ago. Indeed there is a company called Taobao, which probably has a lot better chance of being the Chinese Amazon.com, but since DANG is starting with books (like Amazon did) it's the easier comparison. (Amazon also has a company it bought in China called Joyo but somehow I see the Chinese government making sure a "pure Chinese" company wins this race). Over 80% of DANG's business is still books. Frankly no one knows - extrapolating out a decade in any market is foolish (but makes for great hype during IPOs)

* Online bookseller now branching out into other consumer categories. DANG is the largest bookseller in China. 590,000 titles with more than 570,000 Chinese language titles. DANG believes they have more Chinese language titles available than any other seller in the world.
* New products being offered include beauty and personal care products, home and lifestyle products, and baby, children and maternity products. Much like Amazon.com, DANG now offers third party products on their website.

DANG's IPO price was $16, so even here at $25, it is a 56% premium to what 'smart money' was rewarded the stock at, and I'd argue it was pricey at $16, but compared to YOKU, it's a relative bargain.

With approximately 78M ADRs the $16 IPO price gave a value of $1.25B to DANG; the current price of $25 still equates to $1.95B. Revenues look like they will hit roughly $330Mish for the full year 2010, so we are talking 6x sales - which is generally a premium paid to technology buyout candidates, but at least is within the realm of something tangible, unlike YOKU.

DANG has profits, but much like AMZN in its early days, has razor thin margins (AMZN still has razor thin margins but a huge revenue base). Frankly you can forgive profitability in the 'hyper growth' stage - the company just needs to continue to push out 70-90-110% year over year growth for a while to justify its case. I'd be interested in taking some shots here or there in building a position with the caveat that if the market ever corrects again, this type of stock can lose 10-15% in a day very easily. If DANG is treated in the investing community like, say a Baidu.com (BIDU), it will never be 'cheap' in traditional terms - it will simply waver from very expensive to quite expensive. (BIDU has a far more profitable business model)

p.s. Twitter received a round of private financing yesterday valuing it at $3.7B... for $50M in revenue. That is 74x sales. Internet bubble 2.0 has arrived. Any coincidence both are happening when our central banker went wild? (Alan with Y2K and Ben to paper over all of America's problems with the 'wealth effect')

Author's Disclosure: No position

[Maverick22]

Dangdang’s Yu On Piracy, E-Books And Taobao

E-Commerce China Dangdang, a Beijing-based online bookseller often likened to Amazon.com, is looking to follow in Amazon’s steps by expanding its product range to fuel growth, especially with its pockets full after listing on the New York Stock Exchange this month. Dangdang has already started with items like cosmetics, furniture and clothes, and it still aims to expand its book-selling business. But the Chinese market offers unique challenges.

In an interview, Dangdang co-founder and Chairwoman Peggy Yu discussed her company’s strategy and her thoughts on book piracy, e-readers and rival e-commerce site Taobao. Edited excerpts:

What are some of your planned investment areas to fuel growth?
Yu: [In the] first nine months of the year we grew our business [revenue] about 55%, and we think we are going to keep the high growth for quite some time. The growth comes from several areas. One is, with existing customers, we need to provide better service. Maybe nine months ago, second-day delivery in Beijing was considered [an] advanced target, but nine months later… we need to be faster. So we need to have more investment made in distribution area. Then growth also comes from new categories. … We have personal care, cosmetics, mother-baby stores, and also lifestyle stores, like bedroom lines, kitchen lines, bathroom lines. … We simply need more products to fulfill different types of appetite for different products.

Will expanding your product range boost your online retail market share?
Yu: Yes. … Before e-commerce took shape in the U.S. or UK, those countries had decades of mail order business. … Consumers were used to the idea of buying products from a paper catalog with a phone and a fax machine from someone they never met in person. … Chinese consumers jumped from shopping in neighborhood stores or stores in their own city to online shopping. … [There is] also the fact that China’s retail by and large is not as well as done as other segments, I think it leaves enormous opportunities for companies like Dangdang. I just came back from the road show in the States. I was just shocked how mature and advanced retail there [is]. … If someone wants to buy shoes, there’s… Nine West, shoes they can buy at Saks Fifth Avenue, or if they want to go lower price range they can go to Payless. … In China other than grocery shopping… and in electronic appliance retail… I don’t see retail being efficiently done for customers.

How does it affect Dangdang to have to compete with widely available pirated books in China?
Yu: Since we began to live with piracy from day one, I sort of take it as a given sort of virus in existing in China. … Piracy has its own cost components, distribution costs, this and that. So what I always tell to my colleagues is, one is, price-wise we be very competitive, and also speed-wise we are always ahead, if there is a new release that we are ahead of the store and we ship to our customers very fast… I cannot expect the government agency to become a police force and then try to stop people at the footbridge [buying or selling pirated products].

Is Dangdang working on an e-reader hardware device?
Yu: In e-books, Dangdang is doing a lot of preparation work, but Dangdang is not in the stage of product-launching yet. … We’re working on aggregating the content from all authors and publishers. … Hardware and manufacturing in China is tough. So I think we are going to work closely with hardware manufacturers here in China.

So you won’t produce your own e-reader?
Yu: Different country, different environment. … I think the minute we do a good hardware [device], maybe two weeks later we will be shanzhai-ed. [“Shanzhai” gadgets are generally those that imitate successful devices and are sometimes blatant counterfeits.]

Dangdang leads China’s online bookselling market, but Alibaba Group’s Taobao leads in overall e-commerce. How will you compete?
Yu: Dangdang and Taobao cater to very drastically different shopping behavior. People come to Dangdang because of the simplicity of shopping. All products are shipped from Dangdang, all customer service [is] done by Dangdang… People go to Taobao really for what they say [is]… the delight of shopping, haggling, and bargaining price around. …If they buy something from the shop owner they also strike up a conversation… One is buying things from a shopping mall, another is hunting for things in the marketplace. … I think we both do very well. And I don’t think we substitute each other.

So how can you win over more customers?
Yu: Pricing. Because Dangdang is one single large store, it definitely has more procurement, bargaining power over, say, a seller from Shandong province who’s active in Taobao. … Chinese consumers are extremely price sensitive. People like my mom would spend 40 minutes riding a bus to get a bottle of Coca-Cola [for] 40 cents less. It’s a national sport, and we respect that sport.

–Owen Fletcher

http://blogs.wsj.com/chinarealtime/2010/12/27/dangdangs-yu-o…

[Maverick22]

China's Dangdang.com Invests CNY40 Million For Sales Promotions
December 29, 2010 |

Chinese B2C e-commerce website Dangdang.com has announced that it will continue to follow a low-price strategy for its users and has invested CNY40 million to launch promotional activities, covering books, digital products, cosmetics, and maternal and baby products.

Dangdang.com, which recently became a publicly-listed company in the United States, said that over the past 11 years, the company has been sticking to the low-price strategy to ensure the prices of its products are the lowest among similar e-commerce websites with the help of its smart price comparison system. Dangdang.com aims to provide products at prices that are not only lower than physical stores, but also lower than other online retailers.

Dangdang.com also said that with its successful listing at the New York Stock Exchange on December 9, 2010, it will have more sufficient funds to implement its low-price strategy, and to expand market scale and create value for customers with its price advantages.

At present, Dangdang.com's core products include books, cosmetics, home supplies, and maternal and baby products.

http://www.chinatechnews.com/2010/12/29/12931-chinas-dangdan…

[Maverick22]

The Biggest Winner In China In 2015? E-Commerce.

By GADY EPSTEIN
Jack Ma speaks during The Future of the Global...

The future belongs to billionaire Jack Ma's Taobao.

Predicting the Chinese economy for just the next year is for chumps. Credit Suisse has taken an ambitious shot at what China will look like in 2015, in this 150-page report, and their call is that the fastest-growing business sector will be — surprise, surprise — e-commerce, led by the dominant online marketplace Taobao of Alibaba Group.

Other big winners: life insurance and wealth management, which the report says will both more than triple in business by 2015, with health care not far behind — the growth in all of which will be fueled by the have-mores of Chinese society. That seems spot on to me, in line with what I’ve written before about why the hidden wealth in Chinese society is good for Goldman Sachs, based on another worthwhile Credit Suisse report. But everyday consumer products will fare well too as both urban and rural wages and consumption will climb, with annual double-digit percentage sales growth projected for footwear, beer, wine, liquor, milk, diapers, tea, juice and bottled water.

The general trends outlined in the latest report, authored by Credit Suisse analysts Vincent Chan and Peggy Chan and drawing on the work of many, are very bullish on Chinese consumer and economic activity overall, with GDP growth continuing at 9% a year on average. Their vision of China in 2015 is of a more consumer-driven economy, with wages increasing a very strong 139%. The trade surplus will be smaller, government investment in the economy will remain strong, and the RMB will appreciate to 5.3 to the dollar.

You may be thinking, with inflation, debt and overcapacity all fueling talk of a bubble about to burst, is this really the likeliest outcome for China in 2015? By definition, it probably is, because it naturally incorporates trend-line thinking into its projections. That is the inherent problem with projections, of course — trends do not account for crises and shocks, and there is some percentage chance of real trouble in the years ahead.

That big caveat aside, the report somewhat persuasively puts the Chinese economy in context by comparing market penetration in various sectors with the history of U.S. economic development. The report says, for example, that China is only at the equivalent of 1917 America when it comes to cars — a hard-to-grasp and rather frightening prospect, considering the already off-the-charts (in technical terms, “crazy bad”) pollution in Beijing and other cities. Even in 2015, with passenger car sales projected at 23.8 million per year — twice the 2010 U.S. market — Chinese market penetration would still be only 11%, compared to 83% in the U.S. at the end of 2009. “Hence,” the report notes, “there is still plenty of room for China’s car population to grow and expand.”

That theme runs through many other sectors, including airlines, which may surprise some given China’s massive buildout of high-speed rail. Again, China was only at 1976 U.S. air passenger traffic levels in 2009 (and decades further back as a percentage of the population), and Credit Suisse projects China to reach 1986-1987 U.S. levels, or 432 million people, by 2015.

But none of those growth stories compares to the boom in the e-commerce market, projected to more than quadruple to $311 billion by 2015, possibly larger than the comparable U.S. market by then. The lion’s share of those transactions will continue to take place on Taobao, the company that slew eBay in China and which remains for now a privately held part of billionaire Jack Ma’s Alibaba Group — Taobao’s IPO would make the recent white-hot listings of Youku.com and E-Commerce China Dangdang look undersubscribed. Publicly listed Tencent, the portal which boasts the most registered online users and has the largest market cap among Chinese Internet companies, will also benefit, and is expected to be worth $60 billion by 2015, 50% more than it is worth now. Search giant Baidu will profit, too, though less from e-commerce directly than from advertising, an indirect benefit that the report says factors into the company’s lofty stock price.

There is a lot more to this report, including an analysis of China’s property sector (more of a mixed bag), and of demand for steel, copper and coal (all will continue to be strong, though not at the eye-popping growth rates of recent years).

http://blogs.forbes.com/gadyepstein/2011/01/04/the-biggest-w…

Report: http://wpc.186f.edgecastcdn.net/00186F/mps/Equity_Research_T…

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China Dangdang Rises On Rumors About Fidelity Stake (DANG)
By Scott Rubin
Benzinga Staff Writer
January 10, 2011 13:51 PM


Rumors are circulating on Wall Street that Fidelity has acquired a 17% stake in recent Chinese IPO E-Commerce China Dangdang (NYSE: DANG). The company has been promoted as the "Amazon.com of China."

We are currently trying to confirm the rumors, but right now the market appears to be giving them some credence. DANG shares have spiked more than 6% in recent minutes and are currently trading at $29.20.

Read more: http://www.benzinga.com/news/11/01/766806/china-dangdang-ris…

[Maverick22]

Das es so schnell geht, hätte ich mir nicht gedacht...

Ich bin bei $ 25,00 im Dezember mit einer Langzeitposition (5 Jahre und mehr) eingestiegen und freue mich über diese Rakete! Schade, dass anscheinend wenige deutsprachige Investoren drinnen sind...

[GregoryH]

Antwort auf Beitrag Nr.: 40.864.543 von Maverick22 am 14.01.11 17:19:25

Meinst du da ist demnächst eine Korrektur zu erwarten? Die Aktie ging ja mehr als steil in letzter Zeit.

[Maverick22]

Antwort auf Beitrag Nr.: 40.865.409 von GregoryH am 14.01.11 18:55:02

Sicher wird es zu einer mächtigen Korrektur irgendwann kommen, die laufenden Kurstreiber sind bzw. waren --- Einstieg von Fidelity Investment, Gerücht über Amazon-Einstieg und ab nächste Woche Dienstag werden die ersten Analysten ihren Senf dazugeben...

Natürlich ist es eine Wette auf die Zukunft - weil aktuell wird ein Minigewinn von 3-4 Mio. Dollar für 2010 erwartet --- KGV über 100...

[Maverick22]

Dangdang CEO’s Tweets Of Rage

E-Commerce China Dangdang Chief Executive Guoqing Li lost his temper Sunday on China’s biggest Twitter-like microblogging service, Sina Weibo, accusing Morgan Stanley of undervaluing his company’s initial public offering and exchanging outrageously off-color insults with a user who claimed to work for the financial services firm.

“I am here openly criticizing investment banks, criticizing Morgan Stanley, what, Morgan Stanley can’t be criticized? Not be cursed? You foreigners’ flunky!” he said on microblogging service Sina Weibo to a user going by the name Mishi De Weiyi, whose profile listed Morgan Stanley as her employer.

Dangdang, often likened to Amazon.com, is an online bookseller looking to expand its product range to fuel growth. It sold $272 million of shares in its IPO, including more than $56 million sold by Mr. Li and other existing shareholders, before listing on the New York Stock Exchange on Dec. 8. Morgan Stanley was a lead underwriter. Dangdang’s American depositary shares recently traded at $33.86, versus their IPO price of $16.00.

“I regret not giving the job to Goldman Sachs,” Mr. Li–who co-founded Dangdang with his wife, Peggy Yu–said in his Sunday tirade.

Mr. Li’s remarks included made-up “rock-and-roll song lyrics,” as he called them, that managed to mix talk of the IPO silent period with highly profane mother insults. Mr. Li’s microblogging opponent, Mishi De Weiyi, was at least as vicious and foul-mouthed, using crude terms to suggest Li’s father shouldn’t have conceived him and saying he has an “IQ so low you don’t even understand the basic principles of being human.”

Morgan Stanley, after a preliminary investigation, said it does not believe any of its employees actually wrote the blog posts, a company spokesman said. “These comments are offensive, highly unprofessional and do not reflect industry practices. We condemn such behavior that can risk damaging a company’s brand and reputation,” he said. Morgan Stanley declined to comment on Mr. Li’s allegations of undervaluing its shares.

Dangdang said in a statement Mr. Li’s remarks were his own, but that they also serve as a warning to other companies seeking a U.S. listing.

Mr. Li said on his microblog Monday he was writing a report to Dangdang’s board about his comments.

Mr. Li was more positive on the role of Credit Suisse, the other lead underwriter on its IPO. “Credit Suisse was not bad. Whenever price-setting was mentioned, they led the way in support,” Mr. Li said. But the company ultimately followed Morgan Stanley’s lead on the pricing, Mr. Li said.

A Credit Suisse spokesman declined to comment.

Company executives writing online posts have stirred controversy in other countries too. In 2005, someone using the name “Rahodeb” went online to a Yahoo stock-market forum and speculated that Wild Oats Markets, a natural-foods grocer, eventually would be sold after sliding into bankruptcy, or when its stock fell to from $8 to below $5. Those and other posts turned out to belong to John Mackey, co-founder and CEO of Whole Foods Market, which agreed to buy Wild Oats in 2007.

But the Chinese Internet has a particular reputation for heated online discussions. In 2008, posters in online forums and chat rooms lashed out at Wang Shi, chairman of real-estate developer China Vanke, for what they claimed was a “stingy” donation by his company to relief efforts for a major earthquake in Sichuan province. One online commenter wished for him to be drowned in the spit of all those who despise him.

Dangdang appears to be hoping for a silver lining in the controversy, using its official statement on the matter to try to redirect Internet users’ attention. It concluded: “Whether or not you like Guoqing Li’s comments, you are sincerely welcome to come to Dangdang to shop.”

http://blogs.wsj.com/chinarealtime/2011/01/18/dangdang-ceos-…

[Maverick22]

Piper Jaffray Initiates Coverage Of E Commerce China Dangdang
By Benzinga Staff
January 18, 2011 10:28 AM

In a research report published today, Piper Jaffray initiates its coverage of Dangdang (NYSE: DANG) with a Neutral rating at a $30 price target.

In the report, Piper Jaffray states, "Dangdang is in a leading position within the China online retail market, which is expected to grow at a 46% CAGR through 2015, and we believe the valuation currently reflects a solid trajectory for the company through 2013 (62x 2013E PF Op. Income at $34 share price). We believe investors at current levels are investing for the 5+ year opportunity and our revenue growth expectations for FY11/12 would need to be adjusted to 60%-plus from 52/51% currently in order to move shares higher. Dangdang is currently in the investment phase of its life, so investors should expect the company to choose revenue growth over bottom-line results over the next 3-5 years."

Shares of Dangdang are currently trading at $31.60, down 6.67% from Friday's market close.

http://www.benzinga.com/analyst-ratings/analyst-color/11/01/…

[Maverick22]

Jefferies Initiates Coverage on E Commerce China Dangdang Inc (NASDAQ: DANG)
January 19th, 2011

Equities research analysts at Jefferies initiated coverage on shares of E Commerce China Dangdang Inc (NASDAQ: DANG) in a research note to clients and investors on Monday. The analysts set a “neutral” rating and a $30.00 price target on the stock.

E-Commerce China Dangdang Inc. (Dangdang) is a holding company. The Company is a business-to-consumer (B2C), e-commerce Company in the People’s Republic of China. As of September 30, 2010, it offered approximately 590,000 book titles on its Website, including more than 570,000 Chinese language titles. It also offers other media products and selected general merchandise categories on its Website, including beauty and personal care products, home and lifestyle products, and baby, children and maternity products. In July 2009, it launched the dangdang.com marketplace program, which allows third-party merchants to sell their general merchandise products alongside its products.

Shares of E Commerce China Dangdang Inc (NASDAQ: DANG) traded down 2.00% during mid-day trading on Wednesday, hitting $30.43. E Commerce China Dangdang Inc has a 52 week low of $22.57 and a 52 week high of $36.40. The stock’s 50-day moving average is $28.28 and its 200-day moving average is $28.28.

http://www.americanbankingnews.com/2011/01/19/jefferies-init…

[Maverick22]

E Commerce China Dangdang DANG Upgrade

Shayne Heffernan has upgraded E Commerce China Dangdang DANG to a strong buy with a 2011 price target of $50.

Dangdang.com is the number-one ranked brand among China’s B2C e-commerce companies for awareness, trusted online shopping experience and price-competitiveness.

Headquartered in Beijing, E-commerce China Dangdang Inc. is a leading business-to-consumer, or B2C, e-commerce company in China.

Dangdang have focused on selling books online and have become the largest book retailer in China in terms of both revenues and selection. With a large, loyal and rapidly growing customer base established, Dangdang expanded into select general merchandise categories with revenue growing at over 150% year-over-year.

As of September 30, 2010, Dangdang offered more than 590,000 book titles, including more than 570,000 Chinese language titles which we believe is the largest selection available both online and offline from a single retailer in China. Dangdang also had approximately 460,000 stock keeping units, or SKU, of general merchandise products for sale at our website, including approximately 50,000 SKUs of products we sell directly to customers and 410,000 SKUs of products offered by third-party merchants.

Dangdang have over a decade of experience in e-commerce market and have developed best-in-class supply chain management expertise and strong and, in some cases, exclusive relationships with suppliers throughout China, which enable us to offer a wide selection of quality products at competitive prices. Our nationwide fulfillment and delivery network, consisting of 10 logistic centers locating in strategic locations, allows Dangdang to offer expeditious product delivery which is an important element of online shopping experience.

ANG to a strong buy with a 2011 price target of $50." target="_blank" rel="nofollow ugc noopener">Shayne Heffernan has upgraded E Commerce China Dangdang NasdaqANG to a strong buy with a 2011 price target of $50.

[Maverick22]

Antwort auf Beitrag Nr.: 40.897.847 von Maverick22 am 20.01.11 18:43:44

http://www.livetradingnews.com/e-commerce-china-dangdang-nas…

[Maverick22]

Macquarie Initiates Coverage on E Commerce China Dangdang Inc (DANG)
January 26th, 2011

Equities research analysts at Macquarie initiated coverage on shares of E Commerce China Dangdang Inc (NASDAQ: DANG) in a research note to investors on Tuesday. The analysts set an “outperform” rating and a $36.00 price target on the stock.

Separately, analysts at Oppenheimer (NYSE: OPY) initiated coverage on shares of E Commerce China Dangdang Inc in a research note to investors on Monday. They set a “market perform” rating on the stock.

http://www.americanbankingnews.com/2011/01/26/macquarie-init…

[Maverick22]

Dangdang to Offer Logistic Service to E-commerce Firms
Posted on: Mon, 21 Feb 2011 06:01:00 EST

Symbols: DANG, DADA
BEIJING, Feb 21, 2011 (SinoCast Daily Business Beat via COMTEX) --

Leading Chinese online book retailer E-Commerce China Dangdang Inc. (NYSE: DANG | PowerRating) today reveals that it is building an open logistic platform that could provide express delivery service for third-party e-commerce companies.

Dangdang will set up a controlled subsidiary offering distribution service. Third-party e-commerce companies will share logistic service resources based on the platform of the company as well as storage, sorting, packing and cash on delivery service in more than 1,200 cities around China.

By far, the technology development of the platform and the registration of the subsidiary have been completed. A top executive of Dangdang says that the company has rich logistic management experience and plenty of logistic resources in its development for more than ten years.

Dangdang aims to share its logistic resources with small and midsize e-commerce companies so that they could avoid detours. Through making full use of the brand influence and technology advantage of Dangdang, the open logistic platform will assure stable revenue sources for cooperative third-party express delivery companies.

http://www.tradingmarkets.com/news/stock-alert/dada_dang_dan…

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weiß jemand, wieviele Aktien es nun wirklich gibt?

Ich rechne mit 391 Mio. / 5 = 78.200.000 ADS

...keine Ahnung, ob das stimmt.

[R-BgO]

Thread: DANGDANG INC.: China-Perle jetzt 12.09$ bald wieder 16-19$ ?!

[R-BgO]

Sammelfriedhof7