Everything to Know About VinFast, the Vietnamese EV Startup Shaking Nasdaq This Week

关于本周震撼纳斯达克的越南电动汽车初创公司 VinFast 的一切

VinFast, a little-known electric carmaker from Vietnam, debuted on Nasdaq on Tuesday (August 15) and immediately made a splash. Stock skyrocketed 270 percent on its first day of trading and closed at $37 per share, giving the company a market cap above $85 billion at one point, more than Ford and General Motors combined.

来自越南的鲜为人知的电动汽车制造商VinFast于周二（8月15日）在纳斯达克上市，立即引起轰动。其股价在首日交易中飙升 270%，收于每股 37 美元，使该公司的市值一度超过 850 亿美元，超过福特和通用汽车的总和。

VinFast went public through a reverse merger with Black Spade Acquisition Co., a special-purpose acquisition company (SPAC) based in Hong Kong. SPAC mergers, also known as “blank check” mergers, were a popular way for startups to go public during the pandemic. But as the financial market declined in 2022, dealmaking slowed significantly. In 2021, 610 companies went public through SPAC mergers and raised a total of $161 billion, according to S&P Global Market Intelligence. There were only 16 such deals in the first half of 2023, according to the White & Case US SPACs Data Hub.

VinFast 通过与 Black Spade Acquisition Co. 反向合并上市，Black Spade Acquisition Co. 是一家总部位于香港的特殊目的收购公司 (SPAC)。 SPAC合并，也称为“空白支票”合并，是疫情期间初创公司上市的一种流行方式。但随着 2022 年金融市场下滑，交易明显放缓。根据标普全球市场情报的数据，2021 年，610 家公司通过 SPAC 合并上市，筹集资金总额达 1,610 亿美元。根据 White & Case 美国 SPAC 数据中心的数据，2023 年上半年此类交易仅有 16 笔。

A SPAC listing doesn’t require the underwriting of an investment bank like a traditional IPO. Therefore, it’s subject to less financial scrutiny and trading tends to be speculative and volatile.

SPAC上市不像传统IPO那样需要投资银行的承销。因此，它受到的财务审查较少，交易往往具有投机性和波动性。

VinFast’s wild rally stood in contrast to the broader market slump last week, but the boom was short-lived. After peaking on Tuesday, VinFast shares plunged 20 percent on Wednesday and fell another 33 percent on Thursday. At press time, shares were trading at $16 apiece, down 56 percent from Tuesday’s peak.

VinFast 的疯狂上涨与上周大盘的暴跌形成鲜明对比，但这种繁荣是短暂的。在周二见顶后，VinFast 股价周三暴跌 20%，周四又下跌 33%。截至发稿时，该股交易价格为每股 16 美元，较周二峰值下跌 56%。

What is VinFast and who are the key people behind it?

VinFast 是什么？其背后的关键人物是谁？

Although not a household name in the U.S., VanFast is one of the largest automakers in Vietnam. It produces electric SUVs, scooters and buses and has an EV charging network spanning more than 60 cities and provinces in Vietnam.

尽管 VanFast 在美国并不是家喻户晓的名字，但它是越南最大的汽车制造商之一。该公司生产电动SUV、踏板车和公共汽车，并拥有覆盖越南60多个城市和省份的电动汽车充电网络。

VinFast was founded in 2017 as a subsidiary of Vingroup, a major Vietnamese conglomerate. Both companies are founded and chaired by Pham Nhat Vuong, Vietnam’s richest person. Vuong, 55, is estimated to be worth $22 billion, according to Forbes. His fortune rose to $39 billion on Tuesday thanks to VinFast’s stock surge. Vuong controls 99 percent of VinFast through shares held by Vingroup and other business entities, according to the company’s securities registration filing with the SEC in June.

VinFast 成立于 2017 年，是越南大型企业集团 Vingroup 的子公司。两家公司均由越南首富范一王创立并担任董事长。据《福布斯》报道，55 岁的 Vuong 身价估计为 220 亿美元。由于 VinFast 股价飙升，他的财富周二增至 390 亿美元。根据 VinFast 6 月份向 SEC 提交的证券登记文件，Vuong 通过 Vingroup 和其他商业实体持有的股份控制着 VinFast 99% 的股份。

The day-to-day operation of VinFast is headed by CEO Thuy Le, who is also a vice chairwoman of the Vingroup. Before Vingroup, Le was a vice president at Lehman Brothers from 2000 to its demise in 2008.

VinFast 的日常运营由首席执行官 Thuy Le 领导，她也是 Vingroup 的副主席。在加入 Vingroup 之前，Le 从 2000 年到雷曼兄弟 2008 年倒闭期间担任副总裁。

Like many EV startups, VinFast is not yet profitable. The company lost $1.4 billion in the nine months through September 2022 and carried about $2.5 billion in debt at the end of the period, according to a regulatory filing.

与许多电动汽车初创公司一样，VinFast 尚未盈利。根据一份监管文件，截至 2022 年 9 月的 9 个月内，该公司亏损了 14 亿美元，期末负债约 25 亿美元。

VinFast has released four EV models and delivered about 19,000 vehicles globally. It began delivery in the U.S. earlier this year. In July, the company broke ground on a new factory in North Carolina, which is expected to have the capacity to produce 150,000 vehicles a year.

VinFast已发布四款电动汽车车型，并在全球交付了约19,000辆汽车。它于今年早些时候开始在美国交付。 7月，该公司在北卡罗来纳州的新工厂破土动工，预计年产汽车15万辆。

文章来源观察者报，侵权删。