Market competition causes the mood of the only goods to rise

Lead: Bloomberg published today the article titled "Market Competition leads to the rise in the mood of the Vipshop" (bearish bets Rise on Competition:china overnight) said that because of the pressure from competitors such as Dangdang, only products will Revenue growth is likely to slow next year, with the current valuation at a high level. The company's shares fell last week.

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Investors are increasingly worried that fierce market competition will lead to a slowdown in the only 2014 growth in goods. Under such circumstances, the cost of hedging the stock price of the goods will become more and more big.

Last week, the cost of the sell option, which was expected to fall 10% per cent of the stock price, was 5.5% per cent higher than the cost of buying options that were expected to rise 10%, according to Bloomberg, the highest record for Bloomberg since tracking the data this April. The only goods will be listed in New York in March 2012, the share price has risen twice times this year. In the past week, the US-China Securities Index, which focuses on the largest Chinese concept stocks traded in the US, has fallen 3% per cent.

As a brand-name commodity Flash purchase site, only the product will be similar to the model of the United States gilt. Since 2010, only the annual revenue growth rate of the product has reached at least 170%. In a Bloomberg survey, analysts on average expect the growth rate to fall to 68% next year. China's largest online book retailer, Dangdang, has been in the market for discounted sales of fashionable goods this May.

"Competition for online fashion goods sales will intensify next year, forcing the only product to spend more on expanding its logistics network to protect its market share," he said. "The ABR Investment Strategy LLC analyst Henry Guo (Henry Guo) said. He currently has a "neutral" rating on the stock market. "Investors are equally concerned that the growth rate of the product will slow after this year's rapid growth," he said. After this year's stock price rally, I am also somewhat worried about the valuation of the only goods. ”

Last week, the US Depository Receipts (ADR) of the commodities market fell 2.4% to $80.54, below the historic peak of $86.99 in November 13. Dangdang's ADR fell 2.2% to $8.89, and has risen 114% this year. According to Bloomberg, the price of ADR is 4.3 times times that of revenue, compared to 0.7 times times the value of Dangdang. According to media reports this June, the only product council has agreed to invest 1.6 billion yuan in the construction of logistics centers in Hubei province.

As an indicator of price volatility, the cost difference between buying and selling options on November 13 reached a 3-month low of 2.1%, but then doubled.

Bloomberg-China Securities Index closed at 105.43 points last week. As America's largest ishares ETF fund, China's big-market ETF fund fell 4.4% to $38.38 last week, the biggest drop since October. The standard Poole 500 index fell 1.6%.