当前位置:首页唯品会回应做空:根本没弄明白我们的商业模式 举报文章

唯品会回应做空:根本没弄明白我们的商业模式

作者:admin    来源:用户投稿    时间:2015.6.11   

唯品会

  唯品会

  【TechWeb报道】5月14日消息,唯品会针对国外做空机构有关其财务造假一事做出了正面回应,指出做空机构不懂唯品会的商业模式,指责毫无根据、存在大量与事实不符之处。

  唯品会北京时间昨晚针对研究公司Mithra Forensic Research(以下简称MFR)5月12日发布的一篇标题为《唯品会:你们发的财报我们不买账》做空报告做出了长篇幅的回应。

  唯品会在回应开头指出:“唯品会认为,这些指责是毫无根据的,存在大量错误,无事实支持的臆测,并且是彻头彻尾地误解了我们的商业模式。公司已经向董事会、独立审计机构知会了做空报告,不过,我们打算几天先针对报告中一些关键错误做出澄清。”

  在“营收认定”(revenue recognition)方面,针对报告质疑唯品会在认定营收方法不当,唯品会指出,该公司已在2014年年度报告20-F中披露和详细说明,会计方式是恰当的。

  在“存货会计统计”(inventory accounting)方面,针对报告认定唯品会混淆了托管存货(inventory-held-on-consignment)和买入存货(purchased inventory)一说,唯品会称,MFR这一结论是基于其错误的假设条件。

  在“其他应收款”方面,针对报告中称唯品会“其他应收款”(other receivables)增长水平不寻常地偏高一说,唯品会表示,该公司在2014年年度报告20-F文件的注解5(note 5)已经做出说明,主要是因为VAT应收款和储蓄的增加(increase of deposits and VAT receivables)。

  在“资本支出”方面,针对报告指责唯品会夸大以及刻意加速资本开支一事,唯品会称,该公司2012年末、2013年末、2014年末资本开支规模分别为1240美元、2220美元、2560美元,增长主要是因为需要扩大仓库和其他与物流有关的基础设施,这之前已披露过。

  在“现金流”方面,针对报告中有关唯品会现金流不受盈利规模驱动,而受应付账户和累计开支(accounts payables and accrued expenses)驱动一说,唯品会指出,2014年运营净现金规模为5.507亿美元,主要来自1.228亿美元净利润,其中计入了3.829亿美元的股权奖励、存货减值、无形资产摊销等费现金开支影响。

  在“持有的可兑换投资(Held-to-Maturity Investments)”方面,针对报告称唯品会可能将这些投资以低利率形式向公司创始人放贷一事,唯品会表示,这些“持有的可兑换投资”是债券,从没有把这些“持有的可兑换投资”提走向公司创始人以及关联方放贷。

  在“收购乐峰”方面,报告指责唯品会高估了乐峰股权价值,构成向乐峰母公司Ovation过多支付一说,唯品会表示,对乐峰、Ovation投资的估值是基于市场标准。

  在“物流公司”方面,唯品会称,报告中这一方面的指责是主观的,而且基于不准确的财务数据。

  在“公司监管权”方面,针对报告质疑唯品会董事会和独立审计机构独立性一事,唯品会称指责没有事实根据。

  唯品会今早收盘涨3.41%,至26.66美元,盘后涨6.83%。(小峰)

  以下为唯品会英文公告原文:

  GUANGZHOU, China, May 13, 2015 /PRNewswire/ -- Vipshop Holdings Limited (VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today issued the following statement in response to recent allegations made by a few short sellers. Vipshop believes these allegations are unfounded and contain numerous errors, unsupported speculation, and a general misunderstanding of the Company's business model. The Company has made its board of directors and its independent auditors aware of the reports, and will continue to review and address the allegations as appropriate, but today the Company would like to clarify certain key errors contained in the allegations.

  Accusations regarding Accounting:

  i) Revenue Recognition:

  The allegations question the Company's method of revenue recognition and allege that the Company relied upon an incorrect application of gross revenue basis reporting. As disclosed and elaborated in the Company's annual report on Form 20-F for the fiscal year of 2014 (the "2014 Form 20-F"), the Company appropriately records its revenue on a gross basis where the ownerships, risks and rewards of these inventories have been fully transferred to the Company after it takes ownership upon deliveries to its warehouses, any loss related to damages to these inventories after the Company receives them from vendors are absorbed by the Company, and it reports these inventories on the Company's balance sheets as its assets.

  ii) Inventory Accounting

  The allegations state that the Company improperly commingled inventory-held-on-consignment with purchased inventory, thereby increasing its reported ending inventory and decreasing its cost-of-sales. The conclusion is based on the short seller's own erroneous assumptions. The Company's inventory is reported at the lower of cost or market, and the Company's cost of inventory is determined using the "weighted-average cost" method. The Company believes this approach is appropriate given the nature of its business and its arrangements with its vendors. During the periods reported, the Company has full ownership on inventories that are recorded on the balance sheet.

  iii) Other Receivables

  The allegations contend that the Company recorded significantly increased levels of "Other Receivables" which potentially reflect abusive related-party transactions ("RPTs"). This allegation is also unsupported. The breakdown of "Other Receivables" has been clearly disclosed in note 5 to the Company's consolidated financial statements for the year ended December 31, 2014 included in the 2014 Form 20-F, and the increase was mainly due to the increase of deposits and VAT receivables. In addition, as disclosed in note 4 to the Company's consolidated financial statements for the year ended December 31, 2014, other trade receivables in the amount of US$18.3 million relates to lending to some of the Company's suppliers who are not related parties.

  iv) Capital Expenditures

  The allegations assert that the Company exaggerated and accelerated its capital expenditures ("CAPEX") to industry-leading levels, despite having significant excess capacity. As reported in the Company's public disclosures, the Company's CAPEX amounted to US$12.4 million, US$22.2 million, and US$256.0 million in the years ended December 31, 2012, 2013 and 2014, respectively. In 2014, the Company's CAPEX increased significantly largely because of the Company's expansion of its warehouses and other logistical infrastructure, the details of which have been disclosed in the Company's 2014 Form 20-F. This expansion is aimed to lower costs associated with logistics and property leasing in the long term.

  v) Cash Flow

  The allegations assert that the Company's cash flow from operations is driven not by earnings, but by significant growth in both accounts payables and accrued expenses. This conclusion is also incorrect. As disclosed in its 2014 Form 20-F, the Company's net cash from operating activities amounted to US$505.7 million in 2014, which was primarily attributable to a net income of US$122.8 million, adjusted for non-cash expenses in an aggregate amount of US$382.9 million consisting primarily of share-based compensation expenses, inventory write-downs, amortization of intangible assets and changes in operating assets and liabilities.

  Other Accusations:

  Held-to-Maturity Investments

  Additionally, the allegations question the Company's Held-to-Maturity ("HTM") investments, including the rates of interest earned thereon, and suggest that they could constitute low-interest loans offered to the Company's founders. These allegations are false. The Company invests in debt securities which are made with third party banks and entered into at market rates. The Company classifies these investments as HTM. None of these HTM investments were extended to the Company's founders or other related parties.

  i) Lefeng and Ovation

  The allegations assert that the Company grossly overpaid for stakes in Lefeng and its parent company, Ovation, and that these transactions may not have been conducted at arms-length. The Company believes the valuations of the Lefeng and Ovation investments were reasonable based on prevailing market conditions and both investments were negotiated at arms-length. The acquisitions of Lefeng and Ovation were strategic moves that were intended to strengthen the Company's market share in the large and fast growing cosmetics sector and help expand its reach to female customers.

  ii) Logistics Companies

  In addition, there were false allegations regarding the Company's investments into regional logistics companies. This allegation is subjective and is based on inaccurate financial figures. In 2014, the Company made minority investments in several regional logistic companies. Strategically, these investments reflect the Company's effort to expand its nationwide delivery capabilities.

  Accusations regarding Corporate Governance:

  The allegations also challenge the independence of the Company's board and its audit firm. This allegation is unfounded. As required by U.S. securities laws and the NYSE listing requirements, the board of directors of the Company performs annual assessments of director independence, and the independent directors identified in the Company's 2014 annual report on Form 20-F were determined to have met the independence requirements set forth in applicable laws and listing rules.

  As disclosed in the 2014 Form 20-F, the Company has a majority independent board of directors as required by U.S. securities laws and the NYSE listing requirements. The Company has implemented its disclosure procedures and corporate governance protocols in compliance with public company standards and applicable legal requirements and will continue to meet corporate governance standards under applicable SEC and NYSE rules and legal requirements.

好文打赏,给Ta鼓励
扫一扫用手机阅读本文
Tags:回应  根本  弄明白  明白  我们  我们的  商业  模式  
  • 相关搜索
图片推荐
    经验之谈:开集市店距离成功要比天猫店近

    经验之谈:开集市店距离成功要比天猫店近

    今年淘宝改版动作频频,特别是7月份新的玩法出台后,很多中小卖家在论坛纷纷吐槽:新规则对小卖家没有很多好处,反而是更偏向于大卖家,尤其是天猫店。而在行业内也一直有这样的声音:就是规则对于天猫店的扶持更大
    企业网站优化越来越难做之网站被K怎么办

    企业网站优化越来越难做之网站被K怎么办

    企业网站优化越来越难做之网站被K怎么办。企业网站越来越难做了,首先肯定是搜索引擎技术的提高,我们SEO优化人员自身能力没有跟上来,这个或许是最主要的方面原因导致的。其次,现在百度推广排名左侧只保留4个
    使用WordPress设计网站时要注意哪些问题

    使用WordPress设计网站时要注意哪些问题

    现在网上有很多搭建网站的小贴士,但是在搭建个人网站的时候还需要注意哪些事项?本文中,小编将从五个不同的方面对设计网站做下详细的阐述,希望可以帮助正在设计网站的用户。  搜索框  网站就是一个大型的信息
    2015年支付宝市场份额是京东支付238倍

    2015年支付宝市场份额是京东支付238倍

    3月31日消息,日前艾瑞咨询发布2015年第三方支付市场核心数据显示,2015中国第三方互联网支付交易规模市场份额支付宝稳居老大,占比达47.5%,财付通位居第二,占比却大约只有支付宝的一半。  亿邦
    巧借热点事件引来大量流量 各大媒体争相报道

    巧借热点事件引来大量流量 各大媒体争相报道

    今年春节真是个不平凡的春节,我的站点吉利淘宝导购网从2010年11月建站以来,每天就可怜巴巴的20多个IP的流量,能有什么收入?去跟别人做友情链接呢,别人一看你才PR为0,总是客气地说以后再合作吧,意
    从小米5与腾讯合作 看雷军的创业思路

    从小米5与腾讯合作 看雷军的创业思路

    娱乐界有邓超,科技界有小米。都是行业的逗比,当然也很火。  小米最新一轮融资额,凭借450亿美元的估值,小米顺利晋升中国第四大互联网公司;还有一个是2015年发布的小米5与腾讯展开合作。现在的小米可以
    如何把不满意的一般人转化为粉丝?

    如何把不满意的一般人转化为粉丝?

    产品是否可以快速的占领市场,有很大一部分原因是产品是否可以迎合消费的习惯。还有一部分原因是产品运营者对产品的受众是否完全了解。  一个产品的用户可以分成这几种:粉丝、呐喊者以及一般人,这里的一般人可以
你是怎么知道非凡网赚网的?
  •   
  • 联系QQ 邮箱:976382653@qq.com 微信:976382653
    在线留言
    发布软文
    广告自助购
    文章调用
    常见问题
    保存到桌面