作者：孙梦琪对冲基金Blue Duck Capital Partners希望Snap Inc.通过出售旗下新兴业务Specs的部分股权来筹集资金，此举将给这家社交媒体公司带来更大压力，促使其在增强现实眼镜业务上取得成果。
Hedge fund Blue Duck Capital Partners wants Snap Inc. to raise capital by selling a stake in its nascent Specs unit, putting additional investor pressure on the social media app to deliver on its big investment in augmented reality glasses.
Blue Duck的首席投资官亚历克斯·贝因菲尔德在周二致Snap董事会的信中写道，Snap的股价目前被严重低估，而为Specs筹集资金则能显著提升股东价值。
Snap is “profoundly” undervalued and raising money for Specs would unlock significant shareholder value, Blue Duck Chief Investment Officer Alex Beinfield said in a letter to Snap’s board on Tuesday.
据彭博新闻社看到的这封信内容显示，虽然上个月发布的增强现实眼镜技术堪称“卓越”且潜力巨大，但在未来一两年内仍不太可能实现大规模普及。
While the technology unveiled last month is “remarkable” and has enormous potential, Specs are unlikely to see mass adoption in the next year or two, Beinfield said in the letter reviewed by Bloomberg News.
贝因菲尔德指出，专门针对Specs的融资举措既能满足业务开支需求，又不会稀释Snap的股本并有助于维持现金流。此外，这一举措还有望促使Specs目前约2200美元的售价有所下调。
A Specs-focused capital raise would help spending without diluting Snap’s share count and preserve its cash flow, Beinfield said. It could also enable the company to potentially lower Specs’ price of around $2,200, he said.
他分析称，若以50亿美元的估值出售Specs子公司20%的股权，便可筹集到10亿美元资金，足以支撑该业务部门两年的运营开支。他还建议Snap从风险投资机构或SpaceX这类战略合作伙伴处获取资金。
Selling 20% of the Specs subsidiary at a valuation of $5 billion would raise $1 billion, which would fund the division’s spending for roughly two years, Beinfield argues. He said it should raise capital from venture capital or a strategic player such as SpaceX.
贝因菲尔德在致首席执行官埃文·斯皮格尔、首席技术官鲍比·墨菲及董事会的信中强调：“若此时不采取上述举措，Snap的股价恐怕仍将持续低迷，这将限制公司的战略选择空间，打击员工士气与留存率，也会削弱Specs实现宏伟发展目标的几率。”
“Neglecting to take the actions outlined here at this juncture would likely result in more of the same: a deeply depressed share value, which limits strategic optionality, hurts employee morale and retention, and lowers the chances of reaching ambitious objectives for what Specs can be,” Beinfield said in the letter to Chief Executive Officer Evan Spiegel, Chief Technology Officer Bobby Murphy and the board.
Blue Duck方面表示自己是Snap的投资者，但并未透露具体持股规模。该基金发出的这封信无疑给Snap带来了新的压力，促使其尽快在Specs业务上取得突破。
Blue Duck said it’s an investor in Snap but didn’t disclose the size of its position. The firm’s letter puts additional pressure on Snap to deliver on Specs.
此前，Irenic Capital Management也购入了大量Snap股票，并在指出该公司已在Specs业务上投入超过35亿美元、该业务本应实现自负盈亏的前提下，敦促Snap剥离或关停这一部门。
Irenic Capital Management has built a position in Snap and has pushed the company to spin off or shut down Specs after saying it has invested more than $3.5 billion in the business, arguing it should be self-funded by now.
Snap公司发言人暂未对置评请求作出回应。Beinfield也拒绝发表评论。
A representative for Snap didn’t immediately respond to a request for comment. Beinfield declined to comment.
Snap由斯皮格尔、墨菲以及雷吉·布朗共同创立，以旗下Snapchat应用闻名，该应用支持发送会自动消失的照片与消息。2017年Snap上市时采用了多类别股票结构，普通投资者不享有投票权，公司控制权仍掌握在创始人手中。
Snap, co-founded by Spiegel, Murphy and Reggie Brown, is known for its Snapchat app that includes disappearing photos and messages. It went public in 2017 with a multi-class share structure that gives public investors no voting rights, with co-founders retaining control.
上个月，斯皮格尔推出了名为Specs的产品，公司称其将带来“学习、创作、工作与娱乐的全新方式”。该产品预计于今年秋季发售。今年1月，Snap专门为Specs设立了独立子公司。
Spiegel last month launched Specs, with the company saying they would deliver “new ways to learn, create, work, and play.”They are expected to ship this fall. Snap in January created a standalone subsidiary for Specs.
Blue Duck总部位于加利福尼亚州曼哈顿海滩，是一家采用多空股票策略的基金，主要投资科技、媒体、电信、消费及工业领域。
Blue Duck, based in Manhattan Beach, California, is a long-short equity strategy fund with a focus in tech, media, telecom, consumer and industrial sectors.