What Is a Secondary Offering?

什么是二次发售？

The term secondary offering refers to the sale of shares owned by an investor to the general public on the secondary market. These are shares that were already sold by the company in an initial public offering (IPO). The proceeds from a secondary offering are paid to the stockholders who sell their shares rather than to the company.

二次发售是指在二级市场上向公众出售投资者持有的股票。这些是该公司已经在首次公开发行(IPO)中出售的股票。二次发售的收益支付给出售股票的股东，而不是公司。

Some companies may offer follow-on offerings, which may also be called secondary offerings. These offerings can take on two different forms: non-dilutive and dilutive secondary offerings.

一些公司可能会提供后续发售，也称为二次发售。这些发售可以采取两种不同的形式：非稀释性和稀释性二次发售。

How Secondary Offerings Work

二次发售如何运作？

Private companies that want to raise capital may choose to sell shares to investors through an initial public offering. As the name implies, an IPO is the first time a company offers shares to the public. These are new securities that are sold to investors on the primary market. The corporation can use the proceeds to fund its day-to-day operations, make acquisitions, or for other purposes.

希望筹集资金的私营公司可以选择通过首次公开发行向投资者出售股票。顾名思义，IPO是公司首次向公众发行股票。这些是在一级市场出售给投资者的新证券。公司可以用这些收益来资助日常运营、进行收购或用于其他目的。

Once the IPO is complete, investors can make secondary offerings to the public on the secondary market or the stock market. As mentioned above, securities sold in a secondary offering are held by investors and sold to one or more other investors through a stock exchange. As such, the proceeds from a secondary offering go directly to the seller—not the company whose shares change hands.

一旦IPO完成，投资者可以在二级市场或股票市场向公众进行二次发售。如上所述，在二次发售中出售的证券由投资者持有，并通过证券交易所出售给一个或多个其他投资者。因此，二次发售的收益直接归卖方所有，而不是股票易手的公司。

In some cases, a company may perform a secondary offering—called a follow-on offering. This need may arise to raise capital to finance its debt, make acquisitions, or fund its research and development (R&D) pipeline.

在某些情况下，公司可能会进行二次发售，称为后续发售。这种需求可能会出现，以筹集资金为其债务融资、进行收购，或资助其研究和开发(R&D)管道。

In other cases, investors may inform the company of their wish to cash out of their holdings, while other companies may offer follow-on offerings to refinance debt when interest rates are low.

在其他情况下，投资者可能会通知公司他们希望套现，而其他公司可能会在利率较低时提供后续发售以再融资债务。

Types of Secondary Offerings

二次发售的类型

Secondary offerings come in two different forms. The first is a non-dilutive offering while the other is referred to as a dilutive secondary offering. We've outlined the differences between each below.

二次发售有两种不同的形式。第一种是非稀释性发售，另一种称为稀释性二次发售。我们在下面概述了它们之间的区别。

Non-Dilutive Secondary Offerings

非稀释性二次发售

A non-dilutive secondary offering does not dilute shares held by existing shareholders because no new shares are created. The issuing company might not benefit at all because the shares are offered for sale by private shareholders, such as directors or other insiders, such as company insiders or venture capitalists, who want to diversify their holdings.

非稀释性二次发售不会稀释现有股东持有的股份，因为不会产生新的股份。发行公司可能根本不会受益，因为股票是由私人股东出售的，如董事或其他内部人士，如公司内部人士或风险资本家，他们希望分散他们的持股。

The increase in available shares allows more institutions to take non-trivial positions in the issuing company, which may benefit the trading liquidity of the issuing company's shares. This kind of secondary offering is common in the years following an IPO, after the termination of the lock-up period.

可用股票的增加允许更多的机构在发行公司中持有非平凡的头寸，这可能有利于发行公司股票的交易流动性。这种二次发售在IPO后的几年里很常见，通常在锁定期结束后。

Dilutive Secondary Offerings

稀释性二次发售

A dilutive secondary offering is also known as a subsequent offering or follow-on public offering (FPO). This offering occurs when a company itself creates and places new shares onto the market, thus diluting existing shares. This offering happens when a company's board of directors agrees to increase the share float to sell more equity.

稀释性二次发售也称为后续发售或后续后续公开发售(FPO)。这种发售发生在公司自己创造并向市场投放新股，从而稀释现有股份的时候。当一家公司的董事会同意增加股份浮动以出售更多的股权时，这种发售就发生了。

When the number of outstanding shares increases, this causes the dilution of earnings per share (EPS). The resulting influx of cash helps the company achieve its longer-term goals, or it can be used to pay off debt or finance expansion. This may not be positive for the shorter-term horizons of certain shareholders.

当发行在外的股票数量增加时，就会导致每股收益(EPS)的稀释。由此产生的现金流入有助于公司实现其长期目标，或者可用于偿还债务或融资扩张。这对某些股东的短期前景可能不利。

Effects of Secondary Offerings

二次发售的影响

Secondary offerings can impact investor sentiment and a company's share price. For example, investors may anticipate bad news if a large shareholder (especially a company principal) sells a significant number of shares.

二次发售会影响投资者情绪和公司股价。例如，如果大股东(尤其是公司负责人)出售大量股票，投资者可能会预期坏消息。

An example of a company's share price being adversely affected by a secondary offering occurred with Capri Holdings (CPRI). The company announced a secondary offering of 25 million shares on February 19, 2013. The company's stock price fell by more than 10% from a closing price of $64.84 on February 19, 2013, to $57.86 by February 25, 2013.

Capri Holdings (CPRI)就是一个公司股价受到二次发售不利影响的例子。公司于2013年2月19日宣布增发2500万股。该公司股价从2013年2月19日的收盘价64.84美元下跌超过10%，至2013年2月25日的57.86美元。

A dilutive secondary offering usually results in a drop in share prices, but sometimes, markets can have an unexpected reaction to the offering. For example, CRISPR Therapeutics (CRSP) saw an increase in its stock price after announcing a secondary offering of five million shares on January 4, 2018. On January 03, 2018, the stock had closed at $23.52, and following the offering announcement on the 4th, CRISPR's stock price closed at $26.81 on January 5th for nearly a 14% gain.

稀释性二次发售通常会导致股价下跌，但有时，市场可能会对发售做出意想不到的反应。例如，CRISPR Therapeutics (CRSP)在2018年1月4日宣布二次发售500万股后，股价上涨。2018年1月3日，该股收盘价为23.52美元，继4日发布招股公告后，CRISPR的股价于1月5日的收盘价为26.81美元，涨幅近14%。

The exact reason for an increasing stock price following a secondary offering may not always be apparent. Sometimes, investors respond favorably to the offering if it's believed that the proceeds from the sale may help the company. Examples of a favorably-viewed offering might include when a company uses the funds to pay down debt, make an acquisition, or invest in the company's future.

二次发售后股价上涨的确切原因可能并不总是显而易见的。有时，如果投资者认为出售所得可能对公司有所帮助，他们会对发售做出积极回应。被看好的股票发售例子可能包括公司用这些资金偿还债务、进行收购或投资公司的未来。

（英文来源：Investopedia）