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SharkNinja Inc：小家电巨头SharkNinja被做空：沦为九阳股份老板的境外提款机？已套现9亿美元
SNSharkNinja(SN)2024-11-25 10:41

Company Overview - SharkNinja is a North American small appliance giant with a market cap of approximately 14billion,owningtheSharkandNinjabrands,whichproduceproductslikevacuumcleaners,roboticvacuumcleaners,electricmops,andvariouskitchenappliances[2]−TheSharkbrandenteredtheChinesemarketin2018,withitssteammopbecomingthetop−sellingproductonTmallin2019−2020[4]−SharkNinjawasfoundedin1997inCanadaandenteredtheUSmarketin1998[10]−ThecompanywasacquiredbyJSGlobalLifestyle,theparentcompanyofJoyoung,in2017andwaslaterspunoffandlistedontheNYSEinJuly2023[13][14]OwnershipandControl−SharkNinjaandJoyoungsharethesameultimatecontroller,WangXuning[6]−Post−spinoff,WangXuningretainedcontroloverbothSharkNinjaandJSGlobalLifestyle,holding5714 billion, owning the Shark and Ninja brands, which produce products like vacuum cleaners, robotic vacuum cleaners, electric mops, and various kitchen appliances [2] - The Shark brand entered the Chinese market in 2018, with its steam mop becoming the top-selling product on Tmall in 2019-2020 [4] - SharkNinja was founded in 1997 in Canada and entered the US market in 1998 [10] - The company was acquired by JS Global Lifestyle, the parent company of Joyoung, in 2017 and was later spun off and listed on the NYSE in July 2023 [13][14] Ownership and Control - SharkNinja and Joyoung share the same ultimate controller, Wang Xuning [6] - Post-spinoff, Wang Xuning retained control over both SharkNinja and JS Global Lifestyle, holding 57% of SharkNinja and 43% of JS Global Lifestyle [16][17][18] - The company's core assets, including production facilities, are primarily located in China, with 56% of its 170 million property, plant, and equipment located there as of the end of 2023 [21] - SharkNinja does not appear to have control over its core assets in China, as the legal entity for its Shark brand online stores in China is Shangkeninja (China) Technology Co Ltd, a wholly-owned subsidiary of Joyoung [23][24][26] Financial and Operational Concerns - SharkNinja's total debt increased from 500millionattheendof2021to500 million at the end of 2021 to 800 million at the end of 2023, while shareholder equity decreased from 1.8billionto1.8 billion to 1.5 billion, leading to a debt-to-equity ratio increase from 28% to 54% [35] - The company raised debt not for business operations but for pre-IPO special dividends, paying over 600milliontoJSGlobalLifestylefrom2021to2023,withWangXuningpersonallyreceiving600 million to JS Global Lifestyle from 2021 to 2023, with Wang Xuning personally receiving 340 million [36] - Post-IPO, Wang Xuning sold 3.2 million shares in early 2024, cashing out 150million,followedbyanother4.69millionsharesinMarch2024,cashingout150 million, followed by another 4.69 million shares in March 2024, cashing out 260 million, and 1.7 million shares in September 2024, cashing out 160million,totalingnearly160 million, totaling nearly 600 million in stock sales within a year [37][39][41] - Including the special dividends, Wang Xuning has cashed out over $900 million before and after the IPO [42] Corporate Structure and Governance - SharkNinja's Chinese operations are managed by Shangkeninja (China) Technology Co Ltd, which was previously a joint venture with Joyoung but became wholly owned by Joyoung in June 2022 after SharkNinja transferred its 49% stake at a nominal price [26][28] - The company's subsidiaries in China, such as Shenzhen Shangkeninja Technology Co Ltd, share the same registered address as Shenzhen Jiushang Small Appliances Co Ltd, both linked to Joyoung's vice chairman and JS Global Lifestyle's CFO, Han Run [31][32] - The short seller alleges that SharkNinja's US-listed entity is a "shell" as its core assets' control was transferred before the IPO [34]