Before，Airbnb, a benchmark company in the global homestay industry, announced plans to go public in 2020 (the specific time has not been disclosed)。According to the latest news from foreign media，Before Airbnb went public，The company’s equity transactions are becoming increasingly active，Some 188bet sports betting institutions hope to obtain indirect equity in Airbnb，In related offline market transactions，Airbnb’s share price rises，Valuation has reached 42 billion US dollars。

So-called indirect equity，Refers to the 188bet sports betting institution obtaining the equity of the invested enterprise through other affiliated companies or 188bet sports betting platforms or tools。

According to foreign media reports，According to several people familiar with the matter，Silicon Valley venture capitalists and private investment market brokers such as EquityZen have created dozens of "special 188bet sports betting" (English abbreviation SVP) that hold equity stakes in Airbnb。

Investors in these vehicles do not own direct shares 188bet sports betting company，Instead, it owns the income rights from future initial public offerings or company sales。

Law Firm “Cole-Frieman ?? Mallon” attorney Bart Malone said when talking about the above-mentioned “special purpose 188bet sports betting vehicle”，This is a form of 188bet sports betting in which everyone participates together。He said，With fewer 188bet sports betting opportunities in public markets，Such a trade is particularly attractive to hedge funds。

Reportedly，Stakes in some of Airbnb's special 188bet sports betting recently traded at a nominal price of 0 per share，This means the company’s capital valuation is billion higher than when it last raised billion in 2017 (when the company was valued at billion)。

Investors think，Compared to WeWork and some of the new public companies that have underperformed in the public markets this year，Airbnb is a relatively safe 188bet sports betting target。

The San Francisco-based B&B industry leader said，The company’s revenue exceeded US billion 188bet sports betting second quarter of this year，Profits were achieved in both 2017 and 2018 (according to the deduction of interest、Taxation、Gross profit calculation before depreciation and amortization expenses)。

A person familiar with the 188bet sports betting financial situation revealed，Airbnb still has about .5 billion in cash，If the company has a business loss this year，This cash will provide a buffer。

A person familiar with 188bet sports betting’s listing plan said，The company is leaning toward a direct listing when it goes public next year。

So-called direct listing，That is, no new shares will be issued at the time of listing (IPO)，Directly take out the "old shares" from shareholders and trade them publicly in the capital market。The direct listing model does not rely on 188bet sports betting bank underwriters to set the opening price、Determine company capital valuation，188bet sports betting institutions cannot purchase stocks when listed，This may increase attention to the trading of the company’s shares in the secondary market (i.e. offline market)。

Airbnb itself is also restricting stock trading activities 188bet sports betting offline market，For example, a forward contract that allows employees to receive cash loans based on stock options。

“Airbnb has made it clear，They do not want irregular trading of company stocks (offline market)。" said Barrett Cohn, CEO of private 188bet sports betting bank Science Advisement。

188bet sports betting said in a statement: “These transactions were not authorized by our company，Violation of our charter。Since 2017，We have not conducted new financing，Any share transactions thereafter will be small，We are not involved。”

As unlisted companies ban employees and investors from transferring stock ahead of IPO，The special 188bet sports betting mentioned above are becoming increasingly popular。

Some investors said，Airbnb cannot regulate transactions in special 188bet sports betting，Because they do not directly involve the company’s stock，And often supported by existing company shareholders。

Compared to secondary market bid quotes arranged by company-approved brokers，The trading of the above 188bet sports betting instruments is in a gray area。Nasdaq Private Market is the largest such group，This market represents，A total of US.3 billion in transactions completed in the first half of this year，Completed a total of US billion in transactions since its establishment in 2013。

Proponents of special 188bet sports betting often register these vehicles as Delaware limited liability companies，Grant financial rights to their accredited investors。Then，Sponsors may choose to distribute cash or stock upon the target's initial public offering or sale of assets。This investment tool hopes investors will hold shares for the long term，Until they can cash out。

Reportedly，Related interests for such special 188bet sports betting，There is also a secondary trading market。

Similar to Airbnb，The stock of plant-based meat manufacturer Impossible Foods is also trading at a high price 188bet sports betting offline market，The current capital valuation of the company 188bet sports betting offline market has exceeded the US billion 188bet sports betting latest round of financing in May。

It is reported，Before the two major U.S. ride-hailing giants Uber and Lyft officially went public this year，A number of special 188bet sports betting related to the two companies have also appeared on the market，These tools are also on the investor lists of both companies。

Investors in special 188bet sports betting generally have little access to financial data of unlisted companies，And rely on some supporting organizations to disclose company information。The above-mentioned lawyer Ma Long said，In the next few months，Special 188bet sports betting and the venture capital industry may draw attention from U.S. government regulators，The main reason is that there has been a lot of fuss over WeWork’s listing recently，The company’s listing plan is on hold，Valuation plummeted，SoftBank Group was forced to provide investment to help。

*188bet sports betting文来Source：Tencent Technology,Original title: "188bet sports betting’s offline stock trading was active before its listing, and its valuation rose to US billion》.