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萨维尼奥同时登上溢价榜和捡漏榜：曼城2150镑买下，8500万镑出售_我的网站

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一 | 8月26日讯在热刺以总价8500万英镑的价格引进萨维尼奥后，《The Athletic》谈到了如今英超转会中价值的构成要素。

二 | 巴西天才边锋向来身价不菲，但热刺与曼城达成、总价最高8500万英镑引进萨维尼奥，普遍被认为溢价严重。

三 | (ECNS) -- Chinese humanoid robot maker Unitree Robotics has attracted strong market attention after its IPO subscription results showed the lowest winning rate in the history of Shanghai’s STAR Market. Unitree priced its shares at 150.80 yuan ($22.2) each, requiring successful applicants to pay 75,400 yuan for one lot of 500 shares. The online winning rate was just 0.0181 percent, prompting comparisons to “winning a lottery.” Unitree Robotics issued about 40.45 million shares, accounting for 10 percent of its post-IPO total shares, and is expected to raise about 6.1 billion yuan. Based on the issue price, the company’s market capitalization is estimated at about 61 billion yuan. The IPO attracted a strong lineup of strategic investors, led by the National Council for Social Security Fund. Major technology and industrial investors also participated, including DeepSeek, Kunlun Capital under China National Petroleum Corporation, China Southern Power Grid and China Telecom Capital. DeepSeek received about 933,000 shares worth 141 million yuan, subject to a 36-month lock-up. Meituan-affiliated investment entities are among the company’s largest external shareholders, while Tencent, Alibaba and Ant Group also hold stakes in the company. Leading venture capital firms Sequoia China and Matrix Partners China, along with state-backed investors such as the Beijing Robotics Industry Development Investment Fund and Shenzhen Capital Group, further broadened support. Founder Wang Xingxing is also expected to benefit from the listing. Before the IPO, Wang held about 33.36% of the company’s shares directly and indirectly. Based on the issue price, his stake was valued at around 18.3 billion yuan, though his ownership ratio will be diluted after the listing. The IPO also lifted related robotics stocks on Aug. 11 and 12. (By Helen Mo, intern Liu Shuangjing) 。

四 | 22岁的萨维尼奥2024年从特鲁瓦加盟曼城，此前租借赫罗纳赛季表现亮眼，可登陆英超后迅速状态下滑，代表曼城出战53场联赛仅打入2球。热刺赛季首战0‑3惨败布伦特福德，球队急需补强攻击线，求贤若渴的心态是否让俱乐部在转会市场付出过高代价。球员转会估值本身没有统一标准，是年龄、合同、过往表现、潜力、商业价值共同构成的复杂命题。

五 | 《The Athletic》参考德转数据，统计2012年以来英超转会的实际费用与市场估价的差值，衡量交易溢价程度。德转给萨维尼奥估价3010万英镑，其7540万英镑转会固定部分，相比估值溢价4530万英镑，在统计样本中高居第五。溢价榜单榜首是切尔西引进恩佐，实际花费高出德转估值近6000万英镑，不过事后看这笔投资物有所值，如今曼城有意求购，切尔西有望收回成本。榜单紧随其后的凯帕、安东尼，则是英超天价引援失败的典型案例。

六 | 而排名前五的范戴克7280万英镑转会利物浦，成为英超历史上的超值交易。

七 | 今夏另外两笔高价交易同样进入溢价榜单：热刺新队友马特乌斯・费尔南德斯（8510万镑从西汉姆加盟），以及切尔西1.187亿英镑签下的罗杰斯。夏窗总投入上，切尔西3.42亿英镑、热刺3.05亿英镑位居英超前列。

八 | 按德转口径，热刺总溢价1.35亿英镑，高于切尔西的8500万英镑。当然德转估值属于大众估算，并非精密模型。但转会市场本身通货膨胀、国资俱乐部入局，本身就很难用理性衡量，德转的估算整体仍具备参考性，多数英超转会实际成交价高于市场估价。

九 | 同时，转会时看上去性价比高，不代表后续一定成功。统计反向榜单，即转会费低于市场估价的交易，哈兰德位列第一，多特蒙德的违约金条款让曼城以远低于身价的价格得到这名顶级射手。但除哈兰德之外，这份“捡漏”名单里也并非全是成功案例。萨维尼奥是唯一同时登上溢价榜和低价捡漏榜的球员：当初曼城花费2150万镑将他从特鲁瓦买下，被视作捡宝。如今转会热刺却成为溢价最高的交易之一，充分体现转会估值的不确定性。

十 | 中立视角来看，结合萨维尼奥有限的英超输出，8500万镑的总价属于近年令人费解的转会。

十一 | 不过俱乐部球探、教练组会完成详尽评估，考量球员适配德泽尔比战术风格、潜在数据等难以量化的因素，赌他可以兑现更高上限。

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Published on:08:50:40