<p>下一個巨型公開募股已經在進行中。Anthropic，這家開發 Claude 模型的 人工智能（AI） 公司，於 6 月 1 日秘密提交了上市申請，此前其融資輪籌集了 650 億美元，估值達到 9650 億美元。其報告的年化收入接近 500 億美元，上市據説可能在今年秋季早些時候進行。</p>
<p>這些數字背後的軌跡幾乎沒有先例。Anthropic 報告的收入年化率在去年 7 月時約為 40 億美元，而預計僅第二季度的收入就將達到 109 億美元。只有少數幾家公司在美國交易所上市，其市值超過 Anthropic 最後的私人估值。</p>
<p>當然，個人投資者目前還無法購買股票。但市場上最知名的兩個名字多年前就已投資，而他們的股份悄然變成了驚人的紙面財富：<strong>亞馬遜</strong>（AMZN +0.55%）和 <strong>Alphabet</strong>（GOOG 0.37%）（GOOGL 0.23%）。</p>
<p>哪隻股票給投資者提供了更好的認購權？來比較一下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Nzc1NDkvYW50aHJvcGljLXN0b2NrLmpwZyZ3PTM4NDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="3840" height="2160" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Nzc1NDkvYW50aHJvcGljLXN0b2NrLmpwZyZ3PTM4NDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>1. 亞馬遜：更大、更安靜的股份</h2>
<p>亞馬遜 在 2023 年第三季度至 2025 年第四季度期間投資了 80 億美元於 Anthropic 的可轉換債券，其中部分後來轉換為無投票權的優先股。該公司從未披露過其持股比例。但根據其文件估算，持股比例在中高十幾的範圍，按 Anthropic 當前估值可能價值 1350 億至 1600 億美元——而亞馬遜已承諾再投資高達 200 億美元。到 4 月時，該頭寸——422 億美元的可轉換債券加 320 億美元的無投票權優先股——在紙面上已超過 740 億美元，尚未考慮最新一輪融資可能帶來的更高估值。</p>
<p>這些增值已經體現在亞馬遜的業績中。在第一季度，它確認從 Anthropic 投資中獲得了 168 億美元的税前收益，這佔該期間税前收入的 40% 以上。</p>
<p>將這一股份與亞馬遜自身的規模進行比較，槓桿效應顯而易見。以約 2.6 萬億美元的市值計算，1500 億美元的頭寸幾乎佔公司 6%。如果 IPO 價格達到 1 萬億美元，這一比例還會更高。</p>
<p>擴展</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="亞馬遜股票報價" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4"/></p>
<h2>NASDAQ: AMZN</h2>
<p>亞馬遜</p>
<p>今日變動</p>
<p>(0.55%) $1.34</p>
<p>當前價格</p>
<p>$243.04</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$2.6T</p>
<p>日內區間</p>
<p>$241.08 - $246.72</p>
<p>52 周區間</p>
<p>$196.00 - $278.56</p>
<p>成交量</p>
<p>1.7M</p>
<p>平均成交量</p>
<p>50.9M</p>
<p>毛利率</p>
<p>50.60%</p>
<h2>2. Alphabet：受限的股份與複雜性</h2>
<p>Alphabet 的持股情況更為明確。法庭文件顯示其在 Anthropic 的直接股權約為 14%，合同上限為 15%——在最後一次私人估值中價值約 1350 億美元。而在 4 月，該公司據説承諾再投資高達 400 億美元，其中 10 億美元立即到位，其餘部分與里程碑掛鈎。</p>
<p>Alphabet 的賬本也顯示出類似的私人投資效應。其第一季度包括約 287 億美元的股權證券收益淨收入——幾乎佔創紀錄的 626 億美元季度利潤的一半。</p>
<p>但在 Alphabet 的規模下，這一股份的影響不同。以約 4.4 萬億美元的市值計算，1350 億美元約佔公司 3%。而且還有一個亞馬遜不具備的戰略問題：Alphabet 直接與其部分擁有的公司競爭，銷售其 Gemini 模型與 Anthropic 的 Claude 競爭。</p>
<p>擴展</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0dMLnBuZyZ3PTEyOA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Alphabet 股票報價" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0dMLnBuZyZ3PTEyOA"/></p>
<h2>NASDAQ: GOOGL</h2>
<p>Alphabet</p>
<p>今日變動</p>
<p>(-0.23%) $-0.85</p>
<p>當前價格</p>
<p>$360.36</p>
<h3>關鍵數據點</h3>
<p>市值</p>
<p>$4.4T</p>
<p>日內區間</p>
<p>$353.47 - $364.20</p>
<p>52 周區間</p>
<p>$172.77 - $408.61</p>
<p>成交量</p>
<p>1.1M</p>
<p>平均成交量</p>
<p>31.5M</p>
<p>毛利率</p>
<p>60.43%</p>
<p>股息收益率</p>
<p>0.24%</p>
<h2>哪隻股票給你更好的認購權？</h2>
<p>公開上市為這些持有者改變了兩件事。它為兩家公司目前通過會計估算的股份印刷了市場價格，並最終打開了一條將紙面收益轉化為現金的路徑。</p>
<p>就每美元投資的 Anthropic 敞口而言，亞馬遜在數學上佔優。其估計的股份與 Alphabet 相當或更大，而其公司規模約小 40%——因此 Anthropic 價值的每一次波動對亞馬遜股東的影響大約是對 Alphabet 股東的兩倍。</p>
<p>但也有一些警告。這些都是紙面價值，而 IPO 最終將在一個可能遠不如私人融資輪慷慨的公開市場上進行測試。兩者的許多頭寸也坐落於不同於普通股的工具中——可轉換債券、受限股權——這正是最終提交細節重要的原因。</p>
<p>儘管如此，結論依然成立。如果持有這兩隻股票的理由是 Anthropic，我會選擇購買亞馬遜：相對於公司的規模，其敞口顯著更大，並且沒有資助直接競爭對手的尷尬。Alphabet 的股東獲得了一個不錯的安慰獎——一個受限但巨大的股份，已經為報告利潤增添了色彩。但如果 Anthropic 在今年秋季的定價達到 1 萬億美元或更多，亞馬遜將是那隻足以改變整個投資案例的股票。</p>

谷歌-A

亞馬遜

谷歌-C

<p>Anthropic 是一家估值為 9650 億美元、年化收入接近 500 億美元的人工智能公司，正在為今年秋季可能進行的 1 萬億美元首次公開募股（IPO）做準備。亞馬遜和谷歌是其主要早期投資者。亞馬遜相對持有更大股份（約佔其市值的 6%），且沒有直接競爭，而谷歌則擁有大約 14-15% 的股份，但與其 Gemini 模型存在戰略衝突。分析師認為，亞馬遜由於更高的槓桿和缺乏競爭重疊，提供了更好的 Anthropic 增長曝光機會</p>

<p>The next giant public offering is already in motion. Anthropic, the artificial intelligence (AI) company behind the Claude models, confidentially filed to go public on June 1, on the heels of a funding round that raised $65 billion at a $965 billion valuation. Its reported annualized revenue is approaching $50 billion, and a listing reportedly could come as early as this fall.</p>
<div class="lb-trans"><p>下一個巨型公開募股已經在進行中。Anthropic，這家開發 Claude 模型的 人工智能（AI） 公司，於 6 月 1 日秘密提交了上市申請，此前其融資輪籌集了 650 億美元，估值達到 9650 億美元。其報告的年化收入接近 500 億美元，上市據説可能在今年秋季早些時候進行。</p>
</div><p>The trajectory behind those numbers has few precedents. Anthropic's reported revenue run rate was about $4 billion as recently as last July, and expectations reportedly call for $10.9 billion of revenue in the second quarter alone. Only a handful of companies listed on U.S. exchanges carry a market value above Anthropic's last private mark.</p>
<div class="lb-trans"><p>這些數字背後的軌跡幾乎沒有先例。Anthropic 報告的收入年化率在去年 7 月時約為 40 億美元，而預計僅第二季度的收入就將達到 109 億美元。只有少數幾家公司在美國交易所上市，其市值超過 Anthropic 最後的私人估值。</p>
</div><p>Individual investors, of course, can't buy shares yet. But two of the market's most familiar names bought in years ago, and their stakes have quietly become staggeringly large paper windfalls: <strong>Amazon</strong>( AMZN +0.55%) and <strong>Alphabet</strong>( GOOG 0.37%)( GOOGL 0.23%).</p>
<div class="lb-trans"><p>當然，個人投資者目前還無法購買股票。但市場上最知名的兩個名字多年前就已投資，而他們的股份悄然變成了驚人的紙面財富：<strong>亞馬遜</strong>（AMZN +0.55%）和 <strong>Alphabet</strong>（GOOG 0.37%）（GOOGL 0.23%）。</p>
</div><p>Which stock gives investors the better claim on the debut? Run the stakes.</p>
<div class="lb-trans"><p>哪隻股票給投資者提供了更好的認購權？來比較一下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Nzc1NDkvYW50aHJvcGljLXN0b2NrLmpwZyZ3PTM4NDA" alt="Rows of computer servers in a data center." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F877549%2Fanthropic-stock.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>1. Amazon: the bigger, quieter stake</h2>
<div class="lb-trans"><h2>1. 亞馬遜：更大、更安靜的股份</h2>
</div><p>Amazon invested $8 billion in Anthropic convertible notes from Q3 2023 to Q4 2025, with portions later converted to nonvoting preferred stock. The company has never disclosed an ownership percentage. But estimates built from its filings put the stake in the mid-to-high teens, worth perhaps $135 billion to $160 billion at Anthropic's current valuation -- and Amazon has committed to invest up to $20 billion more. By April, the position -- $42.2 billion of convertible notes plus $32 billion of nonvoting preferred -- was already carried at more than $74 billion on paper, before the latest round could mark it higher.</p>
<div class="lb-trans"><p>亞馬遜 在 2023 年第三季度至 2025 年第四季度期間投資了 80 億美元於 Anthropic 的可轉換債券，其中部分後來轉換為無投票權的優先股。該公司從未披露過其持股比例。但根據其文件估算，持股比例在中高十幾的範圍，按 Anthropic 當前估值可能價值 1350 億至 1600 億美元——而亞馬遜已承諾再投資高達 200 億美元。到 4 月時，該頭寸——422 億美元的可轉換債券加 320 億美元的無投票權優先股——在紙面上已超過 740 億美元，尚未考慮最新一輪融資可能帶來的更高估值。</p>
</div><p>The mark-ups are already flowing through Amazon's results. In the first quarter, it recognized $16.8 billion of pre-tax gains included in non-operating income from its Anthropic investments -- more than 40% of its pre-tax income for the period.</p>
<div class="lb-trans"><p>這些增值已經體現在亞馬遜的業績中。在第一季度，它確認從 Anthropic 投資中獲得了 168 億美元的税前收益，這佔該期間税前收入的 40% 以上。</p>
</div><p>Set the stake against Amazon's own size, and the leverage shows. At a market value of about $2.6 trillion, a $150 billion position amounts to nearly 6% of the company. A $1 trillion IPO price would push it higher still.</p>
<div class="lb-trans"><p>將這一股份與亞馬遜自身的規模進行比較，槓桿效應顯而易見。以約 2.6 萬億美元的市值計算，1500 億美元的頭寸幾乎佔公司 6%。如果 IPO 價格達到 1 萬億美元，這一比例還會更高。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>擴展</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4" alt="Amazon Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAMZN.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AMZN</h2>
<div class="lb-trans"><h2>NASDAQ: AMZN</h2>
</div><p>Amazon</p>
<div class="lb-trans"><p>亞馬遜</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(0.55%) $1.34</p>
<div class="lb-trans"><p>(0.55%) $1.34</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$243.04</p>
<div class="lb-trans"><p>$243.04</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$2.6T</p>
<div class="lb-trans"><p>$2.6T</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$241.08 - $246.72</p>
<div class="lb-trans"><p>$241.08 - $246.72</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$196.00 - $278.56</p>
<div class="lb-trans"><p>$196.00 - $278.56</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.7M</p>
<div class="lb-trans"><p>1.7M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>50.9M</p>
<div class="lb-trans"><p>50.9M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>50.60%</p>
<div class="lb-trans"><p>50.60%</p>
</div><h2>2. Alphabet: the capped stake with a complication</h2>
<div class="lb-trans"><h2>2. Alphabet：受限的股份與複雜性</h2>
</div><p>Alphabet's position is more precisely known. Court documents put it at roughly 14% of Anthropic in straight equity, contractually capped at 15% -- worth about $135 billion at the last private valuation. And in April, the company reportedly committed up to $40 billion more, with $10 billion arriving immediately and the rest tied to milestones.</p>
<div class="lb-trans"><p>Alphabet 的持股情況更為明確。法庭文件顯示其在 Anthropic 的直接股權約為 14%，合同上限為 15%——在最後一次私人估值中價值約 1350 億美元。而在 4 月，該公司據説承諾再投資高達 400 億美元，其中 10 億美元立即到位，其餘部分與里程碑掛鈎。</p>
</div><p>Alphabet's books already show a similar private-investment effect, too. Its first quarter included about $28.7 billion in net income from equity securities gains -- nearly half of a record $62.6 billion quarterly profit.</p>
<div class="lb-trans"><p>Alphabet 的賬本也顯示出類似的私人投資效應。其第一季度包括約 287 億美元的股權證券收益淨收入——幾乎佔創紀錄的 626 億美元季度利潤的一半。</p>
</div><p>But the stake lands differently at Alphabet's scale. Against a market value of about $4.4 trillion, $135 billion works out to about 3% of the company. And there's a strategic issue Amazon doesn't carry to the same degree: Alphabet competes directly with the company it part-owns, selling its Gemini models against Anthropic's Claude.</p>
<div class="lb-trans"><p>但在 Alphabet 的規模下，這一股份的影響不同。以約 4.4 萬億美元的市值計算，1350 億美元約佔公司 3%。而且還有一個亞馬遜不具備的戰略問題：Alphabet 直接與其部分擁有的公司競爭，銷售其 Gemini 模型與 Anthropic 的 Claude 競爭。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>擴展</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0dMLnBuZyZ3PTEyOA" alt="Alphabet Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FGOOGL.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: GOOGL</h2>
<div class="lb-trans"><h2>NASDAQ: GOOGL</h2>
</div><p>Alphabet</p>
<div class="lb-trans"><p>Alphabet</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日變動</p>
</div><p>(-0.23%) $-0.85</p>
<div class="lb-trans"><p>(-0.23%) $-0.85</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>當前價格</p>
</div><p>$360.36</p>
<div class="lb-trans"><p>$360.36</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>關鍵數據點</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$4.4T</p>
<div class="lb-trans"><p>$4.4T</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日內區間</p>
</div><p>$353.47 - $364.20</p>
<div class="lb-trans"><p>$353.47 - $364.20</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周區間</p>
</div><p>$172.77 - $408.61</p>
<div class="lb-trans"><p>$172.77 - $408.61</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.1M</p>
<div class="lb-trans"><p>1.1M</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>31.5M</p>
<div class="lb-trans"><p>31.5M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>60.43%</p>
<div class="lb-trans"><p>60.43%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.24%</p>
<div class="lb-trans"><p>0.24%</p>
</div><h2>Which stock gives you the better claim?</h2>
<div class="lb-trans"><h2>哪隻股票給你更好的認購權？</h2>
</div><p>A public listing changes two things for these holders. It prints a market price on stakes both companies currently value by accounting estimate, and it opens a path -- eventually -- to converting paper gains into cash.</p>
<div class="lb-trans"><p>公開上市為這些持有者改變了兩件事。它為兩家公司目前通過會計估算的股份印刷了市場價格，並最終打開了一條將紙面收益轉化為現金的路徑。</p>
</div><p>For Anthropic exposure per dollar invested, Amazon wins the math. Its estimated stake is as large as Alphabet's or larger, inside a company about 40% smaller -- so every move in Anthropic's value means roughly twice as much to Amazon shareholders as it does to Alphabet's.</p>
<div class="lb-trans"><p>就每美元投資的 Anthropic 敞口而言，亞馬遜在數學上佔優。其估計的股份與 Alphabet 相當或更大，而其公司規模約小 40%——因此 Anthropic 價值的每一次波動對亞馬遜股東的影響大約是對 Alphabet 股東的兩倍。</p>
</div><p>But there are some caveats. These are paper values, and an IPO would finally test them in a public market that can be far less generous than a private funding round. Much of both positions also sits in instruments -- convertible notes, capped equity -- whose economics differ from common stock, which is exactly why the eventual filing details matter.</p>
<div class="lb-trans"><p>但也有一些警告。這些都是紙面價值，而 IPO 最終將在一個可能遠不如私人融資輪慷慨的公開市場上進行測試。兩者的許多頭寸也坐落於不同於普通股的工具中——可轉換債券、受限股權——這正是最終提交細節重要的原因。</p>
</div><p>Still, the conclusion holds. If the reason to own one of these two stocks is Anthropic, I'd buy Amazon: the exposure is meaningfully larger relative to the company's size, and it comes without the awkwardness of funding a direct competitor. Alphabet shareholders get a fine consolation prize -- a capped-but-enormous stake, already padding reported profits. But if Anthropic prices at $1 trillion or more this fall, Amazon is the stock whose windfall is large enough to move the whole investment case.</p>
<div class="lb-trans"><p>儘管如此，結論依然成立。如果持有這兩隻股票的理由是 Anthropic，我會選擇購買亞馬遜：相對於公司的規模，其敞口顯著更大，並且沒有資助直接競爭對手的尷尬。Alphabet 的股東獲得了一個不錯的安慰獎——一個受限但巨大的股份，已經為報告利潤增添了色彩。但如果 Anthropic 在今年秋季的定價達到 1 萬億美元或更多，亞馬遜將是那隻足以改變整個投資案例的股票。</p>
</div>

Anthropic Could Be a $1 Trillion IPO This Fall. These 2 Stocks Already Own a Piece.

- Anthropic 正在計劃上市，估值達 9650 億美元，預計秋季上市。  
- 亞馬遜在 Anthropic 持有約 14%-15% 的股份，價值約 1350 億美元。  
- Alphabet 雖擁有相似價值，但因直接競爭關係牽制其發展。

Motley Fool

GraniteShares 2x Long AMZN Daily ETF

2 倍做多谷歌 ETF - Direxion

Anthropic

YieldMax GOOGL Option Income Strategy ETF

2 倍做多谷歌 ETF - T-Rex

1 倍做空谷歌 ETF - Direxion

Roundhill GOOGL WeeklyPay ETF

Roundhill AMZN WeeklyPay ETF

亞馬遜每日 1 倍做空 ETF - Direxion

GraniteShares 2x Long GOOGL Daily ETF

亞馬遜每日 2 倍做多 ETF - Direxion

Kurv Yield Premium Strategy Google GOOGL ETF

2 倍做多 MAG7 指數 ETF - Roundhill

Tradr 2X Short AMZN Daily ETF

Yieldmax Amzn Option Income ETF

Graniteshares YieldBOOST AMZN ETF

Kurv Yield Premium Strategy Amazon AMZN ETF

Anthropic 可能在今年秋季成為市值達 1 萬億美元的 IPO。這兩隻股票已經持有其部分股份