HPROHR personal page - To The Moon

HPROHR

HPROHR

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2024-01-28

$苹果(AAPL)$ OK

2023-11-24

yes, I caught the Anbao

@小虎活动:【感恩節特別活動】紅包大放送，截圖贏好禮！

2023-11-22

OK

@Edward Sawyer:有人疑問，爲什麼阿里股價一直在降低？其實看一下阿里營收和成本的對比你就知道爲什麼了？2012年，營收200億，成本65億,營收是成本的3倍，2923年，營收8686億，成本5496億，營收是成本的1.5倍，如果按照2012年的營收成本比，2023年營收8686億，成本應該是2895億，或者成本是5496億，營收應該是16488億，明顯可以看到阿里的能效比一直在降低，那麼未來阿里會改變嗎？我認爲不能，因爲開始的時候只有電商業務效率非常高，但是後面收購及摸索許多業務，效率非常低，能效比自然就低了，而未來阿里也不可能再出現像電商那樣高效率的業務。既然無法改變，那阿里註定只會大而不強。大沒有用，強才能賺更多。 $阿里巴巴(BABA)$

2023-11-03

Very interesting game, come to play

2023-10-30

Yes

@TigerEvents:Join Tiger's Halloween Fun! Win Big!

2023-10-30

Very interesting game need your figure can play piano

2023-06-27

Ok,ok,ok,ok,ok,ok,ok

2023-06-27

[财迷] [财迷] [财迷] [财迷] [财迷] [财迷] [财迷] [财迷] [财迷]

2023-06-25

okok o koki koko kok

2023-06-24

okok o kok o ko kok o kok

2023-06-20

Okokokokokokokokokok

2023-06-10

Yes, come to play, interesting

2023-01-16

Ok

2023-01-15

Ok

2023-01-14

Ok

2023-01-13

OK

2023-01-13

OK

2023-01-12

OK

2023-01-11

OK

2023-01-10

OK

Go to Tiger App to see more news

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href=\"https://ttm.financial/S/AAPL\">$苹果(AAPL)$ </a> OK","listText":"<a href=\"https://ttm.financial/S/AAPL\">$苹果(AAPL)$ </a> OK","text":"$苹果(AAPL)$ OK","images":[{"img":"https://community-static.tradeup.com/news/46473e5784c83332c96300a76b998a2a","width":"882","height":"1608"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/267917617316080","isVote":1,"tweetType":1,"viewCount":4545,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":244960056836184,"gmtCreate":1700828610398,"gmtModify":1700828615606,"author":{"id":"3556095495110458","authorId":"3556095495110458","name":"HPROHR","avatar":"https://community-static.tradeup.com/news/4e61477253ec9d084133f1e56730473f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556095495110458","authorIdStr":"3556095495110458"},"themes":[],"title":"","htmlText":"yes, I caught the Anbao","listText":"yes, I caught the Anbao","text":"yes, I caught the Anbao","images":[{"img":"https://community-static.tradeup.com/news/bcec9f4c2f3926efbc3300ee68b0ed89"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/244960056836184","repostId":"244422070988872","repostType":1,"repost":{"id":244422070988872,"gmtCreate":1700710505965,"gmtModify":1700710506018,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/44a4f89726b3f6319d06a0075bf9ff76","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"36984908995200","authorIdStr":"36984908995200"},"themes":[],"title":"【感恩節特別活動】紅包大放送，截圖贏好禮！","htmlText":"🎉🎁感恩節特別活動來啦！在這個充滿感恩的時刻，小虎代表老虎感謝虎友們長期以來的支持！🙏同時也爲大家準備了一個特別的驚喜互動——紅包、金幣和禮物等等，全部隱藏在一個神祕的GIF截圖裏！動動手指，收穫心動好禮吧！【如何參與】將下方GIF截圖;然後將截圖發送到評論區或者<a href=\"https://laohu8.com/RN?name=RNTheme&amp;page=/theme/detail&amp;rndata={&quot;themeId&quot;:&quot;cc29cbdfcd434c3496f29077a135d686&quot;,&quot;type&quot;:0}\" target=\"_blank\">主題</a>&gt;&gt;即可；也歡迎在評論留言，說說2023年你最想感謝的虎友，以及你在本次活動中收穫的（截圖的）獎品（例如 紅包，金幣，禮物）。【活動獎勵】✨截取到紅包🧧，你將獲得價值5美元的股票代金券，爲你的投資之旅增添新的動力；💸抓到金幣🪙，將贏得10虎幣，祝您今後一年財源滾滾來；🐯而第一個抓到禮物🎁的幸運虎友，將贏得一份精美的老虎周邊禮物。【活動時間】即日起 - 11月26日最後再次感謝一直以來的支持和信任！讓我們一起嗨皮地慶祝這個感恩節吧🎈🎊 <a href=\"https://laohu8.com/S/TIGR\">$老虎證券(TIGR)$</a>","listText":"🎉🎁感恩節特別活動來啦！在這個充滿感恩的時刻，小虎代表老虎感謝虎友們長期以來的支持！🙏同時也爲大家準備了一個特別的驚喜互動——紅包、金幣和禮物等等，全部隱藏在一個神祕的GIF截圖裏！動動手指，收穫心動好禮吧！【如何參與】將下方GIF截圖;然後將截圖發送到評論區或者<a href=\"https://laohu8.com/RN?name=RNTheme&amp;page=/theme/detail&amp;rndata={&quot;themeId&quot;:&quot;cc29cbdfcd434c3496f29077a135d686&quot;,&quot;type&quot;:0}\" target=\"_blank\">主題</a>&gt;&gt;即可；也歡迎在評論留言，說說2023年你最想感謝的虎友，以及你在本次活動中收穫的（截圖的）獎品（例如 紅包，金幣，禮物）。【活動獎勵】✨截取到紅包🧧，你將獲得價值5美元的股票代金券，爲你的投資之旅增添新的動力；💸抓到金幣🪙，將贏得10虎幣，祝您今後一年財源滾滾來；🐯而第一個抓到禮物🎁的幸運虎友，將贏得一份精美的老虎周邊禮物。【活動時間】即日起 - 11月26日最後再次感謝一直以來的支持和信任！讓我們一起嗨皮地慶祝這個感恩節吧🎈🎊 <a href=\"https://laohu8.com/S/TIGR\">$老虎證券(TIGR)$</a>","text":"🎉🎁感恩節特別活動來啦！在這個充滿感恩的時刻，小虎代表老虎感謝虎友們長期以來的支持！🙏同時也爲大家準備了一個特別的驚喜互動——紅包、金幣和禮物等等，全部隱藏在一個神祕的GIF截圖裏！動動手指，收穫心動好禮吧！【如何參與】將下方GIF截圖;然後將截圖發送到評論區或者主題>>即可；也歡迎在評論留言，說說2023年你最想感謝的虎友，以及你在本次活動中收穫的（截圖的）獎品（例如 紅包，金幣，禮物）。【活動獎勵】✨截取到紅包🧧，你將獲得價值5美元的股票代金券，爲你的投資之旅增添新的動力；💸抓到金幣🪙，將贏得10虎幣，祝您今後一年財源滾滾來；🐯而第一個抓到禮物🎁的幸運虎友，將贏得一份精美的老虎周邊禮物。【活動時間】即日起 - 11月26日最後再次感謝一直以來的支持和信任！讓我們一起嗨皮地慶祝這個感恩節吧🎈🎊 $老虎證券(TIGR)$","images":[{"img":"https://static.tigerbbs.com/97df84e065cb5ce752d7b079cc67f532","width":"1080","height":"1080"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/244422070988872","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":244285241200688,"gmtCreate":1700663848742,"gmtModify":1700663852458,"author":{"id":"3556095495110458","authorId":"3556095495110458","name":"HPROHR","avatar":"https://community-static.tradeup.com/news/4e61477253ec9d084133f1e56730473f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3556095495110458","authorIdStr":"3556095495110458"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/244285241200688","repostId":"243869786947632","repostType":1,"repost":{"id":243869786947632,"gmtCreate":1700576184141,"gmtModify":1700576184179,"author":{"id":"10000000000010338","authorId":"10000000000010338","name":"Edward Sawyer","avatar":"https://static.tigerbbs.com/b7238e9162c681956ea839ddaa0ec1d4","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"10000000000010338","authorIdStr":"10000000000010338"},"themes":[],"title":"","htmlText":"有人疑問，爲什麼阿里股價一直在降低？其實看一下阿里營收和成本的對比你就知道爲什麼了？2012年，營收200億，成本65億,營收是成本的3倍，2923年，營收8686億，成本5496億，營收是成本的1.5倍，如果按照2012年的營收成本比，2023年營收8686億，成本應該是2895億，或者成本是5496億，營收應該是16488億，明顯可以看到阿里的能效比一直在降低，那麼未來阿里會改變嗎？我認爲不能，因爲開始的時候只有電商業務效率非常高，但是後面收購及摸索許多業務，效率非常低，能效比自然就低了，而未來阿里也不可能再出現像電商那樣高效率的業務。既然無法改變，那阿里註定只會大而不強。大沒有用，強才能賺更多。 <a href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a> <v-v data-views=\"0\"></v-v>","listText":"有人疑問，爲什麼阿里股價一直在降低？其實看一下阿里營收和成本的對比你就知道爲什麼了？2012年，營收200億，成本65億,營收是成本的3倍，2923年，營收8686億，成本5496億，營收是成本的1.5倍，如果按照2012年的營收成本比，2023年營收8686億，成本應該是2895億，或者成本是5496億，營收應該是16488億，明顯可以看到阿里的能效比一直在降低，那麼未來阿里會改變嗎？我認爲不能，因爲開始的時候只有電商業務效率非常高，但是後面收購及摸索許多業務，效率非常低，能效比自然就低了，而未來阿里也不可能再出現像電商那樣高效率的業務。既然無法改變，那阿里註定只會大而不強。大沒有用，強才能賺更多。 <a href=\"https://laohu8.com/S/BABA\">$阿里巴巴(BABA)$</a> <v-v 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data-views=\"0\"></v-v>","text":"有人疑問，爲什麼阿里股價一直在降低？其實看一下阿里營收和成本的對比你就知道爲什麼了？2012年，營收200億，成本65億,營收是成本的3倍，2923年，營收8686億，成本5496億，營收是成本的1.5倍，如果按照2012年的營收成本比，2023年營收8686億，成本應該是2895億，或者成本是5496億，營收應該是16488億，明顯可以看到阿里的能效比一直在降低，那麼未來阿里會改變嗎？我認爲不能，因爲開始的時候只有電商業務效率非常高，但是後面收購及摸索許多業務，效率非常低，能效比自然就低了，而未來阿里也不可能再出現像電商那樣高效率的業務。既然無法改變，那阿里註定只會大而不強。大沒有用，強才能賺更多。 $阿里巴巴(BABA)$","images":[{"img":"https://static.tigerbbs.com/cdeb5a9cb672917cb8340498d2f7bcea","width":"340","height":"234"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/243869786947632","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195141797,"gmtCreate":1621265225519,"gmtModify":1704354915687,"author":{"id":"3556095495110458","authorId":"3556095495110458","name":"HPROHR","avatar":"https://community-static.tradeup.com/news/4e61477253ec9d084133f1e56730473f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556095495110458","idStr":"3556095495110458"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/IPW\">$iPower Inc.(IPW)$</a>buy?","listText":"<a href=\"https://laohu8.com/S/IPW\">$iPower Inc.(IPW)$</a>buy?","text":"$iPower Inc.(IPW)$buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":1,"link":"https://ttm.financial/post/195141797","isVote":1,"tweetType":1,"viewCount":1911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9925149206,"gmtCreate":1671971064606,"gmtModify":1676538616343,"author":{"id":"3556095495110458","authorId":"3556095495110458","name":"HPROHR","avatar":"https://community-static.tradeup.com/news/4e61477253ec9d084133f1e56730473f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556095495110458","idStr":"3556095495110458"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9925149206","isVote":1,"tweetType":1,"viewCount":1290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161054618,"gmtCreate":1623897820734,"gmtModify":1703822940180,"author":{"id":"3556095495110458","authorId":"3556095495110458","name":"HPROHR","avatar":"https://community-static.tradeup.com/news/4e61477253ec9d084133f1e56730473f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556095495110458","idStr":"3556095495110458"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/161054618","repostId":"1101569149","repostType":4,"repost":{"id":"1101569149","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1623896248,"share":"https://ttm.financial/m/news/1101569149?lang=en_US&edition=fundamental","pubTime":"2021-06-17 10:17","market":"hk","language":"zh","title":"Keji Pharmaceutical-B's first-hand winning rate is 5%, and the subscription of 70 lots is stable","url":"https://stock-news.laohu8.com/highlight/detail?id=1101569149","media":"老虎资讯综合","summary":"6月17日消息，本周四科济药业-B发布公告，公司发行9474.7万股股份，每股定价32.8港元，每手500股，预期将于6月18日上市。\n公开发售阶段科济药业-B获434.57倍认购，分配至公开发售的发","content":"<p>June 17 news, this Thursday<a href=\"https://laohu8.com/S/02171\">Keji Pharmaceutical-B</a>According to the announcement, the company issued 94.747 million shares at a price of HK$ 32.8 per share and 500 shares per lot, which is expected to be listed on June 18th.</p><p>During the public offering stage, Keji Pharmaceutical-B was subscribed 434.57 times, and the final number of Offer Shares allocated to the public offering was 47,343,500 shares, representing 50% of the total number of Offer Shares (before any over-allotment option is exercised). A total of 365,662 valid applications were received, with a successful rate of 5%, and 70 lots were successfully subscribed.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 47,343,500 (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:<img src=\"https://static.tigerbbs.com/95d89d7eee6c2f396df4d3ef45820c65\" tg-width=\"697\" tg-height=\"586\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>500 shares per board lot with an admission fee of HK$16,565.26. The winning rate of one hand is 5%, and the subscription of 70 lots is stable.</p><p>The threshold of Group B is 200,000 shares, and the funds required for subscription are approximately HK$6,626,105.12.<img src=\"https://static.tigerbbs.com/353378b0488328f9e158c8091c6bd0e6\" tg-width=\"812\" tg-height=\"848\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f020abe439deaa57cbca1e60a4888b29\" tg-width=\"847\" tg-height=\"595\" referrerpolicy=\"no-referrer\">In terms of financing, the Company intends to use the net proceeds from the Global Offering of approximately HK$2.94 billion for the following purposes: approximately 30% will be used to provide funds for the further development of the core product candidate BCMA CAR-T (CT053); Approximately 20% will be used to develop comprehensive manufacturing and commercialization capabilities; Approximately 10% will be used to continue upgrading the CAR-T technology and fund early stage research and development activities; Approximately 9% will be used for working capital and other general corporate purposes.</p><p>It is reported that Keji Pharmaceutical is a biopharmaceutical company with operations in China and the United States, focusing on innovative CAR-T cell therapy for the treatment of hematological malignancies and solid tumors. The company has internally developed new technologies and a product pipeline with global rights to solve the major challenges of CAR-T cell therapy, such as improving safety, improving the efficacy of treating solid tumors and reducing treatment costs.</p><p>According to Frost & Sullivan, the Company has obtained IND licenses for seven CAR-T therapies in China, the United States and Canada.<b>Ranked first among all CAR-T companies in China</b>。 In addition, among all CAR-T companies in China, companies are<b>The first and only one</b>Companies that obtained the U.S. FDA Advanced Therapy for Regenerative Medicine (or RMAT) designation for CT053.</p><p>In terms of financial data, during the Track Record Period, the Company had no products approved for commercial sales, no revenue from product sales and incurred operating loss. In 2019 and 2020, the Company recorded losses of RMB227 million and RMB327 million, respectively. The majority of the Company's operating losses were attributable to research and development expenses and administrative expenses.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Keji Pharmaceutical-B's first-hand winning rate is 5%, and the subscription of 70 lots is stable</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKeji Pharmaceutical-B's first-hand winning rate is 5%, and the subscription of 70 lots is stable\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-17 10:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 17 news, this Thursday<a href=\"https://laohu8.com/S/02171\">Keji Pharmaceutical-B</a>According to the announcement, the company issued 94.747 million shares at a price of HK$ 32.8 per share and 500 shares per lot, which is expected to be listed on June 18th.</p><p>During the public offering stage, Keji Pharmaceutical-B was subscribed 434.57 times, and the final number of Offer Shares allocated to the public offering was 47,343,500 shares, representing 50% of the total number of Offer Shares (before any over-allotment option is exercised). A total of 365,662 valid applications were received, with a successful rate of 5%, and 70 lots were successfully subscribed.</p><p>In addition, the International Offering was significantly over-subscribed and the final number of Offer Shares was 47,343,500 (excluding the Over-allocated Shares), representing 50% of the total number of Offer Shares. The relevant data of Tiger Information are as follows:<img src=\"https://static.tigerbbs.com/95d89d7eee6c2f396df4d3ef45820c65\" tg-width=\"697\" tg-height=\"586\" referrerpolicy=\"no-referrer\"><b>Subscription ladder:</b></p><p>500 shares per board lot with an admission fee of HK$16,565.26. The winning rate of one hand is 5%, and the subscription of 70 lots is stable.</p><p>The threshold of Group B is 200,000 shares, and the funds required for subscription are approximately HK$6,626,105.12.<img src=\"https://static.tigerbbs.com/353378b0488328f9e158c8091c6bd0e6\" tg-width=\"812\" tg-height=\"848\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f020abe439deaa57cbca1e60a4888b29\" tg-width=\"847\" tg-height=\"595\" referrerpolicy=\"no-referrer\">In terms of financing, the Company intends to use the net proceeds from the Global Offering of approximately HK$2.94 billion for the following purposes: approximately 30% will be used to provide funds for the further development of the core product candidate BCMA CAR-T (CT053); Approximately 20% will be used to develop comprehensive manufacturing and commercialization capabilities; Approximately 10% will be used to continue upgrading the CAR-T technology and fund early stage research and development activities; Approximately 9% will be used for working capital and other general corporate purposes.</p><p>It is reported that Keji Pharmaceutical is a biopharmaceutical company with operations in China and the United States, focusing on innovative CAR-T cell therapy for the treatment of hematological malignancies and solid tumors. The company has internally developed new technologies and a product pipeline with global rights to solve the major challenges of CAR-T cell therapy, such as improving safety, improving the efficacy of treating solid tumors and reducing treatment costs.</p><p>According to Frost & Sullivan, the Company has obtained IND licenses for seven CAR-T therapies in China, the United States and Canada.<b>Ranked first among all CAR-T companies in China</b>。 In addition, among all CAR-T companies in China, companies are<b>The first and only one</b>Companies that obtained the U.S. FDA Advanced Therapy for Regenerative Medicine (or RMAT) designation for CT053.</p><p>In terms of financial data, during the Track Record Period, the Company had no products approved for commercial sales, no revenue from product sales and incurred operating loss. In 2019 and 2020, the Company recorded losses of RMB227 million and RMB327 million, respectively. The majority of the Company's operating losses were attributable to research and development expenses and administrative expenses.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3c6daacf13f78492ec38a4e178ddca49","relate_stocks":{"02171":"科济药业-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101569149","content_text":"6月17日消息，本周四科济药业-B发布公告，公司发行9474.7万股股份，每股定价32.8港元，每手500股，预期将于6月18日上市。\n公开发售阶段科济药业-B获434.57倍认购，分配至公开发售的发售股份最终数目为4734.35万股，占发售股份总数的50%（任何超额配股权获行使前）。合共接获365662份有效申请，一手中签率5%，认购70手稳中一手。\n此外，国际发售获大幅超额认购，发售股份最终数目为4734.35万股（不包括超额分配股份），相当于发售股份总数的50%。老虎资讯整理相关数据如下表：申购阶梯：\n每手500股，入场费16,565.26港元。一手中签率5%，认购70手稳中一手。\n乙组门槛为20万股，申购所需资金约6,626,105.12港元。筹资用途方面，公司拟将全球发售所得款项净额约29.4亿港元用于以下用途：约30%将用于进一步开发核心候选产品BCMA CAR-T (CT053)提供资金；约20%将用于培养全面的制造及商业化能力；约10%将用于继续升级CAR-T技术及为早期研发活动提供资金；约9%将用于营运资金及其他一般公司用途。\n据悉，科济药业是一家在中国及美国拥有业务的生物制药公司，专注于治疗血液恶性肿瘤和实体瘤的创新CAR-T细胞疗法，公司已内部开发新技术以及拥有全球权益的产品管线，以解决CAR-T细胞疗法的重大挑战，比如提高安全性，提高治疗实体瘤的疗效和降低治疗成本。\n根据弗若斯特沙利文的资料，公司已在中国、美国和加拿大获得7项CAR-T疗法的IND许可，在中国所有CAR-T公司中排名第一。此外，在中国所有CAR-T公司中，公司是第一个也是唯一一个就CT053获得美国FDA再生医学高级疗法（或RMAT）认定的公司。\n财务数据方面，于往绩记录期间，公司尚无产品获批准进行商业销售，未有产品销售的收益并产生经营亏损。于2019年及2020年，公司分别录得亏损人民币2.27亿元及3.27亿元。公司经营亏损绝大部分来自研发开支及行政开支。","news_type":1,"symbols_score_info":{"02171":0.9}},"isVote":1,"tweetType":1,"viewCount":1268,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":138465239,"gmtCreate":1621954819221,"gmtModify":1704365139131,"author":{"id":"3556095495110458","authorId":"3556095495110458","name":"HPROHR","avatar":"https://community-static.tradeup.com/news/4e61477253ec9d084133f1e56730473f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556095495110458","idStr":"3556095495110458"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>time to buy?","listText":"<a href=\"https://laohu8.com/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>time to buy?","text":"$Palantir Technologies Inc.(PLTR)$time to buy?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/138465239","isVote":1,"tweetType":1,"viewCount":1635,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966344249,"gmtCreate":1669428131581,"gmtModify":1676538196005,"author":{"id":"3556095495110458","authorId":"3556095495110458","name":"HPROHR","avatar":"https://community-static.tradeup.com/news/4e61477253ec9d084133f1e56730473f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556095495110458","idStr":"3556095495110458"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$特斯拉(TSLA)$&nbsp;</a><v-v 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waiting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9966344249","isVote":1,"tweetType":1,"viewCount":1123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9953091974,"gmtCreate":1673093438498,"gmtModify":1676538786035,"author":{"id":"3556095495110458","authorId":"3556095495110458","name":"HPROHR","avatar":"https://community-static.tradeup.com/news/4e61477253ec9d084133f1e56730473f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556095495110458","idStr":"3556095495110458"},"themes":[],"title":"","htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/9953091974","isVote":1,"tweetType":1,"viewCount":1384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9050322543,"gmtCreate":1654134972682,"gmtModify":1676535400907,"author":{"id":"3556095495110458","authorId":"3556095495110458","name":"HPROHR","avatar":"https://community-static.tradeup.com/news/4e61477253ec9d084133f1e56730473f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556095495110458","idStr":"3556095495110458"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9050322543","repostId":"617167033","repostType":1,"repost":{"id":617167033,"gmtCreate":1654133622000,"gmtModify":1676533175746,"author":{"id":"3585895914412071","authorId":"3585895914412071","name":"品玩","avatar":"https://static.tigerbbs.com/b172a08e9f14d6bb2f35c135c87f473e","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585895914412071","idStr":"3585895914412071"},"themes":[],"title":"華爲牌轎車，那必須賣得不錯","htmlText":"2021年12月23日，華爲冬季新品發佈會。如果華爲要在歷史上給汽車事業一個名目的話，這天應該就算是華爲的“汽車日”。 餘承東用了差不多整場活動一半的時間，發佈了一款名叫AITO問界M5的新能源車。 而就在剛好半年前，餘承東正式成爲華爲智能汽車業務的負責人。他正好打算用AITO這個全新品牌的系列產品，取代那款在門店裏性價比普通、顏值將就、名字一言難盡、銷量沒有爭議大，總之不匹配華爲“高貴”品牌調性的金康賽力斯SF5——儘管兩個車型都是同一個工廠的兒子。 據說，當天賽力斯董事長其實也在現場，但餘承東在發佈會上從頭到尾都沒怎麼提到小康或者賽力斯的名字。 整個夜晚，餘承東都在強調AITO的華爲屬性——華爲參與設計、製造、品牌、銷售。以至於人們都忘了，這其實是小康在20天前已經發布過的一個品牌。而在12月3日的那場AITO品牌“自己”的發佈會上，賽力斯方面將12月23日這一天，定爲第一款車型的“發售日”。 如今誰還記得賽力斯自己的發佈會呢？ 餘承東大概是對的。人們總是隻需要也只會記住一場發佈會。如果沒有華爲，AITO大概什麼也不會是。它只會是小康的SUV，甚至都不會是賽力斯。 再到後來，餘承東和屬於他的華爲終端就成爲了AITO的產品發佈官。 M5四驅新車型，在華爲的春季發佈會上亮相；M7車型，餘承東在行業論壇上親自對媒體透露的，還順便預定了一個“餘氏熱搜”——新車型要吊打“埃爾法凌志版”等百萬豪車，而在一旁的何小鵬表示要朝他“扔鞋”。 大概雷軍看到這新聞，滿腦子也是自己青春時的影子。 其實不只是何小鵬，估計雷克薩斯的車主聽了如此“坦誠”的雅稱，大概也想上去衆籌幾雙尖根的高跟鞋。 而那天M7車型的整個造型頁面，就“很巧”地出現在了AITO官網上。當然，車主們熱切期盼的“華爲”標誌是不會出現的；但效果正在無限接近，新車型的屁股尾巴去掉了“金康”——這大概也是受了最近淘寶店熱銷的“賽力斯","listText":"2021年12月23日，華爲冬季新品發佈會。如果華爲要在歷史上給汽車事業一個名目的話，這天應該就算是華爲的“汽車日”。 餘承東用了差不多整場活動一半的時間，發佈了一款名叫AITO問界M5的新能源車。 而就在剛好半年前，餘承東正式成爲華爲智能汽車業務的負責人。他正好打算用AITO這個全新品牌的系列產品，取代那款在門店裏性價比普通、顏值將就、名字一言難盡、銷量沒有爭議大，總之不匹配華爲“高貴”品牌調性的金康賽力斯SF5——儘管兩個車型都是同一個工廠的兒子。 據說，當天賽力斯董事長其實也在現場，但餘承東在發佈會上從頭到尾都沒怎麼提到小康或者賽力斯的名字。 整個夜晚，餘承東都在強調AITO的華爲屬性——華爲參與設計、製造、品牌、銷售。以至於人們都忘了，這其實是小康在20天前已經發布過的一個品牌。而在12月3日的那場AITO品牌“自己”的發佈會上，賽力斯方面將12月23日這一天，定爲第一款車型的“發售日”。 如今誰還記得賽力斯自己的發佈會呢？ 餘承東大概是對的。人們總是隻需要也只會記住一場發佈會。如果沒有華爲，AITO大概什麼也不會是。它只會是小康的SUV，甚至都不會是賽力斯。 再到後來，餘承東和屬於他的華爲終端就成爲了AITO的產品發佈官。 M5四驅新車型，在華爲的春季發佈會上亮相；M7車型，餘承東在行業論壇上親自對媒體透露的，還順便預定了一個“餘氏熱搜”——新車型要吊打“埃爾法凌志版”等百萬豪車，而在一旁的何小鵬表示要朝他“扔鞋”。 大概雷軍看到這新聞，滿腦子也是自己青春時的影子。 其實不只是何小鵬，估計雷克薩斯的車主聽了如此“坦誠”的雅稱，大概也想上去衆籌幾雙尖根的高跟鞋。 而那天M7車型的整個造型頁面，就“很巧”地出現在了AITO官網上。當然，車主們熱切期盼的“華爲”標誌是不會出現的；但效果正在無限接近，新車型的屁股尾巴去掉了“金康”——這大概也是受了最近淘寶店熱銷的“賽力斯","text":"2021年12月23日，華爲冬季新品發佈會。如果華爲要在歷史上給汽車事業一個名目的話，這天應該就算是華爲的“汽車日”。 餘承東用了差不多整場活動一半的時間，發佈了一款名叫AITO問界M5的新能源車。 而就在剛好半年前，餘承東正式成爲華爲智能汽車業務的負責人。他正好打算用AITO這個全新品牌的系列產品，取代那款在門店裏性價比普通、顏值將就、名字一言難盡、銷量沒有爭議大，總之不匹配華爲“高貴”品牌調性的金康賽力斯SF5——儘管兩個車型都是同一個工廠的兒子。 據說，當天賽力斯董事長其實也在現場，但餘承東在發佈會上從頭到尾都沒怎麼提到小康或者賽力斯的名字。 整個夜晚，餘承東都在強調AITO的華爲屬性——華爲參與設計、製造、品牌、銷售。以至於人們都忘了，這其實是小康在20天前已經發布過的一個品牌。而在12月3日的那場AITO品牌“自己”的發佈會上，賽力斯方面將12月23日這一天，定爲第一款車型的“發售日”。 如今誰還記得賽力斯自己的發佈會呢？ 餘承東大概是對的。人們總是隻需要也只會記住一場發佈會。如果沒有華爲，AITO大概什麼也不會是。它只會是小康的SUV，甚至都不會是賽力斯。 再到後來，餘承東和屬於他的華爲終端就成爲了AITO的產品發佈官。 M5四驅新車型，在華爲的春季發佈會上亮相；M7車型，餘承東在行業論壇上親自對媒體透露的，還順便預定了一個“餘氏熱搜”——新車型要吊打“埃爾法凌志版”等百萬豪車，而在一旁的何小鵬表示要朝他“扔鞋”。 大概雷軍看到這新聞，滿腦子也是自己青春時的影子。 其實不只是何小鵬，估計雷克薩斯的車主聽了如此“坦誠”的雅稱，大概也想上去衆籌幾雙尖根的高跟鞋。 而那天M7車型的整個造型頁面，就“很巧”地出現在了AITO官網上。當然，車主們熱切期盼的“華爲”標誌是不會出現的；但效果正在無限接近，新車型的屁股尾巴去掉了“金康”——這大概也是受了最近淘寶店熱銷的“賽力斯","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/617167033","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1346,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9008163815,"gmtCreate":1641390795252,"gmtModify":1676533609204,"author":{"id":"3556095495110458","authorId":"3556095495110458","name":"HPROHR","avatar":"https://community-static.tradeup.com/news/4e61477253ec9d084133f1e56730473f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556095495110458","idStr":"3556095495110458"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9008163815","repostId":"1140184326","repostType":4,"repost":{"id":"1140184326","kind":"news","weMediaInfo":{"introduction":"中国大陆领先的金融数据、信息和软件服务企业，总部位于上海陆家嘴金融中心。","home_visible":1,"media_name":"Wind万得","id":"99","head_image":"https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68"},"pubTimestamp":1641364117,"share":"https://ttm.financial/m/news/1140184326?lang=en_US&edition=fundamental","pubTime":"2022-01-05 14:28","market":"us","language":"zh","title":"The Federal Reserve will hold a rate hike in as little as two months! How will the market be structured?","url":"https://stock-news.laohu8.com/highlight/detail?id=1140184326","media":"Wind万得","summary":"如果一切按计划进行，美联储将在两个多月后实施三年来首次加息，一些政策制定者认为此举是必要的。美联储上一次加息是在2018年底，仅仅7个月后，随着经济扩张看起来越来越脆弱，美联储就退出了加息。在2019","content":"<p><html><head></head><body>If all goes according to plan, the Federal Reserve will implement its first rate hike in three years in just over two months, a move some policymakers believe is necessary.</p><p>The Federal Reserve's last rate hike was at the end of 2018, and just seven months later, as the economic expansion looked increasingly fragile, the Fed exited rate hike. The Federal Reserve began its interest rate cut cycle in July 2019, after which it was forced to lower the benchmark lending rate all the way to zero.</p><p>Wall Street is watching closely as officials prepare to return to more traditional monetary policy. The first trading day of the new year indicates that the market is willing to continue to rise. The market has been in turmoil since the Federal Reserve announced a month ago that it would shift to normal monetary policy.</p><p>“Looking back at the history of the Federal Reserve, you will find that there are usually multiple tightening measures before the economy and markets get into trouble,” said Jim Paulsen, chief investment strategist at Leuthold Group.</p><p>Paulson expects the Federal Reserve to rate hike for the first time when markets are relatively calm (possibly at its meeting on March 15-16), as there are already good signals, and it will still only raise the benchmark overnight rate to the 0.25%-0.5% range.</p><p>Paulson said, \"Our attitude toward the Federal Reserve is based on the fact that the economy has grown by 2% annually over the past few decades.\" \"In a world of 2% economic growth, it would be destructive if the Fed wanted to tighten policy. But we no longer live in that world.\"</p><p>At their meeting last December, Federal Reserve officials planned to rate hike three times before the end of this year.<a href=\"https://laohu8.com/S/CME\">Chicago Mercantile Exchange</a>CME's Federal watch Tool shows that current price movements in the Federal funds futures market indicate a 60% chance of the Federal Reserve rate hike in March, and a 61% chance that the Federal Open market Committee, which sets interest rates, will hold two more rate hike before the end of 2022.</p><p>The Federal Reserve raised interest rates in response to inflationary pressures, which are, in some ways, the fastest pace in nearly 40 years. Federal Reserve Chairman Jerome Powell and most other policymakers insisted for much of 2021 that prices would soon fall, but acknowledged near the end of the year that the trend was no longer “temporary.”</p><p>Mohamed El-Erian, chief economic adviser at Allianz and chairman of Gramercy Fund Management, said whether the Federal Reserve can orchestrate an \"orderly pullback\" will determine the market's reaction to rate hike.</p><p>Mohamed El-Erian said the Fed's policy is aggressively catching up with the curve.</p><p>However, he stated that the danger lies in inflation persisting or even exceeding the Federal Reserve's expectations, prompting the Fed to take more aggressive measures.</p><p>El-Elian said, \"The pain is already there, so they have to chase hard. The question is when will they lose the courage to chase?\"</p><p>Market veterans are watching bond yields, expecting them to hint at the Federal Reserve's intentions in advance. Despite market expectations of a U.S. rate hike and yields remaining largely manageable, Paulson said he expects the market reaction could eventually push the benchmark 10-year U.S. Treasury Bond yield to around 2% this year.</p><p>Meanwhile, El-Elian said he expects the economy to perform quite well in 2022, even if the market encounters some headwinds. Similarly, Paulson stated that the U.S. economy can currently withstand a rate hike, while rate hike will push up borrowing rates on numerous consumer products.</p><p>The minutes of the Federal Open Market Committee's (FOMC) December meeting will be released tonight, at which time investors will learn more about the Fed's thinking. The market is particularly interested not only in discussions about the pace of rate hike and the decision to taper asset purchases, but also in discussions about when central banks will begin shrinking their balance sheets.</p><p>Although the Federal Reserve intends to stop buying bonds in the spring, its balance sheet remains at its current level of around $8.8 trillion. Citigroup economist Andrew Hollenhorst predicts that the U.S. will begin reducing its balance sheet in the first quarter of 2023.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Federal Reserve will hold a rate hike in as little as two months! How will the market be structured?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Federal Reserve will hold a rate hike in as little as two months! How will the market be structured?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/99\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c71e30d1317b4a5cb20a41998e10ac68);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Wind万得 </p>\n<p class=\"h-time smaller\">2022-01-05 14:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>If all goes according to plan, the Federal Reserve will implement its first rate hike in three years in just over two months, a move some policymakers believe is necessary.</p><p>The Federal Reserve's last rate hike was at the end of 2018, and just seven months later, as the economic expansion looked increasingly fragile, the Fed exited rate hike. The Federal Reserve began its interest rate cut cycle in July 2019, after which it was forced to lower the benchmark lending rate all the way to zero.</p><p>Wall Street is watching closely as officials prepare to return to more traditional monetary policy. The first trading day of the new year indicates that the market is willing to continue to rise. The market has been in turmoil since the Federal Reserve announced a month ago that it would shift to normal monetary policy.</p><p>“Looking back at the history of the Federal Reserve, you will find that there are usually multiple tightening measures before the economy and markets get into trouble,” said Jim Paulsen, chief investment strategist at Leuthold Group.</p><p>Paulson expects the Federal Reserve to rate hike for the first time when markets are relatively calm (possibly at its meeting on March 15-16), as there are already good signals, and it will still only raise the benchmark overnight rate to the 0.25%-0.5% range.</p><p>Paulson said, \"Our attitude toward the Federal Reserve is based on the fact that the economy has grown by 2% annually over the past few decades.\" \"In a world of 2% economic growth, it would be destructive if the Fed wanted to tighten policy. But we no longer live in that world.\"</p><p>At their meeting last December, Federal Reserve officials planned to rate hike three times before the end of this year.<a href=\"https://laohu8.com/S/CME\">Chicago Mercantile Exchange</a>CME's Federal watch Tool shows that current price movements in the Federal funds futures market indicate a 60% chance of the Federal Reserve rate hike in March, and a 61% chance that the Federal Open market Committee, which sets interest rates, will hold two more rate hike before the end of 2022.</p><p>The Federal Reserve raised interest rates in response to inflationary pressures, which are, in some ways, the fastest pace in nearly 40 years. Federal Reserve Chairman Jerome Powell and most other policymakers insisted for much of 2021 that prices would soon fall, but acknowledged near the end of the year that the trend was no longer “temporary.”</p><p>Mohamed El-Erian, chief economic adviser at Allianz and chairman of Gramercy Fund Management, said whether the Federal Reserve can orchestrate an \"orderly pullback\" will determine the market's reaction to rate hike.</p><p>Mohamed El-Erian said the Fed's policy is aggressively catching up with the curve.</p><p>However, he stated that the danger lies in inflation persisting or even exceeding the Federal Reserve's expectations, prompting the Fed to take more aggressive measures.</p><p>El-Elian said, \"The pain is already there, so they have to chase hard. The question is when will they lose the courage to chase?\"</p><p>Market veterans are watching bond yields, expecting them to hint at the Federal Reserve's intentions in advance. Despite market expectations of a U.S. rate hike and yields remaining largely manageable, Paulson said he expects the market reaction could eventually push the benchmark 10-year U.S. Treasury Bond yield to around 2% this year.</p><p>Meanwhile, El-Elian said he expects the economy to perform quite well in 2022, even if the market encounters some headwinds. Similarly, Paulson stated that the U.S. economy can currently withstand a rate hike, while rate hike will push up borrowing rates on numerous consumer products.</p><p>The minutes of the Federal Open Market Committee's (FOMC) December meeting will be released tonight, at which time investors will learn more about the Fed's thinking. The market is particularly interested not only in discussions about the pace of rate hike and the decision to taper asset purchases, but also in discussions about when central banks will begin shrinking their balance sheets.</p><p>Although the Federal Reserve intends to stop buying bonds in the spring, its balance sheet remains at its current level of around $8.8 trillion. Citigroup economist Andrew Hollenhorst predicts that the U.S. will begin reducing its balance sheet in the first quarter of 2023.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f09c44f289c2f0d40610768fe6661fab","relate_stocks":{"DJX":"1/100道琼斯","BK4534":"瑞士信贷持仓","DXD":"两倍做空道琼30指数ETF-ProShares","SPY":"标普500ETF","QQQ":"纳指100ETF","SDOW":"三倍做空道指30ETF-ProShares",".DJI":"道琼斯","SDS":"两倍做空标普500 ETF-ProShares","BK4504":"桥水持仓","BK4559":"巴菲特持仓","SQQQ":"纳指三倍做空ETF","SSO":"2倍做多标普500ETF-ProShares",".IXIC":"NASDAQ Composite","BK4550":"红杉资本持仓","SH":"做空标普500-Proshares","PSQ":"做空纳斯达克100指数ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","OEF":"标普100指数ETF-iShares","OEX":"标普100"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140184326","content_text":"如果一切按计划进行，美联储将在两个多月后实施三年来首次加息，一些政策制定者认为此举是必要的。美联储上一次加息是在2018年底，仅仅7个月后，随着经济扩张看起来越来越脆弱，美联储就退出了加息。在2019年7月美联储拉开降息周期，之后美联储被迫将基准借贷利率一路降至零。目前当官员们准备回归更传统的货币政策时，华尔街正在密切关注。新年的第一个交易日表明，市场愿意继续走高。自一个月前美联储表示将转向正常货币政策以来，市场一直处于动荡之中。“回顾美联储的历史，你会发现，在经济和市场陷入困境之前，通常会采取多次紧缩措施，”Leuthold Group首席投资策略师吉姆•保尔森(Jim Paulsen)说。保尔森预计，美联储会在市场较为平静的情况下首次加息(可能会在3月15日至16日的会议上实施)，因为已经有了很好的信号，而且仍然只会将基准隔夜利率提高到0.25%-0.5%的区间。保尔森说:“我们对美联储的这种态度是基于过去几十年经济每年增长2%的情况。”“在一个2%经济增速世界里，如果美联储想要收紧政策，那将是破坏性的。但我们已经不再生活在那个世界了。”在去年12月的会议上，美联储官员计划在今年年底前加息三次。芝加哥商品交易所(CME)旗下的联邦观察工具(Federal watch Tool)显示，目前联邦基金期货市场的价格走势显示，美联储3月份加息的可能性约为60%，制定利率的联邦公开市场委员会(Federal Open market Committee)在2022年底前再加息两次的可能性为61%。美联储上调利率是为了应对通胀压力，从某些方面来看，通胀压力的速度是近40年来最快的。美联储主席杰罗姆•鲍威尔(Jerome Powell)和大多数其他政策制定者在2021年的大部分时间里坚称，价格将很快回落，但在接近年底时承认，这种趋势不再是“暂时的”。安联(Allianz)首席经济顾问、Gramercy基金管理公司(Gramercy Fund Management)董事长穆罕默德•埃尔-埃利安(Mohamed El-Erian)表示，美联储能否安排一次“有序回落”，将决定市场对加息的反应。穆罕默德•埃尔-埃利安(Mohamed El-Erian)表示，美联储政策正在大举追赶曲线。但他表示，危险在于通胀持续甚至超过美联储预期，促使美联储采取更激进的应对措施。埃尔-埃利安说:“痛苦已经存在，所以他们必须大力追赶，问题是他们会在什么时候失去追赶勇气。”市场资深人士正在关注债券收益率，预计债券收益率将提前暗示美联储的意图。尽管市场预期美国将加息，但收益率基本保持在可控水平，但鲍尔森说，他预计市场的反应最终可能会使基准10年期美国国债收益率今年升至2%左右。与此同时，埃尔-埃利安说，他预计即使市场遭遇一些阻力，经济在2022年也会表现相当好。同样，保尔森表示，美国经济目前可以承受加息，而加息将推高众多消费产品的借贷利率。联邦公开市场委员会(FOMC) 12月会议的纪要将于今晚公布，届时投资者将进一步了解美联储的想法。市场特别感兴趣的不仅是有关加息速度和缩减资产购买的决定的讨论，还有央行何时开始缩减资产负债表的讨论。尽管美联储打算在春季停止购买债券，但其资产负债表维持在目前8.8万亿美元的水平左右。花旗集团(Citigroup)经济学家霍伦霍斯特(Andrew Hollenhorst)预计，美国将在2023年第一季度开始削减资产负债表。","news_type":1,"symbols_score_info":{"SSO":0.9,"SDOW":0.9,"SPY":0.9,"SDS":0.9,"ESmain":0.9,"QID":0.9,"OEX":0.9,"DJX":0.9,"SH":0.9,"QQQ":0.9,"DXD":0.9,"OEF":0.9,"PSQ":0.9,"SQQQ":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809442835,"gmtCreate":1627390106627,"gmtModify":1703488952494,"author":{"id":"3556095495110458","authorId":"3556095495110458","name":"HPROHR","avatar":"https://community-static.tradeup.com/news/4e61477253ec9d084133f1e56730473f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3556095495110458","idStr":"3556095495110458"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/809442835","repostId":"1120859674","repostType":4,"repost":{"id":"1120859674","kind":"news","weMediaInfo":{"introduction":"秦朔朋友圈是由中国著名媒体人、财经观察家秦朔牵头创立的一个新媒体与专业服务品牌，包括微信公众号、微博、视频节目、音频节目等。内容聚焦于经济、金融和商业领域，关注重点为全球和中国财经商业热点、企业家精神、创新与发明创造、商业文明探索等。","home_visible":1,"media_name":"秦朔朋友圈","id":"60","head_image":"https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e"},"pubTimestamp":1627352185,"share":"https://ttm.financial/m/news/1120859674?lang=en_US&edition=fundamental","pubTime":"2021-07-27 10:16","market":"us","language":"zh","title":"Is it possible for Chinese concept stocks to withdraw from the US market?","url":"https://stock-news.laohu8.com/highlight/detail?id=1120859674","media":"秦朔朋友圈","summary":"谁都不希望坏事发生，但如果发生，也不至于措手不及。","content":"<p>By Jia Ming</p><p>On July 23, a document issued by the General Office of the CPC Central Committee entitled \"Opinions on Further Reducing the Homework Burden and Extracurricular Training Burden of Students in the Compulsory Education Stage\" circulated online. The \"Opinions\" include measures such as strictly prohibiting the \"capitalization\" operation of education and training institutions and prohibiting all subject-based training institutions from going public for financing, causing overseas-listed education stocks to fall in response. For example, New Oriental's stock price on the Hong Kong Stock Exchange once \"halved\" (New Oriental S closed down 40.61% on the 23rd and another 47.02% on the 26th; New Oriental Online closed down 28.07% and 33.45% on the 23rd and 26th respectively; New Oriental closed down 54.22% on the 23rd in the US stock market), Gaotu fell by 63.26% on the 23rd in the US stock market, and TAL Education Group fell by more than 70%.</p><p>The official document was released on the evening of July 24, and multiple media outlets have reposted the full text. Interested readers can find it to read.</p><p>Today's article does not analyze Document No. 40 issued by the General Office of the CPC Central Committee, but rather aims to explore two issues.</p><p>First, why do so many Chinese companies choose to list in the United States?</p><p>Second, considering incidents such as Sino-US relations, Luckin Coffee's fraud, and Didi's removal from its platform, what will be the future fate of these Chinese concept stocks listed overseas?</p><p><b>main reason</b></p><p>Chinese companies are more enthusiastic about listing on U.S. stock exchanges than almost any other non-U.S. company, even after a significant cooling in U.S.-China relations.</p><p>In 2019, 32 companies went public in the United States, 34 in 2020, and 37 companies completed their listings in the United States in the first half of 2021. According to wind data, as of July 2021, a total of 286 Chinese companies were listed in the United States—including those registered in offshore centers such as Hong Kong or the Cayman Islands, but whose revenue and profits mostly came from mainland China—in fact, most Chinese companies listed in the United States adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised audit requirements for Chinese companies listing in the US. The overall environment for Chinese companies listing in the US is not favorable. So why do Chinese companies still resolutely choose to list in the US?</p><p>Several well-known reasons are:</p><p>First, the United States' capital market was established relatively early, and its financing system and laws and regulations are relatively more mature and complete. From the perspective of the overall financing environment, the United States is generally optimistic about internet companies and high-tech companies. The same stock listed in the United States is relatively easier to obtain a higher valuation and raise more funds.</p><p>Secondly, and more importantly, the US capital market adopts a registration system, which does not set profit thresholds for companies planning to go public. As long as your company's business grows rapidly and occupies a large market share, it can go public even if it loses money. my country adopts a review system, and the necessary condition for applying for A-share listing is to be profitable for three consecutive years.</p><p>Internet companies are growing rapidly, so they are always very short of money. Some internet companies, after only a few years of establishment, may become unicorns with a valuation exceeding one billion yuan. At this time, they face pressure from investors to monetize and further develop, and need to prepare for a large-scale fundraising listing. However, most companies may have just started to make a profit at this time, or even not yet, so they cannot meet the conditions for three consecutive years of profitability and therefore cannot list on the A-share market for financing. If the company waits two or three years to go public and raise funds, it may not only miss the best development opportunity and fail to raise funds, but it is also uncertain whether the company can survive. Therefore, I can only go abroad.</p><p>Third, the length of my country's listing approval cycle varies. If the listing approval is suspended and a company wants to go public, the entire process may take three or four years. Time is money, and many companies can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons why Chinese companies go public in the United States. However, in addition to these, there are several other reasons that should not be ignored.</p><p><img src=\"https://static.tigerbbs.com/24b35bd20e43d6773e8057d5090c82e8\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Reason of origin</b></p><p>We often say now that Chinese internet companies are doing very well. We often refer to the year around 2000 as the first year of the Internet in China. However, we must not forget that in the early days of internet development, few people could understand this business model, so these companies could not obtain bank loans.</p><p>In fact, it's not just in the early stages of internet startups; all startups find it difficult to obtain bank loans. Due to commercial banks' strict loan approval procedures and inherent risk aversion, they would rather earn less loan interest than lend money to stable companies.</p><p>Banks are not institutions that invest in startups. Investing in startups should be something that angel investors and venture capital firms do. At that time, there was no venture capital (VC) or private equity (PE) in my country. These internet companies can't find money in China, but they need money to develop. What should they do? Only foreign capital can be introduced.</p><p>It's important to understand that in the early stages of our reform and opening up, we also exchanged domestic markets for foreign capital and technology. Therefore, as Deng Xiaoping said, it doesn't matter if it's a black cat or a white cat, as long as it can catch mice, it's a good cat. Capital is inherently neutral and doesn't care about good or bad. If we only use geography as the basis for classification, that's certainly acceptable. However, when making value judgments, it is more important to look at the specific things that these capitals are used for, rather than the origin of these capitals.</p><p>Therefore, many of my country's internet giants (which will not be given examples here to avoid unnecessary trouble) were Sino-foreign joint ventures when they were first established. This raises another question: the legitimacy of the VIE architecture.</p><p>Variable Interest Entity (VIE) structure, often referred to as \"agreement control,\" refers to a listed Entity registered overseas by a company planning to go public, separated from its mainland business operator. The overseas listed Entity controls the domestic business operator through an agreement and transfers revenue and profits to the overseas company. The VIE architecture has spawned many different forms, but the essence is the same, which will not be elaborated on here.</p><p>Because Chinese law strictly restricts the entry of foreign capital into the \"information transmission, software and information technology services\" industry, foreign capital is not allowed to directly invest in telecommunications and internet-related companies. Of course, companies in these industries are not allowed to directly raise funds or list overseas. Therefore, these companies adopt a VIE structure to circumvent regulation.</p><p>Regulators are certainly aware of this form, and the reason they haven't completely banned it is twofold: firstly, this structure is not \"obviously illegal,\" and secondly, it is certainly a form of regulatory wisdom.</p><p>However, if such companies are listed domestically, they still have to strictly comply with the regulatory requirements for listing, which raises questions about the legality of this VIE structure, so they cannot be listed directly domestically.</p><p>This means that some internet companies have had crooked roots from the day they were born. If your roots aren't crooked, you won't survive; if you survive, you'll leave behind a bad background—\"lack of money - introducing foreign capital - becoming a joint venture - adopting a VIE structure - having questions about the legality of domestic listing - listing overseas.\"</p><p>Things are much better now. my country's multi-tiered capital market is becoming increasingly complete, and there are more RMB venture capitalists and private equity firms. The problem of not being able to find money domestically has been greatly alleviated.</p><p>In \"The Silent Majority,\" Wang Xiaobo said that making value judgments is too easy. If we were a male rabbit, we would naturally know that the big bad wolf is bad and the female rabbit is good. But the rabbit doesn't know how to memorize the multiplication table. Understanding the above background is somewhat like a multiplication table: no matter what value assessment we make about internet companies going public overseas—how we assess it is our freedom—at least our judgment is based on the complete background of the matter.</p><p><img src=\"https://static.tigerbbs.com/1f4d1b82e56c3a630026ec35cf9663d6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Other reasons</b></p><p>Two other reasons are the free flow of capital and the pursuit of dual-class share structures.</p><p>As mentioned earlier, since many companies have funding sources including international private equity funds and venture capital firms, and China implements foreign exchange controls, listing domestically would make it troublesome for venture capital funds to profit and exit, and there would be exchange rate risks. Therefore, they are also motivated to encourage business owners to list overseas. Some business owners have ambitions to become multinational corporations and are willing to list in the United States. This not only helps expand the company's brand awareness, but also facilitates its global fundraising and asset layout, achieving multiple benefits at once.</p><p>I need to be a little more verbose. Private equity and venture capital are all about high risk and high return. As long as they can make money in accordance with the law, we can't say there's anything wrong with them exiting after their companies go public. Of course, if someone violates the law or discipline, they will inevitably be held accountable according to law.</p><p>Some might ask, does listing in Hong Kong allow capital to flow freely? Entrepreneurs and early investors in listed companies can easily convert the Hong Kong dollars raised through an IPO into US dollars or any other currency. This brings us to another reason: \"equal rights for all shares\" and \"different rights for all shares\".</p><p>Companies listed in mainland my country must strictly abide by the regulations on equal rights for all shareholders, meaning that the number of shares you own in the company determines the voting rights you have when voting on major events. This is why many companies do not want to go public, fearing that they will not own many shares after listing, which will lead to the company founders having no say on the board of directors or even being kicked out. This is also the reason for the previously popular \"barbarian\" hostile takeovers. As long as someone else holds more shares than you, even if you are the founder, you will be kicked out.</p><p>Prior to 2018, listing in Hong Kong also required equal rights for all shareholders. In 2018, the Hong Kong Stock Exchange introduced a reform that allowed technology companies and life science companies to adopt the US-style dual-class share structure. Since then, more and more Chinese companies have chosen to list in Hong Kong, or to list simultaneously in both Hong Kong and New York.</p><p>It's not that equal rights for all shareholders are bad. Everything has its advantages and disadvantages. Founders with limited shareholding and equal voting rights are required to be cautious about going public, as they may be sidelined or even kicked out of the decision-making level after going public. However, being cautious about going public may slow down the company's development and cause it to miss the golden period of development.</p><p>Listing in the United States offers a dual-class share option, which means that even if you hold less than 50% of the company's shares, even if you only hold 10% or even less, you can still maintain control over the company. While it makes it easier for companies to go public and raise funds, it can easily lead to the problem of \"insider control\". Since the actual controller of a company is not the largest shareholder, when the interests of the shareholders and the interests of the operators conflict, the actual controller is prone to abuse his position for personal gain, enrich his own pockets, or engage in risky business practices. In some countries, dual-class share structures are considered one of the root causes of corporate governance problems.</p><p><img src=\"https://static.tigerbbs.com/c43b7c0037505392758b59f3788cc488\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>crisis of trust</b></p><p>The previous article basically explained why Chinese companies are more willing to list in the United States. There are various reasons, including regulatory reasons and business operations. Overall, it is a normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the escalation of the Sino-US trade conflict, the United States imposed a series of sanctions on Chinese companies, some of which were Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some listed companies are not sanctioned, the risks brought about by changes in international relations between the two countries are also increasing. In 2020, Luckin Coffee's financial fraud further exacerbated the crisis of trust in Chinese concept stocks.</p><p>The Trump administration seized the opportunity to sign the Foreign Company Accountability Act before the end of its term, threatening that if China fails to obtain audit working papers from the U.S. Public Company Accounting Oversight Board (PCAOB) for three consecutive years, Chinese-listed companies will be delisted from the U.S. stock exchange.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting date could be brought forward by a year.</p><p>The direct reason the United States is threatening to delist Chinese companies is to protect American investors from losses caused by accounting fraud similar to that of Luckin Coffee last year. To be honest, this actually seems to make a lot of sense. Financial fraud is a crime, not only in the United States, but we believe that the capital markets of any country must combat financial fraud.</p><p>But there are a few questions here.</p><p>First, China and the United States have been consulting on the issue of the audit working papers, but why have they suddenly turned against each other now?</p><p>In 2009, my country enacted a law requiring enterprises to \"store working papers and other files formed in China by securities companies and securities service institutions that provide related securities services during the process of issuing and listing securities overseas.\"</p><p>In 2013, my country and the PCAOB of the United States signed a memorandum of understanding on cooperation and provided the PCAOB with audit working papers of four companies.</p><p>From 2016 to 2019, the regulatory authorities of both sides have been exploring how to conduct effective inspections and have made some attempts at cooperation. When the relationship is good, there is room for discussion; when the relationship is bad, there is a tendency to turn against others.</p><p>Second, is providing accounting working papers an effective way to combat financial fraud?</p><p>The United States' securities market regulations have been constantly being upgraded. For example, in 2002, in response to the Enron financial fraud scandal, significant revisions were made to the Securities Act of 1933 and the Securities Exchange Act of 1934, resulting in the Public Company Accounting Reform and Investor Protection Act of 2002, or the Sarbanes-Oxley Act, which made many new provisions in areas such as corporate governance, Accounting profession regulation, and securities market regulation. This is actually beneficial for both listed companies and investors, which is a good thing.</p><p>However, the U.S. Public Company Accounting Oversight Board, established after the Sarbanes-Oxley Act, was already able to review the audit drafts of public companies, but then accounting problems arose at WorldCom, Southern Healthcare, Freddie Mac, American International Group, and Lehman Brothers. Most serious accounting fraud cases are often discovered by professional short-selling firms using techniques such as \"private server undercover investigations\" to conduct on-site investigations of company business traffic. Auditing firms do not use these methods.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not be able to detect these financial frauds through audit working papers. In other words, audit drafts may help combat financial fraud, but they are not an essential method, nor are they always 100% effective.</p><p>Third, a key target of the Foreign Company Accountability Act is Chinese companies listed in the US, but this is not the first time the US has known that Chinese listed companies adopt the VIE structure. If the United States believes there are problems with the VIE structure, it can simply ban Chinese companies listed in the US.</p><p>When the two countries have friendly relations, audit working papers are not a very important issue. The two countries can resolve the issue through negotiation and cooperate in supervision because they trust each other. This mutual trust is gone now.</p><p><img src=\"https://static.tigerbbs.com/69e2b71cb10ca93f5741a9e9b49df382\" tg-width=\"550\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Plan ahead</b></p><p>We hope that Sino-US relations can return to friendship in the new competitive relationship. However, if the gap between the two countries widens, then Chinese companies listed in the US do need to be prepared for both scenarios.</p><p>For both China and the United States, the delisting of Chinese companies from the US market does not seem to be an unbearable price.</p><p>For the United States, although Chinese concept stocks fluctuate greatly, their overall performance outperforms most US-listed companies, and the losses caused by financial fraud by Chinese companies are far less than those of American companies like Enron and Lehman Brothers.</p><p>If Chinese concept stocks are delisted, American investors will lose a relatively good investment target. However, after delisting, Chinese concept stocks can be listed on the Hong Kong Stock Exchange and the A-share market. If American investors remain optimistic about Chinese companies, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the Stock Connect mechanism.</p><p>For China, as a high-savings country and a net capital exporter, it is not necessary to list and raise funds in the United States. my country's own capital market is gradually improving, and the registration-based IPO system is being piloted on the Science and Technology Innovation Board. It is likely that it will be fully rolled out in the near future. In the future, the convenience of Chinese companies listing in China will be greatly improved. Although valuations may shrink when listing on the A-share or Hong Kong stock exchanges, this is not an unacceptable challenge for the country as a whole.</p><p>Therefore, if Chinese companies delist from the US market, it is not an unacceptable event for both countries; their fate will be more influenced by international relations and the course of history. At this point, what businesses should do is plan ahead and take preventative measures.</p><p>No one wants bad things to happen, but if they do, they shouldn't be caught off guard.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is it possible for Chinese concept stocks to withdraw from the US market?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs it possible for Chinese concept stocks to withdraw from the US market?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/60\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">秦朔朋友圈 </p>\n<p class=\"h-time smaller\">2021-07-27 10:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>By Jia Ming</p><p>On July 23, a document issued by the General Office of the CPC Central Committee entitled \"Opinions on Further Reducing the Homework Burden and Extracurricular Training Burden of Students in the Compulsory Education Stage\" circulated online. The \"Opinions\" include measures such as strictly prohibiting the \"capitalization\" operation of education and training institutions and prohibiting all subject-based training institutions from going public for financing, causing overseas-listed education stocks to fall in response. For example, New Oriental's stock price on the Hong Kong Stock Exchange once \"halved\" (New Oriental S closed down 40.61% on the 23rd and another 47.02% on the 26th; New Oriental Online closed down 28.07% and 33.45% on the 23rd and 26th respectively; New Oriental closed down 54.22% on the 23rd in the US stock market), Gaotu fell by 63.26% on the 23rd in the US stock market, and TAL Education Group fell by more than 70%.</p><p>The official document was released on the evening of July 24, and multiple media outlets have reposted the full text. Interested readers can find it to read.</p><p>Today's article does not analyze Document No. 40 issued by the General Office of the CPC Central Committee, but rather aims to explore two issues.</p><p>First, why do so many Chinese companies choose to list in the United States?</p><p>Second, considering incidents such as Sino-US relations, Luckin Coffee's fraud, and Didi's removal from its platform, what will be the future fate of these Chinese concept stocks listed overseas?</p><p><b>main reason</b></p><p>Chinese companies are more enthusiastic about listing on U.S. stock exchanges than almost any other non-U.S. company, even after a significant cooling in U.S.-China relations.</p><p>In 2019, 32 companies went public in the United States, 34 in 2020, and 37 companies completed their listings in the United States in the first half of 2021. According to wind data, as of July 2021, a total of 286 Chinese companies were listed in the United States—including those registered in offshore centers such as Hong Kong or the Cayman Islands, but whose revenue and profits mostly came from mainland China—in fact, most Chinese companies listed in the United States adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised audit requirements for Chinese companies listing in the US. The overall environment for Chinese companies listing in the US is not favorable. So why do Chinese companies still resolutely choose to list in the US?</p><p>Several well-known reasons are:</p><p>First, the United States' capital market was established relatively early, and its financing system and laws and regulations are relatively more mature and complete. From the perspective of the overall financing environment, the United States is generally optimistic about internet companies and high-tech companies. The same stock listed in the United States is relatively easier to obtain a higher valuation and raise more funds.</p><p>Secondly, and more importantly, the US capital market adopts a registration system, which does not set profit thresholds for companies planning to go public. As long as your company's business grows rapidly and occupies a large market share, it can go public even if it loses money. my country adopts a review system, and the necessary condition for applying for A-share listing is to be profitable for three consecutive years.</p><p>Internet companies are growing rapidly, so they are always very short of money. Some internet companies, after only a few years of establishment, may become unicorns with a valuation exceeding one billion yuan. At this time, they face pressure from investors to monetize and further develop, and need to prepare for a large-scale fundraising listing. However, most companies may have just started to make a profit at this time, or even not yet, so they cannot meet the conditions for three consecutive years of profitability and therefore cannot list on the A-share market for financing. If the company waits two or three years to go public and raise funds, it may not only miss the best development opportunity and fail to raise funds, but it is also uncertain whether the company can survive. Therefore, I can only go abroad.</p><p>Third, the length of my country's listing approval cycle varies. If the listing approval is suspended and a company wants to go public, the entire process may take three or four years. Time is money, and many companies can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons why Chinese companies go public in the United States. However, in addition to these, there are several other reasons that should not be ignored.</p><p><img src=\"https://static.tigerbbs.com/24b35bd20e43d6773e8057d5090c82e8\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Reason of origin</b></p><p>We often say now that Chinese internet companies are doing very well. We often refer to the year around 2000 as the first year of the Internet in China. However, we must not forget that in the early days of internet development, few people could understand this business model, so these companies could not obtain bank loans.</p><p>In fact, it's not just in the early stages of internet startups; all startups find it difficult to obtain bank loans. Due to commercial banks' strict loan approval procedures and inherent risk aversion, they would rather earn less loan interest than lend money to stable companies.</p><p>Banks are not institutions that invest in startups. Investing in startups should be something that angel investors and venture capital firms do. At that time, there was no venture capital (VC) or private equity (PE) in my country. These internet companies can't find money in China, but they need money to develop. What should they do? Only foreign capital can be introduced.</p><p>It's important to understand that in the early stages of our reform and opening up, we also exchanged domestic markets for foreign capital and technology. Therefore, as Deng Xiaoping said, it doesn't matter if it's a black cat or a white cat, as long as it can catch mice, it's a good cat. Capital is inherently neutral and doesn't care about good or bad. If we only use geography as the basis for classification, that's certainly acceptable. However, when making value judgments, it is more important to look at the specific things that these capitals are used for, rather than the origin of these capitals.</p><p>Therefore, many of my country's internet giants (which will not be given examples here to avoid unnecessary trouble) were Sino-foreign joint ventures when they were first established. This raises another question: the legitimacy of the VIE architecture.</p><p>Variable Interest Entity (VIE) structure, often referred to as \"agreement control,\" refers to a listed Entity registered overseas by a company planning to go public, separated from its mainland business operator. The overseas listed Entity controls the domestic business operator through an agreement and transfers revenue and profits to the overseas company. The VIE architecture has spawned many different forms, but the essence is the same, which will not be elaborated on here.</p><p>Because Chinese law strictly restricts the entry of foreign capital into the \"information transmission, software and information technology services\" industry, foreign capital is not allowed to directly invest in telecommunications and internet-related companies. Of course, companies in these industries are not allowed to directly raise funds or list overseas. Therefore, these companies adopt a VIE structure to circumvent regulation.</p><p>Regulators are certainly aware of this form, and the reason they haven't completely banned it is twofold: firstly, this structure is not \"obviously illegal,\" and secondly, it is certainly a form of regulatory wisdom.</p><p>However, if such companies are listed domestically, they still have to strictly comply with the regulatory requirements for listing, which raises questions about the legality of this VIE structure, so they cannot be listed directly domestically.</p><p>This means that some internet companies have had crooked roots from the day they were born. If your roots aren't crooked, you won't survive; if you survive, you'll leave behind a bad background—\"lack of money - introducing foreign capital - becoming a joint venture - adopting a VIE structure - having questions about the legality of domestic listing - listing overseas.\"</p><p>Things are much better now. my country's multi-tiered capital market is becoming increasingly complete, and there are more RMB venture capitalists and private equity firms. The problem of not being able to find money domestically has been greatly alleviated.</p><p>In \"The Silent Majority,\" Wang Xiaobo said that making value judgments is too easy. If we were a male rabbit, we would naturally know that the big bad wolf is bad and the female rabbit is good. But the rabbit doesn't know how to memorize the multiplication table. Understanding the above background is somewhat like a multiplication table: no matter what value assessment we make about internet companies going public overseas—how we assess it is our freedom—at least our judgment is based on the complete background of the matter.</p><p><img src=\"https://static.tigerbbs.com/1f4d1b82e56c3a630026ec35cf9663d6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Other reasons</b></p><p>Two other reasons are the free flow of capital and the pursuit of dual-class share structures.</p><p>As mentioned earlier, since many companies have funding sources including international private equity funds and venture capital firms, and China implements foreign exchange controls, listing domestically would make it troublesome for venture capital funds to profit and exit, and there would be exchange rate risks. Therefore, they are also motivated to encourage business owners to list overseas. Some business owners have ambitions to become multinational corporations and are willing to list in the United States. This not only helps expand the company's brand awareness, but also facilitates its global fundraising and asset layout, achieving multiple benefits at once.</p><p>I need to be a little more verbose. Private equity and venture capital are all about high risk and high return. As long as they can make money in accordance with the law, we can't say there's anything wrong with them exiting after their companies go public. Of course, if someone violates the law or discipline, they will inevitably be held accountable according to law.</p><p>Some might ask, does listing in Hong Kong allow capital to flow freely? Entrepreneurs and early investors in listed companies can easily convert the Hong Kong dollars raised through an IPO into US dollars or any other currency. This brings us to another reason: \"equal rights for all shares\" and \"different rights for all shares\".</p><p>Companies listed in mainland my country must strictly abide by the regulations on equal rights for all shareholders, meaning that the number of shares you own in the company determines the voting rights you have when voting on major events. This is why many companies do not want to go public, fearing that they will not own many shares after listing, which will lead to the company founders having no say on the board of directors or even being kicked out. This is also the reason for the previously popular \"barbarian\" hostile takeovers. As long as someone else holds more shares than you, even if you are the founder, you will be kicked out.</p><p>Prior to 2018, listing in Hong Kong also required equal rights for all shareholders. In 2018, the Hong Kong Stock Exchange introduced a reform that allowed technology companies and life science companies to adopt the US-style dual-class share structure. Since then, more and more Chinese companies have chosen to list in Hong Kong, or to list simultaneously in both Hong Kong and New York.</p><p>It's not that equal rights for all shareholders are bad. Everything has its advantages and disadvantages. Founders with limited shareholding and equal voting rights are required to be cautious about going public, as they may be sidelined or even kicked out of the decision-making level after going public. However, being cautious about going public may slow down the company's development and cause it to miss the golden period of development.</p><p>Listing in the United States offers a dual-class share option, which means that even if you hold less than 50% of the company's shares, even if you only hold 10% or even less, you can still maintain control over the company. While it makes it easier for companies to go public and raise funds, it can easily lead to the problem of \"insider control\". Since the actual controller of a company is not the largest shareholder, when the interests of the shareholders and the interests of the operators conflict, the actual controller is prone to abuse his position for personal gain, enrich his own pockets, or engage in risky business practices. In some countries, dual-class share structures are considered one of the root causes of corporate governance problems.</p><p><img src=\"https://static.tigerbbs.com/c43b7c0037505392758b59f3788cc488\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>crisis of trust</b></p><p>The previous article basically explained why Chinese companies are more willing to list in the United States. There are various reasons, including regulatory reasons and business operations. Overall, it is a normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the escalation of the Sino-US trade conflict, the United States imposed a series of sanctions on Chinese companies, some of which were Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some listed companies are not sanctioned, the risks brought about by changes in international relations between the two countries are also increasing. In 2020, Luckin Coffee's financial fraud further exacerbated the crisis of trust in Chinese concept stocks.</p><p>The Trump administration seized the opportunity to sign the Foreign Company Accountability Act before the end of its term, threatening that if China fails to obtain audit working papers from the U.S. Public Company Accounting Oversight Board (PCAOB) for three consecutive years, Chinese-listed companies will be delisted from the U.S. stock exchange.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting date could be brought forward by a year.</p><p>The direct reason the United States is threatening to delist Chinese companies is to protect American investors from losses caused by accounting fraud similar to that of Luckin Coffee last year. To be honest, this actually seems to make a lot of sense. Financial fraud is a crime, not only in the United States, but we believe that the capital markets of any country must combat financial fraud.</p><p>But there are a few questions here.</p><p>First, China and the United States have been consulting on the issue of the audit working papers, but why have they suddenly turned against each other now?</p><p>In 2009, my country enacted a law requiring enterprises to \"store working papers and other files formed in China by securities companies and securities service institutions that provide related securities services during the process of issuing and listing securities overseas.\"</p><p>In 2013, my country and the PCAOB of the United States signed a memorandum of understanding on cooperation and provided the PCAOB with audit working papers of four companies.</p><p>From 2016 to 2019, the regulatory authorities of both sides have been exploring how to conduct effective inspections and have made some attempts at cooperation. When the relationship is good, there is room for discussion; when the relationship is bad, there is a tendency to turn against others.</p><p>Second, is providing accounting working papers an effective way to combat financial fraud?</p><p>The United States' securities market regulations have been constantly being upgraded. For example, in 2002, in response to the Enron financial fraud scandal, significant revisions were made to the Securities Act of 1933 and the Securities Exchange Act of 1934, resulting in the Public Company Accounting Reform and Investor Protection Act of 2002, or the Sarbanes-Oxley Act, which made many new provisions in areas such as corporate governance, Accounting profession regulation, and securities market regulation. This is actually beneficial for both listed companies and investors, which is a good thing.</p><p>However, the U.S. Public Company Accounting Oversight Board, established after the Sarbanes-Oxley Act, was already able to review the audit drafts of public companies, but then accounting problems arose at WorldCom, Southern Healthcare, Freddie Mac, American International Group, and Lehman Brothers. Most serious accounting fraud cases are often discovered by professional short-selling firms using techniques such as \"private server undercover investigations\" to conduct on-site investigations of company business traffic. Auditing firms do not use these methods.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not be able to detect these financial frauds through audit working papers. In other words, audit drafts may help combat financial fraud, but they are not an essential method, nor are they always 100% effective.</p><p>Third, a key target of the Foreign Company Accountability Act is Chinese companies listed in the US, but this is not the first time the US has known that Chinese listed companies adopt the VIE structure. If the United States believes there are problems with the VIE structure, it can simply ban Chinese companies listed in the US.</p><p>When the two countries have friendly relations, audit working papers are not a very important issue. The two countries can resolve the issue through negotiation and cooperate in supervision because they trust each other. This mutual trust is gone now.</p><p><img src=\"https://static.tigerbbs.com/69e2b71cb10ca93f5741a9e9b49df382\" tg-width=\"550\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Plan ahead</b></p><p>We hope that Sino-US relations can return to friendship in the new competitive relationship. However, if the gap between the two countries widens, then Chinese companies listed in the US do need to be prepared for both scenarios.</p><p>For both China and the United States, the delisting of Chinese companies from the US market does not seem to be an unbearable price.</p><p>For the United States, although Chinese concept stocks fluctuate greatly, their overall performance outperforms most US-listed companies, and the losses caused by financial fraud by Chinese companies are far less than those of American companies like Enron and Lehman Brothers.</p><p>If Chinese concept stocks are delisted, American investors will lose a relatively good investment target. However, after delisting, Chinese concept stocks can be listed on the Hong Kong Stock Exchange and the A-share market. If American investors remain optimistic about Chinese companies, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the Stock Connect mechanism.</p><p>For China, as a high-savings country and a net capital exporter, it is not necessary to list and raise funds in the United States. my country's own capital market is gradually improving, and the registration-based IPO system is being piloted on the Science and Technology Innovation Board. It is likely that it will be fully rolled out in the near future. In the future, the convenience of Chinese companies listing in China will be greatly improved. Although valuations may shrink when listing on the A-share or Hong Kong stock exchanges, this is not an unacceptable challenge for the country as a whole.</p><p>Therefore, if Chinese companies delist from the US market, it is not an unacceptable event for both countries; their fate will be more influenced by international relations and the course of history. At this point, what businesses should do is plan ahead and take preventative measures.</p><p>No one wants bad things to happen, but if they do, they shouldn't be caught off guard.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ab6f6a5034baf0d08c9227da13ca9733","relate_stocks":{"513050":"中概互联网ETF易方达"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120859674","content_text":"文/贾铭\n7月23日，一份名为《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》的中办发文件在网络流传。《意见》包含，严禁教育培训机构“资本化”运作，学科类培训机构一律不得上市融资等措施，海外上市的教育类股票应声而跌。比如，新东方在港交所的股价一度“腰斩”（新东方S，23号收跌40.61%，26号再收跌47.02%；新东方在线23号和26号分别收跌28.07%、33.45%；新东方在美股收盘跌幅23号为54.22%），23号，高途在美股跌幅达63.26%，好未来跌幅更是超过70%。\n官方已经于7月24日晚正式公布该文件，多家媒体有全文转发，感兴趣的读者可以找来看。\n今天这篇文章，并不分析中办的40号文，而是想探讨两个问题。\n第一，为什么这么多中国企业选择在美上市？\n第二，考虑到中美关系、瑞幸造假、滴滴下架等事件，在海外上市的这些中概股，未来命运如何？\n主要原因\n中国企业在美国的证券交易所上市的热情，差不多超过其他任何非美国的企业，即使在中美关系明显遇冷之后，依然如此。\n2019年，有32家企业赴美上市，2020年为34家，2021年上半年，已完成赴美上市的企业有37家。据wind数据，截至2021年7月，共有286家中国企业在美国上市——包括那些注册在中国香港或者开曼群岛等离岸中心，但大部分收入和利润来自中国内地的企业——事实上，大部分在美国上市的中国企业，基本都采取了这种上市方式。\n2018年以来，美国在打压中国科技企业的同时，提高了对赴美上市中国企业的审计要求，中企赴美上市的整体环境并不佳，那为什么中国企业仍毅然选择赴美上市呢？\n众所周知的几个原因是：\n第一，美国的资本市场建设比较早，融资体系和法律法规相对来讲更加成熟和完善。从总体融资环境看，美国对于互联网公司、高科技公司普遍看好，同样的一只股票，在美国上市，相对容易获得更高的估值，募集更多的资金。\n第二，更重要的是，美国资本市场采取注册制，对于拟上市公司不设盈利门槛。只要你的公司业务高速增长，占据很大的市场份额，即便亏损也能上市。我国采取审核制，申请A股上市的必要条件是连续三年盈利。\n互联网企业成长很快，所以总是非常缺钱。有的互联网企业，或许仅仅创立几年，就成为了估值超过十亿的独角兽，这时候面临投资人变现的压力和进一步发展的压力，就要准备上市做大规模筹资了，但是多数企业这时候可能才刚刚开始盈利，甚至还没有盈利，所以达不到连续三年盈利的条件，也就无法在A股市场上市融资。要是等两三年后再去上市筹资，不仅可能错过最好的发展时机，融不到资，企业能不能活下去都成了未知数。所以，只能去国外。\n第三，我国的上市审批周期长短不定，遇到上市审批暂停，企业想上市，整个流程长的话可能要三四年。时间就是金钱，很多企业等不起。\n以上三个原因，尤其是第二和第三，应该是中国企业赴美上市最主要的两个原因。但除此之外，还有以下几个原因不应该被忽视。\n\n出身原因\n我们现在经常说，中国的互联网企业做的很好。我们又通常把2000年前后，称为中国的互联网元年。但我们不能忘记，在互联网发展初期，没有几个人能看得懂这种业态，所以这些企业不可能拿到银行贷款。\n其实不仅仅是互联网初创期，所有企业初创期，都很难拿到银行贷款。由于商业银行严格的贷款审批手续和天生的风险厌恶属性，它宁愿少赚点贷款利息，也更愿意把钱贷给四平八稳的企业。\n银行本来就不是给初创企业投资的机构，给初创企业投资，应该是天使投资人和风投机构干的事儿，而我国那时候没有什么风险投资（VC）和私募股权（PE）。这些互联网企业在国内找不到钱，但发展又需要钱，怎么办？只能引进境外资本。\n要知道，我们的改革开放早期，也是用境内的市场换境外的资本和技术。所以还是邓公说的好，管它黑猫白猫，能抓老鼠就是好猫。资本本是中性，无所谓好坏，如果只是用地域作为分类依据，当然是可以的。但如果要做价值判断，更重要的是要看这些资本被用来做的具体的事情，而不是这些资本的出身。\n所以，我国的很多互联网巨头（为了避免不必要的麻烦，这里就不举例了），在设立之初，就是中外合资企业。这又引出了另一个问题：VIE架构的合法性问题。\n可变利益实体架构（Variable Interest Entity），简称VIE架构，通常被称为“协议控制”，是指拟上市公司在境外注册的上市实体，与内地业务经营主体分离，由境外上市实体透过协议方式控制境内业务经营主体，并把收入和利润转移到境外公司。VIE架构又衍生出很多不同的形式，但本质是一样的，这里不展开。\n因为我国法律对境外资金在“信息传输、软件和信息技术服务业”的行业准入有严格限制，不允许境外资本直接投资电信、互联网相关企业。当然也不允许这些行业的公司直接在海外集资或者上市。所以，这些企业采取VIE架构绕开监管。\n监管当然知道这种形式，之所以没有完全禁绝，一方面是这种架构并不“明显违法”，另一方面当然也是一种监管智慧。\n但这种企业在境内上市的话，还是要严格按照上市的监管要求，那这种VIE架构的合法性就成了问题，所以不能直接境内上市。\n这就意味着，一部分互联网企业从诞生的那天起，根就是歪的。根不歪就活不下来，活下来了又留下了不好的出身——“缺钱-引进外资-变成合资企业-采取VIE架构-境内上市的合法性有问题-境外上市”。\n现在好多了，我国的多层次资本市场建设越来越完善，人民币风投和私募也多了，在国内找不到钱的问题，得到了很大的缓解。\n王小波在《沉默的大多数》中说，做价值判断太容易了，如果我们是一只公兔子，我们天然就知道大灰狼坏，母兔子好。但兔子不知道怎么背九九乘法表。搞清楚上面这个背景，就有点九九乘法表的意思，无论我们对互联网企业去境外上市做出何种价值评价——如何评价是我们的自由——但起码我们的评判是基于事情完整的来龙去脉做出来的。\n\n其他原因\n还有两个原因分别是，资本的自由流通和同股不同权的追求。\n如前所述，由于很多企业的资金来源包括国际私募基金和风险投资公司，而中国又实行外汇管制，在境内上市，风投资金获利退出会很麻烦，有汇兑风险，所以他们也有动力鼓励企业所有者在境外上市。有的企业所有者有做跨国企业的雄心，也愿意在美国上市，这既有利于拓展企业的知名度，又有利于企业募资和资产的全球布局，一举多得。\n又得啰嗦一点，私募和风投吃的就是高风险高收益这碗饭，只要他们能遵纪守法地赚钱，就不能说人家在企业上市后获利退出有什么不对。当然，如果违法乱纪，那必然是要依法追责的。\n有人可能会问，在香港上市，资本也可以自由流动啊。上市公司创业者与早期投资者可以轻松地将上市筹集的港元兑换成美元或其他任何货币。这就到了另一个原因，“同股同权”和“同股不同权”。\n在我国内地上市的公司要严格遵守同股同权的条例，即你拥有该公司多少股份，在重大事件投票时就拥有多少的投票权，这就是很多公司不想上市的原因，害怕上市之后拥有的股份不多，导致公司创始人在董事会说不上话甚至会被踢出局。这也是之前流行的“野蛮人”恶意收购的原因，只要别人持有比你更多的股份，哪怕你是创始人，也会被踢出局。\n在2018年以前，在香港上市，也是同股同权的要求。2018年，港交所推出了一项改革，允许科技企业和生命科学领域里的企业采用美国式的同股不同权的结构。此后，越来越多的中国企业选择在香港上市，或者在中国香港和美国纽约两地同时挂牌。\n不是说同股同权不好。凡事都是有利有弊。同股同权要求持股不多的创始人谨慎上市，因为上市后可能被架空甚至踢出决策层，但谨慎上市又可能拖慢企业发展的速度，错过黄金发展期。\n赴美上市提供了一个同股不同权的选项，这就意味着，即使持有企业小于50%的股权，哪怕只持有10%甚至更低，也可以保持对企业的控制权。虽然方便了企业上市融资，但这很容易导致“内部人控制”问题。由于企业的实际控制人并不是最大的股东，那股东利益与经营者利益存在冲突的时候，实控人就容易假公济私，中饱私囊，或者采取一些风险比较大的经营行为。在一些国家，同股不同权被认为是企业治理问题的根源之一。\n\n信任危机\n前文基本解释了中国企业为啥更愿意去美国上市，有各种原因，有监管制度上的，有企业经营上的，总体而言，是一种很正常的趋利避害的商业行为。\n但中美贸易冲突升级以后，美国接连制裁中国的企业，有一些就是在美上市的中国企业。这增大了在美上市的风险，已经上市的部分企业，即使没有被制裁，因两国国际关系变动而带来的风险也在变大。2020年，瑞幸财务造假，更加剧了中概股的信任危机。\n特朗普政府趁机在任期结束之前签署《外国公司问责法案》，威胁说，如果中国方面连续三年不能够让美国上市公司会计监督委员会（PCAOB）获得审计工作底稿，中国的上市企业将会被美国证券交易所摘牌。\n2021年6月22日，美国参议院又通过了另一项提案，提出退市时间可以提前一年。\n美国威胁要让中国企业退市的直接理由是保护美国投资者免受类似于去年瑞幸咖啡那样的会计造假带来的损失。说实话，这看起来其实挺有道理。财务造假是犯罪，不仅美国，我们相信任何一个国家的资本市场都要打击财务造假。\n但这里有几个问题。\n第一，中美双方一直在就审计底稿的问题进行磋商，但为啥现在突然翻脸。\n2009年，我国出台法律，要求企业“在境外发行证券与上市过程中，提供相关证券服务的证券公司、证券服务机构在境内形成的工作底稿等档案应当存放在境内”。\n2013年，我国和美国的PCAOB签署了一份合作谅解备忘录，并向PCAOB提供了4家企业的审计工作底稿。\n2016年到2019年，双方监管部门也一直就如何来有效地检查，有过一些合作尝试。关系好的时候有商有量，关系不好的时候就有点翻脸不认人的意思。\n第二，提供会计底稿是不是打击财务造假的一种有效形式。\n美国的证券市场监管法规一直在不断升级，比如2002年针对安然公司财务造假事件对《1933年证券法》《1934年证券交易法》做出大幅修订，形成了《2002年上市公司会计改革和投资者保护法案》（Public Company Accounting Reform and Investor Protection Act of 2002），简称《萨班斯-奥克斯利法案》，在公司治理、会计职业监管、证券市场监管等方面作出了许多新的规定。这事实上既有利于保护上市公司，也有利于保护投资者，是好事儿。\n但《萨班斯-奥克斯利法案》之后建立的美国上市公司会计监督委员会已经可以审阅上市公司的审计底稿了，可之后又出现了世通、南方保健、房地美、美国国际集团和雷曼兄弟的会计问题。而大多数比较严重的会计造假事件，往往是由专业的卖空机构，通过使用“私服暗访”实地调查公司业务流量等技巧手段发现问题的，审计公司不会使用这些手段。\n美国上市公司会计监督委员会（PCAOB）不一定能通过审计工作底稿来发现这些财务造假。换言之，审计底稿或许有助于打击财务造假，但并不是一种必不可少的方式，也不总是百分百有效。\n第三，《外国公司问责法案》的重要目标就是中概股公司，但美国不是第一天知道中国上市公司采用VIE架构。如果美国认为VIE架构有问题，那直接禁止中概股上市即可。\n两国在关系友好的时候，审计底稿并不是一个很重要的问题，两国可以协商解决，合作监管，因为互相信任。现在这种互信没有了。\n\n未雨绸缪\n我们希望中美关系可以在新的竞争关系中复归友好。但如果两国的隔阂越来越大，那在美上市的中国企业，确实需要做好两手准备。\n对中美两国来讲，中国企业从美国市场退市，似乎都不是难以承受的代价。\n对美国来讲，尽管中概股的波动比较大，但中概股的整体表现优于大部分美国上市公司股票，中国企业财务造假带来的损失，也远小于安然、雷曼这些美国公司。\n如果中概股退市，美国投资者会失去一个比较好的投资标的。但中概股退市后可以去港股和A股上市，如果美国投资者依旧看好中国企业，可以继续在香港地区通过合格境外投资者机制（QFII）或者互联互通机制买进，进行投资。\n对中国来讲，我国是一个高储蓄国家和资本净出口国，并非一定要在美国上市募资。我国自己的资本市场也在逐渐完善，注册制也在科创板试点，很可能不久后的未来就会全面铺开，未来中国企业在国内上市的便利度会大幅度提升，虽然在A股或者港股上市，估值很可能有缩水，但这对整个国家来讲，并不是什么不可接受的挑战。\n所以，如果中国企业在美退市，对两国来讲并不是什么不可接受的事件，那它们的命运就更多地受国际关系和历史进程的影响。这时候，企业应该做的就是未雨绸缪，防患于未然。\n谁都不希望坏事发生，但如果发生，也不至于措手不及。","news_type":1,"symbols_score_info":{"513050":0.9}},"isVote":1,"tweetType":1,"viewCount":1469,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}