HPROHR personal page - To The Moon

HPROHR

HPROHR

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563Follow

43Followers

1Topic

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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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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":2322,"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":[],"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 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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。 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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":1036,"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":[],"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":577,"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":[],"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 The winning rate of one lot 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>News on June 17, this Thursday<a href=\"https://laohu8.com/S/02171\">Keji Pharmaceutical-B</a>According to the announcement, the company issued 94.747 million shares, priced at HK $32.8 per share, with 500 shares per lot, and is expected to be listed on June 18.</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 47.3435 million shares, accounting for 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 winning rate of 5% for one lot, and 70 subscriptions were secured for one lot.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of shares offered was 47.3435 million shares (excluding over-allocated shares), equivalent to 50% of the total number of shares offered. The relevant data of Tiger Information Collation is 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 lot, admission fee is HK $16,565.26. The winning rate of one lot is 5%, and the subscription of 70 lots is stable.</p><p>The threshold for 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 purposes, the company intends to use the net proceeds of approximately HK $2.94 billion from the global offering 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); About 20% will be used to cultivate comprehensive manufacturing and commercialization capabilities; About 10% will be used to continue to upgrade CAR-T technology and provide funds for early research and development activities; About 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 therapies for the treatment of hematological malignancies and solid tumors. The company has internally developed new technologies and a product pipeline with global rights and interests. 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 7 IND licenses for 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, the company is<b>The first and only</b>A company that has received the US 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 did not have any products approved for commercial sales, and there was no revenue from product sales and incurred operating losses. In 2019 and 2020, the company recorded losses of RMB 227 million and RMB 327 million respectively. Most of the company's operating losses come from 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 The winning rate of one lot 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 The winning rate of one lot 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>News on June 17, this Thursday<a href=\"https://laohu8.com/S/02171\">Keji Pharmaceutical-B</a>According to the announcement, the company issued 94.747 million shares, priced at HK $32.8 per share, with 500 shares per lot, and is expected to be listed on June 18.</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 47.3435 million shares, accounting for 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 winning rate of 5% for one lot, and 70 subscriptions were secured for one lot.</p><p>In addition, the international offering was significantly oversubscribed, and the final number of shares offered was 47.3435 million shares (excluding over-allocated shares), equivalent to 50% of the total number of shares offered. The relevant data of Tiger Information Collation is 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 lot, admission fee is HK $16,565.26. The winning rate of one lot is 5%, and the subscription of 70 lots is stable.</p><p>The threshold for 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 purposes, the company intends to use the net proceeds of approximately HK $2.94 billion from the global offering 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); About 20% will be used to cultivate comprehensive manufacturing and commercialization capabilities; About 10% will be used to continue to upgrade CAR-T technology and provide funds for early research and development activities; About 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 therapies for the treatment of hematological malignancies and solid tumors. The company has internally developed new technologies and a product pipeline with global rights and interests. 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 7 IND licenses for 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, the company is<b>The first and only</b>A company that has received the US 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 did not have any products approved for commercial sales, and there was no revenue from product sales and incurred operating losses. In 2019 and 2020, the company recorded losses of RMB 227 million and RMB 327 million respectively. Most of the company's operating losses come from 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":661,"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":[],"htmlText":"<a 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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":433,"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":[],"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":618,"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":[],"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":619,"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":[],"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 Fed will be rate hike in more than two months at the earliest! How will the market be laid out?","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 impose its first rate hike in three years in just over two months, a move that some policymakers believe is necessary.</p><p>The Fed's last rate hike was in late 2018, and just seven months later, the Fed pulled out of the rate hike as the economic expansion looked increasingly fragile. In July 2019, the Federal Reserve kicked off the interest rate cut cycle, after which the Federal Reserve 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 shows that the market is willing to continue moving higher. Markets have been in turmoil since the Federal Reserve said it would shift to normal monetary policy a month ago.</p><p>\"Looking back at the history of the Federal Reserve, you will see that there are typically 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 Fed to conduct its first rate hike with calmer markets (likely at its March 15-16 meeting), because there are already good signals and it will still only raise the benchmark overnight interest rate to the 0.25%-0.5% range.</p><p>\"Our attitude towards the Fed is based on the fact that the economy has grown 2% a year over the past few decades,\" Paulson said. \"In a 2% economic growth world, if the Fed wants to tighten policy, it will be destructive. But we don't live in that world anymore.\"</p><p>At their December meeting, Fed officials planned three rate hike before the end of the year.<a href=\"https://laohu8.com/S/CME\">Chicago Mercantile Exchange</a>Current price action in the federal funds futures market shows a roughly 60% chance of a rate hike by the Federal Reserve in March and a 61% chance of two more rate hike by the interest rate-setting Federal Open market Committee before the end of 2022, according to the Federal watch Tool, owned by (CME).</p><p>The Federal Reserve is raising interest rates in response to inflationary pressures, which, in some ways, are at the fastest pace in nearly 40 years. Fed Chairman Jerome Powell and most other policymakers insisted for much of 2021 that prices would retreat soon, but acknowledged towards 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 Fed can arrange an \"orderly pullback\" will determine the market's reaction to rate hike.</p><p>Mohamed El-Erian said Fed policy is making a big catch-up curve.</p><p>But the danger, he said, is that inflation persists and even exceeds the Fed's expectations, prompting the Fed to take a more aggressive response.</p><p>\"The pain is already there, so they have to catch up vigorously, and the question is when will they lose the courage to catch up,\" El-Elian said.</p><p>Market veterans are watching bond yields, which are expected to give early hints of the Fed's intentions. Despite market expectations for a rate hike in the United States, yields have remained largely manageable, but Paulson said he expects the market reaction may eventually lift 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 fairly well in 2022 even with some market headwinds. Similarly, Paulson said that the U.S. economy can afford rate hike for now, while rate hike will push up borrowing rates for many consumer products.</p><p>The minutes of the Federal Open Market Committee's (FOMC) December meeting will be released tonight, when investors will get a closer look at what the Fed is thinking. Of particular interest to markets are discussions not only about the pace of rate hike and the decision to scale back asset purchases, but also when the central bank will begin shrinking its balance sheet.</p><p>Despite the Fed's intention to stop buying bonds in the spring, its balance sheet remains around its current level of $8.8 trillion. Citigroup economist Andrew Hollenhorst expects the U.S. to begin cutting 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 Fed will be rate hike in more than two months at the earliest! How will the market be laid out?</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 Fed will be rate hike in more than two months at the earliest! How will the market be laid out?\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 impose its first rate hike in three years in just over two months, a move that some policymakers believe is necessary.</p><p>The Fed's last rate hike was in late 2018, and just seven months later, the Fed pulled out of the rate hike as the economic expansion looked increasingly fragile. In July 2019, the Federal Reserve kicked off the interest rate cut cycle, after which the Federal Reserve 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 shows that the market is willing to continue moving higher. Markets have been in turmoil since the Federal Reserve said it would shift to normal monetary policy a month ago.</p><p>\"Looking back at the history of the Federal Reserve, you will see that there are typically 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 Fed to conduct its first rate hike with calmer markets (likely at its March 15-16 meeting), because there are already good signals and it will still only raise the benchmark overnight interest rate to the 0.25%-0.5% range.</p><p>\"Our attitude towards the Fed is based on the fact that the economy has grown 2% a year over the past few decades,\" Paulson said. \"In a 2% economic growth world, if the Fed wants to tighten policy, it will be destructive. But we don't live in that world anymore.\"</p><p>At their December meeting, Fed officials planned three rate hike before the end of the year.<a href=\"https://laohu8.com/S/CME\">Chicago Mercantile Exchange</a>Current price action in the federal funds futures market shows a roughly 60% chance of a rate hike by the Federal Reserve in March and a 61% chance of two more rate hike by the interest rate-setting Federal Open market Committee before the end of 2022, according to the Federal watch Tool, owned by (CME).</p><p>The Federal Reserve is raising interest rates in response to inflationary pressures, which, in some ways, are at the fastest pace in nearly 40 years. Fed Chairman Jerome Powell and most other policymakers insisted for much of 2021 that prices would retreat soon, but acknowledged towards 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 Fed can arrange an \"orderly pullback\" will determine the market's reaction to rate hike.</p><p>Mohamed El-Erian said Fed policy is making a big catch-up curve.</p><p>But the danger, he said, is that inflation persists and even exceeds the Fed's expectations, prompting the Fed to take a more aggressive response.</p><p>\"The pain is already there, so they have to catch up vigorously, and the question is when will they lose the courage to catch up,\" El-Elian said.</p><p>Market veterans are watching bond yields, which are expected to give early hints of the Fed's intentions. Despite market expectations for a rate hike in the United States, yields have remained largely manageable, but Paulson said he expects the market reaction may eventually lift 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 fairly well in 2022 even with some market headwinds. Similarly, Paulson said that the U.S. economy can afford rate hike for now, while rate hike will push up borrowing rates for many consumer products.</p><p>The minutes of the Federal Open Market Committee's (FOMC) December meeting will be released tonight, when investors will get a closer look at what the Fed is thinking. Of particular interest to markets are discussions not only about the pace of rate hike and the decision to scale back asset purchases, but also when the central bank will begin shrinking its balance sheet.</p><p>Despite the Fed's intention to stop buying bonds in the spring, its balance sheet remains around its current level of $8.8 trillion. Citigroup economist Andrew Hollenhorst expects the U.S. to begin cutting 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":{".IXIC":"NASDAQ Composite","BK4534":"瑞士信贷持仓","PSQ":"做空纳斯达克100指数ETF-ProShares","SH":"做空标普500-Proshares","QQQ":"纳指100ETF","SSO":"2倍做多标普500ETF-ProShares","BK4559":"巴菲特持仓","OEX":"标普100","BK4504":"桥水持仓","SPY":"标普500ETF","SDOW":"三倍做空道指30ETF-ProShares",".DJI":"道琼斯","SDS":"两倍做空标普500 ETF-ProShares","DJX":"1/100道琼斯","BK4550":"红杉资本持仓","QID":"两倍做空纳斯达克指数ETF-ProShares","OEF":"标普100指数ETF-iShares","DXD":"两倍做空道琼30指数ETF-ProShares","SQQQ":"纳指三倍做空ETF"},"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":{".DJI":0.9,"QQQ":0.9,"PSQ":0.9,"OEF":0.9,"DJX":0.9,"SPY":0.9,"SSO":0.9,"OEX":0.9,"SH":0.9,"QID":0.9,".IXIC":0.9,"ESmain":0.9,"SQQQ":0.9,"SDOW":0.9,"DXD":0.9,"SDS":0.9}},"isVote":1,"tweetType":1,"viewCount":769,"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":[],"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":"Chinese concept stocks withdraw from the US market, is this possible?","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>Text/Jia Ming</p><p>On July 23rd, a document issued by the Central Office titled \"Opinions on Further Reducing the Burden of Students' Homework and Off-campus Training in Compulsory Education\" was circulated on the Internet. The \"Opinions\" include measures such as strictly prohibiting the \"capitalization\" operation of education and training institutions, and not allowing subject training institutions to go public for financing. Overseas listed education stocks fell in response. For example, New Oriental'S stock price on the Hong Kong Stock Exchange was once \"halved\" (New Oriental S, closed down 40.61% on the 23rd, and closed down 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), on the 23rd, Gaotu fell 63.26% in the US stock market, and TAL fell more than 70%.</p><p>The official officially announced the document on the evening of July 24th, and many media have forwarded the full text. Interested readers can look for it.</p><p>Today's article does not analyze Circular No.40 issued by the Central Committee of the Communist Party of China, but wants to discuss two issues.</p><p>First, why do so many Chinese companies choose to list in the United States?</p><p>Second, considering Sino-US relations, Ruixing's fraud, Didi's delisting and other incidents, what is the future fate of these Chinese concept stocks listed overseas?</p><p><b>Main reasons</b></p><p>Chinese companies are more enthusiastic about listing on American stock exchanges than almost any other non-American company, even after Sino-US relations have become obviously cold.</p><p>In 2019, 32 companies went public in the United States, compared with 34 in 2020. In the first half of 2021, 37 companies have completed listing in the United States. According to wind data, as of July 2021, a total of 286 Chinese companies have been listed in the United States-including those registered in offshore centers such as Hong Kong or the Cayman Islands, but most of their revenue and profits come from mainland China-in fact, Most Chinese companies listed in the United States have basically adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised audit requirements for Chinese companies listed in the United States. The overall environment for Chinese companies to go public in the United States is not good, so why do Chinese companies still resolutely choose to go public in the United States?</p><p>Several reasons that are well known are;</p><p>First, the capital market in the United States was built relatively early, and the financing system and laws and regulations are relatively more mature and perfect. From the overall financing environment, the United States is generally optimistic about Internet companies and high-tech companies. If the same stock is listed in the United States, it is relatively easy to obtain a higher valuation and raise more funds.</p><p>Second, and more importantly, the U.S. capital market adopts a registration system, and there is no profit threshold for companies to be listed. As long as your company's business grows rapidly and occupies a large market share, you can go public even if you lose money. China adopts the audit system, and the necessary condition for applying for A-share listing is to make profits for three consecutive years.</p><p>Internet companies are growing rapidly, so they are always short of money. Some Internet companies, perhaps just a few years after their establishment, have become unicorns with a valuation of more than one billion. At this time, facing the pressure of investors to realize cash and further develop, they have to prepare to go public for large-scale financing. However, most companies may have just started to make profits at this time, or even haven't made a profit yet. Therefore, if they can't meet the conditions of making profits for three consecutive years, they can't list and raise funds in the A-share market. If you wait two or three years before going public to raise funds, you may not only miss the best development opportunity, but also fail to raise funds, and it is unknown whether the company can survive. Therefore, you can only go abroad.</p><p>Third, the length of my country's listing approval cycle is uncertain. When the listing approval is suspended and a company wants to go public, the entire process may take three or four years if it is long. Time is money, and many enterprises can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons for Chinese companies to go public in the United States. But beyond that, there are several reasons that shouldn't be overlooked.</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 birth</b></p><p>Now we often say that Chinese Internet companies are doing very well. We usually call around 2000 the first year of China's Internet. But we can't forget that in the early days of the development of the Internet, few people could understand this format, so it was impossible for these enterprises to get bank loans.</p><p>In fact, it is difficult to get bank loans not only in the start-up stage of the Internet, but also in the start-up stage of all enterprises. Because of the strict loan approval procedures and innate risk aversion, commercial banks would rather earn less loan interest than lend money to stable enterprises.</p><p>Banks are not institutions that invest in start-ups. Investing in start-ups should be done by angel investors and venture capital institutions. At that time, there was no venture capital (VC) and private equity (PE) in China. These Internet companies can't find money in China, but they need money for development. What should they do? Only overseas capital can be introduced.</p><p>You know, in the early days of our reform and opening up, we also exchanged domestic markets for overseas capital and technology. So as Deng Gong said, regardless of whether it is a black cat or a white cat, it is a good cat if it can catch mice. Capital is neutral, and it doesn't matter if it is good or bad. If you only use the region as the basis for classification, it is of course possible. But if you want to make a value judgment, it is more important to look at the specific things that the capital is used for, rather than the origin of the capital.</p><p>Therefore, many Internet giants in China (in order to avoid unnecessary troubles, I won't give examples here) were Sino-foreign joint ventures at the beginning of their establishment. This leads to another question: the legitimacy of the VIE architecture.</p><p>Variable Interest Entity (VIE structure), referred to as VIE structure for short, is usually referred to as \"agreement control\". It refers to the listed entity registered overseas by the company to be listed, which is separated from the mainland business operating entity, and the overseas listed entity controls domestic business operating entities through agreements and transfers income and profits to overseas companies. The VIE architecture has derived many different forms, but the essence is the same, so it will not be expanded here.</p><p>Because China's laws strictly restrict the access of overseas funds in \"information transmission, software and information technology services\", overseas capital is not allowed to directly invest in telecommunications and Internet-related enterprises. Of course, companies in these industries are not allowed to directly raise funds or go public overseas. Therefore, these companies adopt the VIE structure to bypass supervision.</p><p>Of course, supervision knows this form. The reason why it is not completely banned is that on the one hand, this structure is not \"obviously illegal\", and on the other hand, it is also a kind of regulatory wisdom.</p><p>However, if this kind of enterprise is listed in China, it still has to strictly follow the regulatory requirements for listing. Then the legality of this VIE structure becomes a problem, so it cannot be directly listed in China.</p><p>This means that some Internet companies have crooked roots since the day they were born. If the roots are not crooked, you will not be able to survive, and if you survive, you will leave a bad background-\"lack of money-introducing foreign capital-becoming a joint venture-adopting a VIE structure-problematic legality of domestic listing-overseas listing\".</p><p>It's much better now. The construction of China's multi-level capital market is becoming more and more perfect, and there are more RMB venture capital and private equity. The problem of not finding money in China has been greatly alleviated.</p><p>Wang Xiaobo said in The Silent Majority that it is too easy to make value judgments. If we are a male rabbit, we 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 nine-nine times table. Understanding the above background is a bit like a ninety-nine multiplication table. No matter what kind of value evaluation we make of Internet companies going overseas to go public-how to evaluate it is our freedom-but at least our judgment is based on the complete ins and outs 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>There are two other reasons: the free circulation of capital and the pursuit of different rights for the same shares.</p><p>As mentioned earlier, because the funding sources of many enterprises include international private equity funds and venture capital companies, and China implements foreign exchange controls, it will be very troublesome for venture capital to make profits and withdraw from them, and there will be exchange risks, so they also have the incentive to encourage business owners to list overseas. Some business owners have the ambition to be multinational enterprises and are willing to list in the United States, which is not only conducive to expanding the popularity of enterprises, but also conducive to the global layout of corporate fund-raising and assets, killing multiple goals with one stone.</p><p>It has to be wordy again. Private equity and venture capital eat the bowl of high risk and high return. As long as they can make money in accordance with the law, they can't say that there is anything wrong with people making profits and withdrawing after the company goes public. Of course, if you violate the law and discipline, you must be held accountable according to law.</p><p>Some people may ask, if you are listed in Hong Kong, capital can flow freely. Entrepreneurs and early investors of listed companies can easily convert Hong Kong dollars raised by listing into US dollars or any other currency. This brings us to another reason, \"same rights for the same shares\" and \"different rights for the same shares\".</p><p>Companies listed in mainland China must strictly abide by the regulations of equal shares and equal rights, that is, as many shares you own in the company, you have as many voting rights when voting on major events. This is the reason why many companies do not want to go public, fearing the shares they will own after listing. There are not many, resulting in the founder of the company being unable to speak at the board of directors or even being kicked out. This is also the reason for the popular hostile takeover of \"barbarians\" before. As long as others hold more shares than you, even if you are the founder, you will be kicked out.</p><p>Before 2018, listing in Hong Kong was also a requirement for the same shares and rights. In 2018, the Hong Kong Stock Exchange introduced a reform that allows technology companies and companies in the life sciences fields to adopt an American-style structure of the same shares but different rights. Since then, more and more Chinese companies have chosen to list in Hong Kong, or both in Hong Kong, China and new york, USA.</p><p>It's not that the same shares and rights are bad. Everything has its advantages and disadvantages. Same shares and equal rights require founders who hold few shares to go public cautiously, because they may be overhead or even kicked out of the decision-making level after listing, but cautious listing may slow down the development of enterprises and miss the golden development period.</p><p>Going public in the United States provides an option of different rights for the same shares, which means that even if you hold less than 50% of the company's equity, even if you only hold 10% or even less, you can still maintain control of the company. Although it is convenient for enterprises to go public and raise funds, it can easily lead to the problem of \"insider control\". Since the actual controller of an enterprise is not the largest shareholder, when there is a conflict between the interests of shareholders and the interests of operators, it is easy for the actual controller to pretend to benefit the public for personal gain, enrich his own pockets, or adopt some risky business practices. In some countries, different rights for the same share are considered to be 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 explains why Chinese companies are more willing to go public in the United States. There are various reasons, including regulatory systems and business operations. Generally speaking, it is a normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the Sino-US trade conflict escalated, the United States successively sanctioned 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 have not been sanctioned, the risks caused by changes in international relations between the two countries are increasing. In 2020, Ruixing's financial fraud exacerbated the crisis of confidence in Chinese concept stocks.</p><p>The Trump administration took the opportunity to sign the Holding Foreign Companies Accountable Act before the end of his term, threatening that if China failed to get the audit working papers of the US Listed Company Accounting Oversight Board (PCAOB) for three consecutive years, Chinese listed companies would be delisted by the US stock exchange.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting time can be advanced by one year.</p><p>The direct reason for the U.S. threat to delist Chinese companies is to protect U.S. investors from losses caused by accounting fraud similar to that of Luckin Coffee last year. To be honest, this actually seems quite reasonable. Financial fraud is a crime. Not only the United States, but we believe that the capital market of any country must crack down on financial fraud.</p><p>But there are a few problems here.</p><p>First, China and the United States have been negotiating on the issue of audit papers, but why do they suddenly turn against each other now?</p><p>In 2009, China promulgated a law requiring enterprises to \"store the working papers and other files formed by securities companies and securities service institutions that provide related securities services in China in the process of issuing and listing securities overseas\".</p><p>In 2013, the PCAOB of China and the United States signed a memorandum of understanding on cooperation, and provided the audit working papers of four enterprises to the PCAOB.</p><p>From 2016 to 2019, the regulatory authorities of both parties have also made some cooperation attempts on how to effectively inspect. When the relationship is good, there is business and quantity, but when the relationship is bad, it means turning your face and denying others.</p><p>Second, whether providing accounting papers is an effective form to combat financial fraud.</p><p>For example, in 2002, the Securities Act of 1933 and the Securities Exchange Act of 1934 were greatly revised in response to Enron's financial fraud incident, forming the Public Company Accounting Reform and Investor Protection Act of 2002, referred to as Sarbanes-Oxley Act, which made many new regulations in corporate governance, accounting professional supervision and securities market supervision. In fact, this is conducive to protecting both listed companies and investors, which is a good thing.</p><p>However, the American Public Company Accounting Oversight Board established after the Sarbanes-Oxley Act can already review the audit papers of public companies, but then the accounting problems of WorldCom, Southern Healthcare, Freddie Mac, American International Group and Lehman Brothers appeared. However, most serious accounting fraud incidents are often found by professional short-selling agencies through the use of \"unannounced visits to private servers\" on-the-spot investigation of the company's business flow and other techniques, and audit companies will not use these methods.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not necessarily be able to detect these financial frauds by auditing the working papers. In other words, audit papers may help to combat financial fraud, but they are not an essential way, nor are they always 100% effective.</p><p>Third, Holding Foreign Companies Accountable Act's important target is Chinese concept stock companies, but this is not the first day the United States knows that Chinese listed companies adopt the VIE structure. If the United States believes that there is a problem with the VIE structure, it can directly ban the listing of Chinese concept stocks.</p><p>When the two countries have friendly relations, audit papers are not a very important issue. The two countries can solve it through consultation and cooperate in supervision because of mutual trust. Now this mutual trust is gone.</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>Prepare for a rainy day</b></p><p>We hope that Sino-US relations can return to friendship in a new competitive relationship. But if the gap between the two countries is getting wider and wider, Chinese companies listed in the United States really need to be prepared with both hands.</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>As far as the United States is concerned, although the volatility of Chinese concept stocks is relatively large, the overall performance of Chinese concept stocks is better than that of most American listed companies, and the losses caused by financial fraud of Chinese companies are far smaller than those of American companies such as Enron and Lehman.</p><p>If Chinese concept stocks are delisted, American investors will lose a better investment target. However, after Chinese concept stocks are delisted, they can be listed on Hong Kong stocks and A-shares. If American investors are still optimistic about Chinese companies, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the interconnection mechanism.</p><p>As far as China is concerned, China is a high savings country and a net exporter of capital, so it is not necessary to list in the United States to raise funds. My country's own capital market is also gradually improving, and the registration system is also 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 in A-shares or Hong Kong stocks When listed, the valuation is likely to shrink, but this is not an unacceptable challenge for the whole country.</p><p>Therefore, if the delisting of Chinese enterprises in the United States is not an unacceptable event for the two countries, then their fate will be more influenced by international relations and historical processes. At this time, what enterprises should do is to take precautions and prevent problems before they happen.</p><p>No one wants bad things to happen, but if they happen, they won'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>Chinese concept stocks withdraw from the US market, is this possible?</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\">\nChinese concept stocks withdraw from the US market, is this possible?\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>Text/Jia Ming</p><p>On July 23rd, a document issued by the Central Office titled \"Opinions on Further Reducing the Burden of Students' Homework and Off-campus Training in Compulsory Education\" was circulated on the Internet. The \"Opinions\" include measures such as strictly prohibiting the \"capitalization\" operation of education and training institutions, and not allowing subject training institutions to go public for financing. Overseas listed education stocks fell in response. For example, New Oriental'S stock price on the Hong Kong Stock Exchange was once \"halved\" (New Oriental S, closed down 40.61% on the 23rd, and closed down 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), on the 23rd, Gaotu fell 63.26% in the US stock market, and TAL fell more than 70%.</p><p>The official officially announced the document on the evening of July 24th, and many media have forwarded the full text. Interested readers can look for it.</p><p>Today's article does not analyze Circular No.40 issued by the Central Committee of the Communist Party of China, but wants to discuss two issues.</p><p>First, why do so many Chinese companies choose to list in the United States?</p><p>Second, considering Sino-US relations, Ruixing's fraud, Didi's delisting and other incidents, what is the future fate of these Chinese concept stocks listed overseas?</p><p><b>Main reasons</b></p><p>Chinese companies are more enthusiastic about listing on American stock exchanges than almost any other non-American company, even after Sino-US relations have become obviously cold.</p><p>In 2019, 32 companies went public in the United States, compared with 34 in 2020. In the first half of 2021, 37 companies have completed listing in the United States. According to wind data, as of July 2021, a total of 286 Chinese companies have been listed in the United States-including those registered in offshore centers such as Hong Kong or the Cayman Islands, but most of their revenue and profits come from mainland China-in fact, Most Chinese companies listed in the United States have basically adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised audit requirements for Chinese companies listed in the United States. The overall environment for Chinese companies to go public in the United States is not good, so why do Chinese companies still resolutely choose to go public in the United States?</p><p>Several reasons that are well known are;</p><p>First, the capital market in the United States was built relatively early, and the financing system and laws and regulations are relatively more mature and perfect. From the overall financing environment, the United States is generally optimistic about Internet companies and high-tech companies. If the same stock is listed in the United States, it is relatively easy to obtain a higher valuation and raise more funds.</p><p>Second, and more importantly, the U.S. capital market adopts a registration system, and there is no profit threshold for companies to be listed. As long as your company's business grows rapidly and occupies a large market share, you can go public even if you lose money. China adopts the audit system, and the necessary condition for applying for A-share listing is to make profits for three consecutive years.</p><p>Internet companies are growing rapidly, so they are always short of money. Some Internet companies, perhaps just a few years after their establishment, have become unicorns with a valuation of more than one billion. At this time, facing the pressure of investors to realize cash and further develop, they have to prepare to go public for large-scale financing. However, most companies may have just started to make profits at this time, or even haven't made a profit yet. Therefore, if they can't meet the conditions of making profits for three consecutive years, they can't list and raise funds in the A-share market. If you wait two or three years before going public to raise funds, you may not only miss the best development opportunity, but also fail to raise funds, and it is unknown whether the company can survive. Therefore, you can only go abroad.</p><p>Third, the length of my country's listing approval cycle is uncertain. When the listing approval is suspended and a company wants to go public, the entire process may take three or four years if it is long. Time is money, and many enterprises can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons for Chinese companies to go public in the United States. But beyond that, there are several reasons that shouldn't be overlooked.</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 birth</b></p><p>Now we often say that Chinese Internet companies are doing very well. We usually call around 2000 the first year of China's Internet. But we can't forget that in the early days of the development of the Internet, few people could understand this format, so it was impossible for these enterprises to get bank loans.</p><p>In fact, it is difficult to get bank loans not only in the start-up stage of the Internet, but also in the start-up stage of all enterprises. Because of the strict loan approval procedures and innate risk aversion, commercial banks would rather earn less loan interest than lend money to stable enterprises.</p><p>Banks are not institutions that invest in start-ups. Investing in start-ups should be done by angel investors and venture capital institutions. At that time, there was no venture capital (VC) and private equity (PE) in China. These Internet companies can't find money in China, but they need money for development. What should they do? Only overseas capital can be introduced.</p><p>You know, in the early days of our reform and opening up, we also exchanged domestic markets for overseas capital and technology. So as Deng Gong said, regardless of whether it is a black cat or a white cat, it is a good cat if it can catch mice. Capital is neutral, and it doesn't matter if it is good or bad. If you only use the region as the basis for classification, it is of course possible. But if you want to make a value judgment, it is more important to look at the specific things that the capital is used for, rather than the origin of the capital.</p><p>Therefore, many Internet giants in China (in order to avoid unnecessary troubles, I won't give examples here) were Sino-foreign joint ventures at the beginning of their establishment. This leads to another question: the legitimacy of the VIE architecture.</p><p>Variable Interest Entity (VIE structure), referred to as VIE structure for short, is usually referred to as \"agreement control\". It refers to the listed entity registered overseas by the company to be listed, which is separated from the mainland business operating entity, and the overseas listed entity controls domestic business operating entities through agreements and transfers income and profits to overseas companies. The VIE architecture has derived many different forms, but the essence is the same, so it will not be expanded here.</p><p>Because China's laws strictly restrict the access of overseas funds in \"information transmission, software and information technology services\", overseas capital is not allowed to directly invest in telecommunications and Internet-related enterprises. Of course, companies in these industries are not allowed to directly raise funds or go public overseas. Therefore, these companies adopt the VIE structure to bypass supervision.</p><p>Of course, supervision knows this form. The reason why it is not completely banned is that on the one hand, this structure is not \"obviously illegal\", and on the other hand, it is also a kind of regulatory wisdom.</p><p>However, if this kind of enterprise is listed in China, it still has to strictly follow the regulatory requirements for listing. Then the legality of this VIE structure becomes a problem, so it cannot be directly listed in China.</p><p>This means that some Internet companies have crooked roots since the day they were born. If the roots are not crooked, you will not be able to survive, and if you survive, you will leave a bad background-\"lack of money-introducing foreign capital-becoming a joint venture-adopting a VIE structure-problematic legality of domestic listing-overseas listing\".</p><p>It's much better now. The construction of China's multi-level capital market is becoming more and more perfect, and there are more RMB venture capital and private equity. The problem of not finding money in China has been greatly alleviated.</p><p>Wang Xiaobo said in The Silent Majority that it is too easy to make value judgments. If we are a male rabbit, we 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 nine-nine times table. Understanding the above background is a bit like a ninety-nine multiplication table. No matter what kind of value evaluation we make of Internet companies going overseas to go public-how to evaluate it is our freedom-but at least our judgment is based on the complete ins and outs 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>There are two other reasons: the free circulation of capital and the pursuit of different rights for the same shares.</p><p>As mentioned earlier, because the funding sources of many enterprises include international private equity funds and venture capital companies, and China implements foreign exchange controls, it will be very troublesome for venture capital to make profits and withdraw from them, and there will be exchange risks, so they also have the incentive to encourage business owners to list overseas. Some business owners have the ambition to be multinational enterprises and are willing to list in the United States, which is not only conducive to expanding the popularity of enterprises, but also conducive to the global layout of corporate fund-raising and assets, killing multiple goals with one stone.</p><p>It has to be wordy again. Private equity and venture capital eat the bowl of high risk and high return. As long as they can make money in accordance with the law, they can't say that there is anything wrong with people making profits and withdrawing after the company goes public. Of course, if you violate the law and discipline, you must be held accountable according to law.</p><p>Some people may ask, if you are listed in Hong Kong, capital can flow freely. Entrepreneurs and early investors of listed companies can easily convert Hong Kong dollars raised by listing into US dollars or any other currency. This brings us to another reason, \"same rights for the same shares\" and \"different rights for the same shares\".</p><p>Companies listed in mainland China must strictly abide by the regulations of equal shares and equal rights, that is, as many shares you own in the company, you have as many voting rights when voting on major events. This is the reason why many companies do not want to go public, fearing the shares they will own after listing. There are not many, resulting in the founder of the company being unable to speak at the board of directors or even being kicked out. This is also the reason for the popular hostile takeover of \"barbarians\" before. As long as others hold more shares than you, even if you are the founder, you will be kicked out.</p><p>Before 2018, listing in Hong Kong was also a requirement for the same shares and rights. In 2018, the Hong Kong Stock Exchange introduced a reform that allows technology companies and companies in the life sciences fields to adopt an American-style structure of the same shares but different rights. Since then, more and more Chinese companies have chosen to list in Hong Kong, or both in Hong Kong, China and new york, USA.</p><p>It's not that the same shares and rights are bad. Everything has its advantages and disadvantages. Same shares and equal rights require founders who hold few shares to go public cautiously, because they may be overhead or even kicked out of the decision-making level after listing, but cautious listing may slow down the development of enterprises and miss the golden development period.</p><p>Going public in the United States provides an option of different rights for the same shares, which means that even if you hold less than 50% of the company's equity, even if you only hold 10% or even less, you can still maintain control of the company. Although it is convenient for enterprises to go public and raise funds, it can easily lead to the problem of \"insider control\". Since the actual controller of an enterprise is not the largest shareholder, when there is a conflict between the interests of shareholders and the interests of operators, it is easy for the actual controller to pretend to benefit the public for personal gain, enrich his own pockets, or adopt some risky business practices. In some countries, different rights for the same share are considered to be 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 explains why Chinese companies are more willing to go public in the United States. There are various reasons, including regulatory systems and business operations. Generally speaking, it is a normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the Sino-US trade conflict escalated, the United States successively sanctioned 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 have not been sanctioned, the risks caused by changes in international relations between the two countries are increasing. In 2020, Ruixing's financial fraud exacerbated the crisis of confidence in Chinese concept stocks.</p><p>The Trump administration took the opportunity to sign the Holding Foreign Companies Accountable Act before the end of his term, threatening that if China failed to get the audit working papers of the US Listed Company Accounting Oversight Board (PCAOB) for three consecutive years, Chinese listed companies would be delisted by the US stock exchange.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting time can be advanced by one year.</p><p>The direct reason for the U.S. threat to delist Chinese companies is to protect U.S. investors from losses caused by accounting fraud similar to that of Luckin Coffee last year. To be honest, this actually seems quite reasonable. Financial fraud is a crime. Not only the United States, but we believe that the capital market of any country must crack down on financial fraud.</p><p>But there are a few problems here.</p><p>First, China and the United States have been negotiating on the issue of audit papers, but why do they suddenly turn against each other now?</p><p>In 2009, China promulgated a law requiring enterprises to \"store the working papers and other files formed by securities companies and securities service institutions that provide related securities services in China in the process of issuing and listing securities overseas\".</p><p>In 2013, the PCAOB of China and the United States signed a memorandum of understanding on cooperation, and provided the audit working papers of four enterprises to the PCAOB.</p><p>From 2016 to 2019, the regulatory authorities of both parties have also made some cooperation attempts on how to effectively inspect. When the relationship is good, there is business and quantity, but when the relationship is bad, it means turning your face and denying others.</p><p>Second, whether providing accounting papers is an effective form to combat financial fraud.</p><p>For example, in 2002, the Securities Act of 1933 and the Securities Exchange Act of 1934 were greatly revised in response to Enron's financial fraud incident, forming the Public Company Accounting Reform and Investor Protection Act of 2002, referred to as Sarbanes-Oxley Act, which made many new regulations in corporate governance, accounting professional supervision and securities market supervision. In fact, this is conducive to protecting both listed companies and investors, which is a good thing.</p><p>However, the American Public Company Accounting Oversight Board established after the Sarbanes-Oxley Act can already review the audit papers of public companies, but then the accounting problems of WorldCom, Southern Healthcare, Freddie Mac, American International Group and Lehman Brothers appeared. However, most serious accounting fraud incidents are often found by professional short-selling agencies through the use of \"unannounced visits to private servers\" on-the-spot investigation of the company's business flow and other techniques, and audit companies will not use these methods.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not necessarily be able to detect these financial frauds by auditing the working papers. In other words, audit papers may help to combat financial fraud, but they are not an essential way, nor are they always 100% effective.</p><p>Third, Holding Foreign Companies Accountable Act's important target is Chinese concept stock companies, but this is not the first day the United States knows that Chinese listed companies adopt the VIE structure. If the United States believes that there is a problem with the VIE structure, it can directly ban the listing of Chinese concept stocks.</p><p>When the two countries have friendly relations, audit papers are not a very important issue. The two countries can solve it through consultation and cooperate in supervision because of mutual trust. Now this mutual trust is gone.</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>Prepare for a rainy day</b></p><p>We hope that Sino-US relations can return to friendship in a new competitive relationship. But if the gap between the two countries is getting wider and wider, Chinese companies listed in the United States really need to be prepared with both hands.</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>As far as the United States is concerned, although the volatility of Chinese concept stocks is relatively large, the overall performance of Chinese concept stocks is better than that of most American listed companies, and the losses caused by financial fraud of Chinese companies are far smaller than those of American companies such as Enron and Lehman.</p><p>If Chinese concept stocks are delisted, American investors will lose a better investment target. However, after Chinese concept stocks are delisted, they can be listed on Hong Kong stocks and A-shares. If American investors are still optimistic about Chinese companies, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the interconnection mechanism.</p><p>As far as China is concerned, China is a high savings country and a net exporter of capital, so it is not necessary to list in the United States to raise funds. My country's own capital market is also gradually improving, and the registration system is also 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 in A-shares or Hong Kong stocks When listed, the valuation is likely to shrink, but this is not an unacceptable challenge for the whole country.</p><p>Therefore, if the delisting of Chinese enterprises in the United States is not an unacceptable event for the two countries, then their fate will be more influenced by international relations and historical processes. At this time, what enterprises should do is to take precautions and prevent problems before they happen.</p><p>No one wants bad things to happen, but if they happen, they won'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"},"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":655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194380779,"gmtCreate":1621342709391,"gmtModify":1704356081300,"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":[],"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/194380779","repostId":"1132968896","repostType":4,"repost":{"id":"1132968896","kind":"news","pubTimestamp":1621342260,"share":"https://ttm.financial/m/news/1132968896?lang=en_US&edition=fundamental","pubTime":"2021-05-18 20:51","market":"us","language":"zh","title":"Wall Street Legend Rogers: Commodity Bull Market Just Begins, Bitcoin Looks to Have Peaked","url":"https://stock-news.laohu8.com/highlight/detail?id=1132968896","media":"腾讯美股","summary":"传奇投资人罗杰斯（Jim Rogers）近日接受采访时表示，他依然看好几乎所有商品，因为从历史视角看，商品依然是所有主流资产当中价格最为低廉的。虽然有一些商品，比如铜之类，价格近乎是直线上涨，短期内大","content":"<p><i>Legendary Investor<a href=\"https://laohu8.com/S/ROG\">Rogers</a>(Jim Rogers) said in an interview recently that he is still optimistic about almost all commodities, because from a historical perspective, commodities are still the cheapest among all mainstream assets. Although the prices of some commodities, such as copper, are rising almost in a straight line, and there is a high probability that they will usher in consolidation in the short term, but in the long run, trends such as the development of electric vehicles will support the demand for these commodities for a long time, not to mention silver, crude oil and other commodities, the price gap is still about 50% compared with the historical high, all of which means that the great prosperity will continue for a long time.</i><img src=\"https://static.tigerbbs.com/bb340175a4c52ccc61fe1cd88143e62b\" tg-width=\"1080\" tg-height=\"719\" referrerpolicy=\"no-referrer\"></p><p>Recently, due to strong demand and the epidemic's destruction of production capacity and supply chains, commodity prices have risen sharply across the board, causing many economies, led by the United States, to begin to feel real inflationary pressure. So, has this wave of commodity bull market reached its peak? What happens next?</p><p>Legendary investor Jim Rogers said in an interview recently that he is still optimistic about almost all commodities, because from a historical perspective, commodities are still the cheapest among all mainstream assets. Although the prices of some commodities, such as copper, are rising almost in a straight line, and there is a high probability that they will usher in consolidation in the short term, but in the long run, trends such as the development of electric vehicles will support the demand for these commodities for a long time, not to mention silver, crude oil and other commodities, the price gap is still about 50% compared with the historical high, all of which means that the great prosperity will continue for a long time.</p><p>Q: In recent days, commodity prices have risen sharply. How do you view the expected return on commodity investment now? Do you still believe that because of the strong fundamentals, the prospects of commodities are still better than those of stocks?</p><p>A: From a recent perspective, the risk of commodity investment has indeed increased. Copper prices have been rising in a straight line, climbing to an all-time high. Regardless of any asset, when the price rises in such a straight line, it stands to reason that there should be some consolidation to ensure the sustainable development of the bull market. Therefore, in my opinion, the possibility of consolidation in commodity prices is real. The market does need to consolidate, and most commodities are expected to. The fact is that the fundamentals of these commodities are very ideal, but the prices have risen too fast and too sharply, so the pace needs to be adjusted. However, it is worth mentioning that although the price of silver has risen a lot, it is still about 50% lower than the historical high. We just have to beware of commodities whose prices are skyrocketing, such as copper.</p><p>If the US stock market keeps moving lower for some time, the Fed will panic, and they will print more money, as well as take any possible steps to ensure the market turns up. American politicians and central bankers are not very smart. They only know how to push all kinds of prices up by printing money. This is actually not a good thing for the United States itself, but they don't care about it. All they care about is the next election.</p><p>The situation of commodities is still better than that of stocks now, because the prices of many commodities are actually falling from a longer-term perspective. The U.S. stock market, as well as many others, is now at all-time highs. Worldwide, commodities are the only mainstream assets that have historically been cheap. The market of agricultural commodities over the past many years has been a disaster, as have many other commodities. Therefore, of course, I would rather invest in commodities than stocks.</p><p>Of course, if you can find the right stocks, which are cheap and haven't risen with the broader market, then you may indeed make a lot of money. However, from the perspective of asset categories, commodities are the cheapest in the world.</p><p>Q: Do you think agricultural fundamentals will continue to support the rise in metal prices? Can various indicators and data prove that the rally is long-term?</p><p>Answer: The future of this world belongs to electric vehicles, and compared with ordinary vehicles, the copper required in production of electric vehicles is several times the latter. In conclusion, as long as electric vehicles continue to spread, we will continue to need more copper, as well as more lithium. Given that copper production has not improved much, the fundamentals are certainly providing support for metal prices.</p><p>Q: What do you think of precious metals?</p><p>A: The price of silver has risen a lot in the past year or two, more than doubling, but there is still a gap of about 50% compared with the historical high. I hold silver and I expect silver prices to hit new highs in the coming years, as does gold.</p><p>Q: What do you think is the difference between the current commodity price boom and the wave in 2008?</p><p>A: I am optimistic about the prospects of almost all commodities. I think the general rally in commodity markets will continue for several years. Crude oil prices are 50% lower than their all-time highs, which means that there is still plenty of room for upside. I have no idea for a definite period of time for which this rally can last, but I think the stock market may encounter a bear market in the next year or two, and by then, the commodity market may also be dragged down. However, even during the stock market bear market, commodities will also perform ideally, because they also serve as inflation hedges.</p><p>Q: What do you think of Bitcoin? What will the next wave of Bitcoin prices be?</p><p>A: I have never bought or sold Bitcoin, so maybe I am not the right person to answer this question. Looking at various markets, we will find that the prices of Bitcoin and many other virtual currencies seem to have peaked. There are also hundreds of virtual currencies that have completely disappeared. If you are good at trading for profit, then this may be a good tool. I'm not a trader myself, and I'm not good at this. However, traders can keep using virtual currencies until these tools are declared illegal.</p><p>Q: What do you have to tell investors who missed this wave of commodity price gains?</p><p>A: Pay attention to those commodities that haven't really risen sharply, such as silver and sugar. I won't rush to buy copper now, but if the copper price consolidates, maybe the opportunity will come.</p><p>Q: Not long ago, you said that you were doing more dollars. So now, how do you judge the prospect of the US dollar?</p><p>A: I want to reiterate my point of view. The dollar is indeed a deeply flawed currency, and the United States is also the largest debtor in the history of the world, with its debt growing every hour. However, when people encounter changes and want to join a safe haven, they will still choose the US dollar. The next time the market encounters major turmoil, the dollar will still appreciate sharply until it is seriously overvalued. At that time, I will sell my dollar holdings and turn to other investments. Logically speaking, it seems that I should short the dollar, but the problem is that it has the status of a safe haven-although it is actually no longer, most people still believe it is.</p><p>Q: Crude oil prices are consistently below pre-pandemic levels. Some experts say that the epidemic may have completely rewritten the demand pattern of crude oil. What do you think of this?</p><p>A: The pandemic has affected our need for everything. Before the outbreak of the epidemic, there was already a bubble in the shale oil field, and a lot of new production capacity was developed, and now, this bubble has burst. At the same time, we all know that global crude oil reserves are continuing to decrease. I think crude oil is now in a very complicated bottoming process. In a few years, we will realize that crude oil is actually a good investment object. Due to the popularity of electric vehicles, the demand for crude oil may shrink, but it is impossible for us to completely get rid of crude oil. I am still optimistic about the energy sector.</p><p>Q: How do you expect inflation to develop next? Will the Fed take some action this year?</p><p>A: In the past few years, the only reliable central banker has been RaghuramRajan of India. He has left his post and became a university professor, but how I wish he could be in charge of the US Federal Reserve. Rajan is wise, and most central bankers only know how to print massive amounts of money, which can only lead to higher prices and inflation, independent of our will. I've invested in a lot of commodities through indexes precisely because I expect inflation to go higher.</p><p>Q: To what extent do you think the commodity boom will be enough to trigger a global inflation? In this case, which economies are in the most vulnerable position?</p><p>A: A sharp rise in commodity prices will always lead to inflation. Now, the United States has just released its highest inflation rate in many years, as have many other countries. If food prices rise, then everyone will be affected. Under inflation, no one can survive alone. Of course, some countries will definitely be affected more severely than others. The United States is the largest market, and interest rates there are so low that many American cities and American businesses will be hit significantly. When interest rates are forced to rise, some companies in the United States will go bankrupt. From a debt perspective, Japan is also in a bad situation, and inflation will be a disaster for them.</p>","source":"txmg","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>Wall Street Legend Rogers: Commodity Bull Market Just Begins, Bitcoin Looks to Have Peaked</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\">\nWall Street Legend Rogers: Commodity Bull Market Just Begins, Bitcoin Looks to Have Peaked\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯美股</strong><span class=\"h-time small\">2021-05-18 20:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>Legendary Investor<a href=\"https://laohu8.com/S/ROG\">Rogers</a>(Jim Rogers) said in an interview recently that he is still optimistic about almost all commodities, because from a historical perspective, commodities are still the cheapest among all mainstream assets. Although the prices of some commodities, such as copper, are rising almost in a straight line, and there is a high probability that they will usher in consolidation in the short term, but in the long run, trends such as the development of electric vehicles will support the demand for these commodities for a long time, not to mention silver, crude oil and other commodities, the price gap is still about 50% compared with the historical high, all of which means that the great prosperity will continue for a long time.</i><img src=\"https://static.tigerbbs.com/bb340175a4c52ccc61fe1cd88143e62b\" tg-width=\"1080\" tg-height=\"719\" referrerpolicy=\"no-referrer\"></p><p>Recently, due to strong demand and the epidemic's destruction of production capacity and supply chains, commodity prices have risen sharply across the board, causing many economies, led by the United States, to begin to feel real inflationary pressure. So, has this wave of commodity bull market reached its peak? What happens next?</p><p>Legendary investor Jim Rogers said in an interview recently that he is still optimistic about almost all commodities, because from a historical perspective, commodities are still the cheapest among all mainstream assets. Although the prices of some commodities, such as copper, are rising almost in a straight line, and there is a high probability that they will usher in consolidation in the short term, but in the long run, trends such as the development of electric vehicles will support the demand for these commodities for a long time, not to mention silver, crude oil and other commodities, the price gap is still about 50% compared with the historical high, all of which means that the great prosperity will continue for a long time.</p><p>Q: In recent days, commodity prices have risen sharply. How do you view the expected return on commodity investment now? Do you still believe that because of the strong fundamentals, the prospects of commodities are still better than those of stocks?</p><p>A: From a recent perspective, the risk of commodity investment has indeed increased. Copper prices have been rising in a straight line, climbing to an all-time high. Regardless of any asset, when the price rises in such a straight line, it stands to reason that there should be some consolidation to ensure the sustainable development of the bull market. Therefore, in my opinion, the possibility of consolidation in commodity prices is real. The market does need to consolidate, and most commodities are expected to. The fact is that the fundamentals of these commodities are very ideal, but the prices have risen too fast and too sharply, so the pace needs to be adjusted. However, it is worth mentioning that although the price of silver has risen a lot, it is still about 50% lower than the historical high. We just have to beware of commodities whose prices are skyrocketing, such as copper.</p><p>If the US stock market keeps moving lower for some time, the Fed will panic, and they will print more money, as well as take any possible steps to ensure the market turns up. American politicians and central bankers are not very smart. They only know how to push all kinds of prices up by printing money. This is actually not a good thing for the United States itself, but they don't care about it. All they care about is the next election.</p><p>The situation of commodities is still better than that of stocks now, because the prices of many commodities are actually falling from a longer-term perspective. The U.S. stock market, as well as many others, is now at all-time highs. Worldwide, commodities are the only mainstream assets that have historically been cheap. The market of agricultural commodities over the past many years has been a disaster, as have many other commodities. Therefore, of course, I would rather invest in commodities than stocks.</p><p>Of course, if you can find the right stocks, which are cheap and haven't risen with the broader market, then you may indeed make a lot of money. However, from the perspective of asset categories, commodities are the cheapest in the world.</p><p>Q: Do you think agricultural fundamentals will continue to support the rise in metal prices? Can various indicators and data prove that the rally is long-term?</p><p>Answer: The future of this world belongs to electric vehicles, and compared with ordinary vehicles, the copper required in production of electric vehicles is several times the latter. In conclusion, as long as electric vehicles continue to spread, we will continue to need more copper, as well as more lithium. Given that copper production has not improved much, the fundamentals are certainly providing support for metal prices.</p><p>Q: What do you think of precious metals?</p><p>A: The price of silver has risen a lot in the past year or two, more than doubling, but there is still a gap of about 50% compared with the historical high. I hold silver and I expect silver prices to hit new highs in the coming years, as does gold.</p><p>Q: What do you think is the difference between the current commodity price boom and the wave in 2008?</p><p>A: I am optimistic about the prospects of almost all commodities. I think the general rally in commodity markets will continue for several years. Crude oil prices are 50% lower than their all-time highs, which means that there is still plenty of room for upside. I have no idea for a definite period of time for which this rally can last, but I think the stock market may encounter a bear market in the next year or two, and by then, the commodity market may also be dragged down. However, even during the stock market bear market, commodities will also perform ideally, because they also serve as inflation hedges.</p><p>Q: What do you think of Bitcoin? What will the next wave of Bitcoin prices be?</p><p>A: I have never bought or sold Bitcoin, so maybe I am not the right person to answer this question. Looking at various markets, we will find that the prices of Bitcoin and many other virtual currencies seem to have peaked. There are also hundreds of virtual currencies that have completely disappeared. If you are good at trading for profit, then this may be a good tool. I'm not a trader myself, and I'm not good at this. However, traders can keep using virtual currencies until these tools are declared illegal.</p><p>Q: What do you have to tell investors who missed this wave of commodity price gains?</p><p>A: Pay attention to those commodities that haven't really risen sharply, such as silver and sugar. I won't rush to buy copper now, but if the copper price consolidates, maybe the opportunity will come.</p><p>Q: Not long ago, you said that you were doing more dollars. So now, how do you judge the prospect of the US dollar?</p><p>A: I want to reiterate my point of view. The dollar is indeed a deeply flawed currency, and the United States is also the largest debtor in the history of the world, with its debt growing every hour. However, when people encounter changes and want to join a safe haven, they will still choose the US dollar. The next time the market encounters major turmoil, the dollar will still appreciate sharply until it is seriously overvalued. At that time, I will sell my dollar holdings and turn to other investments. Logically speaking, it seems that I should short the dollar, but the problem is that it has the status of a safe haven-although it is actually no longer, most people still believe it is.</p><p>Q: Crude oil prices are consistently below pre-pandemic levels. Some experts say that the epidemic may have completely rewritten the demand pattern of crude oil. What do you think of this?</p><p>A: The pandemic has affected our need for everything. Before the outbreak of the epidemic, there was already a bubble in the shale oil field, and a lot of new production capacity was developed, and now, this bubble has burst. At the same time, we all know that global crude oil reserves are continuing to decrease. I think crude oil is now in a very complicated bottoming process. In a few years, we will realize that crude oil is actually a good investment object. Due to the popularity of electric vehicles, the demand for crude oil may shrink, but it is impossible for us to completely get rid of crude oil. I am still optimistic about the energy sector.</p><p>Q: How do you expect inflation to develop next? Will the Fed take some action this year?</p><p>A: In the past few years, the only reliable central banker has been RaghuramRajan of India. He has left his post and became a university professor, but how I wish he could be in charge of the US Federal Reserve. Rajan is wise, and most central bankers only know how to print massive amounts of money, which can only lead to higher prices and inflation, independent of our will. I've invested in a lot of commodities through indexes precisely because I expect inflation to go higher.</p><p>Q: To what extent do you think the commodity boom will be enough to trigger a global inflation? In this case, which economies are in the most vulnerable position?</p><p>A: A sharp rise in commodity prices will always lead to inflation. Now, the United States has just released its highest inflation rate in many years, as have many other countries. If food prices rise, then everyone will be affected. Under inflation, no one can survive alone. Of course, some countries will definitely be affected more severely than others. The United States is the largest market, and interest rates there are so low that many American cities and American businesses will be hit significantly. When interest rates are forced to rise, some companies in the United States will go bankrupt. From a debt perspective, Japan is also in a bad situation, and inflation will be a disaster for them.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/8qtfhEY7wlBoR35834sPKA\">腾讯美股</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/057f2ba238b095ebc58ae5b9501c9472","relate_stocks":{"161715":"大宗商品","CAN":"嘉楠科技","ROG":"罗杰斯","EBON":"亿邦国际","000979.SH":"大宗商品"},"source_url":"https://mp.weixin.qq.com/s/8qtfhEY7wlBoR35834sPKA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132968896","content_text":"传奇投资人罗杰斯（Jim Rogers）近日接受采访时表示，他依然看好几乎所有商品，因为从历史视角看，商品依然是所有主流资产当中价格最为低廉的。虽然有一些商品，比如铜之类，价格近乎是直线上涨，短期内大概率将迎来盘整，但是长期而言，电动车发展等趋势将长期支持这些商品的需求，更不必说白银、原油等商品，价格较之历史最高点依然有50%左右的差距，这一切都意味着大繁荣还将持续很长时间。\n\n\n近日，由于需求旺盛，以及疫情破坏了产能和供应链的缘故，商品价格全线大幅上涨，让以美国为首的诸多经济体开始感到了实实在在的通货膨胀压力。那么，这一波商品大牛市是否已经走到了顶点？接下来又会如何？\n传奇投资人罗杰斯（Jim Rogers）近日接受采访时表示，他依然看好几乎所有商品，因为从历史视角看，商品依然是所有主流资产当中价格最为低廉的。虽然有一些商品，比如铜之类，价格近乎是直线上涨，短期内大概率将迎来盘整，但是长期而言，电动车发展等趋势将长期支持这些商品的需求，更不必说白银、原油等商品，价格较之历史最高点依然有50%左右的差距，这一切都意味着大繁荣还将持续很长时间。\n问：近日以来，大宗商品价格已经大幅度上涨，你现在是如何看待商品投资预期回报的？你是否依然相信，因为基本面的强势，商品的前景依然好过股票？\n答：近期角度说来，商品投资的风险确实是增大了。铜价一直直线上涨，攀升到了历史最高点。无论任何资产，当价格发生这种直线上涨之后，按理都该有所盘整，以确保牛市的可持续发展。因此，在我看来，商品价格发生盘整的可能性是切实存在的。市场确实需要盘整，大多数商品预计都会盘整。事实就是，这些商品的基本面都非常理想，只是价格上涨得过快过猛了，因此需要调整一下节奏。不过值得一提的是，白银价格虽然上涨了很多，但是较之历史最高点依然低了大约50%。我们只要当心那些价格直线上涨的商品，比如铜就好。\n如果美国股票市场在一段时间内持续走低，美联储就会陷入恐慌，他们将会印刷出更多的钞票，以及采取任何可能的措施来确保市场转向上涨。美国的政治家和央行银行家们并不怎么聪明，他们只知道通过印钞推动各种价格上涨。这对美国本身而言其实并不是什么好事，但是他们并不在乎这一点，他们在乎的只有下次选举。\n商品的情况现在依然好于股票，因为许多商品价格从更长期角度来看，其实还是下跌的。美国股市，以及许多其他股市现在都涨到了历史最高水平。全世界范围而言，商品是唯一一种从历史角度看来价格堪称低廉的主流资产。农业商品过去许多年来的行情堪称是一场灾难，还有许多其他商品也是如此，因此，我当然宁愿投资商品，而不是股票。\n当然，如果你能够找到合适的股票，这些股票价格低廉，尚未跟着大盘上涨，那么你的确有可能赚到一大笔钱。可是，从资产门类的视角看，商品就是全世界最廉价的。\n问：你认为农业基本面还将持续支持金属价格的涨势吗？各种指标和数据能够证明涨势具有长期性吗？\n答：这个世界的未来属于电动汽车，而电动汽车与普通汽车相比，生产当中所需要的铜相当于后者的若干倍。总之，只要电动汽车持续普及，我们就会持续需要更多的铜，以及更多的锂。鉴于铜的产量并没有提高多少，基本面当然是在为金属价格提供支持。\n问：你如何看待贵金属？\n答：白银价格在过去一两年中已经上涨了不少，翻了一番还多，只是与历史最高点相比还有50%左右的差距。我持有白银，我预计银价在未来几年将创下新高，黄金也是如此。\n问：你觉得当前的商品价格大繁荣与2008年的那一波相比，有何差异？\n答：我看好几乎所有商品的前景。我认为商品市场的总体涨势ihai将持续若干年。原油价格较之历史最高点低了50%，这也就意味着上涨空间依然充足。要说这涨势可以持续的明确时间，我没有概念，但是我想，股市可能在未来一两年内遭遇熊市，而到那时，商品市场可能也会受到拖累，但是，商品哪怕在股市熊市期间也会有很理想的表现，因为它们还有通货膨胀对冲工具的作用。\n问：你对比特币怎么看？比特币价格的下一波的行情将是怎样？\n答：我从未买卖过比特币，因此也许并不是回答这个问题的合适人选。看看各个市场，我们就会发现，比特币和许多其他虚拟货币的价格似乎是已经见顶了。还有成百上千种虚拟货币已经彻底消失了。如果你擅长交易获利，那么这或许是一种很好的工具。我自己不是一个交易者，并不长于此道。不过交易者确实可以不断使用虚拟货币，直至这些工具被宣布非法。\n问：对于那些错失了商品价格这一波涨势的投资者，你有什么话要告诉他们？\n答：去留意一下那些尚未真正大涨的商品，比如白银、食糖之类。我现在是不会急忙买入铜的，但是如果铜价盘整了，也许机会就来了。\n问：不久前你曾经说过，自己正在做多美元，那么现在，你对美元的前景如何判断？\n答：我要重申自己的观点。美元确实是一种存在严重缺陷的货币，而美国也是世界历史上最大的债务国，其债务每个小时都在增长。可是，当人们遇到变故，希望投身避风港的时候，他们还是会选择美元。下一次，市场遇到重大动荡，美元还是会大幅升值，直至严重高估，到那时，我就会卖掉自己持有的美元，转向其他投资。从逻辑上说，我似乎是应该做空美元的，但问题在于它拥有避风港的身份——虽然它实际上已经不是了，但是大多数人依然相信它是。\n问：原油价格持续低于疫情爆发前的水平。一些专家说，疫情很可能已经彻底改写了原油的需求模式，你对此怎么看？\n答：疫情影响了我们对一切的需求。疫情爆发之前，页岩油领域已经出现了泡沫，大量新产能被开发出来，而现在，这个泡沫破灭了。与此同时，我们都知道，全球的原油储备正在持续减少。我觉得，原油现在是处在一个非常复杂的筑底过程当中，若干年后，我们会意识到，原油其实是个不错的投资对象。由于电动汽车等的普及，原油的需求可能会缩减，但是我们不可能彻底脱离原油。我还是看好能源板块的。\n问：你预计通货膨胀接下来会如何发展？联储今年年内是否会采取某些行动？\n答：过去几年当中，央行银行家们当中唯一可靠的就是印度的拉詹（RaghuramRajan），他现在已经离职，去做了大学教授，但是我多么希望他能够掌管美国联储。拉詹是很明智的，而大多数央行银行家都只知道海量印钞，这种做法最终只能导致更高的价格和通货膨胀，这是不以我们的意愿为转移的。我通过指数投资了大量商品，正是因为我预计通货膨胀将会走高。\n问：你觉得商品大繁荣达到怎样的地步，就足以触发一场全球范围内的大通货膨胀？在这种情况下，哪些经济体的处境是最脆弱的？\n答：商品价格大涨总会导致通货膨胀的。现在，美国刚刚发布了多年以来最高的通胀率数字，其他许多国家也都是如此。如果粮食价格上涨，那么每个人都将受到影响。通货膨胀之下，没有人能够独善其身。当然，一些国家受到的影响肯定会比其他国家更为严重，美国是最大的市场，那里的利率又是如此之低，因此许多美国城市和美国企业都会受到重大冲击。当利率被迫走高，美国的一些企业还会因此破产。从债务角度看，日本的处境也很糟糕，通货膨胀对他们而言将成为一场灾难。","news_type":1,"symbols_score_info":{"161715":0.9,"BTCmain":0.9,"ROG":0.9,"EBON":0.9,"XBTmain":0.9,"000979.SH":0.9,"CAN":0.9}},"isVote":1,"tweetType":1,"viewCount":604,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9951834558,"gmtCreate":1673445240674,"gmtModify":1676538837753,"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":[],"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/9951834558","isVote":1,"tweetType":1,"viewCount":771,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9918046670,"gmtCreate":1664291116691,"gmtModify":1676537426987,"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":[],"htmlText":"OK","listText":"OK","text":"OK","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9918046670","repostId":"1113839576","repostType":2,"isVote":1,"tweetType":1,"viewCount":330,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891468733,"gmtCreate":1628413003922,"gmtModify":1703506035620,"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":[],"htmlText":"<a href=\"https://laohu8.com/S/WEBR\">$Weber Inc.(WEBR)$</a>Not bad","listText":"<a href=\"https://laohu8.com/S/WEBR\">$Weber Inc.(WEBR)$</a>Not bad","text":"$Weber Inc.(WEBR)$Not bad","images":[{"img":"https://static.tigerbbs.com/7f79762527f81dabc102a7a3c4785240","width":"1600","height":"2844"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891468733","isVote":1,"tweetType":1,"viewCount":982,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":806048670,"gmtCreate":1627620033190,"gmtModify":1703493519752,"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":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/806048670","repostId":"1139779425","repostType":4,"repost":{"id":"1139779425","kind":"news","pubTimestamp":1627617029,"share":"https://ttm.financial/m/news/1139779425?lang=en_US&edition=fundamental","pubTime":"2021-07-30 11:50","market":"us","language":"zh","title":"Disney vs. \"Black Widow\": Sue Me? No way","url":"https://stock-news.laohu8.com/highlight/detail?id=1139779425","media":"新浪财经","summary":"斯嘉丽声称，她得到了这部电影独家影院发行的保证。","content":"<p><a href=\"https://laohu8.com/S/DIS\">Disney</a>Thursday's hit back against Marvel actress Scarlett Johansson came after the \"widowed sister\" filed a lawsuit over Disney's release of \"Black Widow\" on Disney +.</p><p>Scarlett claims that she is guaranteed exclusive theatrical release of the film, while most of her earnings are tied to the film's box office performance.</p><p>\"There is no merit in this prosecution. This lawsuit is particularly sad and painful because it relentlessly ignores the dire and long-term global impact of the Novel Coronavirus pandemic,\" Disney said in a statement.</p><p>\"Disney has fully complied with Ms. Johnson's contract, and in addition, the release of Black Widow with Premier Access at Disney + has greatly improved her ability to grow additional revenue on top of the $20 million she has received so far,\" the company added.</p><p>According to Scarlett's lawsuit, her representatives had demanded guarantees for Black Widow's theatrical release back in 2019, when there were concerns that Disney executives might use the film to flesh out its new streaming service, Disney +.</p><p>Johnson's lawsuit cites a response from Marvel's chief counsel, saying Black Widow will be released like other films in the Marvel Cinematic Universe. That is, before entering the home video market, it will be released in theaters first.</p><p>Marvel's chief counsel had promised: \"We understand that if plans change, we need to discuss and come to a consensus with you because this deal is based on a series of (very large) box office bonuses.\" The promise came months before the pandemic disrupted the cinema industry, forcing studios to change their theatrical distribution strategies.</p><p>Scarlett's complaint alleges she tried to negotiate with Marvel as soon as she heard that Black Widow would be released in streaming and theaters on the same day. Neither Disney nor Marvel Comics responded.</p><p>It's unclear how much Scarlett was paid for the film, or whether Disney's claimed $20 million includes the film's current box office sales.</p>","source":"XLCJ","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>Disney vs. \"Black Widow\": Sue Me? No way</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\">\nDisney vs. \"Black Widow\": Sue Me? No way\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经</strong><span class=\"h-time small\">2021-07-30 11:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/DIS\">Disney</a>Thursday's hit back against Marvel actress Scarlett Johansson came after the \"widowed sister\" filed a lawsuit over Disney's release of \"Black Widow\" on Disney +.</p><p>Scarlett claims that she is guaranteed exclusive theatrical release of the film, while most of her earnings are tied to the film's box office performance.</p><p>\"There is no merit in this prosecution. This lawsuit is particularly sad and painful because it relentlessly ignores the dire and long-term global impact of the Novel Coronavirus pandemic,\" Disney said in a statement.</p><p>\"Disney has fully complied with Ms. Johnson's contract, and in addition, the release of Black Widow with Premier Access at Disney + has greatly improved her ability to grow additional revenue on top of the $20 million she has received so far,\" the company added.</p><p>According to Scarlett's lawsuit, her representatives had demanded guarantees for Black Widow's theatrical release back in 2019, when there were concerns that Disney executives might use the film to flesh out its new streaming service, Disney +.</p><p>Johnson's lawsuit cites a response from Marvel's chief counsel, saying Black Widow will be released like other films in the Marvel Cinematic Universe. That is, before entering the home video market, it will be released in theaters first.</p><p>Marvel's chief counsel had promised: \"We understand that if plans change, we need to discuss and come to a consensus with you because this deal is based on a series of (very large) box office bonuses.\" The promise came months before the pandemic disrupted the cinema industry, forcing studios to change their theatrical distribution strategies.</p><p>Scarlett's complaint alleges she tried to negotiate with Marvel as soon as she heard that Black Widow would be released in streaming and theaters on the same day. Neither Disney nor Marvel Comics responded.</p><p>It's unclear how much Scarlett was paid for the film, or whether Disney's claimed $20 million includes the film's current box office sales.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2021-07-30/doc-ikqcfnca9853657.shtml\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/543a6873e5be226a03dde10de4ff8bc6","relate_stocks":{"DIS":"迪士尼"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2021-07-30/doc-ikqcfnca9853657.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139779425","content_text":"迪士尼周四对漫威女演员斯嘉丽·约翰逊（Scarlett Johansson）进行了回击，此前“寡姐”就迪士尼在Disney+上发布《黑寡妇》（Black Widow）提起诉讼。\n斯嘉丽声称，她得到了这部电影独家影院发行的保证，而她的大部分收入都与这部电影的票房表现挂钩。\n迪士尼在一份声明中表示：“这一起诉没有任何价值。这一诉讼尤其令人悲伤和痛苦，因为它无情地无视了新冠病毒大流行的可怕和长期全球影响。”\n该公司补充称：“迪士尼完全遵守了约翰逊女士的合同，此外，《黑寡妇》在迪士尼+与Premier Access的发行极大地提高了她在目前已获得的2000万美元基础上增加额外收入的能力。”\n根据斯嘉丽的诉讼，她的代表早在2019年就曾要求保证《黑寡妇》在影院上映，当时就有人担心，迪士尼高管可能会利用这部电影来充实其新的流媒体服务Disney+。\n约翰逊的诉讼引用了漫威首席法律顾问的回应，称《黑寡妇》将像漫威电影宇宙的其他电影一样发行。也就是说，在进入家庭视频市场之前，会首先在影院上映。\n漫威首席法律顾问曾承诺：“我们理解，如果计划改变，我们需要与你讨论并达成共识，因为这笔交易是基于一系列（非常大的）票房奖金。”这一承诺是在大流行扰乱电影院行业、迫使电影公司改变影院发行策略的几个月前做出的。\n斯嘉丽的诉状称，她一听说《黑寡妇》将在同一天在流媒体和影院上映，就试图与漫威谈判。而迪士尼与漫威都没有回应。\n目前还不清楚斯嘉丽在这部电影中的片酬是多少，也不清楚迪士尼所称的2000万美元是否包括该片目前的票房收入。","news_type":1,"symbols_score_info":{"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":910,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162442708,"gmtCreate":1624073299904,"gmtModify":1703828254425,"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":[],"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/162442708","repostId":"2144088007","repostType":4,"repost":{"id":"2144088007","kind":"highlight","weMediaInfo":{"introduction":"豆虫财经，一级市场严肃财经媒体。创始人为中国VC/PE领域资深媒体人韦亚军，韦先生曾任职于知名第三方股权投资服务机构“ChinaVenture投中集团”，拥有数十万一级市场忠实读者。","home_visible":1,"media_name":"PE星球","id":"64","head_image":"https://static.tigerbbs.com/bfa256314ee44b7a936a419139ccb466"},"pubTimestamp":1624062900,"share":"https://ttm.financial/m/news/2144088007?lang=en_US&edition=fundamental","pubTime":"2021-06-19 08:35","market":"fut","language":"zh","title":"Soul updates IPO prospectus: Tencent holds up to 49.9% of the shares and 25.7% of the voting rights","url":"https://stock-news.laohu8.com/highlight/detail?id=2144088007","media":"PE星球","summary":"更新后的招股书显示，Soul将在此次IPO交易中发售1320万股美国存托股票，每2股美国存托股票代表3股A类普通股。招股书显示，在截至2020年12月31日的整年，Soul的营收为4.98亿元，2019年同期为7070万元，同比增长604.3%；Soul的总成本与支出为9.87亿元，同比增长165.09%；经营亏损4.89亿元，同比增长62.1%；净亏损4.88亿元，同比增长62.9%。截至2021年第一季度，Soul的月活跃用户为3320万，相比2020年同期增长109.0%；平均日活跃用户为910万，相比2020年同期增长94.4%。","content":"<p>According to reports, the social platform Soul submitted an updated IPO (initial public offering) listing application documents to the U.S. Securities and Exchange Commission (SEC) today, setting the issue price range between US $13 and US $15 per American depositary share.</p><p>The updated prospectus shows that Soul will sell 13.2 million American depositary shares in this IPO transaction, and every 2 American depositary shares represent 3 Class A ordinary shares.</p><p>In addition, Soul has granted a 30-day over-allotment option to the underwriters, authorizing them to purchase up to an additional 1.98 million American depositary shares at the IPO price less underwriting discounts and commissions. If the underwriters fully exercise the over-allotment option, Soul will raise up to $227.7 million in the deal, based on the upper end of the $15 offering price range per ADS.</p><p>Soul plans to list on the Nasdaq Global Market under the stock symbol \"SSR\", which is sponsored by<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>、<a href=\"https://laohu8.com/S/JEF\">Jefferies</a>Group, Bank of America Securities and<a href=\"https://laohu8.com/S/601995\">CICC</a>Served as the lead underwriter, Guangyuan Capital, Futu and<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>Acted as an associate underwriter.</p><p>According to the prospectus, for the whole year ended December 31, 2020, Soul's revenue was 498 million yuan, compared with 70.7 million yuan in the same period in 2019, a year-on-year increase of 604.3%; Soul's total costs and expenditures were 987 million yuan, a year-on-year increase of 165.09%; Operating loss was 489 million yuan, a year-on-year increase of 62.1%; The net loss was 488 million yuan, a year-on-year increase of 62.9%.</p><p>In the previous quarter ended March 31, 2021, Soul's revenue was 238 million yuan (approximately US $36.36 million), compared with 66.21 million yuan in the same period in 2020, a year-on-year increase of 259.8%; Soul's total costs and expenditures were 621 million yuan, a year-on-year increase of 419.98%; The operating loss was 382 million yuan, a year-on-year increase of 619.38%; The net loss was 382 million yuan, a year-on-year increase of 624.71%.</p><p>As of the first quarter of 2021, Soul's monthly active users were 33.2 million, an increase of 109.0% compared to the same period in 2020; The average daily active users were 9.1 million, an increase of 94.4% compared to the same period in 2020. In 2019 and 2020, Soul's average monthly active users were 11.5 million and 2.08 million, respectively; In 2019 and 2020, average daily active users were 3.3 million and 5.9 million, respectively.</p><p>In 2019 and 2020, the average number of monthly paying users was 268,900 and 929,300 respectively. The average number of monthly paying users of the application in the first quarter of 2021 reached 1.5445 million, of which the number of paying users in March was 1.7 million; In addition, the average monthly user payment rate of the application increased from 2.3% in 2019 to 4.5% in 2020, and continued to rise to 4.8% in the first quarter of 2021; The average monthly income per user was 21.9 yuan and 43.5 yuan respectively, reaching 48.6 yuan in the first quarter of this year.</p><p>In terms of ownership structure, after the successful listing, Soul management held 33.2% of the shares, of which Zhang Lu, the company's founder and CEO, held 48,607,303 ordinary shares, accounting for 32.0%, and the voting rights ratio was 65.0%; Director and chief technology officer Ming Tao holds 1,863,578 common shares, accounting for 1.2%, and the voting rights ratio is 0.6%;<a href=\"https://laohu8.com/S/00700\">Tencent</a>Through Image Frame Investment (HK) Limited, it holds 75.8072 million Class A ordinary shares of Soul, holding up to 49.9% of the shares and 25.7% of the voting rights.<img src=\"https://static.tigerbbs.com/cbf5a87480824f9a9caec9b914a91c30\" tg-width=\"550\" tg-height=\"251\" referrerpolicy=\"no-referrer\">According to public information on Soul's official website, Soul is a product design based on interest maps and gamified gameplay, and belongs to a virtual social network for a new generation of young people. Founded in 2016, Soul is dedicated to making there are no lonely people in the world. Soul App uses the relationship precipitation and retention of unknown users in the real world on the platform as positive samples, and uses machine learning to recommend high-quality new relationships that users may have based on users' social portraits and interest maps. Let every individual who comes to Soul be quickly recommended to some people and content closest to themselves in high-dimensional space, start communication at low cost, and obtain high-quality relationships.</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>Soul updates IPO prospectus: Tencent holds up to 49.9% of the shares and 25.7% of the voting rights</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\">\nSoul updates IPO prospectus: Tencent holds up to 49.9% of the shares and 25.7% of the voting rights\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/64\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/bfa256314ee44b7a936a419139ccb466);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">PE星球 </p>\n<p class=\"h-time smaller\">2021-06-19 08:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to reports, the social platform Soul submitted an updated IPO (initial public offering) listing application documents to the U.S. Securities and Exchange Commission (SEC) today, setting the issue price range between US $13 and US $15 per American depositary share.</p><p>The updated prospectus shows that Soul will sell 13.2 million American depositary shares in this IPO transaction, and every 2 American depositary shares represent 3 Class A ordinary shares.</p><p>In addition, Soul has granted a 30-day over-allotment option to the underwriters, authorizing them to purchase up to an additional 1.98 million American depositary shares at the IPO price less underwriting discounts and commissions. If the underwriters fully exercise the over-allotment option, Soul will raise up to $227.7 million in the deal, based on the upper end of the $15 offering price range per ADS.</p><p>Soul plans to list on the Nasdaq Global Market under the stock symbol \"SSR\", which is sponsored by<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>、<a href=\"https://laohu8.com/S/JEF\">Jefferies</a>Group, Bank of America Securities and<a href=\"https://laohu8.com/S/601995\">CICC</a>Served as the lead underwriter, Guangyuan Capital, Futu and<a href=\"https://laohu8.com/S/TIGR\">Tiger Securities</a>Acted as an associate underwriter.</p><p>According to the prospectus, for the whole year ended December 31, 2020, Soul's revenue was 498 million yuan, compared with 70.7 million yuan in the same period in 2019, a year-on-year increase of 604.3%; Soul's total costs and expenditures were 987 million yuan, a year-on-year increase of 165.09%; Operating loss was 489 million yuan, a year-on-year increase of 62.1%; The net loss was 488 million yuan, a year-on-year increase of 62.9%.</p><p>In the previous quarter ended March 31, 2021, Soul's revenue was 238 million yuan (approximately US $36.36 million), compared with 66.21 million yuan in the same period in 2020, a year-on-year increase of 259.8%; Soul's total costs and expenditures were 621 million yuan, a year-on-year increase of 419.98%; The operating loss was 382 million yuan, a year-on-year increase of 619.38%; The net loss was 382 million yuan, a year-on-year increase of 624.71%.</p><p>As of the first quarter of 2021, Soul's monthly active users were 33.2 million, an increase of 109.0% compared to the same period in 2020; The average daily active users were 9.1 million, an increase of 94.4% compared to the same period in 2020. In 2019 and 2020, Soul's average monthly active users were 11.5 million and 2.08 million, respectively; In 2019 and 2020, average daily active users were 3.3 million and 5.9 million, respectively.</p><p>In 2019 and 2020, the average number of monthly paying users was 268,900 and 929,300 respectively. The average number of monthly paying users of the application in the first quarter of 2021 reached 1.5445 million, of which the number of paying users in March was 1.7 million; In addition, the average monthly user payment rate of the application increased from 2.3% in 2019 to 4.5% in 2020, and continued to rise to 4.8% in the first quarter of 2021; The average monthly income per user was 21.9 yuan and 43.5 yuan respectively, reaching 48.6 yuan in the first quarter of this year.</p><p>In terms of ownership structure, after the successful listing, Soul management held 33.2% of the shares, of which Zhang Lu, the company's founder and CEO, held 48,607,303 ordinary shares, accounting for 32.0%, and the voting rights ratio was 65.0%; Director and chief technology officer Ming Tao holds 1,863,578 common shares, accounting for 1.2%, and the voting rights ratio is 0.6%;<a href=\"https://laohu8.com/S/00700\">Tencent</a>Through Image Frame Investment (HK) Limited, it holds 75.8072 million Class A ordinary shares of Soul, holding up to 49.9% of the shares and 25.7% of the voting rights.<img src=\"https://static.tigerbbs.com/cbf5a87480824f9a9caec9b914a91c30\" tg-width=\"550\" tg-height=\"251\" referrerpolicy=\"no-referrer\">According to public information on Soul's official website, Soul is a product design based on interest maps and gamified gameplay, and belongs to a virtual social network for a new generation of young people. Founded in 2016, Soul is dedicated to making there are no lonely people in the world. Soul App uses the relationship precipitation and retention of unknown users in the real world on the platform as positive samples, and uses machine learning to recommend high-quality new relationships that users may have based on users' social portraits and interest maps. Let every individual who comes to Soul be quickly recommended to some people and content closest to themselves in high-dimensional space, start communication at low cost, and obtain high-quality relationships.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f6859f4502cc56f4426b0a08e616b768","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","00700":"腾讯控股","TCEHY":"腾讯控股ADR"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144088007","content_text":"据报道，社交平台Soul今日向美国证券交易委员会（SEC）提交了更新版IPO（首次公开招股）上市申请文件，将发行价区间设定在每股美国存托股票13美元至15美元之间。\n更新后的招股书显示，Soul将在此次IPO交易中发售1320万股美国存托股票，每2股美国存托股票代表3股A类普通股。\n此外，Soul还已向承销商授予一项30天的超额配售选择权，授权承销商以IPO价格减去承销折扣和佣金的价格额外购买最多198万股美国存托股票。若承销商完全行使超额配售选择权，则按每股美国存托股票15美元的发行价区间上限计算，Soul将在此次交易中筹集最多2.277亿美元资金。\nSoul计划在纳斯达克全球市场挂牌上市，股票代码为“SSR”，由摩根士丹利、杰富瑞集团、美银证券与中金公司担任主承销商，光源资本、富途和老虎证券担任副承销商。\n招股书显示，在截至2020年12月31日的整年，Soul的营收为4.98亿元，2019年同期为7070万元，同比增长604.3%；Soul的总成本与支出为9.87亿元，同比增长165.09%；经营亏损4.89亿元，同比增长62.1%；净亏损4.88亿元，同比增长62.9%。\n在截至2021年3月31日的上一季度，Soul的营收为2.38亿元（约3636万美元），2020年同期为6621万元，同比增长259.8%；Soul的总成本与支出为6.21亿元，同比增长419.98%；经营亏损3.82亿元，同比增长619.38%；净亏损3.82亿元，同比增长624.71%。\n截至2021年第一季度，Soul的月活跃用户为3320万，相比2020年同期增长109.0%；平均日活跃用户为910万，相比2020年同期增长94.4%。2019年和2020年，Soul的平均每月活跃用户分别为1150万和208万；2019年和2020年，平均日活跃用户分别为330万和590万。\n2019年和2020年，平均每月付费用户数量分别为26.89万和92.93万，该应用2021年一季度的月均付费用户数量达到154.45万，其中，3月的付费用户数量为170万；此外，该应用月均用户付费率从2019年的2.3%增长至2020年的4.5%，2021年一季度持续上涨至4.8%；每月每平均用户收入分别为21.9元和43.5元，今年一季度达到48.6元。\n股权结构方面，成功上市后，Soul管理层持股33.2%，其中，公司创始人、首席执行官张璐持有48607303份普通股，占比32.0%，投票权比例65.0%；董事、首席技术官Ming Tao持有1863578份普通股，占比1.2%，投票权比例0.6%；腾讯通过Image Frame Investment (HK) Limited持有Soul 7580.72万股A类普通股，持股高达49.9%，拥有25.7%的投票权。据Soul官方网站的公开资料显示，Soul是基于兴趣图谱和游戏化玩法的产品设计，属于新一代年轻人的虚拟社交网络。成立于2016年，Soul 致力于让天下没有孤独的人。Soul App用现实世界中不相识的用户在平台上的关系沉淀和留存为正样本，基于用户的社交画像和兴趣图谱，通过机器学习来推荐用户可能会产生的高质量的新关系。让每一个来到Soul的个体都可以被快速推荐到一些高维空间距离自己最近的人和内容，低成本地开启交流，获得高质量的关系。","news_type":1,"symbols_score_info":{"SSR":0.9,"TCEHY":0.9,"QNETCN":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":541,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":185761903,"gmtCreate":1623674042102,"gmtModify":1704208311559,"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":[],"htmlText":"Why","listText":"Why","text":"Why","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/185761903","repostId":"1148544122","repostType":4,"repost":{"id":"1148544122","kind":"news","pubTimestamp":1623668618,"share":"https://ttm.financial/m/news/1148544122?lang=en_US&edition=fundamental","pubTime":"2021-06-14 19:03","market":"sh","language":"zh","title":"Yang Wanwan, \"China's No. 1 Shareholder\", died and was once an iconic figure in China's stock market","url":"https://stock-news.laohu8.com/highlight/detail?id=1148544122","media":"澎湃新闻","summary":"东方网·纵相新闻记者今天（6月14日）从杨怀定家属处获悉，有“杨百万”“中国第一股民”之称的资深股民杨怀定于2021年6月13日凌晨去世，享年71岁。\n\n杨怀定1950年生，祖籍江苏镇江，原是上海铁合","content":"<p><div>Dongfang. com · Zongxiang News reporter learned from Yang Huaiding's family today (June 14) that Yang Huaiding, a senior shareholder known as \"Yang Million\" and \"China's No. 1 shareholder\", died in the early morning of June 13, 2021 at the age of 71. Yang Huaiding was born in 1950, his ancestral home is Zhenjiang, Jiangsu Province. He was originally an employee of Shanghai Ferroalloy Factory. In the spring of 1988, the transfer of treasury bills began to be piloted in 7 cities, and gradually increased to 61 cities, and there was also a price difference in different places. He won the \"first pot of gold\" in his life by buying and selling treasury bills. Yang Huaiding has since become the first batch of large securities investors in Shanghai, and the hot stock market...</p><p><a href=\"https://www.thepaper.cn/newsDetail_forward_13136786\">Web link</a></div></p>","source":"pengpai_highlight","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>Yang Wanwan, \"China's No. 1 Shareholder\", died and was once an iconic figure in China's stock 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\">\nYang Wanwan, \"China's No. 1 Shareholder\", died and was once an iconic figure in China's stock market\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">澎湃新闻</strong><span class=\"h-time small\">2021-06-14 19:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Dongfang. com · Zongxiang News reporter learned from Yang Huaiding's family today (June 14) that Yang Huaiding, a senior shareholder known as \"Yang Million\" and \"China's No. 1 shareholder\", died in the early morning of June 13, 2021 at the age of 71. Yang Huaiding was born in 1950, his ancestral home is Zhenjiang, Jiangsu Province. He was originally an employee of Shanghai Ferroalloy Factory. In the spring of 1988, the transfer of treasury bills began to be piloted in 7 cities, and gradually increased to 61 cities, and there was also a price difference in different places. He won the \"first pot of gold\" in his life by buying and selling treasury bills. Yang Huaiding has since become the first batch of large securities investors in Shanghai, and the hot stock market...</p><p><a href=\"https://www.thepaper.cn/newsDetail_forward_13136786\">Web link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.thepaper.cn/newsDetail_forward_13136786\">澎湃新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4ae4018692e89825ffbf6a7e0fe9b3d0","relate_stocks":{},"source_url":"https://www.thepaper.cn/newsDetail_forward_13136786","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148544122","content_text":"东方网·纵相新闻记者今天（6月14日）从杨怀定家属处获悉，有“杨百万”“中国第一股民”之称的资深股民杨怀定于2021年6月13日凌晨去世，享年71岁。\n\n杨怀定1950年生，祖籍江苏镇江，原是上海铁合金厂职工。1988年春，国库券转让从7座城市开始试点，逐步增加到在61座城市放开，还出现了异地差价。他凭借买卖国库券赢得了人生“第一桶金”。杨怀定此后成为上海滩第一批证券投资大户，股票市场上炽手可热的风云人物，因为炒股盈利超过一百万，人称“杨百万”，更被一些媒体称作“中国第一股民”。\n作为中国证券发展史上一个标志性的个体股民，其故事后来还被外国媒体报道。1998年，杨怀定被中央电视台评为“中国改革开放二十年风云人物”。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373464781,"gmtCreate":1618878921743,"gmtModify":1704716201816,"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":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/373464781","repostId":"2128881804","repostType":4,"repost":{"id":"2128881804","kind":"highlight","pubTimestamp":1618873200,"share":"https://ttm.financial/m/news/2128881804?lang=en_US&edition=fundamental","pubTime":"2021-04-20 07:00","market":"us","language":"zh","title":"If Buffett and Munger died on the same day","url":"https://stock-news.laohu8.com/highlight/detail?id=2128881804","media":"虎嗅","summary":"黄晶生对谈四大投资人","content":"<p>\"Buffett's company, if the old man is a hundred years later, the stock will fall by 20%. Agree, disagree or don't think about it?\" Huang Jingsheng (founding partner of CreditEase Impact Fund and director of Bain Capital) played a game with four investors at the Harvard China Forum held on April 17th, that is, he put forward a hypothesis, and everyone voted. If it was unanimously passed, there was no objection; If it is inconsistent, it is worth discussing.</p><p>Li Feng, founding partner of Fengrui Capital, asked rigorously: \"Only Buffett, no Munger?\"</p><p>\"Then a hundred years after Buffett and Munger are on the same day.\" The other three investors who participated in the dialogue-Fang Aizhi (partner and CEO of ZhenFund), Wei Zhen (managing director of Warburg Pincus and co-president of China), Cheng Yu (partner of Wuyuan Capital), and Li Feng, all agree that if this premise is established,<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>· Hathaway shares will fall 20%. However, everyone thinks that<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The stock price will not fall by 20% because of Cook's death. Huang Jingsheng said that the personality of the CEO of the company still accounts for a large part of the stock, so the risk of \"people\" is often considered.</p><p><img src=\"https://static.tigerbbs.com/3bc1f6fedc7ddfaf0332f62751b35d06\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\"></p><p>Huang Jingsheng's hosting is unique/Source: Harvard China Forum</p><p>Xiaomi is easier to build cars<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>？</p><p>\"Xiaomi cars will be better than Tesla in the future?\" Faced with this sharp assumption, investors are at a loss. Fang Aizhi and Wei Zhen expressed their waiting to see. Cheng Yu believes that Xiaomi can surpass Tesla. After all, Wuyuan is a shareholder of Xiaomi. At the same time, he used Wuling as evidence: \"The best-selling electric car in China is Wuling, and its shipments are much larger than Tesla's.\"</p><p>Huang Jingsheng interrupted Cheng Yu. He pointed out that whether Xiaomi will be better than Tesla depends on product quality rather than sales. Cheng Yu said with a smile, \"If the product is better, Jia Yueting's car is also good.\"</p><p>Li Feng, who has no interests, agrees with this half and opposes it half. He pointed out from a historical perspective that the companies that dominate the technological trend in fuel vehicles are usually the largest car companies today, and this principle may also apply to today's new energy vehicles.</p><p>He asked us to look ahead a hundred years and see how the most powerful companies in today's fuel vehicles became winners: \"Mercedes-Benz was the first in the world to invent the internal combustion engine, and Honda was the first to turn a two-drive engine into a four-drive engine. Yes, Toyota,<a href=\"https://laohu8.com/S/RRN.UK\">Rolls-Royce</a>, Porsche builds engines, General Motors and Ford were the first to change the production process and production process, so they are both people who have made long-term substantial contributions in the production process of fuel vehicles and the part with the highest proportion of core components. \"</p><p><img src=\"https://static.tigerbbs.com/3995db60025934a52ef0286055053bcc\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\"></p><p>Li Feng's logic is rigorous/Source: Harvard China Forum</p><p>He further quoted data and commented: Four years ago, batteries accounted for the highest proportion of core components of electric vehicles, accounting for 63% of the vehicle cost. A hundred years ago, the total engine plus power range accounted for 60% of the cost of the entire vehicle, but today it accounts for 17%. All the most famous car companies have made historical contributions to the creation, change, evolution and production of fuel engines.</p><p>Li Feng continued: If this principle still applies, the core components of new energy vehicles today account for the highest proportion and the fastest technological changes are batteries, motors, electronic controls and some chips. Today, these components still account for more than 60% of the cost of the whole vehicle, and it may decline. However, because it has both technological changes and technological innovations, as well as adjustments to the cost structure and overall structure, it is assumed that we make analogy, or the car companies that have indeed contributed or understood the technology are theoretically the most likely to build the best new energy vehicles.</p><p>Finally, he stressed: \"One of the biggest advantages of Xiaomi is that China became the world's largest manufacturer of auto parts and the world's largest demand country in the new car market in 2006 and 2009 respectively, so Xiaomi has this advantage.\" In the future, we need to observe whether Xiaomi has made a breakthrough in the highest value part of new energy vehicles.</p><p><img src=\"https://static.tigerbbs.com/7c0cca39ebf9ba4774f4d96fbac8b1ff\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\"></p><p>Xiaomi announces its entry into the electric vehicle industry/Image source: CFP</p><p>However, Huang Jingsheng questioned Li Feng: \"The very important part of Tesla's car is the battery, but its battery is<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Manufactured, but Panasonic may not be a very good car manufacturer. \"</p><p>Don't have illusions about VC/PE</p><p>Since the theme of this dialogue is \"How to invest under the great changes\", Huang Jingsheng asked each of the four investors attending the meeting to talk about a project invested in the epidemic last year.</p><p>Fang Aizhi revealed that she really invested in a cell-flesh project. She said, \"As an angel, I definitely have to invest in ten years later. Three years later may not make much sense to me. But with these technologies (development), for example, in 30 to 50 years, this will become a mainstream product.\"</p><p><img src=\"https://static.tigerbbs.com/32316b22a16607b044607f1373b2db9c\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\"></p><p>Fang Aizhi talks about investment projects during the epidemic/Image source: Harvard China Forum</p><p>Li Feng pointed out that they also understand this. This is essentially half nucleic acid biology, but the biggest problem in this industry in the short term is that it is particularly expensive. During the epidemic, Li Feng discovered a popular science We Media called \"Paperclip\" after watching a short video, so he immediately found the founder of the company to invest.</p><p>As the only PE representative at the scene, Wei Zhen said that Warburg Pincus' actual business is relatively complicated, and most of them make growth investments in the Chinese market, generally before the C round and the D round, but sometimes projects like Perfect Diary and Genki Forest will also go to the B round. Warburg Pincus invested in two biomedical projects during the epidemic last year-Haihe Pharmaceuticals and Heyu Pharmaceuticals. The founder of Haihe was the former director of Shanghai Institute of Materia Medica, and it is rare for people who have been doing scientific research in the system for many years to start a business in the sea; The founder of Heyu went to Singapore to study for a doctoral degree after the reform and opening up, and began to independently develop innovative drugs a few years ago.</p><p>Cheng Yu has his own opinions on the game industry. He believes that the combination of games and cloud may be one of the biggest changes in this era.</p><p>He said that he was a fan of science fiction movies, and the two movies had a great influence on him. One is The Matrix, which explores humans and machines, as well as the ultimate fate of mankind. The other is the more recent \"Ready Player One\", where people can be seen in an immersive experience. Later, he thought, \"One day in the future, the time people spend in the virtual world may create more GDP than the time we spend in the physical world.\"</p><p>Therefore, Cheng Yu invested in a game company last year. He likes the idea of this game company very much. This company will put a lot of game logic in the cloud, and it will be graded. Ordinary people can create digital content, and people with a certain foundation can build your game without any programming. Senior developers can also develop and publish your game on it.</p><p><img src=\"https://static.tigerbbs.com/08da8248a07cb82bb48a8229a8824d3c\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\"></p><p>Cheng Yu thinks the virtual world has great potential/Source: Harvard China Forum</p><p>However, Huang Jingsheng reminded entrepreneurs not to believe VC's words that we voted once we met. For example, Cheng Yu said playing games and Li Feng said watching small videos. There is a lot of research behind them. These VCs are like paddling ducks. On the surface, they are particularly calm, but in fact they are not easy. If you are entrepreneurs who make games, don't fantasize about finding a VC to talk to each other and placing an order.</p><p>As for the projects that these four investment institutions delisted or listed last year, Zhenge has benefited a lot from the investment in Perfect Diary. Wuyuan is naturally proud of Kuaishou, a medical service company invested by Warburg Pincus<a href=\"https://laohu8.com/S/06078\">Hygeia Medical</a>Listed in Hong Kong, Li Feng, who is praised by Huang Jingsheng as the \"Versailles Master\", gave an example of the game development engine Unity, and attached another project story about Bitcoin.</p><p>However, investment veteran Huang Jingsheng still tells young people that these are the best projects they have invested in, and they want to talk to the outside world. They have invested in many companies behind their backs, and some companies have failed. Don't think that they have invested in one Just hit all, and don't have too many illusions about VC/PE.</p><p>Secondary market bubble</p><p>Market value is a topic that investment institutions will inevitably involve when they withdraw from the invested company after it goes public. Huang Jingsheng raised a question: Now the market is flooding all over the world. quantitative easing, are you worried that the market value in the secondary market is too high? First, do you think it is too high now? Second, does this affect your own investment business? Is it that as soon as the valuation of the secondary market comes up, and then entrepreneurs and entrepreneurs come to you to ask for money, their asking price also rises?</p><p>Wei Zhen, who is closest to the capital market, said that reasons such as \"irrigation\" do lead to a very high valuation of the overall market, but there are too many components in the stock market. After analysis, some high-growth industries are mainly high, and there are head effects. The valuation of head companies is very high. If you look at it from a percentage point of view, whether it is the United States, A-shares, or Hong Kong stocks, there are a large number of companies in industries that are not growing so fast, and it may not be the top in itself. From a historical point of view, the valuation is okay.</p><p><img src=\"https://static.tigerbbs.com/987c237936cfdf99b516271ae95f01a1\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\"></p><p>Wei Zhen is closest to the capital market/Source: Harvard China Forum</p><p>Huang Jingsheng asked, \"So after removing those high-growth and high-tech, do you think there is no such bubble in the stock market?\"</p><p>Wei Zhen replied: \"The overall valuation of the secondary market may indeed be relatively high, from a weighted average perspective, but not everything is high. In fact, the secondary market still has its own relatively strong discrimination ability.\"</p><p>However, investors want to invest in high-growth industries, so valuations are relatively rising.</p><p>Wei Zhen further explained his logic: the bubble or overvaluation of the secondary market, according to all the research in our history, no one knows when, where and in what form it was corrected. No matter how good the research is, it can't be inferred. There is such a consciousness in the direction. But in terms of method, I think LP's money is in cash in our hands, and it's even more sorry for them. In terms of risk awareness, we still have to invest the money.</p><p>He said: \"We have been saying internally that I have no way to influence and change the overall valuation. What can be within my control is to find a real head company.\"</p><p>The impact of market value is definitely not as great as that of PE for VC. Li Feng said that the early investment water is shallow, and the valuation fluctuation range it involves is not so high. When the market is good, it's all for a valuation of tens of millions of dollars, and it won't get a valuation of 1 billion dollars at once.</p><p>At the same time, after citing a series of macro data, he is convinced that there is 100% bubble in the secondary market.</p><p>\"The market value of the global capital market exceeded 100 trillion US dollars at the end of last year. Take the Buffett Index as an example, which is more than 110% of the global GDP, because the global GDP is about 90 trillion US dollars. The total market value of global stocks above 100 trillion US dollars last year There was a net increase of more than 30 trillion yuan, that is, a net increase of 30%-40%, so is there a bubble? There must be. With the impact of the pandemic last year, how is it possible that global companies have grown by 40% for no reason? There is no possibility, is there? \"</p>","source":"highlight_huxiu","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>If Buffett and Munger died on the same day</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\">\nIf Buffett and Munger died on the same day\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">虎嗅</strong><span class=\"h-time small\">2021-04-20 07:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Buffett's company, if the old man is a hundred years later, the stock will fall by 20%. Agree, disagree or don't think about it?\" Huang Jingsheng (founding partner of CreditEase Impact Fund and director of Bain Capital) played a game with four investors at the Harvard China Forum held on April 17th, that is, he put forward a hypothesis, and everyone voted. If it was unanimously passed, there was no objection; If it is inconsistent, it is worth discussing.</p><p>Li Feng, founding partner of Fengrui Capital, asked rigorously: \"Only Buffett, no Munger?\"</p><p>\"Then a hundred years after Buffett and Munger are on the same day.\" The other three investors who participated in the dialogue-Fang Aizhi (partner and CEO of ZhenFund), Wei Zhen (managing director of Warburg Pincus and co-president of China), Cheng Yu (partner of Wuyuan Capital), and Li Feng, all agree that if this premise is established,<a href=\"https://laohu8.com/S/BRK.A\">Berkshire</a>· Hathaway shares will fall 20%. However, everyone thinks that<a href=\"https://laohu8.com/S/AAPL\">Apple</a>The stock price will not fall by 20% because of Cook's death. Huang Jingsheng said that the personality of the CEO of the company still accounts for a large part of the stock, so the risk of \"people\" is often considered.</p><p><img src=\"https://static.tigerbbs.com/3bc1f6fedc7ddfaf0332f62751b35d06\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\"></p><p>Huang Jingsheng's hosting is unique/Source: Harvard China Forum</p><p>Xiaomi is easier to build cars<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>？</p><p>\"Xiaomi cars will be better than Tesla in the future?\" Faced with this sharp assumption, investors are at a loss. Fang Aizhi and Wei Zhen expressed their waiting to see. Cheng Yu believes that Xiaomi can surpass Tesla. After all, Wuyuan is a shareholder of Xiaomi. At the same time, he used Wuling as evidence: \"The best-selling electric car in China is Wuling, and its shipments are much larger than Tesla's.\"</p><p>Huang Jingsheng interrupted Cheng Yu. He pointed out that whether Xiaomi will be better than Tesla depends on product quality rather than sales. Cheng Yu said with a smile, \"If the product is better, Jia Yueting's car is also good.\"</p><p>Li Feng, who has no interests, agrees with this half and opposes it half. He pointed out from a historical perspective that the companies that dominate the technological trend in fuel vehicles are usually the largest car companies today, and this principle may also apply to today's new energy vehicles.</p><p>He asked us to look ahead a hundred years and see how the most powerful companies in today's fuel vehicles became winners: \"Mercedes-Benz was the first in the world to invent the internal combustion engine, and Honda was the first to turn a two-drive engine into a four-drive engine. Yes, Toyota,<a href=\"https://laohu8.com/S/RRN.UK\">Rolls-Royce</a>, Porsche builds engines, General Motors and Ford were the first to change the production process and production process, so they are both people who have made long-term substantial contributions in the production process of fuel vehicles and the part with the highest proportion of core components. \"</p><p><img src=\"https://static.tigerbbs.com/3995db60025934a52ef0286055053bcc\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\"></p><p>Li Feng's logic is rigorous/Source: Harvard China Forum</p><p>He further quoted data and commented: Four years ago, batteries accounted for the highest proportion of core components of electric vehicles, accounting for 63% of the vehicle cost. A hundred years ago, the total engine plus power range accounted for 60% of the cost of the entire vehicle, but today it accounts for 17%. All the most famous car companies have made historical contributions to the creation, change, evolution and production of fuel engines.</p><p>Li Feng continued: If this principle still applies, the core components of new energy vehicles today account for the highest proportion and the fastest technological changes are batteries, motors, electronic controls and some chips. Today, these components still account for more than 60% of the cost of the whole vehicle, and it may decline. However, because it has both technological changes and technological innovations, as well as adjustments to the cost structure and overall structure, it is assumed that we make analogy, or the car companies that have indeed contributed or understood the technology are theoretically the most likely to build the best new energy vehicles.</p><p>Finally, he stressed: \"One of the biggest advantages of Xiaomi is that China became the world's largest manufacturer of auto parts and the world's largest demand country in the new car market in 2006 and 2009 respectively, so Xiaomi has this advantage.\" In the future, we need to observe whether Xiaomi has made a breakthrough in the highest value part of new energy vehicles.</p><p><img src=\"https://static.tigerbbs.com/7c0cca39ebf9ba4774f4d96fbac8b1ff\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\"></p><p>Xiaomi announces its entry into the electric vehicle industry/Image source: CFP</p><p>However, Huang Jingsheng questioned Li Feng: \"The very important part of Tesla's car is the battery, but its battery is<a href=\"https://laohu8.com/S/PC\">Panasonic</a>Manufactured, but Panasonic may not be a very good car manufacturer. \"</p><p>Don't have illusions about VC/PE</p><p>Since the theme of this dialogue is \"How to invest under the great changes\", Huang Jingsheng asked each of the four investors attending the meeting to talk about a project invested in the epidemic last year.</p><p>Fang Aizhi revealed that she really invested in a cell-flesh project. She said, \"As an angel, I definitely have to invest in ten years later. Three years later may not make much sense to me. But with these technologies (development), for example, in 30 to 50 years, this will become a mainstream product.\"</p><p><img src=\"https://static.tigerbbs.com/32316b22a16607b044607f1373b2db9c\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\"></p><p>Fang Aizhi talks about investment projects during the epidemic/Image source: Harvard China Forum</p><p>Li Feng pointed out that they also understand this. This is essentially half nucleic acid biology, but the biggest problem in this industry in the short term is that it is particularly expensive. During the epidemic, Li Feng discovered a popular science We Media called \"Paperclip\" after watching a short video, so he immediately found the founder of the company to invest.</p><p>As the only PE representative at the scene, Wei Zhen said that Warburg Pincus' actual business is relatively complicated, and most of them make growth investments in the Chinese market, generally before the C round and the D round, but sometimes projects like Perfect Diary and Genki Forest will also go to the B round. Warburg Pincus invested in two biomedical projects during the epidemic last year-Haihe Pharmaceuticals and Heyu Pharmaceuticals. The founder of Haihe was the former director of Shanghai Institute of Materia Medica, and it is rare for people who have been doing scientific research in the system for many years to start a business in the sea; The founder of Heyu went to Singapore to study for a doctoral degree after the reform and opening up, and began to independently develop innovative drugs a few years ago.</p><p>Cheng Yu has his own opinions on the game industry. He believes that the combination of games and cloud may be one of the biggest changes in this era.</p><p>He said that he was a fan of science fiction movies, and the two movies had a great influence on him. One is The Matrix, which explores humans and machines, as well as the ultimate fate of mankind. The other is the more recent \"Ready Player One\", where people can be seen in an immersive experience. Later, he thought, \"One day in the future, the time people spend in the virtual world may create more GDP than the time we spend in the physical world.\"</p><p>Therefore, Cheng Yu invested in a game company last year. He likes the idea of this game company very much. This company will put a lot of game logic in the cloud, and it will be graded. Ordinary people can create digital content, and people with a certain foundation can build your game without any programming. Senior developers can also develop and publish your game on it.</p><p><img src=\"https://static.tigerbbs.com/08da8248a07cb82bb48a8229a8824d3c\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\"></p><p>Cheng Yu thinks the virtual world has great potential/Source: Harvard China Forum</p><p>However, Huang Jingsheng reminded entrepreneurs not to believe VC's words that we voted once we met. For example, Cheng Yu said playing games and Li Feng said watching small videos. There is a lot of research behind them. These VCs are like paddling ducks. On the surface, they are particularly calm, but in fact they are not easy. If you are entrepreneurs who make games, don't fantasize about finding a VC to talk to each other and placing an order.</p><p>As for the projects that these four investment institutions delisted or listed last year, Zhenge has benefited a lot from the investment in Perfect Diary. Wuyuan is naturally proud of Kuaishou, a medical service company invested by Warburg Pincus<a href=\"https://laohu8.com/S/06078\">Hygeia Medical</a>Listed in Hong Kong, Li Feng, who is praised by Huang Jingsheng as the \"Versailles Master\", gave an example of the game development engine Unity, and attached another project story about Bitcoin.</p><p>However, investment veteran Huang Jingsheng still tells young people that these are the best projects they have invested in, and they want to talk to the outside world. They have invested in many companies behind their backs, and some companies have failed. Don't think that they have invested in one Just hit all, and don't have too many illusions about VC/PE.</p><p>Secondary market bubble</p><p>Market value is a topic that investment institutions will inevitably involve when they withdraw from the invested company after it goes public. Huang Jingsheng raised a question: Now the market is flooding all over the world. quantitative easing, are you worried that the market value in the secondary market is too high? First, do you think it is too high now? Second, does this affect your own investment business? Is it that as soon as the valuation of the secondary market comes up, and then entrepreneurs and entrepreneurs come to you to ask for money, their asking price also rises?</p><p>Wei Zhen, who is closest to the capital market, said that reasons such as \"irrigation\" do lead to a very high valuation of the overall market, but there are too many components in the stock market. After analysis, some high-growth industries are mainly high, and there are head effects. The valuation of head companies is very high. If you look at it from a percentage point of view, whether it is the United States, A-shares, or Hong Kong stocks, there are a large number of companies in industries that are not growing so fast, and it may not be the top in itself. From a historical point of view, the valuation is okay.</p><p><img src=\"https://static.tigerbbs.com/987c237936cfdf99b516271ae95f01a1\" tg-width=\"1000\" tg-height=\"667\" referrerpolicy=\"no-referrer\"></p><p>Wei Zhen is closest to the capital market/Source: Harvard China Forum</p><p>Huang Jingsheng asked, \"So after removing those high-growth and high-tech, do you think there is no such bubble in the stock market?\"</p><p>Wei Zhen replied: \"The overall valuation of the secondary market may indeed be relatively high, from a weighted average perspective, but not everything is high. In fact, the secondary market still has its own relatively strong discrimination ability.\"</p><p>However, investors want to invest in high-growth industries, so valuations are relatively rising.</p><p>Wei Zhen further explained his logic: the bubble or overvaluation of the secondary market, according to all the research in our history, no one knows when, where and in what form it was corrected. No matter how good the research is, it can't be inferred. There is such a consciousness in the direction. But in terms of method, I think LP's money is in cash in our hands, and it's even more sorry for them. In terms of risk awareness, we still have to invest the money.</p><p>He said: \"We have been saying internally that I have no way to influence and change the overall valuation. What can be within my control is to find a real head company.\"</p><p>The impact of market value is definitely not as great as that of PE for VC. Li Feng said that the early investment water is shallow, and the valuation fluctuation range it involves is not so high. When the market is good, it's all for a valuation of tens of millions of dollars, and it won't get a valuation of 1 billion dollars at once.</p><p>At the same time, after citing a series of macro data, he is convinced that there is 100% bubble in the secondary market.</p><p>\"The market value of the global capital market exceeded 100 trillion US dollars at the end of last year. Take the Buffett Index as an example, which is more than 110% of the global GDP, because the global GDP is about 90 trillion US dollars. The total market value of global stocks above 100 trillion US dollars last year There was a net increase of more than 30 trillion yuan, that is, a net increase of 30%-40%, so is there a bubble? There must be. With the impact of the pandemic last year, how is it possible that global companies have grown by 40% for no reason? There is no possibility, is there? \"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.huxiu.com/article/422472.html\">虎嗅</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b26611c6fc072a2ecb16a6af952449b5","relate_stocks":{"BRK.A":"伯克希尔","BRK.B":"伯克希尔B"},"source_url":"https://www.huxiu.com/article/422472.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2128881804","content_text":"“巴菲特的公司，如果老人家百年之后，股票会跌20%。同意、不同意还是没想好？” 黄晶生（宜信影响力基金创始合伙人、贝恩资本董事）在4月17日举办的哈佛中国论坛上，与四位投资人玩了一个游戏，即他提出一个假设，大家表决态度，若一致通过则无异议；若不一致，就值得讨论了。\n峰瑞资本创始合伙人李丰严谨地发问：“只有巴菲特，没有芒格？”\n“那就巴菲特和芒格同一天百年之后。” 现场参与对谈的另外三位投资人——方爱之（真格基金合伙人兼CEO）、魏臻（华平投资董事总经理、中国区联席总裁）、程宇（五源资本合伙人），和李丰一样，都同意这个前提若成立，伯克希尔·哈撒韦公司股价将下跌20%。不过，大家都认为苹果的股价并不会因为库克的离世而下跌20%。黄晶生表示，公司CEO的人格还是占股票挺大一部分，所以经常要考虑到“人”这个风险。\n\n黄晶生的主持别开生面 / 图片来源：哈佛中国论坛\n小米造车好过特斯拉？\n“小米汽车以后比特斯拉还好？” 面对这个尖锐的假设，投资人们就莫衷一是了。方爱之与魏臻表示等待观察。程宇相信小米能超越特斯拉，毕竟五源是小米的股东，同时他以五菱举证：“中国卖得最好的电动车是五菱，出货量比特斯拉大得多。”\n黄晶生打断程宇，他指小米会不会比特斯拉造得更好，是产品质量而不是销量。程宇笑说：“如果讲产品更好，贾跃亭的那辆车也不错。”\n没有利益相关的李丰对此同意一半，反对一半。他从历史角度指出，在燃油车中主导技术潮流的企业通常是今天最大的车企，这个原则或许也适用于今天的新能源车。\n他让我们往前看一百年，今天燃油车中最厉害的企业都是怎么成为胜者的：“奔驰是全世界第一个发明内燃机的，本田是第一个把两重程变成四重程的，丰田、劳斯莱斯、保时捷造引擎，通用和福特最先改变了生产工艺和生产流程，所以他们都是在燃油车的生产过程中、在核心零部件占比最高的部分，做出过长期实质性贡献的人。”\n\n李丰逻辑严密 / 图片来源：哈佛中国论坛\n他进一步援引数据评论道：电动车在四年以前，核心零部件占比最高的是电池，占整车成本比63%。燃油车在一百年前，发动机加动力总程占整个车的成本比60%，今天占17%。所有最著名的车企，全是当年对燃油发动机的创造、改变、进化和生产做出过历史贡献的。\n李丰继续表示：若这个原则仍然适用，今天新能源车的核心零部件占比最高且技术变动最快的，是电池、电机、电控加上一些芯片。在这些部件今天仍然占整车成本比超过60%的情况下，它也许会下降，但是因为它既有技术变动又有技术革新，又有成本结构和整体结构的调整，所以假定我们类推一下，还是对技术确有贡献或了解的车企，理论上最有可能造出最好的新能源汽车。\n他最后强调：“小米有一个最大的好处是因为，中国分别在2006年和2009年成为了汽车零部件全球最大生产商和新车市场全球最大需求国，所以小米有这个优势。” 后续需要观察小米是否在新能源汽车价值最高的这部分有突破。\n\n小米宣布进军电动汽车行业 / 图片来源：CFP\n不过，黄晶生质疑了李丰：“特斯拉的车，价值非常重要的那部分是电池，但它的电池是松下制造的，可松下未必能成为一个非常好的汽车制造商。”\n不要对VC/PE抱有幻想\n由于这场对谈的主题是“大变局下的投资之道”，黄晶生让与会的四位投资人各讲一个去年在疫情中投出的项目。\n方爱之透露真格投资了一个细胞肉的项目，她表示：“作为天使，我肯定要投十年以后的事情，三年以后可能对我来说没有太大的意义。但是随着这些技术（发展），比如说30年到50年，这个会变成主流的产品。”\n\n方爱之谈了疫情期间的投资项目 / 图片来源：哈佛中国论坛\n李丰指出，他们对此也有了解，这本质上算半个核酸生物学，但这个行业短期内最大的问题是特别贵。而李丰在疫情期间，由于看短视频发现了叫“回形针”的科普自媒体，于是立马找到公司创始人投资。\n魏臻作为现场唯一PE代表，表示华平实际业务比较复杂，在中国市场多半做成长性投资，一般C轮D轮之前，不过有时像完美日记、元气森林这些项目，也会到B轮。华平在去年疫情期间投了两个生物医药项目——海和药物与和誉医药。海和的创始人曾是原来上海药物研究所所长，很少见在体制里做多年科研的人下海创业；和誉创始人则是在改革开放后去了新加坡念博士，并于几年前开始自主研发创新药。\n程宇则对游戏产业有自己的见解，他认为游戏和云端结合起来，可能是这个时代的最大变化之一。\n他表示自己是科幻电影迷，两部电影对他影响很大。一部是《黑客帝国》，探索了人类和机器，还有人类终级命运的问题。另一部是较近期的《头号玩家》，可以看到人在沉浸式的体验之中。他后来思考，“未来有一天，可能人在虚拟世界所花的时间，所创造的GDP一定超过我们在物理世界所花的时间。”\n因此程宇在去年投了一家游戏公司，他非常喜欢这家游戏公司的idea，这个公司会把大量的游戏逻辑放到云端，它会分级，普通人可以创造数字内容，有一定基础的人可以在不需要任何编程下打造你的游戏，资深的开发者也可以在上面开发和发行你的游戏。\n\n程宇认为虚拟世界大有可为 / 图片来源：哈佛中国论坛\n不过，黄晶生提醒创业者，千万不要信VC说我们见了一面就投了这种话，比如程宇说玩游戏、李丰说看小视频，它后面有大量的研究。这些VC就像划水的鸭子一样，表面上特别淡定，其实也不容易。你们要是有做游戏的创业者，也别幻想找一个VC谈一次对方就下单。\n至于聊到这四家投资机构去年退市或上市的项目，真格从完美日记投资中获益颇丰，五源自然以快手为傲，被华平投资的医疗服务公司海吉亚医疗在香港上市，被黄晶生誉为“凡尔赛高手”的李丰则举例游戏开发引擎Unity，并附带另一个关于比特币的项目故事。\n然而，投资老将黄晶生依然告诉年轻人，这些都是他们投得最好的项目，是他们想要跟外界谈的，他们背后还投了很多公司，也有一些公司就失败了，别觉得他们投一个就全中，不要有对VC/PE有太多的幻想。\n二级市场泡沫化\n市值，是投资机构在被投企业上市后退出时难免要涉及的话题。黄晶生抛出了问题：现在市场上全球范围内都在灌水，量化宽松，你们担心不担心在二级市场上市值过高呢？第一，你们是否认为现在有过高现象？第二，这对你们自己的投资生意有没有影响？是不是二级市场估值一上来，然后企业家、创业者到你们这儿要钱的时候，他的要价也水涨船高了？\n离资本市场最近的魏臻表示，像“灌水”这些原因的确导致整体市场的估值非常高，但股市里有太多组成部分，分析后主要高的还是一些高增长行业，有头部效应里面的头部公司的估值非常高。如果从一个百分比角度来看，无论是美国、A股、港股，有大量公司的行业没有增长那么快，它本身可能不是最顶尖的，从历史角度而言估值还可以。\n\n魏臻离资本市场最近 / 图片来源：哈佛中国论坛\n黄晶生追问：“所以把那些高增长、高科技去掉以后，你觉得股票市场没有这种泡沫？”\n魏臻回答：“二级市场总体估值可能的确比较高，一个加权平均的角度，但它不是所有的都高，其实二级市场还是有本身比较强的辨别能力。”\n不过，投资人要投的也是高增长行业，那么估值相对也水涨船高。\n魏臻进一步解释了自己的逻辑：二级市场的泡沫或者估高，根据我们历史上所有的研究，没有人知道它在何时何点以什么形式纠正。再好的研究也是没法推断的，方向上有这样的意识。但是方法上，我觉得LP的钱在我们手里拿的是现金更对不起他们，在风险意识上还是要把钱投出去。\n他表示：“我们内部一直在说，整体的估值我是没有办法影响和改变的，能在我可控范围内的是，找到真正的头部企业。”\n市值的影响对于VC而言，肯定不如PE受影响大。李丰表示，早期投资水浅，它涉及到的估值波动区间没有那么高，在市场好的时候，出来叫个几千万美金的估值也就这样了，不会一下搞到10亿美金的估值去。\n同时援引了一系列宏观数据之后，他确信，二级市场的泡沫百分之百有。\n“全球资本市场市值在去年年底超过了100万亿美金，这拿巴菲特指数来说就是110%以上的全球GDP，因为全球GDP是90万亿美金左右。100万亿美金以上的全球股票总市值在去年一年净增加了30多万亿，就是净增加了30%-40%，所以有没有泡沫？肯定有。在去年疫情影响的情况下，怎么可能全球公司平白无故增长了40%？没有任何可能性，对不对？”","news_type":1,"symbols_score_info":{"BRK.B":0.9,"BRK.A":0.9}},"isVote":1,"tweetType":1,"viewCount":473,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9926719622,"gmtCreate":1671631500866,"gmtModify":1676538566545,"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":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9926719622","isVote":1,"tweetType":1,"viewCount":324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9964842141,"gmtCreate":1670123714884,"gmtModify":1676538306839,"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":[],"htmlText":"<a 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