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2021-05-18
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NetEase reports Q1 EPS $0.20,above forecast
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2021-03-22
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Non-GAAP net income attributable to the Company's shareholders wasRMB5.1 billion(US$775.5 million).[1]</li><li>Basic net income per share wasUS$0.20(US$1.01per ADS). Non-GAAP basic net income per share wasUS$0.23(US$1.16per ADS).[1]</li></ul><p>NetEase stock jumped nearly 3% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/bc2549fcc7867a4b807fca2309fd8739\" tg-width=\"1302\" tg-height=\"663\"></p><p><b>First Quarter 2021 and Recent Operational Highlights</b></p><ul><li>Attracted new users and expanded portfolio with new game introductions including:</li><ul><li><i>Revelation</i>mobile game,<i>Yu-Gi-Oh! Duel Links</i>,<i>Elysium of Legends</i>and<i>Pokémon Quest</i>, all of which were well received after their launches.</li><li><i>Infinite Lagrange</i>in European markets in late April, with plans for additional market introductions in the near-term.</li></ul><li>Delivered strong performances from longstanding flagship titles including the<i>Fantasy Westward Journey</i>and<i>Westward Journey Online</i>series, and maintained popularity of other hit titles including<i>Life-After</i>,<i>Invincible</i>and<i>Onmyoji</i>.</li><li>Progressed strong game pipeline with thrilling titles planned for launch in the coming months including<i>Harry Potter: Magic Awakened</i>,<i>The Lord of the Rings: Rise to War</i>,<i>Nightmare Breaker</i>,<i>Diablo®Immortal™</i>and<i>Ghost World Chronicle.</i></li><li>AdvancedYoudao'slearning services and learning products, increasingYoudao'snet revenues by 147.5% year-over-year toRMB1.3 billion(US$204.5 million), and drove operating efficiency with total gross profit margin reaching 57.3% in the first quarter of 2021, the highest level sinceYoudao'sIPO inOctober 2019.</li></ul><p>\"2021 is off to a strong start with our total net revenues climbing toRMB20.5 billion, up approximately 20% year-over-year,\" said Mr.William Ding, Chief Executive Officer and Director ofNetEase. \"Net revenues from our online game services grew toRMB15.0 billionin the first quarter supported by the impressive longevity of our time-honored flagship games, as well as newer titles that broaden and diversify our games portfolio. As we near the launch of additional exciting new titles for global audiences in the coming months, we are confident we can deepen our international market presence. Our other businesses also performed wellin the first quarter, with solid year-over-yearnet revenues growth fromYoudao,<i>NetEase Cloud Music</i>and<i>Yanxuan</i>.Leveraging our innovation and technical skills, we plan to bring even more creative products and high-quality services to our users,\"Mr. Dingconcluded.</p><table><tbody><tr><td><p>[1] As used in this announcement, non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per share and per ADS are defined to exclude share-based compensation expenses. See \"Unaudited Reconciliation of GAAP and Non-GAAP Results\" at the end of this announcement.</p></td></tr></tbody></table><p><b>First Quarter 2021 Financial Results</b></p><p><u>NetRevenues</u></p><p>Net revenues wereRMB20,517.2 million(US$3,131.5 million) for the first quarter of 2021, compared toRMB19,761.7 millionandRMB17,062.4 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p>Net revenues from online game services wereRMB14,981.8 million(US$2,286.7 million) for the first quarter of 2021, compared toRMB13,400.2 millionandRMB13,518.2 millionfor the preceding quarter and the first quarter of 2020, respectively. Net revenues from mobile games accounted for approximately 72.8% of net revenues from online game services for the first quarter of 2021, compared to 72.4% and 70.3% for the preceding quarter and the first quarter of 2020, respectively.</p><p>Net revenues fromYoudaowereRMB1,339.9 million(US$204.5 million) for the first quarter of 2021, compared toRMB1,106.8 millionandRMB541.4 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p>Net revenues from innovative businesses and others wereRMB4,195.6 million(US$640.4 million) for the first quarter of 2021, compared toRMB5,254.8 millionandRMB3,002.7 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p><u>Gross Profit</u></p><p>Gross profit wasRMB11,052.6 million(US$1,687.0 million) for the first quarter of 2021, compared toRMB9,927.8 millionandRMB9,377.6 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p>The quarter-over-quarter and year-over-year increases in online game services gross profit were mainly due to increased net revenues from both mobile and PC games, including the newly launched<i>Revelation</i>mobile game and other existing games.</p><p>The quarter-over-quarter and year-over-year increases inYoudaogross profit were primarily attributable to the significant increase in net revenues, improved economies of scale, and faculty compensation structure optimization for its learning services.</p><p>The quarter-over-quarter decrease in innovative businesses and others gross profit was primarily due to a decrease in gross profit from advertising services due to seasonality. The year-over-year increase was primarily due to the improved performance of<i>NetEase Cloud Music</i>.</p><p><u>Gross Profit Margin</u></p><p>Gross profit margin for online game services was 64.6% for the first quarter of 2021, compared to 63.1% and 64.1% for the preceding quarter and the first quarter of 2020, respectively. Gross profit margin for online game services was generally stable, fluctuating within a narrow band based on the revenue mix of mobile and PC games, as well as self-developed and licensed games.</p><p>Gross profit margin forYoudaowas 57.3% for the first quarter of 2021, compared to 47.5% and 43.5% for the preceding quarter and the first quarter of 2020, respectively. The quarter-over-quarter and year-over-year increases were mainly due to the significant increase in net revenues, improved economies of scale, and faculty compensation structure optimization for its learning services.</p><p>Gross profit margin for innovative businesses and others was 14.4% for the first quarter of 2021, compared to 18.0% and 15.8% for the preceding quarter and the first quarter of 2020, respectively. The quarter-over-quarter decrease was primarily due to seasonality.</p><p><u>Operating Expenses</u></p><p>Total operating expenses wereRMB6,777.1 million(US$1,034.4 million) for the first quarter of 2021, compared toRMB6,915.8 millionandRMB4,891.2 millionfor the preceding quarter and the first quarter of 2020, respectively. The quarter-over-quarter decrease was mainly due to lower marketing expenditures related to online game services and innovative businesses and others. The year-over-year increase was mainly due to increased marketing expenditures related toYoudaoand other businesses, as well as higher staff-related costs and research and development investments.</p><p><u>Other Income/ (Expenses)</u></p><p>Other income/ (expenses) consisted of investment (losses)/ income, interest income, exchange gains/ (losses) and others. The quarter-over-quarter increase was mainly due to unrealized exchange gains arising from the Company'sU.S.dollar-denominated bank deposits and short-term loan balances as the exchange rate of theU.S.dollar against the RMB fluctuated over the periods, as well as investment income arising from fair value changes of equity investments with readily determinable fair value. The year-over-year increase was mainly due to investment income arising from fair value changes of equity investments with readily determinable fair value.</p><p><u>Income Taxes</u></p><p>The Company recorded a net income tax charge ofRMB1,273.4 million(US$194.4 million) for the first quarter of 2021, compared toRMB552.7 millionandRMB1,082.0 millionfor the preceding quarter and the first quarter of 2020, respectively. The effective tax rate for the first quarter of 2021 was 22.0%, compared to 37.2% and 21.5% for the preceding quarter and the first quarter of 2020, respectively. The effective tax rate represents certain estimates by the Company regarding the tax obligations and benefits applicable to it in each quarter.</p><p><u>Net Income and Non-GAAP Net Income</u></p><p>Net income attributable to the Company's shareholders totaledRMB4,439.2 million (US$677.5 million) for the first quarter of 2021, compared toRMB975.7 millionandRMB3,551.0 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p>Non-GAAP net income attributable to the Company's shareholders for the first quarter of 2021 totaledRMB5,080.7 million(US$775.5 million), compared toRMB1,597.9 millionandRMB4,212.9 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p>NetEasereported basic net income ofUS$0.20per share (US$1.01per ADS) for the first quarter of 2021, compared toUS$0.04per share (US$0.22per ADS) andUS$0.17per share (US$0.84per ADS) for the preceding quarter and the first quarter of 2020, respectively.</p><p>NetEasereported non-GAAP basic net income ofUS$0.23per share (US$1.16per ADS) for the first quarter of 2021, compared toUS$0.07per share (US$0.36per ADS) andUS$0.20per share (US$1.00per ADS) for the preceding quarter and the first quarter of 2020, respectively.</p><p><b>QuarterlyDividend</b></p><p>The board of directors has approved a dividend ofUS$0.0600per share (US$0.3000per ADS) for the first quarter of 2021, to holders of ordinary shares and holders of ADSs as of the close of business onJune 3, 2021, Hong Kong Time and New York Time, respectively, payable inU.S.dollars. For holders of ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company'sHong Kongbranch share registrar,Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre,183 Queen's Road East, Wanchai,Hong Kongno later than4:30 p.m.onJune 3, 2021(Hong Kong Time). The payment date is expected to be onJune 15, 2021for holders of ordinary shares and on or aroundJune 18, 2021for holders of ADSs.</p><p>NetEasepaid a dividend ofUS$0.0464per share (US$0.2320per ADS) for the first quarter of 2020 inJune 2020, a dividend ofUS$0.0594per share (US$0.2970per ADS) for the second quarter of 2020 inSeptember 2020, a dividend ofUS$0.0390per share (US$0.1950 per ADS) for the third quarter of 2020 inDecember 2020and a dividend ofUS$0.0120per share (US$0.0600per ADS) for the fourth quarter of 2020 inMarch 2021.</p><p>The Company's policy is to set quarterly dividends at an amount equivalent to approximately 20%-30% of the Company's anticipated net income after tax in each fiscal quarter. The determination to make dividend distributions and the amount of such distributions in any particular quarter will be made at the discretion of the board of directors and will be based upon the Company's operations and earnings, cash flow, financial condition and other relevant factors.</p><p><b>Other Information</b></p><p>As ofMarch 31, 2021, the Company's total cash and cash equivalents, current and non-current time deposits and short-term investments balance totaledRMB106,249.6 million(US$16,216.9 million), compared toRMB100,099.6 millionas ofDecember 31, 2020. Cash flows generated from operating activities wasRMB5,542.7 million (US$846.0 million) for the first quarter of 2021, compared toRMB8,214.2 millionandRMB6,500.6 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p><b>Share RepurchaseProgram</b></p><p>OnFebruary 26, 2020, the Company announced that its board of directors had approved a share repurchase program of up toUS$1.0 billionof the Company's outstanding ADSs for a period not to exceed 12 months beginning onMarch 2, 2020. OnMay 19, 2020, the Company announced that its board of directors had approved an amendment to such program to increase the total authorized repurchase amount toUS$2.0 billion. Under the terms of this program,NetEasemay repurchase its issued and outstanding ADSs in open-market transactions on the NASDAQ Global Select Market. At the end of this program onMarch 1, 2021, approximately 22.8 million ADSs had been repurchased for a total cost ofUS$1.8 billion.</p><p>OnFebruary 25, 2021, the Company announced that its board of directors had approved a new share repurchase program of up toUS$2.0 billionof the Company's outstanding ADSs and ordinary shares in open market transactions for a period not to exceed 24 months beginning onMarch 2, 2021. The extent to whichNetEaserepurchases its ADSs and ordinary shares will depend upon a variety of factors, including market conditions. This program may be suspended or discontinued at any time. As ofMarch 31, 2021, approximately 1.3 million ADSs had been repurchased under this program for a total cost ofUS$0.1 billion.</p><p>**The United Statesdollar (US$) amounts disclosed in this announcement are presented solely for the convenience of the reader. Translations of amounts from RMB intoUnited Statesdollars for the convenience of the reader were calculated at the noon buying rate ofUS$1.00=RMB6.5518onMarch 31, 2021as set forth in the H.10 statistical release of theU.S.Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate onMarch 31, 2021, or at any other certain date. The percentages stated are calculated based on RMB.</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>NetEase reports Q1 EPS $0.20,above forecast</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nNetEase reports Q1 EPS $0.20,above forecast\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\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\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-18 16:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NetEase, Inc. today announced its unaudited financial results for the first quarter endedMarch 31, 2021.</p><p><b>First Quarter 2021 Financial Highlights</b></p><ul><li>Net revenues wereRMB20.5 billion(US$3.1 billion), an increase of 20.2% compared with the first quarter of 2020.</li><ul><li>Online game services net revenues wereRMB15.0 billion(US$2.3 billion), an increase of 10.8% compared with the first quarter of 2020.</li><li>Youdaonet revenues wereRMB1.3 billion(US$204.5 million), an increase of 147.5% compared with the first quarter of 2020.</li><li>Innovative businesses and others net revenues wereRMB4.2 billion(US$640.4 million), an increase of 39.7% compared with the first quarter of 2020.</li></ul><li>Gross profit wasRMB11.1 billion(US$1.7 billion), an increase of 17.9% compared with the first quarter of 2020.</li><li>Total operating expenses wereRMB6.8 billion(US$1.0 billion), an increase of 38.6% compared with the first quarter of 2020.</li><li>Net income attributable to the Company's shareholders wasRMB4.4 billion(US$677.5 million). Non-GAAP net income attributable to the Company's shareholders wasRMB5.1 billion(US$775.5 million).[1]</li><li>Basic net income per share wasUS$0.20(US$1.01per ADS). Non-GAAP basic net income per share wasUS$0.23(US$1.16per ADS).[1]</li></ul><p>NetEase stock jumped nearly 3% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/bc2549fcc7867a4b807fca2309fd8739\" tg-width=\"1302\" tg-height=\"663\"></p><p><b>First Quarter 2021 and Recent Operational Highlights</b></p><ul><li>Attracted new users and expanded portfolio with new game introductions including:</li><ul><li><i>Revelation</i>mobile game,<i>Yu-Gi-Oh! Duel Links</i>,<i>Elysium of Legends</i>and<i>Pokémon Quest</i>, all of which were well received after their launches.</li><li><i>Infinite Lagrange</i>in European markets in late April, with plans for additional market introductions in the near-term.</li></ul><li>Delivered strong performances from longstanding flagship titles including the<i>Fantasy Westward Journey</i>and<i>Westward Journey Online</i>series, and maintained popularity of other hit titles including<i>Life-After</i>,<i>Invincible</i>and<i>Onmyoji</i>.</li><li>Progressed strong game pipeline with thrilling titles planned for launch in the coming months including<i>Harry Potter: Magic Awakened</i>,<i>The Lord of the Rings: Rise to War</i>,<i>Nightmare Breaker</i>,<i>Diablo®Immortal™</i>and<i>Ghost World Chronicle.</i></li><li>AdvancedYoudao'slearning services and learning products, increasingYoudao'snet revenues by 147.5% year-over-year toRMB1.3 billion(US$204.5 million), and drove operating efficiency with total gross profit margin reaching 57.3% in the first quarter of 2021, the highest level sinceYoudao'sIPO inOctober 2019.</li></ul><p>\"2021 is off to a strong start with our total net revenues climbing toRMB20.5 billion, up approximately 20% year-over-year,\" said Mr.William Ding, Chief Executive Officer and Director ofNetEase. \"Net revenues from our online game services grew toRMB15.0 billionin the first quarter supported by the impressive longevity of our time-honored flagship games, as well as newer titles that broaden and diversify our games portfolio. As we near the launch of additional exciting new titles for global audiences in the coming months, we are confident we can deepen our international market presence. Our other businesses also performed wellin the first quarter, with solid year-over-yearnet revenues growth fromYoudao,<i>NetEase Cloud Music</i>and<i>Yanxuan</i>.Leveraging our innovation and technical skills, we plan to bring even more creative products and high-quality services to our users,\"Mr. Dingconcluded.</p><table><tbody><tr><td><p>[1] As used in this announcement, non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per share and per ADS are defined to exclude share-based compensation expenses. See \"Unaudited Reconciliation of GAAP and Non-GAAP Results\" at the end of this announcement.</p></td></tr></tbody></table><p><b>First Quarter 2021 Financial Results</b></p><p><u>NetRevenues</u></p><p>Net revenues wereRMB20,517.2 million(US$3,131.5 million) for the first quarter of 2021, compared toRMB19,761.7 millionandRMB17,062.4 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p>Net revenues from online game services wereRMB14,981.8 million(US$2,286.7 million) for the first quarter of 2021, compared toRMB13,400.2 millionandRMB13,518.2 millionfor the preceding quarter and the first quarter of 2020, respectively. Net revenues from mobile games accounted for approximately 72.8% of net revenues from online game services for the first quarter of 2021, compared to 72.4% and 70.3% for the preceding quarter and the first quarter of 2020, respectively.</p><p>Net revenues fromYoudaowereRMB1,339.9 million(US$204.5 million) for the first quarter of 2021, compared toRMB1,106.8 millionandRMB541.4 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p>Net revenues from innovative businesses and others wereRMB4,195.6 million(US$640.4 million) for the first quarter of 2021, compared toRMB5,254.8 millionandRMB3,002.7 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p><u>Gross Profit</u></p><p>Gross profit wasRMB11,052.6 million(US$1,687.0 million) for the first quarter of 2021, compared toRMB9,927.8 millionandRMB9,377.6 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p>The quarter-over-quarter and year-over-year increases in online game services gross profit were mainly due to increased net revenues from both mobile and PC games, including the newly launched<i>Revelation</i>mobile game and other existing games.</p><p>The quarter-over-quarter and year-over-year increases inYoudaogross profit were primarily attributable to the significant increase in net revenues, improved economies of scale, and faculty compensation structure optimization for its learning services.</p><p>The quarter-over-quarter decrease in innovative businesses and others gross profit was primarily due to a decrease in gross profit from advertising services due to seasonality. The year-over-year increase was primarily due to the improved performance of<i>NetEase Cloud Music</i>.</p><p><u>Gross Profit Margin</u></p><p>Gross profit margin for online game services was 64.6% for the first quarter of 2021, compared to 63.1% and 64.1% for the preceding quarter and the first quarter of 2020, respectively. Gross profit margin for online game services was generally stable, fluctuating within a narrow band based on the revenue mix of mobile and PC games, as well as self-developed and licensed games.</p><p>Gross profit margin forYoudaowas 57.3% for the first quarter of 2021, compared to 47.5% and 43.5% for the preceding quarter and the first quarter of 2020, respectively. The quarter-over-quarter and year-over-year increases were mainly due to the significant increase in net revenues, improved economies of scale, and faculty compensation structure optimization for its learning services.</p><p>Gross profit margin for innovative businesses and others was 14.4% for the first quarter of 2021, compared to 18.0% and 15.8% for the preceding quarter and the first quarter of 2020, respectively. The quarter-over-quarter decrease was primarily due to seasonality.</p><p><u>Operating Expenses</u></p><p>Total operating expenses wereRMB6,777.1 million(US$1,034.4 million) for the first quarter of 2021, compared toRMB6,915.8 millionandRMB4,891.2 millionfor the preceding quarter and the first quarter of 2020, respectively. The quarter-over-quarter decrease was mainly due to lower marketing expenditures related to online game services and innovative businesses and others. The year-over-year increase was mainly due to increased marketing expenditures related toYoudaoand other businesses, as well as higher staff-related costs and research and development investments.</p><p><u>Other Income/ (Expenses)</u></p><p>Other income/ (expenses) consisted of investment (losses)/ income, interest income, exchange gains/ (losses) and others. The quarter-over-quarter increase was mainly due to unrealized exchange gains arising from the Company'sU.S.dollar-denominated bank deposits and short-term loan balances as the exchange rate of theU.S.dollar against the RMB fluctuated over the periods, as well as investment income arising from fair value changes of equity investments with readily determinable fair value. The year-over-year increase was mainly due to investment income arising from fair value changes of equity investments with readily determinable fair value.</p><p><u>Income Taxes</u></p><p>The Company recorded a net income tax charge ofRMB1,273.4 million(US$194.4 million) for the first quarter of 2021, compared toRMB552.7 millionandRMB1,082.0 millionfor the preceding quarter and the first quarter of 2020, respectively. The effective tax rate for the first quarter of 2021 was 22.0%, compared to 37.2% and 21.5% for the preceding quarter and the first quarter of 2020, respectively. The effective tax rate represents certain estimates by the Company regarding the tax obligations and benefits applicable to it in each quarter.</p><p><u>Net Income and Non-GAAP Net Income</u></p><p>Net income attributable to the Company's shareholders totaledRMB4,439.2 million (US$677.5 million) for the first quarter of 2021, compared toRMB975.7 millionandRMB3,551.0 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p>Non-GAAP net income attributable to the Company's shareholders for the first quarter of 2021 totaledRMB5,080.7 million(US$775.5 million), compared toRMB1,597.9 millionandRMB4,212.9 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p>NetEasereported basic net income ofUS$0.20per share (US$1.01per ADS) for the first quarter of 2021, compared toUS$0.04per share (US$0.22per ADS) andUS$0.17per share (US$0.84per ADS) for the preceding quarter and the first quarter of 2020, respectively.</p><p>NetEasereported non-GAAP basic net income ofUS$0.23per share (US$1.16per ADS) for the first quarter of 2021, compared toUS$0.07per share (US$0.36per ADS) andUS$0.20per share (US$1.00per ADS) for the preceding quarter and the first quarter of 2020, respectively.</p><p><b>QuarterlyDividend</b></p><p>The board of directors has approved a dividend ofUS$0.0600per share (US$0.3000per ADS) for the first quarter of 2021, to holders of ordinary shares and holders of ADSs as of the close of business onJune 3, 2021, Hong Kong Time and New York Time, respectively, payable inU.S.dollars. For holders of ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company'sHong Kongbranch share registrar,Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre,183 Queen's Road East, Wanchai,Hong Kongno later than4:30 p.m.onJune 3, 2021(Hong Kong Time). The payment date is expected to be onJune 15, 2021for holders of ordinary shares and on or aroundJune 18, 2021for holders of ADSs.</p><p>NetEasepaid a dividend ofUS$0.0464per share (US$0.2320per ADS) for the first quarter of 2020 inJune 2020, a dividend ofUS$0.0594per share (US$0.2970per ADS) for the second quarter of 2020 inSeptember 2020, a dividend ofUS$0.0390per share (US$0.1950 per ADS) for the third quarter of 2020 inDecember 2020and a dividend ofUS$0.0120per share (US$0.0600per ADS) for the fourth quarter of 2020 inMarch 2021.</p><p>The Company's policy is to set quarterly dividends at an amount equivalent to approximately 20%-30% of the Company's anticipated net income after tax in each fiscal quarter. The determination to make dividend distributions and the amount of such distributions in any particular quarter will be made at the discretion of the board of directors and will be based upon the Company's operations and earnings, cash flow, financial condition and other relevant factors.</p><p><b>Other Information</b></p><p>As ofMarch 31, 2021, the Company's total cash and cash equivalents, current and non-current time deposits and short-term investments balance totaledRMB106,249.6 million(US$16,216.9 million), compared toRMB100,099.6 millionas ofDecember 31, 2020. Cash flows generated from operating activities wasRMB5,542.7 million (US$846.0 million) for the first quarter of 2021, compared toRMB8,214.2 millionandRMB6,500.6 millionfor the preceding quarter and the first quarter of 2020, respectively.</p><p><b>Share RepurchaseProgram</b></p><p>OnFebruary 26, 2020, the Company announced that its board of directors had approved a share repurchase program of up toUS$1.0 billionof the Company's outstanding ADSs for a period not to exceed 12 months beginning onMarch 2, 2020. OnMay 19, 2020, the Company announced that its board of directors had approved an amendment to such program to increase the total authorized repurchase amount toUS$2.0 billion. Under the terms of this program,NetEasemay repurchase its issued and outstanding ADSs in open-market transactions on the NASDAQ Global Select Market. At the end of this program onMarch 1, 2021, approximately 22.8 million ADSs had been repurchased for a total cost ofUS$1.8 billion.</p><p>OnFebruary 25, 2021, the Company announced that its board of directors had approved a new share repurchase program of up toUS$2.0 billionof the Company's outstanding ADSs and ordinary shares in open market transactions for a period not to exceed 24 months beginning onMarch 2, 2021. The extent to whichNetEaserepurchases its ADSs and ordinary shares will depend upon a variety of factors, including market conditions. This program may be suspended or discontinued at any time. As ofMarch 31, 2021, approximately 1.3 million ADSs had been repurchased under this program for a total cost ofUS$0.1 billion.</p><p>**The United Statesdollar (US$) amounts disclosed in this announcement are presented solely for the convenience of the reader. Translations of amounts from RMB intoUnited Statesdollars for the convenience of the reader were calculated at the noon buying rate ofUS$1.00=RMB6.5518onMarch 31, 2021as set forth in the H.10 statistical release of theU.S.Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate onMarch 31, 2021, or at any other certain date. The percentages stated are calculated based on RMB.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NTES":"网易","09999":"网易-S"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134593226","content_text":"NetEase, Inc. today announced its unaudited financial results for the first quarter endedMarch 31, 2021.First Quarter 2021 Financial HighlightsNet revenues wereRMB20.5 billion(US$3.1 billion), an increase of 20.2% compared with the first quarter of 2020.Online game services net revenues wereRMB15.0 billion(US$2.3 billion), an increase of 10.8% compared with the first quarter of 2020.Youdaonet revenues wereRMB1.3 billion(US$204.5 million), an increase of 147.5% compared with the first quarter of 2020.Innovative businesses and others net revenues wereRMB4.2 billion(US$640.4 million), an increase of 39.7% compared with the first quarter of 2020.Gross profit wasRMB11.1 billion(US$1.7 billion), an increase of 17.9% compared with the first quarter of 2020.Total operating expenses wereRMB6.8 billion(US$1.0 billion), an increase of 38.6% compared with the first quarter of 2020.Net income attributable to the Company's shareholders wasRMB4.4 billion(US$677.5 million). Non-GAAP net income attributable to the Company's shareholders wasRMB5.1 billion(US$775.5 million).[1]Basic net income per share wasUS$0.20(US$1.01per ADS). Non-GAAP basic net income per share wasUS$0.23(US$1.16per ADS).[1]NetEase stock jumped nearly 3% in premarket trading.First Quarter 2021 and Recent Operational HighlightsAttracted new users and expanded portfolio with new game introductions including:Revelationmobile game,Yu-Gi-Oh! Duel Links,Elysium of LegendsandPokémon Quest, all of which were well received after their launches.Infinite Lagrangein European markets in late April, with plans for additional market introductions in the near-term.Delivered strong performances from longstanding flagship titles including theFantasy Westward JourneyandWestward Journey Onlineseries, and maintained popularity of other hit titles includingLife-After,InvincibleandOnmyoji.Progressed strong game pipeline with thrilling titles planned for launch in the coming months includingHarry Potter: Magic Awakened,The Lord of the Rings: Rise to War,Nightmare Breaker,Diablo®Immortal™andGhost World Chronicle.AdvancedYoudao'slearning services and learning products, increasingYoudao'snet revenues by 147.5% year-over-year toRMB1.3 billion(US$204.5 million), and drove operating efficiency with total gross profit margin reaching 57.3% in the first quarter of 2021, the highest level sinceYoudao'sIPO inOctober 2019.\"2021 is off to a strong start with our total net revenues climbing toRMB20.5 billion, up approximately 20% year-over-year,\" said Mr.William Ding, Chief Executive Officer and Director ofNetEase. \"Net revenues from our online game services grew toRMB15.0 billionin the first quarter supported by the impressive longevity of our time-honored flagship games, as well as newer titles that broaden and diversify our games portfolio. As we near the launch of additional exciting new titles for global audiences in the coming months, we are confident we can deepen our international market presence. Our other businesses also performed wellin the first quarter, with solid year-over-yearnet revenues growth fromYoudao,NetEase Cloud MusicandYanxuan.Leveraging our innovation and technical skills, we plan to bring even more creative products and high-quality services to our users,\"Mr. Dingconcluded.[1] As used in this announcement, non-GAAP net income attributable to the Company's shareholders and non-GAAP basic and diluted net income per share and per ADS are defined to exclude share-based compensation expenses. See \"Unaudited Reconciliation of GAAP and Non-GAAP Results\" at the end of this announcement.First Quarter 2021 Financial ResultsNetRevenuesNet revenues wereRMB20,517.2 million(US$3,131.5 million) for the first quarter of 2021, compared toRMB19,761.7 millionandRMB17,062.4 millionfor the preceding quarter and the first quarter of 2020, respectively.Net revenues from online game services wereRMB14,981.8 million(US$2,286.7 million) for the first quarter of 2021, compared toRMB13,400.2 millionandRMB13,518.2 millionfor the preceding quarter and the first quarter of 2020, respectively. Net revenues from mobile games accounted for approximately 72.8% of net revenues from online game services for the first quarter of 2021, compared to 72.4% and 70.3% for the preceding quarter and the first quarter of 2020, respectively.Net revenues fromYoudaowereRMB1,339.9 million(US$204.5 million) for the first quarter of 2021, compared toRMB1,106.8 millionandRMB541.4 millionfor the preceding quarter and the first quarter of 2020, respectively.Net revenues from innovative businesses and others wereRMB4,195.6 million(US$640.4 million) for the first quarter of 2021, compared toRMB5,254.8 millionandRMB3,002.7 millionfor the preceding quarter and the first quarter of 2020, respectively.Gross ProfitGross profit wasRMB11,052.6 million(US$1,687.0 million) for the first quarter of 2021, compared toRMB9,927.8 millionandRMB9,377.6 millionfor the preceding quarter and the first quarter of 2020, respectively.The quarter-over-quarter and year-over-year increases in online game services gross profit were mainly due to increased net revenues from both mobile and PC games, including the newly launchedRevelationmobile game and other existing games.The quarter-over-quarter and year-over-year increases inYoudaogross profit were primarily attributable to the significant increase in net revenues, improved economies of scale, and faculty compensation structure optimization for its learning services.The quarter-over-quarter decrease in innovative businesses and others gross profit was primarily due to a decrease in gross profit from advertising services due to seasonality. The year-over-year increase was primarily due to the improved performance ofNetEase Cloud Music.Gross Profit MarginGross profit margin for online game services was 64.6% for the first quarter of 2021, compared to 63.1% and 64.1% for the preceding quarter and the first quarter of 2020, respectively. Gross profit margin for online game services was generally stable, fluctuating within a narrow band based on the revenue mix of mobile and PC games, as well as self-developed and licensed games.Gross profit margin forYoudaowas 57.3% for the first quarter of 2021, compared to 47.5% and 43.5% for the preceding quarter and the first quarter of 2020, respectively. The quarter-over-quarter and year-over-year increases were mainly due to the significant increase in net revenues, improved economies of scale, and faculty compensation structure optimization for its learning services.Gross profit margin for innovative businesses and others was 14.4% for the first quarter of 2021, compared to 18.0% and 15.8% for the preceding quarter and the first quarter of 2020, respectively. The quarter-over-quarter decrease was primarily due to seasonality.Operating ExpensesTotal operating expenses wereRMB6,777.1 million(US$1,034.4 million) for the first quarter of 2021, compared toRMB6,915.8 millionandRMB4,891.2 millionfor the preceding quarter and the first quarter of 2020, respectively. The quarter-over-quarter decrease was mainly due to lower marketing expenditures related to online game services and innovative businesses and others. The year-over-year increase was mainly due to increased marketing expenditures related toYoudaoand other businesses, as well as higher staff-related costs and research and development investments.Other Income/ (Expenses)Other income/ (expenses) consisted of investment (losses)/ income, interest income, exchange gains/ (losses) and others. The quarter-over-quarter increase was mainly due to unrealized exchange gains arising from the Company'sU.S.dollar-denominated bank deposits and short-term loan balances as the exchange rate of theU.S.dollar against the RMB fluctuated over the periods, as well as investment income arising from fair value changes of equity investments with readily determinable fair value. The year-over-year increase was mainly due to investment income arising from fair value changes of equity investments with readily determinable fair value.Income TaxesThe Company recorded a net income tax charge ofRMB1,273.4 million(US$194.4 million) for the first quarter of 2021, compared toRMB552.7 millionandRMB1,082.0 millionfor the preceding quarter and the first quarter of 2020, respectively. The effective tax rate for the first quarter of 2021 was 22.0%, compared to 37.2% and 21.5% for the preceding quarter and the first quarter of 2020, respectively. The effective tax rate represents certain estimates by the Company regarding the tax obligations and benefits applicable to it in each quarter.Net Income and Non-GAAP Net IncomeNet income attributable to the Company's shareholders totaledRMB4,439.2 million (US$677.5 million) for the first quarter of 2021, compared toRMB975.7 millionandRMB3,551.0 millionfor the preceding quarter and the first quarter of 2020, respectively.Non-GAAP net income attributable to the Company's shareholders for the first quarter of 2021 totaledRMB5,080.7 million(US$775.5 million), compared toRMB1,597.9 millionandRMB4,212.9 millionfor the preceding quarter and the first quarter of 2020, respectively.NetEasereported basic net income ofUS$0.20per share (US$1.01per ADS) for the first quarter of 2021, compared toUS$0.04per share (US$0.22per ADS) andUS$0.17per share (US$0.84per ADS) for the preceding quarter and the first quarter of 2020, respectively.NetEasereported non-GAAP basic net income ofUS$0.23per share (US$1.16per ADS) for the first quarter of 2021, compared toUS$0.07per share (US$0.36per ADS) andUS$0.20per share (US$1.00per ADS) for the preceding quarter and the first quarter of 2020, respectively.QuarterlyDividendThe board of directors has approved a dividend ofUS$0.0600per share (US$0.3000per ADS) for the first quarter of 2021, to holders of ordinary shares and holders of ADSs as of the close of business onJune 3, 2021, Hong Kong Time and New York Time, respectively, payable inU.S.dollars. For holders of ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company'sHong Kongbranch share registrar,Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre,183 Queen's Road East, Wanchai,Hong Kongno later than4:30 p.m.onJune 3, 2021(Hong Kong Time). The payment date is expected to be onJune 15, 2021for holders of ordinary shares and on or aroundJune 18, 2021for holders of ADSs.NetEasepaid a dividend ofUS$0.0464per share (US$0.2320per ADS) for the first quarter of 2020 inJune 2020, a dividend ofUS$0.0594per share (US$0.2970per ADS) for the second quarter of 2020 inSeptember 2020, a dividend ofUS$0.0390per share (US$0.1950 per ADS) for the third quarter of 2020 inDecember 2020and a dividend ofUS$0.0120per share (US$0.0600per ADS) for the fourth quarter of 2020 inMarch 2021.The Company's policy is to set quarterly dividends at an amount equivalent to approximately 20%-30% of the Company's anticipated net income after tax in each fiscal quarter. The determination to make dividend distributions and the amount of such distributions in any particular quarter will be made at the discretion of the board of directors and will be based upon the Company's operations and earnings, cash flow, financial condition and other relevant factors.Other InformationAs ofMarch 31, 2021, the Company's total cash and cash equivalents, current and non-current time deposits and short-term investments balance totaledRMB106,249.6 million(US$16,216.9 million), compared toRMB100,099.6 millionas ofDecember 31, 2020. Cash flows generated from operating activities wasRMB5,542.7 million (US$846.0 million) for the first quarter of 2021, compared toRMB8,214.2 millionandRMB6,500.6 millionfor the preceding quarter and the first quarter of 2020, respectively.Share RepurchaseProgramOnFebruary 26, 2020, the Company announced that its board of directors had approved a share repurchase program of up toUS$1.0 billionof the Company's outstanding ADSs for a period not to exceed 12 months beginning onMarch 2, 2020. OnMay 19, 2020, the Company announced that its board of directors had approved an amendment to such program to increase the total authorized repurchase amount toUS$2.0 billion. Under the terms of this program,NetEasemay repurchase its issued and outstanding ADSs in open-market transactions on the NASDAQ Global Select Market. At the end of this program onMarch 1, 2021, approximately 22.8 million ADSs had been repurchased for a total cost ofUS$1.8 billion.OnFebruary 25, 2021, the Company announced that its board of directors had approved a new share repurchase program of up toUS$2.0 billionof the Company's outstanding ADSs and ordinary shares in open market transactions for a period not to exceed 24 months beginning onMarch 2, 2021. The extent to whichNetEaserepurchases its ADSs and ordinary shares will depend upon a variety of factors, including market conditions. This program may be suspended or discontinued at any time. As ofMarch 31, 2021, approximately 1.3 million ADSs had been repurchased under this program for a total cost ofUS$0.1 billion.**The United Statesdollar (US$) amounts disclosed in this announcement are presented solely for the convenience of the reader. Translations of amounts from RMB intoUnited Statesdollars for the convenience of the reader were calculated at the noon buying rate ofUS$1.00=RMB6.5518onMarch 31, 2021as set forth in the H.10 statistical release of theU.S.Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate onMarch 31, 2021, or at any other certain date. The percentages stated are calculated based on RMB.","news_type":1},"isVote":1,"tweetType":1,"viewCount":93,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359779541,"gmtCreate":1616426526183,"gmtModify":1704794033269,"author":{"id":"3563940742586859","authorId":"3563940742586859","name":"JHTan","avatar":"https://static.tigerbbs.com/525e8990b57721088f5bb58b0d6d8a12","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563940742586859","authorIdStr":"3563940742586859"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359779541","repostId":"2120185126","repostType":2,"repost":{"id":"2120185126","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1615978675,"share":"https://ttm.financial/m/news/2120185126?lang=&edition=fundamental","pubTime":"2021-03-17 18:57","market":"sh","language":"en","title":"BRIEF-Pinduoduo's Huang Says He Will Pledge His Shares To Another Three Years Of Lock-Up They Will Not Be Sold","url":"https://stock-news.laohu8.com/highlight/detail?id=2120185126","media":"Reuters","summary":"March 17 (Reuters) - Pinduoduo Inc : * PINDUODUO'S HUANG SAYS HE WILL PLEDGE HIS SHARES TO ANOTH","content":"<html><body><p>March 17 (Reuters) - Pinduoduo Inc :</p><p> * PINDUODUO'S HUANG SAYS HE WILL PLEDGE HIS SHARES TO ANOTHER THREE YEARS OF LOCK-UP; THEY WILL NOT BE SOLD</p><p> * PINDUODUO'S HUANG SAYS TWO FACTORS HAVE PROMPTED COMPANY TO ACCELERATE TRANSITION</p><p> * PINDUODUO'S HUANG SAYS PANDEMIC HAS CAUSED DRAMATIC CHANGES EXTERNALLY, WHICH ACCELERATED EVOLUTION OF OPERATIONS AND MANAGEMENT TEAM INTERNALLY</p><p>Source text for Eikon: Further company coverage: </p><p> ((reuters.briefs@thomsonreuters.com;))</p></body></html>","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>BRIEF-Pinduoduo's Huang Says He Will Pledge His Shares To Another Three Years Of Lock-Up They Will Not Be Sold</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; 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}\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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nBRIEF-Pinduoduo's Huang Says He Will Pledge His Shares To Another Three Years Of Lock-Up They Will Not Be Sold\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-03-17 18:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>March 17 (Reuters) - Pinduoduo Inc :</p><p> * PINDUODUO'S HUANG SAYS HE WILL PLEDGE HIS SHARES TO ANOTHER THREE YEARS OF LOCK-UP; THEY WILL NOT BE SOLD</p><p> * PINDUODUO'S HUANG SAYS TWO FACTORS HAVE PROMPTED COMPANY TO ACCELERATE TRANSITION</p><p> * PINDUODUO'S HUANG SAYS PANDEMIC HAS CAUSED DRAMATIC CHANGES EXTERNALLY, WHICH ACCELERATED EVOLUTION OF OPERATIONS AND MANAGEMENT TEAM INTERNALLY</p><p>Source text for Eikon: Further company coverage: </p><p> ((reuters.briefs@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PDD":"拼多多"},"source_url":"http://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2120185126","content_text":"March 17 (Reuters) - Pinduoduo Inc : * PINDUODUO'S HUANG SAYS HE WILL PLEDGE HIS SHARES TO ANOTHER THREE YEARS OF LOCK-UP; THEY WILL NOT BE SOLD * PINDUODUO'S HUANG SAYS TWO FACTORS HAVE PROMPTED COMPANY TO ACCELERATE TRANSITION * PINDUODUO'S HUANG SAYS PANDEMIC HAS CAUSED DRAMATIC CHANGES EXTERNALLY, WHICH ACCELERATED EVOLUTION OF OPERATIONS AND MANAGEMENT TEAM INTERNALLYSource text for Eikon: Further company coverage: ((reuters.briefs@thomsonreuters.com;))","news_type":1},"isVote":1,"tweetType":1,"viewCount":41,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366086297,"gmtCreate":1614360621119,"gmtModify":1704771255116,"author":{"id":"3563940742586859","authorId":"3563940742586859","name":"JHTan","avatar":"https://static.tigerbbs.com/525e8990b57721088f5bb58b0d6d8a12","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563940742586859","authorIdStr":"3563940742586859"},"themes":[],"htmlText":"Kaching!","listText":"Kaching!","text":"Kaching!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366086297","repostId":"1117820997","repostType":4,"repost":{"id":"1117820997","pubTimestamp":1614337504,"share":"https://ttm.financial/m/news/1117820997?lang=&edition=fundamental","pubTime":"2021-02-26 19:05","market":"us","language":"en","title":"Coinbase IPO: 5 things to know about the U.S. cryptocurrency exchange","url":"https://stock-news.laohu8.com/highlight/detail?id=1117820997","media":"MarketWatch","summary":"A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading","content":"<p>A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading platform filed paperwork with the Securities and Exchange Commission on Thursday.</p>\n<p>Coinbase plans to list on the Nasdaq Inc. exchange under the ticker symbol “COIN,” with the aim of employing a nontraditional direct listing to take itself public. This method means it won’t raise any new money, similar to approaches used by Palantir Technologies,Slack Technologies and Spotify Technology in recent years.</p>\n<p>Here’s what to know about the popular trading platform ahead of its public offering.</p>\n<p><b>What is Coinbase?</b></p>\n<p>The Silicon Valley crypto exchange was co-founded in 2012 by Brian Armstrong, 38, who runs the platform chief executive. Fred Ehrsam, a Coinbase director, also helped to create the company.</p>\n<p>There are two class of Coinbase shares. Armstrong owns 11% of the Class A shares and 22% of the Class B shares, while Ehrsam owns 11.4% of the Class A and 9% of the Class B.</p>\n<p>According to Forbes, Armstrong’s networth is currently $6.5 billion based on his ownership in the company, which is likely to increase if the direct listing goes off successfully.</p>\n<p>Coinbase bills itself as a bet on the rapidly growing cryptoeconomy, which starts with the No. 1 crypto asset bitcoin but goes well beyond that, Armstrong and company argue.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67e611f71f8557b80e1863da93d753c9\" tg-width=\"1260\" tg-height=\"639\"><span>COINBASE S-1</span></p>\n<p>Bitcoin prices have gained attention as it has soared to repeated records, most recently touching a recent peak above $58,000 over the weekend before beginning to give up some gains in recent trade.</p>\n<p>Last week, bitcoin hit a market value of $1 trillion and even though the asset created by a person or persons known as Satoshi Nakamoto represents about 70% of the total crypto market, there are still a number of other popular crypto assets trading on Coinbase, including ether on Ethereum’s blockchain, Bitcoin Cash and Litecoin,to name a few.</p>\n<p><b>Who else owns Coinbase?</b></p>\n<p>Venture-capital firm Andreessen Horowitz, is the largest owner of Coinbase, boasting about 25% of Class A shares and14% of Class B. And Marc Andreessen, head of the venture capital outfit, sits on Coinbase’s board.</p>\n<p>Coinbase has an ambitions echo those of Robinhood Markets</p>\n<p>“Coinbase is company with an ambitious vision: to create more economic freedom for every person and business,” Armstrong wrote in a letter appended to the company’s public-filing paperwork with the SEC.</p>\n<p><b>Biggest risk factor</b></p>\n<p>No doubt the biggest risk factor in Coinbase is that it is a bet on an unproven asset class that was created just over a decade ago. Coinbase attempts to make it clear that its fate is linked to the prospects for Bitcoin and ethereum and the thousands of other alternative coins that have been written into existence.</p>\n<p>But a decline in interest and tough regulations in the U.S. and elsewhere could wallop the exchange platform.</p>\n<p>Here’s now Coinbase explains it:</p>\n<p>“<i>There is no assurance that any supported crypto asset will maintain its value or that there will be meaningful levels of trading activities. In the event that the price of crypto assets or the demand for trading crypto assets decline, our business, operating results, and financial condition would be adversely affected. A majority of our net revenue is from transactions in Bitcoin and ethereum. If demand for these crypto assets declines and is not replaced by new demand for crypto assets, our business, operating results, and financial condition could be adversely affected</i>,” Coinbase writes in its S-1 filing.</p>\n<p><b>How large is Coinbase?</b></p>\n<p>The crypto exchange platform ranks No. 3 among the largest digital asset exchanges in the world, according to data site CoinMarketCap.com. That ranking puts it behind Binance, based in Seattle and Huobi Global, a Seychelles-based cryptocurrency exchange that was founded in China.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/183f3996adecd36a47a1b191cf6d3ca6\" tg-width=\"1260\" tg-height=\"453\"><span>COINMARKETCAP.COM</span></p>\n<p>In the U.S. Coinbase is by far the most well-known crypto platform but there are competitors, including Gemini, run by Tyler and Cameron Winklevoss, who famously used their Facebook Inc. settlements to invest in bitcoins.</p>\n<p>Kraken is another popular crypto platform and direct competitor in the U.S.</p>\n<p><b>Odds & Ends</b></p>\n<p>The company in its public filing offered a number of homages to the founder or founders of bitcoin and the digital currency age in its submission.</p>\n<p>For example, it listed the genesis block associated with Satoshi Nakamoto at “1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa,” whose white paper back in 2008 set bitcoin in motion. (Additionally, a “Satoshi” is the smallest unit of bitcoin—0.00000001 BTC).</p>\n<p>The company offers no physical address for its headquarters in California, citing the COVID-19 pandemic, which has forced a number of companies to have most, if not all, of its staffers work remotely. For that reason, Coinbase refers to itself as “a remote-first company.”</p>\n<p>However, having no address to some was viewed as aligning with the decentralized nature of blockchain and bitcoins.</p>\n<p>The company also offered a handy primer on cryptocurrency terms, including defining terms like “hodl,” which have become popular in crypto circles. Hodl was accidentally coined in a 2013 Reddit and means long-term holder of an investment.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d3d07b595555c3cb7e307056bde87a6\" tg-width=\"1260\" tg-height=\"348\"><span>SEC</span></p>\n<p><b>Armstrong crypto charity</b></p>\n<p>Back in 2018, Armstrong kicked off GiveCrypto.org, which makes direct cash transfers to people living in poverty.</p>\n<p>“People who invested early in crypto have amassed an enormous amount of wealth in a relatively short amount of time. Yet the reputation of the crypto community has been dominated by images of ‘bros in Lambos,’ whose antics get a lot of attention,”wrote Armstrong in a separate blog post on Mediumin 2018.</p>\n<p>Armstrong has reportedly donated at least $1 million to GiveCrypto.</p>","source":"market_watch","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>Coinbase IPO: 5 things to know about the U.S. cryptocurrency exchange</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nCoinbase IPO: 5 things to know about the U.S. cryptocurrency exchange\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-26 19:05 GMT+8 <a href=https://www.marketwatch.com/story/coinbase-ipo-5-things-to-know-about-the-u-s-cryptocurrency-exchange-11614290534?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading platform filed paperwork with the Securities and Exchange Commission on Thursday.\nCoinbase plans to...</p>\n\n<a href=\"https://www.marketwatch.com/story/coinbase-ipo-5-things-to-know-about-the-u-s-cryptocurrency-exchange-11614290534?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust","SQ":"Block","TSLA":"特斯拉","SPOT":"Spotify Technology S.A.","PLTR":"Palantir Technologies Inc.","NDAQ":"纳斯达克OMX交易所","PYPL":"PayPal"},"source_url":"https://www.marketwatch.com/story/coinbase-ipo-5-things-to-know-about-the-u-s-cryptocurrency-exchange-11614290534?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1117820997","content_text":"A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading platform filed paperwork with the Securities and Exchange Commission on Thursday.\nCoinbase plans to list on the Nasdaq Inc. exchange under the ticker symbol “COIN,” with the aim of employing a nontraditional direct listing to take itself public. This method means it won’t raise any new money, similar to approaches used by Palantir Technologies,Slack Technologies and Spotify Technology in recent years.\nHere’s what to know about the popular trading platform ahead of its public offering.\nWhat is Coinbase?\nThe Silicon Valley crypto exchange was co-founded in 2012 by Brian Armstrong, 38, who runs the platform chief executive. Fred Ehrsam, a Coinbase director, also helped to create the company.\nThere are two class of Coinbase shares. Armstrong owns 11% of the Class A shares and 22% of the Class B shares, while Ehrsam owns 11.4% of the Class A and 9% of the Class B.\nAccording to Forbes, Armstrong’s networth is currently $6.5 billion based on his ownership in the company, which is likely to increase if the direct listing goes off successfully.\nCoinbase bills itself as a bet on the rapidly growing cryptoeconomy, which starts with the No. 1 crypto asset bitcoin but goes well beyond that, Armstrong and company argue.\nCOINBASE S-1\nBitcoin prices have gained attention as it has soared to repeated records, most recently touching a recent peak above $58,000 over the weekend before beginning to give up some gains in recent trade.\nLast week, bitcoin hit a market value of $1 trillion and even though the asset created by a person or persons known as Satoshi Nakamoto represents about 70% of the total crypto market, there are still a number of other popular crypto assets trading on Coinbase, including ether on Ethereum’s blockchain, Bitcoin Cash and Litecoin,to name a few.\nWho else owns Coinbase?\nVenture-capital firm Andreessen Horowitz, is the largest owner of Coinbase, boasting about 25% of Class A shares and14% of Class B. And Marc Andreessen, head of the venture capital outfit, sits on Coinbase’s board.\nCoinbase has an ambitions echo those of Robinhood Markets\n“Coinbase is company with an ambitious vision: to create more economic freedom for every person and business,” Armstrong wrote in a letter appended to the company’s public-filing paperwork with the SEC.\nBiggest risk factor\nNo doubt the biggest risk factor in Coinbase is that it is a bet on an unproven asset class that was created just over a decade ago. Coinbase attempts to make it clear that its fate is linked to the prospects for Bitcoin and ethereum and the thousands of other alternative coins that have been written into existence.\nBut a decline in interest and tough regulations in the U.S. and elsewhere could wallop the exchange platform.\nHere’s now Coinbase explains it:\n“There is no assurance that any supported crypto asset will maintain its value or that there will be meaningful levels of trading activities. In the event that the price of crypto assets or the demand for trading crypto assets decline, our business, operating results, and financial condition would be adversely affected. A majority of our net revenue is from transactions in Bitcoin and ethereum. If demand for these crypto assets declines and is not replaced by new demand for crypto assets, our business, operating results, and financial condition could be adversely affected,” Coinbase writes in its S-1 filing.\nHow large is Coinbase?\nThe crypto exchange platform ranks No. 3 among the largest digital asset exchanges in the world, according to data site CoinMarketCap.com. That ranking puts it behind Binance, based in Seattle and Huobi Global, a Seychelles-based cryptocurrency exchange that was founded in China.\nCOINMARKETCAP.COM\nIn the U.S. Coinbase is by far the most well-known crypto platform but there are competitors, including Gemini, run by Tyler and Cameron Winklevoss, who famously used their Facebook Inc. settlements to invest in bitcoins.\nKraken is another popular crypto platform and direct competitor in the U.S.\nOdds & Ends\nThe company in its public filing offered a number of homages to the founder or founders of bitcoin and the digital currency age in its submission.\nFor example, it listed the genesis block associated with Satoshi Nakamoto at “1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa,” whose white paper back in 2008 set bitcoin in motion. (Additionally, a “Satoshi” is the smallest unit of bitcoin—0.00000001 BTC).\nThe company offers no physical address for its headquarters in California, citing the COVID-19 pandemic, which has forced a number of companies to have most, if not all, of its staffers work remotely. For that reason, Coinbase refers to itself as “a remote-first company.”\nHowever, having no address to some was viewed as aligning with the decentralized nature of blockchain and bitcoins.\nThe company also offered a handy primer on cryptocurrency terms, including defining terms like “hodl,” which have become popular in crypto circles. Hodl was accidentally coined in a 2013 Reddit and means long-term holder of an investment.\nSEC\nArmstrong crypto charity\nBack in 2018, Armstrong kicked off GiveCrypto.org, which makes direct cash transfers to people living in poverty.\n“People who invested early in crypto have amassed an enormous amount of wealth in a relatively short amount of time. Yet the reputation of the crypto community has been dominated by images of ‘bros in Lambos,’ whose antics get a lot of attention,”wrote Armstrong in a separate blog post on Mediumin 2018.\nArmstrong has reportedly donated at least $1 million to GiveCrypto.","news_type":1},"isVote":1,"tweetType":1,"viewCount":24,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":194023173,"gmtCreate":1621327422592,"gmtModify":1704355838312,"author":{"id":"3563940742586859","authorId":"3563940742586859","name":"JHTan","avatar":"https://static.tigerbbs.com/525e8990b57721088f5bb58b0d6d8a12","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563940742586859","authorIdStr":"3563940742586859"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/194023173","repostId":"1134593226","repostType":4,"isVote":1,"tweetType":1,"viewCount":93,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359779541,"gmtCreate":1616426526183,"gmtModify":1704794033269,"author":{"id":"3563940742586859","authorId":"3563940742586859","name":"JHTan","avatar":"https://static.tigerbbs.com/525e8990b57721088f5bb58b0d6d8a12","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563940742586859","authorIdStr":"3563940742586859"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359779541","repostId":"2120185126","repostType":2,"isVote":1,"tweetType":1,"viewCount":41,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":366086297,"gmtCreate":1614360621119,"gmtModify":1704771255116,"author":{"id":"3563940742586859","authorId":"3563940742586859","name":"JHTan","avatar":"https://static.tigerbbs.com/525e8990b57721088f5bb58b0d6d8a12","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563940742586859","authorIdStr":"3563940742586859"},"themes":[],"htmlText":"Kaching!","listText":"Kaching!","text":"Kaching!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/366086297","repostId":"1117820997","repostType":4,"repost":{"id":"1117820997","pubTimestamp":1614337504,"share":"https://ttm.financial/m/news/1117820997?lang=&edition=fundamental","pubTime":"2021-02-26 19:05","market":"us","language":"en","title":"Coinbase IPO: 5 things to know about the U.S. cryptocurrency exchange","url":"https://stock-news.laohu8.com/highlight/detail?id=1117820997","media":"MarketWatch","summary":"A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading","content":"<p>A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading platform filed paperwork with the Securities and Exchange Commission on Thursday.</p>\n<p>Coinbase plans to list on the Nasdaq Inc. exchange under the ticker symbol “COIN,” with the aim of employing a nontraditional direct listing to take itself public. This method means it won’t raise any new money, similar to approaches used by Palantir Technologies,Slack Technologies and Spotify Technology in recent years.</p>\n<p>Here’s what to know about the popular trading platform ahead of its public offering.</p>\n<p><b>What is Coinbase?</b></p>\n<p>The Silicon Valley crypto exchange was co-founded in 2012 by Brian Armstrong, 38, who runs the platform chief executive. Fred Ehrsam, a Coinbase director, also helped to create the company.</p>\n<p>There are two class of Coinbase shares. Armstrong owns 11% of the Class A shares and 22% of the Class B shares, while Ehrsam owns 11.4% of the Class A and 9% of the Class B.</p>\n<p>According to Forbes, Armstrong’s networth is currently $6.5 billion based on his ownership in the company, which is likely to increase if the direct listing goes off successfully.</p>\n<p>Coinbase bills itself as a bet on the rapidly growing cryptoeconomy, which starts with the No. 1 crypto asset bitcoin but goes well beyond that, Armstrong and company argue.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/67e611f71f8557b80e1863da93d753c9\" tg-width=\"1260\" tg-height=\"639\"><span>COINBASE S-1</span></p>\n<p>Bitcoin prices have gained attention as it has soared to repeated records, most recently touching a recent peak above $58,000 over the weekend before beginning to give up some gains in recent trade.</p>\n<p>Last week, bitcoin hit a market value of $1 trillion and even though the asset created by a person or persons known as Satoshi Nakamoto represents about 70% of the total crypto market, there are still a number of other popular crypto assets trading on Coinbase, including ether on Ethereum’s blockchain, Bitcoin Cash and Litecoin,to name a few.</p>\n<p><b>Who else owns Coinbase?</b></p>\n<p>Venture-capital firm Andreessen Horowitz, is the largest owner of Coinbase, boasting about 25% of Class A shares and14% of Class B. And Marc Andreessen, head of the venture capital outfit, sits on Coinbase’s board.</p>\n<p>Coinbase has an ambitions echo those of Robinhood Markets</p>\n<p>“Coinbase is company with an ambitious vision: to create more economic freedom for every person and business,” Armstrong wrote in a letter appended to the company’s public-filing paperwork with the SEC.</p>\n<p><b>Biggest risk factor</b></p>\n<p>No doubt the biggest risk factor in Coinbase is that it is a bet on an unproven asset class that was created just over a decade ago. Coinbase attempts to make it clear that its fate is linked to the prospects for Bitcoin and ethereum and the thousands of other alternative coins that have been written into existence.</p>\n<p>But a decline in interest and tough regulations in the U.S. and elsewhere could wallop the exchange platform.</p>\n<p>Here’s now Coinbase explains it:</p>\n<p>“<i>There is no assurance that any supported crypto asset will maintain its value or that there will be meaningful levels of trading activities. In the event that the price of crypto assets or the demand for trading crypto assets decline, our business, operating results, and financial condition would be adversely affected. A majority of our net revenue is from transactions in Bitcoin and ethereum. If demand for these crypto assets declines and is not replaced by new demand for crypto assets, our business, operating results, and financial condition could be adversely affected</i>,” Coinbase writes in its S-1 filing.</p>\n<p><b>How large is Coinbase?</b></p>\n<p>The crypto exchange platform ranks No. 3 among the largest digital asset exchanges in the world, according to data site CoinMarketCap.com. That ranking puts it behind Binance, based in Seattle and Huobi Global, a Seychelles-based cryptocurrency exchange that was founded in China.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/183f3996adecd36a47a1b191cf6d3ca6\" tg-width=\"1260\" tg-height=\"453\"><span>COINMARKETCAP.COM</span></p>\n<p>In the U.S. Coinbase is by far the most well-known crypto platform but there are competitors, including Gemini, run by Tyler and Cameron Winklevoss, who famously used their Facebook Inc. settlements to invest in bitcoins.</p>\n<p>Kraken is another popular crypto platform and direct competitor in the U.S.</p>\n<p><b>Odds & Ends</b></p>\n<p>The company in its public filing offered a number of homages to the founder or founders of bitcoin and the digital currency age in its submission.</p>\n<p>For example, it listed the genesis block associated with Satoshi Nakamoto at “1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa,” whose white paper back in 2008 set bitcoin in motion. (Additionally, a “Satoshi” is the smallest unit of bitcoin—0.00000001 BTC).</p>\n<p>The company offers no physical address for its headquarters in California, citing the COVID-19 pandemic, which has forced a number of companies to have most, if not all, of its staffers work remotely. For that reason, Coinbase refers to itself as “a remote-first company.”</p>\n<p>However, having no address to some was viewed as aligning with the decentralized nature of blockchain and bitcoins.</p>\n<p>The company also offered a handy primer on cryptocurrency terms, including defining terms like “hodl,” which have become popular in crypto circles. Hodl was accidentally coined in a 2013 Reddit and means long-term holder of an investment.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1d3d07b595555c3cb7e307056bde87a6\" tg-width=\"1260\" tg-height=\"348\"><span>SEC</span></p>\n<p><b>Armstrong crypto charity</b></p>\n<p>Back in 2018, Armstrong kicked off GiveCrypto.org, which makes direct cash transfers to people living in poverty.</p>\n<p>“People who invested early in crypto have amassed an enormous amount of wealth in a relatively short amount of time. Yet the reputation of the crypto community has been dominated by images of ‘bros in Lambos,’ whose antics get a lot of attention,”wrote Armstrong in a separate blog post on Mediumin 2018.</p>\n<p>Armstrong has reportedly donated at least $1 million to GiveCrypto.</p>","source":"market_watch","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>Coinbase IPO: 5 things to know about the U.S. cryptocurrency exchange</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nCoinbase IPO: 5 things to know about the U.S. cryptocurrency exchange\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-26 19:05 GMT+8 <a href=https://www.marketwatch.com/story/coinbase-ipo-5-things-to-know-about-the-u-s-cryptocurrency-exchange-11614290534?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading platform filed paperwork with the Securities and Exchange Commission on Thursday.\nCoinbase plans to...</p>\n\n<a href=\"https://www.marketwatch.com/story/coinbase-ipo-5-things-to-know-about-the-u-s-cryptocurrency-exchange-11614290534?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust","SQ":"Block","TSLA":"特斯拉","SPOT":"Spotify Technology S.A.","PLTR":"Palantir Technologies Inc.","NDAQ":"纳斯达克OMX交易所","PYPL":"PayPal"},"source_url":"https://www.marketwatch.com/story/coinbase-ipo-5-things-to-know-about-the-u-s-cryptocurrency-exchange-11614290534?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1117820997","content_text":"A long-awaited public offering of Coinbase Global Inc. appears near after the cryptocurrency trading platform filed paperwork with the Securities and Exchange Commission on Thursday.\nCoinbase plans to list on the Nasdaq Inc. exchange under the ticker symbol “COIN,” with the aim of employing a nontraditional direct listing to take itself public. This method means it won’t raise any new money, similar to approaches used by Palantir Technologies,Slack Technologies and Spotify Technology in recent years.\nHere’s what to know about the popular trading platform ahead of its public offering.\nWhat is Coinbase?\nThe Silicon Valley crypto exchange was co-founded in 2012 by Brian Armstrong, 38, who runs the platform chief executive. Fred Ehrsam, a Coinbase director, also helped to create the company.\nThere are two class of Coinbase shares. Armstrong owns 11% of the Class A shares and 22% of the Class B shares, while Ehrsam owns 11.4% of the Class A and 9% of the Class B.\nAccording to Forbes, Armstrong’s networth is currently $6.5 billion based on his ownership in the company, which is likely to increase if the direct listing goes off successfully.\nCoinbase bills itself as a bet on the rapidly growing cryptoeconomy, which starts with the No. 1 crypto asset bitcoin but goes well beyond that, Armstrong and company argue.\nCOINBASE S-1\nBitcoin prices have gained attention as it has soared to repeated records, most recently touching a recent peak above $58,000 over the weekend before beginning to give up some gains in recent trade.\nLast week, bitcoin hit a market value of $1 trillion and even though the asset created by a person or persons known as Satoshi Nakamoto represents about 70% of the total crypto market, there are still a number of other popular crypto assets trading on Coinbase, including ether on Ethereum’s blockchain, Bitcoin Cash and Litecoin,to name a few.\nWho else owns Coinbase?\nVenture-capital firm Andreessen Horowitz, is the largest owner of Coinbase, boasting about 25% of Class A shares and14% of Class B. And Marc Andreessen, head of the venture capital outfit, sits on Coinbase’s board.\nCoinbase has an ambitions echo those of Robinhood Markets\n“Coinbase is company with an ambitious vision: to create more economic freedom for every person and business,” Armstrong wrote in a letter appended to the company’s public-filing paperwork with the SEC.\nBiggest risk factor\nNo doubt the biggest risk factor in Coinbase is that it is a bet on an unproven asset class that was created just over a decade ago. Coinbase attempts to make it clear that its fate is linked to the prospects for Bitcoin and ethereum and the thousands of other alternative coins that have been written into existence.\nBut a decline in interest and tough regulations in the U.S. and elsewhere could wallop the exchange platform.\nHere’s now Coinbase explains it:\n“There is no assurance that any supported crypto asset will maintain its value or that there will be meaningful levels of trading activities. In the event that the price of crypto assets or the demand for trading crypto assets decline, our business, operating results, and financial condition would be adversely affected. A majority of our net revenue is from transactions in Bitcoin and ethereum. If demand for these crypto assets declines and is not replaced by new demand for crypto assets, our business, operating results, and financial condition could be adversely affected,” Coinbase writes in its S-1 filing.\nHow large is Coinbase?\nThe crypto exchange platform ranks No. 3 among the largest digital asset exchanges in the world, according to data site CoinMarketCap.com. That ranking puts it behind Binance, based in Seattle and Huobi Global, a Seychelles-based cryptocurrency exchange that was founded in China.\nCOINMARKETCAP.COM\nIn the U.S. Coinbase is by far the most well-known crypto platform but there are competitors, including Gemini, run by Tyler and Cameron Winklevoss, who famously used their Facebook Inc. settlements to invest in bitcoins.\nKraken is another popular crypto platform and direct competitor in the U.S.\nOdds & Ends\nThe company in its public filing offered a number of homages to the founder or founders of bitcoin and the digital currency age in its submission.\nFor example, it listed the genesis block associated with Satoshi Nakamoto at “1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa,” whose white paper back in 2008 set bitcoin in motion. (Additionally, a “Satoshi” is the smallest unit of bitcoin—0.00000001 BTC).\nThe company offers no physical address for its headquarters in California, citing the COVID-19 pandemic, which has forced a number of companies to have most, if not all, of its staffers work remotely. For that reason, Coinbase refers to itself as “a remote-first company.”\nHowever, having no address to some was viewed as aligning with the decentralized nature of blockchain and bitcoins.\nThe company also offered a handy primer on cryptocurrency terms, including defining terms like “hodl,” which have become popular in crypto circles. Hodl was accidentally coined in a 2013 Reddit and means long-term holder of an investment.\nSEC\nArmstrong crypto charity\nBack in 2018, Armstrong kicked off GiveCrypto.org, which makes direct cash transfers to people living in poverty.\n“People who invested early in crypto have amassed an enormous amount of wealth in a relatively short amount of time. Yet the reputation of the crypto community has been dominated by images of ‘bros in Lambos,’ whose antics get a lot of attention,”wrote Armstrong in a separate blog post on Mediumin 2018.\nArmstrong has reportedly donated at least $1 million to GiveCrypto.","news_type":1},"isVote":1,"tweetType":1,"viewCount":24,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
