ShawnDer personal page - To The Moon

ShawnDer

ShawnDer

No personal profile

6Follow

1Followers

0Topic

0Badge

2022-03-14

$Huya Inc.(HUYA)$ worst experience i had :(

2021-07-19

How much HF pay you to write this? Not gonna do anything to us.. its just mean mega sales... buying the dip.

AMC fell nearly 9% in morning trading

2021-04-29

$Huya Inc.(HUYA)$Awaiting decent report

2021-07-16

This kind of article prove the hedge fund is freak out now. AMC Squeeze soon hehe

Sorry, the original content has been removed

2021-06-04

This is golden opportunity, the squeeze is not happening yet and all synthetic share still out there. Buy the dip and thanks me later.

Here's AMC's blunt new warning to prospective buyers of its new stock offering

2021-08-12

$Huya Inc.(HUYA)$The dips are steep, a little crazy ride. However I will look forward another 2 quarter report to see how Huya perform.

2021-07-23

$Huya Inc.(HUYA)$buy the dip ? The only way is go up when reach the bottom

2021-07-22

Erm... nope.. these not gonna double. But AMC & GME definitely can.

Sorry, the original content has been removed

2021-06-03

Diamond hand hold till $10,000, paper hand sell now.

AMC Entertainment Holdings Files To Sell Up To 11.55Mln Shares

2022-11-09

$Palantir Technologies Inc.(PLTR)$

2021-08-25

Yesterday raise was nothing , they are 4-5 figure per share when squeeze.

Some meme stocks slipped in morning trading

2021-08-20

Amazing article

Morgan Stanley：China's Regulatory Reset

2021-08-03

$Huya Inc.(HUYA)$so many bad news recently that cause Huya to dip. I wish I still keep bullet to buy . It's sad.

2021-07-29

How come Huya not in the list?

Hot Chinese concept stocks continued to rebound in premarket trading

2021-07-09

Hold amc regardless

Meme Stocks Like GameStop and AMC Reflect Market Reality

2021-05-18

$16 target price ? Should be $16k ..

AMC stock surged 10% in premarket trading

2021-08-20

@Huya @Baba great article to understand the current ongoing..

Morgan Stanley：China's Regulatory Reset

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3579165790806377","uuid":"3579165790806377","gmtCreate":1616071766990,"gmtModify":1619755483265,"name":"ShawnDer","pinyin":"shawnder","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":1,"headSize":6,"tweetSize":18,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":2,"name":"无畏虎","nameTw":"無畏虎","represent":"初生牛犊","factor":"发布3条非转发主帖,1条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":1,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.12.15","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"972123088c9646f7b6091ae0662215be-1","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Elite Trader","description":"Total number of securities or futures transactions reached 30","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":"60.76%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":4,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":2,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":9987566803,"gmtCreate":1667951414002,"gmtModify":1676537988334,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>","listText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>","text":"$Palantir Technologies Inc.(PLTR)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9987566803","isVote":1,"tweetType":1,"viewCount":270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9032055921,"gmtCreate":1647245081074,"gmtModify":1676534207204,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"$Huya Inc.(HUYA)$ worst experience i had :(&nbsp;","listText":"$Huya Inc.(HUYA)$ worst experience i had :(&nbsp;","text":"$Huya Inc.(HUYA)$ worst experience i had :(","images":[{"img":"https://community-static.tradeup.com/news/fcf43def92b18b0177b8d2dfee24becb","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9032055921","isVote":1,"tweetType":1,"viewCount":679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":837574201,"gmtCreate":1629902597703,"gmtModify":1676530168168,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"Yesterday raise was nothing , they are 4-5 figure per share when squeeze.&nbsp;","listText":"Yesterday raise was nothing , they are 4-5 figure per share when squeeze.&nbsp;","text":"Yesterday raise was nothing , they are 4-5 figure per share when squeeze.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/837574201","repostId":"1196509788","repostType":4,"repost":{"id":"1196509788","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629899168,"share":"https://ttm.financial/m/news/1196509788?lang=&edition=fundamental","pubTime":"2021-08-25 21:46","market":"us","language":"en","title":"Some meme stocks slipped in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1196509788","media":"Tiger Newspress","summary":"Some meme stocks slipped in morning trading.GameStop,AMC Entertainment,Express,KOSS and Robinhood fe","content":"<p>Some meme stocks slipped in morning trading.GameStop,AMC Entertainment,Express,KOSS&nbsp;and&nbsp;Robinhood&nbsp;fell&nbsp;between 1% and 7%&nbsp;while&nbsp;Naked Brand Group&nbsp;surged&nbsp;7.5%.</p>\n<p><img src=\"https://static.tigerbbs.com/3cd4a1e47831725ac5c3611834284345\" tg-width=\"356\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p>\n<p>GameStop stock was slipping after gaining 28% on Tuesday. But the revival of the meme-stock trade could be good news for small-cap stocks generally.</p>\n<p>It’s not much of a move compared with Tuesday’s surge, but with meme stocks, one never can tell.</p>\n<p>GameStop stock had dropped nearly 50% since peaking in early June, but erased 40% of that drop in one day. It also looks to have cleared resistance at about $200, which means there could be more upside ahead. Don’t be surprised if $200 becomes support.</p>\n<p><img src=\"https://static.tigerbbs.com/1ca853dd891fce6c2ec9d0ecf67497eb\" tg-width=\"952\" tg-height=\"627\" referrerpolicy=\"no-referrer\"></p>\n<p>GameStop wasn’t the only meme stock on the move Tuesday.AMC Entertainment(AMC)&nbsp;gained 20%, and like GameStop, it appeared to clear resistance, though not quite as cleanly.</p>\n<p>For those wondering why we care about these stocks, consider this: AMC is the largest position in the&nbsp;iShares Russell 2000 ETF(IWM), even if that means it’s just 0.5% of the index. If the meme stocks keep rising that could be good news for small-caps, which have&nbsp;gone nowhere since February.</p>\n<p><img src=\"https://static.tigerbbs.com/d97157fe74c2c1baef4735a0dbbc9d67\" tg-width=\"960\" tg-height=\"639\" referrerpolicy=\"no-referrer\"></p>\n<p>“Nice bounce …but a lot still to prove,” writes Bay Crest Partners’ Jonathan Krinsky. “IWM closing above $225 would send a strong bullish message for small-caps, and suggest the now seven-month consolidation is, in fact, resolving higher.”</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>Some meme stocks slipped in morning trading</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\">\nSome meme stocks slipped in morning trading\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\">2021-08-25 21:46</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Some meme stocks slipped in morning trading.GameStop,AMC Entertainment,Express,KOSS&nbsp;and&nbsp;Robinhood&nbsp;fell&nbsp;between 1% and 7%&nbsp;while&nbsp;Naked Brand Group&nbsp;surged&nbsp;7.5%.</p>\n<p><img src=\"https://static.tigerbbs.com/3cd4a1e47831725ac5c3611834284345\" tg-width=\"356\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p>\n<p>GameStop stock was slipping after gaining 28% on Tuesday. But the revival of the meme-stock trade could be good news for small-cap stocks generally.</p>\n<p>It’s not much of a move compared with Tuesday’s surge, but with meme stocks, one never can tell.</p>\n<p>GameStop stock had dropped nearly 50% since peaking in early June, but erased 40% of that drop in one day. It also looks to have cleared resistance at about $200, which means there could be more upside ahead. Don’t be surprised if $200 becomes support.</p>\n<p><img src=\"https://static.tigerbbs.com/1ca853dd891fce6c2ec9d0ecf67497eb\" tg-width=\"952\" tg-height=\"627\" referrerpolicy=\"no-referrer\"></p>\n<p>GameStop wasn’t the only meme stock on the move Tuesday.AMC Entertainment(AMC)&nbsp;gained 20%, and like GameStop, it appeared to clear resistance, though not quite as cleanly.</p>\n<p>For those wondering why we care about these stocks, consider this: AMC is the largest position in the&nbsp;iShares Russell 2000 ETF(IWM), even if that means it’s just 0.5% of the index. If the meme stocks keep rising that could be good news for small-caps, which have&nbsp;gone nowhere since February.</p>\n<p><img src=\"https://static.tigerbbs.com/d97157fe74c2c1baef4735a0dbbc9d67\" tg-width=\"960\" tg-height=\"639\" referrerpolicy=\"no-referrer\"></p>\n<p>“Nice bounce …but a lot still to prove,” writes Bay Crest Partners’ Jonathan Krinsky. “IWM closing above $225 would send a strong bullish message for small-caps, and suggest the now seven-month consolidation is, in fact, resolving higher.”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站","EXPR":"Express, Inc.","AMC":"AMC院线","KOSS":"高斯电子"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196509788","content_text":"Some meme stocks slipped in morning trading.GameStop,AMC Entertainment,Express,KOSS and Robinhood fell between 1% and 7% while Naked Brand Group surged 7.5%.\n\nGameStop stock was slipping after gaining 28% on Tuesday. But the revival of the meme-stock trade could be good news for small-cap stocks generally.\nIt’s not much of a move compared with Tuesday’s surge, but with meme stocks, one never can tell.\nGameStop stock had dropped nearly 50% since peaking in early June, but erased 40% of that drop in one day. It also looks to have cleared resistance at about $200, which means there could be more upside ahead. Don’t be surprised if $200 becomes support.\n\nGameStop wasn’t the only meme stock on the move Tuesday.AMC Entertainment(AMC) gained 20%, and like GameStop, it appeared to clear resistance, though not quite as cleanly.\nFor those wondering why we care about these stocks, consider this: AMC is the largest position in the iShares Russell 2000 ETF(IWM), even if that means it’s just 0.5% of the index. If the meme stocks keep rising that could be good news for small-caps, which have gone nowhere since February.\n\n“Nice bounce …but a lot still to prove,” writes Bay Crest Partners’ Jonathan Krinsky. “IWM closing above $225 would send a strong bullish message for small-caps, and suggest the now seven-month consolidation is, in fact, resolving higher.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838772554,"gmtCreate":1629433341478,"gmtModify":1676530040064,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"@Huya @Baba great article to understand the current ongoing..&nbsp;","listText":"@Huya @Baba great article to understand the current ongoing..&nbsp;","text":"@Huya @Baba great article to understand the current ongoing..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/838772554","repostId":"1113659023","repostType":4,"repost":{"id":"1113659023","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629430265,"share":"https://ttm.financial/m/news/1113659023?lang=&edition=fundamental","pubTime":"2021-08-20 11:31","market":"hk","language":"en","title":"Morgan Stanley：China's Regulatory Reset","url":"https://stock-news.laohu8.com/highlight/detail?id=1113659023","media":"Tiger Newspress","summary":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.New objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shi","content":"<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></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>Morgan Stanley：China's Regulatory Reset</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\">\nMorgan Stanley：China's Regulatory Reset\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\">2021-08-20 11:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113659023","content_text":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.\n\nNew objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.\nEconomic implications: Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.\nInvestment implications: We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.\nOur current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.\nChallenges and opportunities by segment/theme: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.\n5 Key Charts at a Glance\nA shift from \"growth first\" to balancing growth and sustainability...Challenges and opportunities by segment/themeUnderstanding China's Regulatory Reset\nNew era, new objective...\nWe believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.\nReflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.\nIn short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain....but history rhymes\nWhile many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.\nWhy has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out- flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:\n\nRelaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.\nTight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.\n\nHere we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.\nWe also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.What is next?\nThe salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.\nThat said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to\nChina Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds & Tailwinds . Understanding China's Regulatory Reset Are there signposts to help us navigate the outlook based on past regulatory changes?\nWhile China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.\n1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.\n3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as \"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.\nEmergence of new norm following the regulatory shocks: Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:\n1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,\n2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and\n3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.\nKey policy risks to watch\nWe think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.\nAlthough some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.\n1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.\n2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.","news_type":1},"isVote":1,"tweetType":1,"viewCount":623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838776740,"gmtCreate":1629433294680,"gmtModify":1676530040048,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"Amazing article&nbsp;","listText":"Amazing article&nbsp;","text":"Amazing article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/838776740","repostId":"1113659023","repostType":4,"repost":{"id":"1113659023","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629430265,"share":"https://ttm.financial/m/news/1113659023?lang=&edition=fundamental","pubTime":"2021-08-20 11:31","market":"hk","language":"en","title":"Morgan Stanley：China's Regulatory Reset","url":"https://stock-news.laohu8.com/highlight/detail?id=1113659023","media":"Tiger Newspress","summary":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.New objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shi","content":"<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></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>Morgan Stanley：China's Regulatory Reset</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\">\nMorgan Stanley：China's Regulatory Reset\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\">2021-08-20 11:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113659023","content_text":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.\n\nNew objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.\nEconomic implications: Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.\nInvestment implications: We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.\nOur current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.\nChallenges and opportunities by segment/theme: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.\n5 Key Charts at a Glance\nA shift from \"growth first\" to balancing growth and sustainability...Challenges and opportunities by segment/themeUnderstanding China's Regulatory Reset\nNew era, new objective...\nWe believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.\nReflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.\nIn short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain....but history rhymes\nWhile many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.\nWhy has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out- flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:\n\nRelaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.\nTight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.\n\nHere we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.\nWe also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.What is next?\nThe salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.\nThat said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to\nChina Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds & Tailwinds . Understanding China's Regulatory Reset Are there signposts to help us navigate the outlook based on past regulatory changes?\nWhile China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.\n1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.\n3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as \"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.\nEmergence of new norm following the regulatory shocks: Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:\n1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,\n2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and\n3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.\nKey policy risks to watch\nWe think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.\nAlthough some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.\n1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.\n2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.","news_type":1},"isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894061367,"gmtCreate":1628778234359,"gmtModify":1676529852622,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>The dips are steep, a little crazy ride. However I will look forward another 2 quarter report to see how Huya perform.&nbsp;","listText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>The dips are steep, a little crazy ride. However I will look forward another 2 quarter report to see how Huya perform.&nbsp;","text":"$Huya Inc.(HUYA)$The dips are steep, a little crazy ride. However I will look forward another 2 quarter report to see how Huya perform.","images":[{"img":"https://static.tigerbbs.com/c13b2ff9a54e913923a63bc5216ea1cc","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/894061367","isVote":1,"tweetType":1,"viewCount":1100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":807103778,"gmtCreate":1628003479794,"gmtModify":1703499529598,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>so many bad news recently that cause Huya to dip. I wish I still keep bullet to buy . It's sad.","listText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>so many bad news recently that cause Huya to dip. I wish I still keep bullet to buy . It's sad.","text":"$Huya Inc.(HUYA)$so many bad news recently that cause Huya to dip. I wish I still keep bullet to buy . It's sad.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807103778","isVote":1,"tweetType":1,"viewCount":448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808071071,"gmtCreate":1627547458893,"gmtModify":1703492099981,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"How come Huya not in the list?&nbsp;","listText":"How come Huya not in the list?&nbsp;","text":"How come Huya not in the list?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808071071","repostId":"1139723875","repostType":4,"repost":{"id":"1139723875","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627546480,"share":"https://ttm.financial/m/news/1139723875?lang=&edition=fundamental","pubTime":"2021-07-29 16:14","market":"us","language":"en","title":"Hot Chinese concept stocks continued to rebound in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1139723875","media":"Tiger Newspress","summary":"Hot Chinese concept stocks continue to rebound in premarket trading.Alibaba,JD.com,&nbsp;Pinduoduo,Baidu,DiDi&nbsp;Global,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 3% and 5%.","content":"<p>Hot Chinese concept stocks continue to rebound in premarket trading.Alibaba,JD.com,&nbsp;Pinduoduo,Baidu,DiDi&nbsp;Global,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 3% and 5%.</p>\n<p><img src=\"https://static.tigerbbs.com/3dc6bb3705cde0480ddf762a452a7177\" tg-width=\"371\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></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>Hot Chinese concept stocks continued to rebound in premarket trading</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\">\nHot Chinese concept stocks continued to rebound in premarket trading\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\">2021-07-29 16:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Hot Chinese concept stocks continue to rebound in premarket trading.Alibaba,JD.com,&nbsp;Pinduoduo,Baidu,DiDi&nbsp;Global,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 3% and 5%.</p>\n<p><img src=\"https://static.tigerbbs.com/3dc6bb3705cde0480ddf762a452a7177\" tg-width=\"371\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PDD":"拼多多","JD":"京东","DIDI":"滴滴(已退市)","NIO":"蔚来","XPEV":"小鹏汽车","BILI":"哔哩哔哩","LI":"理想汽车","BIDU":"百度","BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139723875","content_text":"Hot Chinese concept stocks continue to rebound in premarket trading.Alibaba,JD.com, Pinduoduo,Baidu,DiDi Global,Nio,Xpeng Motors and Li Auto climbed between 3% and 5%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175744094,"gmtCreate":1627050667118,"gmtModify":1703483388755,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>buy the dip ? The only way is go up when reach the bottom&nbsp;","listText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>buy the dip ? The only way is go up when reach the bottom&nbsp;","text":"$Huya Inc.(HUYA)$buy the dip ? The only way is go up when reach the bottom","images":[{"img":"https://static.tigerbbs.com/2223abd879ede0342815c827e223f6f2","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175744094","isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":172272941,"gmtCreate":1626964367583,"gmtModify":1703481542848,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"Erm... nope.. these not gonna double. But AMC &amp; GME definitely can.&nbsp;","listText":"Erm... nope.. these not gonna double. But AMC &amp; GME definitely can.&nbsp;","text":"Erm... nope.. these not gonna double. But AMC & GME definitely can.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/172272941","repostId":"2153671844","repostType":4,"repost":{"id":"2153671844","kind":"highlight","pubTimestamp":1626962400,"share":"https://ttm.financial/m/news/2153671844?lang=&edition=fundamental","pubTime":"2021-07-22 22:00","market":"us","language":"en","title":"3 Stocks That Could Double Your Money and Sooner Than You Might Think","url":"https://stock-news.laohu8.com/highlight/detail?id=2153671844","media":"Motley Fool","summary":"If you're hunting for stocks that could gain 100% relatively quickly, one of the best places to look is among those that already have.","content":"<p>Well-read investors often find that they can draw parallels between other branches of knowledge that help inform their financial decisions. One such lesson I've always found useful comes from the realm of physics -- Newton's first law of motion: An object in motion tends to stay in motion unless acted upon by an outside force.</p>\n<p>That principle can be applied fairly well to the strategy of investing in successful companies. Put another way, winners have a tendency to keep winning.</p>\n<p>When a stock is red hot, there are usually good reasons why, so focusing on companies that are firing on all cylinders and have already delivered significant gains to shareholders is <a href=\"https://laohu8.com/S/AONE.U\">one</a> way to increase the likelihood that the stocks you buy will reward you. With that in mind, here are three stocks whose prices have doubled over the past couple of years and still appear well-positioned to double again in the near future.</p>\n<p><img src=\"https://static.tigerbbs.com/1d35a202acdf4af1e6795846abbc4802\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p>\n<p>Image source: <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images.</p>\n<h2><a href=\"https://laohu8.com/S/ETSY\">Etsy</a>: Not just a COVID-19 play</h2>\n<p>Prior to the pandemic, <b>Etsy</b> (NASDAQ:ETSY) had already established itself as the premier online purveyor of custom and handmade products, as well as craft supplies and vintage goods. On its platform, buyers can find a seemingly endless supply of <a href=\"https://laohu8.com/S/AONE.U\">one</a>-of-a-kind items. Demand for those offerings accelerated last year and shows no signs of slowing.</p>\n<p>Etsy enjoys a scale no other handmade goods seller can match. It offers 92 million unique products for sale with 4.7 million active sellers and more than 90 million active buyers. Gross merchandise sales -- i.e., the total value of products sold on Etsy's platform -- grew 132% year over year in the first quarter. This helped drive revenue up 142%, while its profits surged more than 11-fold.</p>\n<p>The company is focused on maintaining and even extending its gains from 2020. Management noted during the first-quarter earnings call that it was \"laser focused on driving frequency\" and identifying \"buyer triggers.\" As one example, management highlighted its update tab, \"It's very encouraging to see that now 13% of app visits include a visit to the updates tab, and 27% of those visits have buyers clicking on one or more of the listings that we include in updates.\" This helps illustrate the lengths Etsy is going to continue to engage shoppers and grow sales.</p>\n<p>The company has carved out a unique and lucrative niche for itself in the world of e-commerce, and the results for investors are telling: The stock quadrupled in 2020 and could double again from here.</p>\n<p><img src=\"https://static.tigerbbs.com/e2d30ad255c7e6843e82747f7fd0160f\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p>\n<p>Image source: Pinterest.</p>\n<h2>Pinterest: A different kind of social media platform</h2>\n<p><b><a href=\"https://laohu8.com/S/PINS\">Pinterest, Inc.</a> </b>rose to prominence by bucking the negative stereotypes associated with social media and instead providing a dose of positivity. The platform acts as a visual discovery engine, encouraging users to find and pursue their passions. It's a digital repository where users find and \"pin\" things they are interested in from across the internet, motivating and inspiring them to take up hobbies, travel, new recipes, and more.</p>\n<p>Spreading positivity has been lucrative. Revenue grew 78% year over year in the first quarter, and Pinterest cut its net loss by 85%. Its count of global monthly active users grew 30%, while its average revenue per user (ARPU) was up 50%.</p>\n<p>It's the company's international results that should have investors most excited: Foreign revenue and ARPU surged 170% and 91%, respectively. Pinterest is building its international business following the strategic plan that worked so well in the U.S. -- focus first on the fundamental infrastructure and build the user experience, then scale and monetize later. CFO Todd Morgenfeld said during the first quarter earnings call that the company is \"running the same playbook\" and expects this already successful template to pay worldwide dividends in time.</p>\n<p>Management also expects the good times to continue, guiding for revenue growth of 105% in the second quarter. This helps explain the stock's 170% gain over the past year and illustrates its potential for future growth.</p>\n<p><img src=\"https://static.tigerbbs.com/83403155b75521c0964881771c6ad975\" tg-width=\"700\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p>\n<p>NVIDIA GeForce RTX 30 series of processors. Image source: NVIDIA.</p>\n<h2>NVIDIA: So. Many. Tailwinds.</h2>\n<p>When it comes to graphics processing units (GPUs), no company holds a candle to <b><a href=\"https://laohu8.com/S/NVDA\">NVIDIA Corp</a></b> <b>.</b> It pioneered these processing chips that allow PCs and consoles to render lifelike images in video games, and it's the undisputed leader in the discrete desktop GPU space with an 81% share of the market as of the first quarter of 2021. As a result, NVIDIA's gaming segment sales grew 106% year over year in its fiscal 2022 first quarter. That alone could be reason enough to invest in the stock.</p>\n<p>The gaming market, however, might not be NVIDIA's biggest profit engine in the years to come. Its cutting-edge chips and accompanying software have become the industry standards in a number of accelerating technologies, including cloud computing, data centers, and artificial intelligence. NVIDIA's data center sales, which are being driven by all of those important secular trends, rose 79% in the latest period, and there's still a long runway for growth ahead.</p>\n<p>Finally, the company has partnerships with a growing number of automakers that are working to develop autonomous driving systems. Once they achieve a level of reliability sufficient to allow such cars to be sold, NVIDIA will no doubt have a seat at the table as its processors will likely underpin the new technology. While its sales for autonomous driving systems currently amount to just a minuscule part of the top line, that could change if production of self-driving cars shifts into high gear.</p>\n<p>The company's stellar execution and the growth of its end markets have helped propel NVIDIA stock upward by more than 80% over the past year alone -- leading to the company's decision to perform its highly-anticipated stock split.</p>\n<p><img src=\"https://static.tigerbbs.com/3def3a6d37ebf1b5581e72f70f0874e2\" tg-width=\"720\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p>\n<p>Data by YCharts.</p>\n<h2>The fine print</h2>\n<p>It's important to remember that there's no such thing as a free lunch in investing. While each of these companies has executed to a high degree over the past several years, there's no guarantee that they will continue to do so. Additionally, even a near-perfect performance can sometimes result in a falling stock price -- at least in the short term -- particularly if external factors like a market correction come into play.</p>\n<p>There's a trade-off that comes from investing in potential multibaggers. Each of these companies is a high-risk, high-reward option, which comes with an equally high price tag, like so many other high-growth stocks. NVIDIA, Pinterest, and Etsy are selling at 19 times, 17 times, and 11 times forward sales, respectively, when a reasonable price-to-sales ratio is generally between one and two.</p>\n<p>That said, based on these businesses' current trajectories, their stocks remain solid bets to beat the market over the next three to five years -- with the potential to double along the way.</p>","source":"fool_stock","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>3 Stocks That Could Double Your Money and Sooner Than You Might Think</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\">\n3 Stocks That Could Double Your Money and Sooner Than You Might Think\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-22 22:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/22/3-stocks-double-your-money-sooner-than-you-think/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Well-read investors often find that they can draw parallels between other branches of knowledge that help inform their financial decisions. One such lesson I've always found useful comes from the ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/22/3-stocks-double-your-money-sooner-than-you-think/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVDA":"英伟达","PINS":"Pinterest, Inc.","ETSY":"Etsy, Inc."},"source_url":"https://www.fool.com/investing/2021/07/22/3-stocks-double-your-money-sooner-than-you-think/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153671844","content_text":"Well-read investors often find that they can draw parallels between other branches of knowledge that help inform their financial decisions. One such lesson I've always found useful comes from the realm of physics -- Newton's first law of motion: An object in motion tends to stay in motion unless acted upon by an outside force.\nThat principle can be applied fairly well to the strategy of investing in successful companies. Put another way, winners have a tendency to keep winning.\nWhen a stock is red hot, there are usually good reasons why, so focusing on companies that are firing on all cylinders and have already delivered significant gains to shareholders is one way to increase the likelihood that the stocks you buy will reward you. With that in mind, here are three stocks whose prices have doubled over the past couple of years and still appear well-positioned to double again in the near future.\n\nImage source: Getty Images.\nEtsy: Not just a COVID-19 play\nPrior to the pandemic, Etsy (NASDAQ:ETSY) had already established itself as the premier online purveyor of custom and handmade products, as well as craft supplies and vintage goods. On its platform, buyers can find a seemingly endless supply of one-of-a-kind items. Demand for those offerings accelerated last year and shows no signs of slowing.\nEtsy enjoys a scale no other handmade goods seller can match. It offers 92 million unique products for sale with 4.7 million active sellers and more than 90 million active buyers. Gross merchandise sales -- i.e., the total value of products sold on Etsy's platform -- grew 132% year over year in the first quarter. This helped drive revenue up 142%, while its profits surged more than 11-fold.\nThe company is focused on maintaining and even extending its gains from 2020. Management noted during the first-quarter earnings call that it was \"laser focused on driving frequency\" and identifying \"buyer triggers.\" As one example, management highlighted its update tab, \"It's very encouraging to see that now 13% of app visits include a visit to the updates tab, and 27% of those visits have buyers clicking on one or more of the listings that we include in updates.\" This helps illustrate the lengths Etsy is going to continue to engage shoppers and grow sales.\nThe company has carved out a unique and lucrative niche for itself in the world of e-commerce, and the results for investors are telling: The stock quadrupled in 2020 and could double again from here.\n\nImage source: Pinterest.\nPinterest: A different kind of social media platform\nPinterest, Inc. rose to prominence by bucking the negative stereotypes associated with social media and instead providing a dose of positivity. The platform acts as a visual discovery engine, encouraging users to find and pursue their passions. It's a digital repository where users find and \"pin\" things they are interested in from across the internet, motivating and inspiring them to take up hobbies, travel, new recipes, and more.\nSpreading positivity has been lucrative. Revenue grew 78% year over year in the first quarter, and Pinterest cut its net loss by 85%. Its count of global monthly active users grew 30%, while its average revenue per user (ARPU) was up 50%.\nIt's the company's international results that should have investors most excited: Foreign revenue and ARPU surged 170% and 91%, respectively. Pinterest is building its international business following the strategic plan that worked so well in the U.S. -- focus first on the fundamental infrastructure and build the user experience, then scale and monetize later. CFO Todd Morgenfeld said during the first quarter earnings call that the company is \"running the same playbook\" and expects this already successful template to pay worldwide dividends in time.\nManagement also expects the good times to continue, guiding for revenue growth of 105% in the second quarter. This helps explain the stock's 170% gain over the past year and illustrates its potential for future growth.\n\nNVIDIA GeForce RTX 30 series of processors. Image source: NVIDIA.\nNVIDIA: So. Many. Tailwinds.\nWhen it comes to graphics processing units (GPUs), no company holds a candle to NVIDIA Corp . It pioneered these processing chips that allow PCs and consoles to render lifelike images in video games, and it's the undisputed leader in the discrete desktop GPU space with an 81% share of the market as of the first quarter of 2021. As a result, NVIDIA's gaming segment sales grew 106% year over year in its fiscal 2022 first quarter. That alone could be reason enough to invest in the stock.\nThe gaming market, however, might not be NVIDIA's biggest profit engine in the years to come. Its cutting-edge chips and accompanying software have become the industry standards in a number of accelerating technologies, including cloud computing, data centers, and artificial intelligence. NVIDIA's data center sales, which are being driven by all of those important secular trends, rose 79% in the latest period, and there's still a long runway for growth ahead.\nFinally, the company has partnerships with a growing number of automakers that are working to develop autonomous driving systems. Once they achieve a level of reliability sufficient to allow such cars to be sold, NVIDIA will no doubt have a seat at the table as its processors will likely underpin the new technology. While its sales for autonomous driving systems currently amount to just a minuscule part of the top line, that could change if production of self-driving cars shifts into high gear.\nThe company's stellar execution and the growth of its end markets have helped propel NVIDIA stock upward by more than 80% over the past year alone -- leading to the company's decision to perform its highly-anticipated stock split.\n\nData by YCharts.\nThe fine print\nIt's important to remember that there's no such thing as a free lunch in investing. While each of these companies has executed to a high degree over the past several years, there's no guarantee that they will continue to do so. Additionally, even a near-perfect performance can sometimes result in a falling stock price -- at least in the short term -- particularly if external factors like a market correction come into play.\nThere's a trade-off that comes from investing in potential multibaggers. Each of these companies is a high-risk, high-reward option, which comes with an equally high price tag, like so many other high-growth stocks. NVIDIA, Pinterest, and Etsy are selling at 19 times, 17 times, and 11 times forward sales, respectively, when a reasonable price-to-sales ratio is generally between one and two.\nThat said, based on these businesses' current trajectories, their stocks remain solid bets to beat the market over the next three to five years -- with the potential to double along the way.","news_type":1},"isVote":1,"tweetType":1,"viewCount":585,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3581985274026406","authorId":"3581985274026406","name":"Skai","avatar":"https://community-static.tradeup.com/news/895ee4bbfa814435328502a50bbee0a7","crmLevel":2,"crmLevelSwitch":0,"idStr":"3581985274026406","authorIdStr":"3581985274026406"},"content":"You're partially wrong. AMC and GME can more than double!! Especially for AMC because of its low price now.","text":"You're partially wrong. AMC and GME can more than double!! Especially for AMC because of its low price now.","html":"You're partially wrong. AMC and GME can more than double!! Especially for AMC because of its low price now."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171962614,"gmtCreate":1626702957338,"gmtModify":1703763648583,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"How much HF pay you to write this? Not gonna do anything to us.. its just mean mega sales... buying the dip.&nbsp;","listText":"How much HF pay you to write this? Not gonna do anything to us.. its just mean mega sales... buying the dip.&nbsp;","text":"How much HF pay you to write this? Not gonna do anything to us.. its just mean mega sales... buying the dip.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/171962614","repostId":"1143265655","repostType":4,"repost":{"id":"1143265655","kind":"news","pubTimestamp":1626702580,"share":"https://ttm.financial/m/news/1143265655?lang=&edition=fundamental","pubTime":"2021-07-19 21:49","market":"us","language":"en","title":"AMC fell nearly 9% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1143265655","media":"Motley Fool","summary":"(July 19) AMC fell nearly 9% in morning trading. Is There Any Hope Left for AMC Entertainment Stock?","content":"<p>(July 19)&nbsp;AMC fell nearly 9% in morning trading.&nbsp;Is There Any Hope Left for AMC Entertainment Stock?</p>\n<p><img src=\"https://static.tigerbbs.com/c568be01ed9cf916d7a574a56c1e7402\" tg-width=\"642\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p>\n<blockquote>\n The company's short squeeze is rapidly losing momentum.\n</blockquote>\n<p><b>Key Points</b></p>\n<ul>\n <li>AMC may not have enough cash to fund research and development efforts to compete with movie-streaming services.</li>\n <li>The spread of more contagious variants of the coronavirus could thwart theater traffic and offset rising demand from movie backlogs.</li>\n</ul>\n<p></p>\n<p>The traders of Reddit's Wall Street Bets community shocked the investment world this year by bidding up<b>AMC Entertainment</b>(NYSE:AMC), sending shares higher by nearly 3,000% at one point. However, at Friday's prices, the stock was down more than 40% from its June highs.</p>\n<p>Many traders held a \"buy first, ask questions later\" mentality when opening up a stake. But now, the time for questions has come.Can AMC deliversustained growthover the long term?</p>\n<p><b>Upcoming catalysts</b></p>\n<p>The COVID-19 pandemic has created a massive backlog of unreleased films. Production delays have played a role, but studio executives have also postponed releases until theaters reopened to maximize revenue. Over the next year, a number of big franchises will have new installments, including<i>Jurassic Park</i>,<i>Batman</i>,<i>Transformers</i>,<i>John Wick</i>,<i>Avatar</i>,<i>Indiana Jones</i>,<i>Mission</i><i>Impossible</i>, and Marvel. Keep in mind that AMC is the largest theater chain in the country, with over 60% market share. So there's no doubt there would be an impressive boost to the company's bottom line when these movies hit the theaters (keep in mind that AMC's business wasn't consistently profitable before COVID, so even a blockbuster year may not be a sure thing).</p>\n<p>In addition, AMC may have been saved simply by the efforts of Reddit traders to boost the stock. Thanks to a high stock price, AMC raised $1.246 billion in cash via equity offerings in the second quarter alone. That increased its total liquidity to over $2 billion, against $5.5 billion of long-term debt.</p>\n<p>If AMC used the cash to pay back debt, then the return on investment would be immediate (we'll have to wait until second-quarter earnings on Aug. 5 to learn more). The average interest rate of AMC's debt exceeds 10%, and interest payments outweighed total revenue in the first quarter. Moreover, Adam Aron, the company's CEO, announced on July 6 that he would scrap a plan to issue 25 million additional shares. Aron does not anticipate any other stock offerings in 2021, which suggests the company believes its turnaround is on track. The company is acting as if it believes it has enough cash to execute its plans for now.</p>\n<p><b>Upcoming inhibitors</b></p>\n<p>A major risk ahead for AMC is the spread of the delta and lambda coronavirus variants in the country. Moviegoers may be inclined to stay at home and watch new releases on streaming services instead, especially when it comes to new releases available to both channels. As a result, don't expect the company's traffic to rebound to pre-pandemic levels anytime soon.</p>\n<p>In addition, it's not clear yet how the company could sustain its growth or earnings in the long term. After the movie backlog clears up, AMC would be competing with multiple movie-streaming services and home-entertainment enthusiasts for traffic. But it can't spare much cash for the sake of innovation; the company still needs to generate cash flow to pay off its ballooning debt stack. On top of that, it still owes $400 million in rent to theater landlords due to the lockdowns in the past year.</p>\n<p><b>The missing element</b></p>\n<p>The problem of achieving innovation is a big one in the long run, and AMC is stuck in a catch-22. There isn't anything stopping AMC from launching a paid subscription streaming service for new movies. However, that will inevitably cannibalize revenue from its theaters, leading to a net-zero outcome.</p>\n<p>Offering a subscription pass to its theaters wouldn't really work either. MoviePass had already attempted that. To match the value proposition of streaming services, the company had to price its pass at $10 per month, resulting in staggering losses before it went bankrupt.</p>\n<p>But the biggest killer of AMC's prospects going forward is probably a combination of 5G and synchronized viewing. For example, the social community platform Discord allows its users to stream movies via its screen-share feature. While the movie plays, users are free to talk with each other, eat their own food, and otherwise enjoy the experience in ways that might be taboo in an actual theatre.</p>\n<p>With the rise of 5G, folks can watch movies via screen sharing just about anywhere. Bored while swimming in the lake? Just boot up your phone and watch a movie stream with friends. The best part is that the activity is free; intellectual property laws haven't caught on to the innovation yet, resulting in a grey area. At the end of the day, it would be extremely difficult for AMC to compete with these \"mini-virtual theaters\" where patrons can watch from anywhere and do whatever they like while watching.</p>\n<p><b>The verdict</b></p>\n<p>Since its inception, AMC has lost a cumulative $5.9 billion, and that number is growing. Investors should note that aside from another near-term spike/short squeeze, there are not many fundamentals backing the company's long-term prospects. In addition, its inability to devote cash to innovation will almost guarantee more revenue and bottom-line woes in the long run. That's on top of its inability to compete with peer-to-peer synchronized movie-viewing experiences. At a forward-looking price-to-sales (P/S) ratio over 8, AMC stock looks incredibly expensive for a company that could yet fall off another cliff in terms of growth. Long-term investors looking forways to profit from the reopening economyshould stay away.</p>\n<p></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>AMC fell nearly 9% in morning trading</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\">\nAMC fell nearly 9% in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-19 21:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/17/is-there-any-hope-left-for-amc-entertainment-stock/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(July 19) AMC fell nearly 9% in morning trading. Is There Any Hope Left for AMC Entertainment Stock?\n\n\n The company's short squeeze is rapidly losing momentum.\n\nKey Points\n\nAMC may not have enough ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/17/is-there-any-hope-left-for-amc-entertainment-stock/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/07/17/is-there-any-hope-left-for-amc-entertainment-stock/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143265655","content_text":"(July 19) AMC fell nearly 9% in morning trading. Is There Any Hope Left for AMC Entertainment Stock?\n\n\n The company's short squeeze is rapidly losing momentum.\n\nKey Points\n\nAMC may not have enough cash to fund research and development efforts to compete with movie-streaming services.\nThe spread of more contagious variants of the coronavirus could thwart theater traffic and offset rising demand from movie backlogs.\n\n\nThe traders of Reddit's Wall Street Bets community shocked the investment world this year by bidding upAMC Entertainment(NYSE:AMC), sending shares higher by nearly 3,000% at one point. However, at Friday's prices, the stock was down more than 40% from its June highs.\nMany traders held a \"buy first, ask questions later\" mentality when opening up a stake. But now, the time for questions has come.Can AMC deliversustained growthover the long term?\nUpcoming catalysts\nThe COVID-19 pandemic has created a massive backlog of unreleased films. Production delays have played a role, but studio executives have also postponed releases until theaters reopened to maximize revenue. Over the next year, a number of big franchises will have new installments, includingJurassic Park,Batman,Transformers,John Wick,Avatar,Indiana Jones,MissionImpossible, and Marvel. Keep in mind that AMC is the largest theater chain in the country, with over 60% market share. So there's no doubt there would be an impressive boost to the company's bottom line when these movies hit the theaters (keep in mind that AMC's business wasn't consistently profitable before COVID, so even a blockbuster year may not be a sure thing).\nIn addition, AMC may have been saved simply by the efforts of Reddit traders to boost the stock. Thanks to a high stock price, AMC raised $1.246 billion in cash via equity offerings in the second quarter alone. That increased its total liquidity to over $2 billion, against $5.5 billion of long-term debt.\nIf AMC used the cash to pay back debt, then the return on investment would be immediate (we'll have to wait until second-quarter earnings on Aug. 5 to learn more). The average interest rate of AMC's debt exceeds 10%, and interest payments outweighed total revenue in the first quarter. Moreover, Adam Aron, the company's CEO, announced on July 6 that he would scrap a plan to issue 25 million additional shares. Aron does not anticipate any other stock offerings in 2021, which suggests the company believes its turnaround is on track. The company is acting as if it believes it has enough cash to execute its plans for now.\nUpcoming inhibitors\nA major risk ahead for AMC is the spread of the delta and lambda coronavirus variants in the country. Moviegoers may be inclined to stay at home and watch new releases on streaming services instead, especially when it comes to new releases available to both channels. As a result, don't expect the company's traffic to rebound to pre-pandemic levels anytime soon.\nIn addition, it's not clear yet how the company could sustain its growth or earnings in the long term. After the movie backlog clears up, AMC would be competing with multiple movie-streaming services and home-entertainment enthusiasts for traffic. But it can't spare much cash for the sake of innovation; the company still needs to generate cash flow to pay off its ballooning debt stack. On top of that, it still owes $400 million in rent to theater landlords due to the lockdowns in the past year.\nThe missing element\nThe problem of achieving innovation is a big one in the long run, and AMC is stuck in a catch-22. There isn't anything stopping AMC from launching a paid subscription streaming service for new movies. However, that will inevitably cannibalize revenue from its theaters, leading to a net-zero outcome.\nOffering a subscription pass to its theaters wouldn't really work either. MoviePass had already attempted that. To match the value proposition of streaming services, the company had to price its pass at $10 per month, resulting in staggering losses before it went bankrupt.\nBut the biggest killer of AMC's prospects going forward is probably a combination of 5G and synchronized viewing. For example, the social community platform Discord allows its users to stream movies via its screen-share feature. While the movie plays, users are free to talk with each other, eat their own food, and otherwise enjoy the experience in ways that might be taboo in an actual theatre.\nWith the rise of 5G, folks can watch movies via screen sharing just about anywhere. Bored while swimming in the lake? Just boot up your phone and watch a movie stream with friends. The best part is that the activity is free; intellectual property laws haven't caught on to the innovation yet, resulting in a grey area. At the end of the day, it would be extremely difficult for AMC to compete with these \"mini-virtual theaters\" where patrons can watch from anywhere and do whatever they like while watching.\nThe verdict\nSince its inception, AMC has lost a cumulative $5.9 billion, and that number is growing. Investors should note that aside from another near-term spike/short squeeze, there are not many fundamentals backing the company's long-term prospects. In addition, its inability to devote cash to innovation will almost guarantee more revenue and bottom-line woes in the long run. That's on top of its inability to compete with peer-to-peer synchronized movie-viewing experiences. At a forward-looking price-to-sales (P/S) ratio over 8, AMC stock looks incredibly expensive for a company that could yet fall off another cliff in terms of growth. Long-term investors looking forways to profit from the reopening economyshould stay away.","news_type":1},"isVote":1,"tweetType":1,"viewCount":182,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3581985274026406","authorId":"3581985274026406","name":"Skai","avatar":"https://community-static.tradeup.com/news/895ee4bbfa814435328502a50bbee0a7","crmLevel":2,"crmLevelSwitch":0,"idStr":"3581985274026406","authorIdStr":"3581985274026406"},"content":"Probably just a few cents for such poorly written article because these writers are too cheap to be paid more.","text":"Probably just a few cents for such poorly written article because these writers are too cheap to be paid more.","html":"Probably just a few cents for such poorly written article because these writers are too cheap to be paid more."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170409830,"gmtCreate":1626444393820,"gmtModify":1703760336080,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"This kind of article prove the hedge fund is freak out now. AMC Squeeze soon hehe&nbsp;","listText":"This kind of article prove the hedge fund is freak out now. AMC Squeeze soon hehe&nbsp;","text":"This kind of article prove the hedge fund is freak out now. AMC Squeeze soon hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/170409830","repostId":"2151450981","repostType":4,"repost":{"id":"2151450981","kind":"highlight","pubTimestamp":1626442140,"share":"https://ttm.financial/m/news/2151450981?lang=&edition=fundamental","pubTime":"2021-07-16 21:29","market":"us","language":"en","title":"It's Game Over for AMC, but These Stocks Can Still Go to the Moon","url":"https://stock-news.laohu8.com/highlight/detail?id=2151450981","media":"Motley Fool","summary":"Retail investors looking for businesses with tangible growth prospects should consider buying this trio of companies.","content":"<p>When 2021 comes to a close, it'll undoubtedly be remembered for the way retail investors made their presence known on Wall Street. Despite putting their money to work in equities for more than a century, retail investors moved stock prices like never before.</p>\n<p>The handful of companies these retail folks have piled into have come to be known as the \"meme stocks\" -- essentially, companies valued more for the hype they create on social media than their operating performance. At the top of the list for most meme investors is movie theater chain <b>AMC Entertainment</b> (NYSE:AMC), which until this past week was the top-performing stock on a year-to-date basis.</p>\n<h2>Wall Street and investors are wising up to the AMC pump-and-dump scheme</h2>\n<p>Unfortunately, AMC doesn't look as if it'll ever be \"going to the moon.\"</p>\n<p>The bull thesis for AMC, which disregards virtually all concrete fundamental data, relies on social media hype, constant misinformation, and outright lies to fuel an artificially higher share price. The problem is that Wall Street and investors are wising up to the misinformation and deceptive tactics being employed by AMC's emotionally driven retail investors, known as apes, which has resulted in AMC's shares losing 42% since June 28, with a lot more downside to go.</p>\n<p>Prior to the pandemic, AMC was never worth more than $3.8 billion. Today, with vaccination rates on the rise, AMC is worth $17 billion and it's:</p>\n<ul>\n <li>Nowhere near the peak sales produced before the pandemic.</li>\n <li>Losing money hand over fist, compared to being profitable prior to the pandemic.</li>\n <li>Contending with billions of dollars in additional debt.</li>\n <li>Carrying around $473 million in deferred rental obligations, as of the end of March.</li>\n <li>Clearly losing revenue to streaming competitors (e.g., <b>Walt Disney</b>'s Disney+ garnering $60 million in debut weekend revenue for <i>Black Widow</i>).</li>\n</ul>\n<p>To boot, virtually all claims made by apes to ignite a rally in AMC's share price can be easily proved as false or misleading. Consider the following as two good examples of ongoing mistruths designed to artificially inflate AMC's share price:</p>\n<ul>\n <li>Shares sold short have declined from around 102 million at the end of May to about 75.5 million as of the end of June, according to official (not estimated) data. Apes claiming short interest is climbing or \"shorts haven't covered\" are flat out wrong. This also severely dents the idea that \"a short squeeze is coming,\" which you'll hear echoed daily on social media without any proof or basis.</li>\n <li>Buying and short-selling stock has no impact whatsoever on the performance of an underlying business. This disproves the idea that short-selling bankrupts companies (a core and blatantly incorrect thesis of apes), and it also demonstrates that apes didn't save AMC. The capital that saved AMC from immediate bankruptcy came from share sales and debt issuances in 2020 and early January. Operating performance, not buying and selling activity from investors, determines if a company is successful or fails.</li>\n</ul>\n<p>It may be a choppy road lower, but make no mistake about it, the jig is up and we've entered the dump phase of the cycle.</p>\n<h2>This trio of stocks can go to the moon</h2>\n<p>The good news is that there <i>are</i> companies out there with tangible growth potential that really could go to the moon. If you allow your investment thesis to play out, all three of the following stocks can blast off.</p>\n<h2>Sea Limited</h2>\n<p>Don't let anyone tell you large-cap stocks can't go to the moon. Despite its seemingly lofty $144 billion market cap, Singapore-based <b>Sea Limited</b> (NYSE:SE) has three rapidly growing operating segments that could make investors rich.</p>\n<p>For the moment, Sea is generating all of its positive earnings before interest, taxes, depreciation, and amortization (EBITDA) from its gaming division. The popularity of Sea's mobile games, coupled with the pandemic keeping more people in their homes, pushed the company's quarterly active users higher by 61% in the first quarter to 649 million. More importantly, 12.3% of these users were paying to play, which is considerably higher than the industry average.</p>\n<p>Over the long run, e-commerce platform Shopee is what'll generate the most buzz. For example, the $12.6 billion in gross merchandise value (GMV) that was purchased on Shopee in Q1 2021 handily surpasses total GMV from all of 2018. Shopee is the most downloaded shopping app in Southeast Asia, and it's quickly gaining traction in Brazil.</p>\n<p>Thirdly, Sea has a relatively nascent but fast-growing digital financial services segment. When the first quarter came to a close, it had more than 26 million paying mobile wallet customers. Since many of the emerging markets Sea operates in are somewhat underbanked, this digital financial services division could be a sneaky long-term growth driver.</p>\n<h2>Skillz</h2>\n<p>Another high-growth stock that could eventually go to the moon is esports and gaming company <b>Skillz</b> (NYSE:SKLZ).</p>\n<p>Admittedly, gaming is a highly competitive industry. Developing new games is a time-consuming and costly process, and there's no guarantee that a new game will be well-received. It's for all of these reasons that Skillz didn't go the traditional development route. Rather, it operates a gaming platform that allows players to compete against each other for cash prizes. Maintaining this platform doesn't cost an arm and a leg (gross margin has consistently been 95%), and both Skillz and gaming developers get to keep a cut of the cash prizes.</p>\n<p>When the first quarter came to a close, Skillz had approximately 467,000 monthly active users (MAUs) that were paying to pay on its platform. That's 17% of its MAU base. According to Wappier Gaming Apps, the conversion rate for paying gamers ranged from 1.6% to 2% in 2020. In other words, Skillz is converting casual gamers to paying members at a considerably higher rate than other gaming companies.</p>\n<p>Skillz also has an incredibly lucrative partnership in its back pocket. In February, it signed a multiyear agreement with the National Football League (NFL). Football is the most popular sport by a long shot in the U.S. The expectation is that we'll see NFL-themed games and competitions hitting the platform by no later than 2022.</p>\n<p>Though Skillz is likely to lose money through 2022 as it beefs up marketing, its insane growth potential and potentially lucrative margins can't be overlooked.</p>\n<h2>Trulieve Cannabis</h2>\n<p>A final stock that can go to the moon is U.S. marijuana stock <b>Trulieve Cannabis</b> (OTC:TCNNF). According to <a href=\"https://laohu8.com/S/NFC.U\">New Frontier</a> Data, the U.S. pot industry could be generating north of $41 billion in annual sales by 2025.</p>\n<p>Whereas most U.S. multistate operators are angling to have a presence in as many legalized markets as possible, Trulieve has taken on a strategy that looked odd at first, but has paid off incredibly well. Of the 91 dispensaries it had open in early July, 85 of them were located in medical marijuana-legal Florida. By absolutely saturating the Sunshine State, Trulieve has effectively gobbled up around half of all dried cannabis flower and oils market share. At the same time, its marketing costs have been kept low, pushing the company to 13 consecutive quarters of profitability.</p>\n<p>But make no mistake about it, Trulieve does have aspirations of moving beyond Florida. For instance, it recently announced the largest U.S. cannabis acquisition in history -- a $2.1 billion all-stock deal to acquire multistate operator <b>Harvest Health &amp; Recreation</b> (OTC:HRVSF). Harvest has a focus on five states, <a href=\"https://laohu8.com/S/AONE.U\">one</a> of which is Florida. This means Trulieve's presence in the Sunshine State will soon get even bigger.</p>\n<p>However, the real lure of this deal is the 15 dispensaries Harvest Health operates in its home market of Arizona, a state that legalized recreational weed in November. Trulieve shouldn't have any problem taking its Florida blueprint and applying it in other key markets. This gives it a good chance to go to the moon in the future.</p>","source":"fool_stock","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>It's Game Over for AMC, but These Stocks Can Still Go to the Moon</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\">\nIt's Game Over for AMC, but These Stocks Can Still Go to the Moon\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-16 21:29 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/16/its-game-over-for-amc-these-stocks-can-go-to-moon/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>When 2021 comes to a close, it'll undoubtedly be remembered for the way retail investors made their presence known on Wall Street. Despite putting their money to work in equities for more than a ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/16/its-game-over-for-amc-these-stocks-can-go-to-moon/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SKLZ":"Skillz Inc","SE":"Sea Ltd","TCNNF":"Trulieve Cannabis Corporation","AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/07/16/its-game-over-for-amc-these-stocks-can-go-to-moon/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151450981","content_text":"When 2021 comes to a close, it'll undoubtedly be remembered for the way retail investors made their presence known on Wall Street. Despite putting their money to work in equities for more than a century, retail investors moved stock prices like never before.\nThe handful of companies these retail folks have piled into have come to be known as the \"meme stocks\" -- essentially, companies valued more for the hype they create on social media than their operating performance. At the top of the list for most meme investors is movie theater chain AMC Entertainment (NYSE:AMC), which until this past week was the top-performing stock on a year-to-date basis.\nWall Street and investors are wising up to the AMC pump-and-dump scheme\nUnfortunately, AMC doesn't look as if it'll ever be \"going to the moon.\"\nThe bull thesis for AMC, which disregards virtually all concrete fundamental data, relies on social media hype, constant misinformation, and outright lies to fuel an artificially higher share price. The problem is that Wall Street and investors are wising up to the misinformation and deceptive tactics being employed by AMC's emotionally driven retail investors, known as apes, which has resulted in AMC's shares losing 42% since June 28, with a lot more downside to go.\nPrior to the pandemic, AMC was never worth more than $3.8 billion. Today, with vaccination rates on the rise, AMC is worth $17 billion and it's:\n\nNowhere near the peak sales produced before the pandemic.\nLosing money hand over fist, compared to being profitable prior to the pandemic.\nContending with billions of dollars in additional debt.\nCarrying around $473 million in deferred rental obligations, as of the end of March.\nClearly losing revenue to streaming competitors (e.g., Walt Disney's Disney+ garnering $60 million in debut weekend revenue for Black Widow).\n\nTo boot, virtually all claims made by apes to ignite a rally in AMC's share price can be easily proved as false or misleading. Consider the following as two good examples of ongoing mistruths designed to artificially inflate AMC's share price:\n\nShares sold short have declined from around 102 million at the end of May to about 75.5 million as of the end of June, according to official (not estimated) data. Apes claiming short interest is climbing or \"shorts haven't covered\" are flat out wrong. This also severely dents the idea that \"a short squeeze is coming,\" which you'll hear echoed daily on social media without any proof or basis.\nBuying and short-selling stock has no impact whatsoever on the performance of an underlying business. This disproves the idea that short-selling bankrupts companies (a core and blatantly incorrect thesis of apes), and it also demonstrates that apes didn't save AMC. The capital that saved AMC from immediate bankruptcy came from share sales and debt issuances in 2020 and early January. Operating performance, not buying and selling activity from investors, determines if a company is successful or fails.\n\nIt may be a choppy road lower, but make no mistake about it, the jig is up and we've entered the dump phase of the cycle.\nThis trio of stocks can go to the moon\nThe good news is that there are companies out there with tangible growth potential that really could go to the moon. If you allow your investment thesis to play out, all three of the following stocks can blast off.\nSea Limited\nDon't let anyone tell you large-cap stocks can't go to the moon. Despite its seemingly lofty $144 billion market cap, Singapore-based Sea Limited (NYSE:SE) has three rapidly growing operating segments that could make investors rich.\nFor the moment, Sea is generating all of its positive earnings before interest, taxes, depreciation, and amortization (EBITDA) from its gaming division. The popularity of Sea's mobile games, coupled with the pandemic keeping more people in their homes, pushed the company's quarterly active users higher by 61% in the first quarter to 649 million. More importantly, 12.3% of these users were paying to play, which is considerably higher than the industry average.\nOver the long run, e-commerce platform Shopee is what'll generate the most buzz. For example, the $12.6 billion in gross merchandise value (GMV) that was purchased on Shopee in Q1 2021 handily surpasses total GMV from all of 2018. Shopee is the most downloaded shopping app in Southeast Asia, and it's quickly gaining traction in Brazil.\nThirdly, Sea has a relatively nascent but fast-growing digital financial services segment. When the first quarter came to a close, it had more than 26 million paying mobile wallet customers. Since many of the emerging markets Sea operates in are somewhat underbanked, this digital financial services division could be a sneaky long-term growth driver.\nSkillz\nAnother high-growth stock that could eventually go to the moon is esports and gaming company Skillz (NYSE:SKLZ).\nAdmittedly, gaming is a highly competitive industry. Developing new games is a time-consuming and costly process, and there's no guarantee that a new game will be well-received. It's for all of these reasons that Skillz didn't go the traditional development route. Rather, it operates a gaming platform that allows players to compete against each other for cash prizes. Maintaining this platform doesn't cost an arm and a leg (gross margin has consistently been 95%), and both Skillz and gaming developers get to keep a cut of the cash prizes.\nWhen the first quarter came to a close, Skillz had approximately 467,000 monthly active users (MAUs) that were paying to pay on its platform. That's 17% of its MAU base. According to Wappier Gaming Apps, the conversion rate for paying gamers ranged from 1.6% to 2% in 2020. In other words, Skillz is converting casual gamers to paying members at a considerably higher rate than other gaming companies.\nSkillz also has an incredibly lucrative partnership in its back pocket. In February, it signed a multiyear agreement with the National Football League (NFL). Football is the most popular sport by a long shot in the U.S. The expectation is that we'll see NFL-themed games and competitions hitting the platform by no later than 2022.\nThough Skillz is likely to lose money through 2022 as it beefs up marketing, its insane growth potential and potentially lucrative margins can't be overlooked.\nTrulieve Cannabis\nA final stock that can go to the moon is U.S. marijuana stock Trulieve Cannabis (OTC:TCNNF). According to New Frontier Data, the U.S. pot industry could be generating north of $41 billion in annual sales by 2025.\nWhereas most U.S. multistate operators are angling to have a presence in as many legalized markets as possible, Trulieve has taken on a strategy that looked odd at first, but has paid off incredibly well. Of the 91 dispensaries it had open in early July, 85 of them were located in medical marijuana-legal Florida. By absolutely saturating the Sunshine State, Trulieve has effectively gobbled up around half of all dried cannabis flower and oils market share. At the same time, its marketing costs have been kept low, pushing the company to 13 consecutive quarters of profitability.\nBut make no mistake about it, Trulieve does have aspirations of moving beyond Florida. For instance, it recently announced the largest U.S. cannabis acquisition in history -- a $2.1 billion all-stock deal to acquire multistate operator Harvest Health & Recreation (OTC:HRVSF). Harvest has a focus on five states, one of which is Florida. This means Trulieve's presence in the Sunshine State will soon get even bigger.\nHowever, the real lure of this deal is the 15 dispensaries Harvest Health operates in its home market of Arizona, a state that legalized recreational weed in November. Trulieve shouldn't have any problem taking its Florida blueprint and applying it in other key markets. This gives it a good chance to go to the moon in the future.","news_type":1},"isVote":1,"tweetType":1,"viewCount":126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141185879,"gmtCreate":1625842131191,"gmtModify":1703749734893,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"Hold amc regardless&nbsp;","listText":"Hold amc regardless&nbsp;","text":"Hold amc regardless","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/141185879","repostId":"1173374462","repostType":4,"repost":{"id":"1173374462","kind":"news","pubTimestamp":1625840008,"share":"https://ttm.financial/m/news/1173374462?lang=&edition=fundamental","pubTime":"2021-07-09 22:13","market":"us","language":"en","title":"Meme Stocks Like GameStop and AMC Reflect Market Reality","url":"https://stock-news.laohu8.com/highlight/detail?id=1173374462","media":"Thestreet","summary":"Gamestop (GME) made some investors rich… and then it broke many more. Investing in AMC Entertainment","content":"<p>Gamestop&nbsp;(<b>GME</b>)&nbsp;made some investors rich… and then it broke many more. Investing in AMC Entertainment&nbsp;(<b>AMC</b>)&nbsp;did the exact same thing. These two stocks represent, if not failing businesses, at least ailing ones; companies that struggled to keep up with the new economy even before the pandemic shut down large swaths of it. Yet over the past few months they have posted some of the most volatile gains and losses on the market.</p>\n<p>How?</p>\n<p>It’s down to what Real Money's Timothy Collins calls the market of “meme stock hyperbole.” But, he writes, is it really all that different from how trading has always worked?</p>\n<p>Have you ever really thought about the phrases 'to the moon' or 'conviction buy,' and how they mess with out perception of fair value?</p>\n<p>\"Initially, I rolled my eyes at the continued use of the phrase 'To The Moon,'\" Collins says. \"It's not like 'Strong Buy with a price target of $65', for instance. 'To the moon' is completely arbitrary and open to interpretation, but then again so are most things about valuation, when you think about it,\" Collins wrote.</p>\n<p>\"For instance, when an analyst pounds the table on a stock, how is that different from 'to the moon?' Or when someone says, 'all in.' Are they really all in? Did they cash in all their assets, pool the liquidity, and buy every share they possibly could? Probably not. Actually, I'd say definitely not 99.9999% of the time. Of course, there's always that one person,\" Collins said.</p>\n<p>\"But the point isWall Street has been arbitraryfor years. We can't even have a standard rating system. Is it 'Neutral' or 'Hold?' And really, do I want to hold something that is only in the middle of your range? No.\"</p>\n<p>Collins writes, \"The system should be 'buy' or 'sell.' That's it. Black or white. Own or don't own.\"</p>\n<p>Assets like GameStop and even cryptocurrency seem to be selling on nothing more than pure emotion. Investors are taking these products for a joy ride, and that tends to send prices flying up and down the ladder.</p>\n<p>That’s confusing, to be sure. Just, before you go throwing your hands in the air, it’s important to remember that the stock market has always been at least a little bit arbitrary.</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>Meme Stocks Like GameStop and AMC Reflect Market Reality</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\">\nMeme Stocks Like GameStop and AMC Reflect Market Reality\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-09 22:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/meme-stocks-like-gamestop-amc-reflect-market-reality><strong>Thestreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Gamestop (GME) made some investors rich… and then it broke many more. Investing in AMC Entertainment (AMC) did the exact same thing. These two stocks represent, if not failing businesses, at least ...</p>\n\n<a href=\"https://www.thestreet.com/investing/meme-stocks-like-gamestop-amc-reflect-market-reality\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站","AMC":"AMC院线"},"source_url":"https://www.thestreet.com/investing/meme-stocks-like-gamestop-amc-reflect-market-reality","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173374462","content_text":"Gamestop (GME) made some investors rich… and then it broke many more. Investing in AMC Entertainment (AMC) did the exact same thing. These two stocks represent, if not failing businesses, at least ailing ones; companies that struggled to keep up with the new economy even before the pandemic shut down large swaths of it. Yet over the past few months they have posted some of the most volatile gains and losses on the market.\nHow?\nIt’s down to what Real Money's Timothy Collins calls the market of “meme stock hyperbole.” But, he writes, is it really all that different from how trading has always worked?\nHave you ever really thought about the phrases 'to the moon' or 'conviction buy,' and how they mess with out perception of fair value?\n\"Initially, I rolled my eyes at the continued use of the phrase 'To The Moon,'\" Collins says. \"It's not like 'Strong Buy with a price target of $65', for instance. 'To the moon' is completely arbitrary and open to interpretation, but then again so are most things about valuation, when you think about it,\" Collins wrote.\n\"For instance, when an analyst pounds the table on a stock, how is that different from 'to the moon?' Or when someone says, 'all in.' Are they really all in? Did they cash in all their assets, pool the liquidity, and buy every share they possibly could? Probably not. Actually, I'd say definitely not 99.9999% of the time. Of course, there's always that one person,\" Collins said.\n\"But the point isWall Street has been arbitraryfor years. We can't even have a standard rating system. Is it 'Neutral' or 'Hold?' And really, do I want to hold something that is only in the middle of your range? No.\"\nCollins writes, \"The system should be 'buy' or 'sell.' That's it. Black or white. Own or don't own.\"\nAssets like GameStop and even cryptocurrency seem to be selling on nothing more than pure emotion. Investors are taking these products for a joy ride, and that tends to send prices flying up and down the ladder.\nThat’s confusing, to be sure. Just, before you go throwing your hands in the air, it’s important to remember that the stock market has always been at least a little bit arbitrary.","news_type":1},"isVote":1,"tweetType":1,"viewCount":37,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116115676,"gmtCreate":1622780368995,"gmtModify":1704191065783,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"This is golden opportunity,&nbsp; the squeeze is not happening yet and all synthetic share still out there. Buy the dip and thanks me later.&nbsp;","listText":"This is golden opportunity,&nbsp; the squeeze is not happening yet and all synthetic share still out there. Buy the dip and thanks me later.&nbsp;","text":"This is golden opportunity, the squeeze is not happening yet and all synthetic share still out there. Buy the dip and thanks me later.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116115676","repostId":"2140026421","repostType":4,"repost":{"id":"2140026421","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1622775272,"share":"https://ttm.financial/m/news/2140026421?lang=&edition=fundamental","pubTime":"2021-06-04 10:54","market":"hk","language":"en","title":"Here's AMC's blunt new warning to prospective buyers of its new stock offering","url":"https://stock-news.laohu8.com/highlight/detail?id=2140026421","media":"Dow Jones","summary":"AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordi","content":"<p>AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordinary retail interest that has driven the movie-theater chain's equity up by 2,850% this year.</p><p>AMC's <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> lawyers are apparently as surprised as anyone -- so much so that the company added a fresh risk factor to its 11 million--share sale, which basically boils down to this warning: Prepare to lose everything if you buy the stock.</p><p>The following is the full, extraordinary warning (bolded and italicized text reproduced as in AMC prospectus):</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses.</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses. For example, during 2021 to date, the market price of our Class A common stock has fluctuated from an intra-day low of $1.91 per share on January 5, 2021 to an intra-day high on the NYSE of $72.62 on June 2, 2021 and the last reported sale price of our Class A common stock on the NYSE on June 2, 2021, was $62.55 per share. During 2021 to date, daily trading volume ranged from approximately 23,598,228 to 1,253,253,550 shares. Within the last seven business days, the market price of our Class A common stock has fluctuated from an intra-day low of $12.18 on May 24, 2021 to an intra-day high of $72.62 on June 2, 2021, and we have made no disclosure regarding a change to our underlying business during that period, other than with respect to an additional financing.</p><p>We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last. Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment.</p><p>Extreme fluctuations in the market price of our Class A common stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums. The market volatility and trading patterns we have experienced create several risks for investors, including the following:</p><ul><li>the market price of our Class A common stock has experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;</li><li>factors in the public trading market for our Class A common stock include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our Class A common stock and any related hedging and other trading factors;</li><li>our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from those seen prior to recent volatility and that are significantly higher than our market capitalization immediately prior to the COVID-19 pandemic, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our Class A common stock could incur substantial losses if there are declines in market prices driven by a return to earlier valuations;</li><li>to the extent volatility in our Class A common stock is caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Class A common stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; and</li><li>if the market price of our Class A common stock declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the equity issuance of our Class A common stock will not fluctuate or decline significantly in the future, in which case you could incur substantial losses.</li></ul><p>We may continue to incur rapid and substantial increases or decreases in our stock price in the foreseeable future that may not coincide in timing with the disclosure of news or developments by or affecting us. Accordingly, the market price of our shares of Class A common stock may fluctuate dramatically, and may decline rapidly, regardless of any developments in our business.</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>Here's AMC's blunt new warning to prospective buyers of its new stock offering</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\">\nHere's AMC's blunt new warning to prospective buyers of its new stock offering\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-04 10:54</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordinary retail interest that has driven the movie-theater chain's equity up by 2,850% this year.</p><p>AMC's <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> lawyers are apparently as surprised as anyone -- so much so that the company added a fresh risk factor to its 11 million--share sale, which basically boils down to this warning: Prepare to lose everything if you buy the stock.</p><p>The following is the full, extraordinary warning (bolded and italicized text reproduced as in AMC prospectus):</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses.</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses. For example, during 2021 to date, the market price of our Class A common stock has fluctuated from an intra-day low of $1.91 per share on January 5, 2021 to an intra-day high on the NYSE of $72.62 on June 2, 2021 and the last reported sale price of our Class A common stock on the NYSE on June 2, 2021, was $62.55 per share. During 2021 to date, daily trading volume ranged from approximately 23,598,228 to 1,253,253,550 shares. Within the last seven business days, the market price of our Class A common stock has fluctuated from an intra-day low of $12.18 on May 24, 2021 to an intra-day high of $72.62 on June 2, 2021, and we have made no disclosure regarding a change to our underlying business during that period, other than with respect to an additional financing.</p><p>We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last. Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment.</p><p>Extreme fluctuations in the market price of our Class A common stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums. The market volatility and trading patterns we have experienced create several risks for investors, including the following:</p><ul><li>the market price of our Class A common stock has experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;</li><li>factors in the public trading market for our Class A common stock include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our Class A common stock and any related hedging and other trading factors;</li><li>our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from those seen prior to recent volatility and that are significantly higher than our market capitalization immediately prior to the COVID-19 pandemic, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our Class A common stock could incur substantial losses if there are declines in market prices driven by a return to earlier valuations;</li><li>to the extent volatility in our Class A common stock is caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Class A common stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; and</li><li>if the market price of our Class A common stock declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the equity issuance of our Class A common stock will not fluctuate or decline significantly in the future, in which case you could incur substantial losses.</li></ul><p>We may continue to incur rapid and substantial increases or decreases in our stock price in the foreseeable future that may not coincide in timing with the disclosure of news or developments by or affecting us. Accordingly, the market price of our shares of Class A common stock may fluctuate dramatically, and may decline rapidly, regardless of any developments in our business.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140026421","content_text":"AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordinary retail interest that has driven the movie-theater chain's equity up by 2,850% this year.AMC's $(AMC)$ lawyers are apparently as surprised as anyone -- so much so that the company added a fresh risk factor to its 11 million--share sale, which basically boils down to this warning: Prepare to lose everything if you buy the stock.The following is the full, extraordinary warning (bolded and italicized text reproduced as in AMC prospectus):The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses.The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses. For example, during 2021 to date, the market price of our Class A common stock has fluctuated from an intra-day low of $1.91 per share on January 5, 2021 to an intra-day high on the NYSE of $72.62 on June 2, 2021 and the last reported sale price of our Class A common stock on the NYSE on June 2, 2021, was $62.55 per share. During 2021 to date, daily trading volume ranged from approximately 23,598,228 to 1,253,253,550 shares. Within the last seven business days, the market price of our Class A common stock has fluctuated from an intra-day low of $12.18 on May 24, 2021 to an intra-day high of $72.62 on June 2, 2021, and we have made no disclosure regarding a change to our underlying business during that period, other than with respect to an additional financing.We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last. Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment.Extreme fluctuations in the market price of our Class A common stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums. The market volatility and trading patterns we have experienced create several risks for investors, including the following:the market price of our Class A common stock has experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;factors in the public trading market for our Class A common stock include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our Class A common stock and any related hedging and other trading factors;our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from those seen prior to recent volatility and that are significantly higher than our market capitalization immediately prior to the COVID-19 pandemic, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our Class A common stock could incur substantial losses if there are declines in market prices driven by a return to earlier valuations;to the extent volatility in our Class A common stock is caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Class A common stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; andif the market price of our Class A common stock declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the equity issuance of our Class A common stock will not fluctuate or decline significantly in the future, in which case you could incur substantial losses.We may continue to incur rapid and substantial increases or decreases in our stock price in the foreseeable future that may not coincide in timing with the disclosure of news or developments by or affecting us. Accordingly, the market price of our shares of Class A common stock may fluctuate dramatically, and may decline rapidly, regardless of any developments in our business.","news_type":1},"isVote":1,"tweetType":1,"viewCount":218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118368146,"gmtCreate":1622719702385,"gmtModify":1704189628710,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"Diamond hand hold till $10,000, paper hand sell now.","listText":"Diamond hand hold till $10,000, paper hand sell now.","text":"Diamond hand hold till $10,000, paper hand sell now.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/118368146","repostId":"2140542610","repostType":4,"repost":{"id":"2140542610","kind":"live","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622718376,"share":"https://ttm.financial/m/news/2140542610?lang=&edition=fundamental","pubTime":"2021-06-03 19:06","market":"us","language":"en","title":"AMC Entertainment Holdings Files To Sell Up To 11.55Mln Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2140542610","media":"Tiger Newspress","summary":"AMC tumbles 10% after new stock sale announcement, wipes out 20% premarket rally.AMC Entertainment s","content":"<p>AMC tumbles 10% after new stock sale announcement, wipes out 20% premarket rally.</p><p><img src=\"https://static.tigerbbs.com/df04643ab4f4847afdb5d9d3285e25fa\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>AMC Entertainment&nbsp;shares erased a 20% rally and plunged double digits in premarket trading on Thursday following a stock sale announcement.</p><p>The meme stock last traded down 10% after soaring more than 20% earlier Thursday before markets opened.</p><p>AMC said in a regulatory filing that it may offer and sell from time to time up to an aggregate of 11.55 million shares of its Class&nbsp;A common stock.</p><p>The move comes after AMC&nbsp;soared 95% in the regular trading session&nbsp;Wednesday to close at an all-time high of $62.55. Its previous closing record of $35.86 was reached in 2015, according to FactSet data.</p><p>AMC’s stock spiked as it hit an intraday high of $72.62, well above its previous intraday record of $36.72.</p><p>In a similar occurrence seen in January with the meme stocks like GameStop, defiant short-sellers have increased their bets against AMC shares over the last month, possibly fueling the move higher. About 18% of the AMC shares available for trading are still sold short through Wednesday, according to S3 Partners.</p><p>On Wednesday, short-sellers lost $2.8 billion as the stock surged, according to S3. That brings their year-to-date losses to more than $5 billion, according to S3.</p><p>Short sellers like hedge funds borrow the stock from an investment bank and sell it in the hopes of buying it back at a lower price and returning the shares, pocketing the difference. However, when a stock surges higher, a so-called short squeeze can occur where investors are forced to buy back the stock to cut their losses.</p><p>Trading was halted several times Wednesday as shares were up more than 100% at one point. At the end of the day, more than 710 million shares exchanged hands. That’s nearly double the number of AMC’s shares outstanding. The company’s 30-day average volume is just 143 million shares.</p><p>Retail investors — many active on Reddit’s WallStreetBets forum — led the AMC rally, and AMC executives have taken note. On Wednesday, the company announced a&nbsp;new portal to connect with individual investors&nbsp;and offered free popcorn, exclusive screenings and other perks to those who hold its stock.</p><p>JPMorgan noted that in the last week, retail order flow into AMC jumped to $583 million, 6.9 standard deviations above the average level of the last one year. According to their quantitative strategy, this kind of imbalance can lead to more outperformance by the stock in coming weeks.</p><p>AMC shares are up 2850% so far this year, bringing its market capitalization to more than $31 billion. That makes it worth more than stocks like Delta Air Lines, State Street and Best Buy.</p><p>Wednesday’s wild trading activity comes even after an investment firm reportedly sold off its stake in the company. On Tuesday, AMC revealed it&nbsp;sold 8.5 million newly issued shares to Mudrick Capital, the latest in a series of capital raises for the stock. The hedge fund later&nbsp;sold all of its AMC stock for a profitthat same day, according to&nbsp;Bloomberg News.</p><p>Most Wall Street analysts believe AMC shares will plummet eventually. The average 12-month target price of analysts is $5.11, according to FactSet.</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>AMC Entertainment Holdings Files To Sell Up To 11.55Mln Shares</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\">\nAMC Entertainment Holdings Files To Sell Up To 11.55Mln Shares\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\">2021-06-03 19:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>AMC tumbles 10% after new stock sale announcement, wipes out 20% premarket rally.</p><p><img src=\"https://static.tigerbbs.com/df04643ab4f4847afdb5d9d3285e25fa\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>AMC Entertainment&nbsp;shares erased a 20% rally and plunged double digits in premarket trading on Thursday following a stock sale announcement.</p><p>The meme stock last traded down 10% after soaring more than 20% earlier Thursday before markets opened.</p><p>AMC said in a regulatory filing that it may offer and sell from time to time up to an aggregate of 11.55 million shares of its Class&nbsp;A common stock.</p><p>The move comes after AMC&nbsp;soared 95% in the regular trading session&nbsp;Wednesday to close at an all-time high of $62.55. Its previous closing record of $35.86 was reached in 2015, according to FactSet data.</p><p>AMC’s stock spiked as it hit an intraday high of $72.62, well above its previous intraday record of $36.72.</p><p>In a similar occurrence seen in January with the meme stocks like GameStop, defiant short-sellers have increased their bets against AMC shares over the last month, possibly fueling the move higher. About 18% of the AMC shares available for trading are still sold short through Wednesday, according to S3 Partners.</p><p>On Wednesday, short-sellers lost $2.8 billion as the stock surged, according to S3. That brings their year-to-date losses to more than $5 billion, according to S3.</p><p>Short sellers like hedge funds borrow the stock from an investment bank and sell it in the hopes of buying it back at a lower price and returning the shares, pocketing the difference. However, when a stock surges higher, a so-called short squeeze can occur where investors are forced to buy back the stock to cut their losses.</p><p>Trading was halted several times Wednesday as shares were up more than 100% at one point. At the end of the day, more than 710 million shares exchanged hands. That’s nearly double the number of AMC’s shares outstanding. The company’s 30-day average volume is just 143 million shares.</p><p>Retail investors — many active on Reddit’s WallStreetBets forum — led the AMC rally, and AMC executives have taken note. On Wednesday, the company announced a&nbsp;new portal to connect with individual investors&nbsp;and offered free popcorn, exclusive screenings and other perks to those who hold its stock.</p><p>JPMorgan noted that in the last week, retail order flow into AMC jumped to $583 million, 6.9 standard deviations above the average level of the last one year. According to their quantitative strategy, this kind of imbalance can lead to more outperformance by the stock in coming weeks.</p><p>AMC shares are up 2850% so far this year, bringing its market capitalization to more than $31 billion. That makes it worth more than stocks like Delta Air Lines, State Street and Best Buy.</p><p>Wednesday’s wild trading activity comes even after an investment firm reportedly sold off its stake in the company. On Tuesday, AMC revealed it&nbsp;sold 8.5 million newly issued shares to Mudrick Capital, the latest in a series of capital raises for the stock. The hedge fund later&nbsp;sold all of its AMC stock for a profitthat same day, according to&nbsp;Bloomberg News.</p><p>Most Wall Street analysts believe AMC shares will plummet eventually. The average 12-month target price of analysts is $5.11, according to FactSet.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140542610","content_text":"AMC tumbles 10% after new stock sale announcement, wipes out 20% premarket rally.AMC Entertainment shares erased a 20% rally and plunged double digits in premarket trading on Thursday following a stock sale announcement.The meme stock last traded down 10% after soaring more than 20% earlier Thursday before markets opened.AMC said in a regulatory filing that it may offer and sell from time to time up to an aggregate of 11.55 million shares of its Class A common stock.The move comes after AMC soared 95% in the regular trading session Wednesday to close at an all-time high of $62.55. Its previous closing record of $35.86 was reached in 2015, according to FactSet data.AMC’s stock spiked as it hit an intraday high of $72.62, well above its previous intraday record of $36.72.In a similar occurrence seen in January with the meme stocks like GameStop, defiant short-sellers have increased their bets against AMC shares over the last month, possibly fueling the move higher. About 18% of the AMC shares available for trading are still sold short through Wednesday, according to S3 Partners.On Wednesday, short-sellers lost $2.8 billion as the stock surged, according to S3. That brings their year-to-date losses to more than $5 billion, according to S3.Short sellers like hedge funds borrow the stock from an investment bank and sell it in the hopes of buying it back at a lower price and returning the shares, pocketing the difference. However, when a stock surges higher, a so-called short squeeze can occur where investors are forced to buy back the stock to cut their losses.Trading was halted several times Wednesday as shares were up more than 100% at one point. At the end of the day, more than 710 million shares exchanged hands. That’s nearly double the number of AMC’s shares outstanding. The company’s 30-day average volume is just 143 million shares.Retail investors — many active on Reddit’s WallStreetBets forum — led the AMC rally, and AMC executives have taken note. On Wednesday, the company announced a new portal to connect with individual investors and offered free popcorn, exclusive screenings and other perks to those who hold its stock.JPMorgan noted that in the last week, retail order flow into AMC jumped to $583 million, 6.9 standard deviations above the average level of the last one year. According to their quantitative strategy, this kind of imbalance can lead to more outperformance by the stock in coming weeks.AMC shares are up 2850% so far this year, bringing its market capitalization to more than $31 billion. That makes it worth more than stocks like Delta Air Lines, State Street and Best Buy.Wednesday’s wild trading activity comes even after an investment firm reportedly sold off its stake in the company. On Tuesday, AMC revealed it sold 8.5 million newly issued shares to Mudrick Capital, the latest in a series of capital raises for the stock. The hedge fund later sold all of its AMC stock for a profitthat same day, according to Bloomberg News.Most Wall Street analysts believe AMC shares will plummet eventually. The average 12-month target price of analysts is $5.11, according to FactSet.","news_type":1},"isVote":1,"tweetType":1,"viewCount":118,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194084141,"gmtCreate":1621326359583,"gmtModify":1704355817848,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"$16 target price ? Should be $16k ..","listText":"$16 target price ? Should be $16k ..","text":"$16 target price ? Should be $16k ..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/194084141","repostId":"1149680867","repostType":4,"repost":{"id":"1149680867","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621325712,"share":"https://ttm.financial/m/news/1149680867?lang=&edition=fundamental","pubTime":"2021-05-18 16:15","market":"us","language":"en","title":"AMC stock surged 10% in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1149680867","media":"Tiger Newspress","summary":"AMC stock surged 10% in premarket trading.B. Riley analyst Eric Wold reiterated a Buy rating on AMC ","content":"<p>AMC stock surged 10% in premarket trading.B. Riley analyst Eric Wold reiterated a Buy rating on AMC shares along with a $16 price target. This figure implies ~15% upside for the year ahead.</p>\n<p><img src=\"https://static.tigerbbs.com/f10755100aab2404ec01c02e46e5e837\" tg-width=\"1302\" tg-height=\"663\"></p>\n<p>Wold believes that AMC probably has enough cash that it won't need to raise any more \"before industry trends recover in 2022/2023\" -- although it still has the option \"to take strategic actions to improve the balance sheet further.\"</p>\n<p>Indeed, the analyst says AMC now has \"at least aone-year cash runway\" at current levels of movie attendance (and probably longer than that, given that attendance is improving).</p>\n<p>Wold describes AMC's decision to raise cash this month as \"opportunistic\" rather than \"necessary,\" and notes that the company has taken other steps to bolster its balance sheet, including renegotiating its property lease terms to take into account diminished attendance at its theaters during the pandemic. At the same time, the analyst believes AMC has an \"improved cash flow outlook\" this year, predicting a \"box office recovery into year-end,\" which will yield more revenues to cover the company's expenses.</p>\n<p>Already, says Wold, both New York and California, two of the biggest markets for movie-watching, have more or less eliminated capacity restrictions on theater attendance. And this lifting of restrictions coincides with the arrival of \"pent-up demand for moviegoing\" among viewers who've been essentially locked out of theaters for the past year. Wold describes the slate of blockbuster movies coming out this summer as \"impressive,\" and says the release dates for these films have \"begun to stabilize in recent weeks,\" which should make it easier to predict the box office hauls that AMC might anticipate as the year progresses.</p>\n<p>Running the numbers, Wold estimates that U.S. box office numbers will be down 70% in Q2 2021 (relative to 2019 levels), but down only 35% in Q3 (the summer quarter), and down only 20% in Q4 (the winter quarter). In dollars and cents, the analyst says this should translate to nearly $2.5 billion in revenues this year, nearly doubling to $4.7 billion in 2022, and then growing about 15% to $5.4 billion in 2023. By that point, AMC should be almost back in the black, losing only $0.35 per share in fiscal 2023.</p>\n<p>In contrast to Wold, the Street remains unconvinced. AMC stock has a Hold consensus rating, based on 3 Holds, 2 Sells, and only 1 Buy. The forecast is for ~49% downside, given the average price target stands at $7.13.</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>AMC stock surged 10% in premarket trading</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\">\nAMC stock surged 10% in premarket trading\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 16:15</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>AMC stock surged 10% in premarket trading.B. Riley analyst Eric Wold reiterated a Buy rating on AMC shares along with a $16 price target. This figure implies ~15% upside for the year ahead.</p>\n<p><img src=\"https://static.tigerbbs.com/f10755100aab2404ec01c02e46e5e837\" tg-width=\"1302\" tg-height=\"663\"></p>\n<p>Wold believes that AMC probably has enough cash that it won't need to raise any more \"before industry trends recover in 2022/2023\" -- although it still has the option \"to take strategic actions to improve the balance sheet further.\"</p>\n<p>Indeed, the analyst says AMC now has \"at least aone-year cash runway\" at current levels of movie attendance (and probably longer than that, given that attendance is improving).</p>\n<p>Wold describes AMC's decision to raise cash this month as \"opportunistic\" rather than \"necessary,\" and notes that the company has taken other steps to bolster its balance sheet, including renegotiating its property lease terms to take into account diminished attendance at its theaters during the pandemic. At the same time, the analyst believes AMC has an \"improved cash flow outlook\" this year, predicting a \"box office recovery into year-end,\" which will yield more revenues to cover the company's expenses.</p>\n<p>Already, says Wold, both New York and California, two of the biggest markets for movie-watching, have more or less eliminated capacity restrictions on theater attendance. And this lifting of restrictions coincides with the arrival of \"pent-up demand for moviegoing\" among viewers who've been essentially locked out of theaters for the past year. Wold describes the slate of blockbuster movies coming out this summer as \"impressive,\" and says the release dates for these films have \"begun to stabilize in recent weeks,\" which should make it easier to predict the box office hauls that AMC might anticipate as the year progresses.</p>\n<p>Running the numbers, Wold estimates that U.S. box office numbers will be down 70% in Q2 2021 (relative to 2019 levels), but down only 35% in Q3 (the summer quarter), and down only 20% in Q4 (the winter quarter). In dollars and cents, the analyst says this should translate to nearly $2.5 billion in revenues this year, nearly doubling to $4.7 billion in 2022, and then growing about 15% to $5.4 billion in 2023. By that point, AMC should be almost back in the black, losing only $0.35 per share in fiscal 2023.</p>\n<p>In contrast to Wold, the Street remains unconvinced. AMC stock has a Hold consensus rating, based on 3 Holds, 2 Sells, and only 1 Buy. The forecast is for ~49% downside, given the average price target stands at $7.13.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149680867","content_text":"AMC stock surged 10% in premarket trading.B. Riley analyst Eric Wold reiterated a Buy rating on AMC shares along with a $16 price target. This figure implies ~15% upside for the year ahead.\n\nWold believes that AMC probably has enough cash that it won't need to raise any more \"before industry trends recover in 2022/2023\" -- although it still has the option \"to take strategic actions to improve the balance sheet further.\"\nIndeed, the analyst says AMC now has \"at least aone-year cash runway\" at current levels of movie attendance (and probably longer than that, given that attendance is improving).\nWold describes AMC's decision to raise cash this month as \"opportunistic\" rather than \"necessary,\" and notes that the company has taken other steps to bolster its balance sheet, including renegotiating its property lease terms to take into account diminished attendance at its theaters during the pandemic. At the same time, the analyst believes AMC has an \"improved cash flow outlook\" this year, predicting a \"box office recovery into year-end,\" which will yield more revenues to cover the company's expenses.\nAlready, says Wold, both New York and California, two of the biggest markets for movie-watching, have more or less eliminated capacity restrictions on theater attendance. And this lifting of restrictions coincides with the arrival of \"pent-up demand for moviegoing\" among viewers who've been essentially locked out of theaters for the past year. Wold describes the slate of blockbuster movies coming out this summer as \"impressive,\" and says the release dates for these films have \"begun to stabilize in recent weeks,\" which should make it easier to predict the box office hauls that AMC might anticipate as the year progresses.\nRunning the numbers, Wold estimates that U.S. box office numbers will be down 70% in Q2 2021 (relative to 2019 levels), but down only 35% in Q3 (the summer quarter), and down only 20% in Q4 (the winter quarter). In dollars and cents, the analyst says this should translate to nearly $2.5 billion in revenues this year, nearly doubling to $4.7 billion in 2022, and then growing about 15% to $5.4 billion in 2023. By that point, AMC should be almost back in the black, losing only $0.35 per share in fiscal 2023.\nIn contrast to Wold, the Street remains unconvinced. AMC stock has a Hold consensus rating, based on 3 Holds, 2 Sells, and only 1 Buy. The forecast is for ~49% downside, given the average price target stands at $7.13.","news_type":1},"isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109551038,"gmtCreate":1619706351224,"gmtModify":1704728387134,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579165790806377","authorIdStr":"3579165790806377"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>Awaiting decent report&nbsp;","listText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>Awaiting decent report&nbsp;","text":"$Huya Inc.(HUYA)$Awaiting decent report","images":[{"img":"https://static.tigerbbs.com/214c9a48aaa9baf67d4000c48378246e","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/109551038","isVote":1,"tweetType":1,"viewCount":207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":9032055921,"gmtCreate":1647245081074,"gmtModify":1676534207204,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"$Huya Inc.(HUYA)$ worst experience i had :(&nbsp;","listText":"$Huya Inc.(HUYA)$ worst experience i had :(&nbsp;","text":"$Huya Inc.(HUYA)$ worst experience i had :(","images":[{"img":"https://community-static.tradeup.com/news/fcf43def92b18b0177b8d2dfee24becb","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9032055921","isVote":1,"tweetType":1,"viewCount":679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":171962614,"gmtCreate":1626702957338,"gmtModify":1703763648583,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"How much HF pay you to write this? Not gonna do anything to us.. its just mean mega sales... buying the dip.&nbsp;","listText":"How much HF pay you to write this? Not gonna do anything to us.. its just mean mega sales... buying the dip.&nbsp;","text":"How much HF pay you to write this? Not gonna do anything to us.. its just mean mega sales... buying the dip.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/171962614","repostId":"1143265655","repostType":4,"repost":{"id":"1143265655","kind":"news","pubTimestamp":1626702580,"share":"https://ttm.financial/m/news/1143265655?lang=&edition=fundamental","pubTime":"2021-07-19 21:49","market":"us","language":"en","title":"AMC fell nearly 9% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1143265655","media":"Motley Fool","summary":"(July 19) AMC fell nearly 9% in morning trading. Is There Any Hope Left for AMC Entertainment Stock?","content":"<p>(July 19)&nbsp;AMC fell nearly 9% in morning trading.&nbsp;Is There Any Hope Left for AMC Entertainment Stock?</p>\n<p><img src=\"https://static.tigerbbs.com/c568be01ed9cf916d7a574a56c1e7402\" tg-width=\"642\" tg-height=\"460\" referrerpolicy=\"no-referrer\"></p>\n<blockquote>\n The company's short squeeze is rapidly losing momentum.\n</blockquote>\n<p><b>Key Points</b></p>\n<ul>\n <li>AMC may not have enough cash to fund research and development efforts to compete with movie-streaming services.</li>\n <li>The spread of more contagious variants of the coronavirus could thwart theater traffic and offset rising demand from movie backlogs.</li>\n</ul>\n<p></p>\n<p>The traders of Reddit's Wall Street Bets community shocked the investment world this year by bidding up<b>AMC Entertainment</b>(NYSE:AMC), sending shares higher by nearly 3,000% at one point. However, at Friday's prices, the stock was down more than 40% from its June highs.</p>\n<p>Many traders held a \"buy first, ask questions later\" mentality when opening up a stake. But now, the time for questions has come.Can AMC deliversustained growthover the long term?</p>\n<p><b>Upcoming catalysts</b></p>\n<p>The COVID-19 pandemic has created a massive backlog of unreleased films. Production delays have played a role, but studio executives have also postponed releases until theaters reopened to maximize revenue. Over the next year, a number of big franchises will have new installments, including<i>Jurassic Park</i>,<i>Batman</i>,<i>Transformers</i>,<i>John Wick</i>,<i>Avatar</i>,<i>Indiana Jones</i>,<i>Mission</i><i>Impossible</i>, and Marvel. Keep in mind that AMC is the largest theater chain in the country, with over 60% market share. So there's no doubt there would be an impressive boost to the company's bottom line when these movies hit the theaters (keep in mind that AMC's business wasn't consistently profitable before COVID, so even a blockbuster year may not be a sure thing).</p>\n<p>In addition, AMC may have been saved simply by the efforts of Reddit traders to boost the stock. Thanks to a high stock price, AMC raised $1.246 billion in cash via equity offerings in the second quarter alone. That increased its total liquidity to over $2 billion, against $5.5 billion of long-term debt.</p>\n<p>If AMC used the cash to pay back debt, then the return on investment would be immediate (we'll have to wait until second-quarter earnings on Aug. 5 to learn more). The average interest rate of AMC's debt exceeds 10%, and interest payments outweighed total revenue in the first quarter. Moreover, Adam Aron, the company's CEO, announced on July 6 that he would scrap a plan to issue 25 million additional shares. Aron does not anticipate any other stock offerings in 2021, which suggests the company believes its turnaround is on track. The company is acting as if it believes it has enough cash to execute its plans for now.</p>\n<p><b>Upcoming inhibitors</b></p>\n<p>A major risk ahead for AMC is the spread of the delta and lambda coronavirus variants in the country. Moviegoers may be inclined to stay at home and watch new releases on streaming services instead, especially when it comes to new releases available to both channels. As a result, don't expect the company's traffic to rebound to pre-pandemic levels anytime soon.</p>\n<p>In addition, it's not clear yet how the company could sustain its growth or earnings in the long term. After the movie backlog clears up, AMC would be competing with multiple movie-streaming services and home-entertainment enthusiasts for traffic. But it can't spare much cash for the sake of innovation; the company still needs to generate cash flow to pay off its ballooning debt stack. On top of that, it still owes $400 million in rent to theater landlords due to the lockdowns in the past year.</p>\n<p><b>The missing element</b></p>\n<p>The problem of achieving innovation is a big one in the long run, and AMC is stuck in a catch-22. There isn't anything stopping AMC from launching a paid subscription streaming service for new movies. However, that will inevitably cannibalize revenue from its theaters, leading to a net-zero outcome.</p>\n<p>Offering a subscription pass to its theaters wouldn't really work either. MoviePass had already attempted that. To match the value proposition of streaming services, the company had to price its pass at $10 per month, resulting in staggering losses before it went bankrupt.</p>\n<p>But the biggest killer of AMC's prospects going forward is probably a combination of 5G and synchronized viewing. For example, the social community platform Discord allows its users to stream movies via its screen-share feature. While the movie plays, users are free to talk with each other, eat their own food, and otherwise enjoy the experience in ways that might be taboo in an actual theatre.</p>\n<p>With the rise of 5G, folks can watch movies via screen sharing just about anywhere. Bored while swimming in the lake? Just boot up your phone and watch a movie stream with friends. The best part is that the activity is free; intellectual property laws haven't caught on to the innovation yet, resulting in a grey area. At the end of the day, it would be extremely difficult for AMC to compete with these \"mini-virtual theaters\" where patrons can watch from anywhere and do whatever they like while watching.</p>\n<p><b>The verdict</b></p>\n<p>Since its inception, AMC has lost a cumulative $5.9 billion, and that number is growing. Investors should note that aside from another near-term spike/short squeeze, there are not many fundamentals backing the company's long-term prospects. In addition, its inability to devote cash to innovation will almost guarantee more revenue and bottom-line woes in the long run. That's on top of its inability to compete with peer-to-peer synchronized movie-viewing experiences. At a forward-looking price-to-sales (P/S) ratio over 8, AMC stock looks incredibly expensive for a company that could yet fall off another cliff in terms of growth. Long-term investors looking forways to profit from the reopening economyshould stay away.</p>\n<p></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>AMC fell nearly 9% in morning trading</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\">\nAMC fell nearly 9% in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-19 21:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/07/17/is-there-any-hope-left-for-amc-entertainment-stock/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(July 19) AMC fell nearly 9% in morning trading. Is There Any Hope Left for AMC Entertainment Stock?\n\n\n The company's short squeeze is rapidly losing momentum.\n\nKey Points\n\nAMC may not have enough ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/07/17/is-there-any-hope-left-for-amc-entertainment-stock/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/07/17/is-there-any-hope-left-for-amc-entertainment-stock/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143265655","content_text":"(July 19) AMC fell nearly 9% in morning trading. Is There Any Hope Left for AMC Entertainment Stock?\n\n\n The company's short squeeze is rapidly losing momentum.\n\nKey Points\n\nAMC may not have enough cash to fund research and development efforts to compete with movie-streaming services.\nThe spread of more contagious variants of the coronavirus could thwart theater traffic and offset rising demand from movie backlogs.\n\n\nThe traders of Reddit's Wall Street Bets community shocked the investment world this year by bidding upAMC Entertainment(NYSE:AMC), sending shares higher by nearly 3,000% at one point. However, at Friday's prices, the stock was down more than 40% from its June highs.\nMany traders held a \"buy first, ask questions later\" mentality when opening up a stake. But now, the time for questions has come.Can AMC deliversustained growthover the long term?\nUpcoming catalysts\nThe COVID-19 pandemic has created a massive backlog of unreleased films. Production delays have played a role, but studio executives have also postponed releases until theaters reopened to maximize revenue. Over the next year, a number of big franchises will have new installments, includingJurassic Park,Batman,Transformers,John Wick,Avatar,Indiana Jones,MissionImpossible, and Marvel. Keep in mind that AMC is the largest theater chain in the country, with over 60% market share. So there's no doubt there would be an impressive boost to the company's bottom line when these movies hit the theaters (keep in mind that AMC's business wasn't consistently profitable before COVID, so even a blockbuster year may not be a sure thing).\nIn addition, AMC may have been saved simply by the efforts of Reddit traders to boost the stock. Thanks to a high stock price, AMC raised $1.246 billion in cash via equity offerings in the second quarter alone. That increased its total liquidity to over $2 billion, against $5.5 billion of long-term debt.\nIf AMC used the cash to pay back debt, then the return on investment would be immediate (we'll have to wait until second-quarter earnings on Aug. 5 to learn more). The average interest rate of AMC's debt exceeds 10%, and interest payments outweighed total revenue in the first quarter. Moreover, Adam Aron, the company's CEO, announced on July 6 that he would scrap a plan to issue 25 million additional shares. Aron does not anticipate any other stock offerings in 2021, which suggests the company believes its turnaround is on track. The company is acting as if it believes it has enough cash to execute its plans for now.\nUpcoming inhibitors\nA major risk ahead for AMC is the spread of the delta and lambda coronavirus variants in the country. Moviegoers may be inclined to stay at home and watch new releases on streaming services instead, especially when it comes to new releases available to both channels. As a result, don't expect the company's traffic to rebound to pre-pandemic levels anytime soon.\nIn addition, it's not clear yet how the company could sustain its growth or earnings in the long term. After the movie backlog clears up, AMC would be competing with multiple movie-streaming services and home-entertainment enthusiasts for traffic. But it can't spare much cash for the sake of innovation; the company still needs to generate cash flow to pay off its ballooning debt stack. On top of that, it still owes $400 million in rent to theater landlords due to the lockdowns in the past year.\nThe missing element\nThe problem of achieving innovation is a big one in the long run, and AMC is stuck in a catch-22. There isn't anything stopping AMC from launching a paid subscription streaming service for new movies. However, that will inevitably cannibalize revenue from its theaters, leading to a net-zero outcome.\nOffering a subscription pass to its theaters wouldn't really work either. MoviePass had already attempted that. To match the value proposition of streaming services, the company had to price its pass at $10 per month, resulting in staggering losses before it went bankrupt.\nBut the biggest killer of AMC's prospects going forward is probably a combination of 5G and synchronized viewing. For example, the social community platform Discord allows its users to stream movies via its screen-share feature. While the movie plays, users are free to talk with each other, eat their own food, and otherwise enjoy the experience in ways that might be taboo in an actual theatre.\nWith the rise of 5G, folks can watch movies via screen sharing just about anywhere. Bored while swimming in the lake? Just boot up your phone and watch a movie stream with friends. The best part is that the activity is free; intellectual property laws haven't caught on to the innovation yet, resulting in a grey area. At the end of the day, it would be extremely difficult for AMC to compete with these \"mini-virtual theaters\" where patrons can watch from anywhere and do whatever they like while watching.\nThe verdict\nSince its inception, AMC has lost a cumulative $5.9 billion, and that number is growing. Investors should note that aside from another near-term spike/short squeeze, there are not many fundamentals backing the company's long-term prospects. In addition, its inability to devote cash to innovation will almost guarantee more revenue and bottom-line woes in the long run. That's on top of its inability to compete with peer-to-peer synchronized movie-viewing experiences. At a forward-looking price-to-sales (P/S) ratio over 8, AMC stock looks incredibly expensive for a company that could yet fall off another cliff in terms of growth. Long-term investors looking forways to profit from the reopening economyshould stay away.","news_type":1},"isVote":1,"tweetType":1,"viewCount":182,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3581985274026406","authorId":"3581985274026406","name":"Skai","avatar":"https://community-static.tradeup.com/news/895ee4bbfa814435328502a50bbee0a7","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3581985274026406","idStr":"3581985274026406"},"content":"Probably just a few cents for such poorly written article because these writers are too cheap to be paid more.","text":"Probably just a few cents for such poorly written article because these writers are too cheap to be paid more.","html":"Probably just a few cents for such poorly written article because these writers are too cheap to be paid more."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":109551038,"gmtCreate":1619706351224,"gmtModify":1704728387134,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>Awaiting decent report&nbsp;","listText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>Awaiting decent report&nbsp;","text":"$Huya Inc.(HUYA)$Awaiting decent report","images":[{"img":"https://static.tigerbbs.com/214c9a48aaa9baf67d4000c48378246e","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/109551038","isVote":1,"tweetType":1,"viewCount":207,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":170409830,"gmtCreate":1626444393820,"gmtModify":1703760336080,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"This kind of article prove the hedge fund is freak out now. AMC Squeeze soon hehe&nbsp;","listText":"This kind of article prove the hedge fund is freak out now. AMC Squeeze soon hehe&nbsp;","text":"This kind of article prove the hedge fund is freak out now. AMC Squeeze soon hehe","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/170409830","repostId":"2151450981","repostType":4,"isVote":1,"tweetType":1,"viewCount":126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116115676,"gmtCreate":1622780368995,"gmtModify":1704191065783,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"This is golden opportunity,&nbsp; the squeeze is not happening yet and all synthetic share still out there. Buy the dip and thanks me later.&nbsp;","listText":"This is golden opportunity,&nbsp; the squeeze is not happening yet and all synthetic share still out there. Buy the dip and thanks me later.&nbsp;","text":"This is golden opportunity, the squeeze is not happening yet and all synthetic share still out there. Buy the dip and thanks me later.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/116115676","repostId":"2140026421","repostType":4,"repost":{"id":"2140026421","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1622775272,"share":"https://ttm.financial/m/news/2140026421?lang=&edition=fundamental","pubTime":"2021-06-04 10:54","market":"hk","language":"en","title":"Here's AMC's blunt new warning to prospective buyers of its new stock offering","url":"https://stock-news.laohu8.com/highlight/detail?id=2140026421","media":"Dow Jones","summary":"AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordi","content":"<p>AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordinary retail interest that has driven the movie-theater chain's equity up by 2,850% this year.</p><p>AMC's <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> lawyers are apparently as surprised as anyone -- so much so that the company added a fresh risk factor to its 11 million--share sale, which basically boils down to this warning: Prepare to lose everything if you buy the stock.</p><p>The following is the full, extraordinary warning (bolded and italicized text reproduced as in AMC prospectus):</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses.</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses. For example, during 2021 to date, the market price of our Class A common stock has fluctuated from an intra-day low of $1.91 per share on January 5, 2021 to an intra-day high on the NYSE of $72.62 on June 2, 2021 and the last reported sale price of our Class A common stock on the NYSE on June 2, 2021, was $62.55 per share. During 2021 to date, daily trading volume ranged from approximately 23,598,228 to 1,253,253,550 shares. Within the last seven business days, the market price of our Class A common stock has fluctuated from an intra-day low of $12.18 on May 24, 2021 to an intra-day high of $72.62 on June 2, 2021, and we have made no disclosure regarding a change to our underlying business during that period, other than with respect to an additional financing.</p><p>We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last. Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment.</p><p>Extreme fluctuations in the market price of our Class A common stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums. The market volatility and trading patterns we have experienced create several risks for investors, including the following:</p><ul><li>the market price of our Class A common stock has experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;</li><li>factors in the public trading market for our Class A common stock include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our Class A common stock and any related hedging and other trading factors;</li><li>our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from those seen prior to recent volatility and that are significantly higher than our market capitalization immediately prior to the COVID-19 pandemic, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our Class A common stock could incur substantial losses if there are declines in market prices driven by a return to earlier valuations;</li><li>to the extent volatility in our Class A common stock is caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Class A common stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; and</li><li>if the market price of our Class A common stock declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the equity issuance of our Class A common stock will not fluctuate or decline significantly in the future, in which case you could incur substantial losses.</li></ul><p>We may continue to incur rapid and substantial increases or decreases in our stock price in the foreseeable future that may not coincide in timing with the disclosure of news or developments by or affecting us. Accordingly, the market price of our shares of Class A common stock may fluctuate dramatically, and may decline rapidly, regardless of any developments in our business.</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>Here's AMC's blunt new warning to prospective buyers of its new stock offering</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\">\nHere's AMC's blunt new warning to prospective buyers of its new stock offering\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-06-04 10:54</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordinary retail interest that has driven the movie-theater chain's equity up by 2,850% this year.</p><p>AMC's <a href=\"https://laohu8.com/S/AMC\">$(AMC)$</a> lawyers are apparently as surprised as anyone -- so much so that the company added a fresh risk factor to its 11 million--share sale, which basically boils down to this warning: Prepare to lose everything if you buy the stock.</p><p>The following is the full, extraordinary warning (bolded and italicized text reproduced as in AMC prospectus):</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses.</p><p>The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses. For example, during 2021 to date, the market price of our Class A common stock has fluctuated from an intra-day low of $1.91 per share on January 5, 2021 to an intra-day high on the NYSE of $72.62 on June 2, 2021 and the last reported sale price of our Class A common stock on the NYSE on June 2, 2021, was $62.55 per share. During 2021 to date, daily trading volume ranged from approximately 23,598,228 to 1,253,253,550 shares. Within the last seven business days, the market price of our Class A common stock has fluctuated from an intra-day low of $12.18 on May 24, 2021 to an intra-day high of $72.62 on June 2, 2021, and we have made no disclosure regarding a change to our underlying business during that period, other than with respect to an additional financing.</p><p>We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last. Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment.</p><p>Extreme fluctuations in the market price of our Class A common stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums. The market volatility and trading patterns we have experienced create several risks for investors, including the following:</p><ul><li>the market price of our Class A common stock has experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;</li><li>factors in the public trading market for our Class A common stock include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our Class A common stock and any related hedging and other trading factors;</li><li>our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from those seen prior to recent volatility and that are significantly higher than our market capitalization immediately prior to the COVID-19 pandemic, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our Class A common stock could incur substantial losses if there are declines in market prices driven by a return to earlier valuations;</li><li>to the extent volatility in our Class A common stock is caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Class A common stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; and</li><li>if the market price of our Class A common stock declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the equity issuance of our Class A common stock will not fluctuate or decline significantly in the future, in which case you could incur substantial losses.</li></ul><p>We may continue to incur rapid and substantial increases or decreases in our stock price in the foreseeable future that may not coincide in timing with the disclosure of news or developments by or affecting us. Accordingly, the market price of our shares of Class A common stock may fluctuate dramatically, and may decline rapidly, regardless of any developments in our business.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140026421","content_text":"AMC Entertainment Holdings on Thursday announced a new stock sale to take advantage of the extraordinary retail interest that has driven the movie-theater chain's equity up by 2,850% this year.AMC's $(AMC)$ lawyers are apparently as surprised as anyone -- so much so that the company added a fresh risk factor to its 11 million--share sale, which basically boils down to this warning: Prepare to lose everything if you buy the stock.The following is the full, extraordinary warning (bolded and italicized text reproduced as in AMC prospectus):The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses.The market prices and trading volume of our shares of Class A common stock have recently experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Class A common stock to incur substantial losses. For example, during 2021 to date, the market price of our Class A common stock has fluctuated from an intra-day low of $1.91 per share on January 5, 2021 to an intra-day high on the NYSE of $72.62 on June 2, 2021 and the last reported sale price of our Class A common stock on the NYSE on June 2, 2021, was $62.55 per share. During 2021 to date, daily trading volume ranged from approximately 23,598,228 to 1,253,253,550 shares. Within the last seven business days, the market price of our Class A common stock has fluctuated from an intra-day low of $12.18 on May 24, 2021 to an intra-day high of $72.62 on June 2, 2021, and we have made no disclosure regarding a change to our underlying business during that period, other than with respect to an additional financing.We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last. Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment.Extreme fluctuations in the market price of our Class A common stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums. The market volatility and trading patterns we have experienced create several risks for investors, including the following:the market price of our Class A common stock has experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;factors in the public trading market for our Class A common stock include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our Class A common stock and any related hedging and other trading factors;our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from those seen prior to recent volatility and that are significantly higher than our market capitalization immediately prior to the COVID-19 pandemic, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our Class A common stock could incur substantial losses if there are declines in market prices driven by a return to earlier valuations;to the extent volatility in our Class A common stock is caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Class A common stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; andif the market price of our Class A common stock declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the equity issuance of our Class A common stock will not fluctuate or decline significantly in the future, in which case you could incur substantial losses.We may continue to incur rapid and substantial increases or decreases in our stock price in the foreseeable future that may not coincide in timing with the disclosure of news or developments by or affecting us. Accordingly, the market price of our shares of Class A common stock may fluctuate dramatically, and may decline rapidly, regardless of any developments in our business.","news_type":1},"isVote":1,"tweetType":1,"viewCount":218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894061367,"gmtCreate":1628778234359,"gmtModify":1676529852622,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>The dips are steep, a little crazy ride. However I will look forward another 2 quarter report to see how Huya perform.&nbsp;","listText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>The dips are steep, a little crazy ride. However I will look forward another 2 quarter report to see how Huya perform.&nbsp;","text":"$Huya Inc.(HUYA)$The dips are steep, a little crazy ride. However I will look forward another 2 quarter report to see how Huya perform.","images":[{"img":"https://static.tigerbbs.com/c13b2ff9a54e913923a63bc5216ea1cc","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/894061367","isVote":1,"tweetType":1,"viewCount":1100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":175744094,"gmtCreate":1627050667118,"gmtModify":1703483388755,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>buy the dip ? The only way is go up when reach the bottom&nbsp;","listText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>buy the dip ? The only way is go up when reach the bottom&nbsp;","text":"$Huya Inc.(HUYA)$buy the dip ? The only way is go up when reach the bottom","images":[{"img":"https://static.tigerbbs.com/2223abd879ede0342815c827e223f6f2","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175744094","isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":172272941,"gmtCreate":1626964367583,"gmtModify":1703481542848,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"Erm... nope.. these not gonna double. But AMC &amp; GME definitely can.&nbsp;","listText":"Erm... nope.. these not gonna double. But AMC &amp; GME definitely can.&nbsp;","text":"Erm... nope.. these not gonna double. But AMC & GME definitely can.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/172272941","repostId":"2153671844","repostType":4,"isVote":1,"tweetType":1,"viewCount":585,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3581985274026406","authorId":"3581985274026406","name":"Skai","avatar":"https://community-static.tradeup.com/news/895ee4bbfa814435328502a50bbee0a7","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3581985274026406","idStr":"3581985274026406"},"content":"You're partially wrong. AMC and GME can more than double!! Especially for AMC because of its low price now.","text":"You're partially wrong. AMC and GME can more than double!! Especially for AMC because of its low price now.","html":"You're partially wrong. AMC and GME can more than double!! Especially for AMC because of its low price now."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":118368146,"gmtCreate":1622719702385,"gmtModify":1704189628710,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"Diamond hand hold till $10,000, paper hand sell now.","listText":"Diamond hand hold till $10,000, paper hand sell now.","text":"Diamond hand hold till $10,000, paper hand sell now.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/118368146","repostId":"2140542610","repostType":4,"repost":{"id":"2140542610","kind":"live","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1622718376,"share":"https://ttm.financial/m/news/2140542610?lang=&edition=fundamental","pubTime":"2021-06-03 19:06","market":"us","language":"en","title":"AMC Entertainment Holdings Files To Sell Up To 11.55Mln Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2140542610","media":"Tiger Newspress","summary":"AMC tumbles 10% after new stock sale announcement, wipes out 20% premarket rally.AMC Entertainment s","content":"<p>AMC tumbles 10% after new stock sale announcement, wipes out 20% premarket rally.</p><p><img src=\"https://static.tigerbbs.com/df04643ab4f4847afdb5d9d3285e25fa\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>AMC Entertainment&nbsp;shares erased a 20% rally and plunged double digits in premarket trading on Thursday following a stock sale announcement.</p><p>The meme stock last traded down 10% after soaring more than 20% earlier Thursday before markets opened.</p><p>AMC said in a regulatory filing that it may offer and sell from time to time up to an aggregate of 11.55 million shares of its Class&nbsp;A common stock.</p><p>The move comes after AMC&nbsp;soared 95% in the regular trading session&nbsp;Wednesday to close at an all-time high of $62.55. Its previous closing record of $35.86 was reached in 2015, according to FactSet data.</p><p>AMC’s stock spiked as it hit an intraday high of $72.62, well above its previous intraday record of $36.72.</p><p>In a similar occurrence seen in January with the meme stocks like GameStop, defiant short-sellers have increased their bets against AMC shares over the last month, possibly fueling the move higher. About 18% of the AMC shares available for trading are still sold short through Wednesday, according to S3 Partners.</p><p>On Wednesday, short-sellers lost $2.8 billion as the stock surged, according to S3. That brings their year-to-date losses to more than $5 billion, according to S3.</p><p>Short sellers like hedge funds borrow the stock from an investment bank and sell it in the hopes of buying it back at a lower price and returning the shares, pocketing the difference. However, when a stock surges higher, a so-called short squeeze can occur where investors are forced to buy back the stock to cut their losses.</p><p>Trading was halted several times Wednesday as shares were up more than 100% at one point. At the end of the day, more than 710 million shares exchanged hands. That’s nearly double the number of AMC’s shares outstanding. The company’s 30-day average volume is just 143 million shares.</p><p>Retail investors — many active on Reddit’s WallStreetBets forum — led the AMC rally, and AMC executives have taken note. On Wednesday, the company announced a&nbsp;new portal to connect with individual investors&nbsp;and offered free popcorn, exclusive screenings and other perks to those who hold its stock.</p><p>JPMorgan noted that in the last week, retail order flow into AMC jumped to $583 million, 6.9 standard deviations above the average level of the last one year. According to their quantitative strategy, this kind of imbalance can lead to more outperformance by the stock in coming weeks.</p><p>AMC shares are up 2850% so far this year, bringing its market capitalization to more than $31 billion. That makes it worth more than stocks like Delta Air Lines, State Street and Best Buy.</p><p>Wednesday’s wild trading activity comes even after an investment firm reportedly sold off its stake in the company. On Tuesday, AMC revealed it&nbsp;sold 8.5 million newly issued shares to Mudrick Capital, the latest in a series of capital raises for the stock. The hedge fund later&nbsp;sold all of its AMC stock for a profitthat same day, according to&nbsp;Bloomberg News.</p><p>Most Wall Street analysts believe AMC shares will plummet eventually. The average 12-month target price of analysts is $5.11, according to FactSet.</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>AMC Entertainment Holdings Files To Sell Up To 11.55Mln Shares</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\">\nAMC Entertainment Holdings Files To Sell Up To 11.55Mln Shares\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\">2021-06-03 19:06</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>AMC tumbles 10% after new stock sale announcement, wipes out 20% premarket rally.</p><p><img src=\"https://static.tigerbbs.com/df04643ab4f4847afdb5d9d3285e25fa\" tg-width=\"1302\" tg-height=\"663\" referrerpolicy=\"no-referrer\"></p><p>AMC Entertainment&nbsp;shares erased a 20% rally and plunged double digits in premarket trading on Thursday following a stock sale announcement.</p><p>The meme stock last traded down 10% after soaring more than 20% earlier Thursday before markets opened.</p><p>AMC said in a regulatory filing that it may offer and sell from time to time up to an aggregate of 11.55 million shares of its Class&nbsp;A common stock.</p><p>The move comes after AMC&nbsp;soared 95% in the regular trading session&nbsp;Wednesday to close at an all-time high of $62.55. Its previous closing record of $35.86 was reached in 2015, according to FactSet data.</p><p>AMC’s stock spiked as it hit an intraday high of $72.62, well above its previous intraday record of $36.72.</p><p>In a similar occurrence seen in January with the meme stocks like GameStop, defiant short-sellers have increased their bets against AMC shares over the last month, possibly fueling the move higher. About 18% of the AMC shares available for trading are still sold short through Wednesday, according to S3 Partners.</p><p>On Wednesday, short-sellers lost $2.8 billion as the stock surged, according to S3. That brings their year-to-date losses to more than $5 billion, according to S3.</p><p>Short sellers like hedge funds borrow the stock from an investment bank and sell it in the hopes of buying it back at a lower price and returning the shares, pocketing the difference. However, when a stock surges higher, a so-called short squeeze can occur where investors are forced to buy back the stock to cut their losses.</p><p>Trading was halted several times Wednesday as shares were up more than 100% at one point. At the end of the day, more than 710 million shares exchanged hands. That’s nearly double the number of AMC’s shares outstanding. The company’s 30-day average volume is just 143 million shares.</p><p>Retail investors — many active on Reddit’s WallStreetBets forum — led the AMC rally, and AMC executives have taken note. On Wednesday, the company announced a&nbsp;new portal to connect with individual investors&nbsp;and offered free popcorn, exclusive screenings and other perks to those who hold its stock.</p><p>JPMorgan noted that in the last week, retail order flow into AMC jumped to $583 million, 6.9 standard deviations above the average level of the last one year. According to their quantitative strategy, this kind of imbalance can lead to more outperformance by the stock in coming weeks.</p><p>AMC shares are up 2850% so far this year, bringing its market capitalization to more than $31 billion. That makes it worth more than stocks like Delta Air Lines, State Street and Best Buy.</p><p>Wednesday’s wild trading activity comes even after an investment firm reportedly sold off its stake in the company. On Tuesday, AMC revealed it&nbsp;sold 8.5 million newly issued shares to Mudrick Capital, the latest in a series of capital raises for the stock. The hedge fund later&nbsp;sold all of its AMC stock for a profitthat same day, according to&nbsp;Bloomberg News.</p><p>Most Wall Street analysts believe AMC shares will plummet eventually. The average 12-month target price of analysts is $5.11, according to FactSet.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2140542610","content_text":"AMC tumbles 10% after new stock sale announcement, wipes out 20% premarket rally.AMC Entertainment shares erased a 20% rally and plunged double digits in premarket trading on Thursday following a stock sale announcement.The meme stock last traded down 10% after soaring more than 20% earlier Thursday before markets opened.AMC said in a regulatory filing that it may offer and sell from time to time up to an aggregate of 11.55 million shares of its Class A common stock.The move comes after AMC soared 95% in the regular trading session Wednesday to close at an all-time high of $62.55. Its previous closing record of $35.86 was reached in 2015, according to FactSet data.AMC’s stock spiked as it hit an intraday high of $72.62, well above its previous intraday record of $36.72.In a similar occurrence seen in January with the meme stocks like GameStop, defiant short-sellers have increased their bets against AMC shares over the last month, possibly fueling the move higher. About 18% of the AMC shares available for trading are still sold short through Wednesday, according to S3 Partners.On Wednesday, short-sellers lost $2.8 billion as the stock surged, according to S3. That brings their year-to-date losses to more than $5 billion, according to S3.Short sellers like hedge funds borrow the stock from an investment bank and sell it in the hopes of buying it back at a lower price and returning the shares, pocketing the difference. However, when a stock surges higher, a so-called short squeeze can occur where investors are forced to buy back the stock to cut their losses.Trading was halted several times Wednesday as shares were up more than 100% at one point. At the end of the day, more than 710 million shares exchanged hands. That’s nearly double the number of AMC’s shares outstanding. The company’s 30-day average volume is just 143 million shares.Retail investors — many active on Reddit’s WallStreetBets forum — led the AMC rally, and AMC executives have taken note. On Wednesday, the company announced a new portal to connect with individual investors and offered free popcorn, exclusive screenings and other perks to those who hold its stock.JPMorgan noted that in the last week, retail order flow into AMC jumped to $583 million, 6.9 standard deviations above the average level of the last one year. According to their quantitative strategy, this kind of imbalance can lead to more outperformance by the stock in coming weeks.AMC shares are up 2850% so far this year, bringing its market capitalization to more than $31 billion. That makes it worth more than stocks like Delta Air Lines, State Street and Best Buy.Wednesday’s wild trading activity comes even after an investment firm reportedly sold off its stake in the company. On Tuesday, AMC revealed it sold 8.5 million newly issued shares to Mudrick Capital, the latest in a series of capital raises for the stock. The hedge fund later sold all of its AMC stock for a profitthat same day, according to Bloomberg News.Most Wall Street analysts believe AMC shares will plummet eventually. The average 12-month target price of analysts is $5.11, according to FactSet.","news_type":1},"isVote":1,"tweetType":1,"viewCount":118,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9987566803,"gmtCreate":1667951414002,"gmtModify":1676537988334,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>","listText":"<a href=\"https://ttm.financial/S/PLTR\">$Palantir Technologies Inc.(PLTR)$</a>","text":"$Palantir Technologies Inc.(PLTR)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9987566803","isVote":1,"tweetType":1,"viewCount":270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837574201,"gmtCreate":1629902597703,"gmtModify":1676530168168,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"Yesterday raise was nothing , they are 4-5 figure per share when squeeze.&nbsp;","listText":"Yesterday raise was nothing , they are 4-5 figure per share when squeeze.&nbsp;","text":"Yesterday raise was nothing , they are 4-5 figure per share when squeeze.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/837574201","repostId":"1196509788","repostType":4,"repost":{"id":"1196509788","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629899168,"share":"https://ttm.financial/m/news/1196509788?lang=&edition=fundamental","pubTime":"2021-08-25 21:46","market":"us","language":"en","title":"Some meme stocks slipped in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1196509788","media":"Tiger Newspress","summary":"Some meme stocks slipped in morning trading.GameStop,AMC Entertainment,Express,KOSS and Robinhood fe","content":"<p>Some meme stocks slipped in morning trading.GameStop,AMC Entertainment,Express,KOSS&nbsp;and&nbsp;Robinhood&nbsp;fell&nbsp;between 1% and 7%&nbsp;while&nbsp;Naked Brand Group&nbsp;surged&nbsp;7.5%.</p>\n<p><img src=\"https://static.tigerbbs.com/3cd4a1e47831725ac5c3611834284345\" tg-width=\"356\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p>\n<p>GameStop stock was slipping after gaining 28% on Tuesday. But the revival of the meme-stock trade could be good news for small-cap stocks generally.</p>\n<p>It’s not much of a move compared with Tuesday’s surge, but with meme stocks, one never can tell.</p>\n<p>GameStop stock had dropped nearly 50% since peaking in early June, but erased 40% of that drop in one day. It also looks to have cleared resistance at about $200, which means there could be more upside ahead. Don’t be surprised if $200 becomes support.</p>\n<p><img src=\"https://static.tigerbbs.com/1ca853dd891fce6c2ec9d0ecf67497eb\" tg-width=\"952\" tg-height=\"627\" referrerpolicy=\"no-referrer\"></p>\n<p>GameStop wasn’t the only meme stock on the move Tuesday.AMC Entertainment(AMC)&nbsp;gained 20%, and like GameStop, it appeared to clear resistance, though not quite as cleanly.</p>\n<p>For those wondering why we care about these stocks, consider this: AMC is the largest position in the&nbsp;iShares Russell 2000 ETF(IWM), even if that means it’s just 0.5% of the index. If the meme stocks keep rising that could be good news for small-caps, which have&nbsp;gone nowhere since February.</p>\n<p><img src=\"https://static.tigerbbs.com/d97157fe74c2c1baef4735a0dbbc9d67\" tg-width=\"960\" tg-height=\"639\" referrerpolicy=\"no-referrer\"></p>\n<p>“Nice bounce …but a lot still to prove,” writes Bay Crest Partners’ Jonathan Krinsky. “IWM closing above $225 would send a strong bullish message for small-caps, and suggest the now seven-month consolidation is, in fact, resolving higher.”</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>Some meme stocks slipped in morning trading</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\">\nSome meme stocks slipped in morning trading\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\">2021-08-25 21:46</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Some meme stocks slipped in morning trading.GameStop,AMC Entertainment,Express,KOSS&nbsp;and&nbsp;Robinhood&nbsp;fell&nbsp;between 1% and 7%&nbsp;while&nbsp;Naked Brand Group&nbsp;surged&nbsp;7.5%.</p>\n<p><img src=\"https://static.tigerbbs.com/3cd4a1e47831725ac5c3611834284345\" tg-width=\"356\" tg-height=\"723\" referrerpolicy=\"no-referrer\"></p>\n<p>GameStop stock was slipping after gaining 28% on Tuesday. But the revival of the meme-stock trade could be good news for small-cap stocks generally.</p>\n<p>It’s not much of a move compared with Tuesday’s surge, but with meme stocks, one never can tell.</p>\n<p>GameStop stock had dropped nearly 50% since peaking in early June, but erased 40% of that drop in one day. It also looks to have cleared resistance at about $200, which means there could be more upside ahead. Don’t be surprised if $200 becomes support.</p>\n<p><img src=\"https://static.tigerbbs.com/1ca853dd891fce6c2ec9d0ecf67497eb\" tg-width=\"952\" tg-height=\"627\" referrerpolicy=\"no-referrer\"></p>\n<p>GameStop wasn’t the only meme stock on the move Tuesday.AMC Entertainment(AMC)&nbsp;gained 20%, and like GameStop, it appeared to clear resistance, though not quite as cleanly.</p>\n<p>For those wondering why we care about these stocks, consider this: AMC is the largest position in the&nbsp;iShares Russell 2000 ETF(IWM), even if that means it’s just 0.5% of the index. If the meme stocks keep rising that could be good news for small-caps, which have&nbsp;gone nowhere since February.</p>\n<p><img src=\"https://static.tigerbbs.com/d97157fe74c2c1baef4735a0dbbc9d67\" tg-width=\"960\" tg-height=\"639\" referrerpolicy=\"no-referrer\"></p>\n<p>“Nice bounce …but a lot still to prove,” writes Bay Crest Partners’ Jonathan Krinsky. “IWM closing above $225 would send a strong bullish message for small-caps, and suggest the now seven-month consolidation is, in fact, resolving higher.”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站","EXPR":"Express, Inc.","AMC":"AMC院线","KOSS":"高斯电子"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196509788","content_text":"Some meme stocks slipped in morning trading.GameStop,AMC Entertainment,Express,KOSS and Robinhood fell between 1% and 7% while Naked Brand Group surged 7.5%.\n\nGameStop stock was slipping after gaining 28% on Tuesday. But the revival of the meme-stock trade could be good news for small-cap stocks generally.\nIt’s not much of a move compared with Tuesday’s surge, but with meme stocks, one never can tell.\nGameStop stock had dropped nearly 50% since peaking in early June, but erased 40% of that drop in one day. It also looks to have cleared resistance at about $200, which means there could be more upside ahead. Don’t be surprised if $200 becomes support.\n\nGameStop wasn’t the only meme stock on the move Tuesday.AMC Entertainment(AMC) gained 20%, and like GameStop, it appeared to clear resistance, though not quite as cleanly.\nFor those wondering why we care about these stocks, consider this: AMC is the largest position in the iShares Russell 2000 ETF(IWM), even if that means it’s just 0.5% of the index. If the meme stocks keep rising that could be good news for small-caps, which have gone nowhere since February.\n\n“Nice bounce …but a lot still to prove,” writes Bay Crest Partners’ Jonathan Krinsky. “IWM closing above $225 would send a strong bullish message for small-caps, and suggest the now seven-month consolidation is, in fact, resolving higher.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838776740,"gmtCreate":1629433294680,"gmtModify":1676530040048,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"Amazing article&nbsp;","listText":"Amazing article&nbsp;","text":"Amazing article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/838776740","repostId":"1113659023","repostType":4,"repost":{"id":"1113659023","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629430265,"share":"https://ttm.financial/m/news/1113659023?lang=&edition=fundamental","pubTime":"2021-08-20 11:31","market":"hk","language":"en","title":"Morgan Stanley：China's Regulatory Reset","url":"https://stock-news.laohu8.com/highlight/detail?id=1113659023","media":"Tiger Newspress","summary":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.New objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shi","content":"<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></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>Morgan Stanley：China's Regulatory Reset</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\">\nMorgan Stanley：China's Regulatory Reset\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\">2021-08-20 11:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113659023","content_text":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.\n\nNew objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.\nEconomic implications: Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.\nInvestment implications: We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.\nOur current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.\nChallenges and opportunities by segment/theme: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.\n5 Key Charts at a Glance\nA shift from \"growth first\" to balancing growth and sustainability...Challenges and opportunities by segment/themeUnderstanding China's Regulatory Reset\nNew era, new objective...\nWe believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.\nReflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.\nIn short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain....but history rhymes\nWhile many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.\nWhy has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out- flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:\n\nRelaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.\nTight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.\n\nHere we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.\nWe also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.What is next?\nThe salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.\nThat said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to\nChina Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds & Tailwinds . Understanding China's Regulatory Reset Are there signposts to help us navigate the outlook based on past regulatory changes?\nWhile China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.\n1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.\n3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as \"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.\nEmergence of new norm following the regulatory shocks: Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:\n1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,\n2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and\n3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.\nKey policy risks to watch\nWe think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.\nAlthough some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.\n1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.\n2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.","news_type":1},"isVote":1,"tweetType":1,"viewCount":515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807103778,"gmtCreate":1628003479794,"gmtModify":1703499529598,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>so many bad news recently that cause Huya to dip. I wish I still keep bullet to buy . It's sad.","listText":"<a href=\"https://laohu8.com/S/HUYA\">$Huya Inc.(HUYA)$</a>so many bad news recently that cause Huya to dip. I wish I still keep bullet to buy . It's sad.","text":"$Huya Inc.(HUYA)$so many bad news recently that cause Huya to dip. I wish I still keep bullet to buy . It's sad.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807103778","isVote":1,"tweetType":1,"viewCount":448,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808071071,"gmtCreate":1627547458893,"gmtModify":1703492099981,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"How come Huya not in the list?&nbsp;","listText":"How come Huya not in the list?&nbsp;","text":"How come Huya not in the list?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/808071071","repostId":"1139723875","repostType":4,"repost":{"id":"1139723875","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627546480,"share":"https://ttm.financial/m/news/1139723875?lang=&edition=fundamental","pubTime":"2021-07-29 16:14","market":"us","language":"en","title":"Hot Chinese concept stocks continued to rebound in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1139723875","media":"Tiger Newspress","summary":"Hot Chinese concept stocks continue to rebound in premarket trading.Alibaba,JD.com,&nbsp;Pinduoduo,Baidu,DiDi&nbsp;Global,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 3% and 5%.","content":"<p>Hot Chinese concept stocks continue to rebound in premarket trading.Alibaba,JD.com,&nbsp;Pinduoduo,Baidu,DiDi&nbsp;Global,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 3% and 5%.</p>\n<p><img src=\"https://static.tigerbbs.com/3dc6bb3705cde0480ddf762a452a7177\" tg-width=\"371\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></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>Hot Chinese concept stocks continued to rebound in premarket trading</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\">\nHot Chinese concept stocks continued to rebound in premarket trading\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\">2021-07-29 16:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Hot Chinese concept stocks continue to rebound in premarket trading.Alibaba,JD.com,&nbsp;Pinduoduo,Baidu,DiDi&nbsp;Global,Nio,Xpeng Motors and Li Auto&nbsp;climbed between 3% and 5%.</p>\n<p><img src=\"https://static.tigerbbs.com/3dc6bb3705cde0480ddf762a452a7177\" tg-width=\"371\" tg-height=\"600\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PDD":"拼多多","JD":"京东","DIDI":"滴滴(已退市)","NIO":"蔚来","XPEV":"小鹏汽车","BILI":"哔哩哔哩","LI":"理想汽车","BIDU":"百度","BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139723875","content_text":"Hot Chinese concept stocks continue to rebound in premarket trading.Alibaba,JD.com, Pinduoduo,Baidu,DiDi Global,Nio,Xpeng Motors and Li Auto climbed between 3% and 5%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141185879,"gmtCreate":1625842131191,"gmtModify":1703749734893,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"Hold amc regardless&nbsp;","listText":"Hold amc regardless&nbsp;","text":"Hold amc regardless","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/141185879","repostId":"1173374462","repostType":4,"repost":{"id":"1173374462","kind":"news","pubTimestamp":1625840008,"share":"https://ttm.financial/m/news/1173374462?lang=&edition=fundamental","pubTime":"2021-07-09 22:13","market":"us","language":"en","title":"Meme Stocks Like GameStop and AMC Reflect Market Reality","url":"https://stock-news.laohu8.com/highlight/detail?id=1173374462","media":"Thestreet","summary":"Gamestop (GME) made some investors rich… and then it broke many more. Investing in AMC Entertainment","content":"<p>Gamestop&nbsp;(<b>GME</b>)&nbsp;made some investors rich… and then it broke many more. Investing in AMC Entertainment&nbsp;(<b>AMC</b>)&nbsp;did the exact same thing. These two stocks represent, if not failing businesses, at least ailing ones; companies that struggled to keep up with the new economy even before the pandemic shut down large swaths of it. Yet over the past few months they have posted some of the most volatile gains and losses on the market.</p>\n<p>How?</p>\n<p>It’s down to what Real Money's Timothy Collins calls the market of “meme stock hyperbole.” But, he writes, is it really all that different from how trading has always worked?</p>\n<p>Have you ever really thought about the phrases 'to the moon' or 'conviction buy,' and how they mess with out perception of fair value?</p>\n<p>\"Initially, I rolled my eyes at the continued use of the phrase 'To The Moon,'\" Collins says. \"It's not like 'Strong Buy with a price target of $65', for instance. 'To the moon' is completely arbitrary and open to interpretation, but then again so are most things about valuation, when you think about it,\" Collins wrote.</p>\n<p>\"For instance, when an analyst pounds the table on a stock, how is that different from 'to the moon?' Or when someone says, 'all in.' Are they really all in? Did they cash in all their assets, pool the liquidity, and buy every share they possibly could? Probably not. Actually, I'd say definitely not 99.9999% of the time. Of course, there's always that one person,\" Collins said.</p>\n<p>\"But the point isWall Street has been arbitraryfor years. We can't even have a standard rating system. Is it 'Neutral' or 'Hold?' And really, do I want to hold something that is only in the middle of your range? No.\"</p>\n<p>Collins writes, \"The system should be 'buy' or 'sell.' That's it. Black or white. Own or don't own.\"</p>\n<p>Assets like GameStop and even cryptocurrency seem to be selling on nothing more than pure emotion. Investors are taking these products for a joy ride, and that tends to send prices flying up and down the ladder.</p>\n<p>That’s confusing, to be sure. Just, before you go throwing your hands in the air, it’s important to remember that the stock market has always been at least a little bit arbitrary.</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>Meme Stocks Like GameStop and AMC Reflect Market Reality</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\">\nMeme Stocks Like GameStop and AMC Reflect Market Reality\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-09 22:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/investing/meme-stocks-like-gamestop-amc-reflect-market-reality><strong>Thestreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Gamestop (GME) made some investors rich… and then it broke many more. Investing in AMC Entertainment (AMC) did the exact same thing. These two stocks represent, if not failing businesses, at least ...</p>\n\n<a href=\"https://www.thestreet.com/investing/meme-stocks-like-gamestop-amc-reflect-market-reality\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站","AMC":"AMC院线"},"source_url":"https://www.thestreet.com/investing/meme-stocks-like-gamestop-amc-reflect-market-reality","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173374462","content_text":"Gamestop (GME) made some investors rich… and then it broke many more. Investing in AMC Entertainment (AMC) did the exact same thing. These two stocks represent, if not failing businesses, at least ailing ones; companies that struggled to keep up with the new economy even before the pandemic shut down large swaths of it. Yet over the past few months they have posted some of the most volatile gains and losses on the market.\nHow?\nIt’s down to what Real Money's Timothy Collins calls the market of “meme stock hyperbole.” But, he writes, is it really all that different from how trading has always worked?\nHave you ever really thought about the phrases 'to the moon' or 'conviction buy,' and how they mess with out perception of fair value?\n\"Initially, I rolled my eyes at the continued use of the phrase 'To The Moon,'\" Collins says. \"It's not like 'Strong Buy with a price target of $65', for instance. 'To the moon' is completely arbitrary and open to interpretation, but then again so are most things about valuation, when you think about it,\" Collins wrote.\n\"For instance, when an analyst pounds the table on a stock, how is that different from 'to the moon?' Or when someone says, 'all in.' Are they really all in? Did they cash in all their assets, pool the liquidity, and buy every share they possibly could? Probably not. Actually, I'd say definitely not 99.9999% of the time. Of course, there's always that one person,\" Collins said.\n\"But the point isWall Street has been arbitraryfor years. We can't even have a standard rating system. Is it 'Neutral' or 'Hold?' And really, do I want to hold something that is only in the middle of your range? No.\"\nCollins writes, \"The system should be 'buy' or 'sell.' That's it. Black or white. Own or don't own.\"\nAssets like GameStop and even cryptocurrency seem to be selling on nothing more than pure emotion. Investors are taking these products for a joy ride, and that tends to send prices flying up and down the ladder.\nThat’s confusing, to be sure. Just, before you go throwing your hands in the air, it’s important to remember that the stock market has always been at least a little bit arbitrary.","news_type":1},"isVote":1,"tweetType":1,"viewCount":37,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194084141,"gmtCreate":1621326359583,"gmtModify":1704355817848,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"$16 target price ? Should be $16k ..","listText":"$16 target price ? Should be $16k ..","text":"$16 target price ? Should be $16k ..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/194084141","repostId":"1149680867","repostType":4,"repost":{"id":"1149680867","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621325712,"share":"https://ttm.financial/m/news/1149680867?lang=&edition=fundamental","pubTime":"2021-05-18 16:15","market":"us","language":"en","title":"AMC stock surged 10% in premarket trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1149680867","media":"Tiger Newspress","summary":"AMC stock surged 10% in premarket trading.B. Riley analyst Eric Wold reiterated a Buy rating on AMC ","content":"<p>AMC stock surged 10% in premarket trading.B. Riley analyst Eric Wold reiterated a Buy rating on AMC shares along with a $16 price target. This figure implies ~15% upside for the year ahead.</p>\n<p><img src=\"https://static.tigerbbs.com/f10755100aab2404ec01c02e46e5e837\" tg-width=\"1302\" tg-height=\"663\"></p>\n<p>Wold believes that AMC probably has enough cash that it won't need to raise any more \"before industry trends recover in 2022/2023\" -- although it still has the option \"to take strategic actions to improve the balance sheet further.\"</p>\n<p>Indeed, the analyst says AMC now has \"at least aone-year cash runway\" at current levels of movie attendance (and probably longer than that, given that attendance is improving).</p>\n<p>Wold describes AMC's decision to raise cash this month as \"opportunistic\" rather than \"necessary,\" and notes that the company has taken other steps to bolster its balance sheet, including renegotiating its property lease terms to take into account diminished attendance at its theaters during the pandemic. At the same time, the analyst believes AMC has an \"improved cash flow outlook\" this year, predicting a \"box office recovery into year-end,\" which will yield more revenues to cover the company's expenses.</p>\n<p>Already, says Wold, both New York and California, two of the biggest markets for movie-watching, have more or less eliminated capacity restrictions on theater attendance. And this lifting of restrictions coincides with the arrival of \"pent-up demand for moviegoing\" among viewers who've been essentially locked out of theaters for the past year. Wold describes the slate of blockbuster movies coming out this summer as \"impressive,\" and says the release dates for these films have \"begun to stabilize in recent weeks,\" which should make it easier to predict the box office hauls that AMC might anticipate as the year progresses.</p>\n<p>Running the numbers, Wold estimates that U.S. box office numbers will be down 70% in Q2 2021 (relative to 2019 levels), but down only 35% in Q3 (the summer quarter), and down only 20% in Q4 (the winter quarter). In dollars and cents, the analyst says this should translate to nearly $2.5 billion in revenues this year, nearly doubling to $4.7 billion in 2022, and then growing about 15% to $5.4 billion in 2023. By that point, AMC should be almost back in the black, losing only $0.35 per share in fiscal 2023.</p>\n<p>In contrast to Wold, the Street remains unconvinced. AMC stock has a Hold consensus rating, based on 3 Holds, 2 Sells, and only 1 Buy. The forecast is for ~49% downside, given the average price target stands at $7.13.</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>AMC stock surged 10% in premarket trading</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\">\nAMC stock surged 10% in premarket trading\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 16:15</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>AMC stock surged 10% in premarket trading.B. Riley analyst Eric Wold reiterated a Buy rating on AMC shares along with a $16 price target. This figure implies ~15% upside for the year ahead.</p>\n<p><img src=\"https://static.tigerbbs.com/f10755100aab2404ec01c02e46e5e837\" tg-width=\"1302\" tg-height=\"663\"></p>\n<p>Wold believes that AMC probably has enough cash that it won't need to raise any more \"before industry trends recover in 2022/2023\" -- although it still has the option \"to take strategic actions to improve the balance sheet further.\"</p>\n<p>Indeed, the analyst says AMC now has \"at least aone-year cash runway\" at current levels of movie attendance (and probably longer than that, given that attendance is improving).</p>\n<p>Wold describes AMC's decision to raise cash this month as \"opportunistic\" rather than \"necessary,\" and notes that the company has taken other steps to bolster its balance sheet, including renegotiating its property lease terms to take into account diminished attendance at its theaters during the pandemic. At the same time, the analyst believes AMC has an \"improved cash flow outlook\" this year, predicting a \"box office recovery into year-end,\" which will yield more revenues to cover the company's expenses.</p>\n<p>Already, says Wold, both New York and California, two of the biggest markets for movie-watching, have more or less eliminated capacity restrictions on theater attendance. And this lifting of restrictions coincides with the arrival of \"pent-up demand for moviegoing\" among viewers who've been essentially locked out of theaters for the past year. Wold describes the slate of blockbuster movies coming out this summer as \"impressive,\" and says the release dates for these films have \"begun to stabilize in recent weeks,\" which should make it easier to predict the box office hauls that AMC might anticipate as the year progresses.</p>\n<p>Running the numbers, Wold estimates that U.S. box office numbers will be down 70% in Q2 2021 (relative to 2019 levels), but down only 35% in Q3 (the summer quarter), and down only 20% in Q4 (the winter quarter). In dollars and cents, the analyst says this should translate to nearly $2.5 billion in revenues this year, nearly doubling to $4.7 billion in 2022, and then growing about 15% to $5.4 billion in 2023. By that point, AMC should be almost back in the black, losing only $0.35 per share in fiscal 2023.</p>\n<p>In contrast to Wold, the Street remains unconvinced. AMC stock has a Hold consensus rating, based on 3 Holds, 2 Sells, and only 1 Buy. The forecast is for ~49% downside, given the average price target stands at $7.13.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149680867","content_text":"AMC stock surged 10% in premarket trading.B. Riley analyst Eric Wold reiterated a Buy rating on AMC shares along with a $16 price target. This figure implies ~15% upside for the year ahead.\n\nWold believes that AMC probably has enough cash that it won't need to raise any more \"before industry trends recover in 2022/2023\" -- although it still has the option \"to take strategic actions to improve the balance sheet further.\"\nIndeed, the analyst says AMC now has \"at least aone-year cash runway\" at current levels of movie attendance (and probably longer than that, given that attendance is improving).\nWold describes AMC's decision to raise cash this month as \"opportunistic\" rather than \"necessary,\" and notes that the company has taken other steps to bolster its balance sheet, including renegotiating its property lease terms to take into account diminished attendance at its theaters during the pandemic. At the same time, the analyst believes AMC has an \"improved cash flow outlook\" this year, predicting a \"box office recovery into year-end,\" which will yield more revenues to cover the company's expenses.\nAlready, says Wold, both New York and California, two of the biggest markets for movie-watching, have more or less eliminated capacity restrictions on theater attendance. And this lifting of restrictions coincides with the arrival of \"pent-up demand for moviegoing\" among viewers who've been essentially locked out of theaters for the past year. Wold describes the slate of blockbuster movies coming out this summer as \"impressive,\" and says the release dates for these films have \"begun to stabilize in recent weeks,\" which should make it easier to predict the box office hauls that AMC might anticipate as the year progresses.\nRunning the numbers, Wold estimates that U.S. box office numbers will be down 70% in Q2 2021 (relative to 2019 levels), but down only 35% in Q3 (the summer quarter), and down only 20% in Q4 (the winter quarter). In dollars and cents, the analyst says this should translate to nearly $2.5 billion in revenues this year, nearly doubling to $4.7 billion in 2022, and then growing about 15% to $5.4 billion in 2023. By that point, AMC should be almost back in the black, losing only $0.35 per share in fiscal 2023.\nIn contrast to Wold, the Street remains unconvinced. AMC stock has a Hold consensus rating, based on 3 Holds, 2 Sells, and only 1 Buy. The forecast is for ~49% downside, given the average price target stands at $7.13.","news_type":1},"isVote":1,"tweetType":1,"viewCount":110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":838772554,"gmtCreate":1629433341478,"gmtModify":1676530040064,"author":{"id":"3579165790806377","authorId":"3579165790806377","name":"ShawnDer","avatar":"https://static.tigerbbs.com/b0a2d61fbfe399cd7f15222fc726fff8","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579165790806377","idStr":"3579165790806377"},"themes":[],"htmlText":"@Huya @Baba great article to understand the current ongoing..&nbsp;","listText":"@Huya @Baba great article to understand the current ongoing..&nbsp;","text":"@Huya @Baba great article to understand the current ongoing..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/838772554","repostId":"1113659023","repostType":4,"repost":{"id":"1113659023","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1629430265,"share":"https://ttm.financial/m/news/1113659023?lang=&edition=fundamental","pubTime":"2021-08-20 11:31","market":"hk","language":"en","title":"Morgan Stanley：China's Regulatory Reset","url":"https://stock-news.laohu8.com/highlight/detail?id=1113659023","media":"Tiger Newspress","summary":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.New objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shi","content":"<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></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>Morgan Stanley：China's Regulatory Reset</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\">\nMorgan Stanley：China's Regulatory Reset\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\">2021-08-20 11:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n Beijing is shifting its governance priorities to balancing growth and sustainability, tackling&nbsp;social equality and security with a major regulatory reset. It could rebalance the share of&nbsp;economy toward labor, lowering corporate profit share. We see a longer and more&nbsp;profound market impact.\n</blockquote>\n<p><i><b>New objective triggering major regulatory reset: </b></i>We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.</p>\n<p><i><b>Economic implications:</b></i> Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.</p>\n<p><b><i>Investment implications:</i></b> We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.</p>\n<p>Our current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.</p>\n<p><i><b>Challenges and opportunities by segment/theme</b></i>: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.</p>\n<p><b>5&nbsp;Key Charts at a Glance</b></p>\n<p>A shift from \"growth first\" to balancing growth and sustainability...<img src=\"https://static.tigerbbs.com/2da734c8c3853c4f5e3ef9f420b44128\" tg-width=\"1384\" tg-height=\"422\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/45ef8f29c3d6672ff460eb2c2f53e4bd\" tg-width=\"1372\" tg-height=\"736\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d0f6b44f17975c68e81956d1f48f1a1f\" tg-width=\"1420\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/28739534c43a8f4ad6130734def1060e\" tg-width=\"1396\" tg-height=\"998\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/081b21f4492f2e201aa01ce3bf0cc0cf\" tg-width=\"1442\" tg-height=\"708\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/d9e0b9b6480a2b1c9c338ece5db0f691\" tg-width=\"1378\" tg-height=\"938\" referrerpolicy=\"no-referrer\"><b>Challenges and opportunities by segment/theme</b><img src=\"https://static.tigerbbs.com/ee2a916e7de802073a0628962cc2cfe6\" tg-width=\"1114\" tg-height=\"1170\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/9ab4ef36aba8f43d66471c352d81a93f\" tg-width=\"1118\" tg-height=\"690\" referrerpolicy=\"no-referrer\"><b>Understanding China's Regulatory Reset</b></p>\n<p>New era, new objective...</p>\n<p>We believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.</p>\n<p>Reflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves&nbsp;the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.</p>\n<p>In short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain.<img src=\"https://static.tigerbbs.com/aed81f65a92f4b2731263273025f4a53\" tg-width=\"1108\" tg-height=\"328\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/cb0dce11e47f8023f88a4ab2622f89e6\" tg-width=\"1128\" tg-height=\"700\" referrerpolicy=\"no-referrer\">...but history rhymes</p>\n<p>While many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.</p>\n<p>Why has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out-&nbsp;flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:</p>\n<ul>\n <li>Relaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.</li>\n <li>Tight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.<img src=\"https://static.tigerbbs.com/58cb4228c860070dfebe954a1a937a1e\" tg-width=\"1102\" tg-height=\"516\" referrerpolicy=\"no-referrer\">However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.</li>\n</ul>\n<p>Here we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth&nbsp;and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.</p>\n<p>We also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.<img src=\"https://static.tigerbbs.com/0a679cb541385fed3b741397ff984c65\" tg-width=\"1134\" tg-height=\"398\" referrerpolicy=\"no-referrer\"><b>What is next?</b></p>\n<p>The salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.</p>\n<p>That said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to</p>\n<p>China Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds &amp; Tailwinds . Understanding China's Regulatory Reset&nbsp;Are there signposts to help us navigate the outlook based on past regulatory changes?</p>\n<p>While China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.</p>\n<p>1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).<img src=\"https://static.tigerbbs.com/3f5352ef9df13a439c37493e9a8ca53c\" tg-width=\"1126\" tg-height=\"628\" referrerpolicy=\"no-referrer\">2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.</p>\n<p>3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as&nbsp;\"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.<img src=\"https://static.tigerbbs.com/cc249af2f4c828e1675a81878fef5910\" tg-width=\"1094\" tg-height=\"966\" referrerpolicy=\"no-referrer\"></p>\n<p><b>Emergence of new norm following the regulatory shocks:</b> Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:</p>\n<p>1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,</p>\n<p>2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and</p>\n<p>3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.</p>\n<p><b>Key policy risks to watch</b></p>\n<p>We think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.</p>\n<p>Although some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.</p>\n<p>1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.</p>\n<p>2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.<img src=\"https://static.tigerbbs.com/30308333dcaae51b19d9d6df98163daa\" tg-width=\"1100\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113659023","content_text":"Beijing is shifting its governance priorities to balancing growth and sustainability, tackling social equality and security with a major regulatory reset. It could rebalance the share of economy toward labor, lowering corporate profit share. We see a longer and more profound market impact.\n\nNew objective triggering major regulatory reset: We are at a signifi- cant moment in the history of China’s economy and capital markets: after a decade-long journey to eliminate absolute poverty, Beijing is shifting governance priorities from growth to balancing growth and sustainability: social equality, data security, and self-sufficiency. China's new regulations on fintech, big tech, after-school tutoring, cryptocurrency, and carbon emissions over the past nine months underpin this major regulatory reset.\nEconomic implications: Under the new governance paradigm, China appears to be attempting to check the rise in corporate power and rebalance the share of the economy in favor of labor, which could result in decline in corporate profit share. We see regulatory head- winds for sectors associated with rising tensions of social inequality, environmental sustainability, and data security risks, while the new framework provides policy support to advanced manufacturing, tech localization, and renewable energy. We remain watchful of the risk of over-regulation, or, in contrast, resumption of offshore (Hong Kong) IPOs for tech companies, clarity over employment benefits and other issues concerning platform companies, progress on audit access dis- pute resolution, and clearer guidance from top policymakers to curb spillover effects of regulation changes.\nInvestment implications: We expect a longer and more profound impact from the current regulatory cycle on China's equity market valuations and Equity Risk Premium (ERP) than has occurred in sim- ilar past cycles, as it is affecting a more substantial proportion of the market than previously and, in particular, the Internet sector, which accounts for ~40% of MSCI China by index weight. There is a substan- tial degree of uncertainty over what this means both for future net income margins and revenue growth for the affected sectors and stocks.\nOur current base case forward P/E target for MSCI China of 13.0x implies MSCI China would trade on a mid-single-digit percentage val- uation discount to MSCI EM ex China for a sustained period of time. Over time we expect the MSCI China universe to gradually have a more balanced sector allocation with a reduced weight for Internet and a higher weight for sectors like Industrials and IT.\nChallenges and opportunities by segment/theme: Data-heavy tech and platform companies and property could remain under pressure amid the regulatory reset, while semi localization, cybersecurity, domestic brands catering to the mass market, innovative drugs, bio- tech, and green economy may enjoy support.\n5 Key Charts at a Glance\nA shift from \"growth first\" to balancing growth and sustainability...Challenges and opportunities by segment/themeUnderstanding China's Regulatory Reset\nNew era, new objective...\nWe believe the recent regulatory tightening reflects a shift in China's governance priorities from \"growth first\" to balancing growth and sustainability – i.e., security, self-sufficiency, and social equality. In the last decade Beijing said its key goal was to double per capita income and eliminate absolute poverty (President Xi’s inaugural speech in Nov. 2012), i.e., giving highest priority to growth. However, this \"pro-growth\" strategy also led to higher inequality and social problems due to lack of regulations on emerging sectors, pointing to the importance of \"pro-poor\" measures as a complement (see World Bank (2004): Pro-growth, pro-poor: Is there a tradeoff?). Now, the government is emphasizing “getting rich together” (common prosperity) as the new objective for the next stage of development in the midst of the CCP's 100-year anniversary, and aims to \"prevent the unbridled expansion of capital\" by intro- ducing a range of KPIs besides economic growth, which covers social equality, supply chain self-sufficiency and data security in the face of rising secular risks – income inequality, US-China tensions, and aging demographics.\nReflecting this reorientation, policymakers have intensified regu- lations in the past 9 months over fintech, big tech (anti-trust, data regulation and employee protection), after-school tutoring, crypto- currency, carbon emissions and overseas IPO rules. The anti-trust campaign has mainly targeted the prevention of tech giants from an over-concentration of market power and eroding welfare of smaller businesses and outsourced employees; the fintech regulation serves the purpose of curbing regulatory arbitrage and financial stability risks; and the increased scrutiny over Chinese ADRs and cross-border data flow in July 2021 mainly focuses on reducing risks of security amid lingering geopolitical tensions. Similarly, the recent regulatory changes to after-school tutoring are part of policy efforts to reduce child-raising costs.\nIn short, China is trying to rebalance the rise in corporate power and the share of labor compensation, and this may lead to some systematic de-rating in valuations for some sectors. Having said that, policymakers will have to strike a balance, as China's ambition to thrive as an economic super power will require it to ensure con- tinued private sector vitality to spur innovation and further RMB internationalization to attract capital inflows, so as to sustain long- term productivity growth. While the new regulations introduce more requirements on social responsibility and data usage, and might lead to some increase in margin pressures for related enterprises, we think they will not disrupt business models for most sectors (except for after-school tutoring). For instance, the anti-trust law mainly focuses on banning tech-giants from requiring merchants to sign exclusive cooperation pacts, while the government's guidance on enhancing flexible workers' social benefits mainly requires food delivery platforms to pay healthcare and pension coverage for out- sourced employees. Online goods sales have also held up quite well recently despite the tech regulation campaign starting from late last year. Meanwhile, some regulatory changes are supportive for advanced manufacturing, hardware localization, and clean energy supply chain....but history rhymes\nWhile many of the regulations appear long-overdue and make sense (for example on fintech, anti-trust and outsourced labour protec- tion), the pace of changes in last 9 months has caught the market off-guard as a seemingly arbitrary shift in direction.\nWhy has it occurred in such fashion? We have indeed seen this movie many times: China’s regulatory environments have tended to oscillate between relaxed and tight enforcement, especially in emerging sectors. But this has tended to result in an abrupt regula- tory reset. Before the current reversal in regulating big tech, China had a regulation campaign on mining (2006-2009), dairy (2008- 2010), high-end dining and liquor (2013-2014), irrational capital out- flows (2016-17), gaming (2018), and drugs (2018-2019) – most lasting for one to two years. The sharp shifts in regulatory changes have been largely due to the fact that regulations have tended to lag a period of exponential growth in the sector:\n\nRelaxed stage: Local government support, pro-growth men- tality and business interests together contributed to a lag in regulating emerging sectors.\nTight regulation stage: When a problem is looming as evi- denced by public opinion and/or financial stability indicators, the top leadership shifts gears, quickly mobilizes all administra- tive resources to reorientate its policy control and bolster its regulatory capacity.However, the abrupt shifts in policy tend to hurt market confi- dence and would benefit from more clarity: In past regulatory cycles, capital markets usually underperformed at the start, reflecting weaker market sentiment in the face of policy uncertainty, suggesting the need for greater policy communication. Historical patterns suggest that as an initial step to restore private sector confi- dence, minister-level officials attempt to clarify policy goals publicly. But if this communication is insufficient to temper concern and even- tually weakness in private confidence hurts the job market, top-level policymakers tend to step in.\n\nHere we can take 2H18 as an example, when the triple headwinds of deleveraging, regulatory tightening, and US-China trade tensions triggered market concerns about \"state advances, private sector retreats\". By then, while policymakers already shifted to an easing stance in July 2018 with PBoC's targeted RRR cut, followed by the Ministry of Finance's urge to accelerate local govt. bond issuance in August 2018, it did not stop the deterioration in broad credit growth and private sector confidence. In response, China's President con- vened a forum with entrepreneurs in November 2018 to send a clear signal on supporting private firms.\nWe also see a similar pattern emerging from the government in trying to provide clarity in this cycle. For instance, China's Vice Premier spoke at a business forum on July 27, saying that the nation would \"strike a balance between growth and safety, to ensure social fairness and competition, and promote healthy development of the capital market\". According to Bloomberg, the China Securities Regulatory Commission (CSRC) also told major investment banks on July 28 that the education policies were targeted and not intended to hurt com- panies in other industries. Separately, the government of Zhejiang province (one of China's richest provinces) clarified in mid-July that the “common prosperity initiative” does not mean \"absolute equal\". We will be watchful on the potential impact of intensified regulations on private sector confidence, and see if the existing government clari- fications are sufficient to restore market sentiment.What is next?\nThe salient shift of governance priorities from “growth first” to bal- anced growth and sustainability means that sectoral regulations will likely continue to be realigned with the broader goals of social equality and national security. We thus see potential new regulation and/or detailed implementation plans in the coming years for sectors associated with the rising tensions of income and wealth inequality, rapid fertility decline, environment, and national security risks amid post-Covid de-globalization.\nThat said, as aforementioned, we think these regulations are more about rebalancing the rise in corporate power and the share of labor compensation, and would not necessarily view them through the lens of “state vs. private”. Therefore, while we expect regulatory tightening on data-rich tech firms, platform companies, property developers to continue, sectors in-line with China's new economic agenda should continue to get support, such as semiconductor local- ization, cybersecurity software, innovative biotech and pharmaceu- tical companies with well-differentiated drugs, mass consumption/ domestic brands, vocational training, and green economy-related investment. For more equity investment analysis, please refer to\nChina Equity Strategy: Implications for Long-Term Valuation and ROE; Opportunities amid Headwinds & Tailwinds . Understanding China's Regulatory Reset Are there signposts to help us navigate the outlook based on past regulatory changes?\nWhile China’s regulatory changes appear less transparent than western counterparts, we do observe similar cycles marked succes- sively by early warning signs, the formal process of drafting and releasing the regulatory documents, and official remarks signaling the end of the campaigns.\n1. Early warning signs: These include increased social aware- ness/anxiety, public discussions, and meaningful deterioration in major macro level indicators, usually lasting 1-2 years (or possibly longer). For example, the latest crackdown on after- school tutoring followed top leaders’ negative assessment of the sector’s impact on children back in Sep-2018, but rapid growth continued, imposing a significant financial burden on middle income households. The antitrust campaign on tech giants was preceded by years of discussion over the contro- versy from \"pick one from two\" – a practice that came under the spotlight in 2015, which means platforms force merchants to have exclusive partnerships or distribution channels. Meanwhile, prominent macro-level regulatory campaigns include the financial cleanup since 2017 (following the five- year rapid rise in debt-to-GDP ratios) and capacity cuts in 2016-18 (following multiyear PPI deflation that further deep- ened in 2015).2. The start of the formal regulatory cycle: This is usually marked either by approval of draft regulations at high-level government meetings or the release of a publicly accessible version for comment. The final document usually publishes 9-12 months later. For example, the latest regulatory docu- ment on capital market irregularities had been drafted and approved last November. In addition, the government will often release detailed plans for implementation, accompa- nying the original (and usually high-level) guidelines.\n3. Signs of reaching the final stages: For regulatory campaigns that have progressed relatively more smoothly, policymakers usually declare good results in high-level meetings – such as \"decisive progress in the three critical battles against poverty, pollution and financial risk\" at the 2021 NPC. On the other hand, for campaigns that brought about meaningful side effects, policymakers tended to soften their stance by, for example, calling for more market- or law-based implementa- tions (e.g., the latter stage of the supply side reforms). In rare cases when private sentiment was severely undermined on a broad scale, China's top leadership has reaffirmed its policy support with measures such as VAT cuts, lower social insur- ance payment ratio, better funding support, and further reforms and opening up.\nEmergence of new norm following the regulatory shocks: Past experiences suggest that each regulatory wave tends to last for 1-2 years, during the start of which capital markets usually underper- formed amid rising risk premiums, but eventually the real economy and capital market adjusted to the new policy framework. As we argued above, most of the ongoing regulation (except for after- school tutoring) mainly focuses on striking a balance between the rise in corporate power and the share of labor compensation rather than aiming to revamp or terminate prevailing business models. In this sense, we believe the key signposts for an end to the current tech regulatory cycle could include:\n1. A resumption of offshore IPOs by Chinese firms within less data-sensitive sub-sectors,\n2. A systematic improvement in key digital platforms’ social ben- efit packages for flexible workers, and\n3. Major fintech companies getting the greenlight for IPOs after fully complying with regulatory requirements.\nKey policy risks to watch\nWe think the key risks lie mainly in China's endogenous growth momentum and external funding. First, while our base case assumes that policymakers can strike a balance between regulation and pri- vate sector vitality under the new policy framework, an inherent tendency to over-regulate could stifle private sector confidence and innovation. Second, a lack of sufficient communication and coordina- tion would not only disrupt business operations, but could also dis- courage foreign investment amid additional informational and cultural barriers. These could slow the pace of capital formation and undermine overall productivity growth in the economy.\nAlthough some short-term pain arising from overdue regulation that follows a prolonged period of unregulated growth is inevitable, we see ways of mitigating the policy overhang.\n1. A more anticipatory regulation framework and forward guid- ance for emerging industries could offer greater visibility and transparency, giving businesses sufficient time to adjust.\n2. On policy coordination, regulatory policies would benefit from being pursued in an integrated manner in order to reduce trade-offs and maximize synergies. For example, it might be true that technology in the data era could boost growth, but it could also worsen income inequality, given its effect of favouring capital over labour and favouring skilled over unskilled labour. However, policymakers could narrow income disparities and help to defuse potential negative social impact by accelerating the urbanization 2.0 strategy and increasing fiscal transfers to optimize the social protection network.","news_type":1},"isVote":1,"tweetType":1,"viewCount":623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}