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2021-07-13

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The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.

2021-07-07

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The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.

2021-07-04

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A "massive and devastating" hacking attack!

2021-07-01

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Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.

2021-06-30

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Federal Reserve Notes: Will US rate hike affect the stability of emerging market economies?

2021-06-28

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The Hong Kong Stock Exchange will resume trading at 1:30 p.m.

2021-06-19

Please like，thank you

2021-06-18

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08:12","market":"hk","language":"zh","title":"The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.","url":"https://stock-news.laohu8.com/highlight/detail?id=1120175170","media":"老虎资讯综合","summary":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买","content":"<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital immediately following the completion of the global offering. And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK$53.3 per offer share and assuming the over-allotment option is not exercised, the company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-07 08:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital immediately following the completion of the global offering. And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK$53.3 per offer share and assuming the over-allotment option is not exercised, the company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03b737852f586e2640047e4e68a010a4","relate_stocks":{"02162":"康诺亚-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120175170","content_text":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买卖单位500股；摩根士丹利、中金公司及华泰国际为联席保荐人，预期股份将于2021年7月8日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率6.5%，认购70手稳中一手。\n乙组头为10万股（200手），获配1000股（2手）。\n\n国际发售项下初步提呈发售的发售股份已获大幅超额认购，相当于国际发售项下初步可供认购发售股份总数的约21.9倍。香港公开发售项下初步提呈发售的香港发售股份已获极大幅超额认购。合共接获249,663份有效申请，认购合共25.05亿股香港发售股份，相当于香港公开发售项下初步可供认购香港发售股份总数约429.97倍。\n根据相关基石投资协议及按发售价每股发售股份53.3港元计算，基石投资者已认购合共2767.15万股发售股份，合计占紧随全球发售完成后公司已发行股本约10.21%；及全球发售项下发售股份数目约47.49%(假设于各情况下超额配售权均未获行使)。\n按发售价每股发售股份53.3港元计算，并假设超额配售权未获行使，公司将收取的全球发售所得款项净额估计约为29.42亿港元。公司拟将全球发售所得款项约60%于未来三至五年内，将主要用于公司核心及主要产品的研发及商业化；约15%将用于公司其他在研产品的临床前评估及临床开发；约15%将用于集团新生产及研发设施的租赁付款，及购买机械及设备；及约10%将用于公司的一般企业及营运资金用途。","news_type":1,"symbols_score_info":{"02162":0.9}},"isVote":1,"tweetType":1,"viewCount":5059,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140396118,"gmtCreate":1625627670634,"gmtModify":1703745230468,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583616639231023","idStr":"3583616639231023"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140396118","repostId":"1120175170","repostType":4,"repost":{"id":"1120175170","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625616736,"share":"https://ttm.financial/m/news/1120175170?lang=en_US&edition=fundamental","pubTime":"2021-07-07 08:12","market":"hk","language":"zh","title":"The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.","url":"https://stock-news.laohu8.com/highlight/detail?id=1120175170","media":"老虎资讯综合","summary":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买","content":"<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital immediately following the completion of the global offering. And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK$53.3 per offer share and assuming the over-allotment option is not exercised, the company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-07 08:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital immediately following the completion of the global offering. And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK$53.3 per offer share and assuming the over-allotment option is not exercised, the company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03b737852f586e2640047e4e68a010a4","relate_stocks":{"02162":"康诺亚-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120175170","content_text":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买卖单位500股；摩根士丹利、中金公司及华泰国际为联席保荐人，预期股份将于2021年7月8日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率6.5%，认购70手稳中一手。\n乙组头为10万股（200手），获配1000股（2手）。\n\n国际发售项下初步提呈发售的发售股份已获大幅超额认购，相当于国际发售项下初步可供认购发售股份总数的约21.9倍。香港公开发售项下初步提呈发售的香港发售股份已获极大幅超额认购。合共接获249,663份有效申请，认购合共25.05亿股香港发售股份，相当于香港公开发售项下初步可供认购香港发售股份总数约429.97倍。\n根据相关基石投资协议及按发售价每股发售股份53.3港元计算，基石投资者已认购合共2767.15万股发售股份，合计占紧随全球发售完成后公司已发行股本约10.21%；及全球发售项下发售股份数目约47.49%(假设于各情况下超额配售权均未获行使)。\n按发售价每股发售股份53.3港元计算，并假设超额配售权未获行使，公司将收取的全球发售所得款项净额估计约为29.42亿港元。公司拟将全球发售所得款项约60%于未来三至五年内，将主要用于公司核心及主要产品的研发及商业化；约15%将用于公司其他在研产品的临床前评估及临床开发；约15%将用于集团新生产及研发设施的租赁付款，及购买机械及设备；及约10%将用于公司的一般企业及营运资金用途。","news_type":1,"symbols_score_info":{"02162":0.9}},"isVote":1,"tweetType":1,"viewCount":4489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155698469,"gmtCreate":1625408659151,"gmtModify":1703741405356,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583616639231023","idStr":"3583616639231023"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155698469","repostId":"2148980089","repostType":4,"repost":{"id":"2148980089","kind":"highlight","pubTimestamp":1625365861,"share":"https://ttm.financial/m/news/2148980089?lang=en_US&edition=fundamental","pubTime":"2021-07-04 10:31","market":"us","language":"zh","title":"A \"massive and devastating\" hacking attack!","url":"https://stock-news.laohu8.com/highlight/detail?id=2148980089","media":"华尔街见闻","summary":"本周五黑客袭击了IT公司Kaseya，向使用该公司技术的管理服务提供商进行勒索。有机构称目前已有20家提供商受到威胁，考虑它们为许多小型企业提供服务，此次黑客事件最终预计会有上千家个受害者。","content":"<p>From the hacking of the largest fuel pipeline in the United States in May, to Toshiba's subsidiary in France, and then to JBS, the world's largest beef producer, in June, hackers are no longer just attacking individual companies, but are targeting IT service providers that serve hundreds or even thousands of companies.</p><p>Multiple media outlets reported that on Friday, July 2, hackers launched a global ransomware attack, targeting more than 1,000 companies and forcing Coop, one of Sweden's largest supermarket chains, to close hundreds of stores.</p><p><b>In what appears to be the largest supply chain hacking attack to date</b>，<b>Hackers targeted IT management software provider Kaseya.</b>。</p><p>Hackers extorted money from managed service providers (MSPs) using Kaseya's technology by attacking a tool called VSA, while encrypting the files of these providers' customers.</p><p>The Financial Times quoted cybersecurity group Huntress Labs as saying,<b>Twenty threatened managed service providers (MSPs) have been identified, with over 1,000 customers of these companies being victims of this ransomware attack.</b>。 Currently, the data of these customers has been encrypted by hackers and can only be obtained after paying a ransom.</p><p>One of the most affected companies, Swedish supermarket chain Coop, said it had closed most of its 800 stores on Saturday. Coop stated that the attack on its managed services provider, Vissma Escom, affected the supermarket's cash register system and self-checkout counters.</p><p>As the \"primary target\" of this hacking attack, IT service provider Kaseya issued a statement saying that IT had proactively shut down its SaaS servers and reminded people not to click on any links when their information was hacked.</p><p>In an updated statement on the evening of July 2, Kaseya said that only a very small number of local customers were affected, approximately 40 out of 36,000 customers.</p><p><b>Nevertheless, considering that some companies using Kaseya software serve hundreds of small businesses, the hack is ultimately expected to have thousands of victims.</b></p><p><a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>According to industry insider Fabian Wosar, he wouldn't be surprised if thousands of companies were affected, as this weekend is a short holiday in the United States, and the exact number is currently unknown.</p><p>John Hammond, a senior security researcher at Huntress, said it was a “massive and devastating” supply chain attack. According to Reuters, he made the above comment in an email, describing it as an increasingly noticeable hacking technique that harms hundreds or even thousands of users simultaneously by hijacking a piece of software.</p>","source":"wallstreetcn_api","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>A \"massive and devastating\" hacking attack!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA \"massive and devastating\" hacking attack!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-04 10:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>From the hacking of the largest fuel pipeline in the United States in May, to Toshiba's subsidiary in France, and then to JBS, the world's largest beef producer, in June, hackers are no longer just attacking individual companies, but are targeting IT service providers that serve hundreds or even thousands of companies.</p><p>Multiple media outlets reported that on Friday, July 2, hackers launched a global ransomware attack, targeting more than 1,000 companies and forcing Coop, one of Sweden's largest supermarket chains, to close hundreds of stores.</p><p><b>In what appears to be the largest supply chain hacking attack to date</b>，<b>Hackers targeted IT management software provider Kaseya.</b>。</p><p>Hackers extorted money from managed service providers (MSPs) using Kaseya's technology by attacking a tool called VSA, while encrypting the files of these providers' customers.</p><p>The Financial Times quoted cybersecurity group Huntress Labs as saying,<b>Twenty threatened managed service providers (MSPs) have been identified, with over 1,000 customers of these companies being victims of this ransomware attack.</b>。 Currently, the data of these customers has been encrypted by hackers and can only be obtained after paying a ransom.</p><p>One of the most affected companies, Swedish supermarket chain Coop, said it had closed most of its 800 stores on Saturday. Coop stated that the attack on its managed services provider, Vissma Escom, affected the supermarket's cash register system and self-checkout counters.</p><p>As the \"primary target\" of this hacking attack, IT service provider Kaseya issued a statement saying that IT had proactively shut down its SaaS servers and reminded people not to click on any links when their information was hacked.</p><p>In an updated statement on the evening of July 2, Kaseya said that only a very small number of local customers were affected, approximately 40 out of 36,000 customers.</p><p><b>Nevertheless, considering that some companies using Kaseya software serve hundreds of small businesses, the hack is ultimately expected to have thousands of victims.</b></p><p><a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>According to industry insider Fabian Wosar, he wouldn't be surprised if thousands of companies were affected, as this weekend is a short holiday in the United States, and the exact number is currently unknown.</p><p>John Hammond, a senior security researcher at Huntress, said it was a “massive and devastating” supply chain attack. According to Reuters, he made the above comment in an email, describing it as an increasingly noticeable hacking technique that harms hundreds or even thousands of users simultaneously by hijacking a piece of software.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3634501\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fab3e6da33eab070d39ea5ddbb760010","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3634501","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148980089","content_text":"从5月的美国最大燃油管道被黑客掐断，到东芝在法国子公司，再到6月全球最大牛肉厂商JBS，如今黑客已经不仅仅是攻击单个公司了，而是盯上了为成百上千公司提供服务的IT服务供应商。\n多家媒体报道，7月2日周五，黑客开始发起一场全球勒索软件攻击，共袭击了超过1000多家公司，并迫使瑞典最大连锁超市之一的Coop关闭了数百家门店。\n在这场似乎是迄今为止规模最大的供应链黑客攻击事件中，黑客将目标锁定在了IT管理软件供应商Kaseya上。\n黑客通过袭击Kaseya公司一个名为VSA的工具，向使用该公司技术的管理服务提供商（MSP）进行勒索，同时加密这些提供商客户的文件。\n英国金融时报援引网络安全集团Huntress Labs表示，目前已经确定了20家受到威胁的管理服务提供商（MSP），这些公司的超过1000家客户为此次勒索事件的受害者。目前这些客户的数据已经被黑客加密，只有支付赎金后才能获得。\n作为其中受影响最大的公司之一，瑞典超市连锁品牌Coop表示，该公司已经于周六关闭了旗下800家门店中的绝大部分。Coop称，其管理服务提供商Vissma Escom遭到攻击后，影响了该超市的收银系统和自助收银台。\n作为此次黑客攻击的“第一目标”，IT服务商Kaseya发布声明称，已经主动关闭了该公司的SaaS服务器，同时提醒受到黑客的信息时不要点击任何链接。\nKaseya在7月2日晚间更新的声明中表示，只有极少数本地客户受到影响，大约是36000名客户中的40家。\n尽管如此，考虑到一些使用Kaseya软件的公司为数百家小型企业提供服务，此次黑客事件最终预计会有上千家受害者。\n华盛顿邮报援引业内人士Fabian Wosar表示，如果有数千家公司受影响他并不会感到意外，因为本周末是美国的小长假，目前无法知道具体数字。\nHuntress高级安全研究员John Hammond则表示，这是一场“巨大且具毁灭性”的供应链攻击。据路透，他在一封邮件中做出了上述评价，并称这是一种越来越引人注目的黑客技术，即通过劫持一个软件来同时危害成百上千的用户。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158273429,"gmtCreate":1625153064261,"gmtModify":1703737360146,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583616639231023","idStr":"3583616639231023"},"themes":[],"title":"","htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/158273429","repostId":"1168133884","repostType":4,"repost":{"id":"1168133884","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625021330,"share":"https://ttm.financial/m/news/1168133884?lang=en_US&edition=fundamental","pubTime":"2021-06-30 10:48","market":"uk","language":"zh","title":"Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1168133884","media":"老虎资讯综合","summary":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月","content":"<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></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>Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: US stocks will be closed on July 5th due to the US Independence Day holiday.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-30 10:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21dd6adec6b29203b5bca22347419441","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168133884","content_text":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月4日大陆会议在费城正式通过《独立宣言》。美国的独立日，与宗教、民俗节日一样隆重，老百姓在节日前清洁院落，装饰家居，悬挂国旗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":7101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151919906,"gmtCreate":1625061395005,"gmtModify":1703735133252,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583616639231023","idStr":"3583616639231023"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151919906","repostId":"1108833039","repostType":4,"repost":{"id":"1108833039","kind":"news","pubTimestamp":1625057247,"share":"https://ttm.financial/m/news/1108833039?lang=en_US&edition=fundamental","pubTime":"2021-06-30 20:47","market":"us","language":"zh","title":"Federal Reserve Notes: Will US rate hike affect the stability of emerging market economies?","url":"https://stock-news.laohu8.com/highlight/detail?id=1108833039","media":"人民币交易与研究","summary":"美联储近日公布最新笔记，分析了美国货币政策对新兴市场的金融溢出效应。相关研究结果帮助解释了最近几个月美国国债收益率的上升对新兴市场经济体金融状况的影响为何相当温和：因为收益率上升似乎主要是受到美国增长","content":"<p>The Federal Reserve recently released its latest notes analyzing the financial spillover effects of U.S. monetary policy on emerging markets. The relevant research findings help explain why the rise in U.S. Treasury Bond yields in recent months has had a relatively mild impact on the financial conditions of emerging market economies: as the rise in yields appears to be primarily driven by improved U.S. growth prospects. That said, fragile emerging markets could face pressure if future rate hike reflects heightened concerns about inflation.</p><p>Rising U.S. interest rates are generally considered bad news for emerging market economies (EMEs) because they increase debt burdens, trigger capital outflows, and often lead to tighter financial conditions, which could trigger a financial crisis. In fact, as shown below, the rise in Federal Funds rate during Volcker's anti-inflation era in the early 1980s (black line) is correlated with the sharp increase in the incidence of financial crises in emerging market countries (green bar). However, in other cases, such as the mid-2000s, emerging market economies withstood the impact of rising US interest rates with little difficulty.</p><p><img src=\"https://static.tigerbbs.com/b0371fc370fb1dfcdf6532d95bb634ac\" tg-width=\"769\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Why do the so-called \"spillover effects\" of US monetary policy on emerging markets differ? Our recent research suggests that the financial spillover effects of US monetary policy on emerging markets depend on two key factors:</p><p>The first is the reason for changes in US interest rates. Rising interest rates, driven by a positive growth outlook, could have a relatively positive impact on emerging financial markets, as GDP growth from increased import demand from U.S. trading partners, as well as benefits from enhanced investor confidence, should offset the costs of rate hike. Conversely, if rate hike is primarily driven by concerns about inflation or the Federal Reserve's policy shifts to a hawkish stance (which we collectively refer to as monetary news), it could cause greater disruption to emerging markets.</p><p>The second key factor influencing the spillover effect of US monetary policy is the situation of emerging market countries themselves; The financial conditions of economies with higher macroeconomic vulnerabilities tend to be more sensitive to rising U.S. interest rates.</p><p>Our findings help explain why the rise in U.S. Treasury Bond yields in recent months has had a relatively mild impact on financial conditions in emerging market economies. Despite the recent rise in inflation data, this is largely due to rising expectations for a rapid recovery in the U.S. economy, which will benefit the overall development of the global economy. Furthermore, despite significant growth in debt in emerging market economies in recent years, exacerbated by the pandemic, macroeconomic vulnerability remains lower than in the turbulent years of the 1990s and 1980s: macroeconomic policies are more prudent, monetary policies are more flexible in responding to crises, and the financial sector is more resilient.</p><p>In the remainder of this report, we will summarize the research behind these findings and present new evidence on the impact of rising U.S. Treasury Bond yields on the financial conditions of emerging market economies over the longer term. We first observe the changes in the 10-year U.S. Treasury Bond yield over a one-hour window around two different events—the Federal Open Market Committee (FOMC) meeting and the U.S. employment report. Then we categorize the FOMC meeting and the employment report according to whether they primarily convey growth news (i.e., information about future growth prospects) or monetary news (i.e., information about future inflation or the Federal Reserve's response mechanism).</p><p>To do this, we studied the synchronized movements of the S&P 500 index. Therefore, if the 10-year U.S. Treasury Bond yield and the S&P 500 index move in line, then the FOMC announcement and non-farm payroll data will be seen as primarily conveying economic growth news. For example, FOMC communication increases investor confidence in U.S. economic growth, which could lead to a simultaneous rise in U.S. Treasury Bond yields and stock prices, while a very weak employment report indicating poor growth and earnings prospects could cause yields and stock prices to fall. The blue dot scatter plot in Figure 2 shows the combination of changes in the 10-year U.S. Treasury Bond yield and the S&P 500 index triggered by all FOMC meetings and employment reports since 2010. We categorize these data as primarily conveying growth messages. These figures account for more than a third of the FOMC meeting and the jobs report, respectively.</p><p>In contrast, if the 10-year U.S. Treasury Bond yield and the S&P 500 index move in opposite directions after the meeting, we would view the FOMC meeting and employment report as primarily conveying monetary policy messages. For example, the FOMC's announcement of rising inflationary pressures could be interpreted as a more hawkish policy stance, which could push up U.S. Treasury Bond yields and depress the S&P 500, as rising real discount rates would put pressure on stock valuations. Alternatively, a jobs report might cause yields to fall but stock prices to rise because investors might believe it is weak enough to prevent the Federal Reserve from tightening monetary policy in the future. The red diamond scatter plot in Figure 2 shows our observations that we classify as primarily conveying monetary messages.</p><p><img src=\"https://static.tigerbbs.com/7ac675aef97e9cb91189cd5b73ba596f\" tg-width=\"800\" tg-height=\"748\" referrerpolicy=\"no-referrer\"></p><p>With this classification, we next estimate the reaction of emerging market asset prices—local currency bond yields, stock indices, credit default swap (CDS) spreads, and currencies—to the movement of U.S. Treasury Bond yields. We conducted a panel regression analysis of the changes in the prices of these four assets and the 10-year U.S. Treasury Bond yield before and after the FOMC meeting and the employment report, using a sample of 22 emerging market economies from January to March 22, 2010. We allow the estimated reaction to vary based on: (1) whether the FOMC or employment report is classified as conveying growth or monetary news according to the above methodology; (2) The macroeconomic vulnerability of emerging market economies themselves before the event. To quantify the vulnerability of emerging market economies, we used a composite measure developed by Ahmed et al. (2017), which combines information from six indicators: inflation, current account deficit, international reserves, government debt, external debt, and private sector credit growth.</p><p>Our main results are shown in Figure 3, which shows the impact of a 100 basis point increase in the 10-year U.S. Treasury Bond yield on asset prices in emerging market economies. The blue bars indicate the spillover effect of growth news, and the red bars indicate the spillover effect of monetary news. These charts illustrate two of our important findings:</p><p>(1) Changes in Treasury Bond yields driven by monetary news have a much greater impact on asset prices in emerging market economies than changes in yields driven by growth news;</p><p>(2) Asset prices in fragile economies are more sensitive to changes in U.S. Treasury Bond yields than in less fragile economies. The rise in yields driven by monetary policy news dealt a heavy blow to more vulnerable economies: local currency bond yields rose more than twice as much as U.S. Treasury Bond yields, CDS spreads soared, and stock prices and currencies collapsed. Conversely, when rising US Treasury Bond yields reflect growth news, the impact on the financial conditions of emerging market economies is generally limited, statistically speaking, almost zero in most cases.</p><p><img src=\"https://static.tigerbbs.com/6e50ddae97e535c72e0727c5a8031a6e\" tg-width=\"800\" tg-height=\"1126\" referrerpolicy=\"no-referrer\"></p><p>In conclusion, rising US Treasury Bond yields may lead to a significant tightening of financial conditions in emerging market economies, but this impact largely depends on the drivers of rising yields and the domestic conditions of emerging market economies. Our findings help explain why the financial spillover effect of rising U.S. Treasury Bond yields on emerging markets so far this year has been limited, as the rise in yields appears to be primarily driven by improved U.S. growth prospects. That said, fragile emerging markets could face pressure if future rate hike reflects heightened concerns about inflation.</p>","source":"lsy1574157197600","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>Federal Reserve Notes: Will US rate hike affect the stability of emerging market economies?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFederal Reserve Notes: Will US rate hike affect the stability of emerging market economies?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">人民币交易与研究</strong><span class=\"h-time small\">2021-06-30 20:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve recently released its latest notes analyzing the financial spillover effects of U.S. monetary policy on emerging markets. The relevant research findings help explain why the rise in U.S. Treasury Bond yields in recent months has had a relatively mild impact on the financial conditions of emerging market economies: as the rise in yields appears to be primarily driven by improved U.S. growth prospects. That said, fragile emerging markets could face pressure if future rate hike reflects heightened concerns about inflation.</p><p>Rising U.S. interest rates are generally considered bad news for emerging market economies (EMEs) because they increase debt burdens, trigger capital outflows, and often lead to tighter financial conditions, which could trigger a financial crisis. In fact, as shown below, the rise in Federal Funds rate during Volcker's anti-inflation era in the early 1980s (black line) is correlated with the sharp increase in the incidence of financial crises in emerging market countries (green bar). However, in other cases, such as the mid-2000s, emerging market economies withstood the impact of rising US interest rates with little difficulty.</p><p><img src=\"https://static.tigerbbs.com/b0371fc370fb1dfcdf6532d95bb634ac\" tg-width=\"769\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Why do the so-called \"spillover effects\" of US monetary policy on emerging markets differ? Our recent research suggests that the financial spillover effects of US monetary policy on emerging markets depend on two key factors:</p><p>The first is the reason for changes in US interest rates. Rising interest rates, driven by a positive growth outlook, could have a relatively positive impact on emerging financial markets, as GDP growth from increased import demand from U.S. trading partners, as well as benefits from enhanced investor confidence, should offset the costs of rate hike. Conversely, if rate hike is primarily driven by concerns about inflation or the Federal Reserve's policy shifts to a hawkish stance (which we collectively refer to as monetary news), it could cause greater disruption to emerging markets.</p><p>The second key factor influencing the spillover effect of US monetary policy is the situation of emerging market countries themselves; The financial conditions of economies with higher macroeconomic vulnerabilities tend to be more sensitive to rising U.S. interest rates.</p><p>Our findings help explain why the rise in U.S. Treasury Bond yields in recent months has had a relatively mild impact on financial conditions in emerging market economies. Despite the recent rise in inflation data, this is largely due to rising expectations for a rapid recovery in the U.S. economy, which will benefit the overall development of the global economy. Furthermore, despite significant growth in debt in emerging market economies in recent years, exacerbated by the pandemic, macroeconomic vulnerability remains lower than in the turbulent years of the 1990s and 1980s: macroeconomic policies are more prudent, monetary policies are more flexible in responding to crises, and the financial sector is more resilient.</p><p>In the remainder of this report, we will summarize the research behind these findings and present new evidence on the impact of rising U.S. Treasury Bond yields on the financial conditions of emerging market economies over the longer term. We first observe the changes in the 10-year U.S. Treasury Bond yield over a one-hour window around two different events—the Federal Open Market Committee (FOMC) meeting and the U.S. employment report. Then we categorize the FOMC meeting and the employment report according to whether they primarily convey growth news (i.e., information about future growth prospects) or monetary news (i.e., information about future inflation or the Federal Reserve's response mechanism).</p><p>To do this, we studied the synchronized movements of the S&P 500 index. Therefore, if the 10-year U.S. Treasury Bond yield and the S&P 500 index move in line, then the FOMC announcement and non-farm payroll data will be seen as primarily conveying economic growth news. For example, FOMC communication increases investor confidence in U.S. economic growth, which could lead to a simultaneous rise in U.S. Treasury Bond yields and stock prices, while a very weak employment report indicating poor growth and earnings prospects could cause yields and stock prices to fall. The blue dot scatter plot in Figure 2 shows the combination of changes in the 10-year U.S. Treasury Bond yield and the S&P 500 index triggered by all FOMC meetings and employment reports since 2010. We categorize these data as primarily conveying growth messages. These figures account for more than a third of the FOMC meeting and the jobs report, respectively.</p><p>In contrast, if the 10-year U.S. Treasury Bond yield and the S&P 500 index move in opposite directions after the meeting, we would view the FOMC meeting and employment report as primarily conveying monetary policy messages. For example, the FOMC's announcement of rising inflationary pressures could be interpreted as a more hawkish policy stance, which could push up U.S. Treasury Bond yields and depress the S&P 500, as rising real discount rates would put pressure on stock valuations. Alternatively, a jobs report might cause yields to fall but stock prices to rise because investors might believe it is weak enough to prevent the Federal Reserve from tightening monetary policy in the future. The red diamond scatter plot in Figure 2 shows our observations that we classify as primarily conveying monetary messages.</p><p><img src=\"https://static.tigerbbs.com/7ac675aef97e9cb91189cd5b73ba596f\" tg-width=\"800\" tg-height=\"748\" referrerpolicy=\"no-referrer\"></p><p>With this classification, we next estimate the reaction of emerging market asset prices—local currency bond yields, stock indices, credit default swap (CDS) spreads, and currencies—to the movement of U.S. Treasury Bond yields. We conducted a panel regression analysis of the changes in the prices of these four assets and the 10-year U.S. Treasury Bond yield before and after the FOMC meeting and the employment report, using a sample of 22 emerging market economies from January to March 22, 2010. We allow the estimated reaction to vary based on: (1) whether the FOMC or employment report is classified as conveying growth or monetary news according to the above methodology; (2) The macroeconomic vulnerability of emerging market economies themselves before the event. To quantify the vulnerability of emerging market economies, we used a composite measure developed by Ahmed et al. (2017), which combines information from six indicators: inflation, current account deficit, international reserves, government debt, external debt, and private sector credit growth.</p><p>Our main results are shown in Figure 3, which shows the impact of a 100 basis point increase in the 10-year U.S. Treasury Bond yield on asset prices in emerging market economies. The blue bars indicate the spillover effect of growth news, and the red bars indicate the spillover effect of monetary news. These charts illustrate two of our important findings:</p><p>(1) Changes in Treasury Bond yields driven by monetary news have a much greater impact on asset prices in emerging market economies than changes in yields driven by growth news;</p><p>(2) Asset prices in fragile economies are more sensitive to changes in U.S. Treasury Bond yields than in less fragile economies. The rise in yields driven by monetary policy news dealt a heavy blow to more vulnerable economies: local currency bond yields rose more than twice as much as U.S. Treasury Bond yields, CDS spreads soared, and stock prices and currencies collapsed. Conversely, when rising US Treasury Bond yields reflect growth news, the impact on the financial conditions of emerging market economies is generally limited, statistically speaking, almost zero in most cases.</p><p><img src=\"https://static.tigerbbs.com/6e50ddae97e535c72e0727c5a8031a6e\" tg-width=\"800\" tg-height=\"1126\" referrerpolicy=\"no-referrer\"></p><p>In conclusion, rising US Treasury Bond yields may lead to a significant tightening of financial conditions in emerging market economies, but this impact largely depends on the drivers of rising yields and the domestic conditions of emerging market economies. Our findings help explain why the financial spillover effect of rising U.S. Treasury Bond yields on emerging markets so far this year has been limited, as the rise in yields appears to be primarily driven by improved U.S. growth prospects. That said, fragile emerging markets could face pressure if future rate hike reflects heightened concerns about inflation.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/ZTDv9OVSEz0gDGON3XgWgg\">人民币交易与研究</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f09c44f289c2f0d40610768fe6661fab","relate_stocks":{"513500":"标普500ETF博时","QID":"两倍做空纳斯达克指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares",".DJI":"道琼斯","IVV":"标普500ETF-iShares",".IXIC":"NASDAQ Composite","UDOW":"三倍做多道指30ETF-ProShares",".SPX":"S&P 500 Index","DXD":"两倍做空道琼30指数ETF-ProShares","OEF":"标普100指数ETF-iShares","DOG":"道指ETF-ProShares做空","QQQ":"纳指100ETF","SQQQ":"纳指三倍做空ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","SH":"做空标普500-Proshares","SPY":"标普500ETF","TQQQ":"纳指三倍做多ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares"},"source_url":"https://mp.weixin.qq.com/s/ZTDv9OVSEz0gDGON3XgWgg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108833039","content_text":"美联储近日公布最新笔记，分析了美国货币政策对新兴市场的金融溢出效应。相关研究结果帮助解释了最近几个月美国国债收益率的上升对新兴市场经济体金融状况的影响为何相当温和：因为收益率上升似乎主要是受到美国增长前景改善的推动。话虽如此，如果未来加息反映了对通胀的担忧加剧，脆弱的新兴市场可能会面临压力。\n美国利率上升通常被认为对新兴市场经济体(EMEs)是个坏消息，因为它们增加了债务负担，引发资本外流，而且通常会导致金融环境收紧，从而可能引发金融危机。事实上，如下面所示，1980年代初沃尔克抗通胀时期联邦基金利率的上升(黑线)与新兴市场国家金融危机发生率的急剧上升(绿条)相关。然而，在其他情况下，比如2000年代中期，新兴市场经济体几乎没有遇到什么困难就经受住了美国利率上升的冲击。\n\n美国货币政策对新兴市场的所谓“溢出效应”为何存在差异？我们最近的研究表明，美国货币政策对新兴市场的金融溢出效应取决于两个关键因素：\n第一个是美国利率变化的原因。由良好的增长前景推动的利率上升，可能对新兴金融市场产生相对良性的影响，因为美国贸易伙伴进口需求增加带来的国内生产总值(GDP)增长，以及投资者信心增强带来的好处都应该会抵消加息的成本。相反，如果加息主要是由于对通胀的担忧或美联储政策转向鹰派(我们将其统一称为货币消息)，则可能对新兴市场造成更大的破坏。\n影响美国货币政策溢出效应的第二个关键因素是，新兴市场国家自身的状况；宏观经济脆弱性较高的经济体的金融状况往往对美国利率的上升更为敏感。\n我们的研究结果有助于解释为什么最近几个月美国国债收益率的上升对新兴市场经济体金融状况的影响相当温和。尽管近期通胀数据有所上扬，但这在很大程度上可能是由于对美国经济迅速复苏的预期升温所致，这将有利于全球经济的整体发展。此外,尽管近年来新兴市场经济体债务显著增长，并且因大流行病暴发而加剧，但宏观经济脆弱性仍然低于1990年代和1980年代这些动荡年代：宏观经济政策更审慎，货币在应对危机时更灵活，金融领域也更富有弹性。\n在本报告的其余部分，我们将总结上述发现背后的研究，并提出关于较长期美国国债收益率上升对新兴市场经济体金融状况影响的新证据。我们首先围绕两种不同的事件——联邦公开市场委员会(FOMC)会议和美国就业报告——观察一个小时的窗口期内10年期美国国债收益率的变化，然后我们将FOMC会议和就业报告分类，根据它们主要传达的是增长消息(即关于未来增长前景的信息)，还是货币消息(即关于未来通胀或美联储的反应机制的信息)。\n为了做到这一点，我们研究了标普500指数的同步变动。因此，如果10年期美国国债收益率和标普500指数走势一致，那么FOMC的公告和非农就业数据将被视为主要传达经济增长消息。例如，FOMC的沟通增加了投资者对美国经济增长的信心，可能导致美国国债收益率和股票价格携手上涨，一份表明增长和盈利前景不佳的非常疲弱的就业报告则可能导致收益率和股价下跌。图2中蓝色圆点散点图显示了自2010年以来FOMC所有会议和就业报告引发的10年期美国国债收益率和标普500指数变化的组合，我们将这些数据归类为主要传达增长的消息。这些数据分别占FOMC会议和就业报告的三分之一还多。\n相比之下，如果10年期美国国债收益率和标普500指数在会议后走势相反，我们就将FOMC会议和就业报告视为主要传达货币政策的消息。例如，FOMC宣布通胀压力上升，或许会被解读为政策立场更趋鹰派，这可能推高美国国债收益率，而压低标普500指数，因为实际贴现率上升会对股票估值构成压力。或者，一份就业报告可能会导致收益率下降，但股价上涨，因为投资者可能认为它的疲弱程度足以避免美联储未来收紧货币政策。图2中红色菱形散点图显示了我们将其归类为主要传达货币消息的观察结果。\n\n有了这一分类，我们接下来估计新兴市场资产价格--本币债券收益率、股票指数、信用违约互换(CDS)息差和货币--对美国国债收益率走势的反应。我们分别对这四种资产价格与10年期美国国债收益率在FOMC会议和就业报告前后的变化进行面板回归分析，利用一个22个新兴市场经济体从2010年1月至3月22日的样本。我们允许估计反应基于以下情况而有所不同：(1)FOMC或就业报告是根据上述方法归类为传达增长还是货币消息；(2)事件爆发前新兴市场经济体自身的宏观经济脆弱性。为了量化新兴市场经济体的脆弱性，我们使用了Ahmed等人(2017)开发的一种复合衡量方法，该方法结合了六个指标的信息：通胀、经常账户赤字、国际储备、政府债务、外债和私营部门信贷增长。\n我们的主要结果显示在图3中，该图显示了10年期美国国债收益率上升100个基点对新兴市场经济体资产价格的影响。蓝条表示增长消息的溢出效应，红条表示货币消息的溢出效应。这些图表充分说明了我们的两个重要发现：\n(1)   货币消息驱动下的国债收益率变化对新兴市场经济体资产价格的影响要比增长消息驱动下的收益率变化大得多；\n(2)   相对于不那么脆弱的经济体，脆弱经济体的资产价格对美国国债收益率变动更为敏感。货币政策消息推动的收益率上升对较为脆弱的经济体造成了沉重打击：本币债券收益率的升幅是美国国债收益率升幅的两倍多，CDS息差飙升，股价和货币崩溃。相反，当美国国债收益率上升反映的是增长消息时，对新兴市场经济体金融状况的影响一般是有限的，从统计角度讲，在大多数情况下几乎为零。\n\n综上所述，美国国债收益率上升可能导致新兴市场经济体金融状况明显收紧，但这种影响在很大程度上取决于收益率上升的驱动因素和新兴市场经济体的国内状况。我们的研究结果有助于解释今年迄今美国国债收益率上升对新兴市场的金融溢出效应为何有限，这是因为收益率上升似乎主要是受到美国增长前景改善的推动。话虽如此，如果未来加息反映了对通胀的担忧加剧，脆弱的新兴市场可能会面临压力。","news_type":1,"symbols_score_info":{"513500":0.9,".SPX":0.9,"SQQQ":0.9,"QLD":0.9,"QQQ":0.9,"SH":0.9,"ESmain":0.9,"OEF":0.9,"DXD":0.9,"PSQ":0.9,"DOG":0.9,"IVV":0.9,"QID":0.9,"SDOW":0.9,"TQQQ":0.9,"DDM":0.9,".DJI":0.9,".IXIC":0.9,"SPY":0.9,"UDOW":0.9}},"isVote":1,"tweetType":1,"viewCount":5267,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127258161,"gmtCreate":1624852580553,"gmtModify":1703846236498,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583616639231023","idStr":"3583616639231023"},"themes":[],"title":"","htmlText":"pls like","listText":"pls like","text":"pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127258161","repostId":"1115271775","repostType":4,"repost":{"id":"1115271775","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624849752,"share":"https://ttm.financial/m/news/1115271775?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:09","market":"sh","language":"zh","title":"The Hong Kong Stock Exchange will resume trading at 1:30 p.m.","url":"https://stock-news.laohu8.com/highlight/detail?id=1115271775","media":"老虎资讯综合","summary":"6月28日讯，香港天文台改发红色暴雨警告信号（此前为黑色暴雨警告信号），港交所下午一点半将恢复市场交易。\n根据港交所规定，若11:00-11:30解除黑色暴雨警告，下午1:30开市；11:30-12:","content":"<p>June 28 - The Hong Kong Observatory has issued a red rainstorm warning signal (previously a black rainstorm warning signal), and the Hong Kong Stock Exchange will resume market trading at 1:30 pm.</p><p>According to Hong Kong Stock Exchange regulations, if the black rainstorm warning is lifted between 11:00 and 11:30, the market will open at 1:30 p.m. The black rainstorm warning will be lifted from 11:30 to 12:00, and the market will open at 2:00 PM; If the black rainstorm warning is lifted after 12:00, the market will be closed for the whole day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" 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>The Hong Kong Stock Exchange will resume trading at 1:30 p.m.</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; 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0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Hong Kong Stock Exchange will resume trading at 1:30 p.m.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-28 11:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 28 - The Hong Kong Observatory has issued a red rainstorm warning signal (previously a black rainstorm warning signal), and the Hong Kong Stock Exchange will resume market trading at 1:30 pm.</p><p>According to Hong Kong Stock Exchange regulations, if the black rainstorm warning is lifted between 11:00 and 11:30, the market will open at 1:30 p.m. The black rainstorm warning will be lifted from 11:30 to 12:00, and the market will open at 2:00 PM; If the black rainstorm warning is lifted after 12:00, the market will be closed for the whole day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f1244793084c6388467f46fc7c39784b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115271775","content_text":"6月28日讯，香港天文台改发红色暴雨警告信号（此前为黑色暴雨警告信号），港交所下午一点半将恢复市场交易。\n根据港交所规定，若11:00-11:30解除黑色暴雨警告，下午1:30开市；11:30-12:00解除黑色暴雨警告，下午2:00开市；12:00后解除黑色暴雨警告，则全天休市。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":6381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162213792,"gmtCreate":1624064374516,"gmtModify":1703827897458,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583616639231023","idStr":"3583616639231023"},"themes":[],"title":"","htmlText":"Please like，thank you","listText":"Please like，thank you","text":"Please like，thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162213792","isVote":1,"tweetType":1,"viewCount":4354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166022749,"gmtCreate":1623986003781,"gmtModify":1703825706976,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583616639231023","idStr":"3583616639231023"},"themes":[],"title":"","htmlText":"T，T，T","listText":"T，T，T","text":"T，T，T","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/166022749","isVote":1,"tweetType":1,"viewCount":5029,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":158273429,"gmtCreate":1625153064261,"gmtModify":1703737360146,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583616639231023","authorIdStr":"3583616639231023"},"themes":[],"title":"","htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/158273429","repostId":"1168133884","repostType":4,"repost":{"id":"1168133884","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625021330,"share":"https://ttm.financial/m/news/1168133884?lang=en_US&edition=fundamental","pubTime":"2021-06-30 10:48","market":"uk","language":"zh","title":"Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.","url":"https://stock-news.laohu8.com/highlight/detail?id=1168133884","media":"老虎资讯综合","summary":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月","content":"<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></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>Reminder: US stocks will be closed on July 5th due to the US Independence Day holiday.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: US stocks will be closed on July 5th due to the US Independence Day holiday.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-30 10:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed on Monday, July 5, and will resume trading on Tuesday, July 6.</b></p><p>Trading in Hong Kong, A-shares, UK, Macau, and Singapore stock markets will continue as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>It is a statutory national holiday in the United States, celebrated annually on July 4th to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. Independence Day in the United States is as solemn as religious and folk holidays. Before the holiday, people clean their yards, decorate their homes, and hang the national flag.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21dd6adec6b29203b5bca22347419441","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168133884","content_text":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月4日大陆会议在费城正式通过《独立宣言》。美国的独立日，与宗教、民俗节日一样隆重，老百姓在节日前清洁院落，装饰家居，悬挂国旗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":7101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127258161,"gmtCreate":1624852580553,"gmtModify":1703846236498,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583616639231023","authorIdStr":"3583616639231023"},"themes":[],"title":"","htmlText":"pls like","listText":"pls like","text":"pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127258161","repostId":"1115271775","repostType":4,"repost":{"id":"1115271775","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624849752,"share":"https://ttm.financial/m/news/1115271775?lang=en_US&edition=fundamental","pubTime":"2021-06-28 11:09","market":"sh","language":"zh","title":"The Hong Kong Stock Exchange will resume trading at 1:30 p.m.","url":"https://stock-news.laohu8.com/highlight/detail?id=1115271775","media":"老虎资讯综合","summary":"6月28日讯，香港天文台改发红色暴雨警告信号（此前为黑色暴雨警告信号），港交所下午一点半将恢复市场交易。\n根据港交所规定，若11:00-11:30解除黑色暴雨警告，下午1:30开市；11:30-12:","content":"<p>June 28 - The Hong Kong Observatory has issued a red rainstorm warning signal (previously a black rainstorm warning signal), and the Hong Kong Stock Exchange will resume market trading at 1:30 pm.</p><p>According to Hong Kong Stock Exchange regulations, if the black rainstorm warning is lifted between 11:00 and 11:30, the market will open at 1:30 p.m. The black rainstorm warning will be lifted from 11:30 to 12:00, and the market will open at 2:00 PM; If the black rainstorm warning is lifted after 12:00, the market will be closed for the whole day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" 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>The Hong Kong Stock Exchange will resume trading at 1:30 p.m.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Hong Kong Stock Exchange will resume trading at 1:30 p.m.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-28 11:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>June 28 - The Hong Kong Observatory has issued a red rainstorm warning signal (previously a black rainstorm warning signal), and the Hong Kong Stock Exchange will resume market trading at 1:30 pm.</p><p>According to Hong Kong Stock Exchange regulations, if the black rainstorm warning is lifted between 11:00 and 11:30, the market will open at 1:30 p.m. The black rainstorm warning will be lifted from 11:30 to 12:00, and the market will open at 2:00 PM; If the black rainstorm warning is lifted after 12:00, the market will be closed for the whole day.<img src=\"https://static.tigerbbs.com/fa2358a6b83c103be2c4404bddf61e1a\" tg-width=\"550\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f1244793084c6388467f46fc7c39784b","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115271775","content_text":"6月28日讯，香港天文台改发红色暴雨警告信号（此前为黑色暴雨警告信号），港交所下午一点半将恢复市场交易。\n根据港交所规定，若11:00-11:30解除黑色暴雨警告，下午1:30开市；11:30-12:00解除黑色暴雨警告，下午2:00开市；12:00后解除黑色暴雨警告，则全天休市。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":6381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142681016,"gmtCreate":1626146043935,"gmtModify":1703754269726,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583616639231023","authorIdStr":"3583616639231023"},"themes":[],"title":"","htmlText":"zan","listText":"zan","text":"zan","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142681016","repostId":"1120175170","repostType":4,"repost":{"id":"1120175170","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625616736,"share":"https://ttm.financial/m/news/1120175170?lang=en_US&edition=fundamental","pubTime":"2021-07-07 08:12","market":"hk","language":"zh","title":"The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.","url":"https://stock-news.laohu8.com/highlight/detail?id=1120175170","media":"老虎资讯综合","summary":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买","content":"<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital immediately following the completion of the global offering. And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK$53.3 per offer share and assuming the over-allotment option is not exercised, the company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-07 08:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital immediately following the completion of the global offering. And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK$53.3 per offer share and assuming the over-allotment option is not exercised, the company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03b737852f586e2640047e4e68a010a4","relate_stocks":{"02162":"康诺亚-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120175170","content_text":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买卖单位500股；摩根士丹利、中金公司及华泰国际为联席保荐人，预期股份将于2021年7月8日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率6.5%，认购70手稳中一手。\n乙组头为10万股（200手），获配1000股（2手）。\n\n国际发售项下初步提呈发售的发售股份已获大幅超额认购，相当于国际发售项下初步可供认购发售股份总数的约21.9倍。香港公开发售项下初步提呈发售的香港发售股份已获极大幅超额认购。合共接获249,663份有效申请，认购合共25.05亿股香港发售股份，相当于香港公开发售项下初步可供认购香港发售股份总数约429.97倍。\n根据相关基石投资协议及按发售价每股发售股份53.3港元计算，基石投资者已认购合共2767.15万股发售股份，合计占紧随全球发售完成后公司已发行股本约10.21%；及全球发售项下发售股份数目约47.49%(假设于各情况下超额配售权均未获行使)。\n按发售价每股发售股份53.3港元计算，并假设超额配售权未获行使，公司将收取的全球发售所得款项净额估计约为29.42亿港元。公司拟将全球发售所得款项约60%于未来三至五年内，将主要用于公司核心及主要产品的研发及商业化；约15%将用于公司其他在研产品的临床前评估及临床开发；约15%将用于集团新生产及研发设施的租赁付款，及购买机械及设备；及约10%将用于公司的一般企业及营运资金用途。","news_type":1,"symbols_score_info":{"02162":0.9}},"isVote":1,"tweetType":1,"viewCount":5059,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140396118,"gmtCreate":1625627670634,"gmtModify":1703745230468,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583616639231023","authorIdStr":"3583616639231023"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140396118","repostId":"1120175170","repostType":4,"repost":{"id":"1120175170","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625616736,"share":"https://ttm.financial/m/news/1120175170?lang=en_US&edition=fundamental","pubTime":"2021-07-07 08:12","market":"hk","language":"zh","title":"The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.","url":"https://stock-news.laohu8.com/highlight/detail?id=1120175170","media":"老虎资讯综合","summary":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买","content":"<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital immediately following the completion of the global offering. And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK$53.3 per offer share and assuming the over-allotment option is not exercised, the company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe winning rate for a single lot of Connoya-B is 6.5%, with a guaranteed winning lot after subscribing to 70 lots.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-07 08:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>July 7th,<a href=\"https://laohu8.com/S/02162\">Connoya-B</a>The company issued an announcement stating that it will offer 58.2645 million shares globally, including 29.133 million shares offered in Hong Kong, 29.1315 million shares offered internationally, and a 15% over-allotment option. The Offer Price has been fixed at HK$53.3 per Offer Share with board lots of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data compiled by Tiger Information is as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Allocation Results:</b></p><p>Group A has 500 shares per lot, with a 6.5% success rate per lot. Subscribing to 70 lots guarantees one lot.</p><p>Group B has 100,000 shares (200 lots) and is allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly oversubscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly oversubscribed. A total of 249,663 valid applications were received for a total of 2.505 billion Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>According to the relevant cornerstone investment agreement and based on the offer price of HK$53.3 per offer share, cornerstone investors have subscribed for a total of 27.6715 million offer shares, representing approximately 10.21% of the company's issued share capital immediately following the completion of the global offering. And approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the offer price of HK$53.3 per offer share and assuming the over-allotment option is not exercised, the company is estimated to receive net proceeds from the global offering of approximately HK$2.942 billion. The company plans to use approximately 60% of the proceeds from its global offering over the next three to five years, primarily for the research and development and commercialization of its core and main products. Approximately 15% will be used for preclinical evaluation and clinical development of the company's other products under development; Approximately 15% will be used for lease payments for the Group's new production and R&D facilities, and for the purchase of machinery and equipment; And approximately 10% will be used for the company's general corporate and working capital purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03b737852f586e2640047e4e68a010a4","relate_stocks":{"02162":"康诺亚-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120175170","content_text":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买卖单位500股；摩根士丹利、中金公司及华泰国际为联席保荐人，预期股份将于2021年7月8日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率6.5%，认购70手稳中一手。\n乙组头为10万股（200手），获配1000股（2手）。\n\n国际发售项下初步提呈发售的发售股份已获大幅超额认购，相当于国际发售项下初步可供认购发售股份总数的约21.9倍。香港公开发售项下初步提呈发售的香港发售股份已获极大幅超额认购。合共接获249,663份有效申请，认购合共25.05亿股香港发售股份，相当于香港公开发售项下初步可供认购香港发售股份总数约429.97倍。\n根据相关基石投资协议及按发售价每股发售股份53.3港元计算，基石投资者已认购合共2767.15万股发售股份，合计占紧随全球发售完成后公司已发行股本约10.21%；及全球发售项下发售股份数目约47.49%(假设于各情况下超额配售权均未获行使)。\n按发售价每股发售股份53.3港元计算，并假设超额配售权未获行使，公司将收取的全球发售所得款项净额估计约为29.42亿港元。公司拟将全球发售所得款项约60%于未来三至五年内，将主要用于公司核心及主要产品的研发及商业化；约15%将用于公司其他在研产品的临床前评估及临床开发；约15%将用于集团新生产及研发设施的租赁付款，及购买机械及设备；及约10%将用于公司的一般企业及营运资金用途。","news_type":1,"symbols_score_info":{"02162":0.9}},"isVote":1,"tweetType":1,"viewCount":4489,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155698469,"gmtCreate":1625408659151,"gmtModify":1703741405356,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583616639231023","authorIdStr":"3583616639231023"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155698469","repostId":"2148980089","repostType":4,"repost":{"id":"2148980089","kind":"highlight","pubTimestamp":1625365861,"share":"https://ttm.financial/m/news/2148980089?lang=en_US&edition=fundamental","pubTime":"2021-07-04 10:31","market":"us","language":"zh","title":"A \"massive and devastating\" hacking attack!","url":"https://stock-news.laohu8.com/highlight/detail?id=2148980089","media":"华尔街见闻","summary":"本周五黑客袭击了IT公司Kaseya，向使用该公司技术的管理服务提供商进行勒索。有机构称目前已有20家提供商受到威胁，考虑它们为许多小型企业提供服务，此次黑客事件最终预计会有上千家个受害者。","content":"<p>From the hacking of the largest fuel pipeline in the United States in May, to Toshiba's subsidiary in France, and then to JBS, the world's largest beef producer, in June, hackers are no longer just attacking individual companies, but are targeting IT service providers that serve hundreds or even thousands of companies.</p><p>Multiple media outlets reported that on Friday, July 2, hackers launched a global ransomware attack, targeting more than 1,000 companies and forcing Coop, one of Sweden's largest supermarket chains, to close hundreds of stores.</p><p><b>In what appears to be the largest supply chain hacking attack to date</b>，<b>Hackers targeted IT management software provider Kaseya.</b>。</p><p>Hackers extorted money from managed service providers (MSPs) using Kaseya's technology by attacking a tool called VSA, while encrypting the files of these providers' customers.</p><p>The Financial Times quoted cybersecurity group Huntress Labs as saying,<b>Twenty threatened managed service providers (MSPs) have been identified, with over 1,000 customers of these companies being victims of this ransomware attack.</b>。 Currently, the data of these customers has been encrypted by hackers and can only be obtained after paying a ransom.</p><p>One of the most affected companies, Swedish supermarket chain Coop, said it had closed most of its 800 stores on Saturday. Coop stated that the attack on its managed services provider, Vissma Escom, affected the supermarket's cash register system and self-checkout counters.</p><p>As the \"primary target\" of this hacking attack, IT service provider Kaseya issued a statement saying that IT had proactively shut down its SaaS servers and reminded people not to click on any links when their information was hacked.</p><p>In an updated statement on the evening of July 2, Kaseya said that only a very small number of local customers were affected, approximately 40 out of 36,000 customers.</p><p><b>Nevertheless, considering that some companies using Kaseya software serve hundreds of small businesses, the hack is ultimately expected to have thousands of victims.</b></p><p><a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>According to industry insider Fabian Wosar, he wouldn't be surprised if thousands of companies were affected, as this weekend is a short holiday in the United States, and the exact number is currently unknown.</p><p>John Hammond, a senior security researcher at Huntress, said it was a “massive and devastating” supply chain attack. According to Reuters, he made the above comment in an email, describing it as an increasingly noticeable hacking technique that harms hundreds or even thousands of users simultaneously by hijacking a piece of software.</p>","source":"wallstreetcn_api","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>A \"massive and devastating\" hacking attack!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA \"massive and devastating\" hacking attack!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-04 10:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>From the hacking of the largest fuel pipeline in the United States in May, to Toshiba's subsidiary in France, and then to JBS, the world's largest beef producer, in June, hackers are no longer just attacking individual companies, but are targeting IT service providers that serve hundreds or even thousands of companies.</p><p>Multiple media outlets reported that on Friday, July 2, hackers launched a global ransomware attack, targeting more than 1,000 companies and forcing Coop, one of Sweden's largest supermarket chains, to close hundreds of stores.</p><p><b>In what appears to be the largest supply chain hacking attack to date</b>，<b>Hackers targeted IT management software provider Kaseya.</b>。</p><p>Hackers extorted money from managed service providers (MSPs) using Kaseya's technology by attacking a tool called VSA, while encrypting the files of these providers' customers.</p><p>The Financial Times quoted cybersecurity group Huntress Labs as saying,<b>Twenty threatened managed service providers (MSPs) have been identified, with over 1,000 customers of these companies being victims of this ransomware attack.</b>。 Currently, the data of these customers has been encrypted by hackers and can only be obtained after paying a ransom.</p><p>One of the most affected companies, Swedish supermarket chain Coop, said it had closed most of its 800 stores on Saturday. Coop stated that the attack on its managed services provider, Vissma Escom, affected the supermarket's cash register system and self-checkout counters.</p><p>As the \"primary target\" of this hacking attack, IT service provider Kaseya issued a statement saying that IT had proactively shut down its SaaS servers and reminded people not to click on any links when their information was hacked.</p><p>In an updated statement on the evening of July 2, Kaseya said that only a very small number of local customers were affected, approximately 40 out of 36,000 customers.</p><p><b>Nevertheless, considering that some companies using Kaseya software serve hundreds of small businesses, the hack is ultimately expected to have thousands of victims.</b></p><p><a href=\"https://laohu8.com/S/WPO\">The Washington Post</a>According to industry insider Fabian Wosar, he wouldn't be surprised if thousands of companies were affected, as this weekend is a short holiday in the United States, and the exact number is currently unknown.</p><p>John Hammond, a senior security researcher at Huntress, said it was a “massive and devastating” supply chain attack. According to Reuters, he made the above comment in an email, describing it as an increasingly noticeable hacking technique that harms hundreds or even thousands of users simultaneously by hijacking a piece of software.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3634501\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fab3e6da33eab070d39ea5ddbb760010","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3634501","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148980089","content_text":"从5月的美国最大燃油管道被黑客掐断，到东芝在法国子公司，再到6月全球最大牛肉厂商JBS，如今黑客已经不仅仅是攻击单个公司了，而是盯上了为成百上千公司提供服务的IT服务供应商。\n多家媒体报道，7月2日周五，黑客开始发起一场全球勒索软件攻击，共袭击了超过1000多家公司，并迫使瑞典最大连锁超市之一的Coop关闭了数百家门店。\n在这场似乎是迄今为止规模最大的供应链黑客攻击事件中，黑客将目标锁定在了IT管理软件供应商Kaseya上。\n黑客通过袭击Kaseya公司一个名为VSA的工具，向使用该公司技术的管理服务提供商（MSP）进行勒索，同时加密这些提供商客户的文件。\n英国金融时报援引网络安全集团Huntress Labs表示，目前已经确定了20家受到威胁的管理服务提供商（MSP），这些公司的超过1000家客户为此次勒索事件的受害者。目前这些客户的数据已经被黑客加密，只有支付赎金后才能获得。\n作为其中受影响最大的公司之一，瑞典超市连锁品牌Coop表示，该公司已经于周六关闭了旗下800家门店中的绝大部分。Coop称，其管理服务提供商Vissma Escom遭到攻击后，影响了该超市的收银系统和自助收银台。\n作为此次黑客攻击的“第一目标”，IT服务商Kaseya发布声明称，已经主动关闭了该公司的SaaS服务器，同时提醒受到黑客的信息时不要点击任何链接。\nKaseya在7月2日晚间更新的声明中表示，只有极少数本地客户受到影响，大约是36000名客户中的40家。\n尽管如此，考虑到一些使用Kaseya软件的公司为数百家小型企业提供服务，此次黑客事件最终预计会有上千家受害者。\n华盛顿邮报援引业内人士Fabian Wosar表示，如果有数千家公司受影响他并不会感到意外，因为本周末是美国的小长假，目前无法知道具体数字。\nHuntress高级安全研究员John Hammond则表示，这是一场“巨大且具毁灭性”的供应链攻击。据路透，他在一封邮件中做出了上述评价，并称这是一种越来越引人注目的黑客技术，即通过劫持一个软件来同时危害成百上千的用户。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":151919906,"gmtCreate":1625061395005,"gmtModify":1703735133252,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583616639231023","authorIdStr":"3583616639231023"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/151919906","repostId":"1108833039","repostType":4,"repost":{"id":"1108833039","kind":"news","pubTimestamp":1625057247,"share":"https://ttm.financial/m/news/1108833039?lang=en_US&edition=fundamental","pubTime":"2021-06-30 20:47","market":"us","language":"zh","title":"Federal Reserve Notes: Will US rate hike affect the stability of emerging market economies?","url":"https://stock-news.laohu8.com/highlight/detail?id=1108833039","media":"人民币交易与研究","summary":"美联储近日公布最新笔记，分析了美国货币政策对新兴市场的金融溢出效应。相关研究结果帮助解释了最近几个月美国国债收益率的上升对新兴市场经济体金融状况的影响为何相当温和：因为收益率上升似乎主要是受到美国增长","content":"<p>The Federal Reserve recently released its latest notes analyzing the financial spillover effects of U.S. monetary policy on emerging markets. The relevant research findings help explain why the rise in U.S. Treasury Bond yields in recent months has had a relatively mild impact on the financial conditions of emerging market economies: as the rise in yields appears to be primarily driven by improved U.S. growth prospects. That said, fragile emerging markets could face pressure if future rate hike reflects heightened concerns about inflation.</p><p>Rising U.S. interest rates are generally considered bad news for emerging market economies (EMEs) because they increase debt burdens, trigger capital outflows, and often lead to tighter financial conditions, which could trigger a financial crisis. In fact, as shown below, the rise in Federal Funds rate during Volcker's anti-inflation era in the early 1980s (black line) is correlated with the sharp increase in the incidence of financial crises in emerging market countries (green bar). However, in other cases, such as the mid-2000s, emerging market economies withstood the impact of rising US interest rates with little difficulty.</p><p><img src=\"https://static.tigerbbs.com/b0371fc370fb1dfcdf6532d95bb634ac\" tg-width=\"769\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Why do the so-called \"spillover effects\" of US monetary policy on emerging markets differ? Our recent research suggests that the financial spillover effects of US monetary policy on emerging markets depend on two key factors:</p><p>The first is the reason for changes in US interest rates. Rising interest rates, driven by a positive growth outlook, could have a relatively positive impact on emerging financial markets, as GDP growth from increased import demand from U.S. trading partners, as well as benefits from enhanced investor confidence, should offset the costs of rate hike. Conversely, if rate hike is primarily driven by concerns about inflation or the Federal Reserve's policy shifts to a hawkish stance (which we collectively refer to as monetary news), it could cause greater disruption to emerging markets.</p><p>The second key factor influencing the spillover effect of US monetary policy is the situation of emerging market countries themselves; The financial conditions of economies with higher macroeconomic vulnerabilities tend to be more sensitive to rising U.S. interest rates.</p><p>Our findings help explain why the rise in U.S. Treasury Bond yields in recent months has had a relatively mild impact on financial conditions in emerging market economies. Despite the recent rise in inflation data, this is largely due to rising expectations for a rapid recovery in the U.S. economy, which will benefit the overall development of the global economy. Furthermore, despite significant growth in debt in emerging market economies in recent years, exacerbated by the pandemic, macroeconomic vulnerability remains lower than in the turbulent years of the 1990s and 1980s: macroeconomic policies are more prudent, monetary policies are more flexible in responding to crises, and the financial sector is more resilient.</p><p>In the remainder of this report, we will summarize the research behind these findings and present new evidence on the impact of rising U.S. Treasury Bond yields on the financial conditions of emerging market economies over the longer term. We first observe the changes in the 10-year U.S. Treasury Bond yield over a one-hour window around two different events—the Federal Open Market Committee (FOMC) meeting and the U.S. employment report. Then we categorize the FOMC meeting and the employment report according to whether they primarily convey growth news (i.e., information about future growth prospects) or monetary news (i.e., information about future inflation or the Federal Reserve's response mechanism).</p><p>To do this, we studied the synchronized movements of the S&P 500 index. Therefore, if the 10-year U.S. Treasury Bond yield and the S&P 500 index move in line, then the FOMC announcement and non-farm payroll data will be seen as primarily conveying economic growth news. For example, FOMC communication increases investor confidence in U.S. economic growth, which could lead to a simultaneous rise in U.S. Treasury Bond yields and stock prices, while a very weak employment report indicating poor growth and earnings prospects could cause yields and stock prices to fall. The blue dot scatter plot in Figure 2 shows the combination of changes in the 10-year U.S. Treasury Bond yield and the S&P 500 index triggered by all FOMC meetings and employment reports since 2010. We categorize these data as primarily conveying growth messages. These figures account for more than a third of the FOMC meeting and the jobs report, respectively.</p><p>In contrast, if the 10-year U.S. Treasury Bond yield and the S&P 500 index move in opposite directions after the meeting, we would view the FOMC meeting and employment report as primarily conveying monetary policy messages. For example, the FOMC's announcement of rising inflationary pressures could be interpreted as a more hawkish policy stance, which could push up U.S. Treasury Bond yields and depress the S&P 500, as rising real discount rates would put pressure on stock valuations. Alternatively, a jobs report might cause yields to fall but stock prices to rise because investors might believe it is weak enough to prevent the Federal Reserve from tightening monetary policy in the future. The red diamond scatter plot in Figure 2 shows our observations that we classify as primarily conveying monetary messages.</p><p><img src=\"https://static.tigerbbs.com/7ac675aef97e9cb91189cd5b73ba596f\" tg-width=\"800\" tg-height=\"748\" referrerpolicy=\"no-referrer\"></p><p>With this classification, we next estimate the reaction of emerging market asset prices—local currency bond yields, stock indices, credit default swap (CDS) spreads, and currencies—to the movement of U.S. Treasury Bond yields. We conducted a panel regression analysis of the changes in the prices of these four assets and the 10-year U.S. Treasury Bond yield before and after the FOMC meeting and the employment report, using a sample of 22 emerging market economies from January to March 22, 2010. We allow the estimated reaction to vary based on: (1) whether the FOMC or employment report is classified as conveying growth or monetary news according to the above methodology; (2) The macroeconomic vulnerability of emerging market economies themselves before the event. To quantify the vulnerability of emerging market economies, we used a composite measure developed by Ahmed et al. (2017), which combines information from six indicators: inflation, current account deficit, international reserves, government debt, external debt, and private sector credit growth.</p><p>Our main results are shown in Figure 3, which shows the impact of a 100 basis point increase in the 10-year U.S. Treasury Bond yield on asset prices in emerging market economies. The blue bars indicate the spillover effect of growth news, and the red bars indicate the spillover effect of monetary news. These charts illustrate two of our important findings:</p><p>(1) Changes in Treasury Bond yields driven by monetary news have a much greater impact on asset prices in emerging market economies than changes in yields driven by growth news;</p><p>(2) Asset prices in fragile economies are more sensitive to changes in U.S. Treasury Bond yields than in less fragile economies. The rise in yields driven by monetary policy news dealt a heavy blow to more vulnerable economies: local currency bond yields rose more than twice as much as U.S. Treasury Bond yields, CDS spreads soared, and stock prices and currencies collapsed. Conversely, when rising US Treasury Bond yields reflect growth news, the impact on the financial conditions of emerging market economies is generally limited, statistically speaking, almost zero in most cases.</p><p><img src=\"https://static.tigerbbs.com/6e50ddae97e535c72e0727c5a8031a6e\" tg-width=\"800\" tg-height=\"1126\" referrerpolicy=\"no-referrer\"></p><p>In conclusion, rising US Treasury Bond yields may lead to a significant tightening of financial conditions in emerging market economies, but this impact largely depends on the drivers of rising yields and the domestic conditions of emerging market economies. Our findings help explain why the financial spillover effect of rising U.S. Treasury Bond yields on emerging markets so far this year has been limited, as the rise in yields appears to be primarily driven by improved U.S. growth prospects. That said, fragile emerging markets could face pressure if future rate hike reflects heightened concerns about inflation.</p>","source":"lsy1574157197600","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>Federal Reserve Notes: Will US rate hike affect the stability of emerging market economies?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFederal Reserve Notes: Will US rate hike affect the stability of emerging market economies?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">人民币交易与研究</strong><span class=\"h-time small\">2021-06-30 20:47</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve recently released its latest notes analyzing the financial spillover effects of U.S. monetary policy on emerging markets. The relevant research findings help explain why the rise in U.S. Treasury Bond yields in recent months has had a relatively mild impact on the financial conditions of emerging market economies: as the rise in yields appears to be primarily driven by improved U.S. growth prospects. That said, fragile emerging markets could face pressure if future rate hike reflects heightened concerns about inflation.</p><p>Rising U.S. interest rates are generally considered bad news for emerging market economies (EMEs) because they increase debt burdens, trigger capital outflows, and often lead to tighter financial conditions, which could trigger a financial crisis. In fact, as shown below, the rise in Federal Funds rate during Volcker's anti-inflation era in the early 1980s (black line) is correlated with the sharp increase in the incidence of financial crises in emerging market countries (green bar). However, in other cases, such as the mid-2000s, emerging market economies withstood the impact of rising US interest rates with little difficulty.</p><p><img src=\"https://static.tigerbbs.com/b0371fc370fb1dfcdf6532d95bb634ac\" tg-width=\"769\" tg-height=\"467\" referrerpolicy=\"no-referrer\"></p><p>Why do the so-called \"spillover effects\" of US monetary policy on emerging markets differ? Our recent research suggests that the financial spillover effects of US monetary policy on emerging markets depend on two key factors:</p><p>The first is the reason for changes in US interest rates. Rising interest rates, driven by a positive growth outlook, could have a relatively positive impact on emerging financial markets, as GDP growth from increased import demand from U.S. trading partners, as well as benefits from enhanced investor confidence, should offset the costs of rate hike. Conversely, if rate hike is primarily driven by concerns about inflation or the Federal Reserve's policy shifts to a hawkish stance (which we collectively refer to as monetary news), it could cause greater disruption to emerging markets.</p><p>The second key factor influencing the spillover effect of US monetary policy is the situation of emerging market countries themselves; The financial conditions of economies with higher macroeconomic vulnerabilities tend to be more sensitive to rising U.S. interest rates.</p><p>Our findings help explain why the rise in U.S. Treasury Bond yields in recent months has had a relatively mild impact on financial conditions in emerging market economies. Despite the recent rise in inflation data, this is largely due to rising expectations for a rapid recovery in the U.S. economy, which will benefit the overall development of the global economy. Furthermore, despite significant growth in debt in emerging market economies in recent years, exacerbated by the pandemic, macroeconomic vulnerability remains lower than in the turbulent years of the 1990s and 1980s: macroeconomic policies are more prudent, monetary policies are more flexible in responding to crises, and the financial sector is more resilient.</p><p>In the remainder of this report, we will summarize the research behind these findings and present new evidence on the impact of rising U.S. Treasury Bond yields on the financial conditions of emerging market economies over the longer term. We first observe the changes in the 10-year U.S. Treasury Bond yield over a one-hour window around two different events—the Federal Open Market Committee (FOMC) meeting and the U.S. employment report. Then we categorize the FOMC meeting and the employment report according to whether they primarily convey growth news (i.e., information about future growth prospects) or monetary news (i.e., information about future inflation or the Federal Reserve's response mechanism).</p><p>To do this, we studied the synchronized movements of the S&P 500 index. Therefore, if the 10-year U.S. Treasury Bond yield and the S&P 500 index move in line, then the FOMC announcement and non-farm payroll data will be seen as primarily conveying economic growth news. For example, FOMC communication increases investor confidence in U.S. economic growth, which could lead to a simultaneous rise in U.S. Treasury Bond yields and stock prices, while a very weak employment report indicating poor growth and earnings prospects could cause yields and stock prices to fall. The blue dot scatter plot in Figure 2 shows the combination of changes in the 10-year U.S. Treasury Bond yield and the S&P 500 index triggered by all FOMC meetings and employment reports since 2010. We categorize these data as primarily conveying growth messages. These figures account for more than a third of the FOMC meeting and the jobs report, respectively.</p><p>In contrast, if the 10-year U.S. Treasury Bond yield and the S&P 500 index move in opposite directions after the meeting, we would view the FOMC meeting and employment report as primarily conveying monetary policy messages. For example, the FOMC's announcement of rising inflationary pressures could be interpreted as a more hawkish policy stance, which could push up U.S. Treasury Bond yields and depress the S&P 500, as rising real discount rates would put pressure on stock valuations. Alternatively, a jobs report might cause yields to fall but stock prices to rise because investors might believe it is weak enough to prevent the Federal Reserve from tightening monetary policy in the future. The red diamond scatter plot in Figure 2 shows our observations that we classify as primarily conveying monetary messages.</p><p><img src=\"https://static.tigerbbs.com/7ac675aef97e9cb91189cd5b73ba596f\" tg-width=\"800\" tg-height=\"748\" referrerpolicy=\"no-referrer\"></p><p>With this classification, we next estimate the reaction of emerging market asset prices—local currency bond yields, stock indices, credit default swap (CDS) spreads, and currencies—to the movement of U.S. Treasury Bond yields. We conducted a panel regression analysis of the changes in the prices of these four assets and the 10-year U.S. Treasury Bond yield before and after the FOMC meeting and the employment report, using a sample of 22 emerging market economies from January to March 22, 2010. We allow the estimated reaction to vary based on: (1) whether the FOMC or employment report is classified as conveying growth or monetary news according to the above methodology; (2) The macroeconomic vulnerability of emerging market economies themselves before the event. To quantify the vulnerability of emerging market economies, we used a composite measure developed by Ahmed et al. (2017), which combines information from six indicators: inflation, current account deficit, international reserves, government debt, external debt, and private sector credit growth.</p><p>Our main results are shown in Figure 3, which shows the impact of a 100 basis point increase in the 10-year U.S. Treasury Bond yield on asset prices in emerging market economies. The blue bars indicate the spillover effect of growth news, and the red bars indicate the spillover effect of monetary news. These charts illustrate two of our important findings:</p><p>(1) Changes in Treasury Bond yields driven by monetary news have a much greater impact on asset prices in emerging market economies than changes in yields driven by growth news;</p><p>(2) Asset prices in fragile economies are more sensitive to changes in U.S. Treasury Bond yields than in less fragile economies. The rise in yields driven by monetary policy news dealt a heavy blow to more vulnerable economies: local currency bond yields rose more than twice as much as U.S. Treasury Bond yields, CDS spreads soared, and stock prices and currencies collapsed. Conversely, when rising US Treasury Bond yields reflect growth news, the impact on the financial conditions of emerging market economies is generally limited, statistically speaking, almost zero in most cases.</p><p><img src=\"https://static.tigerbbs.com/6e50ddae97e535c72e0727c5a8031a6e\" tg-width=\"800\" tg-height=\"1126\" referrerpolicy=\"no-referrer\"></p><p>In conclusion, rising US Treasury Bond yields may lead to a significant tightening of financial conditions in emerging market economies, but this impact largely depends on the drivers of rising yields and the domestic conditions of emerging market economies. Our findings help explain why the financial spillover effect of rising U.S. Treasury Bond yields on emerging markets so far this year has been limited, as the rise in yields appears to be primarily driven by improved U.S. growth prospects. That said, fragile emerging markets could face pressure if future rate hike reflects heightened concerns about inflation.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/ZTDv9OVSEz0gDGON3XgWgg\">人民币交易与研究</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f09c44f289c2f0d40610768fe6661fab","relate_stocks":{"513500":"标普500ETF博时","QID":"两倍做空纳斯达克指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares",".DJI":"道琼斯","IVV":"标普500ETF-iShares",".IXIC":"NASDAQ Composite","UDOW":"三倍做多道指30ETF-ProShares",".SPX":"S&P 500 Index","DXD":"两倍做空道琼30指数ETF-ProShares","OEF":"标普100指数ETF-iShares","DOG":"道指ETF-ProShares做空","QQQ":"纳指100ETF","SQQQ":"纳指三倍做空ETF","PSQ":"做空纳斯达克100指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","SH":"做空标普500-Proshares","SPY":"标普500ETF","TQQQ":"纳指三倍做多ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares"},"source_url":"https://mp.weixin.qq.com/s/ZTDv9OVSEz0gDGON3XgWgg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108833039","content_text":"美联储近日公布最新笔记，分析了美国货币政策对新兴市场的金融溢出效应。相关研究结果帮助解释了最近几个月美国国债收益率的上升对新兴市场经济体金融状况的影响为何相当温和：因为收益率上升似乎主要是受到美国增长前景改善的推动。话虽如此，如果未来加息反映了对通胀的担忧加剧，脆弱的新兴市场可能会面临压力。\n美国利率上升通常被认为对新兴市场经济体(EMEs)是个坏消息，因为它们增加了债务负担，引发资本外流，而且通常会导致金融环境收紧，从而可能引发金融危机。事实上，如下面所示，1980年代初沃尔克抗通胀时期联邦基金利率的上升(黑线)与新兴市场国家金融危机发生率的急剧上升(绿条)相关。然而，在其他情况下，比如2000年代中期，新兴市场经济体几乎没有遇到什么困难就经受住了美国利率上升的冲击。\n\n美国货币政策对新兴市场的所谓“溢出效应”为何存在差异？我们最近的研究表明，美国货币政策对新兴市场的金融溢出效应取决于两个关键因素：\n第一个是美国利率变化的原因。由良好的增长前景推动的利率上升，可能对新兴金融市场产生相对良性的影响，因为美国贸易伙伴进口需求增加带来的国内生产总值(GDP)增长，以及投资者信心增强带来的好处都应该会抵消加息的成本。相反，如果加息主要是由于对通胀的担忧或美联储政策转向鹰派(我们将其统一称为货币消息)，则可能对新兴市场造成更大的破坏。\n影响美国货币政策溢出效应的第二个关键因素是，新兴市场国家自身的状况；宏观经济脆弱性较高的经济体的金融状况往往对美国利率的上升更为敏感。\n我们的研究结果有助于解释为什么最近几个月美国国债收益率的上升对新兴市场经济体金融状况的影响相当温和。尽管近期通胀数据有所上扬，但这在很大程度上可能是由于对美国经济迅速复苏的预期升温所致，这将有利于全球经济的整体发展。此外,尽管近年来新兴市场经济体债务显著增长，并且因大流行病暴发而加剧，但宏观经济脆弱性仍然低于1990年代和1980年代这些动荡年代：宏观经济政策更审慎，货币在应对危机时更灵活，金融领域也更富有弹性。\n在本报告的其余部分，我们将总结上述发现背后的研究，并提出关于较长期美国国债收益率上升对新兴市场经济体金融状况影响的新证据。我们首先围绕两种不同的事件——联邦公开市场委员会(FOMC)会议和美国就业报告——观察一个小时的窗口期内10年期美国国债收益率的变化，然后我们将FOMC会议和就业报告分类，根据它们主要传达的是增长消息(即关于未来增长前景的信息)，还是货币消息(即关于未来通胀或美联储的反应机制的信息)。\n为了做到这一点，我们研究了标普500指数的同步变动。因此，如果10年期美国国债收益率和标普500指数走势一致，那么FOMC的公告和非农就业数据将被视为主要传达经济增长消息。例如，FOMC的沟通增加了投资者对美国经济增长的信心，可能导致美国国债收益率和股票价格携手上涨，一份表明增长和盈利前景不佳的非常疲弱的就业报告则可能导致收益率和股价下跌。图2中蓝色圆点散点图显示了自2010年以来FOMC所有会议和就业报告引发的10年期美国国债收益率和标普500指数变化的组合，我们将这些数据归类为主要传达增长的消息。这些数据分别占FOMC会议和就业报告的三分之一还多。\n相比之下，如果10年期美国国债收益率和标普500指数在会议后走势相反，我们就将FOMC会议和就业报告视为主要传达货币政策的消息。例如，FOMC宣布通胀压力上升，或许会被解读为政策立场更趋鹰派，这可能推高美国国债收益率，而压低标普500指数，因为实际贴现率上升会对股票估值构成压力。或者，一份就业报告可能会导致收益率下降，但股价上涨，因为投资者可能认为它的疲弱程度足以避免美联储未来收紧货币政策。图2中红色菱形散点图显示了我们将其归类为主要传达货币消息的观察结果。\n\n有了这一分类，我们接下来估计新兴市场资产价格--本币债券收益率、股票指数、信用违约互换(CDS)息差和货币--对美国国债收益率走势的反应。我们分别对这四种资产价格与10年期美国国债收益率在FOMC会议和就业报告前后的变化进行面板回归分析，利用一个22个新兴市场经济体从2010年1月至3月22日的样本。我们允许估计反应基于以下情况而有所不同：(1)FOMC或就业报告是根据上述方法归类为传达增长还是货币消息；(2)事件爆发前新兴市场经济体自身的宏观经济脆弱性。为了量化新兴市场经济体的脆弱性，我们使用了Ahmed等人(2017)开发的一种复合衡量方法，该方法结合了六个指标的信息：通胀、经常账户赤字、国际储备、政府债务、外债和私营部门信贷增长。\n我们的主要结果显示在图3中，该图显示了10年期美国国债收益率上升100个基点对新兴市场经济体资产价格的影响。蓝条表示增长消息的溢出效应，红条表示货币消息的溢出效应。这些图表充分说明了我们的两个重要发现：\n(1)   货币消息驱动下的国债收益率变化对新兴市场经济体资产价格的影响要比增长消息驱动下的收益率变化大得多；\n(2)   相对于不那么脆弱的经济体，脆弱经济体的资产价格对美国国债收益率变动更为敏感。货币政策消息推动的收益率上升对较为脆弱的经济体造成了沉重打击：本币债券收益率的升幅是美国国债收益率升幅的两倍多，CDS息差飙升，股价和货币崩溃。相反，当美国国债收益率上升反映的是增长消息时，对新兴市场经济体金融状况的影响一般是有限的，从统计角度讲，在大多数情况下几乎为零。\n\n综上所述，美国国债收益率上升可能导致新兴市场经济体金融状况明显收紧，但这种影响在很大程度上取决于收益率上升的驱动因素和新兴市场经济体的国内状况。我们的研究结果有助于解释今年迄今美国国债收益率上升对新兴市场的金融溢出效应为何有限，这是因为收益率上升似乎主要是受到美国增长前景改善的推动。话虽如此，如果未来加息反映了对通胀的担忧加剧，脆弱的新兴市场可能会面临压力。","news_type":1,"symbols_score_info":{"513500":0.9,".SPX":0.9,"SQQQ":0.9,"QLD":0.9,"QQQ":0.9,"SH":0.9,"ESmain":0.9,"OEF":0.9,"DXD":0.9,"PSQ":0.9,"DOG":0.9,"IVV":0.9,"QID":0.9,"SDOW":0.9,"TQQQ":0.9,"DDM":0.9,".DJI":0.9,".IXIC":0.9,"SPY":0.9,"UDOW":0.9}},"isVote":1,"tweetType":1,"viewCount":5267,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162213792,"gmtCreate":1624064374516,"gmtModify":1703827897458,"author":{"id":"3583616639231023","authorId":"3583616639231023","name":"Henryong","avatar":"https://static.tigerbbs.com/8784225fbd5d54cd129efbe31bbeb2cf","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583616639231023","authorIdStr":"3583616639231023"},"themes":[],"title":"","htmlText":"Please 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