+Follow
Laughingtong
对酒当歌人生几何
91
Follow
8
Followers
3
Topic
0
Badge
Posts
Hot
Laughingtong
2021-08-18
Good
Why do the stocks you're trapped in always have sluggish prices?
Laughingtong
2022-12-16
$瑞银(UBS)$
Laughingtong
2022-11-17
[财迷] [财迷] [财迷]
Laughingtong
2023-04-07
[财迷] [财迷] [财迷] [财迷]
Laughingtong
2023-04-04
[财迷] [财迷] [财迷] Good
Laughingtong
2022-07-05
🚀🚀🚀🚀
Laughingtong
2022-07-04
😊😊😊😊
Laughingtong
2022-07-04
😀😀😀😀
Laughingtong
2022-04-12
🎉🎉🎉
Laughingtong
2023-04-06
[财迷] [财迷] [财迷] Good
Go to Tiger App to see more news
{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3584766331000015","uuid":"3584766331000015","gmtCreate":1621737907923,"gmtModify":1634866160606,"name":"Laughingtong","pinyin":"laughingtong","introduction":"","introductionEn":"","signature":"对酒当歌人生几何","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":8,"headSize":91,"tweetSize":73,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":3,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":1,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.07.02","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"23f878ed27704312ae41c7f17e73b319-4","templateUuid":"23f878ed27704312ae41c7f17e73b319","name":"Annualised return","description":"Top 10%","bigImgUrl":"https://community-static.tradeup.com/news/15d4b5a89fa218ed3a35da1a05874cf6","smallImgUrl":"https://community-static.tradeup.com/news/16e2b28d75d7746886400fad4f4ec3e3","grayImgUrl":"https://community-static.tradeup.com/news/6f578d36f80e1a3d9c705f395e522048","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":1691578800000,"redirectLinkValidityTo":1725015600000,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.09.30","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":5300,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.29","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"972123088c9646f7b6091ae0662215be-1","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Elite Trader","description":"Total number of securities or futures transactions reached 30","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.29","exceedPercentage":"60.70%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":5,"currentWearingBadge":{"badgeId":"23f878ed27704312ae41c7f17e73b319-4","templateUuid":"23f878ed27704312ae41c7f17e73b319","name":"Annualised return","description":"Top 10%","bigImgUrl":"https://community-static.tradeup.com/news/15d4b5a89fa218ed3a35da1a05874cf6","smallImgUrl":"https://community-static.tradeup.com/news/16e2b28d75d7746886400fad4f4ec3e3","grayImgUrl":"https://community-static.tradeup.com/news/6f578d36f80e1a3d9c705f395e522048","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":1691578800000,"redirectLinkValidityTo":1725015600000,"hasAllocated":1,"isWearing":1,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.09.30","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":5300,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":1,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":9946332481,"gmtCreate":1680857724744,"gmtModify":1680857728938,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] [财迷] ","listText":"[财迷] [财迷] [财迷] [财迷] ","text":"[财迷] [财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9946332481","isVote":1,"tweetType":1,"viewCount":3673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9948216519,"gmtCreate":1680711234931,"gmtModify":1680711239406,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] Good ","listText":"[财迷] [财迷] [财迷] Good ","text":"[财迷] [财迷] [财迷] Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9948216519","isVote":1,"tweetType":1,"viewCount":4031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9948323865,"gmtCreate":1680626311158,"gmtModify":1680626314975,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] [财迷] ","listText":"[财迷] [财迷] [财迷] [财迷] ","text":"[财迷] [财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9948323865","isVote":1,"tweetType":1,"viewCount":4396,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941731065,"gmtCreate":1680594147358,"gmtModify":1680594149876,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941731065","repostId":"9943960936","repostType":1,"repost":{"id":9943960936,"gmtCreate":1679046534725,"gmtModify":1680580626622,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/d95d339b1f41503e283097a33ab3ba9d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667667103859","authorIdStr":"3527667667103859"},"themes":[],"title":"【Game】Easter Egg Hunting with Tiger, Win Disney Shares and USD 120 Voucher","htmlText":"🐰🌷 Hop into the Easter spirit and join our \"Tiger's Egg Hunting\" game! 🎉Stand to win free Disney stocks and a USD 120 cash voucher!🎁🌟Our interactive Easter game is open to Tigers, and it's so easy to play! Simply jump and catch the egg, and you could be a lucky winner. 🐇That's not all. You can also invite your friends to join in the fun to earn more points. Plus, you can challenge your friends for a race up the leaderboard. Let's fly to the moon together!Don't miss out on this egg-citing opportunity to win BIG! Join the game now and hop on your way to victory. 🥳🐣<a href=\"https://www.tigerbrokers.com.sg/activity/market/2023/easter/?adcode=20230316162207#/\" target=\"_blank\">Join our Easter campaign now</a>","listText":"🐰🌷 Hop into the Easter spirit and join our \"Tiger's Egg Hunting\" game! 🎉Stand to win free Disney stocks and a USD 120 cash voucher!🎁🌟Our interactive Easter game is open to Tigers, and it's so easy to play! Simply jump and catch the egg, and you could be a lucky winner. 🐇That's not all. You can also invite your friends to join in the fun to earn more points. Plus, you can challenge your friends for a race up the leaderboard. Let's fly to the moon together!Don't miss out on this egg-citing opportunity to win BIG! Join the game now and hop on your way to victory. 🥳🐣<a href=\"https://www.tigerbrokers.com.sg/activity/market/2023/easter/?adcode=20230316162207#/\" target=\"_blank\">Join our Easter campaign now</a>","text":"🐰🌷 Hop into the Easter spirit and join our \"Tiger's Egg Hunting\" game! 🎉Stand to win free Disney stocks and a USD 120 cash voucher!🎁🌟Our interactive Easter game is open to Tigers, and it's so easy to play! Simply jump and catch the egg, and you could be a lucky winner. 🐇That's not all. You can also invite your friends to join in the fun to earn more points. Plus, you can challenge your friends for a race up the leaderboard. Let's fly to the moon together!Don't miss out on this egg-citing opportunity to win BIG! Join the game now and hop on your way to victory. 🥳🐣Join our Easter campaign now","images":[{"img":"https://community-static.tradeup.com/news/c90a7371a3bcd1e6c552d2aa23f72c33","width":"1200","height":"630"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943960936","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":4226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941733447,"gmtCreate":1680594139789,"gmtModify":1680594143176,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"🚀🚀🚀","listText":"🚀🚀🚀","text":"🚀🚀🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941733447","repostId":"9943960936","repostType":1,"repost":{"id":9943960936,"gmtCreate":1679046534725,"gmtModify":1680580626622,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/d95d339b1f41503e283097a33ab3ba9d","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667667103859","authorIdStr":"3527667667103859"},"themes":[],"title":"【Game】Easter Egg Hunting with Tiger, Win Disney Shares and USD 120 Voucher","htmlText":"🐰🌷 Hop into the Easter spirit and join our \"Tiger's Egg Hunting\" game! 🎉Stand to win free Disney stocks and a USD 120 cash voucher!🎁🌟Our interactive Easter game is open to Tigers, and it's so easy to play! Simply jump and catch the egg, and you could be a lucky winner. 🐇That's not all. You can also invite your friends to join in the fun to earn more points. Plus, you can challenge your friends for a race up the leaderboard. Let's fly to the moon together!Don't miss out on this egg-citing opportunity to win BIG! Join the game now and hop on your way to victory. 🥳🐣<a href=\"https://www.tigerbrokers.com.sg/activity/market/2023/easter/?adcode=20230316162207#/\" target=\"_blank\">Join our Easter campaign now</a>","listText":"🐰🌷 Hop into the Easter spirit and join our \"Tiger's Egg Hunting\" game! 🎉Stand to win free Disney stocks and a USD 120 cash voucher!🎁🌟Our interactive Easter game is open to Tigers, and it's so easy to play! Simply jump and catch the egg, and you could be a lucky winner. 🐇That's not all. You can also invite your friends to join in the fun to earn more points. Plus, you can challenge your friends for a race up the leaderboard. Let's fly to the moon together!Don't miss out on this egg-citing opportunity to win BIG! Join the game now and hop on your way to victory. 🥳🐣<a href=\"https://www.tigerbrokers.com.sg/activity/market/2023/easter/?adcode=20230316162207#/\" target=\"_blank\">Join our Easter campaign now</a>","text":"🐰🌷 Hop into the Easter spirit and join our \"Tiger's Egg Hunting\" game! 🎉Stand to win free Disney stocks and a USD 120 cash voucher!🎁🌟Our interactive Easter game is open to Tigers, and it's so easy to play! Simply jump and catch the egg, and you could be a lucky winner. 🐇That's not all. You can also invite your friends to join in the fun to earn more points. Plus, you can challenge your friends for a race up the leaderboard. Let's fly to the moon together!Don't miss out on this egg-citing opportunity to win BIG! Join the game now and hop on your way to victory. 🥳🐣Join our Easter campaign now","images":[{"img":"https://community-static.tradeup.com/news/c90a7371a3bcd1e6c552d2aa23f72c33","width":"1200","height":"630"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943960936","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3946,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941733138,"gmtCreate":1680594085524,"gmtModify":1680594088527,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] Good","listText":"[财迷] [财迷] [财迷] Good","text":"[财迷] [财迷] [财迷] Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941733138","isVote":1,"tweetType":1,"viewCount":3486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9957032453,"gmtCreate":1676736959273,"gmtModify":1676736963323,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/BBBY\">$3B家居(BBBY)$ </a>[财迷] [财迷] ","listText":"<a href=\"https://ttm.financial/S/BBBY\">$3B家居(BBBY)$ </a>[财迷] [财迷] ","text":"$3B家居(BBBY)$ [财迷] [财迷]","images":[{"img":"https://community-static.tradeup.com/news/9283031842f9e670b8d3aaa703255f0f","width":"828","height":"6592"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9957032453","isVote":1,"tweetType":1,"viewCount":4282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9921709084,"gmtCreate":1671120247249,"gmtModify":1676538494252,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/UBS\">$瑞银(UBS)$ </a>","listText":"<a href=\"https://ttm.financial/S/UBS\">$瑞银(UBS)$ </a>","text":"$瑞银(UBS)$","images":[{"img":"https://community-static.tradeup.com/news/81787427f3a472b6bcbcb932f3cf46dd","width":"750","height":"5906"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9921709084","isVote":1,"tweetType":1,"viewCount":3852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9921696215,"gmtCreate":1671036595637,"gmtModify":1676538480292,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/UBS\">$瑞银(UBS)$ </a>[财迷] [财迷] ","listText":"<a href=\"https://ttm.financial/S/UBS\">$瑞银(UBS)$ </a>[财迷] [财迷] ","text":"$瑞银(UBS)$ [财迷] [财迷]","images":[{"img":"https://community-static.tradeup.com/news/c7dcbe6d2cc90400abc70ab05221fdaa","width":"750","height":"5906"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9921696215","isVote":1,"tweetType":1,"viewCount":4147,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9967080742,"gmtCreate":1670228519687,"gmtModify":1676538324814,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] ","listText":"[财迷] [财迷] [财迷] ","text":"[财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9967080742","isVote":1,"tweetType":1,"viewCount":3506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965343642,"gmtCreate":1669901810787,"gmtModify":1676538266442,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] ","listText":"[财迷] [财迷] [财迷] ","text":"[财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965343642","isVote":1,"tweetType":1,"viewCount":1212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9965349744,"gmtCreate":1669901752389,"gmtModify":1676538266426,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":" [财迷] [财迷] [财迷] ","listText":" [财迷] [财迷] [财迷] ","text":"[财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9965349744","isVote":1,"tweetType":1,"viewCount":1409,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9963215858,"gmtCreate":1668691206375,"gmtModify":1676538097649,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] ","listText":"[财迷] [财迷] [财迷] ","text":"[财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963215858","isVote":1,"tweetType":1,"viewCount":1607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9985340256,"gmtCreate":1667322752575,"gmtModify":1676537898068,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] ","listText":"[财迷] [财迷] [财迷] ","text":"[财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9985340256","isVote":1,"tweetType":1,"viewCount":1080,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9985335537,"gmtCreate":1667312017330,"gmtModify":1676537896231,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] [财迷] ","listText":"[财迷] [财迷] [财迷] [财迷] ","text":"[财迷] [财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9985335537","isVote":1,"tweetType":1,"viewCount":1365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9988490690,"gmtCreate":1666802461611,"gmtModify":1676537808773,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] ","listText":"[财迷] [财迷] [财迷] ","text":"[财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9988490690","isVote":1,"tweetType":1,"viewCount":1634,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9912800638,"gmtCreate":1664784370824,"gmtModify":1676537508037,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/SE\">$Sea Ltd(SE)$</a>✈️✈️","listText":"<a href=\"https://ttm.financial/S/SE\">$Sea Ltd(SE)$</a>✈️✈️","text":"$Sea Ltd(SE)$✈️✈️","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9912800638","isVote":1,"tweetType":1,"viewCount":1113,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9079506209,"gmtCreate":1657211025701,"gmtModify":1676535970464,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"😀😀😀😀😀","listText":"😀😀😀😀😀","text":"😀😀😀😀😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9079506209","isVote":1,"tweetType":1,"viewCount":1043,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9079077269,"gmtCreate":1657138751751,"gmtModify":1676535954572,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"😀😀😀😀😀","listText":"😀😀😀😀😀","text":"😀😀😀😀😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9079077269","isVote":1,"tweetType":1,"viewCount":1367,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9070836174,"gmtCreate":1657037871198,"gmtModify":1676535936936,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3584766331000015","authorIdStr":"3584766331000015"},"themes":[],"title":"","htmlText":"😀😀😀😀","listText":"😀😀😀😀","text":"😀😀😀😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9070836174","isVote":1,"tweetType":1,"viewCount":1624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":833478038,"gmtCreate":1629259220124,"gmtModify":1676529982623,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"themes":[],"title":"","htmlText":"Good ","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/833478038","repostId":"1114154923","repostType":4,"repost":{"id":"1114154923","kind":"news","pubTimestamp":1629257549,"share":"https://ttm.financial/m/news/1114154923?lang=en_US&edition=fundamental","pubTime":"2021-08-18 11:32","market":"us","language":"zh","title":"Why do the stocks you're trapped in always have sluggish prices?","url":"https://stock-news.laohu8.com/highlight/detail?id=1114154923","media":"中欧国际工商学院","summary":"30年来，中国股市发展迅猛，上市公司多达4300家，奔腾又躁动的年轻股市，带给中国企业一个巨大的红利期。\n\n\n但红利期过后，A股资本市场又会经历怎样的变化？对企业、投资人和整个市场又有怎样的影响？正在","content":"<p>Over the past 30 years, China's stock market has developed rapidly, with as many as 4,300 listed companies. This vibrant and restless young stock market has brought Chinese enterprises a period of huge dividends.<b>But what changes will the A-share capital market undergo after the dividend period ends?</b>What impact will this have on businesses, investors, and the market as a whole? There are already more than 2,000 companies waiting in line to go public, but how many listed companies does China's economy actually need? Conversely, what kind of companies are suitable for going public in the new capital market ecosystem? How should a company change and evolve after going public? Mr. Huang, Associate Professor of Finance at CEIBS, provides an interpretation.<a href=\"https://laohu8.com/S/00170\">Chinese capital</a>Changes in the market ecosystem.<b>Why are many small and medium-sized companies ignored after going public, facing a situation where their stock prices are low, their liquidity is low, and their market capitalization cannot be boosted?</b>For stock investors, this is also a distressing matter.<b>It seems that stocks that are trapped in their hands always have sluggish prices?</b>This is related to the entire market ecosystem.</p><p>Information is the underlying logic of finance, but there is a significant information asymmetry between listed companies and the capital market. Overcoming the impact of this information asymmetry has given rise to various organic components of the market ecosystem, including...<b>Information intermediaries, liquidity, institutional investors, tool funds, etc., their characteristics and evolutionary patterns influence the basic structure of the capital market.</b></p><p><b>01. Information Intermediary: The Preferences of Securities Analysts and Institutional Researchers</b></p><p>Besides relying on their own information disclosure to reduce information asymmetry, companies often also need to rely on...<b>Information intermediaries, namely: institutional investors and analysts at securities firms.</b></p><p>Securities analysts study listed companies and analyze their decisions, behaviors, and the results they bring. The release of analyst reports allows companies to release this information to the market, thereby generating more trading demand. A large portion of securities companies' profits come from transaction commissions, which they earn by driving up trading volume.</p><p>So how can securities companies maximize their profits? Large companies can bring in greater trading volume. At the same time, large companies have greater capital operation needs in the future and naturally tend to cooperate with securities firms that understand the company and its industry better. Therefore, analysts naturally tend to track large-cap companies.</p><p>In addition, analysts are more willing to track companies with high technological content and good growth potential. Because the market has a greater demand for analysis of these companies, analysts' reports are more useful.</p><p><b>If we compare the stock market to the Earth, one side is sunny and the other side is gloomy.</b></p><p>Relevant data research corroborates this point: among companies with low market capitalization (below the median market capitalization, about 5 billion), nearly two-thirds have no analyst tracking research. However, the quarter of the companies with the highest market capitalization have an average of 23 analysts tracking each company. Overall,<b>In 2018 and 2019, almost 40% of companies did not have any analysts tracking them.</b></p><p><img src=\"https://static.tigerbbs.com/6b777f72a7b5c837496cd4f483112af9\" tg-width=\"1080\" tg-height=\"1310\" referrerpolicy=\"no-referrer\"></p><p>(Among the 25% of companies with the smallest market capitalization, the percentage of analyst tracking coverage is 23%. Conversely, among the 25% of companies with the largest market capitalization, the percentage of analyst tracking coverage is 93%.)</p><p>Looking at the ChiNext board, data shows that in 2009, all companies had analysts tracking them and publishing analysis reports. But ten years later, only 60% of the companies were tracked. The same applies to motherboards. The Science and Technology Innovation Board (STAR Market) has been established for a short time, so it remains to be seen, but it can be gleaned from the development of the ChiNext Board.</p><p>What plays a similar role as an information intermediary to analyst tracking is the institution's own research on listed companies. However, the allocation of resources for institutional research also exhibits the same characteristics. Data from 2020 shows that among companies with a market capitalization of less than 5 billion yuan, only 28% received institutional research, with an average of 22 institutions participating in the research. However, if the market capitalization is close to 100 billion, there is a more than half probability that it will be researched by institutions, with an average of nearly 200 institutions participating.</p><p><b>On the one hand, there is a positive cycle: analyst tracking and institutional research → information flowing in the market → increased stock liquidity → valuation growth → more analyst tracking and institutional attention.</b></p><p><img src=\"https://static.tigerbbs.com/c75d388fb408625031c77c3db1a3c586\" tg-width=\"1080\" tg-height=\"1310\" referrerpolicy=\"no-referrer\"></p><p><b>For the other half in the stock market, it is an a vicious circle. No analyst tracking or institutional research → No new information in the market → Low trading liquidity → Stock prices are not rising → Valuations are not rising → Analysts and institutions are even less interested → Trading volume is shrinking further.</b></p><p>This explains why some companies, despite their great efforts, do not see their stock prices rise, while others quickly receive feedback from their stock prices because information about their efforts is learned by the market and thus leads to trading.</p><p>Under the registration system, the growth rate of listed companies far exceeds that of analysts and institutions, intensifying the competition for the attention and resources of analysts and institutions. However, the attention and resources of both analysts and institutional investors are concentrated.</p><p><b>02. The \"Seven-Year Itch\": Liquidity of A-share listed companies</b></p><p>According to the above analysis,<b>Another major factor affecting market capitalization is the liquidity of stocks.</b>In terms of trading volume, the top 25% of companies by market capitalization account for more than 60% of their daily trading volume, while companies with smaller market capitalizations have lower trading volumes.</p><p><b>One obvious conclusion is that the market is fickle.</b>When a company first went public, its stock liquidity was very ample.<b>Over time, liquidity declines significantly, and the more popular the sector, the more pronounced the trend.</b>Under the registration system, the trend will intensify further.</p><p><img src=\"https://static.tigerbbs.com/13b245072068de9f2447b4f7dffdce7d\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In terms of turnover rate, taking the ChiNext board as an example, the average daily turnover rate was 18% in 2009, but this figure only lasted for one year, dropping to 8% in 2010, and then remaining at around 4% for a long time. The average daily turnover rate of the main board was even lower, only 2%.</p><p>Generally speaking, data shows that the turnover rate of companies listed under the traditional review system tends to be mediocre and gradually stabilizes after four or five years of listing, while the turnover rate of companies listed under the newly registered system declines faster in months, which I collectively refer to as the \"seven-year itch\" of corporate liquidity.</p><p><b>Therefore, listed companies face challenges such as how to attract and retain investors' attention and boost company liquidity.</b></p><p><b>03. Investment preferences of institutional investors</b></p><p>As information producers, institutions' trading behavior carries a \"volume of information\". For listed companies, there is a desire for more institutional shareholders, especially those with high strategic investment holdings and long-term holdings.</p><p>Although institutions have grown over the past decade, it is clear that they do not distribute all their funds equally among all publicly traded companies.</p><p>So who exactly was it allocated to? More than half of the companies have institutional shareholding of less than 38%. Among them, the 25% of companies with the largest market capitalization have a median institutional shareholding of nearly 60%, while the 25% of companies with the lowest market capitalization have only 11%.</p><p><img src=\"https://static.tigerbbs.com/7d4507403374d92c3c35a99f5c5cedae\" tg-width=\"1080\" tg-height=\"1115\" referrerpolicy=\"no-referrer\"></p><p><b>04. Public Equity Funds vs. Index Funds ETFs: Who is included in the basket?</b></p><p>Will the newly emerging public equity funds and index fund ETFs, such as the Innovation and Entrepreneurship 50 ETF and the STAR Market 50 ETF, benefit more companies? These tool-based funds help investors buy a basket of stocks with one click. Can they help listed companies address the impact of information asymmetry?</p><p>However, the situation is also unfavorable. The constituent stocks of index funds are usually companies with large market capitalization, good liquidity, and good growth potential. Generally, only companies ranked in the top 50 or top 100 are favored by these index funds.</p><p>Let's look at mutual funds. Only 40% of the companies' public funds hold more than 1% of the total shares. Meanwhile, the investor structure of mutual funds is still dominated by retail investors, who hold more than 50% of the shares. In other words, stock investors have become fund investors, but their investment mindset has not changed. When the net asset value of public funds falls, fund investors panic and want to redeem them.</p><p><img src=\"https://static.tigerbbs.com/307787944035f995a1f76ab43282038a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>This, in turn, will affect the stock selection principles of mutual funds. To avoid being redeemed and reduce short-term performance pressure, mutual fund managers will select companies with outstanding short-term performance, that is, companies with large market capitalization and certain growth potential. This means that mutual funds and index fund ETFs have not brought the good news of increased institutional investment to small and mid-cap companies.</p><p>In other words,<b>The rise of instrumental funds cannot change the capital, market ecosystem, and environment of small and medium-sized companies.</b></p><p>Thus, the capital market ecosystem profile faced by small and medium-sized companies emerges: the investor structure is dominated by retail investors, stock liquidity is gradually declining, information asymmetry is serious, information about their business performance cannot be effectively reflected in stock prices, and market capitalization increases slowly.</p><p><b>05. A \"trap\" for small and medium-sized enterprises?</b></p><p>In the A-share market, although the number and market capitalization of listed companies have increased, unfortunately...<b>The market capitalization of the bottom 1,000 listed companies has dropped from 10% to 3% of the total market capitalization, forming a considerable tail end. Does this mean that listed companies with lower market capitalization rankings find it difficult to grow large, which is often referred to as the small and medium-sized market capitalization \"trap\"?</b></p><p><img src=\"https://static.tigerbbs.com/97ef3773dd90f6870d695ffa3d868548\" tg-width=\"1080\" tg-height=\"1310\" referrerpolicy=\"no-referrer\"></p><p>For small and medium-sized companies, two issues should be addressed immediately when the IPO bell rings.</p><p><b>First, how can we avoid \"going public is the pinnacle\" and continuously gain market attention, resources and financial support?</b></p><p><b>Second, how can we further leverage our listed company status to obtain more capital, increase industrial operations, and grow bigger and stronger?</b></p><p>For some listed companies, this is not without its worries. Under the registration-based IPO system, the value and status of listed companies are no longer what they used to be, delisting will become more common, supervision is constantly being strengthened, and there are even external \"barbarians\" (who acquire control of companies through hostile means) lurking there.</p><p><b>06. Listed companies in the United States: Either buy someone else, or be bought by someone else.</b></p><p>Looking back at the history of the US capital market, the number of publicly traded companies in the US rose from 5,000 in the 1980s to more than 8,000 in the late 1990s. With the bursting of the internet economy bubble, the number has dropped to more than 4,000 today. A large number of these companies were delisted, and 60% of the reasons were because the listed companies were acquired, and the main acquirers were other listed companies.</p><p>At the same time, the IPO market has also declined over the past 20 years. This is not because fewer companies are receiving VC and PE investment, but rather because more startups are choosing to be acquired and exit rather than go public. Even if a company goes public first, it must either acquire someone else or be acquired by someone else within three years of listing, thereby achieving industry consolidation. As industry concentration increases and the monopoly power of large enterprises strengthens, it becomes more difficult for other companies to grow independently. Therefore, a better approach is to join forces with large companies in the industry.</p><p>In other words,<b>Mergers and acquisitions have become the mainstream method of industry consolidation in the United States.</b>The data revealed that<b>Over the past 20 years, 90% of American startups have exited through acquisitions, while only 10% have exited through IPOs.</b></p><p><img src=\"https://static.tigerbbs.com/48bd838dec45442949d2365c71a5fc53\" tg-width=\"1080\" tg-height=\"950\" referrerpolicy=\"no-referrer\"></p><p>In contrast, most companies in China still highly anticipate going public, which requires consideration from two dimensions:</p><p>1. Extend the business outwards, integrate industries, and become stronger.</p><p>2. Improved internal efficiency, including operations, business models, corporate governance, and technology upgrades.</p><p>Finally, here's a prediction: during the dividend period of the registration-based IPO system, the number of listed companies will continue to rise in the short term. However, with the changes in the A-share market ecosystem, the value differentiation of listed companies is also accelerating, and the demand for integration will increase day by day. Therefore, the number of listed companies will decrease after rising, and industries will become more concentrated in the future. But integration will be a long-term process.</p><p>When industry and capital interact positively, the capital market will have the same number of listed companies as it does now, but these listed companies will have completely different levels of strength. Unlisted companies also retain the option and ability to go public at any time.</p>","source":"lsy1629257198784","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>Why do the stocks you're trapped in always have sluggish prices?</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\">\nWhy do the stocks you're trapped in always have sluggish prices?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中欧国际工商学院</strong><span class=\"h-time small\">2021-08-18 11:32</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Over the past 30 years, China's stock market has developed rapidly, with as many as 4,300 listed companies. This vibrant and restless young stock market has brought Chinese enterprises a period of huge dividends.<b>But what changes will the A-share capital market undergo after the dividend period ends?</b>What impact will this have on businesses, investors, and the market as a whole? There are already more than 2,000 companies waiting in line to go public, but how many listed companies does China's economy actually need? Conversely, what kind of companies are suitable for going public in the new capital market ecosystem? How should a company change and evolve after going public? Mr. Huang, Associate Professor of Finance at CEIBS, provides an interpretation.<a href=\"https://laohu8.com/S/00170\">Chinese capital</a>Changes in the market ecosystem.<b>Why are many small and medium-sized companies ignored after going public, facing a situation where their stock prices are low, their liquidity is low, and their market capitalization cannot be boosted?</b>For stock investors, this is also a distressing matter.<b>It seems that stocks that are trapped in their hands always have sluggish prices?</b>This is related to the entire market ecosystem.</p><p>Information is the underlying logic of finance, but there is a significant information asymmetry between listed companies and the capital market. Overcoming the impact of this information asymmetry has given rise to various organic components of the market ecosystem, including...<b>Information intermediaries, liquidity, institutional investors, tool funds, etc., their characteristics and evolutionary patterns influence the basic structure of the capital market.</b></p><p><b>01. Information Intermediary: The Preferences of Securities Analysts and Institutional Researchers</b></p><p>Besides relying on their own information disclosure to reduce information asymmetry, companies often also need to rely on...<b>Information intermediaries, namely: institutional investors and analysts at securities firms.</b></p><p>Securities analysts study listed companies and analyze their decisions, behaviors, and the results they bring. The release of analyst reports allows companies to release this information to the market, thereby generating more trading demand. A large portion of securities companies' profits come from transaction commissions, which they earn by driving up trading volume.</p><p>So how can securities companies maximize their profits? Large companies can bring in greater trading volume. At the same time, large companies have greater capital operation needs in the future and naturally tend to cooperate with securities firms that understand the company and its industry better. Therefore, analysts naturally tend to track large-cap companies.</p><p>In addition, analysts are more willing to track companies with high technological content and good growth potential. Because the market has a greater demand for analysis of these companies, analysts' reports are more useful.</p><p><b>If we compare the stock market to the Earth, one side is sunny and the other side is gloomy.</b></p><p>Relevant data research corroborates this point: among companies with low market capitalization (below the median market capitalization, about 5 billion), nearly two-thirds have no analyst tracking research. However, the quarter of the companies with the highest market capitalization have an average of 23 analysts tracking each company. Overall,<b>In 2018 and 2019, almost 40% of companies did not have any analysts tracking them.</b></p><p><img src=\"https://static.tigerbbs.com/6b777f72a7b5c837496cd4f483112af9\" tg-width=\"1080\" tg-height=\"1310\" referrerpolicy=\"no-referrer\"></p><p>(Among the 25% of companies with the smallest market capitalization, the percentage of analyst tracking coverage is 23%. Conversely, among the 25% of companies with the largest market capitalization, the percentage of analyst tracking coverage is 93%.)</p><p>Looking at the ChiNext board, data shows that in 2009, all companies had analysts tracking them and publishing analysis reports. But ten years later, only 60% of the companies were tracked. The same applies to motherboards. The Science and Technology Innovation Board (STAR Market) has been established for a short time, so it remains to be seen, but it can be gleaned from the development of the ChiNext Board.</p><p>What plays a similar role as an information intermediary to analyst tracking is the institution's own research on listed companies. However, the allocation of resources for institutional research also exhibits the same characteristics. Data from 2020 shows that among companies with a market capitalization of less than 5 billion yuan, only 28% received institutional research, with an average of 22 institutions participating in the research. However, if the market capitalization is close to 100 billion, there is a more than half probability that it will be researched by institutions, with an average of nearly 200 institutions participating.</p><p><b>On the one hand, there is a positive cycle: analyst tracking and institutional research → information flowing in the market → increased stock liquidity → valuation growth → more analyst tracking and institutional attention.</b></p><p><img src=\"https://static.tigerbbs.com/c75d388fb408625031c77c3db1a3c586\" tg-width=\"1080\" tg-height=\"1310\" referrerpolicy=\"no-referrer\"></p><p><b>For the other half in the stock market, it is an a vicious circle. No analyst tracking or institutional research → No new information in the market → Low trading liquidity → Stock prices are not rising → Valuations are not rising → Analysts and institutions are even less interested → Trading volume is shrinking further.</b></p><p>This explains why some companies, despite their great efforts, do not see their stock prices rise, while others quickly receive feedback from their stock prices because information about their efforts is learned by the market and thus leads to trading.</p><p>Under the registration system, the growth rate of listed companies far exceeds that of analysts and institutions, intensifying the competition for the attention and resources of analysts and institutions. However, the attention and resources of both analysts and institutional investors are concentrated.</p><p><b>02. The \"Seven-Year Itch\": Liquidity of A-share listed companies</b></p><p>According to the above analysis,<b>Another major factor affecting market capitalization is the liquidity of stocks.</b>In terms of trading volume, the top 25% of companies by market capitalization account for more than 60% of their daily trading volume, while companies with smaller market capitalizations have lower trading volumes.</p><p><b>One obvious conclusion is that the market is fickle.</b>When a company first went public, its stock liquidity was very ample.<b>Over time, liquidity declines significantly, and the more popular the sector, the more pronounced the trend.</b>Under the registration system, the trend will intensify further.</p><p><img src=\"https://static.tigerbbs.com/13b245072068de9f2447b4f7dffdce7d\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>In terms of turnover rate, taking the ChiNext board as an example, the average daily turnover rate was 18% in 2009, but this figure only lasted for one year, dropping to 8% in 2010, and then remaining at around 4% for a long time. The average daily turnover rate of the main board was even lower, only 2%.</p><p>Generally speaking, data shows that the turnover rate of companies listed under the traditional review system tends to be mediocre and gradually stabilizes after four or five years of listing, while the turnover rate of companies listed under the newly registered system declines faster in months, which I collectively refer to as the \"seven-year itch\" of corporate liquidity.</p><p><b>Therefore, listed companies face challenges such as how to attract and retain investors' attention and boost company liquidity.</b></p><p><b>03. Investment preferences of institutional investors</b></p><p>As information producers, institutions' trading behavior carries a \"volume of information\". For listed companies, there is a desire for more institutional shareholders, especially those with high strategic investment holdings and long-term holdings.</p><p>Although institutions have grown over the past decade, it is clear that they do not distribute all their funds equally among all publicly traded companies.</p><p>So who exactly was it allocated to? More than half of the companies have institutional shareholding of less than 38%. Among them, the 25% of companies with the largest market capitalization have a median institutional shareholding of nearly 60%, while the 25% of companies with the lowest market capitalization have only 11%.</p><p><img src=\"https://static.tigerbbs.com/7d4507403374d92c3c35a99f5c5cedae\" tg-width=\"1080\" tg-height=\"1115\" referrerpolicy=\"no-referrer\"></p><p><b>04. Public Equity Funds vs. Index Funds ETFs: Who is included in the basket?</b></p><p>Will the newly emerging public equity funds and index fund ETFs, such as the Innovation and Entrepreneurship 50 ETF and the STAR Market 50 ETF, benefit more companies? These tool-based funds help investors buy a basket of stocks with one click. Can they help listed companies address the impact of information asymmetry?</p><p>However, the situation is also unfavorable. The constituent stocks of index funds are usually companies with large market capitalization, good liquidity, and good growth potential. Generally, only companies ranked in the top 50 or top 100 are favored by these index funds.</p><p>Let's look at mutual funds. Only 40% of the companies' public funds hold more than 1% of the total shares. Meanwhile, the investor structure of mutual funds is still dominated by retail investors, who hold more than 50% of the shares. In other words, stock investors have become fund investors, but their investment mindset has not changed. When the net asset value of public funds falls, fund investors panic and want to redeem them.</p><p><img src=\"https://static.tigerbbs.com/307787944035f995a1f76ab43282038a\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>This, in turn, will affect the stock selection principles of mutual funds. To avoid being redeemed and reduce short-term performance pressure, mutual fund managers will select companies with outstanding short-term performance, that is, companies with large market capitalization and certain growth potential. This means that mutual funds and index fund ETFs have not brought the good news of increased institutional investment to small and mid-cap companies.</p><p>In other words,<b>The rise of instrumental funds cannot change the capital, market ecosystem, and environment of small and medium-sized companies.</b></p><p>Thus, the capital market ecosystem profile faced by small and medium-sized companies emerges: the investor structure is dominated by retail investors, stock liquidity is gradually declining, information asymmetry is serious, information about their business performance cannot be effectively reflected in stock prices, and market capitalization increases slowly.</p><p><b>05. A \"trap\" for small and medium-sized enterprises?</b></p><p>In the A-share market, although the number and market capitalization of listed companies have increased, unfortunately...<b>The market capitalization of the bottom 1,000 listed companies has dropped from 10% to 3% of the total market capitalization, forming a considerable tail end. Does this mean that listed companies with lower market capitalization rankings find it difficult to grow large, which is often referred to as the small and medium-sized market capitalization \"trap\"?</b></p><p><img src=\"https://static.tigerbbs.com/97ef3773dd90f6870d695ffa3d868548\" tg-width=\"1080\" tg-height=\"1310\" referrerpolicy=\"no-referrer\"></p><p>For small and medium-sized companies, two issues should be addressed immediately when the IPO bell rings.</p><p><b>First, how can we avoid \"going public is the pinnacle\" and continuously gain market attention, resources and financial support?</b></p><p><b>Second, how can we further leverage our listed company status to obtain more capital, increase industrial operations, and grow bigger and stronger?</b></p><p>For some listed companies, this is not without its worries. Under the registration-based IPO system, the value and status of listed companies are no longer what they used to be, delisting will become more common, supervision is constantly being strengthened, and there are even external \"barbarians\" (who acquire control of companies through hostile means) lurking there.</p><p><b>06. Listed companies in the United States: Either buy someone else, or be bought by someone else.</b></p><p>Looking back at the history of the US capital market, the number of publicly traded companies in the US rose from 5,000 in the 1980s to more than 8,000 in the late 1990s. With the bursting of the internet economy bubble, the number has dropped to more than 4,000 today. A large number of these companies were delisted, and 60% of the reasons were because the listed companies were acquired, and the main acquirers were other listed companies.</p><p>At the same time, the IPO market has also declined over the past 20 years. This is not because fewer companies are receiving VC and PE investment, but rather because more startups are choosing to be acquired and exit rather than go public. Even if a company goes public first, it must either acquire someone else or be acquired by someone else within three years of listing, thereby achieving industry consolidation. As industry concentration increases and the monopoly power of large enterprises strengthens, it becomes more difficult for other companies to grow independently. Therefore, a better approach is to join forces with large companies in the industry.</p><p>In other words,<b>Mergers and acquisitions have become the mainstream method of industry consolidation in the United States.</b>The data revealed that<b>Over the past 20 years, 90% of American startups have exited through acquisitions, while only 10% have exited through IPOs.</b></p><p><img src=\"https://static.tigerbbs.com/48bd838dec45442949d2365c71a5fc53\" tg-width=\"1080\" tg-height=\"950\" referrerpolicy=\"no-referrer\"></p><p>In contrast, most companies in China still highly anticipate going public, which requires consideration from two dimensions:</p><p>1. Extend the business outwards, integrate industries, and become stronger.</p><p>2. Improved internal efficiency, including operations, business models, corporate governance, and technology upgrades.</p><p>Finally, here's a prediction: during the dividend period of the registration-based IPO system, the number of listed companies will continue to rise in the short term. However, with the changes in the A-share market ecosystem, the value differentiation of listed companies is also accelerating, and the demand for integration will increase day by day. Therefore, the number of listed companies will decrease after rising, and industries will become more concentrated in the future. But integration will be a long-term process.</p><p>When industry and capital interact positively, the capital market will have the same number of listed companies as it does now, but these listed companies will have completely different levels of strength. Unlisted companies also retain the option and ability to go public at any time.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/1ORDIAXh0e44DEbPMIymwA\">中欧国际工商学院</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aad11ba2079bb9257f028bbfac399f31","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"source_url":"https://mp.weixin.qq.com/s/1ORDIAXh0e44DEbPMIymwA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114154923","content_text":"30年来，中国股市发展迅猛，上市公司多达4300家，奔腾又躁动的年轻股市，带给中国企业一个巨大的红利期。\n\n\n但红利期过后，A股资本市场又会经历怎样的变化？对企业、投资人和整个市场又有怎样的影响？正在排队等待上市的公司已经有2000多家，但中国的经济体量究竟需要多少家上市公司？反之，新的资本市场生态适合什么样的公司上市？公司上市后又该如何改变和进化？\n\n\n 中欧国际工商学院金融学副教授黄生为你解读中国资本市场的生态变化。\n\n为什么很多中小市值的企业上市后会无人问津，面临股价不高、流动性低、市值也无法提振的局面？对股民而言，这同样是件苦恼的事情，似乎手里被套牢的股票，股价总是萎靡不振？这和整个市场生态有关。\n信息是金融的底层逻辑，但上市公司和资本市场之间却存在着较大的信息不对称，围绕着克服信息不对称带来的影响，产生了市场生态的各有机组成部分，包括信息中介、流动性、机构投资者、工具型基金等，它们的特性和演变规律影响着资本市场的基本格局。\n01、信息中介：证券分析师和机构调研的喜好\n企业除了靠自身的信息披露来降低信息不对称，不少时候也需要依靠信息中介，即：机构投资者和证券公司的分析师。\n证券分析师研究上市公司，分析企业决策、行为及其带来的结果。分析师报告的面世，可以让企业的这些信息释放到市场上，从而产生更多的交易需求。而证券公司很大一部分盈利来自交易佣金，通过推动交易量上涨获得收益。\n那如何让证券公司利益最大化呢？大体量的公司可以带来更大的交易量，同时，大公司未来的资本运作需求更多，自然也倾向与对本公司和所在行业更了解的证券公司合作。因此，分析师自然而然地会倾向于跟踪大体量公司。\n除此之外，分析师也更愿意跟踪科技含量高、成长性比较好的公司。因为市场上对这些企业的分析更有需求，分析师的报告更有用武之地。\n如果把股市比作地球，一边是阳光普照，另一边则黯淡无光。\n相关的数据研究佐证了这一点，低市值（低于中位数市值，约50亿）公司中，近2/3无分析师跟踪研究；但市值最高的1/4公司，平均每个公司却有23个分析师跟踪。总体而言，在2018年和2019年，差不多有40%的公司没有任何一个分析师进行跟踪。\n\n（在市值最小的25%的公司中，分析师跟踪覆盖的比例是23%。反之，在市值最大的25%的公司中，分析师跟踪覆盖的比例是93%。）\n再来看创业板，数据表明，在2009年时所有的公司都有分析师跟踪，并发表分析报告。但十年后，只有60%的公司被跟踪。主板的情况也大抵如此。科创板因创立时间短，还有待观察，但可从创业板的发展情况管窥一斑。\n与分析师跟踪起类似信息中介作用的是机构自身对上市公司的调研。但机构调研的资源分配也呈现同样的特点，2020年的数据显示，市值小于50亿的企业中，仅28%的企业获得机构调研，调研中平均会有22个机构参与；但如果市值接近1000亿时，则有超过一半的概率获机构调研，平均将近有200家机构参与。\n一面是正向循环，分析师跟踪、机构调研→信息在市场上流转→股票流动性增加→估值增长→更多分析师跟踪、机构关注。\n\n而对于股市上的另一半而言，则是一个恶性循环。没有分析师跟踪或机构调研→市场上没有新信息→交易流动性低→股价上不去→估值提不起来→分析师、机构更不感兴趣→交易量再缩小。\n这就解释了，为什么一些企业尽管非常努力，但是股价上不去，而另一些企业的努力从股价上很快得到反馈，因为关于企业努力的信息被市场获知、从而带来交易。\n而在注册制下，上市公司的增长速度远远超过分析师和机构的增长速度，争抢分析师和机构注意力资源的情况加剧。但无论是分析师还是机构投资者，其注意力资源又都呈集中态势。\n02、“七年之痒”：A股上市公司流动性\n按上面的分析，影响市值的另一大因素是股票的流动性。从交易量来看，市值排在前25%的公司，日均交易量占比超过60%，而市值较小的公司交易量低。\n有一个明显的结论是，市场喜新厌旧。在企业刚上市时，其股票流动性非常充裕。随着时间的变化，流动性显著下滑，而且越热门的板块，趋势越明显。在注册制制度下，趋势会进一步加剧。\n\n从换手率来看，以创业板为例，2009年的日均换手率为18%，但这个数字只维持了1年，到2010年降到8%，之后长期维持在4%左右，而主板的日均换手率更低，仅为2%。\n一般来说，数据显示，在传统审核制下上市的企业，其换手率在上市四五年后就趋于平庸、逐步稳定下来，而在新近注册制下上市的企业，其换手率下降之快以月份计，我统称其为企业流动性之“七年之痒”。\n所以对上市公司而言，面临着如何吸引和留住投资者的注意力，提振公司流动性等问题。\n03、机构投资者的投资偏好\n机构作为信息制造者，它的交易行为带有“信息量”。对上市公司而言，都希望有更多的机构持股，尤其青睐那些战略投资持股比例高、持股时间长的机构投资者。\n尽管机构在过去十年不断壮大，但显而易见，它们并不会把所有资金平均分配给所有的上市公司。\n那到底分配给谁了呢？一半以上公司的机构持股比例小于38%。其中市值最大的25%公司，其中位数机构持股比例接近60%，而市值最低的25%公司，该比例仅为11%。\n\n04、公募偏股基金与指数基金ETF：谁被划进了篮子里？\n新崛起的公募偏股基金与指数基金ETF，比如双创50ETF和科创50ETF，会让更多公司受益吗？这些工具型的基金帮助股民一键购买一揽子股票，是否能帮助上市公司解决信息不对称带来的影响？\n但情况同样不利，指数基金里的成分股通常是市值较大、流动性好、成长性好的公司。一般只有排名前50或者前100的公司，才能获得这些指数基金的青睐。\n再来看公募基金。仅40%的公司公募基金持股合计超过1%。同时，公募基金的投资者结构还是以散户为主，散户的持股比例超过了50%。换言之，股民变成了基民，但其投资心态并没有发生改变，当公募基金净值一下跌，基民们就会很恐慌，就想赎回。\n\n这反过来会影响公募基金的选股原则。为了避免被赎回，降低短期业绩压力，公募基金经理会选择短期内业绩表现就出众的公司，即，市值大、有确定成长性的公司。这意味着公募基金和指数基金ETF并没有给中小市值公司带来机构投资增加的福音。\n也就是说，工具型基金的崛起并不能改变中小市值公司的资本、市场生态面貌和环境。\n如此，中小市值公司面临的资本市场生态画像就出来了：投资者结构中以散户为主，股票流动性逐渐下滑，信息不对称严重，其企业经营状况信息不能有效地在股价上得到反馈，市值提升慢。\n05、中小市值“陷阱”？\n在A股市场，尽管上市公司数量和市值都有所增加，但不幸的是，市值排在最后1000名的上市公司市值占市场总市值的比例已经从10%降到了3%，这形成了一个相当大的尾部。这是否意味着市值排名较低的上市公司很难做大，也就是常说的中小市值“陷阱”？\n\n对中小市值企业而言，IPO的敲钟时刻就应该马上关注两个问题。\n第一，如何避免“上市即顶点”，持续获得市场注意力资源与资金支持？\n第二，如何进一步利用上市公司地位，获得更多资本，加大产业运作，做大做强？\n对一些已上市公司来讲，也并非高枕无忧。在注册制下壳公司的价值地位不复以往，退市会更常态化，监管也在不断加强，甚至还有外部“野蛮人”（通过敌意方式获取企业控制权）在那里虎视眈眈。\n06、美国的上市公司：要么买别人，要么被人买\n回顾美国资本市场的历史，美国从80年代的5000家上市公司一路上涨到90年代末的8000多家。随着互联网经济泡沫的破裂，再下降到当今的4000多家。这当中大量企业退市，究其原因，60%是由于上市企业被收购，而主要的收购方是其他上市企业。\n与此同时，IPO市场在过去20年内也已式微。这并非因为获得VC和PE投资的公司变少了，而是创业企业更多地选择被收购退出，而非上市。即使企业先上市了，上市后三年内要么收购别人，要么被别人收购，从而实现行业整合。由于产业集中度的提升，大企业垄断能力增强，其他公司独立做大变得更为困难，因此更好的方式就是和行业内的大公司联合。\n也就是说，收购兼并成了美国行业整合的主流方式。从数据中发现，过去20年间，90%的美国创业企业通过被收购的方式退出，只有10%的企业通过IPO方式退出。\n\n反观中国，大多数企业还是极度憧憬上市的，那就需要从两个维度思考：\n1、业务端向外延伸，做产业整合，变得更强。\n2、内部效率提升，包括运营、商业模式、公司治理和技术升级。\n最后做个预测，在注册制的红利期内，上市公司的数量短期内会持续上升。但随着A股市场生态的变化，上市公司价值分化也在加速，整合的需求会与日俱增。因此，上市公司数量会在上升后减少，产业未来会更集聚。但整合将是一个长期的过程。\n当产业和资本良性互动后，资本市场会有和目前同等数量的上市公司，但那时的上市公司将有完全不同量级的实力。而非上市公司也同样保有随时上市的选择与实力。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9921709084,"gmtCreate":1671120247249,"gmtModify":1676538494252,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"themes":[],"title":"","htmlText":"<a href=\"https://ttm.financial/S/UBS\">$瑞银(UBS)$ </a>","listText":"<a href=\"https://ttm.financial/S/UBS\">$瑞银(UBS)$ </a>","text":"$瑞银(UBS)$","images":[{"img":"https://community-static.tradeup.com/news/81787427f3a472b6bcbcb932f3cf46dd","width":"750","height":"5906"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9921709084","isVote":1,"tweetType":1,"viewCount":3852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9963215858,"gmtCreate":1668691206375,"gmtModify":1676538097649,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] ","listText":"[财迷] [财迷] [财迷] ","text":"[财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963215858","isVote":1,"tweetType":1,"viewCount":1607,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9946332481,"gmtCreate":1680857724744,"gmtModify":1680857728938,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] [财迷] ","listText":"[财迷] [财迷] [财迷] [财迷] ","text":"[财迷] [财迷] [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9946332481","isVote":1,"tweetType":1,"viewCount":3673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9941733138,"gmtCreate":1680594085524,"gmtModify":1680594088527,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] Good","listText":"[财迷] [财迷] [财迷] Good","text":"[财迷] [财迷] [财迷] Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941733138","isVote":1,"tweetType":1,"viewCount":3486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9047408207,"gmtCreate":1656951083609,"gmtModify":1676535921038,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"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/9047408207","isVote":1,"tweetType":1,"viewCount":956,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9047319655,"gmtCreate":1656866303777,"gmtModify":1676535906287,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"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/9047319655","isVote":1,"tweetType":1,"viewCount":1326,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9047319165,"gmtCreate":1656866218557,"gmtModify":1676535906279,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"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/9047319165","isVote":1,"tweetType":1,"viewCount":1292,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9017640837,"gmtCreate":1649774053606,"gmtModify":1676534571923,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"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/9017640837","isVote":1,"tweetType":1,"viewCount":1288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9948216519,"gmtCreate":1680711234931,"gmtModify":1680711239406,"author":{"id":"3584766331000015","authorId":"3584766331000015","name":"Laughingtong","avatar":"https://static.tigerbbs.com/ad879b50ddfcd809d24bf5d7d2d1c529","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3584766331000015","idStr":"3584766331000015"},"themes":[],"title":"","htmlText":"[财迷] [财迷] [财迷] Good ","listText":"[财迷] [财迷] [财迷] Good ","text":"[财迷] [财迷] [财迷] Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9948216519","isVote":1,"tweetType":1,"viewCount":4031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
