Dman5 personal page - To The Moon

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Dman5

Consistent investors

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2022-07-23

$Canaan Inc.(CAN)$Going down for good

2022-03-20

$Tiger Brokers(TIGR)$On the way to recovery ❤️‍🩹

2022-06-19

$TAL Education Group(TAL)$Ha ha time to come up

2021-09-05

$EHang Holdings Ltd(EH)$Still sobbing ?

2022-07-04

$CSOP S-REITs INDEX ETF(SRT.SI)$disappointment

2022-03-24

$Tiger Brokers(TIGR)$Value trap

2022-03-20

$DiDi Global Inc.(DIDI)$Great rebounds I bought at $1.88

2022-06-30

Evil reports to make gain

NIO: Questions And Challenges To The Grizzly Short-Seller Report

2022-03-26

$Grab Holdings(GRAB)$Collapsed need to cut lost

2021-09-07

$CHINA EAST AIR(00670)$Hope the travel industry will recover soon

2021-08-16

Good news

Japan's economy rebounds in Q2, COVID clouds outlook

2021-07-14

Good idea it will become a bog eco system with choices

Alibaba shares rises more than 2% in early trading

2021-08-11

Ok are you sure… don’t trick me

Sorry, the original content has been removed

2021-07-15

All the big boys are rushing to cash in on live streaming gaming

Netflix hires Facebook gaming executive Mike Verdu

2022-05-06

$CRISPR Therapeutics AG(CRSP)$Bad bad bad 😅😅😅

2021-07-24

I agreed to free up competition but the implementation is too drastic should be given longer timelines market need to adjust

Tencent was ordered to remove the exclusive copyright of online music

2021-07-24

1st experience a share value drop more than 50% in 1 day…[Angry] [Doubt] [Sweats]

Chinese education stocks are trading sharply lower Fridaya after Bloomberg report suggested...

Go to Tiger App to see more news

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Moscow signed parallel agreements with Turkey and the United Nations at a meeting in Istanbul. Grain ship traffic should begin in the coming days, said Turkish President Recep Tayyip Erdogan. The accord involves shipments from three Ukrainian ports -- Odesa, Chornomorsk and Pivdennyi, said United Nations Secretary-General Antonio Guterres.</p><p>“This is an unprecedented agreement between two parties engaged in bloody conflict,” Guterres said at the ceremony.</p><p>The news could help revive agricultural trade from one of the world’s biggest wheat, corn and vegetable-oil exporters. If realized, that would help ease strained global grain supplies and take some pressure off food prices that surged to records levels in recent months.</p><p>However, many logistical hurdles remain and it’s uncertain how quickly exports will progress with Russia’s war still raging. Ukraine faces challenges from finding enough ships to carry the backlogged grain, to getting insurance to cover operations.</p><p>The plan’s success also hinges on Moscow’s security assurances and President Vladimir Putin living up to his side of the bargain.</p><p>The ports involved accounted for just over half of Ukrainian seaborne grain exports in the 2020-21 season, UkrAgroConsult data show.</p></body></html>","source":"lsy1584095487587","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>Ukraine, Russia Reach Deal to Unblock Grain Exports Stranded by War</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUkraine, Russia Reach Deal to Unblock Grain Exports Stranded by War\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-22 22:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-07-22/ukraine-and-russia-reach-deal-to-unblock-grain-stranded-by-war><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Russia and Ukraine reached agreement toward releasing millions of tons of grain from Ukraine’s Black Sea ports that -- if implemented -- would mark a major step toward shoring up global food supplies....</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-07-22/ukraine-and-russia-reach-deal-to-unblock-grain-stranded-by-war\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.bloomberg.com/news/articles/2022-07-22/ukraine-and-russia-reach-deal-to-unblock-grain-stranded-by-war","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173047263","content_text":"Russia and Ukraine reached agreement toward releasing millions of tons of grain from Ukraine’s Black Sea ports that -- if implemented -- would mark a major step toward shoring up global food supplies.Government officials from Kyiv and Moscow signed parallel agreements with Turkey and the United Nations at a meeting in Istanbul. Grain ship traffic should begin in the coming days, said Turkish President Recep Tayyip Erdogan. The accord involves shipments from three Ukrainian ports -- Odesa, Chornomorsk and Pivdennyi, said United Nations Secretary-General Antonio Guterres.“This is an unprecedented agreement between two parties engaged in bloody conflict,” Guterres said at the ceremony.The news could help revive agricultural trade from one of the world’s biggest wheat, corn and vegetable-oil exporters. If realized, that would help ease strained global grain supplies and take some pressure off food prices that surged to records levels in recent months.However, many logistical hurdles remain and it’s uncertain how quickly exports will progress with Russia’s war still raging. Ukraine faces challenges from finding enough ships to carry the backlogged grain, to getting insurance to cover operations.The plan’s success also hinges on Moscow’s security assurances and President Vladimir Putin living up to his side of the bargain.The ports involved accounted for just over half of Ukrainian seaborne grain exports in the 2020-21 season, UkrAgroConsult data show.","news_type":1},"isVote":1,"tweetType":1,"viewCount":572,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9077588432,"gmtCreate":1658541856827,"gmtModify":1676536174108,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4087270895708000","authorIdStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/CAN\">$Canaan Inc.(CAN)$</a>Going down for good&nbsp;","listText":"<a href=\"https://ttm.financial/S/CAN\">$Canaan Inc.(CAN)$</a>Going down for good&nbsp;","text":"$Canaan Inc.(CAN)$Going down for good","images":[{"img":"https://community-static.tradeup.com/news/5afe26e486bd5a098592641c0d36df07","width":"1170","height":"3807"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":16,"commentSize":4,"repostSize":2,"link":"https://ttm.financial/post/9077588432","isVote":1,"tweetType":1,"viewCount":1016,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9077895671,"gmtCreate":1658484113593,"gmtModify":1676536166265,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4087270895708000","authorIdStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/01211\">$BYD COMPANY(01211)$</a>Am too late","listText":"<a href=\"https://ttm.financial/S/01211\">$BYD COMPANY(01211)$</a>Am too late","text":"$BYD COMPANY(01211)$Am too late","images":[{"img":"https://community-static.tradeup.com/news/3e176ad0f875e43e1ec6359cb6cacfbe","width":"1170","height":"3759"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9077895671","isVote":1,"tweetType":1,"viewCount":174,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9074729098,"gmtCreate":1658413433614,"gmtModify":1676536154998,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4087270895708000","authorIdStr":"4087270895708000"},"themes":[],"htmlText":"Bad hope it recover&nbsp;","listText":"Bad hope it recover&nbsp;","text":"Bad hope it recover","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9074729098","repostId":"9074764541","repostType":1,"repost":{"id":9074764541,"gmtCreate":1658413053399,"gmtModify":1676536154953,"author":{"id":"3527667628464496","authorId":"3527667628464496","name":"Tiger_Newspress","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667628464496","authorIdStr":"3527667628464496"},"themes":[],"title":"AT&T Shares Plunged 9% in Morning Trading","htmlText":"AT&amp;T shares plunged 9% in morning trading&nbsp;as&nbsp;AT&amp;T cut free cash flow forecast as it chased customer growth.AT&amp;T Inc&nbsp;on Thursday lowered its forecast for annual free cash flow by about $2 billion as it expands 5G and fiber internet availability and doubles down on promotional activities to gain subscribers.AT&amp;T raised prices on some of its older plans in June and later warned that it could increase them again as red-hot inflation drives up costs of labor, supplies and transportation.PP Foresight analyst Paolo Pescatore, however, said inflation will drive users to consider signing up for cheaper services.AT&amp;T now expects full-year free cash flow of about $14 billion, down from around $16 billion forecast earlier.The company added more than 800,000 monthly b","listText":"AT&amp;T shares plunged 9% in morning trading&nbsp;as&nbsp;AT&amp;T cut free cash flow forecast as it chased customer growth.AT&amp;T Inc&nbsp;on Thursday lowered its forecast for annual free cash flow by about $2 billion as it expands 5G and fiber internet availability and doubles down on promotional activities to gain subscribers.AT&amp;T raised prices on some of its older plans in June and later warned that it could increase them again as red-hot inflation drives up costs of labor, supplies and transportation.PP Foresight analyst Paolo Pescatore, however, said inflation will drive users to consider signing up for cheaper services.AT&amp;T now expects full-year free cash flow of about $14 billion, down from around $16 billion forecast earlier.The company added more than 800,000 monthly b","text":"AT&T shares plunged 9% in morning trading as AT&T cut free cash flow forecast as it chased customer growth.AT&T Inc on Thursday lowered its forecast for annual free cash flow by about $2 billion as it expands 5G and fiber internet availability and doubles down on promotional activities to gain subscribers.AT&T raised prices on some of its older plans in June and later warned that it could increase them again as red-hot inflation drives up costs of labor, supplies and transportation.PP Foresight analyst Paolo Pescatore, however, said inflation will drive users to consider signing up for cheaper services.AT&T now expects full-year free cash flow of about $14 billion, down from around $16 billion forecast earlier.The company added more than 800,000 monthly b","images":[{"img":"https://community-static.tradeup.com/news/70f520149b34d72458d78cc0b432ddf0","width":"-1","height":"-1"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9074764541","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9074767895,"gmtCreate":1658413249417,"gmtModify":1676536154990,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4087270895708000","authorIdStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GOOG\">$Alphabet(GOOG)$</a>Split is 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href=\"https://ttm.financial/S/01833\">$PA GOODDOCTOR(01833)$</a>😇","listText":"<a href=\"https://ttm.financial/S/01833\">$PA GOODDOCTOR(01833)$</a>😇","text":"$PA GOODDOCTOR(01833)$😇","images":[{"img":"https://community-static.tradeup.com/news/a21ff8464e9c2b705fce36f0bf7be3ad","width":"1170","height":"2292"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9075051842","isVote":1,"tweetType":1,"viewCount":676,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9075053607,"gmtCreate":1658115455809,"gmtModify":1676536108025,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4087270895708000","authorIdStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/CAN\">$Canaan Inc.(CAN)$</a>Bad Heading No where&nbsp;","listText":"<a href=\"https://ttm.financial/S/CAN\">$Canaan Inc.(CAN)$</a>Bad Heading No where&nbsp;","text":"$Canaan Inc.(CAN)$Bad Heading No where","images":[{"img":"https://community-static.tradeup.com/news/f4e3480a1c78f82b5e13a302bf700b70","width":"1170","height":"3807"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9075053607","isVote":1,"tweetType":1,"viewCount":194,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9072278222,"gmtCreate":1658050207167,"gmtModify":1676536098839,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4087270895708000","authorIdStr":"4087270895708000"},"themes":[],"htmlText":"Thank You&nbsp;","listText":"Thank You&nbsp;","text":"Thank You","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9072278222","repostId":"2251650644","repostType":4,"repost":{"id":"2251650644","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1657926064,"share":"https://ttm.financial/m/news/2251650644?lang=&edition=fundamental","pubTime":"2022-07-16 07:01","market":"us","language":"en","title":"US STOCKS-Wall St Ends Tumultuous Week with Strong Rally as Rate Hike Fears Wane","url":"https://stock-news.laohu8.com/highlight/detail?id=2251650644","media":"Reuters","summary":"* Banks have biggest percent gain in 18 months* Citigroup jumps after results* S&P, Dow end five-day losing streaks* Retail sales beats estimates* Indexes up: Dow 2.15%, S&P 1.92%, Nasdaq 1.79%U.S. st","content":"<html><head></head><body><p>* Banks have biggest percent gain in 18 months</p><p>* Citigroup jumps after results</p><p>* S&amp;P, Dow end five-day losing streaks</p><p>* Retail sales beats estimates</p><p>* Indexes up: Dow 2.15%, S&amp;P 1.92%, Nasdaq 1.79%</p><p>U.S. stocks closed sharply higher on Friday, ending several days of sell-offs with a rebound fueled by upbeat earnings, strong economic data and easing fears of a larger-than-expected interest rate hike by the Federal Reserve.</p><p>All three major U.S. stock indexes posted solid gains, with financials    leading the charge in the wake of Citigroup&#39;s    earnings beat. This reversed Thursday&#39;s sell-off driven by downbeat guidance from rivals JPMorgan Chase and Morgan Stanley .</p><p>The S&amp;P 500 and the Dow both snapped five-day losing streaks, and all three indexes ended below last Friday&#39;s close.</p><p>&#34;We&#39;re still below the downward sloping trend line,&#34; said  Sam Stovall, chief investment strategist of CFRA Research in New York. &#34;One day does not a new trend make.&#34;</p><p>Consumer prices in June showed the highest annual growth rate since 1981, raising chances that the Fed could raise its key fed funds target rate by 100 basis points, steeper than the 75 basis point hike previously expected.</p><p>&#34;(Investors) would be unnerved by a 100 basis point rate hike, as it would imply that the Fed does not know what it is doing and is being controlled by the data,&#34; Stovall added.</p><p>Those fears were calmed by remarks from Fed officials on Thursday and Friday, which indicated an interest rate increase of 75 basis points is likely in the cards.</p><p>Economic data released on Friday surprised to the upside, with stronger-than-expected retail sales, an uptick in consumer sentiment, lower inflation expectations and cooling import prices.</p><p>&#34;Economic indicators are not consistent right now,&#34; said Tim Ghriskey, senior portfolio strategist Ingalls &amp; Snyder in New York. &#34;They are positive and negative, which shows we&#39;re in a period of transition.</p><p>The Dow Jones Industrial Average    rose 658.09 points, or 2.15%, to 31,288.26, the S&amp;P 500    gained 72.78 points, or 1.92%, at 3,863.16 and the Nasdaq Composite    added 201.24 points, or 1.79%, at 11,452.42.</p><p>All 11 major sectors of the S&amp;P 500 ended the session higher, with financial stocks easily nabbing the largest percentage gain of 3.5%.</p><p>Second-quarter earnings season is well underway, with 35 of the companies in the S&amp;P 500 having reported. Of those, 80% have beaten Street expectations, according to Refinitiv.</p><p>Analysts now expect aggregate year-on-year S&amp;P 500 second-quarter profit growth of 5.6%, down from the 6.8% estimate at the beginning of the quarter.</p><p>Citigroup bucked the trend among big bank earnings reports as its quarterly profit beat expectations, sending the stock up 13.2%.</p><p>Wells Fargo &amp; Co    said its quarterly profit nearly halved due to increased loan loss provisions and a weak mortgage business. Still, its shares gained 6.2%.</p><p>The S&amp;P Banking index jumped 5.8%, its biggest <a href=\"https://laohu8.com/S/AONE.U\">one</a>-day percentage surge since January 2020.</p><p>Unitedhealth Group Inc    advanced 5.4% after the healthcare company raised its annual profit forecast for the second straight quarter.</p><p>BlackRock Inc  rose 2.0% even after the world&#39;s largest asset manager posted a steeper-than-expected profit drop.</p><p>Market participants are looking to next week&#39;s full ledger of scheduled earnings releases, from Goldman Sachs Group Inc, Bank of America Corp, International Business Corp, Netflix Inc   , Tesla Inc   , <a href=\"https://laohu8.com/S/TWTR\">Twitter</a> Inc    and assorted heavy-hitting industrials.</p><p>Advancing issues outnumbered decliners on the NYSE by a 4.53-to-1 ratio; on Nasdaq, a 2.36-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted one new 52-week high and 31 new lows; the Nasdaq Composite recorded 37 new highs and 126 new lows.</p><p>Volume on U.S. exchanges was 10.26 billion shares, compared with the 12.31 billion average over the last 20 trading days.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>US STOCKS-Wall St Ends Tumultuous Week with Strong Rally as Rate Hike Fears Wane</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; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUS STOCKS-Wall St Ends Tumultuous Week with Strong Rally as Rate Hike Fears Wane\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-07-16 07:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>* Banks have biggest percent gain in 18 months</p><p>* Citigroup jumps after results</p><p>* S&amp;P, Dow end five-day losing streaks</p><p>* Retail sales beats estimates</p><p>* Indexes up: Dow 2.15%, S&amp;P 1.92%, Nasdaq 1.79%</p><p>U.S. stocks closed sharply higher on Friday, ending several days of sell-offs with a rebound fueled by upbeat earnings, strong economic data and easing fears of a larger-than-expected interest rate hike by the Federal Reserve.</p><p>All three major U.S. stock indexes posted solid gains, with financials    leading the charge in the wake of Citigroup&#39;s    earnings beat. This reversed Thursday&#39;s sell-off driven by downbeat guidance from rivals JPMorgan Chase and Morgan Stanley .</p><p>The S&amp;P 500 and the Dow both snapped five-day losing streaks, and all three indexes ended below last Friday&#39;s close.</p><p>&#34;We&#39;re still below the downward sloping trend line,&#34; said  Sam Stovall, chief investment strategist of CFRA Research in New York. &#34;One day does not a new trend make.&#34;</p><p>Consumer prices in June showed the highest annual growth rate since 1981, raising chances that the Fed could raise its key fed funds target rate by 100 basis points, steeper than the 75 basis point hike previously expected.</p><p>&#34;(Investors) would be unnerved by a 100 basis point rate hike, as it would imply that the Fed does not know what it is doing and is being controlled by the data,&#34; Stovall added.</p><p>Those fears were calmed by remarks from Fed officials on Thursday and Friday, which indicated an interest rate increase of 75 basis points is likely in the cards.</p><p>Economic data released on Friday surprised to the upside, with stronger-than-expected retail sales, an uptick in consumer sentiment, lower inflation expectations and cooling import prices.</p><p>&#34;Economic indicators are not consistent right now,&#34; said Tim Ghriskey, senior portfolio strategist Ingalls &amp; Snyder in New York. &#34;They are positive and negative, which shows we&#39;re in a period of transition.</p><p>The Dow Jones Industrial Average    rose 658.09 points, or 2.15%, to 31,288.26, the S&amp;P 500    gained 72.78 points, or 1.92%, at 3,863.16 and the Nasdaq Composite    added 201.24 points, or 1.79%, at 11,452.42.</p><p>All 11 major sectors of the S&amp;P 500 ended the session higher, with financial stocks easily nabbing the largest percentage gain of 3.5%.</p><p>Second-quarter earnings season is well underway, with 35 of the companies in the S&amp;P 500 having reported. Of those, 80% have beaten Street expectations, according to Refinitiv.</p><p>Analysts now expect aggregate year-on-year S&amp;P 500 second-quarter profit growth of 5.6%, down from the 6.8% estimate at the beginning of the quarter.</p><p>Citigroup bucked the trend among big bank earnings reports as its quarterly profit beat expectations, sending the stock up 13.2%.</p><p>Wells Fargo &amp; Co    said its quarterly profit nearly halved due to increased loan loss provisions and a weak mortgage business. Still, its shares gained 6.2%.</p><p>The S&amp;P Banking index jumped 5.8%, its biggest <a href=\"https://laohu8.com/S/AONE.U\">one</a>-day percentage surge since January 2020.</p><p>Unitedhealth Group Inc    advanced 5.4% after the healthcare company raised its annual profit forecast for the second straight quarter.</p><p>BlackRock Inc  rose 2.0% even after the world&#39;s largest asset manager posted a steeper-than-expected profit drop.</p><p>Market participants are looking to next week&#39;s full ledger of scheduled earnings releases, from Goldman Sachs Group Inc, Bank of America Corp, International Business Corp, Netflix Inc   , Tesla Inc   , <a href=\"https://laohu8.com/S/TWTR\">Twitter</a> Inc    and assorted heavy-hitting industrials.</p><p>Advancing issues outnumbered decliners on the NYSE by a 4.53-to-1 ratio; on Nasdaq, a 2.36-to-1 ratio favored advancers.</p><p>The S&amp;P 500 posted one new 52-week high and 31 new lows; the Nasdaq Composite recorded 37 new highs and 126 new lows.</p><p>Volume on U.S. exchanges was 10.26 billion shares, compared with the 12.31 billion average over the last 20 trading days.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"513500":"标普500ETF","SSO":"两倍做多标普500ETF","BK4196":"保健护理服务","BK4535":"淡马锡持仓","BK4082":"医疗保健设备","LHDX":"Lucira Health, Inc.","BK4508":"社交媒体","BK4559":"巴菲特持仓","BK4007":"制药","SPXU":"三倍做空标普500ETF","BK4077":"互动媒体与服务","BK4579":"人工智能","NFLX":"奈飞","BK4550":"红杉资本持仓","BK4154":"管理型保健护理","SQQQ":"纳指三倍做空ETF",".IXIC":"NASDAQ Composite","BLK":"贝莱德","BK4207":"综合性银行","OEX":"标普100",".SPX":"S&P 500 Index","SDOW":"道指三倍做空ETF-ProShares","OEF":"标普100指数ETF-iShares","QQQ":"纳指100ETF","SANA":"Sana Biotechnology, Inc.","DXD":"道指两倍做空ETF","BK4581":"高盛持仓","SDS":"两倍做空标普500ETF","BK4135":"资产管理与托管银行","QID":"纳指两倍做空ETF","UPRO":"三倍做多标普500ETF","C":"花旗","DDM":"道指两倍做多ETF","BK4516":"特朗普概念","UNH":"联合健康","BK4532":"文艺复兴科技持仓","IVV":"标普500指数ETF","LABP":"Landos Biopharma, Inc.","SH":"标普500反向ETF","DOG":"道指反向ETF","BK4534":"瑞士信贷持仓","QLD":"纳指两倍做多ETF","BK4139":"生物科技","PSQ":"纳指反向ETF","CGEM":"Cullinan Therapeutics","BK4533":"AQR资本管理(全球第二大对冲基金)","APR":"Apria, Inc.","UDOW":"道指三倍做多ETF-ProShares","BK4566":"资本集团"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2251650644","content_text":"* Banks have biggest percent gain in 18 months* Citigroup jumps after results* S&P, Dow end five-day losing streaks* Retail sales beats estimates* Indexes up: Dow 2.15%, S&P 1.92%, Nasdaq 1.79%U.S. stocks closed sharply higher on Friday, ending several days of sell-offs with a rebound fueled by upbeat earnings, strong economic data and easing fears of a larger-than-expected interest rate hike by the Federal Reserve.All three major U.S. stock indexes posted solid gains, with financials    leading the charge in the wake of Citigroup's    earnings beat. This reversed Thursday's sell-off driven by downbeat guidance from rivals JPMorgan Chase and Morgan Stanley .The S&P 500 and the Dow both snapped five-day losing streaks, and all three indexes ended below last Friday's close.\"We're still below the downward sloping trend line,\" said  Sam Stovall, chief investment strategist of CFRA Research in New York. \"One day does not a new trend make.\"Consumer prices in June showed the highest annual growth rate since 1981, raising chances that the Fed could raise its key fed funds target rate by 100 basis points, steeper than the 75 basis point hike previously expected.\"(Investors) would be unnerved by a 100 basis point rate hike, as it would imply that the Fed does not know what it is doing and is being controlled by the data,\" Stovall added.Those fears were calmed by remarks from Fed officials on Thursday and Friday, which indicated an interest rate increase of 75 basis points is likely in the cards.Economic data released on Friday surprised to the upside, with stronger-than-expected retail sales, an uptick in consumer sentiment, lower inflation expectations and cooling import prices.\"Economic indicators are not consistent right now,\" said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York. \"They are positive and negative, which shows we're in a period of transition.The Dow Jones Industrial Average    rose 658.09 points, or 2.15%, to 31,288.26, the S&P 500    gained 72.78 points, or 1.92%, at 3,863.16 and the Nasdaq Composite    added 201.24 points, or 1.79%, at 11,452.42.All 11 major sectors of the S&P 500 ended the session higher, with financial stocks easily nabbing the largest percentage gain of 3.5%.Second-quarter earnings season is well underway, with 35 of the companies in the S&P 500 having reported. Of those, 80% have beaten Street expectations, according to Refinitiv.Analysts now expect aggregate year-on-year S&P 500 second-quarter profit growth of 5.6%, down from the 6.8% estimate at the beginning of the quarter.Citigroup bucked the trend among big bank earnings reports as its quarterly profit beat expectations, sending the stock up 13.2%.Wells Fargo & Co    said its quarterly profit nearly halved due to increased loan loss provisions and a weak mortgage business. Still, its shares gained 6.2%.The S&P Banking index jumped 5.8%, its biggest one-day percentage surge since January 2020.Unitedhealth Group Inc    advanced 5.4% after the healthcare company raised its annual profit forecast for the second straight quarter.BlackRock Inc  rose 2.0% even after the world's largest asset manager posted a steeper-than-expected profit drop.Market participants are looking to next week's full ledger of scheduled earnings releases, from Goldman Sachs Group Inc, Bank of America Corp, International Business Corp, Netflix Inc   , Tesla Inc   , Twitter Inc    and assorted heavy-hitting industrials.Advancing issues outnumbered decliners on the NYSE by a 4.53-to-1 ratio; on Nasdaq, a 2.36-to-1 ratio favored advancers.The S&P 500 posted one new 52-week high and 31 new lows; the Nasdaq Composite recorded 37 new highs and 126 new lows.Volume on U.S. exchanges was 10.26 billion shares, compared with the 12.31 billion average over the last 20 trading days.","news_type":1},"isVote":1,"tweetType":1,"viewCount":231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9072278183,"gmtCreate":1658050113243,"gmtModify":1676536098831,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4087270895708000","authorIdStr":"4087270895708000"},"themes":[],"htmlText":"Yes for me","listText":"Yes for me","text":"Yes for me","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9072278183","repostId":"9072694908","repostType":1,"repost":{"id":9072694908,"gmtCreate":1658023211705,"gmtModify":1676536094586,"author":{"id":"3574204999726623","authorId":"3574204999726623","name":"Ssimsim","avatar":"https://static.tigerbbs.com/a43eabdde1f739ca3b75e3dbfb7f3531","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574204999726623","authorIdStr":"3574204999726623"},"themes":[],"htmlText":"Should I&nbsp;Buy GOOG on Monday After Its Big Split?AlphabetWe’ve talked about how some great stocks are on sale right now.Here’s one for you: What if a stock went from $2,260 per share to $113… in one day… and nothing about this dominant business changed?You will see that Monday morning with shares of Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL).But don’t get too excited. In this case, $113 = $2,260.That’s impossible, of course. So what’s going on?GOOG shares are splitting 20:1. After Friday’s close, every single GOOG share gets divided into 20 shares. There will now be 20X more shares on the market, but the price per share be 1/20th of what it used to be.This is not some once-in-a-lifetime bargain to jump on.However, interesting things can and do happen around stock splits. So in today’s Market3","listText":"Should I&nbsp;Buy GOOG on Monday After Its Big Split?AlphabetWe’ve talked about how some great stocks are on sale right now.Here’s one for you: What if a stock went from $2,260 per share to $113… in one day… and nothing about this dominant business changed?You will see that Monday morning with shares of Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL).But don’t get too excited. In this case, $113 = $2,260.That’s impossible, of course. So what’s going on?GOOG shares are splitting 20:1. After Friday’s close, every single GOOG share gets divided into 20 shares. There will now be 20X more shares on the market, but the price per share be 1/20th of what it used to be.This is not some once-in-a-lifetime bargain to jump on.However, interesting things can and do happen around stock splits. So in today’s Market3","text":"Should I Buy GOOG on Monday After Its Big Split?AlphabetWe’ve talked about how some great stocks are on sale right now.Here’s one for you: What if a stock went from $2,260 per share to $113… in one day… and nothing about this dominant business changed?You will see that Monday morning with shares of Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL).But don’t get too excited. In this case, $113 = $2,260.That’s impossible, of course. So what’s going on?GOOG shares are splitting 20:1. After Friday’s close, every single GOOG share gets divided into 20 shares. There will now be 20X more shares on the market, but the price per share be 1/20th of what it used to be.This is not some once-in-a-lifetime bargain to jump on.However, interesting things can and do happen around stock splits. So in today’s Market3","images":[],"top":1,"highlighted":2,"essential":2,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9072694908","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":361,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9072278932,"gmtCreate":1658050038626,"gmtModify":1676536098828,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4087270895708000","authorIdStr":"4087270895708000"},"themes":[],"htmlText":"Yes for the fundamentals&nbsp;","listText":"Yes for the fundamentals&nbsp;","text":"Yes for the fundamentals","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9072278932","repostId":"1198433593","repostType":4,"repost":{"id":"1198433593","kind":"news","pubTimestamp":1657932409,"share":"https://ttm.financial/m/news/1198433593?lang=&edition=fundamental","pubTime":"2022-07-16 08:46","market":"us","language":"en","title":"Should You Buy GOOG on Monday After Its Big Split?","url":"https://stock-news.laohu8.com/highlight/detail?id=1198433593","media":"investorplace","summary":"You will see that Monday morning with shares ofAlphabet.But don’t get too excited. In this case, $113 = $2,260.That’s impossible, of course. So what’s going on?Stock splits do tend to attract investors. I closely monitor buying pressure in stocks as it is a sizable chunk of my quantitative analysis, so I do follow splits closely.Stocks also usually get at least a minor bump. Over the last five years, stocks that split are up one year later 61% of the time, according to the folks at Bespoke. But ","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/cdb45c167e367ede602e740013e84dde\" tg-width=\"768\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>We’ve talked about how some great stocks are on sale right now.</p><p>Here’s one for you: What if a stock went from $2,260 per share to $113… in one day… and nothing about this dominant business changed?</p><p>You will see that Monday morning with shares of <b>Alphabet</b>(NASDAQ:<b><u>GOOG</u></b>, NASDAQ:<b><u>GOOGL</u></b>).</p><p>But don’t get too excited. In this case, $113 = $2,260.</p><p>That’s impossible, of course. So what’s going on?</p><p>GOOG shares are splitting 20:1. After Friday’s close, every single GOOG share gets divided into 20 shares. There will now be 20X more shares on the market, but the price per share be 1/20th of what it used to be.</p><p>This is not some once-in-a-lifetime bargain to jump on.</p><p>However, interesting things can and do happen around stock splits. So in today’s <i>Market360</i>, let’s look at whether this particular split is a buying opportunity.</p><h2>Why Would GOOG Split?</h2><p>This is the second time in six weeks that a $2,000 stock has split 20-to-1.</p><p><b>Amazon</b>(NASDAQ:<b><u>AMZN</u></b>) closed at $2,447 on Friday, June 3. On Monday, June 6, it opened $125.25 after the split. Perhaps not coincidentally, the stock hit its highest price that day since the end of April. As of this writing, it is down about 10% since then.</p><p><img src=\"https://static.tigerbbs.com/c0f064946217768fa441a97fbd220a27\" tg-width=\"624\" tg-height=\"268\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>If it feels like you’ve been hearing a lot about stock splits, that’s not because the number of splits has gone up. It’s because big and well-known stocks are doing the splitting.</p><p>In the last two years, Amazon,<b>Apple</b>(NASDAQ:<b><u>AAPL</u></b>),<b>NVIDIA</b> (NASDAQ:<b><u>NVDA</u></b>), and<b>Tesla</b> (NASDAQ:<b><u>TSLA</u></b>) have all split. Tesla has another one in the works — a proposed 3-for-1 split shareholders will vote on at the company’s annual meeting Aug. 4. And one of the crazy meme stocks,<b>GameStop</b>(NYSE:<b><u>GME</u></b>), will split 4-for-1 next Friday, July 22.</p><p>The main reason companies split is to make their shares cheaper. In Alphabet’s case, the 20-to-1 split is an instant 95% price cut. That makes the stock more affordable, especially to individual investors.</p><p>Honestly, now that investors can buy fractional shares, splitting changes things less than it used to. Still, the companies want to make their stock as accessible as possible to retail investors, and a lower price is the best way to do that.</p><h2>Is the Split an Opportunity?</h2><p>Stock splits do tend to attract investors. I closely monitor buying pressure in stocks as it is a sizable chunk of my quantitative analysis, so I do follow splits closely.</p><p>Stocks also usually get at least a minor bump. Over the last five years, stocks that split are up one year later 61% of the time, according to the folks at Bespoke. But the bottom line is less encouraging. Stocks that split outperformed the market less than half the time.</p><p><img src=\"https://static.tigerbbs.com/0e5cff440c13bdc1951ec77d5e65eddb\" tg-width=\"624\" tg-height=\"641\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>A split by itself is not an automatic buy signal. It is a minor factor when compared to a company’s fundamentals.</p><p>I have followed Alphabet for a long time. I still think of it as Google, even though it has been almost seven years since the name changed. As you may have seen,<i>MarketWatch</i>has called me “the advisor who recommended Google before anyone else.”</p><p>I still like it all of these years later. It is one of the biggest business success stories of our time.</p><p>But that doesn’t mean I view the stock as a buy all of the time. In fact, right now I would consider it more of a hold.</p><p>While I think the split could bring in new investors — in fact, I think it could pop 8% on Monday — the biggest problem right now is earnings momentum. Earnings are expected to shrink nearly 3% in the current quarter and about 1% for the fiscal year. Alphabet fell short of expectations last quarter by 3.6%, which isn’t a huge miss, but any miss for the company has been rare in recent years.</p><p>So, should you run out and snap up shares of GOOG after the split?</p><p>Well, according to myPortfolio Grader, the answer is no — though that doesn’t mean it’s a sell either.</p><p><img src=\"https://static.tigerbbs.com/3af42132465d8a0ad361ab68744dfc02\" tg-width=\"590\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>As you can see in the Report Card above, GOOG has been a “Hold” in my Portfolio Grader for about three months now. It holds a C-rating for its Fundamental Grade, which is not bad but reflective of the current earnings situation. Its Quantitative Rating is a bit higher at B, and that may hold up after the split if buying pressure builds.</p><p>My recommendation is to hang on to GOOG if you own it, but I would be hesitant to buy it now if you don’t. Alphabet is a great company in the midst of an earnings lull, not unlike a lot of other companies. When that tide starts to run, I would expect it to again be a buy at its post-split share price.</p><p><b>P.S.</b>If you are looking for a stock to buy right now, I encourage you to<b>check out my latest presentation</b>with the investor known as “The Prophet” — Whitney Tilson.</p><p>Together, we’ve recommended 37 different stocks for gains of 1,000+%. And today, we’re both making the exact same big prediction.</p><p><b>We cover a historic demo</b>in downtown Houston, Texas, that could reshape the market and create millionaires on a single investment.</p><p>And yes, we provide<b>a free recommendation</b>.</p><p>The only catch is, you’ll want to get in now… while prices are still cheap.</p></body></html>","source":"lsy1606302653667","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>Should You Buy GOOG on Monday After Its Big Split?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nShould You Buy GOOG on Monday After Its Big Split?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-16 08:46 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2022/07/should-you-buy-goog-on-monday-after-its-big-split/><strong>investorplace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>We’ve talked about how some great stocks are on sale right now.Here’s one for you: What if a stock went from $2,260 per share to $113… in one day… and nothing about this dominant business changed?You ...</p>\n\n<a href=\"https://investorplace.com/2022/07/should-you-buy-goog-on-monday-after-its-big-split/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","GOOGL":"谷歌A"},"source_url":"https://investorplace.com/2022/07/should-you-buy-goog-on-monday-after-its-big-split/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198433593","content_text":"We’ve talked about how some great stocks are on sale right now.Here’s one for you: What if a stock went from $2,260 per share to $113… in one day… and nothing about this dominant business changed?You will see that Monday morning with shares of Alphabet(NASDAQ:GOOG, NASDAQ:GOOGL).But don’t get too excited. In this case, $113 = $2,260.That’s impossible, of course. So what’s going on?GOOG shares are splitting 20:1. After Friday’s close, every single GOOG share gets divided into 20 shares. There will now be 20X more shares on the market, but the price per share be 1/20th of what it used to be.This is not some once-in-a-lifetime bargain to jump on.However, interesting things can and do happen around stock splits. So in today’s Market360, let’s look at whether this particular split is a buying opportunity.Why Would GOOG Split?This is the second time in six weeks that a $2,000 stock has split 20-to-1.Amazon(NASDAQ:AMZN) closed at $2,447 on Friday, June 3. On Monday, June 6, it opened $125.25 after the split. Perhaps not coincidentally, the stock hit its highest price that day since the end of April. As of this writing, it is down about 10% since then.If it feels like you’ve been hearing a lot about stock splits, that’s not because the number of splits has gone up. It’s because big and well-known stocks are doing the splitting.In the last two years, Amazon,Apple(NASDAQ:AAPL),NVIDIA (NASDAQ:NVDA), andTesla (NASDAQ:TSLA) have all split. Tesla has another one in the works — a proposed 3-for-1 split shareholders will vote on at the company’s annual meeting Aug. 4. And one of the crazy meme stocks,GameStop(NYSE:GME), will split 4-for-1 next Friday, July 22.The main reason companies split is to make their shares cheaper. In Alphabet’s case, the 20-to-1 split is an instant 95% price cut. That makes the stock more affordable, especially to individual investors.Honestly, now that investors can buy fractional shares, splitting changes things less than it used to. Still, the companies want to make their stock as accessible as possible to retail investors, and a lower price is the best way to do that.Is the Split an Opportunity?Stock splits do tend to attract investors. I closely monitor buying pressure in stocks as it is a sizable chunk of my quantitative analysis, so I do follow splits closely.Stocks also usually get at least a minor bump. Over the last five years, stocks that split are up one year later 61% of the time, according to the folks at Bespoke. But the bottom line is less encouraging. Stocks that split outperformed the market less than half the time.A split by itself is not an automatic buy signal. It is a minor factor when compared to a company’s fundamentals.I have followed Alphabet for a long time. I still think of it as Google, even though it has been almost seven years since the name changed. As you may have seen,MarketWatchhas called me “the advisor who recommended Google before anyone else.”I still like it all of these years later. It is one of the biggest business success stories of our time.But that doesn’t mean I view the stock as a buy all of the time. In fact, right now I would consider it more of a hold.While I think the split could bring in new investors — in fact, I think it could pop 8% on Monday — the biggest problem right now is earnings momentum. Earnings are expected to shrink nearly 3% in the current quarter and about 1% for the fiscal year. Alphabet fell short of expectations last quarter by 3.6%, which isn’t a huge miss, but any miss for the company has been rare in recent years.So, should you run out and snap up shares of GOOG after the split?Well, according to myPortfolio Grader, the answer is no — though that doesn’t mean it’s a sell either.As you can see in the Report Card above, GOOG has been a “Hold” in my Portfolio Grader for about three months now. It holds a C-rating for its Fundamental Grade, which is not bad but reflective of the current earnings situation. Its Quantitative Rating is a bit higher at B, and that may hold up after the split if buying pressure builds.My recommendation is to hang on to GOOG if you own it, but I would be hesitant to buy it now if you don’t. Alphabet is a great company in the midst of an earnings lull, not unlike a lot of other companies. When that tide starts to run, I would expect it to again be a buy at its post-split share price.P.S.If you are looking for a stock to buy right now, I encourage you tocheck out my latest presentationwith the investor known as “The Prophet” — Whitney Tilson.Together, we’ve recommended 37 different stocks for gains of 1,000+%. And today, we’re both making the exact same big prediction.We cover a historic demoin downtown Houston, Texas, that could reshape the market and create millionaires on a single investment.And yes, we providea free recommendation.The only catch is, you’ll want to get in now… while prices are still cheap.","news_type":1},"isVote":1,"tweetType":1,"viewCount":107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9072271750,"gmtCreate":1658049938170,"gmtModify":1676536098823,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4087270895708000","authorIdStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/YSG\">$Yatsen Holding Limited(YSG)$</a>Growing&nbsp;","listText":"<a href=\"https://ttm.financial/S/YSG\">$Yatsen Holding 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href=\"https://ttm.financial/S/CAN\">$Canaan Inc.(CAN)$</a>Going down for good&nbsp;","text":"$Canaan Inc.(CAN)$Going down for good","images":[{"img":"https://community-static.tradeup.com/news/5afe26e486bd5a098592641c0d36df07","width":"1170","height":"3807"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":16,"commentSize":4,"repostSize":2,"link":"https://ttm.financial/post/9077588432","isVote":1,"tweetType":1,"viewCount":1016,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9034011994,"gmtCreate":1647733741993,"gmtModify":1676534260771,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a>On the way to recovery ❤️‍🩹&nbsp;","listText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a>On the way to recovery ❤️‍🩹&nbsp;","text":"$Tiger Brokers(TIGR)$On the way to recovery ❤️‍🩹","images":[{"img":"https://community-static.tradeup.com/news/2d749b486c7bb41ccd8d17623713ddb2","width":"1125","height":"3798"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":18,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034011994","isVote":1,"tweetType":1,"viewCount":411,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3579592180464188","authorId":"3579592180464188","name":"Omega88","avatar":"https://static.tigerbbs.com/af85c47a34d1bf9d2534738ed77bef05","crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3579592180464188","idStr":"3579592180464188"},"content":"continue to rocket next week??","text":"continue to rocket next week??","html":"continue to rocket next week??"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9040638837,"gmtCreate":1655653122729,"gmtModify":1676535678375,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TAL\">$TAL Education Group(TAL)$</a>Ha ha time to come up","listText":"<a href=\"https://ttm.financial/S/TAL\">$TAL Education Group(TAL)$</a>Ha ha time to come up","text":"$TAL Education Group(TAL)$Ha ha time to come up","images":[{"img":"https://community-static.tradeup.com/news/77239bb689bd4c59babf376a328f48e7","width":"1170","height":"2292"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":1,"link":"https://ttm.financial/post/9040638837","isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":814821893,"gmtCreate":1630807358512,"gmtModify":1676530397477,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/EH\">$EHang Holdings Ltd(EH)$</a>Still sobbing ?&nbsp;","listText":"<a href=\"https://laohu8.com/S/EH\">$EHang Holdings Ltd(EH)$</a>Still sobbing ?&nbsp;","text":"$EHang Holdings Ltd(EH)$Still sobbing ?","images":[{"img":"https://static.tigerbbs.com/c9904b6ef36d1126adc918f0054cea64","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":7,"repostSize":0,"link":"https://ttm.financial/post/814821893","isVote":1,"tweetType":1,"viewCount":152,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3577063783285602","authorId":"3577063783285602","name":"Hello8888","avatar":"https://static.tigerbbs.com/2d70a530a7bd5a26a17261612e3ad267","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3577063783285602","idStr":"3577063783285602"},"content":"coming. last time hover around 23 then finally go to 44.","text":"coming. last time hover around 23 then finally go to 44.","html":"coming. last time hover around 23 then finally go to 44."}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9047139778,"gmtCreate":1656890573694,"gmtModify":1676535908599,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/SRT.SI\">$CSOP S-REITs INDEX ETF(SRT.SI)$</a>disappointment&nbsp;","listText":"<a href=\"https://ttm.financial/S/SRT.SI\">$CSOP S-REITs INDEX ETF(SRT.SI)$</a>disappointment&nbsp;","text":"$CSOP S-REITs INDEX ETF(SRT.SI)$disappointment","images":[{"img":"https://community-static.tradeup.com/news/e3b12cea530cac6fa68ea01e3ad4d150","width":"1170","height":"3066"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":13,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9047139778","isVote":1,"tweetType":1,"viewCount":120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9037835455,"gmtCreate":1648077659905,"gmtModify":1676534300089,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a>Value trap","listText":"<a href=\"https://ttm.financial/S/TIGR\">$Tiger Brokers(TIGR)$</a>Value trap","text":"$Tiger Brokers(TIGR)$Value trap","images":[{"img":"https://community-static.tradeup.com/news/90129c2673594f7955904ae546d74851","width":"1125","height":"3798"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037835455","isVote":1,"tweetType":1,"viewCount":807,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4110123939549612","authorId":"4110123939549612","name":"demonsa","avatar":"https://community-static.tradeup.com/news/6168968a7ace134eb85142a7824d9d79","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"4110123939549612","idStr":"4110123939549612"},"content":"Hope hit and stay at over $7 by end of the week","text":"Hope hit and stay at over $7 by end of the week","html":"Hope hit and stay at over $7 by end of the week"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9034019861,"gmtCreate":1647733589720,"gmtModify":1676534260748,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/DIDI\">$DiDi Global Inc.(DIDI)$</a>Great rebounds I bought at $1.88","listText":"<a href=\"https://ttm.financial/S/DIDI\">$DiDi Global Inc.(DIDI)$</a>Great rebounds I bought at $1.88","text":"$DiDi Global Inc.(DIDI)$Great rebounds I bought at $1.88","images":[{"img":"https://community-static.tradeup.com/news/21b32c834ccd7ad671b5136e07533b05","width":"1125","height":"3798"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9034019861","isVote":1,"tweetType":1,"viewCount":757,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9045996069,"gmtCreate":1656549609552,"gmtModify":1676535851077,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"Evil reports to make gain","listText":"Evil reports to make gain","text":"Evil reports to make gain","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9045996069","repostId":"1121505043","repostType":4,"repost":{"id":"1121505043","kind":"news","pubTimestamp":1656561665,"share":"https://ttm.financial/m/news/1121505043?lang=&edition=fundamental","pubTime":"2022-06-30 12:01","market":"us","language":"en","title":"NIO: Questions And Challenges To The Grizzly Short-Seller Report","url":"https://stock-news.laohu8.com/highlight/detail?id=1121505043","media":"seekingalpha","summary":"SummaryShort-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.The report attempted to outline how NIO, through an unconsolidated entity, is f","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Short-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.</li><li>The report attempted to outline how NIO, through an unconsolidated entity, is falsely inflating revenue and net income pertaining to its BaaS business.</li><li>The report also accused CEO Bin Li of association with fraudulent activities in the past. The information was largely used as support for Grizzly&#39;s claims of financial manipulation at NIO.</li><li>However, we believe some of the information reported by Grizzly have been exaggerated to support its short bias against NIO. We also question the validity of some of the quantified impacts that Grizzly is claiming against NIO&#39;s BaaS operations.</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/346379c1e5a1a4087e614ef0b8a18caa\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"/><span>Drew Angerer/Getty Images News</span></p><p>Grizzly Research (&#34;Grizzly&#34;) has released a short-seller report on NIO (NYSE:NIO) Tuesday morning, citing the Chinese electric vehicle (“EV”) company has engaged in the exaggeration of revenue and profitability via aggressive accounting methods and fraudulent means. In addition to outlining the allegedmeasures NIO has taken to falsely inflate its top- and bottom-line since 2020, Grizzly has also gathered extensive research in an attempt to character-assassinate NIO CEO Bin Li in order to “dot the i’s and cross the t’s” in its argument that the three core elements of fraud – opportunity, incentive and rationalization – exist in this situation for the EV maker.</p><p>While some of the findings raised in the short-seller report may raise questions that only NIO management can answer, there are also questionable and groundless arguments made by Grizzly that could significantly mislead and deceive existing and potential investors in the EV stock. The following analysis will focus on an overview of the short-seller’s core claim against NIO – namely, false inflation of revenue and net income via aggressive accounting and potentially fraudulent means – and provide a walkthrough of questions / challenges we have over the validity of some of those claims.</p><p><b>Accounting Crash Course: NIO’s BaaS Revenue Recognition Method</b></p><p>Through publicly disclosed information within NIO’s audited annual report, Grizzly had identified that NIO is frontloading and inflating revenue recognition pertaining to its battery-as-a-service (“BaaS”) sales via an unconsolidated related party.</p><p>In 2020, NIO, alongside an external consortium of investors that consist of EV battery maker CATL, Hubei Science Technology Investment Group, and a subsidiary of Fuotai Junan International Holdings Limited, have together created the joint venture “Wuhan Weineng Battery Asset Co., Ltd.,” (“Weineng”). Weineng was established in 2020, the same time when NIO’s battery lending service BaaS was introduced.</p><p>Under BaaS, NIO customers are eligible for a one-time discount of up to RMB 128,000 ($19,133) on the vehicle purchase if they opt for the battery lending subscription program instead of buying the battery with the vehicle upfront. This strategy has been an effective mean in fuelling the adoption of NIO EVs in China, especially with additional government subsidies for purchases that are compatible with battery swapping technology. All sales and costs pertaining to BaaS are managed by Weineng.</p><p>Now, the Weineng joint venture, in which NIO holds a 19.8% equity interest in, has been accounted for as an “equity-accounted investment” on the EV maker’s financial statements, given the definition of control under GAAP-based accounting has not been met (further discussed in later sections). Under GAAP-based accounting for related party transactions, “intragroup related party transactions and outstanding balances are eliminated, except for those between an investment entity and its subsidiaries measured at fair value through profit or loss, in the preparation of consolidated financial statements of the group”:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b533b2a1e657134b3b33f231c2b11f74\" tg-width=\"640\" tg-height=\"292\" referrerpolicy=\"no-referrer\"/><span>GAAP Rules on Related Party Disclosures (IAS)</span></p><p>Based on NIO’s disclosures within its audited annual report on its revenue recognition method pertaining to BaaS sales, the EV maker sells its battery packs to Weineng on a “back-to-back” basis when a vehicle is sold to a customer subscribed to BaaS:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d726db76c4884663e28c157208e5cd77\" tg-width=\"640\" tg-height=\"150\" referrerpolicy=\"no-referrer\"/><span>NIO Revenue Recognition Policy on BaaS Sales (NIO 2021 20F)</span></p><p>In compliance with GAAP-based accounting for revenue recognition, a sale is reported to the income statement when a performance obligation is satisfied. Under NIO’s affiliation with Weineng, NIO sells Weineng a battery pack when a customer buys a vehicle with BaaS subscription. The performance obligation here is that NIO needs to provide a battery pack to Weineng, and once this is satisfied, NIO is permitted to recognize revenue on the battery sale based on a pre-contracted transaction price for the performance obligation. For NIO, the battery sold would have been previously considered as inventory. Following the recognition of the battery sale, NIO would have also recorded cost of sales pertaining to removing the battery from its inventory balance on the balance sheet:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2203faf29e5b271342335935df358d86\" tg-width=\"389\" tg-height=\"208\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for Battery Sales Business Model (Author)</span></p><p>In Weineng’s case, however, its performance obligation to customers is the provision of battery lending services on a monthly or annual basis, depending on the subscription option. As such, Weineng can only recognize monthly / annual BaaS revenue over time when it satisfies its battery lending obligation to customers. Weineng would also have to record depreciation costs over the useful life of its batteries, which are considered property, plant and equipment used in facilitating its service business:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4bf30456c1ff78b902edfa34d719f150\" tg-width=\"598\" tg-height=\"175\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for BaaS Business Model (Author)</span></p><p>This arrangement essentially allows NIO to recognize 100% of revenues pertaining to the battery pack sold to Weineng upfront upon selling a vehicle booked on BaaS on a one-for-one basis, instead of recognizing BaaS revenue and related depreciation costs on the batteries used in the BaaS business over time. The disclosed BaaS revenue recognition method for NIO also infers that the number of battery packs sold to Weineng should be equivalent to the number of BaaS subscribers as of period-end. BaaS revenues and related costs of sales (e.g. depreciation costs on batteries) recognized over time are instead in the books of Weineng, in which NIO accounts for on its balance sheet as an equity-accounted investment.</p><p>Because Weineng is an equity-accounted investment and not a consolidated entity in which NIO controls under the definition set out by GAAP-based accounting, NIO is not required to perform intragroup eliminations pertaining to the related party transaction. Instead, it is required to disclose the relationship, as well as the related amounts if material. This information is disclosed in NIO’s 2021 20 Funder “Note 26. Related Party Balances and Transactions”. Revenue and income generated by Weineng are accounted for in NIO’s financial statements as “share of (loss) / income of equity investees” pro-rated for its non-controlling interest.</p><p><b>Grizzly’s Core Short Thesis</b></p><p>Grizzly alleges the move is a fraudulent measure taken by NIO to “exaggerate revenue and profitability”. The short-seller has accused NIO of using the accounting “loophole” to frontload battery revenues pertaining to BaaS that should have been recognized over a course of about seven years (i.e. battery discount on BaaS vehicle purchase, divided by annual BaaS subscription fee).</p><p>In addition to frontloading revenue recognition on BaaS sales, Grizzly has also identified a discrepancy between the number of active BaaS subscribers and battery packs owned by Weineng as of September 30, 2021. Grizzly found thatWeineng had ownership of 40,053 battery packs as of September 30, 2021, but only had 19,000 active BaaS subscribers during the period, which is inconsistent with NIO’s claims that it only records battery sales to Weineng on a back-to-back basis with BaaS vehicle sales. Grizzly has attributed the discrepancy as NIO’s way of artificially inflating revenues by selling more battery packs to Weineng than it needs to fulfil BaaS performance obligations.</p><p>In order to support its claim that NIO is defrauding investors via the unconsolidated related party, Grizzly has also gathered additional research in an attempt to support the three key elements of the fraudulent triangle:</p><p><b>Opportunity:</b>As mentioned in the accounting overview section, the ownership structure between NIO and Weineng is accounted for as an equity-accounted investment, which allows NIO to bypass related party transaction eliminations on its financial statements. This accordingly provides an opportunity for NIO to artificially inflate its revenues at the group level by recording sales to the equity-accounted subsidiary, without the need to back it out at period end. Under GAAP-based accounting rules on related party transactions, NIO is required to disclose material details to the relationship, in which it has complied with.</p><p>The organizational structure also provides NIO an ability to recognize BaaS revenues upfront, instead of over an extended period of time given the difference in performance obligation it owes toWeinengcompared to thoseWeineng owes to BaaS subscribers. Grizzly also claims the method has allowed NIO to bypass depreciation costs on battery assets to the tune of RMB 336 million per year.</p><p><b>Incentive:</b>Grizzly has gone through extensive measures to dig up evidence to support NIO has a valid incentive for exaggerating its revenue and profitability. Citing an agreement between NIO and a state-backed consortium which has invested in a wholly-owned subsidiary “NIO China”, which requires NIO to redeem the investment upon failure in meeting pre-established performance metrics, such as achieving revenues of RMB 120 billion by 2024. However, the publicly disclosed information per NIO’s regulatory filings does not specify whether the RMB 120 billion revenue performance metric is required on an annual basis or on a cumulative basis between the time at which the agreement was forged with the state-backed investment consortium and 2024.</p><p>Grizzly has also inferred incentive for NIO to exaggerate its top- and bottom-line as a mean to pretty its valuation prospects, and attract investors from the public market.</p><p><b>Rationalization:</b>The short-seller report lacks support for how NIO tried to rationalize the alleged fraudulent reporting behaviour. However, Grizzly has proceeded to gather evidence to bolster its claim of why the likelihood of fraud at NIO is high. These include findings about NIO CEO Li’s past association with personnel that have been previously linked to high-profile fraudulent financial reporting cases like Luckin Coffee(OTCPK:LKNCY). Grizzly has also alluded to questionable behaviour by NIO CEO Li, such as pledging a NIO-affiliated subsidiary, “NIO User Trust”, in which Li personally controls to UBS AG without directly addressing the matter to shareholders. While these findings may warrant clarification from management, there is insufficient ground to warrant a fraudulent sentence to the company.</p><p>NIO management has also refuted Grizzly’s claims, saying allegations outlined in the report are “without merit and contains numerous errors, unsupported speculations and misleading conclusions and interpretations”, and has committed to bolstering public disclosures going forward to protect shareholders’ interests. Nowhere has the company tried to outright rationalize fraudulent reporting.</p><p><b>Challenging Grizzly’s Conclusion on “Control” Established by NIO Over Weineng</b></p><p>In addition to character assassination on Li to support its claims for fraudulent reporting behaviour at NIO, Grizzly has also attempted to conclude NIO’s control over Weineng. As mentioned in earlier sections, if NIO effectively “controls” Weineng, it would have to consolidate the investment and eliminate any earnings recorded via related party transactions.</p><p>First, Grizzly has identified “conflicting disclosure” between NIO’s claim that it has “significant influence” over Weineng in one place, and NIO’s claim that it only has “limited control over the business operations” ofWeinengin another place within a same regulatory filing. However, the words “significant influence” and “control” used within NIO’s regulatory filings are defined differently under GAAP-based accounting rules from general definitions of power that everyday investors are familiar with.</p><p>Significant influence is defined as “the power to participate in the financial and operating policy decisions of the investee without the power to control or jointly control those policies” under GAAP-based accounting. Significantly influence is typically established when an “entity holds, directly or indirectly, 20% or more of voting power of the investee”. NIO’s 19.8% equity interest in Weineng is sufficient to presume its “significant influence” over the investment:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/505c64f7bc18c02131dd830e5f2a5462\" tg-width=\"640\" tg-height=\"260\" referrerpolicy=\"no-referrer\"/><span>GAAP Rules on Investments in Associates and Joint Ventures (IAS)</span></p><p>Pointing to our earlier reference to the definition of control established in GAAP-based accounting, the acquiring party only establishes “control” over the acquired party if it demonstrates three primary elements:</p><p>1. “<b>Power</b>” over the acquired entity, which is defined under GAAP as a substantive right exercised by an acquirer over the acquiree for non-protective benefits (e.g. exercising rights without the need for breach of contract or majority investor support). Based on publicly disclosed information in NIO’s regulatory filings, it only holds one of nine board seats on Weineng. There is also no mention of voting agreements that would pass on majority board and/or owner voting rights to NIO. With one of nine board seats, and a 19.8% equity interest, NIO does not exhibit power over Weineng to establish control.</p><p>2. Exposure to<i>variable returns</i>from the acquiree based on the acquirer’s involvement. NIO does not generate additional fees from Weineng based on Weineng’s performance. NIO is only exposed to Weineng’s earnings through its equity-accounted share of the investment.</p><p>As for the acquirer’s involvement in interfering with returns generated from the acquiree, Grizzly has pointed to the installation of two existing NIO executives to Weineng in management roles that include “Legal Representative and Chairman” and “General Manager and Director”. However, considering NIO’s significant influence over Weineng as defined under GAAP rules explained earlier, it is not unusual for the two parties to share employees or for NIO to “participate in the financial and operating policy decisions” of Weineng through the two shared employees. As such, NIO can account for its investment inWeinengas an equity-accounted investment, as long as “control” is not established even if it has installed employees at Weineng. Based on NIO’s failure to meet criterion 1 “power”, it already fails to establish control under GAAP rules over Weineng based on the existing ownership and voting structure disclosed in regulatory filings.</p><p>Grizzly has also alluded to the installation of two NIO executives in the daily operations of Weineng as a “major conflict of interest”. However, the auditor’s report per NIO’s audited 2021 20F states that “the company has maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in<i>Internal Control – Integrated Framework</i>(2013) issued by the COSO”. The COSO framework requires that internal controls address segregation of duty requirements to ensure fair presentation of financial information without material misstatements whether due to error or fraud. As such, it is reasonable to believe that segregation of duty controls in place pertaining to the two executives’ roles in both NIO and Weineng have been tested as effective as of the reporting date.</p><p>3. The acquiring party is a<i>principal</i>in the transaction, and not an agent. Under GAAP-based accounting, an agent is “primarily engaged to act on behalf and for the benefit of another party…[and] does not control an investee when it exercises decision-making rights delegated to it”. In determining whether NIO is an agent over Weineng, the i) scope of NIO’s decision-making authority over Weineng, ii) the rights held by other investors in Weineng, iii) the remuneration in which NIO is entitled to in its affiliation with Weineng, and iv) NIO’s exposure to variability of returns from its interest in Weineng must be considered:</p><ul><li>Based on the foregoing analysis, we know that NIO’s sole decision-making authority over Weineng is limited given it only holds 19.8% equity interest with one in nine board seats in the joint venture. The two NIO executives installed in the daily operations of Weineng also do not exhibit characteristics of sole control over the joint ventures’ business.</li><li>The remainder of the investment consortium over Weineng holds the remaining eight of nine board seats, and 80.2% equity interest in the joint venture. There have also been no mention of signed-over voting rights by the investment consortium to NIO in publicly disclosed information that would give NIO control over Weineng.</li><li>In addition to battery sales, NIO is also entitled to service revenue earned from Weineng through service agreements. NIO earns revenue for providing “battery packmonitoring, maintenance, upgrade, replacement, IT system support, etc.” to Weineng via monthly service charges. As of the reporting year ended December 31, 2021, service revenues pertaining to the service agreements between NIO and Weineng were immaterial according to disclosures in “Note 2. Summary of Significant Accounting Policies”, section<i>(r) Revenue recognition</i>in the 2021 20F.</li><li>As discussed in the control assessment under criterion 2, NIO’s exposure to variability of returns in its investment in Weineng is insufficient to establish control under GAAP-based accounting.</li></ul><p><b>Challenging Grizzly’s Quantification of NIO’s Alleged Revenue and Profit Inflation</b></p><p>Grizzly believes NIO has inflated revenue and net income by “about 10% and 95%, respectively”, via its affiliation with Weineng. Grizzly’s calculations, as well as our skepticism, is outlined as follows:</p><p><b>1. Frontloaded Revenue via Battery Sales to Weineng</b></p><p><b>Grizzly’s accusation.</b>As discussed in the foregoing analysis, Grizzly identified that NIO has been recognizing battery revenues pertaining to BaaS upfront via its affiliation with Weineng. Instead of recognizing BaaS revenues over time when the service performance obligation is satisfied, NIO is able to recognize 100% of battery revenues sold to customers via BaaS subscriptions through the Weineng JV. Grizzly claims that this arrangement effectively allows NIO to pull forward seven years of BaaS revenue upfront.</p><p><b>Grizzly’s calculation of quantified impacts.</b>Considering vehicle purchase discounts ranging RMB 70,000 (70/75 kWh battery pack) to RMB 128,000 (100 kWh battery pack) upon buyer’s subscription to BaaS, Grizzly has taken the lower end of the range (i.e. RMB 70,000) as the proxy for battery pack revenues. Based on annual BaaS subscription fees at RMB 11,760 (RMB 980/mo.) for the 70 kWh battery pack, which yields a vehicle discount of RMB 70,000 with subscription to BaaS, Grizzly has assumed a BaaS revenue recognition timeline of about seven years (i.e. RMB 70,000 discount, divided by RMB 11,760 annual BaaS subscription fee, adjusted for inflation) – we consider this a reasonable assumption.</p><p>Now, as of September 30, 2021, a public regulatory filing by Weineng disclosed that it had 19,000 active BaaS subscribers. 18% of its subscription base were subscribed to the RMB 1,480/mo. 100 kWh battery pack, and 82% were subscribed to the RMB 980/mo. 70/75 kWh battery pack at the time.</p><p>Grizzly’s calculation of inflated revenues and income pertaining to NIO’s sale of 19,000 BaaS-related batteries to Weineng in the nine months ending September 30, 2021 is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/21e7d58b24ac2bde6344b4206ef9be8e\" tg-width=\"592\" tg-height=\"395\" referrerpolicy=\"no-referrer\"/><span>Grizzly&#39;s Computation of Inflated Revenue and Income Pertaining to Pulled Forward BaaS Sales (Grizzly Research)</span></p><p>As of the nine months ended September 30, 2021, NIO had generated RMB 2,796 million in revenues from the sale of batteries to Weineng (full year 2021 revenues generated from Weineng: RMB 4,138 million, 11% of total NIO 2021 revenue). Based on 19,000 active BaaS subscribers, and ownership of 40,053 battery packs owned as reported by Weineng as of September 30, 2021, Grizzly estimates that only 47% of the RMB 2,796 million in revenues generated from the sale of goods to Weineng are related to “real” BaaS sales. Essentially, Grizzly claims only RMB 1,326 million of RMB 2,796 million in sales of goods to Weineng recognized on NIO’s income statement in the nine months ended September 30, 2021 are related to real BaaS battery sales.</p><p>The RMB 1,326 million pertaining to 19,000 battery packs sold to Weineng for the number of active BaaS subscribers at the time is effectively the “upfront” revenue recognized by NIO, which should have been recognized over a course of seven years instead based on the estimated performance obligation timeline discussed in earlier sections. Without Weineng, NIO would have instead had to recognize BaaS revenues related to the 19,000 subscribers over time, which is equivalent to RMB 179 million in the nine month period ending September 30, 2021. This essentially means NIO had allegedly pulled forward RMB 1,147 million in revenues related to BaaS sales in the nine months ending September 30, 2021.</p><p>In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,147 million in pulled forward BaaS revenues represents 4% of total revenues recognized over the nine-month reporting period.</p><p>To generate the “adjusted” net income that NIO would have reported had Weineng never existed, Grizzly had removed RMB 1,147 million in pulled forward revenues pertaining to BaaS sales directly from actual reported net losses of RMB 1,874 million. This accordingly yields adjusted net losses of RMB 3,021 million for the nine months ending September 30, 2021 at NIO, or a variance of 61%.</p><p><b>Issue with Grizzly’s claim.</b>In Grizzly’s calculation of adjusted net losses had BaaS revenue never been pulled forward at NIO via its affiliation with Weineng, the short-seller did not add back costs of sales that NIO would have recognized when it sold the battery packs to Weineng and recorded the related revenue.</p><p>While profit margins on NIO’s battery pack sales to Weineng are not disclosed, Grizzly had used 20% as a proxy, which is “consistent with the margin of an entire vehicle [considering] batteries are a cost center for all vehicles”. Using the 20% profit margin proxy on 19,000 battery pack sales to Weineng totalling RMB 1,326 million in the nine months ending September 30, 2021, NIO would have recorded related cost of sales of RMB 1,060.9 million (i.e. 0.8% cost of revenues x RMB 1,326 million battery revenues recorded on the sale of 19,000 units to Weineng in the nine months ending September 30, 2021).</p><p>When Grizzly removed/pulled forward BaaS revenues of RMB 1,147 million from NIO’s actual net losses of RMB 1,874 million reported in the nine months ending September 30, 2021, Grizzly should have also added back related cost of sales totalling RMB 917.6 million in determining the adjusted net income reported.</p><p><b>Livy’s revised calculation of quantified impacts.</b></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/324a74d6eeeb60a4bd2da9251d4d6ed8\" tg-width=\"640\" tg-height=\"416\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Revenue and Income Variances Pertaining to NIO&#39;s Alleged Frontloading of BaaS Sales (Author)</span></p><p>The above revised net income adjustment backs out alleged pulled forward BaaS revenues by NIO through its affiliation with Weineng from actual net losses reported by NIO in the nine months ending September 30, 2021. The orange-highlighted cells represent the incremental cost of sales pertaining to pulled forward BaaS revenues that should have been added back to adjusted net income in order to represent a fair representation of NIO’s adjusted net losses for the nine months ending September 30, 2021 if Weineng never existed and the EV maker had to recognize BaaS revenues over time. This adjustment accordingly reduces the variance of 61% from Grizzly’s calculation of adjusted net losses, to 12% – a material difference that, like Grizzly is accusing NIO of doing, misleads investors on the matter discussed.</p><p><b>2. Revenues from Oversupplied Batteries to Weineng</b></p><p><b>Grizzly’s accusation.</b>Based on NIO’s revenue recognition method on BaaS sales, the number of battery packs sold to Weineng should be equivalent to the number of vehicle buyers that have subscribed to BaaS at the time of purchase. Based on 19,000 active BaaS subscribers reported by Weineng as of September 30, 2021, it is easy to assume that NIO should have only sold 19,000 battery packs to Weineng in the nine months ending September 30, 2021 as well to comply with the EV maker’s revenue recognition method on BaaS sales outlined in its 2021 20F.</p><p>However, Weineng had reported ownership of 40,053 battery packs as of September 30, 2021, which exceeds its active subscriber base of 19,000 by 21,053 units. As such, Grizzly has accused NIO of intentionally overselling battery packs to Weineng to inflate revenues.</p><p>While the discrepancy is indeed a question for management, Grizzly had cited that there is no need for Weineng to hold that many additional battery packs, even for operational purposes. Grizzly had gone on to explain its field work done at NIO Power Swap stations to verify that there is no difference between BaaS battery packs owned by Weineng and battery packs used in swap stations owned by NIO. However, we believe the additional field work is a moot point, considering NIO Power Swap operations are not related to Weineng. Weineng only facilitates NIO’s BaaS battery lending business, and nothing else – Grizzly did not even have to go out of its way to check on NIO’s Power Swap stations and hold conversations with sales staff at NIO’s car centers.</p><p><b>Livy’s response.</b>While the number of battery packs owned by Weineng should essentially be equivalent to the number of active BaaS subscribers, there is a possibility that a total of 40,053 NIO vehicle sales between 2020 when BaaS was established and September 30, 2021 had subscribed to BaaS. Perhaps, as of reporting date on September 30, 2021, there were 21,053 BaaS subscribers that have halted monthly subscriptions, which is not surprising given the third quarter is not a typical driving season, and there is a possibility that these NIO vehicle owners did not need to use their vehicles during the period.</p><p>Grizzly has also supported its claim that NIO oversupplied battery packs to Weineng to intentionally inflate revenues by saying that Weineng has no storage facility to store its 21,053 excess battery packs as of September 30, 2021. However, we do not find this surprising, as BaaS subscribers that have halted monthly subscriptions might be holding onto the emptied battery packs on consignment or have returned them to a NIO servicing center where NIO has held onto these Weineng-owned battery packs on consignment. The lack of battery pack storage facility owned by Weineng does not conclude that its ownership of the excess battery packs is fraudulent and made up.</p><p>There can be many reasons why a discrepancy exists between the number of active BaaS subscribers and battery packs owned by Weineng at the end of a reporting period. The above are just two assumptions that could invalidate Grizzly’s accusation (which is also an assumption). The real answer to the discrepancy can only be explained by NIO and Weineng management.</p><p><b>Grizzly’s calculation of quantified impacts.</b>In determining the inflated revenue and earnings specific to the allegedly oversupplied battery packs from NIO to Weineng, Grizzly had performed the following calculations:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2497da8272eec2b6020c07b7ee06b1f\" tg-width=\"580\" tg-height=\"420\" referrerpolicy=\"no-referrer\"/><span>Grizzly&#39;s Computation of Revenue and Net Income Variances Pertaining to Oversupplied Batteries (Grizzly Research)</span></p><p>In deriving the inflated revenues related to the allegedly oversupplied battery packs, Grizzly had determined the percentage of battery packs owned by Weineng as of September 30, 2021 that were in excess to its active subscriber base as 53% (i.e. 21,053 excess battery packs, divided by 40,053 battery packs owned by Weineng as of September 30, 2021). The percentage was applied to total revenue recognized by NIO pertaining to the sale of battery packs to Weineng in the nine months ending September 30, 2021, resulting in oversold battery revenues of RMB 1,470 million (i.e. 53% oversold batteries x RMB 2,796 million in related party revenues from Weineng recorded by NIO for the nine months ending September 30, 2021).</p><p>In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,470 million in oversold battery revenue represents 6% of total NIO revenues recognized over the nine-month reporting period.</p><p>Considering Grizzly’s 20% profit margin assumption on battery pack sales as discussed in earlier sections, the oversold battery packs to Weineng would have generated net income of RMB 294 million in the nine months ending September 30, 2021. As such, backing out RMB 294 million in overstated profits back to NIO’s actual reported net losses of RMB 1,874 million in the nine-month period ending September 30, 2021 would have yield adjusted net losses of RMB 2,168 million, representing a variance of 16%.</p><p>We have no issues with this calculation performed by Grizzly, other than concerns over the short-seller’s claims that these 20,053 battery packs were intentionally “oversold” by NIO to Weineng to artificially boost revenues.</p><p><b>3. Shifting Depreciation Costs</b></p><p><b>Grizzly’s Accusations.</b>Grizzly has accused NIO of indirectly shifting depreciation costs on the battery packs sold to Weineng, saving the EV maker north of RMB 336 million in depreciation expense on an annual basis.</p><p>Specifically, Grizzly has assumed a 20% profit margin on NIO’s battery sales totalling RMB 2,796 million generated from Weineng in the nine months ending September 30, 2021. This represents battery assets valued at a cost basis of RMB 2.25 billion (i.e. 80% cost x RMB 2,796 in battery sales to Weineng, adjusted for minor rounding differences) removed from the EV maker’s balance sheet over the same period.</p><p>Based on the five to eight years useful life attributable to equipment, including battery packs, used in NIO’s Power Swap business as disclosed in its 2021 20F, Grizzly has assumed an annual depreciation rate of about 15% on the battery packs sold to Weineng and removed from NIO’s balance sheet in the nine months ending September 30, 2021. This is consistent with the assumed BaaS revenue recognition timeline of about seven years as discussed in earlier sections. As such, Grizzly has accused NIO of avoiding depreciation costs of RMB 336 million (i.e. 15% battery depreciation rate x RMB 2,796 million in battery pack sales to Weineng) in the nine months ending September 30, 2021. The short-seller has also alluded to the RMB 336 million as a proxy for annual depreciation costs that NIO has avoided via its arrangement with Weineng.</p><p><b>Issue with Grizzly’s claim.</b>There are two folds to this situation:</p><p><b>1. BaaS Business Model:</b>Under the BaaS business model, the battery packs are considered equipment used in facilitating a service business. As such, the related battery packs would be subjected to depreciation over its useful life. In NIO’s case, if Weineng never existed and the EV maker consolidates its BaaS business, NIO would have had to recognized BaaS revenues pertaining to the 19,000 battery packs that Grizzly has attributed to the BaaS business over seven years, and accordingly record depreciation costs on these battery packs as well over their useful lives of about seven years. As mentioned in earlier sections, the related journal entries under the BaaS business model is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e89611dda7a7e83881997628fe7aae3\" tg-width=\"640\" tg-height=\"187\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for BaaS Business Model (Author)</span></p><p><b>2. Battery Sales Business Model:</b>in the current situation where NIO has sold the battery packs to Weineng, the battery packs are considered inventory to NIO. There is no depreciation costs related to inventory under GAAP-based accounting. Instead, NIO needs to record the costs of this inventory when they are removed from its balance sheet once the sale is recognized. As mentioned in earlier sections, the related journal entries under the battery sale business model is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2203faf29e5b271342335935df358d86\" tg-width=\"389\" tg-height=\"208\" referrerpolicy=\"no-referrer\"/><span>Journal Entries for Battery Sales Business Model (Author)</span></p><p>Now, in NIO’s current actual situation, it is engaged in a battery sales business model under its performance obligation to Weineng, while Weineng is engaged in a BaaS business model under its performance obligation to BaaS subscribers.</p><p>As discussed in our first challenge to Grizzly’s calculations pertaining to pulled forward revenue on BaaS battery sales to Weineng, NIO would have recorded costs of sales pertaining to the sold battery inventory when it recognized the related revenues. And this cost of sales number, based on a 20% profit margin assumption consistent with that used by Grizzly, would have accounted for the costs of battery inventory removed from NIO’s balance sheet upon completion of the sale to Weineng. This is consistent with Grizzly’s own calculation pertaining to profit margins on the battery packs that it alleges NIO had oversupplied to Weineng, which is inclusive of cost of sales related to written off inventory incurred by NIO upon recognition of related revenues.</p><p>If NIO was engaged in the BaaS business model itself, without the intervention of Weineng, it would have recognized depreciation at a rate of 15% per year on the battery packs. However, under the upfront sale of related battery packs to Weineng, NIO would have recorded related cost of sales at an upfront rate of 80% as well. So basically, instead of recording revenues and depreciation costs on battery packs over time, NIO essentially recorded revenues and battery inventory costs upfront under its current arrangement with Weineng.</p><p><b>Grizzly’s calculation of quantified impacts.</b>Grizzly’s accusation that NIO has overstated revenues and earnings by 10% and 95%, respectively, through its affiliation with Weineng is calculated as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96f972c8d488406cd690b0672265e62b\" tg-width=\"576\" tg-height=\"498\" referrerpolicy=\"no-referrer\"/><span>Grizzly&#39;s Computation of Total Revenue and Income Inflation (Grizzly Research)</span></p><p>As discussed in earlier sections, NIO’s pulled forward BaaS revenues and inflated battery sales revenues via its affiliation with Weineng represent 4% and 6% of its total revenues, respectively, recognized in the nine months ending September 30, 2021. This represents the 10% in inflated NIO revenues as Grizzly has outlined in the above calculation.</p><p><b>Livy’s revised calculation of quantified impacts.</b>While we have yet to reconcile the RMB 1,777 million in total inflated net income that Grizzly has accused NIO of recognizing (please let us know in comments if you know), we believe the 95% variance identified by Grizzly is not a fair presentation of the quantified impact of its core short thesis.</p><p>Our calculation of the quantified impact pertaining to Grizzly’s accusations that NIO has inflated revenue and earnings through (1) pulling forward BaaS sales, and (2) oversupplying batteries to Weineng, is as follows:</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1ffe9833bb562f66e5365e077d7741d4\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Overstatements Related to Alleged Frontloading of BaaS Revenue (Author)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/230a54833c34b3a9920a03524c28e960\" tg-width=\"640\" tg-height=\"361\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Overstatements Pertaining to Alleged Overselling of Battery Supplies (Author)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ccf9a3a0482b46cee102e66d5137113f\" tg-width=\"640\" tg-height=\"220\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Revenue Overstatement (Author)</span></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0c7ec5a61d7fd491aec81d9a48a92020\" tg-width=\"640\" tg-height=\"188\" referrerpolicy=\"no-referrer\"/><span>Livy&#39;s Computation of Alleged Overstatement in Net Income (Author)</span></p><p>Under Grizzly’s accusations of inflated revenue and earnings by NIO through its affiliation with Weineng, if found valid (which we remain skeptical of), NIO would have overstated net losses in the nine months ending September 30, 2021 by 28% instead of the 95% that Grizzly alleges – a material difference that again misleads investors on the estimated quantified impact pertaining to the accusations claimed by the short-seller. The net income variance of RMB 523 million ($78 million) found in our calculation is also immaterial (&lt; 1%) based on NIO’s market value of $58.38 billion as of September 30, 2021 and NIO’s market value of approximately $35 billion today.</p><p><b>Final Thoughts</b></p><p>As discussed in the introduction of this analysis, Grizzly had also touched on things like NIO CEO Li’s association with fraudulent personnel, the pledge of NIO User Trust to UBS AG, and conflict of interests to further support its argument that NIO is engaged in fraudulent financial reporting. However, these are groundless allegations that have yet to be substantiated to infer Li is committing fraud via NIO’s operations. While investors should always exercise professional skepticism on publicly disclosed information in regulatory filings when making investment decisions, the same skepticism should also be placed on external claims – such as those by the short-seller, commentary by external sources, and/or even commentary herein – especially if they argue that correlation = causation (e.g. Grizzly’s method in inferring that fraud at NIO is substantiated given “dirt” it has dug up on Li’s past).</p><p>While we agree that there are some good takeaways from the short-seller report that may require further clarification from management, it is important to recognize and acknowledge that a lot of it might also be misleading – or in the words of Grizzly, “exaggerated”. This is also consistent with NIO’s stock performance during Tuesday and Wednesday’s session following release of the short-seller report. The stock has largely moved in consistency with the ongoing market rout, and broad-based selloff across the EV sector, with no extreme deviation due to the negative headline from Grizzly, which indicates that market participants, especially significant shareholders in NIO, are still digesting the latest external allegations.</p><p>At the end of the day, NIO remains one of the most viable EV businesses in the emerging sector, with continued demand for its vehicles to support further growth over the long-run. Unlike some of the upstarts in the increasingly competitive EV landscape that have been accused of fraud, such as Nikola (NKLA), Lordstown Motors (RIDE), and Faraday Future (FFIE), NIO already operates a global business with a substantiated vehicle order book to support the bulk of its top- and bottom-line expansion, which continues to support its positive valuation prospects ahead.</p><p>This article was written by Livy Investment Research</p></body></html>","source":"seekingalpha","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>NIO: Questions And Challenges To The Grizzly Short-Seller Report</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO: Questions And Challenges To The Grizzly Short-Seller Report\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-30 12:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4521053-nio-questions-and-challenges-to-the-grizzly-short-seller-report?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryShort-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.The report attempted to outline how NIO, through an unconsolidated entity, is ...</p>\n\n<a href=\"https://seekingalpha.com/article/4521053-nio-questions-and-challenges-to-the-grizzly-short-seller-report?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来","NIO.SI":"蔚来","09866":"蔚来-SW"},"source_url":"https://seekingalpha.com/article/4521053-nio-questions-and-challenges-to-the-grizzly-short-seller-report?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A2","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1121505043","content_text":"SummaryShort-seller Grizzly Research has released a report outlining findings of alleged fraud by NIO on Tuesday evening.The report attempted to outline how NIO, through an unconsolidated entity, is falsely inflating revenue and net income pertaining to its BaaS business.The report also accused CEO Bin Li of association with fraudulent activities in the past. The information was largely used as support for Grizzly's claims of financial manipulation at NIO.However, we believe some of the information reported by Grizzly have been exaggerated to support its short bias against NIO. We also question the validity of some of the quantified impacts that Grizzly is claiming against NIO's BaaS operations.Drew Angerer/Getty Images NewsGrizzly Research (\"Grizzly\") has released a short-seller report on NIO (NYSE:NIO) Tuesday morning, citing the Chinese electric vehicle (“EV”) company has engaged in the exaggeration of revenue and profitability via aggressive accounting methods and fraudulent means. In addition to outlining the allegedmeasures NIO has taken to falsely inflate its top- and bottom-line since 2020, Grizzly has also gathered extensive research in an attempt to character-assassinate NIO CEO Bin Li in order to “dot the i’s and cross the t’s” in its argument that the three core elements of fraud – opportunity, incentive and rationalization – exist in this situation for the EV maker.While some of the findings raised in the short-seller report may raise questions that only NIO management can answer, there are also questionable and groundless arguments made by Grizzly that could significantly mislead and deceive existing and potential investors in the EV stock. The following analysis will focus on an overview of the short-seller’s core claim against NIO – namely, false inflation of revenue and net income via aggressive accounting and potentially fraudulent means – and provide a walkthrough of questions / challenges we have over the validity of some of those claims.Accounting Crash Course: NIO’s BaaS Revenue Recognition MethodThrough publicly disclosed information within NIO’s audited annual report, Grizzly had identified that NIO is frontloading and inflating revenue recognition pertaining to its battery-as-a-service (“BaaS”) sales via an unconsolidated related party.In 2020, NIO, alongside an external consortium of investors that consist of EV battery maker CATL, Hubei Science Technology Investment Group, and a subsidiary of Fuotai Junan International Holdings Limited, have together created the joint venture “Wuhan Weineng Battery Asset Co., Ltd.,” (“Weineng”). Weineng was established in 2020, the same time when NIO’s battery lending service BaaS was introduced.Under BaaS, NIO customers are eligible for a one-time discount of up to RMB 128,000 ($19,133) on the vehicle purchase if they opt for the battery lending subscription program instead of buying the battery with the vehicle upfront. This strategy has been an effective mean in fuelling the adoption of NIO EVs in China, especially with additional government subsidies for purchases that are compatible with battery swapping technology. All sales and costs pertaining to BaaS are managed by Weineng.Now, the Weineng joint venture, in which NIO holds a 19.8% equity interest in, has been accounted for as an “equity-accounted investment” on the EV maker’s financial statements, given the definition of control under GAAP-based accounting has not been met (further discussed in later sections). Under GAAP-based accounting for related party transactions, “intragroup related party transactions and outstanding balances are eliminated, except for those between an investment entity and its subsidiaries measured at fair value through profit or loss, in the preparation of consolidated financial statements of the group”:GAAP Rules on Related Party Disclosures (IAS)Based on NIO’s disclosures within its audited annual report on its revenue recognition method pertaining to BaaS sales, the EV maker sells its battery packs to Weineng on a “back-to-back” basis when a vehicle is sold to a customer subscribed to BaaS:NIO Revenue Recognition Policy on BaaS Sales (NIO 2021 20F)In compliance with GAAP-based accounting for revenue recognition, a sale is reported to the income statement when a performance obligation is satisfied. Under NIO’s affiliation with Weineng, NIO sells Weineng a battery pack when a customer buys a vehicle with BaaS subscription. The performance obligation here is that NIO needs to provide a battery pack to Weineng, and once this is satisfied, NIO is permitted to recognize revenue on the battery sale based on a pre-contracted transaction price for the performance obligation. For NIO, the battery sold would have been previously considered as inventory. Following the recognition of the battery sale, NIO would have also recorded cost of sales pertaining to removing the battery from its inventory balance on the balance sheet:Journal Entries for Battery Sales Business Model (Author)In Weineng’s case, however, its performance obligation to customers is the provision of battery lending services on a monthly or annual basis, depending on the subscription option. As such, Weineng can only recognize monthly / annual BaaS revenue over time when it satisfies its battery lending obligation to customers. Weineng would also have to record depreciation costs over the useful life of its batteries, which are considered property, plant and equipment used in facilitating its service business:Journal Entries for BaaS Business Model (Author)This arrangement essentially allows NIO to recognize 100% of revenues pertaining to the battery pack sold to Weineng upfront upon selling a vehicle booked on BaaS on a one-for-one basis, instead of recognizing BaaS revenue and related depreciation costs on the batteries used in the BaaS business over time. The disclosed BaaS revenue recognition method for NIO also infers that the number of battery packs sold to Weineng should be equivalent to the number of BaaS subscribers as of period-end. BaaS revenues and related costs of sales (e.g. depreciation costs on batteries) recognized over time are instead in the books of Weineng, in which NIO accounts for on its balance sheet as an equity-accounted investment.Because Weineng is an equity-accounted investment and not a consolidated entity in which NIO controls under the definition set out by GAAP-based accounting, NIO is not required to perform intragroup eliminations pertaining to the related party transaction. Instead, it is required to disclose the relationship, as well as the related amounts if material. This information is disclosed in NIO’s 2021 20 Funder “Note 26. Related Party Balances and Transactions”. Revenue and income generated by Weineng are accounted for in NIO’s financial statements as “share of (loss) / income of equity investees” pro-rated for its non-controlling interest.Grizzly’s Core Short ThesisGrizzly alleges the move is a fraudulent measure taken by NIO to “exaggerate revenue and profitability”. The short-seller has accused NIO of using the accounting “loophole” to frontload battery revenues pertaining to BaaS that should have been recognized over a course of about seven years (i.e. battery discount on BaaS vehicle purchase, divided by annual BaaS subscription fee).In addition to frontloading revenue recognition on BaaS sales, Grizzly has also identified a discrepancy between the number of active BaaS subscribers and battery packs owned by Weineng as of September 30, 2021. Grizzly found thatWeineng had ownership of 40,053 battery packs as of September 30, 2021, but only had 19,000 active BaaS subscribers during the period, which is inconsistent with NIO’s claims that it only records battery sales to Weineng on a back-to-back basis with BaaS vehicle sales. Grizzly has attributed the discrepancy as NIO’s way of artificially inflating revenues by selling more battery packs to Weineng than it needs to fulfil BaaS performance obligations.In order to support its claim that NIO is defrauding investors via the unconsolidated related party, Grizzly has also gathered additional research in an attempt to support the three key elements of the fraudulent triangle:Opportunity:As mentioned in the accounting overview section, the ownership structure between NIO and Weineng is accounted for as an equity-accounted investment, which allows NIO to bypass related party transaction eliminations on its financial statements. This accordingly provides an opportunity for NIO to artificially inflate its revenues at the group level by recording sales to the equity-accounted subsidiary, without the need to back it out at period end. Under GAAP-based accounting rules on related party transactions, NIO is required to disclose material details to the relationship, in which it has complied with.The organizational structure also provides NIO an ability to recognize BaaS revenues upfront, instead of over an extended period of time given the difference in performance obligation it owes toWeinengcompared to thoseWeineng owes to BaaS subscribers. Grizzly also claims the method has allowed NIO to bypass depreciation costs on battery assets to the tune of RMB 336 million per year.Incentive:Grizzly has gone through extensive measures to dig up evidence to support NIO has a valid incentive for exaggerating its revenue and profitability. Citing an agreement between NIO and a state-backed consortium which has invested in a wholly-owned subsidiary “NIO China”, which requires NIO to redeem the investment upon failure in meeting pre-established performance metrics, such as achieving revenues of RMB 120 billion by 2024. However, the publicly disclosed information per NIO’s regulatory filings does not specify whether the RMB 120 billion revenue performance metric is required on an annual basis or on a cumulative basis between the time at which the agreement was forged with the state-backed investment consortium and 2024.Grizzly has also inferred incentive for NIO to exaggerate its top- and bottom-line as a mean to pretty its valuation prospects, and attract investors from the public market.Rationalization:The short-seller report lacks support for how NIO tried to rationalize the alleged fraudulent reporting behaviour. However, Grizzly has proceeded to gather evidence to bolster its claim of why the likelihood of fraud at NIO is high. These include findings about NIO CEO Li’s past association with personnel that have been previously linked to high-profile fraudulent financial reporting cases like Luckin Coffee(OTCPK:LKNCY). Grizzly has also alluded to questionable behaviour by NIO CEO Li, such as pledging a NIO-affiliated subsidiary, “NIO User Trust”, in which Li personally controls to UBS AG without directly addressing the matter to shareholders. While these findings may warrant clarification from management, there is insufficient ground to warrant a fraudulent sentence to the company.NIO management has also refuted Grizzly’s claims, saying allegations outlined in the report are “without merit and contains numerous errors, unsupported speculations and misleading conclusions and interpretations”, and has committed to bolstering public disclosures going forward to protect shareholders’ interests. Nowhere has the company tried to outright rationalize fraudulent reporting.Challenging Grizzly’s Conclusion on “Control” Established by NIO Over WeinengIn addition to character assassination on Li to support its claims for fraudulent reporting behaviour at NIO, Grizzly has also attempted to conclude NIO’s control over Weineng. As mentioned in earlier sections, if NIO effectively “controls” Weineng, it would have to consolidate the investment and eliminate any earnings recorded via related party transactions.First, Grizzly has identified “conflicting disclosure” between NIO’s claim that it has “significant influence” over Weineng in one place, and NIO’s claim that it only has “limited control over the business operations” ofWeinengin another place within a same regulatory filing. However, the words “significant influence” and “control” used within NIO’s regulatory filings are defined differently under GAAP-based accounting rules from general definitions of power that everyday investors are familiar with.Significant influence is defined as “the power to participate in the financial and operating policy decisions of the investee without the power to control or jointly control those policies” under GAAP-based accounting. Significantly influence is typically established when an “entity holds, directly or indirectly, 20% or more of voting power of the investee”. NIO’s 19.8% equity interest in Weineng is sufficient to presume its “significant influence” over the investment:GAAP Rules on Investments in Associates and Joint Ventures (IAS)Pointing to our earlier reference to the definition of control established in GAAP-based accounting, the acquiring party only establishes “control” over the acquired party if it demonstrates three primary elements:1. “Power” over the acquired entity, which is defined under GAAP as a substantive right exercised by an acquirer over the acquiree for non-protective benefits (e.g. exercising rights without the need for breach of contract or majority investor support). Based on publicly disclosed information in NIO’s regulatory filings, it only holds one of nine board seats on Weineng. There is also no mention of voting agreements that would pass on majority board and/or owner voting rights to NIO. With one of nine board seats, and a 19.8% equity interest, NIO does not exhibit power over Weineng to establish control.2. Exposure tovariable returnsfrom the acquiree based on the acquirer’s involvement. NIO does not generate additional fees from Weineng based on Weineng’s performance. NIO is only exposed to Weineng’s earnings through its equity-accounted share of the investment.As for the acquirer’s involvement in interfering with returns generated from the acquiree, Grizzly has pointed to the installation of two existing NIO executives to Weineng in management roles that include “Legal Representative and Chairman” and “General Manager and Director”. However, considering NIO’s significant influence over Weineng as defined under GAAP rules explained earlier, it is not unusual for the two parties to share employees or for NIO to “participate in the financial and operating policy decisions” of Weineng through the two shared employees. As such, NIO can account for its investment inWeinengas an equity-accounted investment, as long as “control” is not established even if it has installed employees at Weineng. Based on NIO’s failure to meet criterion 1 “power”, it already fails to establish control under GAAP rules over Weineng based on the existing ownership and voting structure disclosed in regulatory filings.Grizzly has also alluded to the installation of two NIO executives in the daily operations of Weineng as a “major conflict of interest”. However, the auditor’s report per NIO’s audited 2021 20F states that “the company has maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established inInternal Control – Integrated Framework(2013) issued by the COSO”. The COSO framework requires that internal controls address segregation of duty requirements to ensure fair presentation of financial information without material misstatements whether due to error or fraud. As such, it is reasonable to believe that segregation of duty controls in place pertaining to the two executives’ roles in both NIO and Weineng have been tested as effective as of the reporting date.3. The acquiring party is aprincipalin the transaction, and not an agent. Under GAAP-based accounting, an agent is “primarily engaged to act on behalf and for the benefit of another party…[and] does not control an investee when it exercises decision-making rights delegated to it”. In determining whether NIO is an agent over Weineng, the i) scope of NIO’s decision-making authority over Weineng, ii) the rights held by other investors in Weineng, iii) the remuneration in which NIO is entitled to in its affiliation with Weineng, and iv) NIO’s exposure to variability of returns from its interest in Weineng must be considered:Based on the foregoing analysis, we know that NIO’s sole decision-making authority over Weineng is limited given it only holds 19.8% equity interest with one in nine board seats in the joint venture. The two NIO executives installed in the daily operations of Weineng also do not exhibit characteristics of sole control over the joint ventures’ business.The remainder of the investment consortium over Weineng holds the remaining eight of nine board seats, and 80.2% equity interest in the joint venture. There have also been no mention of signed-over voting rights by the investment consortium to NIO in publicly disclosed information that would give NIO control over Weineng.In addition to battery sales, NIO is also entitled to service revenue earned from Weineng through service agreements. NIO earns revenue for providing “battery packmonitoring, maintenance, upgrade, replacement, IT system support, etc.” to Weineng via monthly service charges. As of the reporting year ended December 31, 2021, service revenues pertaining to the service agreements between NIO and Weineng were immaterial according to disclosures in “Note 2. Summary of Significant Accounting Policies”, section(r) Revenue recognitionin the 2021 20F.As discussed in the control assessment under criterion 2, NIO’s exposure to variability of returns in its investment in Weineng is insufficient to establish control under GAAP-based accounting.Challenging Grizzly’s Quantification of NIO’s Alleged Revenue and Profit InflationGrizzly believes NIO has inflated revenue and net income by “about 10% and 95%, respectively”, via its affiliation with Weineng. Grizzly’s calculations, as well as our skepticism, is outlined as follows:1. Frontloaded Revenue via Battery Sales to WeinengGrizzly’s accusation.As discussed in the foregoing analysis, Grizzly identified that NIO has been recognizing battery revenues pertaining to BaaS upfront via its affiliation with Weineng. Instead of recognizing BaaS revenues over time when the service performance obligation is satisfied, NIO is able to recognize 100% of battery revenues sold to customers via BaaS subscriptions through the Weineng JV. Grizzly claims that this arrangement effectively allows NIO to pull forward seven years of BaaS revenue upfront.Grizzly’s calculation of quantified impacts.Considering vehicle purchase discounts ranging RMB 70,000 (70/75 kWh battery pack) to RMB 128,000 (100 kWh battery pack) upon buyer’s subscription to BaaS, Grizzly has taken the lower end of the range (i.e. RMB 70,000) as the proxy for battery pack revenues. Based on annual BaaS subscription fees at RMB 11,760 (RMB 980/mo.) for the 70 kWh battery pack, which yields a vehicle discount of RMB 70,000 with subscription to BaaS, Grizzly has assumed a BaaS revenue recognition timeline of about seven years (i.e. RMB 70,000 discount, divided by RMB 11,760 annual BaaS subscription fee, adjusted for inflation) – we consider this a reasonable assumption.Now, as of September 30, 2021, a public regulatory filing by Weineng disclosed that it had 19,000 active BaaS subscribers. 18% of its subscription base were subscribed to the RMB 1,480/mo. 100 kWh battery pack, and 82% were subscribed to the RMB 980/mo. 70/75 kWh battery pack at the time.Grizzly’s calculation of inflated revenues and income pertaining to NIO’s sale of 19,000 BaaS-related batteries to Weineng in the nine months ending September 30, 2021 is as follows:Grizzly's Computation of Inflated Revenue and Income Pertaining to Pulled Forward BaaS Sales (Grizzly Research)As of the nine months ended September 30, 2021, NIO had generated RMB 2,796 million in revenues from the sale of batteries to Weineng (full year 2021 revenues generated from Weineng: RMB 4,138 million, 11% of total NIO 2021 revenue). Based on 19,000 active BaaS subscribers, and ownership of 40,053 battery packs owned as reported by Weineng as of September 30, 2021, Grizzly estimates that only 47% of the RMB 2,796 million in revenues generated from the sale of goods to Weineng are related to “real” BaaS sales. Essentially, Grizzly claims only RMB 1,326 million of RMB 2,796 million in sales of goods to Weineng recognized on NIO’s income statement in the nine months ended September 30, 2021 are related to real BaaS battery sales.The RMB 1,326 million pertaining to 19,000 battery packs sold to Weineng for the number of active BaaS subscribers at the time is effectively the “upfront” revenue recognized by NIO, which should have been recognized over a course of seven years instead based on the estimated performance obligation timeline discussed in earlier sections. Without Weineng, NIO would have instead had to recognize BaaS revenues related to the 19,000 subscribers over time, which is equivalent to RMB 179 million in the nine month period ending September 30, 2021. This essentially means NIO had allegedly pulled forward RMB 1,147 million in revenues related to BaaS sales in the nine months ending September 30, 2021.In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,147 million in pulled forward BaaS revenues represents 4% of total revenues recognized over the nine-month reporting period.To generate the “adjusted” net income that NIO would have reported had Weineng never existed, Grizzly had removed RMB 1,147 million in pulled forward revenues pertaining to BaaS sales directly from actual reported net losses of RMB 1,874 million. This accordingly yields adjusted net losses of RMB 3,021 million for the nine months ending September 30, 2021 at NIO, or a variance of 61%.Issue with Grizzly’s claim.In Grizzly’s calculation of adjusted net losses had BaaS revenue never been pulled forward at NIO via its affiliation with Weineng, the short-seller did not add back costs of sales that NIO would have recognized when it sold the battery packs to Weineng and recorded the related revenue.While profit margins on NIO’s battery pack sales to Weineng are not disclosed, Grizzly had used 20% as a proxy, which is “consistent with the margin of an entire vehicle [considering] batteries are a cost center for all vehicles”. Using the 20% profit margin proxy on 19,000 battery pack sales to Weineng totalling RMB 1,326 million in the nine months ending September 30, 2021, NIO would have recorded related cost of sales of RMB 1,060.9 million (i.e. 0.8% cost of revenues x RMB 1,326 million battery revenues recorded on the sale of 19,000 units to Weineng in the nine months ending September 30, 2021).When Grizzly removed/pulled forward BaaS revenues of RMB 1,147 million from NIO’s actual net losses of RMB 1,874 million reported in the nine months ending September 30, 2021, Grizzly should have also added back related cost of sales totalling RMB 917.6 million in determining the adjusted net income reported.Livy’s revised calculation of quantified impacts.Livy's Computation of Revenue and Income Variances Pertaining to NIO's Alleged Frontloading of BaaS Sales (Author)The above revised net income adjustment backs out alleged pulled forward BaaS revenues by NIO through its affiliation with Weineng from actual net losses reported by NIO in the nine months ending September 30, 2021. The orange-highlighted cells represent the incremental cost of sales pertaining to pulled forward BaaS revenues that should have been added back to adjusted net income in order to represent a fair representation of NIO’s adjusted net losses for the nine months ending September 30, 2021 if Weineng never existed and the EV maker had to recognize BaaS revenues over time. This adjustment accordingly reduces the variance of 61% from Grizzly’s calculation of adjusted net losses, to 12% – a material difference that, like Grizzly is accusing NIO of doing, misleads investors on the matter discussed.2. Revenues from Oversupplied Batteries to WeinengGrizzly’s accusation.Based on NIO’s revenue recognition method on BaaS sales, the number of battery packs sold to Weineng should be equivalent to the number of vehicle buyers that have subscribed to BaaS at the time of purchase. Based on 19,000 active BaaS subscribers reported by Weineng as of September 30, 2021, it is easy to assume that NIO should have only sold 19,000 battery packs to Weineng in the nine months ending September 30, 2021 as well to comply with the EV maker’s revenue recognition method on BaaS sales outlined in its 2021 20F.However, Weineng had reported ownership of 40,053 battery packs as of September 30, 2021, which exceeds its active subscriber base of 19,000 by 21,053 units. As such, Grizzly has accused NIO of intentionally overselling battery packs to Weineng to inflate revenues.While the discrepancy is indeed a question for management, Grizzly had cited that there is no need for Weineng to hold that many additional battery packs, even for operational purposes. Grizzly had gone on to explain its field work done at NIO Power Swap stations to verify that there is no difference between BaaS battery packs owned by Weineng and battery packs used in swap stations owned by NIO. However, we believe the additional field work is a moot point, considering NIO Power Swap operations are not related to Weineng. Weineng only facilitates NIO’s BaaS battery lending business, and nothing else – Grizzly did not even have to go out of its way to check on NIO’s Power Swap stations and hold conversations with sales staff at NIO’s car centers.Livy’s response.While the number of battery packs owned by Weineng should essentially be equivalent to the number of active BaaS subscribers, there is a possibility that a total of 40,053 NIO vehicle sales between 2020 when BaaS was established and September 30, 2021 had subscribed to BaaS. Perhaps, as of reporting date on September 30, 2021, there were 21,053 BaaS subscribers that have halted monthly subscriptions, which is not surprising given the third quarter is not a typical driving season, and there is a possibility that these NIO vehicle owners did not need to use their vehicles during the period.Grizzly has also supported its claim that NIO oversupplied battery packs to Weineng to intentionally inflate revenues by saying that Weineng has no storage facility to store its 21,053 excess battery packs as of September 30, 2021. However, we do not find this surprising, as BaaS subscribers that have halted monthly subscriptions might be holding onto the emptied battery packs on consignment or have returned them to a NIO servicing center where NIO has held onto these Weineng-owned battery packs on consignment. The lack of battery pack storage facility owned by Weineng does not conclude that its ownership of the excess battery packs is fraudulent and made up.There can be many reasons why a discrepancy exists between the number of active BaaS subscribers and battery packs owned by Weineng at the end of a reporting period. The above are just two assumptions that could invalidate Grizzly’s accusation (which is also an assumption). The real answer to the discrepancy can only be explained by NIO and Weineng management.Grizzly’s calculation of quantified impacts.In determining the inflated revenue and earnings specific to the allegedly oversupplied battery packs from NIO to Weineng, Grizzly had performed the following calculations:Grizzly's Computation of Revenue and Net Income Variances Pertaining to Oversupplied Batteries (Grizzly Research)In deriving the inflated revenues related to the allegedly oversupplied battery packs, Grizzly had determined the percentage of battery packs owned by Weineng as of September 30, 2021 that were in excess to its active subscriber base as 53% (i.e. 21,053 excess battery packs, divided by 40,053 battery packs owned by Weineng as of September 30, 2021). The percentage was applied to total revenue recognized by NIO pertaining to the sale of battery packs to Weineng in the nine months ending September 30, 2021, resulting in oversold battery revenues of RMB 1,470 million (i.e. 53% oversold batteries x RMB 2,796 million in related party revenues from Weineng recorded by NIO for the nine months ending September 30, 2021).In the nine months ended September 30, 2021, NIO had reported total revenue of RMB 26,236 million and net losses of RMB 1,874 million. The RMB 1,470 million in oversold battery revenue represents 6% of total NIO revenues recognized over the nine-month reporting period.Considering Grizzly’s 20% profit margin assumption on battery pack sales as discussed in earlier sections, the oversold battery packs to Weineng would have generated net income of RMB 294 million in the nine months ending September 30, 2021. As such, backing out RMB 294 million in overstated profits back to NIO’s actual reported net losses of RMB 1,874 million in the nine-month period ending September 30, 2021 would have yield adjusted net losses of RMB 2,168 million, representing a variance of 16%.We have no issues with this calculation performed by Grizzly, other than concerns over the short-seller’s claims that these 20,053 battery packs were intentionally “oversold” by NIO to Weineng to artificially boost revenues.3. Shifting Depreciation CostsGrizzly’s Accusations.Grizzly has accused NIO of indirectly shifting depreciation costs on the battery packs sold to Weineng, saving the EV maker north of RMB 336 million in depreciation expense on an annual basis.Specifically, Grizzly has assumed a 20% profit margin on NIO’s battery sales totalling RMB 2,796 million generated from Weineng in the nine months ending September 30, 2021. This represents battery assets valued at a cost basis of RMB 2.25 billion (i.e. 80% cost x RMB 2,796 in battery sales to Weineng, adjusted for minor rounding differences) removed from the EV maker’s balance sheet over the same period.Based on the five to eight years useful life attributable to equipment, including battery packs, used in NIO’s Power Swap business as disclosed in its 2021 20F, Grizzly has assumed an annual depreciation rate of about 15% on the battery packs sold to Weineng and removed from NIO’s balance sheet in the nine months ending September 30, 2021. This is consistent with the assumed BaaS revenue recognition timeline of about seven years as discussed in earlier sections. As such, Grizzly has accused NIO of avoiding depreciation costs of RMB 336 million (i.e. 15% battery depreciation rate x RMB 2,796 million in battery pack sales to Weineng) in the nine months ending September 30, 2021. The short-seller has also alluded to the RMB 336 million as a proxy for annual depreciation costs that NIO has avoided via its arrangement with Weineng.Issue with Grizzly’s claim.There are two folds to this situation:1. BaaS Business Model:Under the BaaS business model, the battery packs are considered equipment used in facilitating a service business. As such, the related battery packs would be subjected to depreciation over its useful life. In NIO’s case, if Weineng never existed and the EV maker consolidates its BaaS business, NIO would have had to recognized BaaS revenues pertaining to the 19,000 battery packs that Grizzly has attributed to the BaaS business over seven years, and accordingly record depreciation costs on these battery packs as well over their useful lives of about seven years. As mentioned in earlier sections, the related journal entries under the BaaS business model is as follows:Journal Entries for BaaS Business Model (Author)2. Battery Sales Business Model:in the current situation where NIO has sold the battery packs to Weineng, the battery packs are considered inventory to NIO. There is no depreciation costs related to inventory under GAAP-based accounting. Instead, NIO needs to record the costs of this inventory when they are removed from its balance sheet once the sale is recognized. As mentioned in earlier sections, the related journal entries under the battery sale business model is as follows:Journal Entries for Battery Sales Business Model (Author)Now, in NIO’s current actual situation, it is engaged in a battery sales business model under its performance obligation to Weineng, while Weineng is engaged in a BaaS business model under its performance obligation to BaaS subscribers.As discussed in our first challenge to Grizzly’s calculations pertaining to pulled forward revenue on BaaS battery sales to Weineng, NIO would have recorded costs of sales pertaining to the sold battery inventory when it recognized the related revenues. And this cost of sales number, based on a 20% profit margin assumption consistent with that used by Grizzly, would have accounted for the costs of battery inventory removed from NIO’s balance sheet upon completion of the sale to Weineng. This is consistent with Grizzly’s own calculation pertaining to profit margins on the battery packs that it alleges NIO had oversupplied to Weineng, which is inclusive of cost of sales related to written off inventory incurred by NIO upon recognition of related revenues.If NIO was engaged in the BaaS business model itself, without the intervention of Weineng, it would have recognized depreciation at a rate of 15% per year on the battery packs. However, under the upfront sale of related battery packs to Weineng, NIO would have recorded related cost of sales at an upfront rate of 80% as well. So basically, instead of recording revenues and depreciation costs on battery packs over time, NIO essentially recorded revenues and battery inventory costs upfront under its current arrangement with Weineng.Grizzly’s calculation of quantified impacts.Grizzly’s accusation that NIO has overstated revenues and earnings by 10% and 95%, respectively, through its affiliation with Weineng is calculated as follows:Grizzly's Computation of Total Revenue and Income Inflation (Grizzly Research)As discussed in earlier sections, NIO’s pulled forward BaaS revenues and inflated battery sales revenues via its affiliation with Weineng represent 4% and 6% of its total revenues, respectively, recognized in the nine months ending September 30, 2021. This represents the 10% in inflated NIO revenues as Grizzly has outlined in the above calculation.Livy’s revised calculation of quantified impacts.While we have yet to reconcile the RMB 1,777 million in total inflated net income that Grizzly has accused NIO of recognizing (please let us know in comments if you know), we believe the 95% variance identified by Grizzly is not a fair presentation of the quantified impact of its core short thesis.Our calculation of the quantified impact pertaining to Grizzly’s accusations that NIO has inflated revenue and earnings through (1) pulling forward BaaS sales, and (2) oversupplying batteries to Weineng, is as follows:Livy's Computation of Alleged Overstatements Related to Alleged Frontloading of BaaS Revenue (Author)Livy's Computation of Alleged Overstatements Pertaining to Alleged Overselling of Battery Supplies (Author)Livy's Computation of Alleged Revenue Overstatement (Author)Livy's Computation of Alleged Overstatement in Net Income (Author)Under Grizzly’s accusations of inflated revenue and earnings by NIO through its affiliation with Weineng, if found valid (which we remain skeptical of), NIO would have overstated net losses in the nine months ending September 30, 2021 by 28% instead of the 95% that Grizzly alleges – a material difference that again misleads investors on the estimated quantified impact pertaining to the accusations claimed by the short-seller. The net income variance of RMB 523 million ($78 million) found in our calculation is also immaterial (< 1%) based on NIO’s market value of $58.38 billion as of September 30, 2021 and NIO’s market value of approximately $35 billion today.Final ThoughtsAs discussed in the introduction of this analysis, Grizzly had also touched on things like NIO CEO Li’s association with fraudulent personnel, the pledge of NIO User Trust to UBS AG, and conflict of interests to further support its argument that NIO is engaged in fraudulent financial reporting. However, these are groundless allegations that have yet to be substantiated to infer Li is committing fraud via NIO’s operations. While investors should always exercise professional skepticism on publicly disclosed information in regulatory filings when making investment decisions, the same skepticism should also be placed on external claims – such as those by the short-seller, commentary by external sources, and/or even commentary herein – especially if they argue that correlation = causation (e.g. Grizzly’s method in inferring that fraud at NIO is substantiated given “dirt” it has dug up on Li’s past).While we agree that there are some good takeaways from the short-seller report that may require further clarification from management, it is important to recognize and acknowledge that a lot of it might also be misleading – or in the words of Grizzly, “exaggerated”. This is also consistent with NIO’s stock performance during Tuesday and Wednesday’s session following release of the short-seller report. The stock has largely moved in consistency with the ongoing market rout, and broad-based selloff across the EV sector, with no extreme deviation due to the negative headline from Grizzly, which indicates that market participants, especially significant shareholders in NIO, are still digesting the latest external allegations.At the end of the day, NIO remains one of the most viable EV businesses in the emerging sector, with continued demand for its vehicles to support further growth over the long-run. Unlike some of the upstarts in the increasingly competitive EV landscape that have been accused of fraud, such as Nikola (NKLA), Lordstown Motors (RIDE), and Faraday Future (FFIE), NIO already operates a global business with a substantiated vehicle order book to support the bulk of its top- and bottom-line expansion, which continues to support its positive valuation prospects ahead.This article was written by Livy Investment Research","news_type":1},"isVote":1,"tweetType":1,"viewCount":40,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9010955592,"gmtCreate":1648250584930,"gmtModify":1676534320843,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$</a>Collapsed need to cut lost&nbsp;","listText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$</a>Collapsed need to cut lost&nbsp;","text":"$Grab Holdings(GRAB)$Collapsed need to cut lost","images":[{"img":"https://community-static.tradeup.com/news/1ddfa4ab34f07db95513a2bb602383c9","width":"1125","height":"3660"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9010955592","isVote":1,"tweetType":1,"viewCount":265,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3568289699694682","authorId":"3568289699694682","name":"CY09","avatar":"https://community-static.tradeup.com/news/255620aa2e5fd3021c4bb2119b0e1625","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3568289699694682","idStr":"3568289699694682"},"content":"agree. business fundamentals not good and despite share prices being so low. company has not bought back shares","text":"agree. business fundamentals not good and despite share prices being so low. company has not bought back shares","html":"agree. business fundamentals not good and despite share prices being so low. company has not bought back shares"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":817464293,"gmtCreate":1630981447712,"gmtModify":1676530433824,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/00670\">$CHINA EAST AIR(00670)$</a>Hope the travel industry will recover soon&nbsp;","listText":"<a href=\"https://laohu8.com/S/00670\">$CHINA EAST AIR(00670)$</a>Hope the travel industry will recover soon&nbsp;","text":"$CHINA EAST AIR(00670)$Hope the travel industry will recover soon","images":[{"img":"https://static.tigerbbs.com/66d62b0d684e7f20ba1be6579bbac138","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/817464293","isVote":1,"tweetType":1,"viewCount":437,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3559581955535845","authorId":"3559581955535845","name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","crmLevel":6,"crmLevelSwitch":1,"authorIdStr":"3559581955535845","idStr":"3559581955535845"},"content":"Congratulations ?????","text":"Congratulations ?????","html":"Congratulations ?????"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":830264401,"gmtCreate":1629076545603,"gmtModify":1676529921508,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"Good news","listText":"Good news","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/830264401","repostId":"1178173844","repostType":4,"repost":{"id":"1178173844","kind":"news","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1629076277,"share":"https://ttm.financial/m/news/1178173844?lang=&edition=fundamental","pubTime":"2021-08-16 09:11","market":"hk","language":"en","title":"Japan's economy rebounds in Q2, COVID clouds outlook","url":"https://stock-news.laohu8.com/highlight/detail?id=1178173844","media":"Reuters","summary":"TOKYO, Aug 16 (Reuters) - Japan's economy rebounded more than expected in the second quarter after s","content":"<p>TOKYO, Aug 16 (Reuters) - Japan's economy rebounded more than expected in the second quarter after slumping in the first three months of this year, data showed, a sign consumption and capital expenditure were recovering from the coronavirus pandemic's initial hit.</p>\n<p>But many analysts expect growth to remain modest in the current quarter as state of emergency curbs reimposed to combat a spike in infections weigh on household spending.</p>\n<p>The world's third-largest economy grew an annualised 1.3% in April-June after a revised 3.7% slump in the first quarter, preliminary gross domestic product (GDP) data showed on Monday, beating a median market forecast for a 0.7% gain.</p>\n<p>Still, the rebound was much weaker than that of other advanced economies including the United States, which marked a 6.5% annualised expansion in the second quarter, highlighting the fallout from Tokyo's struggle in containing the pandemic.</p>\n<p>\"There's not much to be optimistic on the outlook with a spike in infections heightening the chance of stricter curbs on activity,\" said Yoshihiki Shinke, chief economist at Dai-ichi Life Research Institute.</p>\n<p>\"Japan's economy stagnated in the first half of this year and there's a risk of a contraction in July-September. Any clear rebound in growth will have to wait until year-end,\" he said.</p>\n<p>Consumption unexpectedly rose 0.8% in April-June, following a 1.0% drop in January-March, the data showed.</p>\n<p>Capital expenditure also increased 1.7% after falling 1.3% in the previous quarter. As a result, domestic demand contributed 0.6% point to GDP growth.</p>\n<p>Exports rose 2.9% in April-June from the previous quarter in a sign the global recovery continued to underpin the world's third-largest economy.</p>\n<p>\"Private consumption grew unexpectedly and capital expenditure turned out to be firm. That said, the data left the impression that the economy's rebound from the first quarter slump was weak,\" said Takeshi Minami, chief economist at Norinchukin Research Institute.</p>\n<p>Japan's economy emerged from last year's initial blow from the pandemic thanks to robust exports, though slow vaccinations and repeated state of emergency curbs have hurt consumption.</p>\n<p>A spike in Delta variant cases in Asia has caused supply chain disruptions for some Japanese manufacturers, which could weigh on factory output and add to gloom for an already fragile economic recovery.</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>Japan's economy rebounds in Q2, COVID clouds outlook</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJapan's economy rebounds in Q2, COVID clouds outlook\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-08-16 09:11</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>TOKYO, Aug 16 (Reuters) - Japan's economy rebounded more than expected in the second quarter after slumping in the first three months of this year, data showed, a sign consumption and capital expenditure were recovering from the coronavirus pandemic's initial hit.</p>\n<p>But many analysts expect growth to remain modest in the current quarter as state of emergency curbs reimposed to combat a spike in infections weigh on household spending.</p>\n<p>The world's third-largest economy grew an annualised 1.3% in April-June after a revised 3.7% slump in the first quarter, preliminary gross domestic product (GDP) data showed on Monday, beating a median market forecast for a 0.7% gain.</p>\n<p>Still, the rebound was much weaker than that of other advanced economies including the United States, which marked a 6.5% annualised expansion in the second quarter, highlighting the fallout from Tokyo's struggle in containing the pandemic.</p>\n<p>\"There's not much to be optimistic on the outlook with a spike in infections heightening the chance of stricter curbs on activity,\" said Yoshihiki Shinke, chief economist at Dai-ichi Life Research Institute.</p>\n<p>\"Japan's economy stagnated in the first half of this year and there's a risk of a contraction in July-September. Any clear rebound in growth will have to wait until year-end,\" he said.</p>\n<p>Consumption unexpectedly rose 0.8% in April-June, following a 1.0% drop in January-March, the data showed.</p>\n<p>Capital expenditure also increased 1.7% after falling 1.3% in the previous quarter. As a result, domestic demand contributed 0.6% point to GDP growth.</p>\n<p>Exports rose 2.9% in April-June from the previous quarter in a sign the global recovery continued to underpin the world's third-largest economy.</p>\n<p>\"Private consumption grew unexpectedly and capital expenditure turned out to be firm. That said, the data left the impression that the economy's rebound from the first quarter slump was weak,\" said Takeshi Minami, chief economist at Norinchukin Research Institute.</p>\n<p>Japan's economy emerged from last year's initial blow from the pandemic thanks to robust exports, though slow vaccinations and repeated state of emergency curbs have hurt consumption.</p>\n<p>A spike in Delta variant cases in Asia has caused supply chain disruptions for some Japanese manufacturers, which could weigh on factory output and add to gloom for an already fragile economic recovery.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178173844","content_text":"TOKYO, Aug 16 (Reuters) - Japan's economy rebounded more than expected in the second quarter after slumping in the first three months of this year, data showed, a sign consumption and capital expenditure were recovering from the coronavirus pandemic's initial hit.\nBut many analysts expect growth to remain modest in the current quarter as state of emergency curbs reimposed to combat a spike in infections weigh on household spending.\nThe world's third-largest economy grew an annualised 1.3% in April-June after a revised 3.7% slump in the first quarter, preliminary gross domestic product (GDP) data showed on Monday, beating a median market forecast for a 0.7% gain.\nStill, the rebound was much weaker than that of other advanced economies including the United States, which marked a 6.5% annualised expansion in the second quarter, highlighting the fallout from Tokyo's struggle in containing the pandemic.\n\"There's not much to be optimistic on the outlook with a spike in infections heightening the chance of stricter curbs on activity,\" said Yoshihiki Shinke, chief economist at Dai-ichi Life Research Institute.\n\"Japan's economy stagnated in the first half of this year and there's a risk of a contraction in July-September. Any clear rebound in growth will have to wait until year-end,\" he said.\nConsumption unexpectedly rose 0.8% in April-June, following a 1.0% drop in January-March, the data showed.\nCapital expenditure also increased 1.7% after falling 1.3% in the previous quarter. As a result, domestic demand contributed 0.6% point to GDP growth.\nExports rose 2.9% in April-June from the previous quarter in a sign the global recovery continued to underpin the world's third-largest economy.\n\"Private consumption grew unexpectedly and capital expenditure turned out to be firm. That said, the data left the impression that the economy's rebound from the first quarter slump was weak,\" said Takeshi Minami, chief economist at Norinchukin Research Institute.\nJapan's economy emerged from last year's initial blow from the pandemic thanks to robust exports, though slow vaccinations and repeated state of emergency curbs have hurt consumption.\nA spike in Delta variant cases in Asia has caused supply chain disruptions for some Japanese manufacturers, which could weigh on factory output and add to gloom for an already fragile economic recovery.","news_type":1},"isVote":1,"tweetType":1,"viewCount":58,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144130399,"gmtCreate":1626270985111,"gmtModify":1703756791450,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"Good idea it will become a bog eco system with choices","listText":"Good idea it will become a bog eco system with choices","text":"Good idea it will become a bog eco system with choices","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/144130399","repostId":"1140308728","repostType":4,"repost":{"id":"1140308728","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626269912,"share":"https://ttm.financial/m/news/1140308728?lang=&edition=fundamental","pubTime":"2021-07-14 21:38","market":"us","language":"en","title":"Alibaba shares rises more than 2% in early trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1140308728","media":"Tiger Newspress","summary":"China's two online giants Alibaba Group Holding Ltd and Tencent Holdings Ltd are gradually considering opening up their services to each other, according to a Wall Street Journal report on Wednesday.It comes days after China's crackdown on a number of technology companies with overseas listings including Didi Chuxing, Tencent and Alibaba.Both Alibaba and Tencent are working on new plans separately to loosen up restrictions including introducing Tencent's WeChat Pay to Alibaba's e-commerce market","content":"<p>Alibaba&nbsp;shares&nbsp;rises&nbsp;more&nbsp;than&nbsp;2%&nbsp;in&nbsp;early&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/feb287cbe7df2e743e9e667abae40ba2\" tg-width=\"1274\" tg-height=\"590\" referrerpolicy=\"no-referrer\">China's two online giants Alibaba Group Holding Ltd&nbsp;and Tencent Holdings Ltd&nbsp;are gradually considering opening up their services to each other, according to a Wall Street Journal report on Wednesday.</p>\n<p>It comes days after China's crackdown on a number of technology companies with overseas listings including Didi Chuxing, Tencent and Alibaba.</p>\n<p>Both Alibaba and Tencent are working on new plans separately to loosen up restrictions including introducing Tencent's WeChat Pay to Alibaba's e-commerce marketplaces, Taobao and Tmall, the WSJ report added, citing people familiar with the matter.</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>Alibaba shares rises more than 2% in early trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlibaba shares rises more than 2% in early trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-07-14 21:38</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Alibaba&nbsp;shares&nbsp;rises&nbsp;more&nbsp;than&nbsp;2%&nbsp;in&nbsp;early&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/feb287cbe7df2e743e9e667abae40ba2\" tg-width=\"1274\" tg-height=\"590\" referrerpolicy=\"no-referrer\">China's two online giants Alibaba Group Holding Ltd&nbsp;and Tencent Holdings Ltd&nbsp;are gradually considering opening up their services to each other, according to a Wall Street Journal report on Wednesday.</p>\n<p>It comes days after China's crackdown on a number of technology companies with overseas listings including Didi Chuxing, Tencent and Alibaba.</p>\n<p>Both Alibaba and Tencent are working on new plans separately to loosen up restrictions including introducing Tencent's WeChat Pay to Alibaba's e-commerce marketplaces, Taobao and Tmall, the WSJ report added, citing people familiar with the matter.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00700":"腾讯控股","TCEHY":"腾讯控股ADR","BABA":"阿里巴巴"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140308728","content_text":"Alibaba shares rises more than 2% in early trading.\nChina's two online giants Alibaba Group Holding Ltd and Tencent Holdings Ltd are gradually considering opening up their services to each other, according to a Wall Street Journal report on Wednesday.\nIt comes days after China's crackdown on a number of technology companies with overseas listings including Didi Chuxing, Tencent and Alibaba.\nBoth Alibaba and Tencent are working on new plans separately to loosen up restrictions including introducing Tencent's WeChat Pay to Alibaba's e-commerce marketplaces, Taobao and Tmall, the WSJ report added, citing people familiar with the matter.","news_type":1},"isVote":1,"tweetType":1,"viewCount":68,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":895099550,"gmtCreate":1628692609270,"gmtModify":1676529824023,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"Ok are you sure… don’t trick me","listText":"Ok are you sure… don’t trick me","text":"Ok are you sure… don’t trick me","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/895099550","repostId":"2158808282","repostType":4,"isVote":1,"tweetType":1,"viewCount":42,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144546378,"gmtCreate":1626307734694,"gmtModify":1703757462513,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"All the big boys are rushing to cash in on live streaming gaming&nbsp;","listText":"All the big boys are rushing to cash in on live streaming gaming&nbsp;","text":"All the big boys are rushing to cash in on live streaming gaming","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/144546378","repostId":"1125163957","repostType":4,"repost":{"id":"1125163957","kind":"news","pubTimestamp":1626304818,"share":"https://ttm.financial/m/news/1125163957?lang=&edition=fundamental","pubTime":"2021-07-15 07:20","market":"us","language":"en","title":"Netflix hires Facebook gaming executive Mike Verdu","url":"https://stock-news.laohu8.com/highlight/detail?id=1125163957","media":"cnbc","summary":"Mike Verdu worked at EA and Kabam before joining Facebook.Netflix has cited the video game Fortnite in the past.The hire comes after a Stranger Things game and choose-your-own-adventure content Netflix has offered.The move reflects an ambition at Netflix to go beyond offering television shows and movies to millions. Amazon, Google and Microsoft are also investing in video gaming. The company pointed tothe Fortnite gameas competition in 2019.A Netflix spokesperson confirmed the move to CNBC. Verd","content":"<div>\n<p>KEY POINTS\n\nMike Verdu worked at EA and Kabam before joining Facebook.\nNetflix has cited the video game Fortnite in the past.\nThe hire comes after a Stranger Things game and choose-your-own-adventure ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/14/netflix-hires-facebook-gaming-executive-mike-verdu.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Netflix hires Facebook gaming executive Mike Verdu</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNetflix hires Facebook gaming executive Mike Verdu\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-15 07:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/14/netflix-hires-facebook-gaming-executive-mike-verdu.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nMike Verdu worked at EA and Kabam before joining Facebook.\nNetflix has cited the video game Fortnite in the past.\nThe hire comes after a Stranger Things game and choose-your-own-adventure ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/14/netflix-hires-facebook-gaming-executive-mike-verdu.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞"},"source_url":"https://www.cnbc.com/2021/07/14/netflix-hires-facebook-gaming-executive-mike-verdu.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1125163957","content_text":"KEY POINTS\n\nMike Verdu worked at EA and Kabam before joining Facebook.\nNetflix has cited the video game Fortnite in the past.\nThe hire comes after a Stranger Things game and choose-your-own-adventure content Netflix has offered.\n\n\nNetflix  shares rose 2% in extended trading on Wednesday afterBloombergreported that the video-streaming company has hired video-game executive Mike Verdu fromFacebook, where he was vice president of augmented reality and virtual reality content.\nThe move reflects an ambition at Netflix to go beyond offering television shows and movies to millions. Amazon, Google and Microsoft are also investing in video gaming. The company pointed tothe Fortnite gameas competition in 2019.\nA Netflix spokesperson confirmed the move to CNBC. Verdu previously worked at gaming companies Atari,Electronic Arts, Kabam andZynga.\nNetflix has tiptoed in the gaming market for two years. Netflix said at the E3 gaming conference in 2019 that it was release amobile gamebased on the “Stranger Things” series, following an announced launch of Stranger Things 3: The Game” for consoles and PCs. The company also said it was creating “Dark Crystal: Age of Resistance Tactics” as an adaptation of the Netflix movie “The Dark Crystal: Age of Resistance.”\nThe Informationreported in May that Netflix was seeking an executive for a push into gaming.","news_type":1},"isVote":1,"tweetType":1,"viewCount":391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9068677592,"gmtCreate":1651767283016,"gmtModify":1676534965948,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/CRSP\">$CRISPR Therapeutics AG(CRSP)$</a>Bad bad bad 😅😅😅","listText":"<a href=\"https://ttm.financial/S/CRSP\">$CRISPR Therapeutics AG(CRSP)$</a>Bad bad bad 😅😅😅","text":"$CRISPR Therapeutics AG(CRSP)$Bad bad bad 😅😅😅","images":[{"img":"https://community-static.tradeup.com/news/5d0d808185f5d5702d54a7caf2f3220e","width":"1170","height":"2292"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9068677592","isVote":1,"tweetType":1,"viewCount":105,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":174694063,"gmtCreate":1627093686452,"gmtModify":1703484132539,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"I agreed to free up competition but the implementation is too drastic should be given longer timelines market need to adjust&nbsp;","listText":"I agreed to free up competition but the implementation is too drastic should be given longer timelines market need to adjust&nbsp;","text":"I agreed to free up competition but the implementation is too drastic should be given longer timelines market need to adjust","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/174694063","repostId":"1151500518","repostType":4,"repost":{"id":"1151500518","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627092269,"share":"https://ttm.financial/m/news/1151500518?lang=&edition=fundamental","pubTime":"2021-07-24 10:04","market":"us","language":"en","title":"Tencent was ordered to remove the exclusive copyright of online music","url":"https://stock-news.laohu8.com/highlight/detail?id=1151500518","media":"Tiger Newspress","summary":"The China market supervision administration made an administrative punishment decision according to ","content":"<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p>\n<p>This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p>\n<p>Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</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>Tencent was ordered to remove the exclusive copyright of online music</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTencent was ordered to remove the exclusive copyright of online music\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-07-24 10:04</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.</p>\n<p>This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.</p>\n<p>Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TME":"腾讯音乐","00700":"腾讯控股"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151500518","content_text":"The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.\nThis case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.\nTencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3577347851898435","authorId":"3577347851898435","name":"MarketPulse","avatar":"https://static.tigerbbs.com/d6b16f1b86e7977d1bb375d78b71b51d","crmLevel":5,"crmLevelSwitch":1,"authorIdStr":"3577347851898435","idStr":"3577347851898435"},"content":"Wrong timing, even it is a good approach will still create impression that Chinese stocks are dangerous and investors would avoid them.","text":"Wrong timing, even it is a good approach will still create impression that Chinese stocks are dangerous and investors would avoid them.","html":"Wrong timing, even it is a good approach will still create impression that Chinese stocks are dangerous and investors would avoid them."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174898719,"gmtCreate":1627089287031,"gmtModify":1703483988175,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4087270895708000","idStr":"4087270895708000"},"themes":[],"htmlText":"1st experience a share value&nbsp;drop more than 50% in 1 day…[Angry]&nbsp;[Doubt]&nbsp;[Sweats]&nbsp;","listText":"1st experience a share value&nbsp;drop more than 50% in 1 day…[Angry]&nbsp;[Doubt]&nbsp;[Sweats]&nbsp;","text":"1st experience a share value drop more than 50% in 1 day…[Angry] [Doubt] [Sweats]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/174898719","repostId":"1112567098","repostType":4,"repost":{"id":"1112567098","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627048219,"share":"https://ttm.financial/m/news/1112567098?lang=&edition=fundamental","pubTime":"2021-07-23 21:50","market":"us","language":"en","title":"Chinese education stocks are trading sharply lower Fridaya after Bloomberg report suggested...","url":"https://stock-news.laohu8.com/highlight/detail?id=1112567098","media":"Tiger Newspress","summary":"(July 23) Chinese education stocks plunged in morning trading. Bloomberg report that, China consider","content":"<p>(July 23)&nbsp;Chinese education stocks plunged in morning trading.&nbsp;Bloomberg&nbsp;report&nbsp;that,&nbsp;China considers turning tutoring companies into Non-Profits.</p>\n<p><img src=\"https://static.tigerbbs.com/e2b057d861059cc83420bcf9edf2a465\" tg-width=\"370\" tg-height=\"246\" referrerpolicy=\"no-referrer\"></p>\n<p>China is considering asking companies that offer tutoring on the school curriculum to go non-profit, according to people familiar with the matter, as part of a sweeping set of constraints that could decimate the country’s $100 billion education tech industry.</p>\n<p>In rules currently being mulled, the platforms will likely no longer be allowed to raise capital or go public, the people said, asking to not be identified because the information is not public. Listed firms will also probably no longer be allowed to invest in or acquire education firms teaching school subjects while foreign capital will also be barred from the sector, <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the people said.</p>\n<p>Local regulators will stop approving new after-school education firms seeking to offer tutoring on China’s compulsory syllabus and require extra scrutiny of existing online platforms, the people said. Vacation and weekend tutoring on school subjects will also be banned, they said. Changes may still occur as the rules haven’t been published. The 21st Century Business Herald earlier reported the bans on IPOs and investments by listed firms.</p>\n<p>The new set of regulations, devised and overseen by a dedicated branch set up just last month to regulate the industry, could wipe out the enormous growth that made stock market darlings of TAL Education Group and Gaotu Techedu Inc. The regulatory assault mirrors a broader campaign against the growing heft of Chinese internet companies from Didi Global Inc. to Alibaba Group Holding Ltd.</p>\n<p>“Making the sector non-profit is just as good as eradicating the industry all together,” said Wu Yuefeng, a fund manager at Funding Capital Management (Beijing) Co. “The regulations on financing are a major surprise and shows that to the authorities, this is a matter of no small importance. In the short term for the sector, any news will be bad news.”</p>\n<p>New Oriental Education &amp; Technology Group sank as much as 50% in Hong Kong Friday, while Koolearn Technology Holding Ltd. tumbled 31%.</p>\n<p>Beijing is coming down hard on the sector as excessive tutoring anguishes young pupils and burdens parents with expensive tutoring fees. It’s also regarded as an impediment to one of the country’s top priorities, boosting a declining birth rate. Last month, China said it will allow a couple to have three children and released a slew of support measures to encourage births and lower child expenses.</p>\n<p>Making the whole sector go non-profit “would make being a listed entity meaningless,” said Justin Tang, head of Asian research at United First Partners. “Investors are selling out first and asking questions later. It’s all being done to reduce cost of education and motivate citizens to raise kids.”</p>\n<p>Education technology had emerged as one of the hottest investment plays in China in recent years, with $10 billion of venture capital money pouring into the sector last year alone. Alibaba, Tencent Holdings Ltd. and ByteDance Ltd. all entered the arena, seeking to capitalize on Chinese parents’ desires to give their children every academic advantage. A spokesman from the education ministry said relevant polices are still being formulated and declined to provide more details.</p>\n<p>Beijing is taking issue with for-profit companies for stressing out kids while enriching investors and startup founders. In May, President Xi Jinping chaired a meeting with top officials where they approved a new set of rules to ease the burden of homework and after-school training for primary and secondary school students.</p>\n<p>Last month, China’s education ministry created a dedicated division to oversee all private education platforms for the first time. That followed a plethora of restrictions, including caps on fees firms can charge and time limits on after-school programs. Regulators have fined two of the biggest startups for false advertising: Alibaba-backed Zuoyebang and Tencent-investee Yuanfudao. A new law on minor protection, which went into effect June 1, also bans kindergarten and private institutions from teaching the primary-school curriculum to pre-schoolers -- not uncommon previously.</p>\n<p>Several high-profile startups in the sector -- including Yuanfudao, which at $15.5 billion is the most valuable of the lot -- are likely to have to put initial public offering plans on hold because of the crackdown.</p>\n<p>Shares of China’s largest private education companies are among the world’s worst performers in recent months, with New Oriental Education, TAL Education and Gaotu Techedu together shedding nearly $100 billion of value from their highs reached earlier this year.</p>\n<p>Gaotu, New Oriental, Zuoyebang, Yuanfudao and TAL didn’t immediately respond to requests for comment.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chinese education stocks are trading sharply lower Fridaya after Bloomberg report suggested...</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChinese education stocks are trading sharply lower Fridaya after Bloomberg report suggested...\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-07-23 21:50</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>(July 23)&nbsp;Chinese education stocks plunged in morning trading.&nbsp;Bloomberg&nbsp;report&nbsp;that,&nbsp;China considers turning tutoring companies into Non-Profits.</p>\n<p><img src=\"https://static.tigerbbs.com/e2b057d861059cc83420bcf9edf2a465\" tg-width=\"370\" tg-height=\"246\" referrerpolicy=\"no-referrer\"></p>\n<p>China is considering asking companies that offer tutoring on the school curriculum to go non-profit, according to people familiar with the matter, as part of a sweeping set of constraints that could decimate the country’s $100 billion education tech industry.</p>\n<p>In rules currently being mulled, the platforms will likely no longer be allowed to raise capital or go public, the people said, asking to not be identified because the information is not public. Listed firms will also probably no longer be allowed to invest in or acquire education firms teaching school subjects while foreign capital will also be barred from the sector, <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the people said.</p>\n<p>Local regulators will stop approving new after-school education firms seeking to offer tutoring on China’s compulsory syllabus and require extra scrutiny of existing online platforms, the people said. Vacation and weekend tutoring on school subjects will also be banned, they said. Changes may still occur as the rules haven’t been published. The 21st Century Business Herald earlier reported the bans on IPOs and investments by listed firms.</p>\n<p>The new set of regulations, devised and overseen by a dedicated branch set up just last month to regulate the industry, could wipe out the enormous growth that made stock market darlings of TAL Education Group and Gaotu Techedu Inc. The regulatory assault mirrors a broader campaign against the growing heft of Chinese internet companies from Didi Global Inc. to Alibaba Group Holding Ltd.</p>\n<p>“Making the sector non-profit is just as good as eradicating the industry all together,” said Wu Yuefeng, a fund manager at Funding Capital Management (Beijing) Co. “The regulations on financing are a major surprise and shows that to the authorities, this is a matter of no small importance. In the short term for the sector, any news will be bad news.”</p>\n<p>New Oriental Education &amp; Technology Group sank as much as 50% in Hong Kong Friday, while Koolearn Technology Holding Ltd. tumbled 31%.</p>\n<p>Beijing is coming down hard on the sector as excessive tutoring anguishes young pupils and burdens parents with expensive tutoring fees. It’s also regarded as an impediment to one of the country’s top priorities, boosting a declining birth rate. Last month, China said it will allow a couple to have three children and released a slew of support measures to encourage births and lower child expenses.</p>\n<p>Making the whole sector go non-profit “would make being a listed entity meaningless,” said Justin Tang, head of Asian research at United First Partners. “Investors are selling out first and asking questions later. It’s all being done to reduce cost of education and motivate citizens to raise kids.”</p>\n<p>Education technology had emerged as one of the hottest investment plays in China in recent years, with $10 billion of venture capital money pouring into the sector last year alone. Alibaba, Tencent Holdings Ltd. and ByteDance Ltd. all entered the arena, seeking to capitalize on Chinese parents’ desires to give their children every academic advantage. A spokesman from the education ministry said relevant polices are still being formulated and declined to provide more details.</p>\n<p>Beijing is taking issue with for-profit companies for stressing out kids while enriching investors and startup founders. In May, President Xi Jinping chaired a meeting with top officials where they approved a new set of rules to ease the burden of homework and after-school training for primary and secondary school students.</p>\n<p>Last month, China’s education ministry created a dedicated division to oversee all private education platforms for the first time. That followed a plethora of restrictions, including caps on fees firms can charge and time limits on after-school programs. Regulators have fined two of the biggest startups for false advertising: Alibaba-backed Zuoyebang and Tencent-investee Yuanfudao. A new law on minor protection, which went into effect June 1, also bans kindergarten and private institutions from teaching the primary-school curriculum to pre-schoolers -- not uncommon previously.</p>\n<p>Several high-profile startups in the sector -- including Yuanfudao, which at $15.5 billion is the most valuable of the lot -- are likely to have to put initial public offering plans on hold because of the crackdown.</p>\n<p>Shares of China’s largest private education companies are among the world’s worst performers in recent months, with New Oriental Education, TAL Education and Gaotu Techedu together shedding nearly $100 billion of value from their highs reached earlier this year.</p>\n<p>Gaotu, New Oriental, Zuoyebang, Yuanfudao and TAL didn’t immediately respond to requests for comment.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOTU":"高途","EDU":"新东方","TAL":"好未来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112567098","content_text":"(July 23) Chinese education stocks plunged in morning trading. Bloomberg report that, China considers turning tutoring companies into Non-Profits.\n\nChina is considering asking companies that offer tutoring on the school curriculum to go non-profit, according to people familiar with the matter, as part of a sweeping set of constraints that could decimate the country’s $100 billion education tech industry.\nIn rules currently being mulled, the platforms will likely no longer be allowed to raise capital or go public, the people said, asking to not be identified because the information is not public. Listed firms will also probably no longer be allowed to invest in or acquire education firms teaching school subjects while foreign capital will also be barred from the sector, one of the people said.\nLocal regulators will stop approving new after-school education firms seeking to offer tutoring on China’s compulsory syllabus and require extra scrutiny of existing online platforms, the people said. Vacation and weekend tutoring on school subjects will also be banned, they said. Changes may still occur as the rules haven’t been published. The 21st Century Business Herald earlier reported the bans on IPOs and investments by listed firms.\nThe new set of regulations, devised and overseen by a dedicated branch set up just last month to regulate the industry, could wipe out the enormous growth that made stock market darlings of TAL Education Group and Gaotu Techedu Inc. The regulatory assault mirrors a broader campaign against the growing heft of Chinese internet companies from Didi Global Inc. to Alibaba Group Holding Ltd.\n“Making the sector non-profit is just as good as eradicating the industry all together,” said Wu Yuefeng, a fund manager at Funding Capital Management (Beijing) Co. “The regulations on financing are a major surprise and shows that to the authorities, this is a matter of no small importance. In the short term for the sector, any news will be bad news.”\nNew Oriental Education & Technology Group sank as much as 50% in Hong Kong Friday, while Koolearn Technology Holding Ltd. tumbled 31%.\nBeijing is coming down hard on the sector as excessive tutoring anguishes young pupils and burdens parents with expensive tutoring fees. It’s also regarded as an impediment to one of the country’s top priorities, boosting a declining birth rate. Last month, China said it will allow a couple to have three children and released a slew of support measures to encourage births and lower child expenses.\nMaking the whole sector go non-profit “would make being a listed entity meaningless,” said Justin Tang, head of Asian research at United First Partners. “Investors are selling out first and asking questions later. It’s all being done to reduce cost of education and motivate citizens to raise kids.”\nEducation technology had emerged as one of the hottest investment plays in China in recent years, with $10 billion of venture capital money pouring into the sector last year alone. Alibaba, Tencent Holdings Ltd. and ByteDance Ltd. all entered the arena, seeking to capitalize on Chinese parents’ desires to give their children every academic advantage. A spokesman from the education ministry said relevant polices are still being formulated and declined to provide more details.\nBeijing is taking issue with for-profit companies for stressing out kids while enriching investors and startup founders. In May, President Xi Jinping chaired a meeting with top officials where they approved a new set of rules to ease the burden of homework and after-school training for primary and secondary school students.\nLast month, China’s education ministry created a dedicated division to oversee all private education platforms for the first time. That followed a plethora of restrictions, including caps on fees firms can charge and time limits on after-school programs. Regulators have fined two of the biggest startups for false advertising: Alibaba-backed Zuoyebang and Tencent-investee Yuanfudao. A new law on minor protection, which went into effect June 1, also bans kindergarten and private institutions from teaching the primary-school curriculum to pre-schoolers -- not uncommon previously.\nSeveral high-profile startups in the sector -- including Yuanfudao, which at $15.5 billion is the most valuable of the lot -- are likely to have to put initial public offering plans on hold because of the crackdown.\nShares of China’s largest private education companies are among the world’s worst performers in recent months, with New Oriental Education, TAL Education and Gaotu Techedu together shedding nearly $100 billion of value from their highs reached earlier this year.\nGaotu, New Oriental, Zuoyebang, Yuanfudao and TAL didn’t immediately respond to requests for comment.","news_type":1},"isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}