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2021-08-17

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Industry Chain People: Apple, the largest customer in TSMC's revenue, contributes more than 20%

2021-08-11

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Strong demand for iPhone 12 and 11 drives Apple's India revenue on track to hit $3 billion in fiscal 2021

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Since the A10 processor of iPhone 7 series in 2016, Apple's A series processors have been exclusively OEM by TSMC. Apple's self-developed Mac chip M1 launched last year was also OEM by TSMC.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817102849100v2018wm4kpwjwfn\"/>Although the industry has no doubt that Apple is a big customer of TSMC, it is still a secret how much revenue Apple has brought to TSMC, at least the outside world has no way to know.</p><p>However, some people in the industrial chain said recently that Apple is a big customer of TSMC, and the foundry orders from chips required by iPhone, iPad and AppleWatch account for more than 20% of TSMC's wafer foundry revenue.</p><p>In the second quarter of this year, TSMC's revenue was USD 13.29 billion. According to the proportion of more than 20% disclosed by people in the industry chain, TSMC's revenue from Apple in the second quarter exceeded USD 2.6 billion.</p><p>Although TSMC has not disclosed the revenue from major customers such as Apple, TSMC has disclosed the revenue from various processes such as 5nm and 7nm, the revenue from various fields such as smart phones, and the revenue from major regions such as North America in every quarterly financial report, from which it can also roughly estimate the proportion of Apple's revenue, especially in terms of process technology. Apple is the main adopter of TSMC's most advanced process technology.</p><p></article></body></html></p>","source":"tencent","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>Industry Chain People: Apple, the largest customer in TSMC's revenue, contributes more than 20%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIndustry Chain People: Apple, the largest customer in TSMC's revenue, contributes more than 20%\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TechWeb.com.cn</strong><span class=\"h-time small\">2021-08-17 10:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>August 17 news, according to foreign media reports, as we all know,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>Has been a chip foundry for many years<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Big customers, TSMC's every generation of advanced chip process technology, after its launch, are first large-scale OEM chips for Apple. Since the A10 processor of iPhone 7 series in 2016, Apple's A series processors have been exclusively OEM by TSMC. Apple's self-developed Mac chip M1 launched last year was also OEM by TSMC.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210817102849100v2018wm4kpwjwfn\"/>Although the industry has no doubt that Apple is a big customer of TSMC, it is still a secret how much revenue Apple has brought to TSMC, at least the outside world has no way to know.</p><p>However, some people in the industrial chain said recently that Apple is a big customer of TSMC, and the foundry orders from chips required by iPhone, iPad and AppleWatch account for more than 20% of TSMC's wafer foundry revenue.</p><p>In the second quarter of this year, TSMC's revenue was USD 13.29 billion. According to the proportion of more than 20% disclosed by people in the industry chain, TSMC's revenue from Apple in the second quarter exceeded USD 2.6 billion.</p><p>Although TSMC has not disclosed the revenue from major customers such as Apple, TSMC has disclosed the revenue from various processes such as 5nm and 7nm, the revenue from various fields such as smart phones, and the revenue from major regions such as North America in every quarterly financial report, from which it can also roughly estimate the proportion of Apple's revenue, especially in terms of process technology. Apple is the main adopter of TSMC's most advanced process technology.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210817102849788b862a&s=b\">TechWeb.com.cn</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"TSM":"台积电","AAPL":"苹果"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210817102849788b862a&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160279544","content_text":"8月17日消息，据国外媒体报道，众所周知，苹果已连续多年是芯片代工商台积电的大客户，台积电每一代先进的芯片制程工艺，在推出之后首先都是为苹果大规模代工芯片，自2016年iPhone 7系列的A10处理器开始，苹果的A系列处理器就一直是由台积电独家代工，苹果去年推出的自研Mac芯片M1，也是由台积电代工。虽然业界对苹果是台积电大客户不会有任何怀疑，但苹果为台积电带来了多少营收却依旧是秘密，至少外界无从知晓。不过，有产业链方面的人士日前表示，苹果是台积电的大客户，来自iPhone、iPad和AppleWatch所需芯片的代工订单，在台积电晶圆代工营收中所占的比例，超过了20%。在今年二季度，台积电营收132.9亿美元，按产业链人士透露的超过20%的比例计算，台积电二季度来自苹果的营收，就超过了26亿美元。虽然台积电方面未披露来自苹果等主要客户的营收，但台积电在每一季度的财报中，都有披露来自5nm、7nm等各类制程工艺的营收，智能手机等各大领域的营收，以及北美等主要区域的营收，从中也能大致预估出苹果营收所占的比例，尤其是制程工艺方面，苹果是台积电最先进制程工艺的主要采用者。","news_type":1,"symbols_score_info":{"TWmain":1,"TSM":1,"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":3255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892205888,"gmtCreate":1628660938844,"gmtModify":1676529812650,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"......","listText":"......","text":"......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/892205888","repostId":"2158040184","repostType":2,"repost":{"id":"2158040184","kind":"news","pubTimestamp":1628654866,"share":"https://ttm.financial/m/news/2158040184?lang=en_US&edition=fundamental","pubTime":"2021-08-11 12:07","market":"us","language":"zh","title":"Strong demand for iPhone 12 and 11 drives Apple's India revenue on track to hit $3 billion in fiscal 2021","url":"https://stock-news.laohu8.com/highlight/detail?id=2158040184","media":"TechWeb.com.cn","summary":"外媒最新的报道显示，在iPhone 12及iPhone 11系列强劲需求的推动下，苹果当前财年在印度市场的营收，也将大幅增加。研究机构表示，苹果公司方面预计2021财年在印度市场的营收将达到30亿美元，同比增长接近60%，明显高于市场观察人士去年预计的29%的同比增长率。虽然目前距离苹果2021财年结束已不到两个月的时间，但苹果这一财年在印度市场的营收，很有希望达到30亿美元。","content":"<p><html><body><article>August 11th news, according to foreign media reports, as analysts and research institutions generally expect,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the launch of the iPhone 12 series, which supports 5G network connection, the market demand is strong, which also greatly boosts Apple's revenue.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210811120746644v19785lpmx2djfz\"/>According to the latest foreign media reports, driven by the strong demand for iPhone 12 and iPhone 11 series, Apple's revenue in the Indian market in the current fiscal year (fiscal year 2021, as of the end of September this year) will also increase significantly.</p><p>According to the research organization, Apple expects revenue in the Indian market to reach $3 billion in fiscal 2021, a year-on-year growth of nearly 60%, significantly higher than the 29% year-on-year growth rate predicted by market observers last year.</p><p>Although it is less than two months away from the end of Apple's fiscal year 2021, Apple's revenue in the Indian market in this fiscal year is highly expected to reach $3 billion.</p><p>Industry observers told foreign media that by June this year, Apple's revenue in the Indian market in fiscal year 2021 was close to $2.2 billion, only $800 million away from $3 billion.</p><p>The populous Indian market has huge consumption potential, and numerous giants began investing heavily in the Indian market many years ago, including Apple. At the beginning of 2017, it was reported that Apple planned to produce iPhones in India and supply them to the Indian market. For this reason, Apple made many preferential requests to India, such as exemption from manufacturing and maintenance liability, import concessions for raw materials and equipment, etc.</p><p>Although most of Apple's preferential requests were rejected, Apple and OEMs still promoted the production of iPhone in India. In 2017, iPhone SE began to be produced in India, and iPhone XR and iPhone 11 were subsequently produced in India. In March, it was also reported that Apple was preparing to shift some iPhone 12 to India for production, with a maximum transfer of 10%.</p><p></article></body></html></p>","source":"tencent","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>Strong demand for iPhone 12 and 11 drives Apple's India revenue on track to hit $3 billion in fiscal 2021</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStrong demand for iPhone 12 and 11 drives Apple's India revenue on track to hit $3 billion in fiscal 2021\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TechWeb.com.cn</strong><span class=\"h-time small\">2021-08-11 12:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><article>August 11th news, according to foreign media reports, as analysts and research institutions generally expect,<a href=\"https://laohu8.com/S/AAPL\">Apple</a>After the launch of the iPhone 12 series, which supports 5G network connection, the market demand is strong, which also greatly boosts Apple's revenue.</p><p><img src=\"https://fid-75186.picgzc.qpic.cn/20210811120746644v19785lpmx2djfz\"/>According to the latest foreign media reports, driven by the strong demand for iPhone 12 and iPhone 11 series, Apple's revenue in the Indian market in the current fiscal year (fiscal year 2021, as of the end of September this year) will also increase significantly.</p><p>According to the research organization, Apple expects revenue in the Indian market to reach $3 billion in fiscal 2021, a year-on-year growth of nearly 60%, significantly higher than the 29% year-on-year growth rate predicted by market observers last year.</p><p>Although it is less than two months away from the end of Apple's fiscal year 2021, Apple's revenue in the Indian market in this fiscal year is highly expected to reach $3 billion.</p><p>Industry observers told foreign media that by June this year, Apple's revenue in the Indian market in fiscal year 2021 was close to $2.2 billion, only $800 million away from $3 billion.</p><p>The populous Indian market has huge consumption potential, and numerous giants began investing heavily in the Indian market many years ago, including Apple. At the beginning of 2017, it was reported that Apple planned to produce iPhones in India and supply them to the Indian market. For this reason, Apple made many preferential requests to India, such as exemption from manufacturing and maintenance liability, import concessions for raw materials and equipment, etc.</p><p>Although most of Apple's preferential requests were rejected, Apple and OEMs still promoted the production of iPhone in India. In 2017, iPhone SE began to be produced in India, and iPhone XR and iPhone 11 were subsequently produced in India. In March, it was also reported that Apple was preparing to shift some iPhone 12 to India for production, with a maximum transfer of 10%.</p><p></article></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210811120746788ad2a4&s=b\">TechWeb.com.cn</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d776d009b18d65f20684c952b9f84cf8","relate_stocks":{"AAPL":"苹果"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20210811120746788ad2a4&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2158040184","content_text":"8月11日消息，据国外媒体报道，正如分析师和研究机构普遍预计的一样，苹果支持5G网络连接的iPhone 12系列在推出之后，市场需求强劲，也大幅推升了苹果的营收。外媒最新的报道显示，在iPhone 12及iPhone 11系列强劲需求的推动下，苹果当前财年（2021财年，截至今年9月底）在印度市场的营收，也将大幅增加。研究机构表示，苹果公司方面预计2021财年在印度市场的营收将达到30亿美元，同比增长接近60%，明显高于市场观察人士去年预计的29%的同比增长率。虽然目前距离苹果2021财年结束已不到两个月的时间，但苹果这一财年在印度市场的营收，很有希望达到30亿美元。行业观察人士就告知外媒，到今年6月份，苹果2021财年在印度市场的营收接近22亿美元，距离30亿美元只有8亿美元的差距。人口众多的印度市场有巨大的消费潜力，众多巨头在多年前就开始大力投资印度市场，这也包括苹果公司。2017年初就曾有报道称苹果谋划在印度生产iPhone，供应印度市场，苹果为此向印度提出了制造和维修责任豁免、原材料和设备进口优惠等众多优惠请求。虽然苹果提出的优惠请求大部分被拒绝，但苹果及代工商还是推动了iPhone在印度的生产，2017年开始在印度生产iPhone SE，iPhone XR和iPhone 11随后也相继在印度生产，3月份也曾有报道称苹果准备将部分iPhone 12转向印度生产，最多转移10%。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"tweetType":1,"viewCount":2682,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174405210,"gmtCreate":1627119485530,"gmtModify":1703484537876,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174405210","repostId":"1170350340","repostType":4,"repost":{"id":"1170350340","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627092098,"share":"https://ttm.financial/m/news/1170350340?lang=en_US&edition=fundamental","pubTime":"2021-07-24 10:01","market":"us","language":"zh","title":"Administrative punishment! Tencent was ordered to lift the exclusive copyright of online music","url":"https://stock-news.laohu8.com/highlight/detail?id=1170350340","media":"老虎资讯综合","summary":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。","content":"<p>Tencent responded to being ordered to cancel the exclusive copyright of online music: The company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfil social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate rectification measures with Tencent Music and other affiliated companies within the prescribed time limit, and complete them in an all-round way in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. In January 2021, based on the report, the State Administration for Market Regulation filed an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent)' s acquisition of equity interests in China Music Group in July 2016 for suspected illegal conduct of concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation has ascertained the facts of illegal concentration in this transaction, and fully evaluated factors such as the share, control power, concentration degree of operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, we extensively solicited the opinions of relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements for many times.</p><p>The investigation shows that the relevant market in this case is the online music playing platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group's relevant market shares were about 30% and 40% respectively. Tencent gained a higher market share by merging with major competitors in the market. After concentration, the exclusive music library resources occupied by the entity exceeded 80%, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or ask them to give them better trading conditions than their competitors. It may also be able to raise market entry barriers by paying high prepayments and other copyright payment modes, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on Centralized Examination of Operators, and in accordance with the principle of equal emphasis on development and standardization, the State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright holders to give them conditions superior to competitors without legitimate reasons. Tencent reports the performance of its obligations to the State Administration for Market Regulation every year within three years, and the State Administration for Market Regulation will strictly supervise its implementation according to law.</p><p>This case is the first case of taking necessary measures to restore the state of market competition since the implementation of China's Anti-Monopoly Law. Ordering Tencent to lift exclusive copyright and other measures will reshape the competition order of relevant markets, reduce market entry barriers, and give competitors a fair opportunity to reach upstream copyright resources, which is conducive to returning the focus of competition from using capital advantages to snatch copyright resources to the rational track of innovating service level and improving user experience; It is conducive to promoting the calculation of copyright fees in a reasonable way in line with international standards and reducing downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, safeguarding consumers' right to choose, ultimately benefiting consumers, and promoting the standardized innovation and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on Administrative Penalty</p><p>National Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the Anti-Monopoly Law) and the Interim Provisions on the Examination of Concentration of Operators, this authority launched an investigation on the suspected illegal implementation of concentration of operators in the acquisition of equity interests of China Music Group by Tencent Holdings Limited (hereinafter referred to as Tencent) on 25 January 2021.</p><p>After investigation, this case constitutes an illegal concentration of operators, which has or may have the effect of excluding or restricting competition. In accordance with the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ served Tencent with the Notice of Administrative Punishment, informing it of the contents, facts, reasons and basis of the proposed administrative punishment, and informing it of its rights to make statements, defend and request a hearing according to law. Tencent did not make a statement, plead or request a hearing within the prescribed time limit. The investigation and trial of this case have now ended.</p><p><ul><li>Basic situation</li></ul><b>(1) The counterparty.</b></p><p><b>Acquirer: Tencent.</b>Incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004, it controls Shenzhen Tencent Computer Systems Co., Ltd., a major domestic operating entity, through an agreement. The main business includes social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was RMB102.863 billion (the same currency below), and the domestic turnover in China was RMB96.251 billion.</p><p><b>Acquiree: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, both global and domestic turnover in China were (omitted).</p><p><b>(2) Overview of transactions.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with valuation (omitted) business (mainly QQ Music business), obtained 61.64% equity interest in China Music Group, and obtained sole control over China Music Group. In December 2016, the integrated China Music Group changed its name to Tencent Music Entertainment Group. On 6 December 2017, the transaction completed the registration formalities of equity change.</p><p>Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"the concentration of operators refers to the following situations: (1) the merger of operators; (2) the operator obtains control over other operators by acquiring equity or assets; (3) the operator obtains control over other operators or is able to exercise decisive influence over other operators through contracts or other means\". Prior to this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent obtained 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and that in China was 96.251 billion yuan. The global and domestic turnover of China Music Group in 2015 was (omitted), which met the declaration standards stipulated in Article 3 of the Regulations of the State Council on Declaration Standards for Concentration of Operators, and belonged to the circumstances that should be declared.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the declaration standards stipulated by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and those who fail to declare shall not implement the concentration\". On December 6, 2017, Tencent completed the registration of equity change, but did not report to this authority before that, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Antitrust Review of Concentration of Operators, Tencent's annual report, Written Explanation of Tencent's Related Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and considering the characteristics of platform economy, on the basis of economic analysis and questionnaire survey, the relevant market in this case is defined as the online music playing platform market in China with horizontal overlap between the two parties.<b>Online Music Playback Platform Market</b>It refers to a platform that provides consumers with complete copyrighted music recordings through online broadcasting or downloading through the programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyrights is restricted by the copyright laws of various countries and there are obvious geographical differences, the scope of transmission of music copyrights authorized by online music playback platforms in the PRC is generally within the PRC and is mainly targeted to users within the PRC, therefore the relevant geographical market is defined as within the PRC.</p><p>After in-depth research, this concentration has or may have the effect of excluding or restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market share is 45.77% and 39.65% respectively. Both parties rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue of the relevant markets. According to the share of core music copyright resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which the exclusive music libraries are 3.14 million and 1.3 million, and the market share of music libraries and exclusive resources both exceeds 80%.</p><p>From the analysis of the Hefendal-Hirschmann Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transactions have resulted in a further increase in the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in the relevant market.</b></li></ol>According to the survey, before the transaction, the two parties ranked in the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of Tencent's QQ Music flow to Kugou Music and Kuwo Music, which are subsidiaries of China Music Group, indicating that if QQ Music raises the price or lowers the service level, 73.6% of users may flow to the platforms of China Music Group, and the two sides are close competitors with each other. Focus on reducing major competitors in the relevant markets to further weaken market competition.</p><p><ol><li><b>Concentration may further raise barriers to entry to relevant markets.</b></li></ol><b>First, it is possible to raise the barrier of copyright resources.</b>When the entity locks in more exclusive copyright resources after centralization, new entrants have to rely on their sub-licensing, which makes it more difficult to enter the relevant market. The market size brought by concentration also enables it to pay copyright fees to upstream copyright holders by paying non-refundable high advance payments in advance, which may further raise the barriers to market entry.</p><p><b>Second, it may increase the user conversion cost.</b>Focus on bringing abundant music library resources, larger user scale and sufficient usage data to Tencent. Compared with newly entered platforms, it can recommend songs that meet consumers' preferences better, resulting in a lower willingness of users to switch platforms, thus further expanding the user scale and may prevent other competitors from reaching or maintaining the critical scale.</p><p><b>Third, the market entry activity after concentration is not high.</b>According to the data, the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity decreased significantly.</p><p>To sum up, Tencent has a high market share in the online music playback platform market in China through this item, which may enable it to urge upstream copyright owners to give exclusive copyright authorization to it, or provide it with conditions that are better than competitors. It may also enable Tencent to raise market entry barriers by paying high advance payments, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playing platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also showing a rapid growth rate, from less than 6% when the concentration occurred to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competition constraints. In addition, in recent years, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain enough music copyright resources.</p><p>The above facts are proved by evidence such as statistical data of third-party organizations and industry analysis reports, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sublicensing Agreement provided by Tencent and related parties, and replies from industry authorities and other relevant parties.</p><p>Basis and Decision of Administrative Penalty</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator carries out concentration in violation of the provisions of this Law, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the state before concentration, and may impose a fine of not more than 500,000 yuan\". Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall take into account factors such as the nature, extent and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusions, this organ has made the following handling decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliates to take the following measures to restore competition in relevant markets:</b></p><p>1. No exclusive copyright agreement (the scope of copyright includes the information network dissemination right of all music works and sound recordings) or other exclusive agreement shall be reached or reached in disguise with the upstream copyright party. If it has been reached, it shall be terminated within 30 days from the date of issuance of this decision, except for exclusive cooperation with independent musicians (natural persons who refer to the original rights holder of music works or sound recordings and license the copyright with music platforms in their own name and have never entered into an agreement with any record company or brokerage company) or new song debut. Exclusive collaborations with independent musicians may not exceed three years, and exclusive collaborations with new song debuts may not exceed thirty days.</p><p>2. Without valid reasons, the upstream copyright holder shall not be required or disguised to give the party conditions that are superior to other competitors, including but not limited to the scope of license, license amount, license term, etc., or any agreement or agreement terms related thereto. If it has been reached, it shall be lifted within thirty days from the date of issuance of this decision.</p><p>3. Quote to the upstream copyright owner according to factors such as the actual use of copyright, user payment, song unit price, application scenario, contract signing period, etc. It is not allowed to increase the cost of competitors in disguised form through high advance payment and other means to eliminate or restrict competition.</p><p><b>(2) A fine of 500,000 yuan will be imposed.</b></p><p><b>(3) Declare the concentration of operators according to law.</b></p><p>1. If the concentration of operators meets the declaration standards stipulated by the State Council, it shall report to the State Administration for Market Regulation in advance, and if it fails to declare, concentration shall not be implemented.</p><p>2. If the concentration of operators fails to meet the declaration standard, but the concentration of operators has or may have the effect of excluding or restricting competition, it shall report to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if it is not declared.</p><p>3. If the transaction does not constitute a concentration of operators, except for the protection of the rights and interests of minority shareholders stipulated by law, it is not allowed to participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>Operate in accordance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize one's own competition behavior, carry out comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and standardize one's own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness and non-discrimination.</p><p>3. Improve the internal compliance control system of the enterprise, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect the rights of consumers, set reasonable charges and prices, and protect consumers' privacy.</p><p>5. Actively safeguard fair competition and promote innovation and development of the industry.</p><p>The term of the above measures shall be counted from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate a rectification plan according to the above measures within ten days, and report it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to supervise the trustee or self-supervise and inspect the performance of the above obligations by Tencent and its affiliates within three years. Tencent reports the performance of obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ that makes the decision on fines shall be separated from the institution that collects the fines. Except for fines collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the decision on administrative penalties and its law enforcement officers shall not collect the fines by themselves. The parties concerned shall pay the fines at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative penalty decision. The bank shall receive the fine and hand it over directly to the state treasury \".</p><p>The parties concerned shall, within 15 days from the date of receipt of this administrative penalty decision, bring the payment code to any bank outlet or online banking of 12 central financial non-tax revenue collection agency banks (ICBC, Agriculture, China Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An and Xingye) to pay the fine according to this administrative penalty decision. Payment code: ***.</p><p>If the party concerned is dissatisfied with the above administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative penalty decision shall not be suspended.</p><p>State Administration for Market Regulation</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></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>Administrative punishment! Tencent was ordered to lift 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: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAdministrative punishment! Tencent was ordered to lift the exclusive copyright of online music\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-24 10:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent responded to being ordered to cancel the exclusive copyright of online music: The company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfil social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate rectification measures with Tencent Music and other affiliated companies within the prescribed time limit, and complete them in an all-round way in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. In January 2021, based on the report, the State Administration for Market Regulation filed an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent)' s acquisition of equity interests in China Music Group in July 2016 for suspected illegal conduct of concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation has ascertained the facts of illegal concentration in this transaction, and fully evaluated factors such as the share, control power, concentration degree of operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, we extensively solicited the opinions of relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements for many times.</p><p>The investigation shows that the relevant market in this case is the online music playing platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group's relevant market shares were about 30% and 40% respectively. Tencent gained a higher market share by merging with major competitors in the market. After concentration, the exclusive music library resources occupied by the entity exceeded 80%, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or ask them to give them better trading conditions than their competitors. It may also be able to raise market entry barriers by paying high prepayments and other copyright payment modes, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on Centralized Examination of Operators, and in accordance with the principle of equal emphasis on development and standardization, the State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright holders to give them conditions superior to competitors without legitimate reasons. Tencent reports the performance of its obligations to the State Administration for Market Regulation every year within three years, and the State Administration for Market Regulation will strictly supervise its implementation according to law.</p><p>This case is the first case of taking necessary measures to restore the state of market competition since the implementation of China's Anti-Monopoly Law. Ordering Tencent to lift exclusive copyright and other measures will reshape the competition order of relevant markets, reduce market entry barriers, and give competitors a fair opportunity to reach upstream copyright resources, which is conducive to returning the focus of competition from using capital advantages to snatch copyright resources to the rational track of innovating service level and improving user experience; It is conducive to promoting the calculation of copyright fees in a reasonable way in line with international standards and reducing downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, safeguarding consumers' right to choose, ultimately benefiting consumers, and promoting the standardized innovation and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on Administrative Penalty</p><p>National Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the Anti-Monopoly Law) and the Interim Provisions on the Examination of Concentration of Operators, this authority launched an investigation on the suspected illegal implementation of concentration of operators in the acquisition of equity interests of China Music Group by Tencent Holdings Limited (hereinafter referred to as Tencent) on 25 January 2021.</p><p>After investigation, this case constitutes an illegal concentration of operators, which has or may have the effect of excluding or restricting competition. In accordance with the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ served Tencent with the Notice of Administrative Punishment, informing it of the contents, facts, reasons and basis of the proposed administrative punishment, and informing it of its rights to make statements, defend and request a hearing according to law. Tencent did not make a statement, plead or request a hearing within the prescribed time limit. The investigation and trial of this case have now ended.</p><p><ul><li>Basic situation</li></ul><b>(1) The counterparty.</b></p><p><b>Acquirer: Tencent.</b>Incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004, it controls Shenzhen Tencent Computer Systems Co., Ltd., a major domestic operating entity, through an agreement. The main business includes social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was RMB102.863 billion (the same currency below), and the domestic turnover in China was RMB96.251 billion.</p><p><b>Acquiree: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, both global and domestic turnover in China were (omitted).</p><p><b>(2) Overview of transactions.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with valuation (omitted) business (mainly QQ Music business), obtained 61.64% equity interest in China Music Group, and obtained sole control over China Music Group. In December 2016, the integrated China Music Group changed its name to Tencent Music Entertainment Group. On 6 December 2017, the transaction completed the registration formalities of equity change.</p><p>Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"the concentration of operators refers to the following situations: (1) the merger of operators; (2) the operator obtains control over other operators by acquiring equity or assets; (3) the operator obtains control over other operators or is able to exercise decisive influence over other operators through contracts or other means\". Prior to this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent obtained 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and that in China was 96.251 billion yuan. The global and domestic turnover of China Music Group in 2015 was (omitted), which met the declaration standards stipulated in Article 3 of the Regulations of the State Council on Declaration Standards for Concentration of Operators, and belonged to the circumstances that should be declared.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the declaration standards stipulated by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and those who fail to declare shall not implement the concentration\". On December 6, 2017, Tencent completed the registration of equity change, but did not report to this authority before that, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Antitrust Review of Concentration of Operators, Tencent's annual report, Written Explanation of Tencent's Related Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and considering the characteristics of platform economy, on the basis of economic analysis and questionnaire survey, the relevant market in this case is defined as the online music playing platform market in China with horizontal overlap between the two parties.<b>Online Music Playback Platform Market</b>It refers to a platform that provides consumers with complete copyrighted music recordings through online broadcasting or downloading through the programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyrights is restricted by the copyright laws of various countries and there are obvious geographical differences, the scope of transmission of music copyrights authorized by online music playback platforms in the PRC is generally within the PRC and is mainly targeted to users within the PRC, therefore the relevant geographical market is defined as within the PRC.</p><p>After in-depth research, this concentration has or may have the effect of excluding or restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market share is 45.77% and 39.65% respectively. Both parties rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue of the relevant markets. According to the share of core music copyright resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which the exclusive music libraries are 3.14 million and 1.3 million, and the market share of music libraries and exclusive resources both exceeds 80%.</p><p>From the analysis of the Hefendal-Hirschmann Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transactions have resulted in a further increase in the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in the relevant market.</b></li></ol>According to the survey, before the transaction, the two parties ranked in the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of Tencent's QQ Music flow to Kugou Music and Kuwo Music, which are subsidiaries of China Music Group, indicating that if QQ Music raises the price or lowers the service level, 73.6% of users may flow to the platforms of China Music Group, and the two sides are close competitors with each other. Focus on reducing major competitors in the relevant markets to further weaken market competition.</p><p><ol><li><b>Concentration may further raise barriers to entry to relevant markets.</b></li></ol><b>First, it is possible to raise the barrier of copyright resources.</b>When the entity locks in more exclusive copyright resources after centralization, new entrants have to rely on their sub-licensing, which makes it more difficult to enter the relevant market. The market size brought by concentration also enables it to pay copyright fees to upstream copyright holders by paying non-refundable high advance payments in advance, which may further raise the barriers to market entry.</p><p><b>Second, it may increase the user conversion cost.</b>Focus on bringing abundant music library resources, larger user scale and sufficient usage data to Tencent. Compared with newly entered platforms, it can recommend songs that meet consumers' preferences better, resulting in a lower willingness of users to switch platforms, thus further expanding the user scale and may prevent other competitors from reaching or maintaining the critical scale.</p><p><b>Third, the market entry activity after concentration is not high.</b>According to the data, the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity decreased significantly.</p><p>To sum up, Tencent has a high market share in the online music playback platform market in China through this item, which may enable it to urge upstream copyright owners to give exclusive copyright authorization to it, or provide it with conditions that are better than competitors. It may also enable Tencent to raise market entry barriers by paying high advance payments, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playing platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also showing a rapid growth rate, from less than 6% when the concentration occurred to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competition constraints. In addition, in recent years, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain enough music copyright resources.</p><p>The above facts are proved by evidence such as statistical data of third-party organizations and industry analysis reports, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sublicensing Agreement provided by Tencent and related parties, and replies from industry authorities and other relevant parties.</p><p>Basis and Decision of Administrative Penalty</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator carries out concentration in violation of the provisions of this Law, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the state before concentration, and may impose a fine of not more than 500,000 yuan\". Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall take into account factors such as the nature, extent and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusions, this organ has made the following handling decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliates to take the following measures to restore competition in relevant markets:</b></p><p>1. No exclusive copyright agreement (the scope of copyright includes the information network dissemination right of all music works and sound recordings) or other exclusive agreement shall be reached or reached in disguise with the upstream copyright party. If it has been reached, it shall be terminated within 30 days from the date of issuance of this decision, except for exclusive cooperation with independent musicians (natural persons who refer to the original rights holder of music works or sound recordings and license the copyright with music platforms in their own name and have never entered into an agreement with any record company or brokerage company) or new song debut. Exclusive collaborations with independent musicians may not exceed three years, and exclusive collaborations with new song debuts may not exceed thirty days.</p><p>2. Without valid reasons, the upstream copyright holder shall not be required or disguised to give the party conditions that are superior to other competitors, including but not limited to the scope of license, license amount, license term, etc., or any agreement or agreement terms related thereto. If it has been reached, it shall be lifted within thirty days from the date of issuance of this decision.</p><p>3. Quote to the upstream copyright owner according to factors such as the actual use of copyright, user payment, song unit price, application scenario, contract signing period, etc. It is not allowed to increase the cost of competitors in disguised form through high advance payment and other means to eliminate or restrict competition.</p><p><b>(2) A fine of 500,000 yuan will be imposed.</b></p><p><b>(3) Declare the concentration of operators according to law.</b></p><p>1. If the concentration of operators meets the declaration standards stipulated by the State Council, it shall report to the State Administration for Market Regulation in advance, and if it fails to declare, concentration shall not be implemented.</p><p>2. If the concentration of operators fails to meet the declaration standard, but the concentration of operators has or may have the effect of excluding or restricting competition, it shall report to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if it is not declared.</p><p>3. If the transaction does not constitute a concentration of operators, except for the protection of the rights and interests of minority shareholders stipulated by law, it is not allowed to participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>Operate in accordance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize one's own competition behavior, carry out comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and standardize one's own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness and non-discrimination.</p><p>3. Improve the internal compliance control system of the enterprise, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect the rights of consumers, set reasonable charges and prices, and protect consumers' privacy.</p><p>5. Actively safeguard fair competition and promote innovation and development of the industry.</p><p>The term of the above measures shall be counted from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate a rectification plan according to the above measures within ten days, and report it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to supervise the trustee or self-supervise and inspect the performance of the above obligations by Tencent and its affiliates within three years. Tencent reports the performance of obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ that makes the decision on fines shall be separated from the institution that collects the fines. Except for fines collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the decision on administrative penalties and its law enforcement officers shall not collect the fines by themselves. The parties concerned shall pay the fines at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative penalty decision. The bank shall receive the fine and hand it over directly to the state treasury \".</p><p>The parties concerned shall, within 15 days from the date of receipt of this administrative penalty decision, bring the payment code to any bank outlet or online banking of 12 central financial non-tax revenue collection agency banks (ICBC, Agriculture, China Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An and Xingye) to pay the fine according to this administrative penalty decision. Payment code: ***.</p><p>If the party concerned is dissatisfied with the above administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative penalty decision shall not be suspended.</p><p>State Administration for Market Regulation</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股","QNETCN":"纳斯达克中美互联网老虎指数","TCEHY":"腾讯控股ADR"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170350340","content_text":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。腾讯将压实责任，与腾讯音乐等关联公司在规定时限内制定整改措施方案，按照处罚决定要求全面不折不扣地完成，确保整改到位。\n\n 市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。\n\n2021年1月，市场监管总局根据举报，对腾讯控股有限公司（以下简称腾讯）2016年7月收购中国音乐集团股权涉嫌违法实施经营者集中行为立案调查。\n市场监管总局依据《反垄断法》，查清本交易违法实施集中的事实，充分评估参与集中的经营者在相关市场的份额、控制力、集中度以及集中对市场进入和消费者影响等因素。同时，广泛征求有关政府部门、行业协会、专家学者、同业竞争者意见，并多次听取腾讯陈述意见。\n调查表明，本案相关市场为中国境内网络音乐播放平台市场。正版音乐版权是网络音乐播放平台运营的核心资产和关键性资源。2016年腾讯和中国音乐集团在相关市场份额分别为30%和40%左右，腾讯通过与市场主要竞争对手合并，获得较高的市场份额，集中后实体占有的独家曲库资源超过80%，可能有能力促使上游版权方与其达成更多独家版权协议，或要求给予其优于竞争对手的交易条件，也可能有能力通过支付高额预付金等版权付费模式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争效果。\n根据《反垄断法》第四十八条、《经营者集中审查暂行规定》第五十七条规定，按照发展和规范并重的原则，市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。腾讯三年内每年向市场监管总局报告履行义务情况，市场监管总局将依法严格监督其执行情况。\n本案为我国《反垄断法》实施以来对违法实施经营者集中采取必要措施恢复市场竞争状态的第一起案件。责令腾讯解除独家版权等措施将重塑相关市场竞争秩序，降低市场进入壁垒，使竞争者均有公平触达上游版权资源的机会，有利于将竞争的焦点从利用资本优势抢夺版权资源回归到创新服务水平、提高用户体验的理性轨道上来；有利于推动与国际接轨的合理方式计算版权费用，减轻下游运营成本；有利于培育新的市场进入者，并为现存企业创造更公平的竞争环境，保障消费者选择权，最终惠及广大消费者，促进网络音乐产业规范创新健康发展。\n以下为处罚书全文:\n国家市场监督管理总局\n行政处罚决定书\n国市监处〔2021〕67号\n当事人：腾讯控股有限公司\n住 所：开曼群岛哈金斯大道克里奇广场\n根据《中华人民共和国反垄断法》（以下简称《反垄断法》）、《经营者集中审查暂行规定》，本机关于2021年1月25日对腾讯控股有限公司（以下简称腾讯）收购中国音乐集团股权涉嫌违法实施经营者集中进行立案调查。\n经查，该案构成违法实施的经营者集中，具有或者可能具有排除、限制竞争的效果。本机关按照《中华人民共和国行政处罚法》（以下简称《行政处罚法》）规定，向腾讯送达《行政处罚告知书》，告知其拟作出的行政处罚内容及事实、理由、依据，并告知其依法享有的陈述、申辩和要求听证等权利。腾讯在规定期限内没有提出陈述、申辩或要求听证。本案现已调查、审理终结。\n\n基本情况\n\n（一）交易方。\n收购方：腾讯。1999年11月于英属维尔京群岛注册成立，2004年2月迁册至英属开曼群岛，2004年6月在香港联交所上市，通过协议控制境内主要运营实体深圳市腾讯计算机系统有限公司。主要业务包括社交和通信服务、社交网络平台、网络音乐平台、游戏、网络视频服务、互动娱乐直播等。2015年全球营业额为1028.63亿元人民币（币种下同），中国境内营业额为962.51亿元。\n被收购方：中国音乐集团。2012年于开曼群岛注册成立，通过协议控制境内主要运营实体海洋互动（北京）信息技术有限公司。主要业务包括网络音乐平台、唱片公司出版业务、版权代理业务等。自然人（略）作为一致行动人拥有共同控制权。2015年全球及中国境内营业额均为（略）。\n（二）交易概况。\n2016年7月12日，腾讯以估值（略）的业务（主要是QQ音乐业务）投入中国音乐集团，获得中国音乐集团61.64%股权，取得对中国音乐集团的单独控制权。2016年12月，整合后的中国音乐集团更名为腾讯音乐娱乐集团。2017年12月6日，交易完成股权变更登记手续。\n二、违法事实及理由\n（一）本案构成违法实施的经营者集中。\n《反垄断法》第二十条规定“经营者集中是指下列情形：（一）经营者合并；（二）经营者通过取得股权或者资产的方式取得对其他经营者的控制权；（三）经营者通过合同等方式取得对其他经营者的控制权或者能够对其他经营者施加决定性影响”。本项集中前，中国音乐集团由自然人（略）共同控制。本项集中后，腾讯获得中国音乐集团61.64%股权，取得对中国音乐集团单独控制权，属于《反垄断法》第二十条规定的经营者集中。\n腾讯2015年全球营业额为1028.63亿元，中国境内营业额为962.51亿元，中国音乐集团2015年全球及中国境内营业额均为（略），达到《国务院关于经营者集中申报标准的规定》第三条规定的申报标准，属于应当申报的情形。\n《反垄断法》第二十一条规定“经营者集中达到国务院规定的申报标准的，经营者应当事先向国务院反垄断执法机构申报，未申报的不得实施集中”。2017年12月6日，腾讯完成股权变更登记，在此之前未向本机关申报，违反《反垄断法》第二十一条规定，构成违法实施的经营者集中。\n以上事实，有腾讯营业执照复印件、组织架构图、股权关系图、《经营者集中反垄断审查申报表》、腾讯年报、《腾讯相关问题的书面说明》、《股份认购协议》等证据证明。\n（二）本案具有或者可能具有排除、限制竞争的效果。\n根据《反垄断法》和《国务院反垄断委员会关于相关市场界定的指南》规定，同时考虑平台经济特点，在经济学分析和问卷调查基础上，本案相关市场界定为交易双方存在横向重叠的中国境内网络音乐播放平台市场。网络音乐播放平台市场是指通过电脑端、手机端或者其他智能终端的程序或网站，以在线播放或下载方式向消费者提供完整版权音乐录音制品播放服务的平台。网络K歌、网络直播、短视频平台等虽也提供与网络音乐相关的服务，但其核心功能、应用场景、商业模式、市场进入等与网络音乐播放平台市场不具有紧密替代关系，不属于同一相关商品市场。由于音乐版权的授权受各国著作权法规定限制，具有明显的地域差异，中国的网络音乐播放平台获得授权的音乐版权传播范围一般为中国境内，且主要面向中国境内用户，因此相关地域市场界定为中国境内。\n经深入研究，本项集中对中国境内网络音乐播放平台市场具有或者可能具有排除、限制竞争效果：\n\n集中后实体在相关市场具有较高市场份额。\n\n2016年7月集中发生时，腾讯和中国音乐集团的月活跃用户数分别为1.6亿人、2.3亿人，市场份额分别为33.96%、49.07%；用户月使用时长分别为8.05亿小时、6.98亿小时，市场份额分别为45.77%、39.65%，集中双方均列市场前两位，合计市场份额超过80%。2016年集中双方在相关市场的销售金额合计（略），约占相关市场总收入规模的70%。以音乐版权核心资源占有率计算，腾讯和中国音乐集团的曲库数量分别为1210万、821万，其中独家曲库为314万、130万，曲库和独家资源的市场占有率均超过80%。\n从该市场赫芬达尔－赫希曼指数（HHI指数）分析，交易后为6950，为高度集中市场，集中产生的增量为3350。交易导致相关市场集中度进一步提高，竞争被进一步削弱。\n\n集中减少相关市场主要竞争对手。\n\n调查显示，交易前集中双方居市场前两位，竞争实力相当，彼此竞争较为紧密。根据消费者在替代性平台之间的流向选择显示，腾讯旗下QQ音乐73.6%的用户流向了中国音乐集团旗下的酷狗音乐和酷我音乐，表明如果QQ音乐提高价格或降低服务水平，可能有73.6%的用户流向中国音乐集团旗下平台，双方互为较为紧密竞争者。集中减少相关市场主要竞争对手，进一步削弱市场竞争。\n\n集中可能进一步提高相关市场进入壁垒。\n\n一是可能提高版权资源壁垒。在集中后实体锁定较多独家版权资源的情况下，新进入者须依靠其转授权，进入相关市场较为困难。由集中带来的市场规模也使其有能力通过提前支付不可返还的高额预付金等方式向上游版权方支付版权费用，可能进一步提高市场进入壁垒。\n二是可能增加用户转换成本。集中为腾讯带来较为丰富的曲库资源、较大的用户规模及充足的使用数据，相比新进入平台更能推荐符合消费者偏好的歌曲，导致用户转换平台意愿降低，从而进一步扩大用户规模，可能阻止其他竞争者达到或维持临界规模。\n三是集中后市场进入活跃度不高。数据显示，网络音乐播放平台市场的主要进入发生在2016年初至2017年7月，2017年底集中完成后，该市场进入活跃度下降较明显。\n综上，腾讯通过本项集中在中国境内网络音乐播放平台市场具有较高市场份额，可能使其有能力促使上游版权方对其进行独家版权授权，或者向其提供优于竞争对手的条件，也可能使腾讯有能力通过支付高额预付金等方式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争的效果。\n调查同时发现，中国网络音乐播放平台市场发展较为迅速，腾讯主要竞争对手（略）的市场份额也呈现较快速度增长，由集中发生时的不足6%增长至近18%，增长200%左右，说明竞争对手对其竞争约束有增强的趋势。此外，网络音乐播放平台与其他平台之间近年来呈现出一定的动态竞争和跨界融合趋势，一些拥有广泛用户基础的短视频平台，如果再获得足够数量的音乐版权资源，在未来有可能成为相关市场的竞争者。\n以上事实，有第三方机构统计数据和行业分析报告、《问卷调查报告》、《经济学分析报告》、腾讯和相关方提供的《授权协议》和《转授权协议》、行业主管部门等相关方的回复意见等证据证明。\n三、行政处罚依据和决定\n《反垄断法》第四十八条规定“经营者违反本法规定实施集中的，由国务院反垄断执法机构责令停止实施集中、限期处分股份或者资产、限期转让营业以及采取其他必要措施恢复到集中前的状态，可以处五十万元以下的罚款”。《反垄断法》第四十九条规定“对本法第四十六条、第四十七条、第四十八条规定的罚款，反垄断执法机构确定具体罚款数额时，应当考虑违法行为的性质、程度和持续的时间等因素”。\n根据上述规定，基于上述调查情况和评估结论，本机关对腾讯作出如下处理决定：\n（一）责令腾讯及其关联公司采取以下措施恢复相关市场竞争状态：\n1. 不得与上游版权方达成或变相达成独家版权协议（版权范围包括所有音乐作品及录音制品的信息网络传播权）或其他排他性协议，已经达成的，须在本决定发布之日起三十日内解除，与独立音乐人（是指音乐作品或录音制品的原始权利人，并以个人名义与音乐平台进行版权授权，且从未与任何唱片公司或经纪公司签订协议的自然人）或新歌首发的独家合作除外。与独立音乐人的独家合作期限不得超过三年，与新歌首发的独家合作期限不得超过三十日。\n2. 没有正当理由，不得要求或变相要求上游版权方给予当事人优于其他竞争对手的条件，包括但不限于授权范围、授权金额、授权期限等，或与之相关的任何协议或协议条款。已经达成的，须在本决定发布之日起三十日内解除。\n3. 依据版权实际使用情况、用户付费情况、歌曲单价、应用场景、签约期限等因素向上游版权方报价，不得通过高额预付金等方式变相提高竞争对手成本，排除、限制竞争。\n（二）处以50万元罚款。\n（三）依法申报经营者集中。\n1.经营者集中达到国务院规定的申报标准的，应当事先向市场监管总局申报，未申报的不得实施集中。\n2.经营者集中未达到申报标准，但该经营者集中具有或者可能具有排除、限制竞争效果的，应当事先向市场监管总局申报，未申报的不得实施集中。\n3.交易未构成经营者集中的，除法律规定的保护小股东权益事项外，不得参与相关企业经营决策，并在每年的年度报告中向市场监管总局报告交易基本情况等内容。\n（四）依法合规经营，建立健全公平参与市场竞争的长效机制。\n1.全面规范自身竞争行为，对照《反垄断法》开展全面深入自查，检视并规范自身经营行为。\n2.严格落实平台企业主体责任，不断完善平台内部治理规则，按照公平、合理、无歧视原则与其他经营者开展合作。\n3.完善企业内部合规控制制度，建立并有效执行反垄断合规制度，自觉维护公平竞争。\n4.保护消费者合法权益。充分保障消费者各项权利，合理制定收费价格，保护消费者隐私。\n5.积极维护公平竞争，推动行业创新发展。\n以上措施期限自《行政处罚决定书》下发之日起算，腾讯及其关联公司须在十日内对照上述措施制定整改方案，并报市场监管总局审核。市场监管总局三年内有权通过监督受托人或自行监督检查腾讯及其关联公司履行上述义务的情况，腾讯三年内每年向市场监管总局报告履行义务情况，三年到期后不再报告。\n《行政处罚法》第六十七条规定“作出罚款决定的行政机关应当与收缴罚款的机构分离。除依照本法第六十八条、第六十九条的规定当场收缴的罚款外，作出行政处罚决定的行政机关及其执法人员不得自行收缴罚款。当事人应当自收到行政处罚决定书之日起十五日内，到指定的银行或者通过电子支付系统缴纳罚款。银行应当收受罚款，并将罚款直接上缴国库”。\n当事人应当自收到本行政处罚决定书之日起十五日内，根据本行政处罚决定书，携缴款码到12家中央财政非税收入收缴代理银行（工、农、中、建、交、中信、光大、招商、邮储、华夏、平安、兴业）任一银行网点或者网上银行交纳罚款。缴款码：***。\n当事人如对上述行政处罚决定不服，可以自收到本行政处罚决定书之日起六十日内，向国家市场监督管理总局申请行政复议；或者自收到本行政处罚决定书之日起六个月内，依法向北京知识产权法院提起行政诉讼。行政复议或者行政诉讼期间，本行政处罚决定不停止执行。\n市场监管总局\n2021年7月24日","news_type":1,"symbols_score_info":{"TCEHY":0.9,"QNETCN":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":3098,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147330970,"gmtCreate":1626333183890,"gmtModify":1703758075202,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/147330970","repostId":"2151544921","repostType":4,"repost":{"id":"2151544921","kind":"highlight","weMediaInfo":{"introduction":"经纬创投公众平台，创享汇，新闻发布官方平台","home_visible":1,"media_name":"经纬创投","id":"74","head_image":"https://static.tigerbbs.com/c6c12027b4d84f89b5da0a5de2093ad1"},"pubTimestamp":1626333115,"share":"https://ttm.financial/m/news/2151544921?lang=en_US&edition=fundamental","pubTime":"2021-07-15 15:11","market":"sh","language":"zh","title":"How to fight inflation in the era of \"everything rising\"?","url":"https://stock-news.laohu8.com/highlight/detail?id=2151544921","media":"经纬创投","summary":"如果你在6月买东西时，花的钱比3月多，但买到的东西却减少，这是什么原因呢？\n这就是通货膨胀。在美国疯狂印钱放水之后，猛烈的通货膨胀终于来了。\n美国劳工部在7月14日表示，6月消费者价格指数（即CPI）","content":"<p>If when you buy something in June, you spend more money than you did in March, but you buy less, what is the reason for that?</p><p><b>That's inflation. After the frantic printing of money and release of water in the United States, violent inflation has finally come.</b></p><p>The U.S. Department of Labor said on July 14 that the consumer price index, or CPI, rose 5.4% in June from a year earlier. That's a terrifying number,<b>It was the highest increase since the 2008 financial crisis.</b></p><p><img src=\"https://static.tigerbbs.com/11da2dac1c594106930fc74d2a423bba\" tg-width=\"1080\" tg-height=\"760\" referrerpolicy=\"no-referrer\"></p><p>The macroeconomy is all in the way, with U.S. stocks falling immediately after the inflation data, while Treasury Bond yields rose. The crazy water release and rising inflation in the United States are also affecting the global economy, including us across the ocean.</p><p>China's State Council also said recently that it would take measures to ensure the supply of bulk commodities and curb unreasonable price rises.<b>Only by cooling the market in due course can the overall economic recovery after the COVID-19 pandemic be ensured, and it will not be hurt by the soaring commodity prices.</b></p><p>So living in the age of \"all things rising\", what can we do to fend off these effects?</p><p><h3>1</h3><b>\"Everything rises\"</b></p><p>Accurate forecasting of CPI is not easy.</p><p>In President Biden's official budget request released this spring, officials predicted that inflation in 2021 would remain near its historical average and not exceed 2.3%,<b>But this prediction was wrong.</b>Some Republicans have attacked this, pointing out that the rapid rise in CPI is a sign of economic mismanagement by the Biden administration.</p><p>CPI can be said to be one of the economic indicators most closely related to everyone's daily life. It measures how much consumers pay for goods and services, including clothing, daily consumer goods, restaurant meals, recreational activities and vehicles.</p><p>The bigger the increase in CPI, the higher the cost of living. This time the biggest increase in the United States, a third of which was driven by higher prices for used cars and trucks, along with sharp increases in airline tickets and clothing prices.</p><p>Inflation is a natural result of economic development. Benign inflation is when rising wages and consumer prices reinforce each other and spiral upward, because workers bargain to raise wages to pay for the rising cost of living, while employers pass on higher labor costs to consumers.</p><p><b>But if inflation grows faster than salaries, it erases wage growth for workers, making the cost of living for families higher and the quality of life lower.</b></p><p>With the large-scale release of water by global central banks after the epidemic, the price increase of commodities and raw materials cannot be ignored.</p><p>Certain risk factors have emerged in the United States. Many big companies believe that price pressures persist.<a href=\"https://laohu8.com/S/PEP\">Pepsi</a>The CFO said on the earnings call that they expect raw materials, labor and transportation costs to rise. \"Are we going to respond with higher pricing? Of course.\"</p><p><b>In April this year, the prices of many raw materials around the world soared to record highs, with timber, iron ore and copper all hitting new highs; Corn, soybean and wheat prices have also jumped to eight-year highs; Oil prices recently hit a two-year high. Since the financial crisis in 2008, there has not been such a comprehensive rise in commodity prices worldwide.</b></p><p>Prices are transmitted step by step. With the rise of commodities, US house prices have reached 2006 levels before the housing bubble burst, and the stock market is rising, with both the S&P 500 and Dow Jones breaking records, almost \"everything is up\".</p><p><img src=\"https://static.tigerbbs.com/09378858a4354b52b8b366573c31c600\" tg-width=\"1080\" tg-height=\"695\" referrerpolicy=\"no-referrer\"></p><p>In the United States, the S&P 500 P/E is currently around 26 times, according to Dow Jones Market Data. Another measure of valuation, the Shiller P/E, is even higher at 37.6x, roughly the highest in two decades. This measure looks at earnings over the past 10 years and is adjusted for inflation, and the measure peaked at 44.2 in December 1999.</p><p><b>However, high market valuations don't necessarily lead to collapse, and exiting the market too early may miss out on high returns for years.</b>The era of low interest rates that swept the world began in the wake of the pandemic, with the Federal Reserve lowering interest rates to near zero and ramping up its bond-buying program while Congress approved trillions of dollars in stimulus to help the economy recover from the shutdown.</p><p><img src=\"https://static.tigerbbs.com/f15cbb8ccf8540c9be19d4cd303602fc\" tg-width=\"1080\" tg-height=\"786\" referrerpolicy=\"no-referrer\"></p><p>Though the economy eventually shrank for the first time since 2009, the interventions helped markets rebound strongly from bear market lows and sent \"everything up\".</p><p><h3>2</h3><b>What's the situation in China?</b></p><p>Americans are facing rising prices for eating out, staying in hotels or buying washing machines. So what's the situation in China?</p><p><b>The first is strong growth in exports.</b>Due to inflation in the United States, demand for cost-effective goods from China is also increasing.</p><p>China's General Administration of Customs released data on July 13. Exports rose by 32.2% year-on-year in June, which was faster than the 27.9% growth rate in May. At all, there was no situation that many economists had feared before, when some thought that the export boom was coming to an end in the post-pandemic era.</p><p>In addition, sporadic outbreaks in Guangdong Province in late May this year are also feared to affect exports, as Shenzhen<a href=\"https://laohu8.com/S/000088\">Yantian Port</a>It is one of the busiest ports in the world, and it accounts for 7% of the total port throughput in the country. But judging by the results, China's total exports in the first half of the year were far from showing signs of slack, leaping to an all-time high, with monthly imports and exports both growing year-on-year for 13 consecutive months.</p><p>In addition, China's trade surplus widened to $51.5 billion in June from $45.5 billion in May. Economists had expected China's trade surplus to stabilize at $45.5 billion in June.</p><p><b>The second point is that the Chinese government has moved to curb the excessive rise in commodity prices.</b>In global markets, major industrial commodities, including iron ore and copper, are surging.</p><p>Since mid-May, Premier * has spoken out on the issue of natural resources. Recently, six government agencies, including China's State Administration for Market Regulation and the CSRC, jointly interviewed representatives of the commodity industry to affirm that the government has adopted a \"zero tolerance\" attitude towards illegal activities such as market manipulation, price driving and hoarding. An announcement by China's National Development and Reform Commission shows that authorities will monitor trends in markets such as copper and aluminum more closely.</p><p>China has been determined to curb speculation, and has also increased the margin of related futures trading and raised trading rates, which have curbed speculative buying.</p><p><b>Prices of raw materials such as iron ore, rebar, aluminum and copper have all fallen in the Chinese market since the official tough stance.</b>If the trend of soaring raw material costs is not curbed, these price increases will squeeze enterprise profits, force them to raise the price of end products, and eventually lead to the decline of residents' spending power. These measures have all ensured the overall economic recovery in the post-pandemic era and will not be hurt by the skyrocketing prices of raw materials.</p><p><img src=\"https://static.tigerbbs.com/14d75fc2c26e4043bf7cee88a5355052\" tg-width=\"1080\" tg-height=\"1109\" referrerpolicy=\"no-referrer\"></p><p><b>The third impact is on the macroeconomic level.</b>Unlike the Federal Reserve, which is already facing inflationary pressure, has begun to discuss tapering easing; And China's central bank, which slashed credit earlier this year, is turning to easing to support the economy. On July 9, China's central bank lowered the deposit reserve ratio for financial institutions, releasing about 1 trillion yuan ($154 billion) of funds for banks to lend.</p><p>At the same time, China's CPI rose by 1.1% year-on-year in June, slightly lower than the 1.2% increase predicted by economists and far lower than the year-end target of 3% by relevant departments, so there is still a lot of room for monetary policy.</p><p>Among CPI items, the price of food products closely related to life decreased by 2.2%, mainly due to the continued decrease of 13.6% in the price of pork, while the price of fresh vegetables and fresh fruits decreased by 2.3% and 4.5% respectively. However, the price of non-food products, such as air tickets or oil prices, was in line with the international increase.</p><p><b>Due to the negative impact of rising raw material prices on small and micro enterprises, the reduction in the reserve ratio was largely aimed at supporting them, who were more vulnerable than large enterprises during the pandemic, especially as domestic consumption continued to be sluggish.</b></p><p><h3>3</h3><b>What can we do in the era of \"all things rising\"?</b></p><p>Nowadays, the United States, which has the most \"water release\", is experiencing unprecedented inflation, and the large-scale water release by other central banks has also given birth to the global inflation era. Will this be a temporary phenomenon or a historic shift? If it is long-term inflation, what can we do to deal with it?</p><p>1、<b>Gold.</b>If we really encounter a peak in inflation, the value-preserving effect of buying gold will be very good,<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Even in countries where inflation has soared to double digits, gold has retained its value, according to a study. The problem with gold, though, is that it underperforms stocks in normal times and doesn't provide income. Moreover, the foundation of gold value is supported by the idea that most people think that \"this precious metal is valuable\", and the Bitcoin boom may interfere with it.</p><p>2、<b>Commodities.</b>Inflation is when commodity prices rise, and commodities tend to rise the most because it takes a long time to build new capacity to meet demand. Just like this year, the price of copper and oil has risen by 30%, and the price of timber has doubled. But ordinary people can't have warehouses or tankers to store these commodities, so they need to buy futures contracts. But the danger lies in the long-term returns of futures contracts, which depend mainly on the differences between futures prices, not the underlying commodities themselves, and it takes professionals to make money from them.</p><p>3、<b>Value stocks.</b>In an inflationary environment, assets that rely on returns in the distant future will be left out, while assets that provide more certainty will surface. In short, the model of excessive money burning will become less and less accepted, and the valuation premium that people give forward forecast profits will fall. At this point, company stocks with more certainty will be more sought after.</p><p><img src=\"https://static.tigerbbs.com/ca548fc9969e4523a3a00b4cc3ce941a\" tg-width=\"1080\" tg-height=\"783\" referrerpolicy=\"no-referrer\"></p><p>In short, you need to build an anti-inflation portfolio in this era. If the general environment has not changed significantly, you can ignore it for the time being, but once you need to defend, you can execute it quickly.</p><p><b>So far, global inflation has little to do with Chinese consumers for the time being, and it is mainly Chinese manufacturers, not consumers, who are feeling the price increase,</b>The main reason for manufacturers is that iron ore from Australia, or corn from the United States, is more expensive than before.</p><p>However, the government has announced subsidies for small and micro enterprises to help them bear the rising cost of global commodities. The government has also imposed new restrictions on commodity futures trading to curb speculation. The government has also raised export tariffs on certain steel products in order to keep some products more at home.</p><p><b>China's overcapacity for essential goods such as clothing or home appliances is also protecting consumers.</b>Because in the supply chain, the party with less leeway to negotiate will bear higher costs, overcapacity guarantees more choice for consumers, and it is difficult for manufacturers to pass on price increases to consumers.</p><p>The appreciation of the yuan may pass on some costs overseas. Since the beginning of the year, the yuan has appreciated 2.2% against the dollar. A year ago, a dollar could be converted to 7.1 yuan, but now it can only be converted to 6.4 yuan, which will offset the price increase of some overseas raw materials.</p><p>But the yuan can't keep appreciating, and it has its downsides. Because this means more expensive Chinese exports and weakens the global competitiveness of Chinese goods, the People's Bank of China warned foreign exchange traders in May not to consider further appreciation of the yuan a one-way bet.</p><p>Therefore, in general, controlling the epidemic situation and stabilizing prices are the top priorities.</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>How to fight inflation in the era of \"everything rising\"?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow to fight inflation in the era of \"everything rising\"?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/74\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c6c12027b4d84f89b5da0a5de2093ad1);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">经纬创投 </p>\n<p class=\"h-time smaller\">2021-07-15 15:11</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>If when you buy something in June, you spend more money than you did in March, but you buy less, what is the reason for that?</p><p><b>That's inflation. After the frantic printing of money and release of water in the United States, violent inflation has finally come.</b></p><p>The U.S. Department of Labor said on July 14 that the consumer price index, or CPI, rose 5.4% in June from a year earlier. That's a terrifying number,<b>It was the highest increase since the 2008 financial crisis.</b></p><p><img src=\"https://static.tigerbbs.com/11da2dac1c594106930fc74d2a423bba\" tg-width=\"1080\" tg-height=\"760\" referrerpolicy=\"no-referrer\"></p><p>The macroeconomy is all in the way, with U.S. stocks falling immediately after the inflation data, while Treasury Bond yields rose. The crazy water release and rising inflation in the United States are also affecting the global economy, including us across the ocean.</p><p>China's State Council also said recently that it would take measures to ensure the supply of bulk commodities and curb unreasonable price rises.<b>Only by cooling the market in due course can the overall economic recovery after the COVID-19 pandemic be ensured, and it will not be hurt by the soaring commodity prices.</b></p><p>So living in the age of \"all things rising\", what can we do to fend off these effects?</p><p><h3>1</h3><b>\"Everything rises\"</b></p><p>Accurate forecasting of CPI is not easy.</p><p>In President Biden's official budget request released this spring, officials predicted that inflation in 2021 would remain near its historical average and not exceed 2.3%,<b>But this prediction was wrong.</b>Some Republicans have attacked this, pointing out that the rapid rise in CPI is a sign of economic mismanagement by the Biden administration.</p><p>CPI can be said to be one of the economic indicators most closely related to everyone's daily life. It measures how much consumers pay for goods and services, including clothing, daily consumer goods, restaurant meals, recreational activities and vehicles.</p><p>The bigger the increase in CPI, the higher the cost of living. This time the biggest increase in the United States, a third of which was driven by higher prices for used cars and trucks, along with sharp increases in airline tickets and clothing prices.</p><p>Inflation is a natural result of economic development. Benign inflation is when rising wages and consumer prices reinforce each other and spiral upward, because workers bargain to raise wages to pay for the rising cost of living, while employers pass on higher labor costs to consumers.</p><p><b>But if inflation grows faster than salaries, it erases wage growth for workers, making the cost of living for families higher and the quality of life lower.</b></p><p>With the large-scale release of water by global central banks after the epidemic, the price increase of commodities and raw materials cannot be ignored.</p><p>Certain risk factors have emerged in the United States. Many big companies believe that price pressures persist.<a href=\"https://laohu8.com/S/PEP\">Pepsi</a>The CFO said on the earnings call that they expect raw materials, labor and transportation costs to rise. \"Are we going to respond with higher pricing? Of course.\"</p><p><b>In April this year, the prices of many raw materials around the world soared to record highs, with timber, iron ore and copper all hitting new highs; Corn, soybean and wheat prices have also jumped to eight-year highs; Oil prices recently hit a two-year high. Since the financial crisis in 2008, there has not been such a comprehensive rise in commodity prices worldwide.</b></p><p>Prices are transmitted step by step. With the rise of commodities, US house prices have reached 2006 levels before the housing bubble burst, and the stock market is rising, with both the S&P 500 and Dow Jones breaking records, almost \"everything is up\".</p><p><img src=\"https://static.tigerbbs.com/09378858a4354b52b8b366573c31c600\" tg-width=\"1080\" tg-height=\"695\" referrerpolicy=\"no-referrer\"></p><p>In the United States, the S&P 500 P/E is currently around 26 times, according to Dow Jones Market Data. Another measure of valuation, the Shiller P/E, is even higher at 37.6x, roughly the highest in two decades. This measure looks at earnings over the past 10 years and is adjusted for inflation, and the measure peaked at 44.2 in December 1999.</p><p><b>However, high market valuations don't necessarily lead to collapse, and exiting the market too early may miss out on high returns for years.</b>The era of low interest rates that swept the world began in the wake of the pandemic, with the Federal Reserve lowering interest rates to near zero and ramping up its bond-buying program while Congress approved trillions of dollars in stimulus to help the economy recover from the shutdown.</p><p><img src=\"https://static.tigerbbs.com/f15cbb8ccf8540c9be19d4cd303602fc\" tg-width=\"1080\" tg-height=\"786\" referrerpolicy=\"no-referrer\"></p><p>Though the economy eventually shrank for the first time since 2009, the interventions helped markets rebound strongly from bear market lows and sent \"everything up\".</p><p><h3>2</h3><b>What's the situation in China?</b></p><p>Americans are facing rising prices for eating out, staying in hotels or buying washing machines. So what's the situation in China?</p><p><b>The first is strong growth in exports.</b>Due to inflation in the United States, demand for cost-effective goods from China is also increasing.</p><p>China's General Administration of Customs released data on July 13. Exports rose by 32.2% year-on-year in June, which was faster than the 27.9% growth rate in May. At all, there was no situation that many economists had feared before, when some thought that the export boom was coming to an end in the post-pandemic era.</p><p>In addition, sporadic outbreaks in Guangdong Province in late May this year are also feared to affect exports, as Shenzhen<a href=\"https://laohu8.com/S/000088\">Yantian Port</a>It is one of the busiest ports in the world, and it accounts for 7% of the total port throughput in the country. But judging by the results, China's total exports in the first half of the year were far from showing signs of slack, leaping to an all-time high, with monthly imports and exports both growing year-on-year for 13 consecutive months.</p><p>In addition, China's trade surplus widened to $51.5 billion in June from $45.5 billion in May. Economists had expected China's trade surplus to stabilize at $45.5 billion in June.</p><p><b>The second point is that the Chinese government has moved to curb the excessive rise in commodity prices.</b>In global markets, major industrial commodities, including iron ore and copper, are surging.</p><p>Since mid-May, Premier * has spoken out on the issue of natural resources. Recently, six government agencies, including China's State Administration for Market Regulation and the CSRC, jointly interviewed representatives of the commodity industry to affirm that the government has adopted a \"zero tolerance\" attitude towards illegal activities such as market manipulation, price driving and hoarding. An announcement by China's National Development and Reform Commission shows that authorities will monitor trends in markets such as copper and aluminum more closely.</p><p>China has been determined to curb speculation, and has also increased the margin of related futures trading and raised trading rates, which have curbed speculative buying.</p><p><b>Prices of raw materials such as iron ore, rebar, aluminum and copper have all fallen in the Chinese market since the official tough stance.</b>If the trend of soaring raw material costs is not curbed, these price increases will squeeze enterprise profits, force them to raise the price of end products, and eventually lead to the decline of residents' spending power. These measures have all ensured the overall economic recovery in the post-pandemic era and will not be hurt by the skyrocketing prices of raw materials.</p><p><img src=\"https://static.tigerbbs.com/14d75fc2c26e4043bf7cee88a5355052\" tg-width=\"1080\" tg-height=\"1109\" referrerpolicy=\"no-referrer\"></p><p><b>The third impact is on the macroeconomic level.</b>Unlike the Federal Reserve, which is already facing inflationary pressure, has begun to discuss tapering easing; And China's central bank, which slashed credit earlier this year, is turning to easing to support the economy. On July 9, China's central bank lowered the deposit reserve ratio for financial institutions, releasing about 1 trillion yuan ($154 billion) of funds for banks to lend.</p><p>At the same time, China's CPI rose by 1.1% year-on-year in June, slightly lower than the 1.2% increase predicted by economists and far lower than the year-end target of 3% by relevant departments, so there is still a lot of room for monetary policy.</p><p>Among CPI items, the price of food products closely related to life decreased by 2.2%, mainly due to the continued decrease of 13.6% in the price of pork, while the price of fresh vegetables and fresh fruits decreased by 2.3% and 4.5% respectively. However, the price of non-food products, such as air tickets or oil prices, was in line with the international increase.</p><p><b>Due to the negative impact of rising raw material prices on small and micro enterprises, the reduction in the reserve ratio was largely aimed at supporting them, who were more vulnerable than large enterprises during the pandemic, especially as domestic consumption continued to be sluggish.</b></p><p><h3>3</h3><b>What can we do in the era of \"all things rising\"?</b></p><p>Nowadays, the United States, which has the most \"water release\", is experiencing unprecedented inflation, and the large-scale water release by other central banks has also given birth to the global inflation era. Will this be a temporary phenomenon or a historic shift? If it is long-term inflation, what can we do to deal with it?</p><p>1、<b>Gold.</b>If we really encounter a peak in inflation, the value-preserving effect of buying gold will be very good,<a href=\"https://laohu8.com/S/CS\">Credit Suisse</a>Even in countries where inflation has soared to double digits, gold has retained its value, according to a study. The problem with gold, though, is that it underperforms stocks in normal times and doesn't provide income. Moreover, the foundation of gold value is supported by the idea that most people think that \"this precious metal is valuable\", and the Bitcoin boom may interfere with it.</p><p>2、<b>Commodities.</b>Inflation is when commodity prices rise, and commodities tend to rise the most because it takes a long time to build new capacity to meet demand. Just like this year, the price of copper and oil has risen by 30%, and the price of timber has doubled. But ordinary people can't have warehouses or tankers to store these commodities, so they need to buy futures contracts. But the danger lies in the long-term returns of futures contracts, which depend mainly on the differences between futures prices, not the underlying commodities themselves, and it takes professionals to make money from them.</p><p>3、<b>Value stocks.</b>In an inflationary environment, assets that rely on returns in the distant future will be left out, while assets that provide more certainty will surface. In short, the model of excessive money burning will become less and less accepted, and the valuation premium that people give forward forecast profits will fall. At this point, company stocks with more certainty will be more sought after.</p><p><img src=\"https://static.tigerbbs.com/ca548fc9969e4523a3a00b4cc3ce941a\" tg-width=\"1080\" tg-height=\"783\" referrerpolicy=\"no-referrer\"></p><p>In short, you need to build an anti-inflation portfolio in this era. If the general environment has not changed significantly, you can ignore it for the time being, but once you need to defend, you can execute it quickly.</p><p><b>So far, global inflation has little to do with Chinese consumers for the time being, and it is mainly Chinese manufacturers, not consumers, who are feeling the price increase,</b>The main reason for manufacturers is that iron ore from Australia, or corn from the United States, is more expensive than before.</p><p>However, the government has announced subsidies for small and micro enterprises to help them bear the rising cost of global commodities. The government has also imposed new restrictions on commodity futures trading to curb speculation. The government has also raised export tariffs on certain steel products in order to keep some products more at home.</p><p><b>China's overcapacity for essential goods such as clothing or home appliances is also protecting consumers.</b>Because in the supply chain, the party with less leeway to negotiate will bear higher costs, overcapacity guarantees more choice for consumers, and it is difficult for manufacturers to pass on price increases to consumers.</p><p>The appreciation of the yuan may pass on some costs overseas. Since the beginning of the year, the yuan has appreciated 2.2% against the dollar. A year ago, a dollar could be converted to 7.1 yuan, but now it can only be converted to 6.4 yuan, which will offset the price increase of some overseas raw materials.</p><p>But the yuan can't keep appreciating, and it has its downsides. Because this means more expensive Chinese exports and weakens the global competitiveness of Chinese goods, the People's Bank of China warned foreign exchange traders in May not to consider further appreciation of the yuan a one-way bet.</p><p>Therefore, in general, controlling the epidemic situation and stabilizing prices are the top priorities.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aa513d34fe7fa0a4ae0dccb74b5e4d71","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","CYB":"人民币ETF-WisdomTree Dreyfus",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151544921","content_text":"如果你在6月买东西时，花的钱比3月多，但买到的东西却减少，这是什么原因呢？\n这就是通货膨胀。在美国疯狂印钱放水之后，猛烈的通货膨胀终于来了。\n美国劳工部在7月14日表示，6月消费者价格指数（即CPI）较上年同期上升5.4%。这个数字挺恐怖，是2008年金融危机以来的最高升幅。\n\n宏观经济牵一发而动全身，美国股市在通胀数据公布后立即下跌，而国债收益率上升。美国的疯狂放水和通胀上升，也在影响着全球经济，包括大洋彼岸的我们。\n中国国务院近期也表示，将采取措施保障大宗商品供给，遏制价格不合理上涨。适时给市场降温，才能确保新冠疫情后的整体经济复苏，不会受大宗商品价格疯涨的伤害。\n那么生活在“万物上涨”的时代，我们可以做些什么来抵御这些影响？\n1\n“万物上涨”\n对CPI的准确预测并不容易。\n美国总统拜登在今年春天发布的官方预算申请中，官员们预测2021年的通货膨胀率将保持在历史平均水平附近，并且不会超过2.3%，但这个预测错了。有共和党人就此展开攻击，指出CPI快速上涨，是拜登政府经济管理不善的一个迹象。\nCPI可以说是与每个人的日常生活，最息息相关的经济指标之一。它衡量了消费者为商品和服务所支付的费用，包括服装、日常消费品、餐厅餐食、娱乐活动和车辆。\nCPI增幅越大则人们的生活成本越高。这一次美国的最大升幅，其中三分之一受二手轿车和卡车的价格上涨拉动，同时飞机票和服装价格也大幅上升。\n通货膨胀是经济发展的自然结果。良性的通货膨胀是，不断上涨的工资和消费价格相互促进，呈螺旋式上升，因为工人会讨价还价来提高工资，用以支付不断攀升的生活成本，而雇主将更高的劳动力成本转嫁给消费者。\n但如果通胀的增长速度快于薪水，就抹去了工人的工资增长，使家庭生活成本上升，生活质量下降。\n随着疫情后全球央行大规模放水，大宗商品、原材料的价格上涨已经不容忽视。\n某些危险因素在美国已经出现了。很多大公司都认为价格压力持续存在。百事可乐的CFO在财报电话会议上说，他们预计原材料、劳动力和运输成本都将上升，“我们要用提高定价来应对吗？当然是。”\n今年4月，全球很多原材料的价格都飙升至历史高点，木材、铁矿石、铜都创下新高；玉米、大豆和小麦价格也纷纷跃升至八年高位；油价最近则触及两年最高。自2008年金融危机爆发以来，全球还未出现过如此全面的大宗商品价格上涨。\n价格是一步一步传导的。随着大宗商品的上涨，美国房价也达到了房地产泡沫破裂前2006年的水平，股市也在不断上涨，标普500和道琼斯都在不断破纪录，几乎可以说是“万物上涨”。\n\n根据Dow Jones Market Data，在美国，标普500指数市盈率目前在26倍左右。另一个衡量估值的指标席勒市盈率（Shiller P/E）甚至更高，达到37.6倍，大约是二十年来的最高值。这一衡量标准着眼于过去10年的收益并经过了通货膨胀调整，该指标在1999年12月达到了44.2的峰值。\n但市场估值高不一定就会崩溃，过早退场可能会错失长达数年的高回报。疫情爆发后，横扫全球的低利率时代开启，美联储将利率降至接近零的水平，并加大了债券购买计划的力度，同时国会批准了数万亿美元的刺激措施，以帮助经济从停摆中复苏。\n\n尽管经济最终出现了2009年以来的首次萎缩，但这些干预措施帮助市场从熊市低点强劲反弹，并导致“万物上涨”。\n2\n中国的情况如何？\n美国人正面临外出吃饭、住酒店或是买洗衣机都在涨价，那么中国这边的情况如何？\n首先是出口强劲增长。由于美国通胀，人们对来自中国高性价比商品的需求也在加大。\n中国海关总署在7月13日公布数据，6月份出口同比增长32.2%，比5月份27.9%的增速有所加快，完全没有出现很多经济学家此前担心的情况，当时有人认为在后疫情时期出口繁荣即将结束。\n此外，今年5月下旬广东省出现的零星疫情也被担心会影响出口，因为深圳盐田港是全球最繁忙港口之一，它占全国港口总吞吐量的7%。但从结果来看，中国上半年的出口总额远未显示出松懈迹象，而是跃升至历史最高水平，月度进口和出口都已连续13个月实现同比增长。\n此外，6月中国贸易顺差从5月的455亿美元，扩大至515亿美元。而经济学家此前预计中国6月贸易顺差将稳定在455亿美元。\n第二点是中国政府出手遏制大宗商品价格过快上涨。在全球市场上，包括铁矿石、铜在内的主要工业用大宗商品正在飙涨。\n自5月中旬以来，国务院总理李克强就对自然资源问题发声，近期包括中国国家市场监管总局和证监会在内的六家政府机构，联合约谈了大宗商品行业代表，申明政府对操纵市场、哄抬价格、囤积居奇等违法行为采取“零容忍”态度。中国国家发改委的一份公告显示，有关部门将更加密切地监测铜和铝等市场的走势。\n中国遏制投机的态度很坚决，还提高了相关期货交易保证金、上调交易费率等，这些举措抑制了投机性买盘。\n自官方强硬立场以来，中国市场铁矿石、螺纹钢、铝和铜等原材料的价格都有所下降。如果不遏制原材料成本飙升的走势，这些涨价将挤压企业利润，迫使他们将终端产品涨价，最终导致居民消费力下降。这些举措都确保了后疫情时代的整体经济复苏，不会受到原材料价格疯涨的伤害。\n\n第三点影响则是在宏观经济层面。不同于美联储，美联储已经在面临通胀压力，开始讨论缩减宽松政策；而中国央行在今年早些时候大幅缩减信贷，如今正转向宽松来支持经济。7月9日，中国央行下调了金融机构存款准备金率，释放资金约人民币1万亿元（合1540亿美元）供银行放贷。\n与此同时，中国6月CPI同比上升1.1%，略低于经济学家预测的1.2%的升幅，并远低于有关部门3%的年终目标，所以货币政策的发挥空间还是很大的。\n在CPI各项目中，与生活息息相关的食品价格下降了2.2%，主要是猪肉价格续降13.6%，而鲜菜、鲜果各降2.3%和4.5%，但在非食品价格方面，例如机票或是油价，与国际涨幅相符。\n由于原材料价格上涨对小微企业产生负面影响，下调存款准备金率很大程度上是为了支持他们，在疫情中他们比大型企业更容易受创，特别是在国内消费持续低迷的情况下。\n3\n“万物上涨”时代，我们能做些什么？\n如今“放水”最多的美国，正经历史无前例的通货膨胀，其他国家央行的大规模放水也催生了全球进入通胀时代，这会是一种暂时现象，还是标志着一种历史性转变？如果是长期通胀，我们可以做何应对？\n1、黄金。如果我们真的遭遇了通胀高峰，买黄金的保值效果会非常好，瑞士信贷的一项研究表明，即使在那些通胀率飙升到两位数的国家，黄金也能保值。不过黄金的问题是，在正常时期它的表现远不如股票，而且不能提供收入。并且黄金价值的根基，是由大部分人认为“这种贵金属是有价值的”理念来支撑，比特币热潮就可能会对其造成干扰。\n2、大宗商品。通货膨胀就是商品价格上涨，而大宗商品往往涨幅最大，因为需要很长时间才能建立新的产能来满足需求。就像今年以来铜、石油价格上涨了30%，木材价格翻倍。但普通人不可能拥有仓库或是油轮来储存这些商品，那就需要购买期货合约。但危险在于期货合约的长期回报，主要取决于各期货价格之间的差异，而不是标的商品本身，要想从中赚钱需要专业人士。\n3、价值股。在通胀环境下，那些依靠遥远未来回报的资产，将受到冷落，而提供更有确定性的资产将浮出水面。简而言之，过分烧钱的模式将越来越不受认可，人们给予远期预测利润的估值溢价将下降。此时，更有确定性的公司股票将更受追捧。\n\n总之，你需要在这个时代打造一个抗通胀投资组合，如果大环境未发生明显变化，可以暂时不理，但一旦需要防御的时候，可以快速执行。\n到目前为止，全球通胀暂时与中国消费者还没啥关系，感受到价格上涨的主要是中国制造商，而不是消费者，制造商的主要原因是来自澳大利亚的铁矿石，或是来自美国的玉米都比以前更贵了。\n不过政府已经宣布了对小微企业的补贴，帮助它们承担全球大宗商品不断上升的成本。政府还对商品期货交易施加了新的限制，以抑制投机行为。为了让一些产品更多地留在国内，政府还提高了某些钢铁产品的出口关税。\n中国的服装或是家用电器等必需品的产能过剩，也在保护消费者。因为在供应链上，谈判余地较小的一方将承担更高成本，产能过剩保证了消费者有更多选择，制造商很难将价格上涨转嫁给消费者。\n人民币升值可能把一些成本转嫁到海外，自今年年初以来，人民币对美元升值了2.2%，一年前一美元能兑换7.1元人民币，但现在只能兑换到6.4元人民币，这会抵消一些海外原材料的涨价。\n但人民币不能一直升值，它也有不利的一面。因为这意味着中国出口商品更贵了，会削弱中国商品的全球竞争力，所以中国人民银行已在5月警告从事外汇交易的人，不要认为人民币进一步升值是单向赌注。\n所以综合来说，控制好疫情、稳定好物价，才是当务之急。","news_type":1,"symbols_score_info":{".IXIC":0.9,"CNHmain":0.9,".SPX":0.9,".DJI":0.9,"UCmain":0.9,"CYB":0.9}},"isVote":1,"tweetType":1,"viewCount":3805,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145456325,"gmtCreate":1626240209267,"gmtModify":1703756158367,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/145456325","repostId":"1126251044","repostType":4,"repost":{"id":"1126251044","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626218657,"share":"https://ttm.financial/m/news/1126251044?lang=en_US&edition=fundamental","pubTime":"2021-07-14 07:24","market":"hk","language":"zh","title":"The first-hand winning rate of Yimaitong is 5%, and the subscription of 90 lots is stable","url":"https://stock-news.laohu8.com/highlight/detail?id=1126251044","media":"老虎资讯综合","summary":"7月14日，医脉通发布公告，公司全球发售约1.55亿股股份，其中香港发售股份7754.8万股，国际发售股份7754.8万股，另有15%超额配股权；发售价已厘定为每股发售股份27.20港元，每手买卖单位","content":"<p>On July 14,<a href=\"https://laohu8.com/S/02192\">Yimaitong</a>Announced that the company offered about 155 million shares globally, including 77.548 million shares offered in Hong Kong, 77.548 million shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$27.20 per Offer Share with board lot of 500 Shares;<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/00665\">Haitong International</a>As the Joint Sponsors, it is expected that the Shares will be listed on the Main Board of the Stock Exchange on 15 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/fa9b3e669a6b601bd6f663db62eb0518\" tg-width=\"1059\" tg-height=\"824\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 5% in one lot, and 90 lots are subscribed for a steady one.</p><p>The head of Group B is 200,000 shares (400 lots) and will be allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/836a351342d5d77d292efd488168758f\" tg-width=\"863\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/21001441e923fa8b5c5f3e75ed77dcb8\" tg-width=\"873\" tg-height=\"538\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4701c7bcc7cc26514d87a7f555b281bc\" tg-width=\"856\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering were significantly over-subscribed, representing approximately 31.2 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Public Offer Shares initially offered under the Hong Kong Public Offering were significantly over-subscribed. The Company received a total of 626,195 valid applications for a total of 9,188 million Hong Kong Public Offer Shares, representing approximately 592.41 times the total number of Hong Kong Public Offer Shares initially available under the Hong Kong Public Offering.</p><p>Pursuant to the Offer Price of HK$27.20 per Share and the Cornerstone Investment Agreement, the Cornerstone Investors subscribe for an aggregate of 62,784,500 Offer Shares, representing approximately 9.10% of the issued share capital upon completion of the Global Offering (assuming that the Over-allotment Option is not exercised and without taking into account any Shares which may be issued upon the exercise of options granted or to be granted under the Share Option Scheme); and approximately 40.48% of the number of Offer Shares under the Global Offering (assuming the Over-allotment Option is not exercised).</p><p>Based on the Offer Price of HK$27.20 per Offer Share, the Company estimates to receive net proceeds from the Global Offering of approximately HK$4,001 million. Of which, approximately 40% of the net proceeds are intended to be used for business expansion in the next three to five years; approximately 30% is intended to be used to invest in technology and enhance research and development capabilities in the next three to five years; approximately 20% is intended for carefully selected strategic investment or acquisition opportunities; And approximately 10% is intended for general replenishment of working capital and other general corporate purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The first-hand winning rate of Yimaitong is 5%, and the subscription of 90 lots is stable</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe first-hand winning rate of Yimaitong is 5%, and the subscription of 90 lots is stable\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-14 07:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 14,<a href=\"https://laohu8.com/S/02192\">Yimaitong</a>Announced that the company offered about 155 million shares globally, including 77.548 million shares offered in Hong Kong, 77.548 million shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$27.20 per Offer Share with board lot of 500 Shares;<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/00665\">Haitong International</a>As the Joint Sponsors, it is expected that the Shares will be listed on the Main Board of the Stock Exchange on 15 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/fa9b3e669a6b601bd6f663db62eb0518\" tg-width=\"1059\" tg-height=\"824\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 5% in one lot, and 90 lots are subscribed for a steady one.</p><p>The head of Group B is 200,000 shares (400 lots) and will be allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/836a351342d5d77d292efd488168758f\" tg-width=\"863\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/21001441e923fa8b5c5f3e75ed77dcb8\" tg-width=\"873\" tg-height=\"538\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4701c7bcc7cc26514d87a7f555b281bc\" tg-width=\"856\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering were significantly over-subscribed, representing approximately 31.2 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Public Offer Shares initially offered under the Hong Kong Public Offering were significantly over-subscribed. The Company received a total of 626,195 valid applications for a total of 9,188 million Hong Kong Public Offer Shares, representing approximately 592.41 times the total number of Hong Kong Public Offer Shares initially available under the Hong Kong Public Offering.</p><p>Pursuant to the Offer Price of HK$27.20 per Share and the Cornerstone Investment Agreement, the Cornerstone Investors subscribe for an aggregate of 62,784,500 Offer Shares, representing approximately 9.10% of the issued share capital upon completion of the Global Offering (assuming that the Over-allotment Option is not exercised and without taking into account any Shares which may be issued upon the exercise of options granted or to be granted under the Share Option Scheme); and approximately 40.48% of the number of Offer Shares under the Global Offering (assuming the Over-allotment Option is not exercised).</p><p>Based on the Offer Price of HK$27.20 per Offer Share, the Company estimates to receive net proceeds from the Global Offering of approximately HK$4,001 million. Of which, approximately 40% of the net proceeds are intended to be used for business expansion in the next three to five years; approximately 30% is intended to be used to invest in technology and enhance research and development capabilities in the next three to five years; approximately 20% is intended for carefully selected strategic investment or acquisition opportunities; And approximately 10% is intended for general replenishment of working capital and other general corporate purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"02192":"医脉通"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126251044","content_text":"7月14日，医脉通发布公告，公司全球发售约1.55亿股股份，其中香港发售股份7754.8万股，国际发售股份7754.8万股，另有15%超额配股权；发售价已厘定为每股发售股份27.20港元，每手买卖单位500股；高盛及海通国际为联席保荐人，预期股份将于2021年7月15日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率5%，认购90手稳中一手。\n乙组头为20万股（400手），获配1000股（2手）。\n\n国际发售初步提呈发售的发售股份获大幅超额认购，相当于国际发售初步可供认购发售股份总数约31.2倍。根据香港公开发售初步提呈发售的香港公开发售股份获大幅超额认购。公司合共接获626,195份有效申请，认购合共91.88亿股香港公开发售股份，相当于香港公开发售初步可供认购香港公开发售股份总数约592.41倍。\n根据发售价每股27.20港元及基石投资协议，基石投资者认购合共6278.45万股发售股份，相当于全球发售完成后已发行股本约9.10%(假设并无行使超额配股权且并无计及可能因根据购股权计划已授出或将授出的购股权获行使而发行的任何股份)；及全球发售的发售股份数目约40.48%(假设并无行使超额配股权)。\n按发售价每股发售股份27.20港元计算，公司估计自全球发售收取所得款项净额约40.01亿港元。其中，所得款项净额约40%拟用于在未来三至五年内扩展业务；约30%拟用于在未来三至五年内投资技术及提高研发能力；约20%拟用于精心挑选战略投资或收购机会；及约10%拟用作一般补充营运资金及其他一般企业用途。","news_type":1,"symbols_score_info":{"02192":0.9}},"isVote":1,"tweetType":1,"viewCount":3611,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142444790,"gmtCreate":1626172223010,"gmtModify":1703754762908,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142444790","repostId":"1129606632","repostType":2,"repost":{"id":"1129606632","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626170852,"share":"https://ttm.financial/m/news/1129606632?lang=en_US&edition=fundamental","pubTime":"2021-07-13 18:07","market":"us","language":"zh","title":"PepsiCo Q2 earnings beat expectations, rising nearly 2% before the market","url":"https://stock-news.laohu8.com/highlight/detail?id=1129606632","media":"老虎资讯综合","summary":"7月13日美股盘前，百事可乐公布2021年第二季度财报。财报显示，百事可乐Q2营收192.2亿美元，市场预期179.59亿美元，去年同期159.45亿美元；净利润23.58亿美元，市场预期21.12亿","content":"<p>Before the U.S. stock market opened on July 13th,<a href=\"https://laohu8.com/S/PEP\">Pepsi</a>Announced second quarter 2021 earnings. According to the financial report, PepsiCo's Q2 revenue was US$19.22 billion, the market expected US$17.959 billion, and US$15.945 billion in the same period last year; Net profit was $2.358 billion, compared with market expectations of $2.112 billion and $1.646 billion in the same period last year; Earnings per share of $1.7 vs. market expectations of $1.52 vs. $1.18 a year ago; Organic revenue is expected to grow 6% in fiscal 2021.</p><p><img src=\"https://static.tigerbbs.com/01ce274cdc1fe7015a8e11ef8d4d2fc3\" tg-width=\"896\" tg-height=\"380\"></p><p>After the earnings announcement, Pepsi rose nearly 2% before the market.</p><p><img src=\"https://static.tigerbbs.com/cae80f9ef9b26887ae4d099f25d7f501\" tg-width=\"899\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PepsiCo Q2 earnings beat expectations, rising nearly 2% before the market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPepsiCo Q2 earnings beat expectations, rising nearly 2% before the market\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-13 18:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Before the U.S. stock market opened on July 13th,<a href=\"https://laohu8.com/S/PEP\">Pepsi</a>Announced second quarter 2021 earnings. According to the financial report, PepsiCo's Q2 revenue was US$19.22 billion, the market expected US$17.959 billion, and US$15.945 billion in the same period last year; Net profit was $2.358 billion, compared with market expectations of $2.112 billion and $1.646 billion in the same period last year; Earnings per share of $1.7 vs. market expectations of $1.52 vs. $1.18 a year ago; Organic revenue is expected to grow 6% in fiscal 2021.</p><p><img src=\"https://static.tigerbbs.com/01ce274cdc1fe7015a8e11ef8d4d2fc3\" tg-width=\"896\" tg-height=\"380\"></p><p>After the earnings announcement, Pepsi rose nearly 2% before the market.</p><p><img src=\"https://static.tigerbbs.com/cae80f9ef9b26887ae4d099f25d7f501\" tg-width=\"899\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/da6f1eec5f0f1446b3ce577db826367e","relate_stocks":{"PEP":"百事可乐"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129606632","content_text":"7月13日美股盘前，百事可乐公布2021年第二季度财报。财报显示，百事可乐Q2营收192.2亿美元，市场预期179.59亿美元，去年同期159.45亿美元；净利润23.58亿美元，市场预期21.12亿美元，去年同期16.46亿美元；每股盈利1.7美元，市场预期1.52美元，去年同期1.18美元；预计2021财年有机营收将增长6%。\n\n财报公布后，百事可乐盘前涨近2%。","news_type":1,"symbols_score_info":{"PEP":0.9}},"isVote":1,"tweetType":1,"viewCount":2470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142444349,"gmtCreate":1626172183981,"gmtModify":1703754761936,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142444349","repostId":"1129606632","repostType":4,"repost":{"id":"1129606632","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626170852,"share":"https://ttm.financial/m/news/1129606632?lang=en_US&edition=fundamental","pubTime":"2021-07-13 18:07","market":"us","language":"zh","title":"PepsiCo Q2 earnings beat expectations, rising nearly 2% before the market","url":"https://stock-news.laohu8.com/highlight/detail?id=1129606632","media":"老虎资讯综合","summary":"7月13日美股盘前，百事可乐公布2021年第二季度财报。财报显示，百事可乐Q2营收192.2亿美元，市场预期179.59亿美元，去年同期159.45亿美元；净利润23.58亿美元，市场预期21.12亿","content":"<p>Before the U.S. stock market opened on July 13th,<a href=\"https://laohu8.com/S/PEP\">Pepsi</a>Announced second quarter 2021 earnings. According to the financial report, PepsiCo's Q2 revenue was US$19.22 billion, the market expected US$17.959 billion, and US$15.945 billion in the same period last year; Net profit was $2.358 billion, compared with market expectations of $2.112 billion and $1.646 billion in the same period last year; Earnings per share of $1.7 vs. market expectations of $1.52 vs. $1.18 a year ago; Organic revenue is expected to grow 6% in fiscal 2021.</p><p><img src=\"https://static.tigerbbs.com/01ce274cdc1fe7015a8e11ef8d4d2fc3\" tg-width=\"896\" tg-height=\"380\"></p><p>After the earnings announcement, Pepsi rose nearly 2% before the market.</p><p><img src=\"https://static.tigerbbs.com/cae80f9ef9b26887ae4d099f25d7f501\" tg-width=\"899\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PepsiCo Q2 earnings beat expectations, rising nearly 2% before the market</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPepsiCo Q2 earnings beat expectations, rising nearly 2% before the market\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-13 18:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Before the U.S. stock market opened on July 13th,<a href=\"https://laohu8.com/S/PEP\">Pepsi</a>Announced second quarter 2021 earnings. According to the financial report, PepsiCo's Q2 revenue was US$19.22 billion, the market expected US$17.959 billion, and US$15.945 billion in the same period last year; Net profit was $2.358 billion, compared with market expectations of $2.112 billion and $1.646 billion in the same period last year; Earnings per share of $1.7 vs. market expectations of $1.52 vs. $1.18 a year ago; Organic revenue is expected to grow 6% in fiscal 2021.</p><p><img src=\"https://static.tigerbbs.com/01ce274cdc1fe7015a8e11ef8d4d2fc3\" tg-width=\"896\" tg-height=\"380\"></p><p>After the earnings announcement, Pepsi rose nearly 2% before the market.</p><p><img src=\"https://static.tigerbbs.com/cae80f9ef9b26887ae4d099f25d7f501\" tg-width=\"899\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/da6f1eec5f0f1446b3ce577db826367e","relate_stocks":{"PEP":"百事可乐"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129606632","content_text":"7月13日美股盘前，百事可乐公布2021年第二季度财报。财报显示，百事可乐Q2营收192.2亿美元，市场预期179.59亿美元，去年同期159.45亿美元；净利润23.58亿美元，市场预期21.12亿美元，去年同期16.46亿美元；每股盈利1.7美元，市场预期1.52美元，去年同期1.18美元；预计2021财年有机营收将增长6%。\n\n财报公布后，百事可乐盘前涨近2%。","news_type":1,"symbols_score_info":{"PEP":0.9}},"isVote":1,"tweetType":1,"viewCount":3255,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148933239,"gmtCreate":1625912130021,"gmtModify":1703750838293,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/148933239","repostId":"1124741749","repostType":4,"repost":{"id":"1124741749","kind":"news","pubTimestamp":1625910991,"share":"https://ttm.financial/m/news/1124741749?lang=en_US&edition=fundamental","pubTime":"2021-07-10 17:56","market":"us","language":"zh","title":"Thorpe and Simmons: The Legendary Lives of Two Godfather Investment Magnates","url":"https://stock-news.laohu8.com/highlight/detail?id=1124741749","media":"SMARTMATRIX","summary":"他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校。","content":"<p>A Man for All Markets is the personal biography of Edward Thorp. The Chinese translation is \"The Man Who Beat All Markets\". Judging from Thorp's experience, from beating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives are All dabbled in, which is worthy of the name All Markets. Taleb says in the preface that his memoir reads like a thriller.</p><p>As a mathematical genius and The godfather of quantitative investment, he pioneered The introduction of probability theory, information theory, and computer programming into financial transactions, which influenced countless Quant bosses in later generations: Bill Gross, David Shaw, Ken Griffin... including The famous James Simons, whose Renaissance technology company created The myth of The rate of return in financial history. Similarly, Simons' biography The Man Who Solved The Market details The ups and downs of him and his team's conquest of The financial Market. Although it was compiled by a Wall Street Journal writer based on interviews, many of them have never been revealed before.</p><p><b>Academic Source</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Hunan School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In academic circles, there is a similar phenomenon. A careful study of the backgrounds of the two big bosses will find a lot in common. They were both born in the 1930s, gifted since childhood, in the academic circle, but both are devoted to money, and have two alma maters in common: University of California, Berkeley and MIT. The academics of both schools reached their peak after the war. One of the main reasons was the large-scale military scientific research activities spawned by World War II (the famous Manhattan Project, cryptography, information theory and modern computers). Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp became obsessed with studying roulette with Shannon, while Simons remained submerged in theoretical mathematics, which also led to his academic achievements (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>The talked-about story today is that Thorp used the law of large numbers and Kelly's formula to defeat the casino, and he became the first person in history to be \"blacked out\" by a Las Vegas casino. By contrast, PNP (Princeton Newport Partners), the hedge fund he founded, has a much dimmer profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1%, respectively, and the average annual growth rate of the S&P index was 10.2% during the same period. In the past 19 years, after two oil crises in 1970s and the stock market crash in 1987, the two funds have never suffered a single-quarter loss, let alone an annual loss. In the world's largest casino, its performance is the best, and its investment model is 20 years ahead of the broad customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to shut down because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons set up the Medal Fund. He is over fifty years old, and he can be described as a late bloomer. He has been exploring for 10 years to find a successful investment model, and has been swinging between subjective and quantitative. Although the outside world has always regarded Simons as a master of quantitative investment, in fact, his role is completely different from Thorp's. His main job is not to develop quantitative models, but to dig all kinds of scientists from the academic circle to help the company develop quantitative models, and as a spiritual leader to shape the company's corporate culture. As a world-class mathematician + excellent sales, he can deal well with different people, which is a rare ability.</p><p><b>Quantitative path</b></p><p>As a pioneer of quantitative trading, Thorp is good at hedging arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and sense of market smell, he discovered new blue oceans: Statistical Arbitrage and factors models — early prototypes of quant. The risk under this model is theoretically infinite, especially the upper limit of losses of shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by Black Swan. In order to improve investment efficiency, Thorp turned investment strategies into programs, and once again became the pioneer of Algorithm Trading.</p><p>Simons, by contrast, wasn't so lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading to continuous collection and mining of massive amounts of data including data cleaning, signaling mechanisms and back-testing. In 1986, the model framework for identifying hidden price trends was used-in 1989, abnormal trading signals were used for short-term high-frequency trading-in 1992, only a single model was used (critical breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model went through a long process of iterative improvement. Finally, the important core ability of the model was developed: identifying the \"value of transactions\", including: the certainty of price trend, the weight trade-off between trading signals, and the judgment of the impact of trading according to signals on the market. This ability is particularly important for high-frequency full-variety trading.</p><p><b>Winning Systems: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investing are both games based on probability and statistics, and the amount of bets is allocated according to the winning rate (money management based on Kelly's rule). The first major breakthrough of the Medallion Fund also came from the application of Kelly's rule and the shortening of the transaction frequency to make its transactions more reflect the law of large numbers. The Medallion's system makes money as long as the winning percentage is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the negligence and mistakes of other traders (market invalidity). Human behavior under high pressure is highly predictable, and they instinctively exhibit panic. Modeling is based on the premise that humans will constantly repeat past behaviors. Soros used reflexive philosophical theory to model human behavior, while Simons' team used data and algorithms to model human behavior, so as to confirm the theory of behavioral finance.</p><p>Unlike traditional value investment, which simplifies the market to a Mr. Market, the experience of quantitative investment is that there are far more factors and variables affecting financial markets and investment than most people realize, and the factors that lead to market inefficiency can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors struggle to find the most basic drivers, but what is missing is perhaps a whole dimension of information. The Medallion Fund cannot explain the logic behind every law of profit, just as humans cannot understand Alpha Go, perhaps at higher latitudes.</p><p>Models are abstractions and simplifications of the world, but models are not panacea. When data and desire conflict, even a rational scientist cannot be completely rational. Simons' original intention is to create an algorithm-driven automatic trading system, which completely shields human subjective judgment. However, in every crisis, he can't help but intervene manually, reduce his dependence on signals, and actively reduce his trading position. The intervention result is not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of long-term capital management is to think that the model is the truth. We never believe that our model can reflect the whole truth, it only reflects a part of the truth</b>。”</p><p><b>Kuan Ke Life</b></p><p>In fact, the intersection of many big bosses far exceeds our imagination. For example, Thorp and Buffett played tricks at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, he decisively invested in BRK stock. Many people think that Xueba may not necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of school. However, Thorp practiced the way of thinking of applying abstract thinking to real life, and truly interpreted that \"a tough life doesn't need explanation\". Academics, wealth and family are complete, and he realized very early that life itself is higher than making money. Compared to Thorp's brilliant life, Simons had too many twists and turns. He was divorced, his two sons suffered misfortune one after another, and he was betrayed by his partners. But in the end, I choose to make peace with life and devote myself to charity. From academic career to wide guest life, I explore the true meaning of fate in the ups and downs, and experience itself is the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the end is often less important, and the journey itself and the experience along the way are more precious.<b>No body can take away the dance you have danced.</b></p>","source":"lsy1625911325017","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>Thorpe and Simmons: The Legendary Lives of Two Godfather Investment Magnates</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThorpe and Simmons: The Legendary Lives of Two Godfather Investment Magnates\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">SMARTMATRIX</strong><span class=\"h-time small\">2021-07-10 17:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A Man for All Markets is the personal biography of Edward Thorp. The Chinese translation is \"The Man Who Beat All Markets\". Judging from Thorp's experience, from beating casinos to entering Wall Street, OTC options, convertible bonds, stocks, futures and other derivatives are All dabbled in, which is worthy of the name All Markets. Taleb says in the preface that his memoir reads like a thriller.</p><p>As a mathematical genius and The godfather of quantitative investment, he pioneered The introduction of probability theory, information theory, and computer programming into financial transactions, which influenced countless Quant bosses in later generations: Bill Gross, David Shaw, Ken Griffin... including The famous James Simons, whose Renaissance technology company created The myth of The rate of return in financial history. Similarly, Simons' biography The Man Who Solved The Market details The ups and downs of him and his team's conquest of The financial Market. Although it was compiled by a Wall Street Journal writer based on interviews, many of them have never been revealed before.</p><p><b>Academic Source</b></p><p>When culture flourishes, people are outstanding. The so-called outstanding people, such as the Hunan School since the late Ming Dynasty in China, made Hunan the cradle of revolutionaries. In academic circles, there is a similar phenomenon. A careful study of the backgrounds of the two big bosses will find a lot in common. They were both born in the 1930s, gifted since childhood, in the academic circle, but both are devoted to money, and have two alma maters in common: University of California, Berkeley and MIT. The academics of both schools reached their peak after the war. One of the main reasons was the large-scale military scientific research activities spawned by World War II (the famous Manhattan Project, cryptography, information theory and modern computers). Both Thorp and Simons happened to catch up with this wave of academic dividends. In the 1950s, Thorp became obsessed with studying roulette with Shannon, while Simons remained submerged in theoretical mathematics, which also led to his academic achievements (Chern-Simons Theroy). In the 1960s, MIT became the center of the computer revolution, and mathematics and computers were the two keys to Wall Street, and Thorp was the lucky one to hold these two keys.</p><p><b>Casinos vs Wall Street</b></p><p>The talked-about story today is that Thorp used the law of large numbers and Kelly's formula to defeat the casino, and he became the first person in history to be \"blacked out\" by a Las Vegas casino. By contrast, PNP (Princeton Newport Partners), the hedge fund he founded, has a much dimmer profile. In fact, from 1969 to 1988, the annualized returns of the two PNP funds reached 19.1% and 15.1%, respectively, and the average annual growth rate of the S&P index was 10.2% during the same period. In the past 19 years, after two oil crises in 1970s and the stock market crash in 1987, the two funds have never suffered a single-quarter loss, let alone an annual loss. In the world's largest casino, its performance is the best, and its investment model is 20 years ahead of the broad customers who have filed into Wall Street since then.</p><p>In 1988, Thorp's fund was forced to shut down because it was implicated in the case of Milken, the king of junk bonds. It was in this year that Simons set up the Medal Fund. He is over fifty years old, and he can be described as a late bloomer. He has been exploring for 10 years to find a successful investment model, and has been swinging between subjective and quantitative. Although the outside world has always regarded Simons as a master of quantitative investment, in fact, his role is completely different from Thorp's. His main job is not to develop quantitative models, but to dig all kinds of scientists from the academic circle to help the company develop quantitative models, and as a spiritual leader to shape the company's corporate culture. As a world-class mathematician + excellent sales, he can deal well with different people, which is a rare ability.</p><p><b>Quantitative path</b></p><p>As a pioneer of quantitative trading, Thorp is good at hedging arbitrage of various derivatives. The bear market and volatility in the 1970s made this strategy work perfectly. Relying on his mathematical talent and sense of market smell, he discovered new blue oceans: Statistical Arbitrage and factors models — early prototypes of quant. The risk under this model is theoretically infinite, especially the upper limit of losses of shorting those overvalued stocks is infinite. Thorp's main risk control strategy is diversified investment. Since then, LTCM adopted a similar arbitrage model, but lacked a risk control strategy like Thorp and was defeated by Black Swan. In order to improve investment efficiency, Thorp turned investment strategies into programs, and once again became the pioneer of Algorithm Trading.</p><p>Simons, by contrast, wasn't so lucky. From early attempts at intuitive investing to trend-based momentum trading, reversal trading to continuous collection and mining of massive amounts of data including data cleaning, signaling mechanisms and back-testing. In 1986, the model framework for identifying hidden price trends was used-in 1989, abnormal trading signals were used for short-term high-frequency trading-in 1992, only a single model was used (critical breakthrough), and then speech recognition experts helped make various technological breakthroughs (financial models have similarities with speech recognition), and the model went through a long process of iterative improvement. Finally, the important core ability of the model was developed: identifying the \"value of transactions\", including: the certainty of price trend, the weight trade-off between trading signals, and the judgment of the impact of trading according to signals on the market. This ability is particularly important for high-frequency full-variety trading.</p><p><b>Winning Systems: Probabilistic Thinking & Modeling Human Behavior</b></p><p>For Thorp, gambling and investing are both games based on probability and statistics, and the amount of bets is allocated according to the winning rate (money management based on Kelly's rule). The first major breakthrough of the Medallion Fund also came from the application of Kelly's rule and the shortening of the transaction frequency to make its transactions more reflect the law of large numbers. The Medallion's system makes money as long as the winning percentage is slightly above 50%, regardless of the profit or loss of every sale. Essentially, it is making money by taking advantage of the negligence and mistakes of other traders (market invalidity). Human behavior under high pressure is highly predictable, and they instinctively exhibit panic. Modeling is based on the premise that humans will constantly repeat past behaviors. Soros used reflexive philosophical theory to model human behavior, while Simons' team used data and algorithms to model human behavior, so as to confirm the theory of behavioral finance.</p><p>Unlike traditional value investment, which simplifies the market to a Mr. Market, the experience of quantitative investment is that there are far more factors and variables affecting financial markets and investment than most people realize, and the factors that lead to market inefficiency can even be said to be encrypted (Thorp spares no effort to refute the efficient market hypothesis in his book). Investors struggle to find the most basic drivers, but what is missing is perhaps a whole dimension of information. The Medallion Fund cannot explain the logic behind every law of profit, just as humans cannot understand Alpha Go, perhaps at higher latitudes.</p><p>Models are abstractions and simplifications of the world, but models are not panacea. When data and desire conflict, even a rational scientist cannot be completely rational. Simons' original intention is to create an algorithm-driven automatic trading system, which completely shields human subjective judgment. However, in every crisis, he can't help but intervene manually, reduce his dependence on signals, and actively reduce his trading position. The intervention result is not very ideal. His colleague Patterson also said: \"<b>Never put too much trust in trading models. The basic mistake of long-term capital management is to think that the model is the truth. We never believe that our model can reflect the whole truth, it only reflects a part of the truth</b>。”</p><p><b>Kuan Ke Life</b></p><p>In fact, the intersection of many big bosses far exceeds our imagination. For example, Thorp and Buffett played tricks at the bridge table. After confirming that Buffett would eventually become the richest man in the United States, he decisively invested in BRK stock. Many people think that Xueba may not necessarily have a good life. After all, there is a huge gap between book smart and street smart, and the rules of the real world are much more complicated than those of school. However, Thorp practiced the way of thinking of applying abstract thinking to real life, and truly interpreted that \"a tough life doesn't need explanation\". Academics, wealth and family are complete, and he realized very early that life itself is higher than making money. Compared to Thorp's brilliant life, Simons had too many twists and turns. He was divorced, his two sons suffered misfortune one after another, and he was betrayed by his partners. But in the end, I choose to make peace with life and devote myself to charity. From academic career to wide guest life, I explore the true meaning of fate in the ups and downs, and experience itself is the meaning. As Thorp said at the end of his autobiography: Life is like reading a novel or running a marathon. Reaching the end is often less important, and the journey itself and the experience along the way are more precious.<b>No body can take away the dance you have danced.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw\">SMARTMATRIX</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/388d882133df2db2363aa871ff756c47","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/g5Zdx-uS3wl9QbsHZm1DVw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124741749","content_text":"A Man for All Markets是Edward Thorp的个人传记，中文翻译《战胜一切市场的人》，从Thorp的经历来看，从打败赌场到进入华尔街，OTC期权、可转债、股票、期货等衍生品，全部涉猎，名副其实的All Markets。塔勒布在序言里说，他的回忆录读起来像一部惊悚小说。\n作为一个数学天才、量化投资教父级人物，他开创性的将概率论、信息论、计算机编程引入金融交易，影响了后世无数Quant大佬：Bill Gross、David Shaw、Ken Griffin...其中也包括大名鼎鼎的James Simons，后者的文艺复兴科技公司创造了金融史上的回报率神话，同样，讲述Simons的传记The Man Who Solved The Market，详细记录了他和他的团队征服金融市场的起起落落，虽是一位华尔街日报作家根据采访汇编而成，但其中不少以前从未披露过的精彩故事。\n学术源流\n文化兴，则人杰出，所谓的人杰地灵，比如中国明末以来的湖湘学派让湖南成为革命党人的摇篮。在学术圈，也有类似的现象。仔细研究两位大佬的背景，会发现很多共通点，他们都出生于30年代，自幼天赋异禀、身在学术圈但都一心向钱，有两个共同的母校：加州大学伯克利分校和MIT。两校的学术在战后都达到了巅峰，主要一个原因就是二战催生的大规军事科研活动（著名的曼哈顿计划、密码学、信息论和现代计算机），Thorp和Simons都恰好赶上了这波学术红利。50年代，Thorp醉心于和香农一起研究轮盘赌，而Simons仍埋头于理论数学问题，这也使得其在学术上的成就更高（Chern-Simons Theroy）。60年代，MIT成为计算机革命的中心，而数学和计算机正是通向华尔街的两把钥匙，Thorp正是手握这两把钥匙的幸运儿。\n赌场vs华尔街\n如今为人津津乐道的故事是Thorp利用大数定律和凯利公式打败了赌场，他也成了历史上第一个被拉斯维加斯赌场“拉黑”的人。相比之下，他创设的对冲基金PNP（Princeton Newport Partners）知名度黯淡不少。实际上，从1969年到1988年，PNP两支基金的年化收益率分别达到19.1%和15.1%，同期标普指数年均增长率为10.2%。19年间历经70年代两次石油危机、87年股灾，两只基金从未发生单季亏损，更没有年度亏损。在世间最大的赌场，其业绩冠绝其时，其投资模式，领先此后鱼贯进入华尔街的宽客们20年。\n1988年，Thorp的基金因为受到垃圾债券之王米尔肯一案的牵连被迫关闭。正是在这一年，Simons成立大奖章基金，已年过半百的他，可谓大器晚成，在此前为了寻找成功的投资模型已经摸索了10年之久，一直在主观和量化之间摇摆。尽管外界一直都把Simons视作量化投资大师，但实际上他点角色和Thorp完全不同，他的主要工作并不是开发量化模型，而是从学术圈挖掘各类科学家来帮助公司开发量化模型，并且作为精神领袖塑造公司企业文化。作为一名世界级的数学家+卓越的销售，他与不同的人都能融洽的打交道，这是一种罕见的能力。\n量化之路\n作为量化交易的先驱，Thorp擅长各种衍生品的对冲套利，70年代的熊市和波动率让这种策略运行的非常完美。依靠自己的数学天赋和市场嗅觉发现了新的蓝海：统计套利（Statistical Arbitrage）和因子模型（factors model）——早期的quant原型。这种模式下的风险理论上是无穷的，尤其是做空那些价格高估的股票的损失上限是无穷大，Thorp主要风控策略是分散化投资。此后的LTCM采用类似的套利模式，但缺少Thorp这样的风控策略，被黑天鹅击败。为了提升投资效率，Thorp将投资策略变成程序，再次成为程序化交易（Algorithm Trading）的先驱。\n相比之下，Simons就没那么幸运了。从早期尝试直觉投资到基于趋势的动量交易、反转交易再到持续收集挖掘海量数据包括数据清洗、信号机制和回溯测试。1986年使用识别隐藏价格趋势的模型框架——1989年利用异常交易信号进行短期高频交易——1992年改为只用单一模型（关键性突破），而后语音识别专家帮助进行各种技术突破（金融模型与语音识别有相似之处），模型经历了漫长迭代改进的过程。最终练就了模型重要核心能力：识别出“交易的价值”，包括：价格趋势的确定性大小、交易信号之间的权重取舍、根据信号进行交易对市场造成的影响的判断。这项能力对于高频全品种交易尤为重要。\n取胜系统：概率思考&对人类行为建模\n对Thorp来说，赌博和投资都是以概率统计为基础的游戏，根据胜率的大小来分配下注金额的大小（基于凯利法则的资金管理），而大奖章基金的第一次重大突破也来自于对凯利法则的运用以及缩短交易频率使其交易更体现大数定律。大奖章的系统只要胜率略高于50%就能赚钱，而不在乎每一笔买卖的盈亏。本质上，是在利用其他交易者的疏忽和错误赚钱（市场无效）。人类在高压下的行为具有很高的可预测性，他们会本能地表现出恐慌。建模的前提是人类会不断重复过去的行为。索罗斯曾以反身性的哲学理论对人类行为建模，而Simons的团队利用数据和算法对人类行为建模，以此印证行为金融学的理论。\n与传统的价值投资把市场面简化成一位市场先生不同，量化投资的经验是，影响金融市场和投资的因素和变量远远比大多数人意识到的更多，导致市场无效的因素甚至可以说是加密的（Thorp在书中对有效市场假说也不遗余力的进行驳斥）。投资者努力寻找最基本的推动因素，但是遗漏的也许是一整个维度的信息。大奖章基金无法对每一条盈利的规律背后的逻辑进行解释，就如同人类无法理解阿尔法围棋一样，也许是更高纬度的存在。\n模型是对世界的抽象和简化，但模型并不是万能的。当数据和欲望相冲突，即便是理性的科学家，也无法做到完全理性。Simons的初心是创建的算法驱动的自动交易系统，完全屏蔽人类的主观判断，但每一次危机，他仍忍不住会手动干预，减少对信号的依赖，主动缩减交易头寸，可干预的结果并不十分理想。他的同事帕特森也说：”永远不要对交易模型过于信任。长期资本管理公司的基本错误是认为模型就是事实真相，我们从未相信我们的模型能够反映全部事实，它只反映事实的一部分。”\n宽客人生\n其实很多大佬的交集，远远超过我们想象。比如Thorp和巴菲特在桥牌桌上过过招，在确认巴菲特最终会成为全美最富有的人之后，果断投资了BRK的股票。很多人以为，学霸不一定会拥有好人生，毕竟，book smart和street smart之间的有极大的鸿沟，现实世界的规则比学校要复杂太多，但Thorp践行了将抽象思维运用到现实生活中的思维方式，真正诠释了“彪悍的人生不需要解释”，学术、财富、家庭圆满，很早就意识到在生活本身高于赚钱。相比较Thorp精彩纷呈的人生，Simons的人生曲折太多，离过婚，他的两个儿子先后遭受不幸，还遭遇过伙伴背叛。但最终还是选择和生活讲和，并投身慈善事业，从学术生涯到宽客人生，在跌宕起伏中探寻命运的真谛，而经历本身就是意义所在。就像Thorp在自传末尾所说：生活像是读一本小说或者跑一场马拉松，到达终点往往不是那么重要，旅途本身和沿途的体验更为珍贵。No body can take away the dance you have danced.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3716,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143702228,"gmtCreate":1625814963064,"gmtModify":1703749104978,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/143702228","repostId":"2150682378","repostType":4,"repost":{"id":"2150682378","kind":"highlight","pubTimestamp":1625814142,"share":"https://ttm.financial/m/news/2150682378?lang=en_US&edition=fundamental","pubTime":"2021-07-09 15:02","market":"hk","language":"zh","title":"The epitome of the rotation of times? The head of Ningde Times has more net worth than Jack Ma","url":"https://stock-news.laohu8.com/highlight/detail?id=2150682378","media":"华尔街见闻","summary":"曾毓群首次成为亚洲最富有的五人之一。","content":"<p>The world's largest electric vehicle battery maker, according to a live list of Forbes Rich List<a href=\"https://laohu8.com/S/300750\">CATL</a>The founder of Zeng Yuqun has a net worth of $49.5 billion, ranking 25th in global wealth.</p><p>This exceeds<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Founder Jack Ma has a net worth of $48.1 billion and made Mr Tsang one of the five richest people in Asia for the first time.</p><p><b>The global boom in clean energy</b></p><p>CATL is the world's leading lithium-ion R&D and manufacturing company, focusing on R&D, production and sales of power battery systems and energy storage systems for new energy vehicles. Its customers include<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Mercedes-Benz, BMW and many other enterprises, Lei Jun, who started his business for the last time, also visited CATL in May to discuss the issue of battery supply.</p><p>CATL's customers almost include the top ten enterprises in the automobile field, and their operating profits are increasing year by year, and their stock prices are exploding.</p><p>CATL's shares have soared more than 20-fold since its listing in Shenzhen in 2018, rising 59% this year alone, as demand for electric vehicles rises, countries struggle to reduce carbon emissions and costs fall.</p><p>The market value of CATL currently exceeds 1.28 trillion yuan, ranking fifth in the total market value of A shares.</p><p>China strives to peak carbon dioxide emissions before 2030 and achieve carbon neutrality by 2060, and has already taken a leading position in the global electric vehicle sales market. Sales of electric vehicles in China rose 9.8% to 1.11 million units in 2020, according to the China Passenger Car Association.</p><p>Global EV battery sales more than doubled in the first five months of this year compared to last year, with CATL having the largest market share at 31.2%, according to a report by SNE Research.</p><p>This clean energy boom has pushed up the stock prices of major Tesla suppliers such as CATL, and has also allowed them to accumulate huge wealth.</p><p>Three years ago, when CATL was just listed, many people may not have expected that the lithium battery industry had such a huge prospect, and they did not realize that new energy vehicles would replace traditional fuel vehicles in the future.</p><p><b>The development prospects may continue to be broad</b></p><p>It is worth noting that Zeng Yuqun is not the only billionaire to benefit from the soaring share price of CATL. Huang Shilin, vice chairman of the company, is worth more than $21 billion, while Li Ping, vice chairman, is worth $8.5 billion.</p><p>As Zeng Yuqun's career rose, Jack Ma' star gradually declined. This year, his wealth lost 2.5 billion dollars.</p><p>Gao Hao, director of NIFR Global Family Business Research Center at Tsinghua University, said, according to Bloomberg:</p><p>In the past, billionaire rankings were dominated by real estate tycoons and tech entrepreneurs, and now more from the new energy sector. As an industry leader in electric vehicle batteries, CATL will benefit the most from the carbon neutrality goal. Bloomberg expects CATL's global sales to continue to grow thanks to economies of scale, a cost-competitive upstream supply chain, and a solid customer base.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>According to a recent report, the agreement between CATL and Tesla is stronger than the previous cooperation. Considering that the downstream demand of the company exceeds expectations, the profit forecast of CATL is raised and the target price is raised by 9% to 600 yuan. Zeng Tao, an analyst, pointed out in the report that the agreement did not stipulate the Chinese market, which means that CATL will take the opportunity of cooperating with Tesla's global market supply to accelerate its products to the world. Boosted by global demand, Ningde's forward global market share is expected to reach more than 30%.</p><p>From the perspective of long-term development, whether CATL can seize the current opportunity, quickly realize the coverage of the whole industry, and even expand the upstream and downstream markets of the industry, so as to truly make a comprehensive match between market expectations and market space, and let performance speak for itself may be the problem that CATL must solve immediately.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The epitome of the rotation of times? The head of Ningde Times has more net worth than Jack Ma</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe epitome of the rotation of times? The head of Ningde Times has more net worth than Jack Ma\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-09 15:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The world's largest electric vehicle battery maker, according to a live list of Forbes Rich List<a href=\"https://laohu8.com/S/300750\">CATL</a>The founder of Zeng Yuqun has a net worth of $49.5 billion, ranking 25th in global wealth.</p><p>This exceeds<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>Founder Jack Ma has a net worth of $48.1 billion and made Mr Tsang one of the five richest people in Asia for the first time.</p><p><b>The global boom in clean energy</b></p><p>CATL is the world's leading lithium-ion R&D and manufacturing company, focusing on R&D, production and sales of power battery systems and energy storage systems for new energy vehicles. Its customers include<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Mercedes-Benz, BMW and many other enterprises, Lei Jun, who started his business for the last time, also visited CATL in May to discuss the issue of battery supply.</p><p>CATL's customers almost include the top ten enterprises in the automobile field, and their operating profits are increasing year by year, and their stock prices are exploding.</p><p>CATL's shares have soared more than 20-fold since its listing in Shenzhen in 2018, rising 59% this year alone, as demand for electric vehicles rises, countries struggle to reduce carbon emissions and costs fall.</p><p>The market value of CATL currently exceeds 1.28 trillion yuan, ranking fifth in the total market value of A shares.</p><p>China strives to peak carbon dioxide emissions before 2030 and achieve carbon neutrality by 2060, and has already taken a leading position in the global electric vehicle sales market. Sales of electric vehicles in China rose 9.8% to 1.11 million units in 2020, according to the China Passenger Car Association.</p><p>Global EV battery sales more than doubled in the first five months of this year compared to last year, with CATL having the largest market share at 31.2%, according to a report by SNE Research.</p><p>This clean energy boom has pushed up the stock prices of major Tesla suppliers such as CATL, and has also allowed them to accumulate huge wealth.</p><p>Three years ago, when CATL was just listed, many people may not have expected that the lithium battery industry had such a huge prospect, and they did not realize that new energy vehicles would replace traditional fuel vehicles in the future.</p><p><b>The development prospects may continue to be broad</b></p><p>It is worth noting that Zeng Yuqun is not the only billionaire to benefit from the soaring share price of CATL. Huang Shilin, vice chairman of the company, is worth more than $21 billion, while Li Ping, vice chairman, is worth $8.5 billion.</p><p>As Zeng Yuqun's career rose, Jack Ma' star gradually declined. This year, his wealth lost 2.5 billion dollars.</p><p>Gao Hao, director of NIFR Global Family Business Research Center at Tsinghua University, said, according to Bloomberg:</p><p>In the past, billionaire rankings were dominated by real estate tycoons and tech entrepreneurs, and now more from the new energy sector. As an industry leader in electric vehicle batteries, CATL will benefit the most from the carbon neutrality goal. Bloomberg expects CATL's global sales to continue to grow thanks to economies of scale, a cost-competitive upstream supply chain, and a solid customer base.</p><p><a href=\"https://laohu8.com/S/601995\">CICC</a>According to a recent report, the agreement between CATL and Tesla is stronger than the previous cooperation. Considering that the downstream demand of the company exceeds expectations, the profit forecast of CATL is raised and the target price is raised by 9% to 600 yuan. Zeng Tao, an analyst, pointed out in the report that the agreement did not stipulate the Chinese market, which means that CATL will take the opportunity of cooperating with Tesla's global market supply to accelerate its products to the world. Boosted by global demand, Ningde's forward global market share is expected to reach more than 30%.</p><p>From the perspective of long-term development, whether CATL can seize the current opportunity, quickly realize the coverage of the whole industry, and even expand the upstream and downstream markets of the industry, so as to truly make a comprehensive match between market expectations and market space, and let performance speak for itself may be the problem that CATL must solve immediately.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3634987\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d4781a43b3aa306dd3d778e1dbf292b9","relate_stocks":{"300750":"宁德时代","BABA":"阿里巴巴","09988":"阿里巴巴-W","QNETCN":"纳斯达克中美互联网老虎指数"},"source_url":"https://wallstreetcn.com/articles/3634987","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150682378","content_text":"福布斯富豪榜的实时榜单显示，全球最大电动汽车电池制造商宁德时代的创始人曾毓群身家已达到495亿美元，全球财富排名第25位。\n这超过了阿里巴巴创始人马云481亿美元的身家，并使曾毓群首次成为亚洲最富有的五人之一。\n全球清洁能源的热潮\n宁德时代是全球领先的锂离子研发制造公司，专注于新能源汽车动力电池系统、储能系统的研发、生产和销售，客户包括特斯拉、奔驰、宝马等众多企业，最后一次创业的雷军也曾于5月份拜访宁德时代，商讨电池供应问题。\n宁德时代的客户几乎囊括了汽车领域的前十企业，经营利润也是逐年高增，股价更是爆炸性上升。\n随着电动汽车需求的增加、各国努力减少碳排放和成本的下降，自2018年宁德时代在深圳上市以来，其股价已飙升逾20倍，仅今年就上涨了59%。\n宁德时代市值目前突破1.28万亿，位居A股总市值第5位。\n我国力争二氧化碳排放量于2030年前达到峰值，在2060年实现碳中和目标，已经在全球电动汽车销售市场中处于领先地位。根据中国乘用车协会的数据，2020年中国电动汽车销量增长9.8%至111万辆。\nSNE Research的一份报告显示，今年前五个月，全球电动汽车电池销量较去年同比增长一倍以上，其中宁德时代市场份额最大，占31.2%。\n这场清洁能源热潮推高了宁德时代等特斯拉主要供应商的股价，也使得他们积累了巨额的财富。\n3年前，宁德时代刚刚上市的时候，很多人可能未曾料到锂电池这个行业前景如此巨大，没有意识到新能源汽车未来会取代传统燃油车。\n发展前景或将继续广阔\n值得注意的是，曾毓群并不是唯一一位受益于宁德时代股价飙升的亿万富翁。公司副董事长黄世林身家已超过210亿美元，而副董事长李平身家85亿美元。\n随着曾毓群的事业平步青云，马云的星途却逐渐衰落，今年他的财富损失了25亿美元。\n据彭博报道，清华大学NIFR全球家族企业研究中心主任高昊表示：\n\n 过去亿万富翁排名由房地产大亨和科技企业家主导，现在更多来自新能源领域。作为电动汽车电池的行业领导者，宁德时代将从碳中和目标中受益最大。\n\n彭博预计，得益于规模经济、具有成本竞争力的上游供应链和稳固的客户基础，宁德时代的全球销售额将继续增长。\n中金公司近日发布报告称，宁德时代此次与特斯拉的协议较之前合作力度更大，考虑到公司下游需求超预期，上调宁德时代的盈利预测，并将目标价调升9%至600元人民币。分析师曾韬等在报告中指出，此次协议未约定中国市场，意味着宁德时代将以配合特斯拉全球市场供应为契机，推动产品加速走向全球。全球需求提振下，宁德远期全球市场份额有望达到30%以上。\n从长期发展的角度来看，宁德时代能否抓住当前的机遇，赶快实现全产业的覆盖，乃至于产业上下游市场的拓展，真正让市场的预期和市场的空间进行一次全面的匹配，让业绩来说话，可能才是宁德时代必须立刻解决的问题。","news_type":1,"symbols_score_info":{"300750":0.9,"09988":0.9,"BABA":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":4226,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149692023,"gmtCreate":1625720199362,"gmtModify":1703747089748,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/149692023","repostId":"1155545983","repostType":4,"repost":{"id":"1155545983","kind":"news","pubTimestamp":1625720148,"share":"https://ttm.financial/m/news/1155545983?lang=en_US&edition=fundamental","pubTime":"2021-07-08 12:55","market":"hk","language":"zh","title":"IPO inventory in the first half of the year: A shares rose 95%, Hong Kong stocks doubled their fundraising, and US stocks fell over 70%","url":"https://stock-news.laohu8.com/highlight/detail?id=1155545983","media":"亿欧网","summary":"320家中资企业全球资本市场征战。\n\n6月30日，奈雪的茶高调登陆港股，首日破发，当日收报17.12港元，较发行价跌13.54%，引发二级市场“骚动”。滴滴出行则低调在美国纽交所挂牌，当日盘中一度上涨","content":"<p>320 Chinese-funded enterprises fought in the global capital market. On June 30th, Naixue's tea landed in Hong Kong stocks in a high profile, breaking on the first day, and closing at HK$ 17.12 on the same day, down 13.54% from the issue price, causing a \"commotion\" in the secondary market. Didi Chuxing was listed on the New York Stock Exchange in the United States on a low-key basis. It once rose by 28.6% in the intraday session, and finally closed at $14.14, with a market value of $67.8 billion.</p><p>Between a high and a low, the IPO boom of Chinese-funded enterprises in the first half of the year finally came to a perfect end. And the listing performance of these two companies has somewhat become the epitome of this IPO boom-in the capital market, there are always people singing and carnival, while others are disappointed and lonely.</p><p>Against the backdrop of the steady recovery of the global economy, the global IPO market was active in 2021.</p><p>KPMG recently released a report pointing out that in the first half of the year, the total amount of fundraising and the total number of listings in the global capital market were USD 210 billion and 1,047 respectively, an increase of 196% and 134% respectively over the same period last year.</p><p><b>Among them, China's A-share market and Hong Kong market contributed key forces.</b>As of June 23rd, among the top five stock exchanges in total IPO fundraising, HKEx ranked third with $26 billion, and Shanghai Stock Exchange ranked fourth with $20.6 billion, second only to Nasdaq and NYSE.</p><p>In this top four exchanges, Chinese-funded enterprises can be seen everywhere.<b>According to the statistics of EqualOcean, during the IPO boom in the first half of the year, a total of 320 Chinese-funded enterprises were successfully listed on A shares (245), Hong Kong stocks (39) and US stocks (36).</b></p><p><b>A shares: 70% of enterprises are listed on the Science and Technology Innovation Board and GEM</b></p><p><b>Overall Overview – Total IPOs Doubled From Last Year</b></p><p>In the first half of 2021, a total of 245 A-share companies were listed on the Shanghai and Shenzhen stock markets, representing an increase of 126 companies and a year-on-year increase of 105.88% as compared with the same period in 2020. The total amount of initial fundraising reached RMB210.95 billion, representing an increase of 51.46% over the same period in 2020.</p><p>In terms of the number of IPOs and the amount of financing, the performance of the A-share market in the first half of 2021 was second only to the second half of 2020 in the past two and a half years.</p><p><img src=\"https://static.tigerbbs.com/6a0572a4b80c984d8a1948c93e228acc\" tg-width=\"1080\" tg-height=\"646\" referrerpolicy=\"no-referrer\"></p><p>The market generally believes that the cause of this IPO boom of Chinese-funded enterprises is<b>Steady recovery of domestic economy and improvement of capital market system</b>Bring positive impact.</p><p>Zhao Haizhou, partner of Deloitte China's national A-share market in East China, pointed out that the active IPO of A-share market in the first half of the year was mainly the result of the implementation of the new securities law and the reform of GEM registration system.</p><p>As the registration system audit procedure is relatively simple, it can effectively speed up the listing progress of enterprises. At the same time, the listing threshold of enterprises under the registration system is relatively low, and some enterprises with low revenue, low profits or even losses can also be listed on the Science and Technology Innovation Board if other conditions are met. Therefore, Science and Technology Innovation Board and GEM have also become the first choice for many enterprises to list.</p><p>Judging from the distribution segments of 245 IPOs in the first half of the year, Science and Technology Innovation Board and GEM played a key role in promoting enterprises to enter the capital market.<b>There are 86 and 85 companies listed on Science and Technology Innovation Board and GEM respectively, totaling 171 companies, accounting for nearly 70% (69.80%) of the total number of IPO companies; The total amount raised was 123.557 billion yuan, accounting for 58.57%.</b></p><p>It is worth mentioning that among the 245 companies, six of the top ten companies with fund-raising scale are listed on the Science and Technology Innovation Board and the Growth Enterprise Market.</p><p><img src=\"https://static.tigerbbs.com/51729fa42b4afdd80142689e60d97a78\" tg-width=\"1080\" tg-height=\"849\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/ed0408c842328128cdbd7b8dc50cd270\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>In fact, since the third quarter of 2020, Science and Technology Innovation Board and GEM have become the main power sectors of A-share IPOs of enterprises. From Q3 2020 to Q2 2021, the total number of IPOs on the Science and Technology Innovation Board and GEM was 118, 60, 69 and 102. The proportions were 67.05%, 59.41%, 69.00% and 70.34%, respectively.</p><p><img src=\"https://static.tigerbbs.com/75e25c534d0a1bceae1c477e792df331\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Among them, the Science and Technology Innovation Board has performed brightly since its official opening on June 13th, 2019. By June 30th this year, 301 companies have been listed.</p><p>In 2019, 70 companies landed on the Science and Technology Innovation Board, including Kingsoft Office, Transsion Holdings, Montage Technology, Bloomage Bio, etc. 145 in 2020, including SMIC, Foxit Software, Cambrian, CR Micro, Cathay Biotech, etc.; In the first half of 2021, there were 86 companies, including Tianneng, China Net Software, Shengyi Electronics, etc.</p><p>Since the second quarter of 2020, the number of listed companies on the Science and Technology Innovation Board has maintained around 30%-40% of the number of listed companies in the entire A-share market, which has become an important part of China's capital market.</p><p><img src=\"https://static.tigerbbs.com/e0a0f2f0a2c9de752697740e80f69462\" tg-width=\"1023\" tg-height=\"779\" referrerpolicy=\"no-referrer\"></p><p>Insiders pointed out that the listing conditions of science and technology innovation board are more diversified and inclusive, and the issuance and pricing links are more market-oriented, which can well adapt to the differentiated financing needs of science and technology enterprises of different types and different development stages. It is expected that in the second half of the year, the Science and Technology Innovation Board will continue to maintain its vitality and contribute to the entire A-share market.</p><p>Guosheng Strategy Zhang Qiyao's team believes that as market funds shift from incremental entry to stock game, the high growth rate in the second half of 2021 is the key to success, and at present, Science and Technology Innovation Board is the sector with the highest growth rate of A shares.</p><p>According to the Deloitte report, it is estimated that 180-210 new shares will be issued on the Science and Technology Innovation Board and the Growth Enterprise Market in the second half of the year. Among them, the financing amount of Science and Technology Innovation Board may reach 130 billion-170 billion yuan, and the financing amount of GEM may reach 160 billion-200 billion yuan.</p><p><b>Industry distribution-food and beverage, healthcare and other sectors are looking good</b></p><p>According to the statistics of EqualOcean, 245 A-share listed companies in the first half of 2021 were mainly distributed in<b>Capital goods, materials II, technical hardware and equipment</b>And other fields.</p><p>Among them, the number of IPOs and the amount of funding raised of capital goods rank first. This segment mainly covers the fields of construction and engineering, industrial machinery, aerospace and national defense, electrical components and equipment, etc., including 63 enterprises such as Tianneng, Dongwei Technology and Kehui, with a total IPO raised of 36.915 billion yuan, accounting for 17.50% of the total A-share IPO raised in the first half of 2021.</p><p>Materials II segment covers diversified chemicals, industrial gases, building materials and other fields, including 27 enterprises such as Lianke Technology, Jingxue Energy Saving and Jiangsu Boyun, with a total fund-raising of 16.056 billion yuan, accounting for 7.61%.</p><p>The hardware and equipment segment covers the fields of electronic components, electronic equipment and instruments, including 27 enterprises such as Hehui Optoelectronics, Shengyi Electronics and Darui Electronics, with a total fund-raising of 26.766 billion yuan, accounting for 12.69%.</p><p><img src=\"https://static.tigerbbs.com/532863e70d224c14b7a8113ab096afa8\" tg-width=\"1034\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/51d20aedb320b2e59a99f133d166c8e0\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>In 2020, A-share sectors such as food, beverage and tobacco, healthcare equipment and services, pharmaceuticals, biotechnology and life sciences, automobiles and auto parts, consumer durable goods and apparel, etc. saw gratifying gains. In particular, the food, beverage and tobacco segments and healthcare equipment and services segments recorded annual increases of 77.01% and 73.93% respectively.</p><p>In the first half of this year, the situation of the above-mentioned related sectors is still good.</p><p><b>There are 15 IPOs in the food, beverage and tobacco sector, with a total fund-raising of 14.349 billion yuan, accounting for 6.80%.</b>Among them, Dongpeng Beverage and Ligao Food have both increased by more than 400% as of June 30th.</p><p><b>Healthcare & Services, Pharmaceuticals, Biotechnology & Life Sciences</b>It is still a track that attracts much attention from capital. Especially in the context of the raging global epidemic, more capital has entered to push up the market value of related enterprises. These two major tracks<b>There are 18 listed companies, raising a total of 14.104 billion yuan, accounting for 6.69% of the total A-share IPO fundraising.</b></p><p><b>Corporate Performance-Up to 1356.01%</b></p><p><b>As of June 30, 95% of the 245 companies listed on A shares in the first half of 2021 saw their share prices rise.</b>Among them, 137 companies increased by more than 100%, accounting for more than 55.92%; There are 11 enterprises with an increase of over 500%, accounting for 4.50%. Only 12 companies experienced share price declines.</p><p>Among the 137 companies with an increase of more than 100%, there are 108 companies from GEM and Science and Technology Innovation Board, accounting for 78.83%, accounting for 44.08% of the 245 listed companies.</p><p>Among them, Micro-Nano Technology, which landed on the Science and Technology Innovation Board on June 23rd, has increased by 1356.01% since its listing. The company belongs to the pharmaceutical, biotechnology and life sciences sectors. In the first half of 2021, 18 companies in this sector were listed, of which 17 were from the Science and Technology Innovation Board, with an average increase of over 281% since listing.</p><p><img src=\"https://static.tigerbbs.com/c221b7f2a7d818ce77684c3a47c51a9c\" tg-width=\"1020\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/644688fcab1b023fafd1dcfb1d51c4ae\" tg-width=\"1067\" tg-height=\"921\" referrerpolicy=\"no-referrer\"></p><p>Since the listing, the top ten companies with stock price declines are mainly distributed in the main board and GEM of Shanghai and Shenzhen stock markets, and only one company, Jushi Chemical, comes from the Science and Technology Innovation Board.</p><p>It can be seen,<b>The overall performance of companies listed on Science and Technology Innovation Board and GEM is stronger than that of the main board.</b></p><p><b>Hong Kong Stocks: The Secondary Listing Boom of China Concept Stocks Continues</b></p><p>In the first half of 2021, the number of IPOs in the Hong Kong stock market was 46, representing a year-on-year decrease of 22%; The total amount raised was approximately HK$212.95 billion, representing a year-on-year increase of 138% and a record high.</p><p>Among them,<b>Thirty-nine Chinese-funded enterprises went public in Hong Kong, raising a total of HK$ 209.713 billion, or about RMB 181,7063 billion (at the exchange rate on July 1st).</b>Compared with 38 companies and approximately RMB 82.6 billion in the same period of 2020, the number of IPOs was basically the same, and the total fund-raising increased by 119.98%.</p><p>Combined with the number of IPOs and the total amount of initial fundraising,<b>Pharmaceutical, Biotechnology and Life Sciences</b>And<b>Software & Services</b>The two major sectors performed outstanding, with 7 and 5 successful IPOs respectively, raising HK$20.271 billion and HK$102.484 billion.</p><p><img src=\"https://static.tigerbbs.com/431a49b8ff0d6098d54e99717216c2a0\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/23ed6805ab60f06b4055dff26f680d2e\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p>In the software and service track, four companies, namely Aauto Quicker, Baidu Group, Bilibili and Autohome, ranked in the top ten among 39 Chinese-funded enterprises listed in Hong Kong in terms of fund-raising scale.<b>Aauto Quicker, Baidu Group, Bilibili and JD.COM Logistics,</b>It also ranked among the top ten global financing scales in the first half of the year.</p><p>The considerable amount of fundraising by these giant companies has doubled the total financing growth of the Hong Kong stock market in the first half of 2021.</p><p><img src=\"https://static.tigerbbs.com/e41f3c53b400ae5b3383da998081a9b6\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>In recent years, the boom of Hong Kong stocks stems from a series of reform measures that are beneficial to the new economic component. In April 2018, the Hong Kong Stock Exchange revised its listing mechanism. After accepting companies with different rights structures of individual shareholders in the same shares to be listed in Hong Kong, it successively ushered in new economic companies such as Xiaomi, Meituan and Alibaba.</p><p>In 2020, there was a wave of secondary listing of Chinese concept stocks in the Hong Kong market and it has continued to this day. Wind statistics show that in 2020, the IPO scale of Hong Kong stocks reached HK$397.528 billion, ranking third in the world after US stocks and A shares; Among the top ten IPOs, China Stock Return Company occupies 6 seats.</p><p>Nowadays, more and more giant enterprises choose to go to Hong Kong for secondary listing, such as China Duty Free, the world's largest travel retail operator and duty-free giant. China Duty Free announced on June 28th that the company had submitted a prospectus to the HKEx on June 25th.</p><p>Zhu Yayi, a partner at KPMG China, predicts that,<b>In the next few quarters, the momentum of IPO activities in new economic sectors such as healthcare, life sciences, logistics and supply chain, and financial technology in Hong Kong stocks will remain strong.</b></p><p><b>US Stocks: Over 70% IPO China Stock Price Falls</b></p><p>In the first half of 2021, the enthusiasm of Chinese-funded enterprises to go public in the United States was unprecedented, and the number of IPOs and the amount of fundraising both increased sharply compared with the same period last year. This is<b>Since 2019, it has been one and a half years with the largest number of Chinese-funded enterprises going to the United States for IPO and the largest amount of financing.</b></p><p>As of June 30th, there were 36 Chinese-funded enterprises that went to the United States for IPO in the first half of this year, of which 23 landed on Nasdaq and 13 landed on the New York Stock Exchange. The total amount of initial fundraising was USD 13.662 billion, or about RMB 83.31 billion (at the exchange rate on July 1).</p><p><img src=\"https://static.tigerbbs.com/3701e108f4e550347e3b116ca79250f4\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Among these listed companies, there are many star enterprises that have attracted much attention from the capital market. For example, Didi Chuxing, a domestic travel giant listed on June 30th, Manbang Group and Tucson Future in the automobile field, Dingdong, a fresh e-commerce platform, shopping for groceries and daily fresh, and then there are BOSS Direct Recruitment, Water Drop Company, Fog Core Technology, the parent company of e-cigarette giant RELX, and Zhihu.</p><p>The above-mentioned star enterprises all ranked in the top ten in terms of fund-raising amount of China concept stocks in the first half of 2021. From the perspective of industry distribution, the top ten financing amounts are mainly concentrated in the software and service industry, with 7 companies in total; Food, Beverage and Tobacco, Diversified Finance, and Retail.</p><p><img src=\"https://static.tigerbbs.com/20cf6bf7560df89ae0e5891e6f7c7915\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"></p><p>From the total amount of initial fundraising, the top three industries are<b>Software & Services, Food, Beverage & Tobacco, Retail.</b>It is worth noting that in the food, beverage and tobacco industry, there is only one IPO of Fog Core Technology, but its initial fundraising amount is as high as $1.398 billion.</p><p><img src=\"https://static.tigerbbs.com/7e1ce0323249135e57f22e0d7025eaf3\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/470970f31dcf9aef7c957de60c5e3168\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Judging from the stock price performance of the company after listing,<b>As of June 30th, the share prices of 6 of the 36 Chinese stocks rose and 28 fell (Didi Chuxing and Pupu Culture, which were listed on June 30th, did not record the share price rise and fall data).</b></p><p>There are only three companies with an increase of more than 50%, among which Tucson has the largest increase in the future, at 78.10%, followed by Ding Dong shopping 62.84% and Zhihu 59.53%.</p><p>Sixteen companies fell by more than 30%, including Water Drop Company (-33.20%), an insurance technology platform listed on May 7th, and Onion Group (-38.14%), a cross-border e-commerce platform, and Fog Core Technology (-70.42%) listed in January.</p><p>Although the enthusiasm of Chinese-funded enterprises for financing in the United States remains undiminished, the market performance is not satisfactory at present. At present, China's strengthening of the control of data leakage risks of companies listed in the United States has also brought more uncertainties to companies listed in the United States in the second half of the year.</p><p><b>epilogue</b></p><p>Looking back at the IPO boom in the first half of the year, Chinese-funded enterprises have shown strong strength in the global capital market.<b>In the first half of 2021, half of the top 10 listed companies in the world in terms of financing volume were from Hong Kong and Mainland China.</b></p><p><img src=\"https://static.tigerbbs.com/3ce3186d8fcfbc58b32caf953225e9b3\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>Looking forward to the second half of 2021, although there is great uncertainty in US stocks due to the strengthening of regulation, the capital markets of A shares and Hong Kong stocks can still be expected.</p><p>Ernst & Young's report mentioned that as of June 21st, there were 633 queuing companies in A shares; Among them, Science and Technology Innovation Board and GEM are the main forces for listing. 55% of queuing companies plan to be listed on GEM, and 23% of queuing companies plan to be listed on Science and Technology Innovation Board.</p><p>Deloitte's report also pointed out that in terms of A shares, with the stable issuance of Science and Technology Innovation Board and the registration system reform of GEM, the number of IPOs will increase greatly, and small and medium-sized manufacturing and technology industries will take the lead in the number of issuances. In terms of Hong Kong stocks, it is expected that the new stock market in Hong Kong will raise more than HK$400 billion in 2021, and the upsurge of secondary listing of Chinese concept stocks returning to Hong Kong will continue.</p><p>* Note: Chinese-funded enterprises include A shares + US stocks + Hong Kong stocks; Among them, Hong Kong Chinese shares include H shares, red chip shares and Chinese private shares.</p>","source":"yow","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>IPO inventory in the first half of the year: A shares rose 95%, Hong Kong stocks doubled their fundraising, and US stocks fell over 70%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIPO inventory in the first half of the year: A shares rose 95%, Hong Kong stocks doubled their fundraising, and US stocks fell over 70%\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">亿欧网</strong><span class=\"h-time small\">2021-07-08 12:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>320 Chinese-funded enterprises fought in the global capital market. On June 30th, Naixue's tea landed in Hong Kong stocks in a high profile, breaking on the first day, and closing at HK$ 17.12 on the same day, down 13.54% from the issue price, causing a \"commotion\" in the secondary market. Didi Chuxing was listed on the New York Stock Exchange in the United States on a low-key basis. It once rose by 28.6% in the intraday session, and finally closed at $14.14, with a market value of $67.8 billion.</p><p>Between a high and a low, the IPO boom of Chinese-funded enterprises in the first half of the year finally came to a perfect end. And the listing performance of these two companies has somewhat become the epitome of this IPO boom-in the capital market, there are always people singing and carnival, while others are disappointed and lonely.</p><p>Against the backdrop of the steady recovery of the global economy, the global IPO market was active in 2021.</p><p>KPMG recently released a report pointing out that in the first half of the year, the total amount of fundraising and the total number of listings in the global capital market were USD 210 billion and 1,047 respectively, an increase of 196% and 134% respectively over the same period last year.</p><p><b>Among them, China's A-share market and Hong Kong market contributed key forces.</b>As of June 23rd, among the top five stock exchanges in total IPO fundraising, HKEx ranked third with $26 billion, and Shanghai Stock Exchange ranked fourth with $20.6 billion, second only to Nasdaq and NYSE.</p><p>In this top four exchanges, Chinese-funded enterprises can be seen everywhere.<b>According to the statistics of EqualOcean, during the IPO boom in the first half of the year, a total of 320 Chinese-funded enterprises were successfully listed on A shares (245), Hong Kong stocks (39) and US stocks (36).</b></p><p><b>A shares: 70% of enterprises are listed on the Science and Technology Innovation Board and GEM</b></p><p><b>Overall Overview – Total IPOs Doubled From Last Year</b></p><p>In the first half of 2021, a total of 245 A-share companies were listed on the Shanghai and Shenzhen stock markets, representing an increase of 126 companies and a year-on-year increase of 105.88% as compared with the same period in 2020. The total amount of initial fundraising reached RMB210.95 billion, representing an increase of 51.46% over the same period in 2020.</p><p>In terms of the number of IPOs and the amount of financing, the performance of the A-share market in the first half of 2021 was second only to the second half of 2020 in the past two and a half years.</p><p><img src=\"https://static.tigerbbs.com/6a0572a4b80c984d8a1948c93e228acc\" tg-width=\"1080\" tg-height=\"646\" referrerpolicy=\"no-referrer\"></p><p>The market generally believes that the cause of this IPO boom of Chinese-funded enterprises is<b>Steady recovery of domestic economy and improvement of capital market system</b>Bring positive impact.</p><p>Zhao Haizhou, partner of Deloitte China's national A-share market in East China, pointed out that the active IPO of A-share market in the first half of the year was mainly the result of the implementation of the new securities law and the reform of GEM registration system.</p><p>As the registration system audit procedure is relatively simple, it can effectively speed up the listing progress of enterprises. At the same time, the listing threshold of enterprises under the registration system is relatively low, and some enterprises with low revenue, low profits or even losses can also be listed on the Science and Technology Innovation Board if other conditions are met. Therefore, Science and Technology Innovation Board and GEM have also become the first choice for many enterprises to list.</p><p>Judging from the distribution segments of 245 IPOs in the first half of the year, Science and Technology Innovation Board and GEM played a key role in promoting enterprises to enter the capital market.<b>There are 86 and 85 companies listed on Science and Technology Innovation Board and GEM respectively, totaling 171 companies, accounting for nearly 70% (69.80%) of the total number of IPO companies; The total amount raised was 123.557 billion yuan, accounting for 58.57%.</b></p><p>It is worth mentioning that among the 245 companies, six of the top ten companies with fund-raising scale are listed on the Science and Technology Innovation Board and the Growth Enterprise Market.</p><p><img src=\"https://static.tigerbbs.com/51729fa42b4afdd80142689e60d97a78\" tg-width=\"1080\" tg-height=\"849\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/ed0408c842328128cdbd7b8dc50cd270\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>In fact, since the third quarter of 2020, Science and Technology Innovation Board and GEM have become the main power sectors of A-share IPOs of enterprises. From Q3 2020 to Q2 2021, the total number of IPOs on the Science and Technology Innovation Board and GEM was 118, 60, 69 and 102. The proportions were 67.05%, 59.41%, 69.00% and 70.34%, respectively.</p><p><img src=\"https://static.tigerbbs.com/75e25c534d0a1bceae1c477e792df331\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Among them, the Science and Technology Innovation Board has performed brightly since its official opening on June 13th, 2019. By June 30th this year, 301 companies have been listed.</p><p>In 2019, 70 companies landed on the Science and Technology Innovation Board, including Kingsoft Office, Transsion Holdings, Montage Technology, Bloomage Bio, etc. 145 in 2020, including SMIC, Foxit Software, Cambrian, CR Micro, Cathay Biotech, etc.; In the first half of 2021, there were 86 companies, including Tianneng, China Net Software, Shengyi Electronics, etc.</p><p>Since the second quarter of 2020, the number of listed companies on the Science and Technology Innovation Board has maintained around 30%-40% of the number of listed companies in the entire A-share market, which has become an important part of China's capital market.</p><p><img src=\"https://static.tigerbbs.com/e0a0f2f0a2c9de752697740e80f69462\" tg-width=\"1023\" tg-height=\"779\" referrerpolicy=\"no-referrer\"></p><p>Insiders pointed out that the listing conditions of science and technology innovation board are more diversified and inclusive, and the issuance and pricing links are more market-oriented, which can well adapt to the differentiated financing needs of science and technology enterprises of different types and different development stages. It is expected that in the second half of the year, the Science and Technology Innovation Board will continue to maintain its vitality and contribute to the entire A-share market.</p><p>Guosheng Strategy Zhang Qiyao's team believes that as market funds shift from incremental entry to stock game, the high growth rate in the second half of 2021 is the key to success, and at present, Science and Technology Innovation Board is the sector with the highest growth rate of A shares.</p><p>According to the Deloitte report, it is estimated that 180-210 new shares will be issued on the Science and Technology Innovation Board and the Growth Enterprise Market in the second half of the year. Among them, the financing amount of Science and Technology Innovation Board may reach 130 billion-170 billion yuan, and the financing amount of GEM may reach 160 billion-200 billion yuan.</p><p><b>Industry distribution-food and beverage, healthcare and other sectors are looking good</b></p><p>According to the statistics of EqualOcean, 245 A-share listed companies in the first half of 2021 were mainly distributed in<b>Capital goods, materials II, technical hardware and equipment</b>And other fields.</p><p>Among them, the number of IPOs and the amount of funding raised of capital goods rank first. This segment mainly covers the fields of construction and engineering, industrial machinery, aerospace and national defense, electrical components and equipment, etc., including 63 enterprises such as Tianneng, Dongwei Technology and Kehui, with a total IPO raised of 36.915 billion yuan, accounting for 17.50% of the total A-share IPO raised in the first half of 2021.</p><p>Materials II segment covers diversified chemicals, industrial gases, building materials and other fields, including 27 enterprises such as Lianke Technology, Jingxue Energy Saving and Jiangsu Boyun, with a total fund-raising of 16.056 billion yuan, accounting for 7.61%.</p><p>The hardware and equipment segment covers the fields of electronic components, electronic equipment and instruments, including 27 enterprises such as Hehui Optoelectronics, Shengyi Electronics and Darui Electronics, with a total fund-raising of 26.766 billion yuan, accounting for 12.69%.</p><p><img src=\"https://static.tigerbbs.com/532863e70d224c14b7a8113ab096afa8\" tg-width=\"1034\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/51d20aedb320b2e59a99f133d166c8e0\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>In 2020, A-share sectors such as food, beverage and tobacco, healthcare equipment and services, pharmaceuticals, biotechnology and life sciences, automobiles and auto parts, consumer durable goods and apparel, etc. saw gratifying gains. In particular, the food, beverage and tobacco segments and healthcare equipment and services segments recorded annual increases of 77.01% and 73.93% respectively.</p><p>In the first half of this year, the situation of the above-mentioned related sectors is still good.</p><p><b>There are 15 IPOs in the food, beverage and tobacco sector, with a total fund-raising of 14.349 billion yuan, accounting for 6.80%.</b>Among them, Dongpeng Beverage and Ligao Food have both increased by more than 400% as of June 30th.</p><p><b>Healthcare & Services, Pharmaceuticals, Biotechnology & Life Sciences</b>It is still a track that attracts much attention from capital. Especially in the context of the raging global epidemic, more capital has entered to push up the market value of related enterprises. These two major tracks<b>There are 18 listed companies, raising a total of 14.104 billion yuan, accounting for 6.69% of the total A-share IPO fundraising.</b></p><p><b>Corporate Performance-Up to 1356.01%</b></p><p><b>As of June 30, 95% of the 245 companies listed on A shares in the first half of 2021 saw their share prices rise.</b>Among them, 137 companies increased by more than 100%, accounting for more than 55.92%; There are 11 enterprises with an increase of over 500%, accounting for 4.50%. Only 12 companies experienced share price declines.</p><p>Among the 137 companies with an increase of more than 100%, there are 108 companies from GEM and Science and Technology Innovation Board, accounting for 78.83%, accounting for 44.08% of the 245 listed companies.</p><p>Among them, Micro-Nano Technology, which landed on the Science and Technology Innovation Board on June 23rd, has increased by 1356.01% since its listing. The company belongs to the pharmaceutical, biotechnology and life sciences sectors. In the first half of 2021, 18 companies in this sector were listed, of which 17 were from the Science and Technology Innovation Board, with an average increase of over 281% since listing.</p><p><img src=\"https://static.tigerbbs.com/c221b7f2a7d818ce77684c3a47c51a9c\" tg-width=\"1020\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/644688fcab1b023fafd1dcfb1d51c4ae\" tg-width=\"1067\" tg-height=\"921\" referrerpolicy=\"no-referrer\"></p><p>Since the listing, the top ten companies with stock price declines are mainly distributed in the main board and GEM of Shanghai and Shenzhen stock markets, and only one company, Jushi Chemical, comes from the Science and Technology Innovation Board.</p><p>It can be seen,<b>The overall performance of companies listed on Science and Technology Innovation Board and GEM is stronger than that of the main board.</b></p><p><b>Hong Kong Stocks: The Secondary Listing Boom of China Concept Stocks Continues</b></p><p>In the first half of 2021, the number of IPOs in the Hong Kong stock market was 46, representing a year-on-year decrease of 22%; The total amount raised was approximately HK$212.95 billion, representing a year-on-year increase of 138% and a record high.</p><p>Among them,<b>Thirty-nine Chinese-funded enterprises went public in Hong Kong, raising a total of HK$ 209.713 billion, or about RMB 181,7063 billion (at the exchange rate on July 1st).</b>Compared with 38 companies and approximately RMB 82.6 billion in the same period of 2020, the number of IPOs was basically the same, and the total fund-raising increased by 119.98%.</p><p>Combined with the number of IPOs and the total amount of initial fundraising,<b>Pharmaceutical, Biotechnology and Life Sciences</b>And<b>Software & Services</b>The two major sectors performed outstanding, with 7 and 5 successful IPOs respectively, raising HK$20.271 billion and HK$102.484 billion.</p><p><img src=\"https://static.tigerbbs.com/431a49b8ff0d6098d54e99717216c2a0\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/23ed6805ab60f06b4055dff26f680d2e\" tg-width=\"1080\" tg-height=\"933\" referrerpolicy=\"no-referrer\"></p><p>In the software and service track, four companies, namely Aauto Quicker, Baidu Group, Bilibili and Autohome, ranked in the top ten among 39 Chinese-funded enterprises listed in Hong Kong in terms of fund-raising scale.<b>Aauto Quicker, Baidu Group, Bilibili and JD.COM Logistics,</b>It also ranked among the top ten global financing scales in the first half of the year.</p><p>The considerable amount of fundraising by these giant companies has doubled the total financing growth of the Hong Kong stock market in the first half of 2021.</p><p><img src=\"https://static.tigerbbs.com/e41f3c53b400ae5b3383da998081a9b6\" tg-width=\"1021\" tg-height=\"883\" referrerpolicy=\"no-referrer\"></p><p>In recent years, the boom of Hong Kong stocks stems from a series of reform measures that are beneficial to the new economic component. In April 2018, the Hong Kong Stock Exchange revised its listing mechanism. After accepting companies with different rights structures of individual shareholders in the same shares to be listed in Hong Kong, it successively ushered in new economic companies such as Xiaomi, Meituan and Alibaba.</p><p>In 2020, there was a wave of secondary listing of Chinese concept stocks in the Hong Kong market and it has continued to this day. Wind statistics show that in 2020, the IPO scale of Hong Kong stocks reached HK$397.528 billion, ranking third in the world after US stocks and A shares; Among the top ten IPOs, China Stock Return Company occupies 6 seats.</p><p>Nowadays, more and more giant enterprises choose to go to Hong Kong for secondary listing, such as China Duty Free, the world's largest travel retail operator and duty-free giant. China Duty Free announced on June 28th that the company had submitted a prospectus to the HKEx on June 25th.</p><p>Zhu Yayi, a partner at KPMG China, predicts that,<b>In the next few quarters, the momentum of IPO activities in new economic sectors such as healthcare, life sciences, logistics and supply chain, and financial technology in Hong Kong stocks will remain strong.</b></p><p><b>US Stocks: Over 70% IPO China Stock Price Falls</b></p><p>In the first half of 2021, the enthusiasm of Chinese-funded enterprises to go public in the United States was unprecedented, and the number of IPOs and the amount of fundraising both increased sharply compared with the same period last year. This is<b>Since 2019, it has been one and a half years with the largest number of Chinese-funded enterprises going to the United States for IPO and the largest amount of financing.</b></p><p>As of June 30th, there were 36 Chinese-funded enterprises that went to the United States for IPO in the first half of this year, of which 23 landed on Nasdaq and 13 landed on the New York Stock Exchange. The total amount of initial fundraising was USD 13.662 billion, or about RMB 83.31 billion (at the exchange rate on July 1).</p><p><img src=\"https://static.tigerbbs.com/3701e108f4e550347e3b116ca79250f4\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"></p><p>Among these listed companies, there are many star enterprises that have attracted much attention from the capital market. For example, Didi Chuxing, a domestic travel giant listed on June 30th, Manbang Group and Tucson Future in the automobile field, Dingdong, a fresh e-commerce platform, shopping for groceries and daily fresh, and then there are BOSS Direct Recruitment, Water Drop Company, Fog Core Technology, the parent company of e-cigarette giant RELX, and Zhihu.</p><p>The above-mentioned star enterprises all ranked in the top ten in terms of fund-raising amount of China concept stocks in the first half of 2021. From the perspective of industry distribution, the top ten financing amounts are mainly concentrated in the software and service industry, with 7 companies in total; Food, Beverage and Tobacco, Diversified Finance, and Retail.</p><p><img src=\"https://static.tigerbbs.com/20cf6bf7560df89ae0e5891e6f7c7915\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"></p><p>From the total amount of initial fundraising, the top three industries are<b>Software & Services, Food, Beverage & Tobacco, Retail.</b>It is worth noting that in the food, beverage and tobacco industry, there is only one IPO of Fog Core Technology, but its initial fundraising amount is as high as $1.398 billion.</p><p><img src=\"https://static.tigerbbs.com/7e1ce0323249135e57f22e0d7025eaf3\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/470970f31dcf9aef7c957de60c5e3168\" tg-width=\"1080\" tg-height=\"922\" referrerpolicy=\"no-referrer\"></p><p>Judging from the stock price performance of the company after listing,<b>As of June 30th, the share prices of 6 of the 36 Chinese stocks rose and 28 fell (Didi Chuxing and Pupu Culture, which were listed on June 30th, did not record the share price rise and fall data).</b></p><p>There are only three companies with an increase of more than 50%, among which Tucson has the largest increase in the future, at 78.10%, followed by Ding Dong shopping 62.84% and Zhihu 59.53%.</p><p>Sixteen companies fell by more than 30%, including Water Drop Company (-33.20%), an insurance technology platform listed on May 7th, and Onion Group (-38.14%), a cross-border e-commerce platform, and Fog Core Technology (-70.42%) listed in January.</p><p>Although the enthusiasm of Chinese-funded enterprises for financing in the United States remains undiminished, the market performance is not satisfactory at present. At present, China's strengthening of the control of data leakage risks of companies listed in the United States has also brought more uncertainties to companies listed in the United States in the second half of the year.</p><p><b>epilogue</b></p><p>Looking back at the IPO boom in the first half of the year, Chinese-funded enterprises have shown strong strength in the global capital market.<b>In the first half of 2021, half of the top 10 listed companies in the world in terms of financing volume were from Hong Kong and Mainland China.</b></p><p><img src=\"https://static.tigerbbs.com/3ce3186d8fcfbc58b32caf953225e9b3\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>Looking forward to the second half of 2021, although there is great uncertainty in US stocks due to the strengthening of regulation, the capital markets of A shares and Hong Kong stocks can still be expected.</p><p>Ernst & Young's report mentioned that as of June 21st, there were 633 queuing companies in A shares; Among them, Science and Technology Innovation Board and GEM are the main forces for listing. 55% of queuing companies plan to be listed on GEM, and 23% of queuing companies plan to be listed on Science and Technology Innovation Board.</p><p>Deloitte's report also pointed out that in terms of A shares, with the stable issuance of Science and Technology Innovation Board and the registration system reform of GEM, the number of IPOs will increase greatly, and small and medium-sized manufacturing and technology industries will take the lead in the number of issuances. In terms of Hong Kong stocks, it is expected that the new stock market in Hong Kong will raise more than HK$400 billion in 2021, and the upsurge of secondary listing of Chinese concept stocks returning to Hong Kong will continue.</p><p>* Note: Chinese-funded enterprises include A shares + US stocks + Hong Kong stocks; Among them, Hong Kong Chinese shares include H shares, red chip shares and Chinese private shares.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/c7tv_xfpLn8IjfDer9tHpg\">亿欧网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/266ab84342c6ca65b538d0b42bc1dc4e","relate_stocks":{"399001":"深证成指","399006":"创业板指",".IXIC":"NASDAQ Composite","HSI":"恒生指数","000001.SH":"上证指数",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://mp.weixin.qq.com/s/c7tv_xfpLn8IjfDer9tHpg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155545983","content_text":"320家中资企业全球资本市场征战。\n\n6月30日，奈雪的茶高调登陆港股，首日破发，当日收报17.12港元，较发行价跌13.54%，引发二级市场“骚动”。滴滴出行则低调在美国纽交所挂牌，当日盘中一度上涨28.6%，最后收于14.14美元，市值678亿美元。\n一高一低之间，上半年中资企业IPO热潮终于迎来完美收官。而这两家企业的上市表现，也多少成了这次IPO热潮的缩影——在资本市场里，总是有人高歌狂欢，也有人失望落寞。\n在全球经济稳步复苏的大背景之下，2021年全球IPO市场表现活跃。\n毕马威近期发布报告指出，上半年全球资本市场募资总额和上市总数分别为2100亿美元和1047家，较去年同期分别增长196%和134%。\n这其中，中国A股和中国香港市场贡献了关键力量。截至6月23日，在IPO募资总额排名前五的证券交易所中，港交所以260亿美元位列第三，上交所以206亿美元排名第四，仅次于纳斯达克和纽交所。\n在这排名前四的交易所里，随处可见中资企业身影。据亿欧EqualOcean统计，上半年IPO热潮中，共有320家中资企业在A股（245家）、港股（39家）、美股（36家）成功上市。\nA股：七成企业在科创板和创业板上市\n整体概况——IPO总数较去年翻倍\n2021年上半年，A股沪深两市共有245家企业上市，较2020年同期增加了126家，同比增长105.88%。首发募资总额达到2109.50亿元人民币，较2020年同期增长51.46%。\n从IPO数量和融资额度来看，在过去两年半，A股市场2021年上半年的表现仅次于2020年下半年。\n\n对于这场中资企业IPO热潮的成因，市场普遍认为是国内经济稳步复苏以及资本市场制度完善带来的积极影响。\n德勤中国全国A股市场华东区合伙人赵海舟指出，上半年A股市场IPO较去年同期活跃主要是新证券法实施、创业板注册制改革带来的成果。\n由于注册制审核程序相对简单，可以有效加快企业上市进度，同时，注册制之下企业上市门槛相对较低，一些营收少、利润低甚至亏损的企业，也可以在其他条件满足的情况下在科创板完成上市。因而，科创板和创业板也成为了众多企业的上市首选。\n从上半年IPO的245家企业分布板块来看，科创板和创业板在推动企业进入资本市场方面发挥了关键作用。在科创板和创业板上市的企业分别有86家和85家，合计171家，占IPO企业总数近七成（69.80%）；募集总额1235.57亿元，占比58.57%。\n值得一提的是，245家企业中，募资规模前十的企业有6家是在科创板和创业板上市。\n\n\n其实自2020年第三季度以来，科创板和创业板就成为企业A股IPO的主要发力板块。2020年Q3-2021年Q2，科创板和创业板IPO总数为118家，60家，69家和102家。占比分别为67.05%、59.41%、69.00%、70.34%。\n\n其中，科创板更是从2019年6月13日正式开板以来就表现亮眼，至今年6月30日已迎来301家企业上市。\n2019年全年有70家公司登陆科创板，包括金山办公、传音控股、澜起科技、华熙生物等；2020年145家，包括中芯国际、福昕软件、寒武纪、华润微、凯赛生物等；2021年上半年86家，包括天能股份、中网软件、生益电子等。\n2020年第二季度以来，科创板上市企业数量在整个A股市场上市企业数量占比一直维持在30%-40%上下，已然成为我国资本市场的重要组成部分。\n\n业内人士指出，科创板在上市条件更加多样化也更具包容性，发行定价环节也更加市场化，能够很好地适应不同类型、不同发展阶段科创企业的差异化融资需求。预计在下半年，科创板将持续保持活力，为整个A股市场贡献力量。\n国盛策略张启尧团队认为，随着市场资金由增量入场转向存量博弈，2021年下半年高增速是制胜关键，而眼下科创板就是A股增速最高的板块。\n另据德勤报告预计，下半年科创板和创业板均将会有180-210只的新股发行数量。其中，科创板融资额或达1300亿-1700亿元，创业板融资额或达1600亿-2000亿元。\n行业分布——食品饮料、医疗保健等板块态势见好\n亿欧EqualOcean统计发现，2021年上半年A股245家上市企业主要分布在资本货物、材料II、技术硬件与设备等领域。\n其中，资本货物的IPO数量和筹资额均列第一。该板块主要覆盖建筑与工程、工业机械、航天航空与国防、电气部件与设备等领域，包括天能股份、东威科技、科汇股份等共63家企业，IPO募资总额369.15亿元，占2021年上半年A股IPO募资总额17.50%。\n材料II板块覆盖多元化工、工业气体、建材等领域，包括联科科技、晶雪节能、江苏博云等共27家企业，募资总额160.56亿元，占比7.61%。\n技术硬件与设备板块覆盖电子元件、电子设备与仪器等领域，包括和辉光电、生益电子、达瑞电子等27家企业，募资总额267.66亿元，占比12.69%。\n\n\n2020年，A股食品、饮料与烟草，医疗保健设备与服务，制药、生物科技与生命科学，汽车与汽车零部件，耐用消费品服装等板块涨势喜人。尤其是食品、饮料与烟草板块，医疗保健设备与服务板块，年度涨幅分别达到77.01%和73.93%。\n今年上半年，上述相关板块的态势依然见好。\n食品、饮料与烟草板块共有15家企业IPO，募资总额达到143.49亿元，占比6.80%。其中，东鹏饮料和立高食品截至6月30日，股价涨幅均超过400%。\n医疗保健与服务，制药、生物科技与生命科学，也依然是备受资本关注的赛道。特别是在全球疫情肆虐的大背景下，更多资本进入推高相关企业市值。这两大赛道共有18家上市企业，共募集资金141.04亿元，占A股IPO募资总额6.69%。\n企业表现——涨幅最高达1356.01%\n截至6月30日，2021年上半年在A股上市的245家企业中，95%的企业股价上涨。其中，涨幅超100%共有137家，占比超过55.92%；涨幅超500%的企业有11家，占比4.50%。仅有12家企业出现股价下跌。\n在涨幅100%以上的137家企业中，来自创业板和科创板的企业共有108家，占比78.83%，在245家上市企业中占比44.08%。\n其中，6月23日登陆科创板的微纳科技上市以来涨幅高达1356.01%，该企业属于制药、生物科技与生命科学板块。该板块2021上半年有18家企业上市，其中有17家来自科创板，上市以来平均涨幅超281%。\n\n\n而上市以来股价跌幅前十的企业主要分布在沪深两市主板和创业板，仅一家企业聚石化学来自科创板。\n可见，科创板与创业板上市企业整体表现较主板强。\n港股：中概股二次上市热潮持续\n2021年上半年港股市场IPO数量46家，同比下降22%；募资总额约2129.5亿港元，同比增长138%，创下历史新高。\n其中，39家中资企业赴港上市，共募资2097.13亿港元，约合1817.063 亿人民币（按7月1日汇率）。相比2020年同期的38家和约826亿元人民币，IPO数量基本持平，募资总额增长119.98%。\n综合IPO数量和首发募资总额来看，制药、生物科技与生命科学和软件与服务两大板块表现较突出，分别有7家和5家企业成功IPO，募得资金202.71亿港元和1024.84亿港元。\n\n\n在软件与服务赛道，快手、百度集团、哔哩哔哩、汽车之家4家企业募资规模在39家赴港上市中资企业中排名前十。快手、百度集团、哔哩哔哩与京东物流，还位列上半年全球融资规模前十榜单。\n这些巨头企业可观的募资额，推动了港股市场2021年上半年融资总额增长翻倍。\n\n近年来的港股热潮，源于一系列利好新经济成分的改革措施。港交所在2018年4月修改了上市机制，接受个人股东同股不同权架构的公司在港上市之后，陆续迎来了小米、美团、阿里巴巴等新经济公司入驻。\n2020年香港市场出现中概股二次上市浪潮并延续至今。Wind数据统计显示，2020年港股IPO发行规模达到3975.28亿港元，仅次于美股和A股，排名全球第三；前十大IPO中，中概股回归公司占据6席。\n而今，越来越多巨头企业选择赴港二次上市，比如全球最大的旅游零售运营商、免税巨头中国中免。中国中免于6月28日发布公告称，公司已于6月25日向港交所递交招股书。\n毕马威中国合伙人朱雅仪预计，未来几个季度，港股医疗保健、生命科学、物流和供应链、及金融科技等新经济板块，新股上市活动势头将维持强劲。\n美股：超7成IPO中概股股价下跌\n2021年上半年，中资企业赴美上市热情空前，IPO数量和募资额度都较去年同期大幅上涨。这是2019年至今，赴美IPO中资企业数量最多、融资额最大的一个半年度。\n截至6月30日，今年上半年赴美IPO的中资企业共有36家，其中有23家登陆纳斯达克，13家在纽交所登陆。首发募资总额为136.62亿美元，约合833.1亿元人民币（按7月1日汇率）。\n\n这些上市企业中不乏备受资本市场关注的明星企业。比如6月30日上市的国内出行巨头滴滴出行，汽车领域的满帮集团、图森未来等，生鲜电商平台叮咚买菜、每日优鲜，再往前还有BOSS直聘、水滴公司、电子烟巨头悦刻的母公司雾芯科技、知乎等。\n上述明星企业均位列2021年上半年中概股募资额前十。从行业分布来看，融资额前十主要集中在软件与服务行业，共有7家；食品、饮料与烟草，多元金融，零售业各1家。\n\n从首发募资总额来看，排名前三的行业分别为软件与服务，食品、饮料与烟草，零售业。值得注意的是，食品、饮料与烟草行业仅有雾芯科技1家企业IPO，但其首发募资额高达13.98亿美元。\n\n\n从企业上市后股价表现来看，截至6月30日，36家中概股中6家股价上涨、28家下跌（6月30日上市滴滴出行和普普文化未录得股价涨跌数据）。\n涨幅超50%的企业仅有3家，其中图森未来涨幅最大，为78.10%，其次是叮咚买菜62.84%，知乎59.53%。\n有16家企业下跌幅度超30%，包括5月7日上市的保险科技平台水滴公司（-33.20%）和跨境电商平台洋葱集团（-38.14%），1月份上市的雾芯科技（-70.42%）等。\n尽管中资企业赴美融资热情不减，但目前来看市场表现不尽如人意。眼下，国内加强对赴美上市企业存在的数据泄露风险的管控，也给下半年赴美上市的企业带来了更多的不确定因素。\n结语\n回顾上半年IPO热潮，中资企业在全球范围内的资本市场表现出强劲实力。2021年上半年上市企业融资额全球前十的企业中，半数企业来自中国香港和内地。\n\n展望2021年下半年，虽然美股由于监管加强存在较大不确定性，但A股和港股资本市场仍可期待。\n安永报告提到，截至6月21日，A股共有633家排队企业；其中科创板和创业板是上市的主力军，有55%的排队企业计划在创业板上市，23%的排队企业计划在科创板上市。\n德勤报告也指出，A股方面，随着科创板的稳定发行以及创业板的注册制改革， IPO数量会有较大增长，中小规模的制造和科技行业会在发行数量上处于领先。港股方面，预期2021年香港新股市场可融资超过4000亿港元，而中概股回港二次上市热潮仍将持续。\n*注：中资企业包括A股+美股中概股+港股中资股；其中，港股中资股包括H股、红筹股、中资民营股。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,".DJI":0.9,"000001.SH":0.9,"HSI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3903,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149698727,"gmtCreate":1625720027269,"gmtModify":1703747088123,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/149698727","repostId":"1106178279","repostType":4,"repost":{"id":"1106178279","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625717822,"share":"https://ttm.financial/m/news/1106178279?lang=en_US&edition=fundamental","pubTime":"2021-07-08 12:17","market":"us","language":"zh","title":"Central Bank: Bitcoin has potential risks that threaten financial security and social stability","url":"https://stock-news.laohu8.com/highlight/detail?id=1106178279","media":"老虎资讯综合","summary":"在7月8日（星期四）举行国务院政策例行吹风会上，中国央行副行长范一飞表示，数字货币发行主体可以分成私人数字货币以及央行数字货币。私人数字货币的典型代表是比特币等这样的货币，也包括推出的各种所谓“稳定币","content":"<p>At the regular briefing of the State Council's policies on Thursday, July 8th, Fan Yifei, deputy governor of the People's Bank of China, said that digital currency issuers can be divided into private digital currency and central bank digital currency.<b>Typical representatives of private digital currencies are such currencies as Bitcoin, as well as various so-called \"stablecoins\" launched. These currencies themselves have become a speculative instrument, which has occurred in the market, and there are also potential risks that threaten financial security and social stability.</b>At the same time, it has also become a payment tool for some money laundering and illegal economic activities. The so-called \"stablecoins\" of some commercial institutions, especially the global \"stablecoins\", may bring risks and challenges to the international monetary system, payment and clearing system, etc. We are still worried about this problem, so we have taken some measures.</p><p>Fan Yifei pointed out that the central bank will continue to regulate irregular behaviors in the payment market while promoting the better and faster development of the payment market. Some time ago, some interviews were conducted, including the antitrust situation of Ant Group, and relevant information was disclosed.<b>In fact, the phenomenon of monopoly does not exist only in Ant Group, but also in other institutions. We will also implement the measures taken by Ant Group to other payment service market players.</b></p><p>Fan Yifei said that at present, we are in the pilot process of digital RMB. We have always paid close attention to the impact of these digital RMB on the monetary system, monetary policy and financial stability. We also strive to ensure that the impact of digital RMB system on these macro aspects is minimized through business, technology and policy design. For the digital RMB pilot, we mainly use the whitelist invitation method. As far as I know, the whitelist users have reached 10 million.</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>Central Bank: Bitcoin has potential risks that threaten financial security and social stability</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCentral Bank: Bitcoin has potential risks that threaten financial security and social stability\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-08 12:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>At the regular briefing of the State Council's policies on Thursday, July 8th, Fan Yifei, deputy governor of the People's Bank of China, said that digital currency issuers can be divided into private digital currency and central bank digital currency.<b>Typical representatives of private digital currencies are such currencies as Bitcoin, as well as various so-called \"stablecoins\" launched. These currencies themselves have become a speculative instrument, which has occurred in the market, and there are also potential risks that threaten financial security and social stability.</b>At the same time, it has also become a payment tool for some money laundering and illegal economic activities. The so-called \"stablecoins\" of some commercial institutions, especially the global \"stablecoins\", may bring risks and challenges to the international monetary system, payment and clearing system, etc. We are still worried about this problem, so we have taken some measures.</p><p>Fan Yifei pointed out that the central bank will continue to regulate irregular behaviors in the payment market while promoting the better and faster development of the payment market. Some time ago, some interviews were conducted, including the antitrust situation of Ant Group, and relevant information was disclosed.<b>In fact, the phenomenon of monopoly does not exist only in Ant Group, but also in other institutions. We will also implement the measures taken by Ant Group to other payment service market players.</b></p><p>Fan Yifei said that at present, we are in the pilot process of digital RMB. We have always paid close attention to the impact of these digital RMB on the monetary system, monetary policy and financial stability. We also strive to ensure that the impact of digital RMB system on these macro aspects is minimized through business, technology and policy design. For the digital RMB pilot, we mainly use the whitelist invitation method. As far as I know, the whitelist users have reached 10 million.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/84fe7ef419cfbaaf95ccd6157b232e24","relate_stocks":{"06688":"蚂蚁集团","GBTC":"比特币ETF-Grayscale","09988":"阿里巴巴-W","00700":"腾讯控股","BABA":"阿里巴巴"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106178279","content_text":"在7月8日（星期四）举行国务院政策例行吹风会上，中国央行副行长范一飞表示，数字货币发行主体可以分成私人数字货币以及央行数字货币。私人数字货币的典型代表是比特币等这样的货币，也包括推出的各种所谓“稳定币”。这些货币本身已经成为一个投机性工具，市场出现了这种情况，也存在威胁金融安全和社会稳定潜在的风险。同时，也成为一些洗钱和非法经济活动的支付工具。一些商业机构所谓的“稳定币”，特别是全球性的“稳定币”，有可能会给国际货币体系、支付清算体系等带来风险和挑战，我们对这个问题还是比较担心的，所以我们采取了一些措施。\n范一飞指出，央行还会继续本着促使支付市场更好更快发展的同时，针对支付市场出现的不规范行为，还持续予以规范。前段时间，包括像蚂蚁集团反垄断情况进行了一些约谈，另外也披露了相关信息。垄断现象其实不仅仅存在于蚂蚁集团一家，其他机构也有这样的情况。对蚂蚁集团采取的措施，我们也会推行到其他的支付服务市场主体。\n范一飞表示，目前我们正在数字人民币的试点过程之中，这些数字人民币究竟对货币体系、货币政策、金融稳定带来哪些影响，我们始终高度关注，我们也努力通过业务、技术和政策设计，确保数字人民币体系对这些宏观方面的影响降到最低。针对数字人民币试点，我们主要是白名单邀请方式，据我所知，白名单用户已达1000万。","news_type":1,"symbols_score_info":{"688688":0.9,"06688":0.9,"GBTC":0.9,"BTCmain":0.9,"XBTmain":0.9,"MBTmain":0.9,"09988":0.9,"BABA":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":1269,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":140151399,"gmtCreate":1625640331811,"gmtModify":1703745460028,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140151399","repostId":"1120175170","repostType":4,"repost":{"id":"1120175170","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625616736,"share":"https://ttm.financial/m/news/1120175170?lang=en_US&edition=fundamental","pubTime":"2021-07-07 08:12","market":"hk","language":"zh","title":"Connoya-B has a successful rate of 6.5% in the first lot, and 70 subscriptions have won the first lot steadily","url":"https://stock-news.laohu8.com/highlight/detail?id=1120175170","media":"老虎资讯综合","summary":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买","content":"<p>On July 7,<a href=\"https://laohu8.com/S/02162\">Connoya-B.</a>Announced that the company offered 58,264,500 shares globally, including 29,133,000 shares offered in Hong Kong, 29,131,500 shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$53.3 per Offer Share with board lot of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 6.5% in one lot, and 70 lots are subscribed for a steady one.</p><p>The head of Group B is 100,000 shares (200 lots) and will be allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly over-subscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly over-subscribed. A total of 249,663 valid applications were received for a total of 2,505 million Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>Pursuant to the relevant Cornerstone Investment Agreements and at the Offer Price of HK$53.3 per Offer Share, the Cornerstone Investors have subscribed for a total of 27,671,500 Offer Shares, representing in aggregate approximately 10.21% of the issued share capital of the Company immediately following the completion of the Global Offering; and approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the Offer Price of HK$53.3 per Offer Share and assuming the Over-allotment Option is not exercised, the net proceeds to be received by the Company from the Global Offering are estimated to be approximately HK$2,942 million. The Company intends to use approximately 60% of the proceeds from the Global Offering in the next three to five years, which will be mainly used for the research and development and commercialization of the Company's core and major products; Approximately 15% will be used for preclinical evaluation and clinical development of the company's other product candidates; Approximately 15% will be used for the lease payments of the Group's new production and research and development facilities and the purchase of machinery and equipment; and approximately 10% will be used for general corporate and working capital purposes of the Company.</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>Connoya-B has a successful rate of 6.5% in the first lot, and 70 subscriptions have won the first lot steadily</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nConnoya-B has a successful rate of 6.5% in the first lot, and 70 subscriptions have won the first lot steadily\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-07 08:12</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 7,<a href=\"https://laohu8.com/S/02162\">Connoya-B.</a>Announced that the company offered 58,264,500 shares globally, including 29,133,000 shares offered in Hong Kong, 29,131,500 shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$53.3 per Offer Share with board lot of 500 Shares; Morgan Stanley, CICC and Huatai International are the joint sponsors and the Shares are expected to be listed on the Main Board of the Stock Exchange on 8 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/ffe520ea4c4648301be1073719bc59d2\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 6.5% in one lot, and 70 lots are subscribed for a steady one.</p><p>The head of Group B is 100,000 shares (200 lots) and will be allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/9e8bc94bdf351e1dd77892b82b696c82\" tg-width=\"584\" tg-height=\"720\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/2b7f4b3aff70b5b331701d85b7ec3616\" tg-width=\"579\" tg-height=\"716\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly over-subscribed, representing approximately 21.9 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Offer Shares initially offered under the Hong Kong Public Offering have been significantly over-subscribed. A total of 249,663 valid applications were received for a total of 2,505 million Hong Kong Offer Shares, representing approximately 429.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>Pursuant to the relevant Cornerstone Investment Agreements and at the Offer Price of HK$53.3 per Offer Share, the Cornerstone Investors have subscribed for a total of 27,671,500 Offer Shares, representing in aggregate approximately 10.21% of the issued share capital of the Company immediately following the completion of the Global Offering; and approximately 47.49% of the number of Offer Shares under the Global Offering (assuming that the Over-allotment Option is not exercised in each case).</p><p>Based on the Offer Price of HK$53.3 per Offer Share and assuming the Over-allotment Option is not exercised, the net proceeds to be received by the Company from the Global Offering are estimated to be approximately HK$2,942 million. The Company intends to use approximately 60% of the proceeds from the Global Offering in the next three to five years, which will be mainly used for the research and development and commercialization of the Company's core and major products; Approximately 15% will be used for preclinical evaluation and clinical development of the company's other product candidates; Approximately 15% will be used for the lease payments of the Group's new production and research and development facilities and the purchase of machinery and equipment; and approximately 10% will be used for general corporate and working capital purposes of the Company.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03b737852f586e2640047e4e68a010a4","relate_stocks":{"02162":"康诺亚-B"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120175170","content_text":"7月7日，康诺亚-B发布公告，公司全球发售5826.45万股股份，其中香港发售股份2913.3万股，国际发售股份2913.15万股，另有15%超额配股权；发售价已厘定为每股发售股份53.3港元，每手买卖单位500股；摩根士丹利、中金公司及华泰国际为联席保荐人，预期股份将于2021年7月8日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率6.5%，认购70手稳中一手。\n乙组头为10万股（200手），获配1000股（2手）。\n\n国际发售项下初步提呈发售的发售股份已获大幅超额认购，相当于国际发售项下初步可供认购发售股份总数的约21.9倍。香港公开发售项下初步提呈发售的香港发售股份已获极大幅超额认购。合共接获249,663份有效申请，认购合共25.05亿股香港发售股份，相当于香港公开发售项下初步可供认购香港发售股份总数约429.97倍。\n根据相关基石投资协议及按发售价每股发售股份53.3港元计算，基石投资者已认购合共2767.15万股发售股份，合计占紧随全球发售完成后公司已发行股本约10.21%；及全球发售项下发售股份数目约47.49%(假设于各情况下超额配售权均未获行使)。\n按发售价每股发售股份53.3港元计算，并假设超额配售权未获行使，公司将收取的全球发售所得款项净额估计约为29.42亿港元。公司拟将全球发售所得款项约60%于未来三至五年内，将主要用于公司核心及主要产品的研发及商业化；约15%将用于公司其他在研产品的临床前评估及临床开发；约15%将用于集团新生产及研发设施的租赁付款，及购买机械及设备；及约10%将用于公司的一般企业及营运资金用途。","news_type":1,"symbols_score_info":{"02162":0.9}},"isVote":1,"tweetType":1,"viewCount":1078,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154449400,"gmtCreate":1625541375100,"gmtModify":1703743353324,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/154449400","repostId":"1165762531","repostType":4,"repost":{"id":"1165762531","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625527248,"share":"https://ttm.financial/m/news/1165762531?lang=en_US&edition=fundamental","pubTime":"2021-07-06 07:20","market":"hk","language":"zh","title":"Chaoju Ophthalmology's first-hand winning rate was 5.67%, and the subscription of 18 lots was stable","url":"https://stock-news.laohu8.com/highlight/detail?id=1165762531","media":"老虎资讯综合","summary":"7月6日，朝聚眼科发布公告，公司全球发售1.7093亿股股份，其中香港发售股份8546.5万股，国际发售股份8546.5万股，另有15%超额配股权；发售价已厘定为每股发售股份10.60港元，每手买卖单","content":"<p>On July 6,<a href=\"https://laohu8.com/S/02219\">Chaoju Ophthalmology</a>Announced that the company offered 170.93 million shares globally, including 85.465 million shares offered in Hong Kong, 85.465 million shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$10.60 per Offer Share for board lot of 500 Shares;<a href=\"https://laohu8.com/S/00665\">Haitong International</a>and Huatai International as a joint sponsor, it is expected that the Shares will be listed on the Main Board of the Stock Exchange on 7 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6441c511f91e6e84af7887855b0edc92\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 5.67%, and 18 subscriptions are stable.</p><p>Group B had 500,000 shares (1,000 lots) and was allocated 23,000 shares (46 lots).<img src=\"https://static.tigerbbs.com/c6d46a2302cf5f5cd13d74bd999ba571\" tg-width=\"551\" tg-height=\"433\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/22d1f538f9c2dfe684d9be93e828fe18\" tg-width=\"556\" tg-height=\"762\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48b32d1999086d04329dfb7fa00773ce\" tg-width=\"553\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly over-subscribed by approximately 17.83 times. The Offer Shares initially offered under the Hong Kong Public Offering have been very substantially over-subscribed. A total of 153,275 valid applications were received for a total of 1,948 million Shares, representing approximately 113.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>Based on the Offer Price of HK$10.60 per Offer Share, pursuant to the Cornerstone Investment Agreement, the Cornerstone Investors have subscribed for a total of 74,674,500 Offer Shares, representing in aggregate approximately 10.86% of the issued share capital of the Company immediately following the completion of the Global Offering; and approximately 43.69% of the number of Offer Shares under the Global Offering (assuming the Over-allotment Option is not exercised).</p><p>Based on the latest estimates, based on the Offer Price of HK$10.60 per Offer Share, the net proceeds received by the Company from the Global Offering are estimated to be approximately HK$1,357.1 million (assuming the Over-allotment Option is not exercised). Among them, the company intends to use approximately 35.8% of the net proceeds for the establishment of new hospitals and the relocation, upgrading and decoration of existing hospitals; Approximately 44.8% will be used to acquire hospitals in new markets with large populations and relatively high demand for ophthalmic medical services when appropriate opportunities arise; About 9.4% will be used to upgrade the company's information technology systems; And approximately 10.0% will be used for working capital and other general corporate purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chaoju Ophthalmology's first-hand winning rate was 5.67%, and the subscription of 18 lots was stable</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChaoju Ophthalmology's first-hand winning rate was 5.67%, and the subscription of 18 lots was stable\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-06 07:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 6,<a href=\"https://laohu8.com/S/02219\">Chaoju Ophthalmology</a>Announced that the company offered 170.93 million shares globally, including 85.465 million shares offered in Hong Kong, 85.465 million shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$10.60 per Offer Share for board lot of 500 Shares;<a href=\"https://laohu8.com/S/00665\">Haitong International</a>and Huatai International as a joint sponsor, it is expected that the Shares will be listed on the Main Board of the Stock Exchange on 7 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6441c511f91e6e84af7887855b0edc92\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 5.67%, and 18 subscriptions are stable.</p><p>Group B had 500,000 shares (1,000 lots) and was allocated 23,000 shares (46 lots).<img src=\"https://static.tigerbbs.com/c6d46a2302cf5f5cd13d74bd999ba571\" tg-width=\"551\" tg-height=\"433\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/22d1f538f9c2dfe684d9be93e828fe18\" tg-width=\"556\" tg-height=\"762\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48b32d1999086d04329dfb7fa00773ce\" tg-width=\"553\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly over-subscribed by approximately 17.83 times. The Offer Shares initially offered under the Hong Kong Public Offering have been very substantially over-subscribed. A total of 153,275 valid applications were received for a total of 1,948 million Shares, representing approximately 113.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>Based on the Offer Price of HK$10.60 per Offer Share, pursuant to the Cornerstone Investment Agreement, the Cornerstone Investors have subscribed for a total of 74,674,500 Offer Shares, representing in aggregate approximately 10.86% of the issued share capital of the Company immediately following the completion of the Global Offering; and approximately 43.69% of the number of Offer Shares under the Global Offering (assuming the Over-allotment Option is not exercised).</p><p>Based on the latest estimates, based on the Offer Price of HK$10.60 per Offer Share, the net proceeds received by the Company from the Global Offering are estimated to be approximately HK$1,357.1 million (assuming the Over-allotment Option is not exercised). Among them, the company intends to use approximately 35.8% of the net proceeds for the establishment of new hospitals and the relocation, upgrading and decoration of existing hospitals; Approximately 44.8% will be used to acquire hospitals in new markets with large populations and relatively high demand for ophthalmic medical services when appropriate opportunities arise; About 9.4% will be used to upgrade the company's information technology systems; And approximately 10.0% will be used for working capital and other general corporate purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"02219":"朝聚眼科"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165762531","content_text":"7月6日，朝聚眼科发布公告，公司全球发售1.7093亿股股份，其中香港发售股份8546.5万股，国际发售股份8546.5万股，另有15%超额配股权；发售价已厘定为每股发售股份10.60港元，每手买卖单位500股；海通国际及华泰国际为联席保荐人，预期股份将于2021年7月7日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率5.67%，认购18手稳中一手。\n乙组头为50万股（1000手），获配23000股（46手）。\n根据国际发售初步提呈发售的发售股份已获大幅超额认购约17.83倍。根据香港公开发售初步提呈发售的发售股份已获非常大幅超额认购。合共接获153,275份有效申请，认购合共19.48亿股，相当于根据香港公开发售初步可供认购的香港发售股份总数约113.97倍。\n基于发售价每股发售股份10.60港元计算，根据基石投资协议，基石投资者已认购合共7467.45万股发售股份，合共占紧随全球发售完成后公司已发行股本约10.86%；及全球发售项下发售股份数目约43.69%(假设超额配股权未获行使)。\n基于发售价每股发售股份10.60港元计算，根据最新估计，公司自全球发售收取的所得款项净额估计约为13.571亿港元(假设超额配股权未获行使)。其中，公司拟将所得款项净额约35.8%将用于建立新医院以及搬迁、升级及装修现有医院；约44.8%将在出现合适机遇时，用于在人口庞大且对眼科医疗服务需求相对较高的新市场中收购医院；约9.4%将用于升级公司的信息技术系统；及约10.0%将用于营运资金及其他一般企业用途。","news_type":1,"symbols_score_info":{"02219":0.9}},"isVote":1,"tweetType":1,"viewCount":1196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154330099,"gmtCreate":1625477203311,"gmtModify":1703742409240,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154330099","repostId":"1168133884","repostType":4,"repost":{"id":"1168133884","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625021330,"share":"https://ttm.financial/m/news/1168133884?lang=en_US&edition=fundamental","pubTime":"2021-06-30 10:48","market":"sg","language":"zh","title":"Reminder: U.S. stocks are closed all day on July 5th due to the U.S. Independence Day holiday","url":"https://stock-news.laohu8.com/highlight/detail?id=1168133884","media":"老虎资讯综合","summary":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月","content":"<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed for one day on July 5th (Monday), and trading will resume on July 6th (Tuesday).</b></p><p>Hong Kong shares, A shares, British shares, Australian shares and Singapore stock markets traded as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>Is the statutory national day of the United States, which is dated on July 4 each year to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. America's Independence Day is as grand as religious and folk festivals. People clean their courtyards, decorate their homes and fly the national flag before the festival.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: U.S. stocks are closed all day on July 5th due to the U.S. Independence Day holiday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: U.S. stocks are closed all day on July 5th due to the U.S. Independence Day holiday\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-30 10:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed for one day on July 5th (Monday), and trading will resume on July 6th (Tuesday).</b></p><p>Hong Kong shares, A shares, British shares, Australian shares and Singapore stock markets traded as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>Is the statutory national day of the United States, which is dated on July 4 each year to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. America's Independence Day is as grand as religious and folk festivals. People clean their courtyards, decorate their homes and fly the national flag before the festival.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21dd6adec6b29203b5bca22347419441","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168133884","content_text":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月4日大陆会议在费城正式通过《独立宣言》。美国的独立日，与宗教、民俗节日一样隆重，老百姓在节日前清洁院落，装饰家居，悬挂国旗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154990525,"gmtCreate":1625465819667,"gmtModify":1703742258511,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154990525","repostId":"1168133884","repostType":4,"repost":{"id":"1168133884","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625021330,"share":"https://ttm.financial/m/news/1168133884?lang=en_US&edition=fundamental","pubTime":"2021-06-30 10:48","market":"sg","language":"zh","title":"Reminder: U.S. stocks are closed all day on July 5th due to the U.S. Independence Day holiday","url":"https://stock-news.laohu8.com/highlight/detail?id=1168133884","media":"老虎资讯综合","summary":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月","content":"<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed for one day on July 5th (Monday), and trading will resume on July 6th (Tuesday).</b></p><p>Hong Kong shares, A shares, British shares, Australian shares and Singapore stock markets traded as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>Is the statutory national day of the United States, which is dated on July 4 each year to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. America's Independence Day is as grand as religious and folk festivals. People clean their courtyards, decorate their homes and fly the national flag before the festival.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: U.S. stocks are closed all day on July 5th due to the U.S. Independence Day holiday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: U.S. stocks are closed all day on July 5th due to the U.S. Independence Day holiday\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-30 10:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed for one day on July 5th (Monday), and trading will resume on July 6th (Tuesday).</b></p><p>Hong Kong shares, A shares, British shares, Australian shares and Singapore stock markets traded as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>Is the statutory national day of the United States, which is dated on July 4 each year to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. America's Independence Day is as grand as religious and folk festivals. People clean their courtyards, decorate their homes and fly the national flag before the festival.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21dd6adec6b29203b5bca22347419441","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168133884","content_text":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月4日大陆会议在费城正式通过《独立宣言》。美国的独立日，与宗教、民俗节日一样隆重，老百姓在节日前清洁院落，装饰家居，悬挂国旗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1063,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":155163752,"gmtCreate":1625389378976,"gmtModify":1703741179353,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/155163752","repostId":"1168133884","repostType":4,"repost":{"id":"1168133884","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625021330,"share":"https://ttm.financial/m/news/1168133884?lang=en_US&edition=fundamental","pubTime":"2021-06-30 10:48","market":"sg","language":"zh","title":"Reminder: U.S. stocks are closed all day on July 5th due to the U.S. Independence Day holiday","url":"https://stock-news.laohu8.com/highlight/detail?id=1168133884","media":"老虎资讯综合","summary":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月","content":"<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed for one day on July 5th (Monday), and trading will resume on July 6th (Tuesday).</b></p><p>Hong Kong shares, A shares, British shares, Australian shares and Singapore stock markets traded as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>Is the statutory national day of the United States, which is dated on July 4 each year to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. America's Independence Day is as grand as religious and folk festivals. People clean their courtyards, decorate their homes and fly the national flag before the festival.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Reminder: U.S. stocks are closed all day on July 5th due to the U.S. Independence Day holiday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nReminder: U.S. stocks are closed all day on July 5th due to the U.S. Independence Day holiday\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-30 10:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>Due to the U.S. Independence Day holiday, U.S. stocks will be closed for one day on July 5th (Monday), and trading will resume on July 6th (Tuesday).</b></p><p>Hong Kong shares, A shares, British shares, Australian shares and Singapore stock markets traded as usual.</p><p><b>Background Introduction:</b></p><p><b>Independence Day</b>Is the statutory national day of the United States, which is dated on July 4 each year to commemorate the formal adoption of the Declaration of Independence by the Continental Congress in Philadelphia on July 4, 1776. America's Independence Day is as grand as religious and folk festivals. People clean their courtyards, decorate their homes and fly the national flag before the festival.<img src=\"https://static.tigerbbs.com/f87ddb03d9b4d56cf0dce9450e742016\" tg-width=\"626\" tg-height=\"417\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/21dd6adec6b29203b5bca22347419441","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168133884","content_text":"因美国独立日假期，7月5日（周一）美股休市一日，7月6日（周二）起恢复交易。\n港股、A股、英股、澳股、新加坡股市照常交易。\n背景简介：\n独立日是美国法定国庆日，日期为每年7月4日，以纪念1776年7月4日大陆会议在费城正式通过《独立宣言》。美国的独立日，与宗教、民俗节日一样隆重，老百姓在节日前清洁院落，装饰家居，悬挂国旗。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1246,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152530405,"gmtCreate":1625308067707,"gmtModify":1703740288921,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152530405","repostId":"1188153141","repostType":4,"repost":{"id":"1188153141","kind":"news","pubTimestamp":1625276221,"share":"https://ttm.financial/m/news/1188153141?lang=en_US&edition=fundamental","pubTime":"2021-07-03 09:37","market":"us","language":"en","title":"Suze Orman worries about a market crash — here's what you should do","url":"https://stock-news.laohu8.com/highlight/detail?id=1188153141","media":"MoneyWise","summary":"As stock markets continue setting records, fallout from COVID-19 continues to create problems for th","content":"<p>As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.</p>\n<p>That clash has worried investing experts, including Suze Orman, who's gone so far as to say she’s now preparing for an inevitable market crash.</p>\n<p>And a famous measurement popularized by Warren Buffett — known as the Buffett Indicator — shows Orman might be onto something.</p>\n<p>Here’s an explanation of where the concern is coming from and some techniques you can use tokeep your investment portfolio growingeven if the market goes south.</p>\n<p><b>What does Suze Orman think?</b></p>\n<p><img src=\"https://static.tigerbbs.com/be8dc3ad363faad96bc575a22235562d\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Mediapunch/Shutterstock</p>\n<p>Suze Orman has avidly watched the market for decades. She knows ups and downs are to be expected, but what she’s seeing happen with investment fads like GameStop has her concerned.</p>\n<p>“I don’t like what I see happening in the market right now,” Orman said in a video for CNBC. “The economy has been horrible, but the stock market has been going.”</p>\n<p>While investing is as easy now asusing a smartphone app, Orman is concerned about where we can go from these record highs.</p>\n<p>And even with stimulus checks, which are still going out, and the real estate market breaking its own records last year, Orman worries about what will come with the coronavirus — especially as new variants continue to pop up.</p>\n<p>What's more, she feels it’s just been too long since the last crash to stay this high much longer.</p>\n<p>“This reminds me of 2000 all over again,” Orman says.</p>\n<p><b>The Buffett Indicator</b></p>\n<p><img src=\"https://static.tigerbbs.com/44ada32ecadcc4581fed208f4f4e4d53\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Larry W Smith/EPA/Shutterstock</p>\n<p>One metric Warren Buffett uses to assess the market so regularly that it’s been named after him has been flashing red for long enough that market watchers are starting to wonder if it’s an outdated tool.</p>\n<p>But the Buffett Indicator, a measurement of the ratio of the stock market’s total value against U.S. economic output, continues to climb to previously unseen levels.</p>\n<p>And those in the know are wondering if it's a sign that we’re about to see a hard fall.</p>\n<p>How to prepare for a crash<img src=\"https://static.tigerbbs.com/1ad912a6b4611d9e39b46d2851c78c9e\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Freedomz / Shutterstock</p>\n<p>Orman has three recommendations for setting up a simple investment strategy to help you successfully navigate any sharp turns in the market.</p>\n<p><b>1. Buy low</b></p>\n<p>Part of what upsets Orman so much about the furor over meme stocks like GameStop is it goes completely against the average investor’s interests.</p>\n<p>“All of you have your heads screwed on backwards,” she says. “All you want is for these markets to go up and up and up. What good is that going to do you?”</p>\n<p>She points out the only extra money most people have goes towardinvesting for retirementin their 401(k) or IRA plans.</p>\n<p>Because you probably don’t plan to touch that money for decades, the best long-term strategy is to buy low. That way, your dollar will go much further now, leaving plenty of room for growth over the next 20, 30 or 40 years.</p>\n<p><b>2. Invest on a schedule</b></p>\n<p><img src=\"https://static.tigerbbs.com/e4102f8a6d5002090743b1cbded32ef9\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">katjen / Shutterstock</p>\n<p>While she prefers to buy low, Orman doesn’t recommend you stop investing completely when the market goes up.</p>\n<p>She wants casual investors to not get caught up in the daily ups and downs of the market.</p>\n<p>In fact, cheering for downturns now may be your best bet at getting a larger piece of very profitable investments — like some lucky investors were able to do back in 2007 and 2008.</p>\n<p>“When the market went down, down, down you could buy things at nothing,” says Orman. “And now look at them 15 years later.”</p>\n<p>She suggests you set up a dollar-cost averaging strategy, which means you invest your money in equal portions at regular intervals, regardless of the market’s fluctuations.</p>\n<p>This kind of approach is easy to implement with any of the many investing apps currently available to DIY investors.</p>\n<p>There are even apps that willautomatically invest your spare changeby rounding up your debit and credit card purchases to the nearest dollar.</p>\n<p><b>3. Diversify with fractional shares</b></p>\n<p>To help weather dips in specific corners of the market, Orman suggests you diversify your investments — balance your portfolio with investments in many different types of assets and sectors of the economy.</p>\n<p>Orman particularly recommends fractional-share investing. This approach allows you to buy a slice of a share for a big-name company that you otherwise wouldn’t be able to afford.</p>\n<p>With the help of apopular stock-trading tool, anyone at any budget can afford the fractional share strategy.</p>\n<p>“The sooner you begin, the more money you will have,” says Orman. “Just don’t stop, and when these markets go down, you should be so happy because your dollars find more shares.”</p>\n<p>“And the more shares you have, the more money you’ll have 20, 40, 50 years from now.”</p>\n<p><b>What else you can do</b></p>\n<p><img src=\"https://static.tigerbbs.com/5e79c6fd1f8fa6e3a7c3a6c94f1e14b5\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">goodluz / Shutterstock</p>\n<p>Whether or not a big crash is around the corner, investors who are still decades out from retirement can make that work for them, Orman said in theCNBC video.</p>\n<p>First, prepare for the worst and hope for the best. Since the onset of the pandemic, Orman now recommends everyone have an emergency fund that can cover their expenses for a full year.</p>\n<p>Then, to set yourself up fora comfortable retirement, she suggests you opt for a Roth account, whether that’s a 401(k) or IRA.</p>\n<p>That will help you avoid paying tax when you take money out of your retirement account because your contributions to a Roth account are made after tax. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you’ll end up paying later.</p>\n<p>If you find you need a little more guidance, working with aprofessional financial adviser, can help point you in the right direction so you can confidently ride out any market volatility.</p>\n<p>While everyone else is veering off course or overcorrecting, you’ll be firmly in the driver’s seat with your sunset years planned for.</p>","source":"lsy1621813427262","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>Suze Orman worries about a market crash — here's what you should do</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\">\nSuze Orman worries about a market crash — here's what you should do\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-03 09:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html><strong>MoneyWise</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.\nThat clash has worried investing experts, including Suze Orman, who's gone so far as to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html\">Source 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","SPY":"标普500ETF"},"source_url":"https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188153141","content_text":"As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.\nThat clash has worried investing experts, including Suze Orman, who's gone so far as to say she’s now preparing for an inevitable market crash.\nAnd a famous measurement popularized by Warren Buffett — known as the Buffett Indicator — shows Orman might be onto something.\nHere’s an explanation of where the concern is coming from and some techniques you can use tokeep your investment portfolio growingeven if the market goes south.\nWhat does Suze Orman think?\nMediapunch/Shutterstock\nSuze Orman has avidly watched the market for decades. She knows ups and downs are to be expected, but what she’s seeing happen with investment fads like GameStop has her concerned.\n“I don’t like what I see happening in the market right now,” Orman said in a video for CNBC. “The economy has been horrible, but the stock market has been going.”\nWhile investing is as easy now asusing a smartphone app, Orman is concerned about where we can go from these record highs.\nAnd even with stimulus checks, which are still going out, and the real estate market breaking its own records last year, Orman worries about what will come with the coronavirus — especially as new variants continue to pop up.\nWhat's more, she feels it’s just been too long since the last crash to stay this high much longer.\n“This reminds me of 2000 all over again,” Orman says.\nThe Buffett Indicator\nLarry W Smith/EPA/Shutterstock\nOne metric Warren Buffett uses to assess the market so regularly that it’s been named after him has been flashing red for long enough that market watchers are starting to wonder if it’s an outdated tool.\nBut the Buffett Indicator, a measurement of the ratio of the stock market’s total value against U.S. economic output, continues to climb to previously unseen levels.\nAnd those in the know are wondering if it's a sign that we’re about to see a hard fall.\nHow to prepare for a crashFreedomz / Shutterstock\nOrman has three recommendations for setting up a simple investment strategy to help you successfully navigate any sharp turns in the market.\n1. Buy low\nPart of what upsets Orman so much about the furor over meme stocks like GameStop is it goes completely against the average investor’s interests.\n“All of you have your heads screwed on backwards,” she says. “All you want is for these markets to go up and up and up. What good is that going to do you?”\nShe points out the only extra money most people have goes towardinvesting for retirementin their 401(k) or IRA plans.\nBecause you probably don’t plan to touch that money for decades, the best long-term strategy is to buy low. That way, your dollar will go much further now, leaving plenty of room for growth over the next 20, 30 or 40 years.\n2. Invest on a schedule\nkatjen / Shutterstock\nWhile she prefers to buy low, Orman doesn’t recommend you stop investing completely when the market goes up.\nShe wants casual investors to not get caught up in the daily ups and downs of the market.\nIn fact, cheering for downturns now may be your best bet at getting a larger piece of very profitable investments — like some lucky investors were able to do back in 2007 and 2008.\n“When the market went down, down, down you could buy things at nothing,” says Orman. “And now look at them 15 years later.”\nShe suggests you set up a dollar-cost averaging strategy, which means you invest your money in equal portions at regular intervals, regardless of the market’s fluctuations.\nThis kind of approach is easy to implement with any of the many investing apps currently available to DIY investors.\nThere are even apps that willautomatically invest your spare changeby rounding up your debit and credit card purchases to the nearest dollar.\n3. Diversify with fractional shares\nTo help weather dips in specific corners of the market, Orman suggests you diversify your investments — balance your portfolio with investments in many different types of assets and sectors of the economy.\nOrman particularly recommends fractional-share investing. This approach allows you to buy a slice of a share for a big-name company that you otherwise wouldn’t be able to afford.\nWith the help of apopular stock-trading tool, anyone at any budget can afford the fractional share strategy.\n“The sooner you begin, the more money you will have,” says Orman. “Just don’t stop, and when these markets go down, you should be so happy because your dollars find more shares.”\n“And the more shares you have, the more money you’ll have 20, 40, 50 years from now.”\nWhat else you can do\ngoodluz / Shutterstock\nWhether or not a big crash is around the corner, investors who are still decades out from retirement can make that work for them, Orman said in theCNBC video.\nFirst, prepare for the worst and hope for the best. Since the onset of the pandemic, Orman now recommends everyone have an emergency fund that can cover their expenses for a full year.\nThen, to set yourself up fora comfortable retirement, she suggests you opt for a Roth account, whether that’s a 401(k) or IRA.\nThat will help you avoid paying tax when you take money out of your retirement account because your contributions to a Roth account are made after tax. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you’ll end up paying later.\nIf you find you need a little more guidance, working with aprofessional financial adviser, can help point you in the right direction so you can confidently ride out any market volatility.\nWhile everyone else is veering off course or overcorrecting, you’ll be firmly in the driver’s seat with your sunset years planned for.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156643439,"gmtCreate":1625220966421,"gmtModify":1703738642213,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/156643439","repostId":"1140601245","repostType":4,"isVote":1,"tweetType":1,"viewCount":1715,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3583568085402852","authorId":"3583568085402852","name":"IsaacYap90","avatar":"https://static.tigerbbs.com/40f66d0266826bb209ee22688d7bbde5","crmLevel":12,"crmLevelSwitch":0,"idStr":"3583568085402852","authorIdStr":"3583568085402852"},"content":"The Monetary Authority of Singapore is seeking feedback on a proposal to strengthen its ability to gather evidence by allowing its officers to enter premises without prior notice or","text":"The Monetary Authority of Singapore is seeking feedback on a proposal to strengthen its ability to gather evidence by allowing its officers to enter premises without prior notice or","html":"The Monetary Authority of Singapore is seeking feedback on a proposal to strengthen its ability to gather evidence by allowing its officers to enter premises without prior notice or"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156640090,"gmtCreate":1625220795910,"gmtModify":1703738638865,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/156640090","repostId":"1129356287","repostType":4,"isVote":1,"tweetType":1,"viewCount":1530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158084774,"gmtCreate":1625113964398,"gmtModify":1703736442666,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4087525630006260","authorIdStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/158084774","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","kind":"news","pubTimestamp":1625094708,"share":"https://ttm.financial/m/news/1178516480?lang=en_US&edition=fundamental","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p>\n<p>In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p>\n<p>All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p>\n<p>“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p>\n<p>For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p>\n<p>This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p>\n<p>“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p>\n<p>“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p>\n<p>“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p>\n<p>(Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p>\n<p><img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p>\n<p>The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p>\n<p>The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p>\n<p>Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p>\n<p>Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p>\n<p>Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p>\n<p>Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p>\n<p>Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</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>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain</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\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 07:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking ...</p>\n\n<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">Source 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.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":158084774,"gmtCreate":1625113964398,"gmtModify":1703736442666,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087525630006260","idStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/158084774","repostId":"1178516480","repostType":4,"repost":{"id":"1178516480","kind":"news","pubTimestamp":1625094708,"share":"https://ttm.financial/m/news/1178516480?lang=en_US&edition=fundamental","pubTime":"2021-07-01 07:11","market":"us","language":"en","title":"S&P 500 notches fifth straight record closing high, fifth straight quarterly gain","url":"https://stock-news.laohu8.com/highlight/detail?id=1178516480","media":"Reuters","summary":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as inves","content":"<p>NEW YORK (Reuters) - The S&amp;P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.</p>\n<p>In the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.</p>\n<p>All three indexes posted their fifth consecutive quarterly gains, with the S&amp;P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&amp;P 500 registered its second-best first-half performance since 1998, rising 14.5%.</p>\n<p>“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&amp;P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”</p>\n<p>For the month, the bellwether S&amp;P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.</p>\n<p>This month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.</p>\n<p>“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”</p>\n<p>“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.</p>\n<p>“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”</p>\n<p>(Graphic: Growths stocks outperform value in June, narrow YTD gap, )</p>\n<p><img src=\"https://static.tigerbbs.com/5b82b4dfdc765d913811f9d8572e60f6\" tg-width=\"964\" tg-height=\"723\" referrerpolicy=\"no-referrer\">“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”</p>\n<p>The private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.</p>\n<p>The Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&amp;P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.</p>\n<p>Among the 11 major sectors in the S&amp;P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.</p>\n<p>Boeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.</p>\n<p>Walmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.</p>\n<p>Micron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.</p>\n<p>Advancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.</p>\n<p>The S&amp;P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.</p>\n<p>Volume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.</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>S&P 500 notches fifth straight record closing high, fifth straight quarterly gain</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\">\nS&P 500 notches fifth straight record closing high, fifth straight quarterly gain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-01 07:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking ...</p>\n\n<a href=\"https://www.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R\">Source 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.reuters.com/article/us-usa-stocks/sp-500-notches-fifth-straight-record-closing-high-fifth-straight-quarterly-gain-idUSKCN2E619R","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178516480","content_text":"NEW YORK (Reuters) - The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday’s highly anticipated employment report.\nIn the last session of 2021’s first half, the indexes were languid and range-bound, with the blue-chip Dow posting gains, while the Nasdaq edged lower.\nAll three indexes posted their fifth consecutive quarterly gains, with the S&P rising 8.2%, the Nasdaq advancing 9.5% and the Dow rising 4.6%. The S&P 500 registered its second-best first-half performance since 1998, rising 14.5%.\n“It’s been a good quarter,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “As of last night’s close, the S&P has gained more than 14% year-to-date, topping the Dow and the Nasdaq. That indicates that the stock market is having a broad rally.”\nFor the month, the bellwether S&P 500 notched its fifth consecutive advance, while the Dow snapped its four-month winning streak to end slightly lower. The Nasdaq also gained ground in June.\nThis month, investor appetite shifted away from economically sensitive cyclicals in favor of growth stocks.\n“Leading sectors year-to-date are what you’d expect,” Pavlik added. “Energy, financials and industrials, and that speaks to an economic environment that’s in the early stages of a cycle.”\n“(Investors) started the switch back to growth (stocks) after people started to buy in to (Fed Chair Jerome) Powell’s comments that focus on transitory inflation,” Pavlik added.\n“Some of the reopening trades have gotten a bit long in the tooth and that’s leading people back to growth.”\n(Graphic: Growths stocks outperform value in June, narrow YTD gap, )\n“The overall stock market continues to be on a tear, with very consistent gains for quite some time,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Valuations, while certainly high by historical standards, have been at a fairly consistent level, benefiting from the economic recovery.”\nThe private sector added 692,000 jobs in June, breezing past expectations, according to payroll processor ADP. The number is 92,000 higher than the private payroll adds economists predict from the Labor Department’s more comprehensive employment report due on Friday.\nThe Dow Jones Industrial Average rose 210.22 points, or 0.61%, to 34,502.51, the S&P 500 gained 5.7 points, or 0.13%, to 4,297.5 and the Nasdaq Composite dropped 24.38 points, or 0.17%, to 14,503.95.\nAmong the 11 major sectors in the S&P, six ended the session higher, with energy enjoying the biggest percentage gain. Real estate was the day’s biggest loser.\nBoeing Co gained 1.6% after Germany’s defense ministry announced it would buy five of the planemaker’s P-8A maritime control aircraft, coming on the heels of United Airlines unveiling its largest-ever order for new planes.\nWalmart jumped 2.7% after announcing on Tuesday that it would start selling a prescription-only insulin analog.\nMicron Technology advanced 2.5% ahead of its quarterly earnings release, but was relatively unchanged in after-hours trading following the chipmaker’s quarterly results.\nAdvancing issues outnumbered declining ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favored decliners.\nThe S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 70 new highs and 36 new lows.\nVolume on U.S. exchanges was 10.85 billion shares, compared with the 11.05 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152530405,"gmtCreate":1625308067707,"gmtModify":1703740288921,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087525630006260","idStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/152530405","repostId":"1188153141","repostType":4,"repost":{"id":"1188153141","kind":"news","pubTimestamp":1625276221,"share":"https://ttm.financial/m/news/1188153141?lang=en_US&edition=fundamental","pubTime":"2021-07-03 09:37","market":"us","language":"en","title":"Suze Orman worries about a market crash — here's what you should do","url":"https://stock-news.laohu8.com/highlight/detail?id=1188153141","media":"MoneyWise","summary":"As stock markets continue setting records, fallout from COVID-19 continues to create problems for th","content":"<p>As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.</p>\n<p>That clash has worried investing experts, including Suze Orman, who's gone so far as to say she’s now preparing for an inevitable market crash.</p>\n<p>And a famous measurement popularized by Warren Buffett — known as the Buffett Indicator — shows Orman might be onto something.</p>\n<p>Here’s an explanation of where the concern is coming from and some techniques you can use tokeep your investment portfolio growingeven if the market goes south.</p>\n<p><b>What does Suze Orman think?</b></p>\n<p><img src=\"https://static.tigerbbs.com/be8dc3ad363faad96bc575a22235562d\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Mediapunch/Shutterstock</p>\n<p>Suze Orman has avidly watched the market for decades. She knows ups and downs are to be expected, but what she’s seeing happen with investment fads like GameStop has her concerned.</p>\n<p>“I don’t like what I see happening in the market right now,” Orman said in a video for CNBC. “The economy has been horrible, but the stock market has been going.”</p>\n<p>While investing is as easy now asusing a smartphone app, Orman is concerned about where we can go from these record highs.</p>\n<p>And even with stimulus checks, which are still going out, and the real estate market breaking its own records last year, Orman worries about what will come with the coronavirus — especially as new variants continue to pop up.</p>\n<p>What's more, she feels it’s just been too long since the last crash to stay this high much longer.</p>\n<p>“This reminds me of 2000 all over again,” Orman says.</p>\n<p><b>The Buffett Indicator</b></p>\n<p><img src=\"https://static.tigerbbs.com/44ada32ecadcc4581fed208f4f4e4d53\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Larry W Smith/EPA/Shutterstock</p>\n<p>One metric Warren Buffett uses to assess the market so regularly that it’s been named after him has been flashing red for long enough that market watchers are starting to wonder if it’s an outdated tool.</p>\n<p>But the Buffett Indicator, a measurement of the ratio of the stock market’s total value against U.S. economic output, continues to climb to previously unseen levels.</p>\n<p>And those in the know are wondering if it's a sign that we’re about to see a hard fall.</p>\n<p>How to prepare for a crash<img src=\"https://static.tigerbbs.com/1ad912a6b4611d9e39b46d2851c78c9e\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">Freedomz / Shutterstock</p>\n<p>Orman has three recommendations for setting up a simple investment strategy to help you successfully navigate any sharp turns in the market.</p>\n<p><b>1. Buy low</b></p>\n<p>Part of what upsets Orman so much about the furor over meme stocks like GameStop is it goes completely against the average investor’s interests.</p>\n<p>“All of you have your heads screwed on backwards,” she says. “All you want is for these markets to go up and up and up. What good is that going to do you?”</p>\n<p>She points out the only extra money most people have goes towardinvesting for retirementin their 401(k) or IRA plans.</p>\n<p>Because you probably don’t plan to touch that money for decades, the best long-term strategy is to buy low. That way, your dollar will go much further now, leaving plenty of room for growth over the next 20, 30 or 40 years.</p>\n<p><b>2. Invest on a schedule</b></p>\n<p><img src=\"https://static.tigerbbs.com/e4102f8a6d5002090743b1cbded32ef9\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">katjen / Shutterstock</p>\n<p>While she prefers to buy low, Orman doesn’t recommend you stop investing completely when the market goes up.</p>\n<p>She wants casual investors to not get caught up in the daily ups and downs of the market.</p>\n<p>In fact, cheering for downturns now may be your best bet at getting a larger piece of very profitable investments — like some lucky investors were able to do back in 2007 and 2008.</p>\n<p>“When the market went down, down, down you could buy things at nothing,” says Orman. “And now look at them 15 years later.”</p>\n<p>She suggests you set up a dollar-cost averaging strategy, which means you invest your money in equal portions at regular intervals, regardless of the market’s fluctuations.</p>\n<p>This kind of approach is easy to implement with any of the many investing apps currently available to DIY investors.</p>\n<p>There are even apps that willautomatically invest your spare changeby rounding up your debit and credit card purchases to the nearest dollar.</p>\n<p><b>3. Diversify with fractional shares</b></p>\n<p>To help weather dips in specific corners of the market, Orman suggests you diversify your investments — balance your portfolio with investments in many different types of assets and sectors of the economy.</p>\n<p>Orman particularly recommends fractional-share investing. This approach allows you to buy a slice of a share for a big-name company that you otherwise wouldn’t be able to afford.</p>\n<p>With the help of apopular stock-trading tool, anyone at any budget can afford the fractional share strategy.</p>\n<p>“The sooner you begin, the more money you will have,” says Orman. “Just don’t stop, and when these markets go down, you should be so happy because your dollars find more shares.”</p>\n<p>“And the more shares you have, the more money you’ll have 20, 40, 50 years from now.”</p>\n<p><b>What else you can do</b></p>\n<p><img src=\"https://static.tigerbbs.com/5e79c6fd1f8fa6e3a7c3a6c94f1e14b5\" tg-width=\"703\" tg-height=\"293\" referrerpolicy=\"no-referrer\">goodluz / Shutterstock</p>\n<p>Whether or not a big crash is around the corner, investors who are still decades out from retirement can make that work for them, Orman said in theCNBC video.</p>\n<p>First, prepare for the worst and hope for the best. Since the onset of the pandemic, Orman now recommends everyone have an emergency fund that can cover their expenses for a full year.</p>\n<p>Then, to set yourself up fora comfortable retirement, she suggests you opt for a Roth account, whether that’s a 401(k) or IRA.</p>\n<p>That will help you avoid paying tax when you take money out of your retirement account because your contributions to a Roth account are made after tax. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you’ll end up paying later.</p>\n<p>If you find you need a little more guidance, working with aprofessional financial adviser, can help point you in the right direction so you can confidently ride out any market volatility.</p>\n<p>While everyone else is veering off course or overcorrecting, you’ll be firmly in the driver’s seat with your sunset years planned for.</p>","source":"lsy1621813427262","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>Suze Orman worries about a market crash — here's what you should do</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\">\nSuze Orman worries about a market crash — here's what you should do\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-03 09:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html><strong>MoneyWise</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.\nThat clash has worried investing experts, including Suze Orman, who's gone so far as to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html\">Source 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","SPY":"标普500ETF"},"source_url":"https://finance.yahoo.com/news/suze-orman-worries-market-crash-220000108.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188153141","content_text":"As stock markets continue setting records, fallout from COVID-19 continues to create problems for the economy.\nThat clash has worried investing experts, including Suze Orman, who's gone so far as to say she’s now preparing for an inevitable market crash.\nAnd a famous measurement popularized by Warren Buffett — known as the Buffett Indicator — shows Orman might be onto something.\nHere’s an explanation of where the concern is coming from and some techniques you can use tokeep your investment portfolio growingeven if the market goes south.\nWhat does Suze Orman think?\nMediapunch/Shutterstock\nSuze Orman has avidly watched the market for decades. She knows ups and downs are to be expected, but what she’s seeing happen with investment fads like GameStop has her concerned.\n“I don’t like what I see happening in the market right now,” Orman said in a video for CNBC. “The economy has been horrible, but the stock market has been going.”\nWhile investing is as easy now asusing a smartphone app, Orman is concerned about where we can go from these record highs.\nAnd even with stimulus checks, which are still going out, and the real estate market breaking its own records last year, Orman worries about what will come with the coronavirus — especially as new variants continue to pop up.\nWhat's more, she feels it’s just been too long since the last crash to stay this high much longer.\n“This reminds me of 2000 all over again,” Orman says.\nThe Buffett Indicator\nLarry W Smith/EPA/Shutterstock\nOne metric Warren Buffett uses to assess the market so regularly that it’s been named after him has been flashing red for long enough that market watchers are starting to wonder if it’s an outdated tool.\nBut the Buffett Indicator, a measurement of the ratio of the stock market’s total value against U.S. economic output, continues to climb to previously unseen levels.\nAnd those in the know are wondering if it's a sign that we’re about to see a hard fall.\nHow to prepare for a crashFreedomz / Shutterstock\nOrman has three recommendations for setting up a simple investment strategy to help you successfully navigate any sharp turns in the market.\n1. Buy low\nPart of what upsets Orman so much about the furor over meme stocks like GameStop is it goes completely against the average investor’s interests.\n“All of you have your heads screwed on backwards,” she says. “All you want is for these markets to go up and up and up. What good is that going to do you?”\nShe points out the only extra money most people have goes towardinvesting for retirementin their 401(k) or IRA plans.\nBecause you probably don’t plan to touch that money for decades, the best long-term strategy is to buy low. That way, your dollar will go much further now, leaving plenty of room for growth over the next 20, 30 or 40 years.\n2. Invest on a schedule\nkatjen / Shutterstock\nWhile she prefers to buy low, Orman doesn’t recommend you stop investing completely when the market goes up.\nShe wants casual investors to not get caught up in the daily ups and downs of the market.\nIn fact, cheering for downturns now may be your best bet at getting a larger piece of very profitable investments — like some lucky investors were able to do back in 2007 and 2008.\n“When the market went down, down, down you could buy things at nothing,” says Orman. “And now look at them 15 years later.”\nShe suggests you set up a dollar-cost averaging strategy, which means you invest your money in equal portions at regular intervals, regardless of the market’s fluctuations.\nThis kind of approach is easy to implement with any of the many investing apps currently available to DIY investors.\nThere are even apps that willautomatically invest your spare changeby rounding up your debit and credit card purchases to the nearest dollar.\n3. Diversify with fractional shares\nTo help weather dips in specific corners of the market, Orman suggests you diversify your investments — balance your portfolio with investments in many different types of assets and sectors of the economy.\nOrman particularly recommends fractional-share investing. This approach allows you to buy a slice of a share for a big-name company that you otherwise wouldn’t be able to afford.\nWith the help of apopular stock-trading tool, anyone at any budget can afford the fractional share strategy.\n“The sooner you begin, the more money you will have,” says Orman. “Just don’t stop, and when these markets go down, you should be so happy because your dollars find more shares.”\n“And the more shares you have, the more money you’ll have 20, 40, 50 years from now.”\nWhat else you can do\ngoodluz / Shutterstock\nWhether or not a big crash is around the corner, investors who are still decades out from retirement can make that work for them, Orman said in theCNBC video.\nFirst, prepare for the worst and hope for the best. Since the onset of the pandemic, Orman now recommends everyone have an emergency fund that can cover their expenses for a full year.\nThen, to set yourself up fora comfortable retirement, she suggests you opt for a Roth account, whether that’s a 401(k) or IRA.\nThat will help you avoid paying tax when you take money out of your retirement account because your contributions to a Roth account are made after tax. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you’ll end up paying later.\nIf you find you need a little more guidance, working with aprofessional financial adviser, can help point you in the right direction so you can confidently ride out any market volatility.\nWhile everyone else is veering off course or overcorrecting, you’ll be firmly in the driver’s seat with your sunset years planned for.","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1104,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156643439,"gmtCreate":1625220966421,"gmtModify":1703738642213,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087525630006260","idStr":"4087525630006260"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/156643439","repostId":"1140601245","repostType":4,"isVote":1,"tweetType":1,"viewCount":1715,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3583568085402852","authorId":"3583568085402852","name":"IsaacYap90","avatar":"https://static.tigerbbs.com/40f66d0266826bb209ee22688d7bbde5","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3583568085402852","idStr":"3583568085402852"},"content":"The Monetary Authority of Singapore is seeking feedback on a proposal to strengthen its ability to gather evidence by allowing its officers to enter premises without prior notice or","text":"The Monetary Authority of Singapore is seeking feedback on a proposal to strengthen its ability to gather evidence by allowing its officers to enter premises without prior notice or","html":"The Monetary Authority of Singapore is seeking feedback on a proposal to strengthen its ability to gather evidence by allowing its officers to enter premises without prior notice or"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159391133,"gmtCreate":1624939945222,"gmtModify":1703848441284,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087525630006260","idStr":"4087525630006260"},"themes":[],"htmlText":"Gogogo","listText":"Gogogo","text":"Gogogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/159391133","repostId":"1113711731","repostType":4,"repost":{"id":"1113711731","kind":"news","pubTimestamp":1624937958,"share":"https://ttm.financial/m/news/1113711731?lang=en_US&edition=fundamental","pubTime":"2021-06-29 11:39","market":"us","language":"en","title":"NIO Stock Is Going Nuts. This Is the Best Explanation.","url":"https://stock-news.laohu8.com/highlight/detail?id=1113711731","media":"Barrons","summary":"Stock in Chinese electric vehicle maker NIO is on fire. While a surge in the volume of options tradi","content":"<p>Stock in Chinese electric vehicle maker&nbsp;NIO&nbsp;is&nbsp;on fire. While a surge in the volume of options trading isn’t a perfect explanation for the rally, it certainlyhelped shares soaron Monday.</p>\n<p>NIO (ticker: NIO) stock gained almost 10% Monday and shares are up 28% over the past month. The&nbsp;S&amp;P 500,for comparison, rose 0.2% Monday and is up 2% over the past month. Call options volume, which rose almost 200% on Monday compared to Friday, is perhaps the biggest reason NIO shares might be more volatile.</p>\n<p>Call options give the holder the right to buy a stock at a fixed price. (Buying a call is a bullish take on the underlying stock.) Brokers will sell and trade options contracts because they want to earn a commission on a trade. But brokers don’t want to be short a call option, which means they’ll have to take a loss if the stock rises.</p>\n<p>One way brokers can hedge options positions is to buy the underlying stock. If a broker sells a call and buys the stock, they can earn the options commission and, if the stock rises, they can deliver the stock purchased to the call holder. In that scenario, the broker doesn’t have to buy shares at a higher price. That process is one way higher-than-average call buying can drive buying in the underlying stock.</p>\n<p>Other factors don’t seem to be at play. Wall Street, for example, can’t be credited with the rally. The average analystprice targetfor NIO stock is up about 1% over the past month and not much has happened to those targets since the companyreported earningsat the end of April. Looking back to that point, the average analyst price target has gone up about $1 to a little more than $59 a share.</p>\n<p>News doesn’t seem to be a credible reason for NIO’s rally, either. The last release on NIO’s website is fromJune 1when the company reported May deliveries. Those numbers relieved investors because the electric vehicle company maintained second-quarter delivery guidance despite a global automotive semiconductor shortage that has roiled the entire industry.</p>\n<p>NIO shares are now up 1% year to date. It’s been a wild ride so far in 2021. Based on recent trading, the ride will continue.</p>","source":"lsy1601382232898","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 Stock Is Going Nuts. This Is the Best Explanation.</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\">\nNIO Stock Is Going Nuts. This Is the Best Explanation.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-29 11:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/nio-stock-options-volume-51624921009?siteid=yhoof2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stock in Chinese electric vehicle maker NIO is on fire. While a surge in the volume of options trading isn’t a perfect explanation for the rally, it certainlyhelped shares soaron Monday.\nNIO (ticker: ...</p>\n\n<a href=\"https://www.barrons.com/articles/nio-stock-options-volume-51624921009?siteid=yhoof2\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NIO":"蔚来"},"source_url":"https://www.barrons.com/articles/nio-stock-options-volume-51624921009?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113711731","content_text":"Stock in Chinese electric vehicle maker NIO is on fire. While a surge in the volume of options trading isn’t a perfect explanation for the rally, it certainlyhelped shares soaron Monday.\nNIO (ticker: NIO) stock gained almost 10% Monday and shares are up 28% over the past month. The S&P 500,for comparison, rose 0.2% Monday and is up 2% over the past month. Call options volume, which rose almost 200% on Monday compared to Friday, is perhaps the biggest reason NIO shares might be more volatile.\nCall options give the holder the right to buy a stock at a fixed price. (Buying a call is a bullish take on the underlying stock.) Brokers will sell and trade options contracts because they want to earn a commission on a trade. But brokers don’t want to be short a call option, which means they’ll have to take a loss if the stock rises.\nOne way brokers can hedge options positions is to buy the underlying stock. If a broker sells a call and buys the stock, they can earn the options commission and, if the stock rises, they can deliver the stock purchased to the call holder. In that scenario, the broker doesn’t have to buy shares at a higher price. That process is one way higher-than-average call buying can drive buying in the underlying stock.\nOther factors don’t seem to be at play. Wall Street, for example, can’t be credited with the rally. The average analystprice targetfor NIO stock is up about 1% over the past month and not much has happened to those targets since the companyreported earningsat the end of April. Looking back to that point, the average analyst price target has gone up about $1 to a little more than $59 a share.\nNews doesn’t seem to be a credible reason for NIO’s rally, either. The last release on NIO’s website is fromJune 1when the company reported May deliveries. Those numbers relieved investors because the electric vehicle company maintained second-quarter delivery guidance despite a global automotive semiconductor shortage that has roiled the entire industry.\nNIO shares are now up 1% year to date. It’s been a wild ride so far in 2021. Based on recent trading, the ride will continue.","news_type":1,"symbols_score_info":{"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":154449400,"gmtCreate":1625541375100,"gmtModify":1703743353324,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087525630006260","idStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/154449400","repostId":"1165762531","repostType":4,"repost":{"id":"1165762531","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625527248,"share":"https://ttm.financial/m/news/1165762531?lang=en_US&edition=fundamental","pubTime":"2021-07-06 07:20","market":"hk","language":"zh","title":"Chaoju Ophthalmology's first-hand winning rate was 5.67%, and the subscription of 18 lots was stable","url":"https://stock-news.laohu8.com/highlight/detail?id=1165762531","media":"老虎资讯综合","summary":"7月6日，朝聚眼科发布公告，公司全球发售1.7093亿股股份，其中香港发售股份8546.5万股，国际发售股份8546.5万股，另有15%超额配股权；发售价已厘定为每股发售股份10.60港元，每手买卖单","content":"<p>On July 6,<a href=\"https://laohu8.com/S/02219\">Chaoju Ophthalmology</a>Announced that the company offered 170.93 million shares globally, including 85.465 million shares offered in Hong Kong, 85.465 million shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$10.60 per Offer Share for board lot of 500 Shares;<a href=\"https://laohu8.com/S/00665\">Haitong International</a>and Huatai International as a joint sponsor, it is expected that the Shares will be listed on the Main Board of the Stock Exchange on 7 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6441c511f91e6e84af7887855b0edc92\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 5.67%, and 18 subscriptions are stable.</p><p>Group B had 500,000 shares (1,000 lots) and was allocated 23,000 shares (46 lots).<img src=\"https://static.tigerbbs.com/c6d46a2302cf5f5cd13d74bd999ba571\" tg-width=\"551\" tg-height=\"433\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/22d1f538f9c2dfe684d9be93e828fe18\" tg-width=\"556\" tg-height=\"762\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48b32d1999086d04329dfb7fa00773ce\" tg-width=\"553\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly over-subscribed by approximately 17.83 times. The Offer Shares initially offered under the Hong Kong Public Offering have been very substantially over-subscribed. A total of 153,275 valid applications were received for a total of 1,948 million Shares, representing approximately 113.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>Based on the Offer Price of HK$10.60 per Offer Share, pursuant to the Cornerstone Investment Agreement, the Cornerstone Investors have subscribed for a total of 74,674,500 Offer Shares, representing in aggregate approximately 10.86% of the issued share capital of the Company immediately following the completion of the Global Offering; and approximately 43.69% of the number of Offer Shares under the Global Offering (assuming the Over-allotment Option is not exercised).</p><p>Based on the latest estimates, based on the Offer Price of HK$10.60 per Offer Share, the net proceeds received by the Company from the Global Offering are estimated to be approximately HK$1,357.1 million (assuming the Over-allotment Option is not exercised). Among them, the company intends to use approximately 35.8% of the net proceeds for the establishment of new hospitals and the relocation, upgrading and decoration of existing hospitals; Approximately 44.8% will be used to acquire hospitals in new markets with large populations and relatively high demand for ophthalmic medical services when appropriate opportunities arise; About 9.4% will be used to upgrade the company's information technology systems; And approximately 10.0% will be used for working capital and other general corporate purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chaoju Ophthalmology's first-hand winning rate was 5.67%, and the subscription of 18 lots was stable</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChaoju Ophthalmology's first-hand winning rate was 5.67%, and the subscription of 18 lots was stable\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-06 07:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 6,<a href=\"https://laohu8.com/S/02219\">Chaoju Ophthalmology</a>Announced that the company offered 170.93 million shares globally, including 85.465 million shares offered in Hong Kong, 85.465 million shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$10.60 per Offer Share for board lot of 500 Shares;<a href=\"https://laohu8.com/S/00665\">Haitong International</a>and Huatai International as a joint sponsor, it is expected that the Shares will be listed on the Main Board of the Stock Exchange on 7 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/6441c511f91e6e84af7887855b0edc92\" tg-width=\"1059\" tg-height=\"824\" referrerpolicy=\"no-referrer\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 5.67%, and 18 subscriptions are stable.</p><p>Group B had 500,000 shares (1,000 lots) and was allocated 23,000 shares (46 lots).<img src=\"https://static.tigerbbs.com/c6d46a2302cf5f5cd13d74bd999ba571\" tg-width=\"551\" tg-height=\"433\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/22d1f538f9c2dfe684d9be93e828fe18\" tg-width=\"556\" tg-height=\"762\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/48b32d1999086d04329dfb7fa00773ce\" tg-width=\"553\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering have been significantly over-subscribed by approximately 17.83 times. The Offer Shares initially offered under the Hong Kong Public Offering have been very substantially over-subscribed. A total of 153,275 valid applications were received for a total of 1,948 million Shares, representing approximately 113.97 times the total number of Hong Kong Offer Shares initially available under the Hong Kong Public Offering.</p><p>Based on the Offer Price of HK$10.60 per Offer Share, pursuant to the Cornerstone Investment Agreement, the Cornerstone Investors have subscribed for a total of 74,674,500 Offer Shares, representing in aggregate approximately 10.86% of the issued share capital of the Company immediately following the completion of the Global Offering; and approximately 43.69% of the number of Offer Shares under the Global Offering (assuming the Over-allotment Option is not exercised).</p><p>Based on the latest estimates, based on the Offer Price of HK$10.60 per Offer Share, the net proceeds received by the Company from the Global Offering are estimated to be approximately HK$1,357.1 million (assuming the Over-allotment Option is not exercised). Among them, the company intends to use approximately 35.8% of the net proceeds for the establishment of new hospitals and the relocation, upgrading and decoration of existing hospitals; Approximately 44.8% will be used to acquire hospitals in new markets with large populations and relatively high demand for ophthalmic medical services when appropriate opportunities arise; About 9.4% will be used to upgrade the company's information technology systems; And approximately 10.0% will be used for working capital and other general corporate purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"02219":"朝聚眼科"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165762531","content_text":"7月6日，朝聚眼科发布公告，公司全球发售1.7093亿股股份，其中香港发售股份8546.5万股，国际发售股份8546.5万股，另有15%超额配股权；发售价已厘定为每股发售股份10.60港元，每手买卖单位500股；海通国际及华泰国际为联席保荐人，预期股份将于2021年7月7日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率5.67%，认购18手稳中一手。\n乙组头为50万股（1000手），获配23000股（46手）。\n根据国际发售初步提呈发售的发售股份已获大幅超额认购约17.83倍。根据香港公开发售初步提呈发售的发售股份已获非常大幅超额认购。合共接获153,275份有效申请，认购合共19.48亿股，相当于根据香港公开发售初步可供认购的香港发售股份总数约113.97倍。\n基于发售价每股发售股份10.60港元计算，根据基石投资协议，基石投资者已认购合共7467.45万股发售股份，合共占紧随全球发售完成后公司已发行股本约10.86%；及全球发售项下发售股份数目约43.69%(假设超额配股权未获行使)。\n基于发售价每股发售股份10.60港元计算，根据最新估计，公司自全球发售收取的所得款项净额估计约为13.571亿港元(假设超额配股权未获行使)。其中，公司拟将所得款项净额约35.8%将用于建立新医院以及搬迁、升级及装修现有医院；约44.8%将在出现合适机遇时，用于在人口庞大且对眼科医疗服务需求相对较高的新市场中收购医院；约9.4%将用于升级公司的信息技术系统；及约10.0%将用于营运资金及其他一般企业用途。","news_type":1,"symbols_score_info":{"02219":0.9}},"isVote":1,"tweetType":1,"viewCount":1196,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":156640090,"gmtCreate":1625220795910,"gmtModify":1703738638865,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087525630006260","idStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/156640090","repostId":"1129356287","repostType":4,"repost":{"id":"1129356287","kind":"news","pubTimestamp":1625220037,"share":"https://ttm.financial/m/news/1129356287?lang=en_US&edition=fundamental","pubTime":"2021-07-02 18:00","market":"us","language":"en","title":"A Wave of Earnings Restatements Slams a Hot Market","url":"https://stock-news.laohu8.com/highlight/detail?id=1129356287","media":"The Wall Street Journal","summary":"Accounting guidance from the Securities and Exchange Commission has led to a big slowdown in SPACs.\n","content":"<blockquote>\n Accounting guidance from the Securities and Exchange Commission has led to a big slowdown in SPACs.\n</blockquote>\n<p>More than 540 companies have restated their financial accounts in the past three months, higher than every full year since 2013, to comply with a directive from Washington, new data show.</p>\n<p>The guidance from the Securities and Exchange Commission hasn’t had a big impact on investors but has helped cause a big slowdown in one of the market’s hottest areas.</p>\n<p>The SEC’s statement targeted special-purpose acquisition companies, saying in April thatsome were improperly accounting for warrants. The guidance took the market by surprise, according to analysts. Issuance of SPACs has tumbled since. What’s more, some SPACs used the restatements to disclose other more serious problems.</p>\n<p>SPACs, or blank-check companies, are shells that raise money and list on an exchange, with the goal of merging with a private firm and taking it public. Many issue warrants as part of the fundraising, giving investors the right to buy stock in the new entity created by the merger at an arranged price. The warrants are seen as animportant inducement for investorsin what are typically high-risk early-stage companies.</p>\n<p><img src=\"https://static.tigerbbs.com/4b60b5f5992aee0f496e53d24daf7e74\" tg-width=\"313\" tg-height=\"408\" referrerpolicy=\"no-referrer\"></p>\n<p>For years, SPACs and companies that had merged with SPACs treated these warrants as equity in their financial statements. The SEC in April said certain features of many of the warrants, such as better terms being offered to sponsors than outside investors, meant they should instead be treated as liabilities. One reason is that there is the potential for a cash payout in some circumstances.</p>\n<p>An SEC spokesman said the issue addressed in its April statement was “not a new accounting question.” Guidance on how to classify warrants was included in accounting rules more than a decade ago, the spokesman said.</p>\n<p>SPACs were booming when the SEC dropped its accounting bombshell. The regulator’s guidance forced a scramble among auditors and lawyers, as companies had to rethink their treatment of warrants before going public or completing mergers. At the same time, shares of popular companies tied to SPACs were tumbling, helping to stall new issuance.</p>\n<p>The monthly amount raised by new blank-check companies plummeted from $35 billion in March to $3 billion in April and has yet to recover, according to data provider Dealogic. SPACs raised $3.9 billion in May and $3.2 billion in 2021 through June 24, the data show.</p>\n<p>“The SEC statement had the impact of immediately stopping the SPAC market—it shut everything down,” said David Larsen, a managing director at valuation firm Duff &amp; Phelps LLC. “We’re still dealing with the aftermath.”</p>\n<p>Deals are still getting done, with a steady stream of SPACs taking companies public in recent weeks. The slowdown may have helped take some of the speculative froth out of the market, according to analysts. “It allowed people to take their breath in a superheated market,” Mr. Larsen said.</p>\n<p>More than 540, or almost three-quarters, of active SPACs and companies taken public by SPACs have restated their financials to comply with the SEC rules. Of those, more than 200 have made a less serious type of restatement that doesn’t require alerting investors, according to an analysis by data provider Audit Analytics.</p>\n<p>A further 330 SPACs and SPAC targets have done the most serious type of correction—the kind for which a company has to alert investors and reissue its financial statements. That is more such restatements, in less than three months, than the annual total for all companies in every year since 2010, the analysis found.</p>\n<p>Several companies taken public by SPACs also have restated other more serious aspects of their financial statements. Electric-truck startupLordstown MotorsCorp.disclosed in June “substantial doubt” about its ability to continue as a going concern through the end of this year. The company’s two top leaders later resigned over inaccuracies in the way it recorded preorders for its truck. Lordstownthis month saidit felt it had enough funding to carry it through May 2022 and was still trying to raise money.</p>\n<blockquote>\n <b>‘It’s been highly disruptive to the market and a huge distraction for companies. But investors are not fazed by these countless restatements.’</b>&nbsp;— Joel Rubinstein, White &amp; Case partner\n</blockquote>\n<p>Investors typically send stocks tumbling after major restatements, academic research has found. But these SEC-induced revisions are different.</p>\n<p>“It’s been highly disruptive to the market and a huge distraction for companies. But investors are not fazed by these countless restatements,” said Joel Rubinstein, a partner at law firm White &amp; Case.</p>\n<p>One reason is that SPACs are shell companies designed only to do deals. For SPACs that have yet to do a deal, investors typically don’t base their decisions on the companies’ financial performance, but instead judge the executive team.</p>\n<p>There is continuing fallout from the SEC action: Treating the warrants as liabilities means they will have to be revalued every three months, when the company reports its latest financial results, as opposed to the one-off value if the warrants are included as equity.</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>A Wave of Earnings Restatements Slams a Hot Market</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\">\nA Wave of Earnings Restatements Slams a Hot Market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-02 18:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/a-wave-of-earnings-restatements-slams-a-hot-market-11625218380?mod=rss_markets_main><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Accounting guidance from the Securities and Exchange Commission has led to a big slowdown in SPACs.\n\nMore than 540 companies have restated their financial accounts in the past three months, higher ...</p>\n\n<a href=\"https://www.wsj.com/articles/a-wave-of-earnings-restatements-slams-a-hot-market-11625218380?mod=rss_markets_main\">Source 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","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.wsj.com/articles/a-wave-of-earnings-restatements-slams-a-hot-market-11625218380?mod=rss_markets_main","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129356287","content_text":"Accounting guidance from the Securities and Exchange Commission has led to a big slowdown in SPACs.\n\nMore than 540 companies have restated their financial accounts in the past three months, higher than every full year since 2013, to comply with a directive from Washington, new data show.\nThe guidance from the Securities and Exchange Commission hasn’t had a big impact on investors but has helped cause a big slowdown in one of the market’s hottest areas.\nThe SEC’s statement targeted special-purpose acquisition companies, saying in April thatsome were improperly accounting for warrants. The guidance took the market by surprise, according to analysts. Issuance of SPACs has tumbled since. What’s more, some SPACs used the restatements to disclose other more serious problems.\nSPACs, or blank-check companies, are shells that raise money and list on an exchange, with the goal of merging with a private firm and taking it public. Many issue warrants as part of the fundraising, giving investors the right to buy stock in the new entity created by the merger at an arranged price. The warrants are seen as animportant inducement for investorsin what are typically high-risk early-stage companies.\n\nFor years, SPACs and companies that had merged with SPACs treated these warrants as equity in their financial statements. The SEC in April said certain features of many of the warrants, such as better terms being offered to sponsors than outside investors, meant they should instead be treated as liabilities. One reason is that there is the potential for a cash payout in some circumstances.\nAn SEC spokesman said the issue addressed in its April statement was “not a new accounting question.” Guidance on how to classify warrants was included in accounting rules more than a decade ago, the spokesman said.\nSPACs were booming when the SEC dropped its accounting bombshell. The regulator’s guidance forced a scramble among auditors and lawyers, as companies had to rethink their treatment of warrants before going public or completing mergers. At the same time, shares of popular companies tied to SPACs were tumbling, helping to stall new issuance.\nThe monthly amount raised by new blank-check companies plummeted from $35 billion in March to $3 billion in April and has yet to recover, according to data provider Dealogic. SPACs raised $3.9 billion in May and $3.2 billion in 2021 through June 24, the data show.\n“The SEC statement had the impact of immediately stopping the SPAC market—it shut everything down,” said David Larsen, a managing director at valuation firm Duff & Phelps LLC. “We’re still dealing with the aftermath.”\nDeals are still getting done, with a steady stream of SPACs taking companies public in recent weeks. The slowdown may have helped take some of the speculative froth out of the market, according to analysts. “It allowed people to take their breath in a superheated market,” Mr. Larsen said.\nMore than 540, or almost three-quarters, of active SPACs and companies taken public by SPACs have restated their financials to comply with the SEC rules. Of those, more than 200 have made a less serious type of restatement that doesn’t require alerting investors, according to an analysis by data provider Audit Analytics.\nA further 330 SPACs and SPAC targets have done the most serious type of correction—the kind for which a company has to alert investors and reissue its financial statements. That is more such restatements, in less than three months, than the annual total for all companies in every year since 2010, the analysis found.\nSeveral companies taken public by SPACs also have restated other more serious aspects of their financial statements. Electric-truck startupLordstown MotorsCorp.disclosed in June “substantial doubt” about its ability to continue as a going concern through the end of this year. The company’s two top leaders later resigned over inaccuracies in the way it recorded preorders for its truck. Lordstownthis month saidit felt it had enough funding to carry it through May 2022 and was still trying to raise money.\n\n‘It’s been highly disruptive to the market and a huge distraction for companies. But investors are not fazed by these countless restatements.’ — Joel Rubinstein, White & Case partner\n\nInvestors typically send stocks tumbling after major restatements, academic research has found. But these SEC-induced revisions are different.\n“It’s been highly disruptive to the market and a huge distraction for companies. But investors are not fazed by these countless restatements,” said Joel Rubinstein, a partner at law firm White & Case.\nOne reason is that SPACs are shell companies designed only to do deals. For SPACs that have yet to do a deal, investors typically don’t base their decisions on the companies’ financial performance, but instead judge the executive team.\nThere is continuing fallout from the SEC action: Treating the warrants as liabilities means they will have to be revalued every three months, when the company reports its latest financial results, as opposed to the one-off value if the warrants are included as equity.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":1530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":153658903,"gmtCreate":1625023314402,"gmtModify":1703850367384,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087525630006260","idStr":"4087525630006260"},"themes":[],"htmlText":"Wow.........","listText":"Wow.........","text":"Wow.........","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/153658903","repostId":"1122418477","repostType":4,"isVote":1,"tweetType":1,"viewCount":691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125521594,"gmtCreate":1624681252318,"gmtModify":1703843542523,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087525630006260","idStr":"4087525630006260"},"themes":[],"htmlText":"Gogogo","listText":"Gogogo","text":"Gogogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/125521594","repostId":"1164137597","repostType":4,"isVote":1,"tweetType":1,"viewCount":963,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174405210,"gmtCreate":1627119485530,"gmtModify":1703484537876,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087525630006260","idStr":"4087525630006260"},"themes":[],"htmlText":"???","listText":"???","text":"???","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174405210","repostId":"1170350340","repostType":4,"repost":{"id":"1170350340","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627092098,"share":"https://ttm.financial/m/news/1170350340?lang=en_US&edition=fundamental","pubTime":"2021-07-24 10:01","market":"us","language":"zh","title":"Administrative punishment! Tencent was ordered to lift the exclusive copyright of online music","url":"https://stock-news.laohu8.com/highlight/detail?id=1170350340","media":"老虎资讯综合","summary":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。","content":"<p>Tencent responded to being ordered to cancel the exclusive copyright of online music: The company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfil social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate rectification measures with Tencent Music and other affiliated companies within the prescribed time limit, and complete them in an all-round way in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. In January 2021, based on the report, the State Administration for Market Regulation filed an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent)' s acquisition of equity interests in China Music Group in July 2016 for suspected illegal conduct of concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation has ascertained the facts of illegal concentration in this transaction, and fully evaluated factors such as the share, control power, concentration degree of operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, we extensively solicited the opinions of relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements for many times.</p><p>The investigation shows that the relevant market in this case is the online music playing platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group's relevant market shares were about 30% and 40% respectively. Tencent gained a higher market share by merging with major competitors in the market. After concentration, the exclusive music library resources occupied by the entity exceeded 80%, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or ask them to give them better trading conditions than their competitors. It may also be able to raise market entry barriers by paying high prepayments and other copyright payment modes, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on Centralized Examination of Operators, and in accordance with the principle of equal emphasis on development and standardization, the State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright holders to give them conditions superior to competitors without legitimate reasons. Tencent reports the performance of its obligations to the State Administration for Market Regulation every year within three years, and the State Administration for Market Regulation will strictly supervise its implementation according to law.</p><p>This case is the first case of taking necessary measures to restore the state of market competition since the implementation of China's Anti-Monopoly Law. Ordering Tencent to lift exclusive copyright and other measures will reshape the competition order of relevant markets, reduce market entry barriers, and give competitors a fair opportunity to reach upstream copyright resources, which is conducive to returning the focus of competition from using capital advantages to snatch copyright resources to the rational track of innovating service level and improving user experience; It is conducive to promoting the calculation of copyright fees in a reasonable way in line with international standards and reducing downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, safeguarding consumers' right to choose, ultimately benefiting consumers, and promoting the standardized innovation and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on Administrative Penalty</p><p>National Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the Anti-Monopoly Law) and the Interim Provisions on the Examination of Concentration of Operators, this authority launched an investigation on the suspected illegal implementation of concentration of operators in the acquisition of equity interests of China Music Group by Tencent Holdings Limited (hereinafter referred to as Tencent) on 25 January 2021.</p><p>After investigation, this case constitutes an illegal concentration of operators, which has or may have the effect of excluding or restricting competition. In accordance with the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ served Tencent with the Notice of Administrative Punishment, informing it of the contents, facts, reasons and basis of the proposed administrative punishment, and informing it of its rights to make statements, defend and request a hearing according to law. Tencent did not make a statement, plead or request a hearing within the prescribed time limit. The investigation and trial of this case have now ended.</p><p><ul><li>Basic situation</li></ul><b>(1) The counterparty.</b></p><p><b>Acquirer: Tencent.</b>Incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004, it controls Shenzhen Tencent Computer Systems Co., Ltd., a major domestic operating entity, through an agreement. The main business includes social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was RMB102.863 billion (the same currency below), and the domestic turnover in China was RMB96.251 billion.</p><p><b>Acquiree: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, both global and domestic turnover in China were (omitted).</p><p><b>(2) Overview of transactions.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with valuation (omitted) business (mainly QQ Music business), obtained 61.64% equity interest in China Music Group, and obtained sole control over China Music Group. In December 2016, the integrated China Music Group changed its name to Tencent Music Entertainment Group. On 6 December 2017, the transaction completed the registration formalities of equity change.</p><p>Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"the concentration of operators refers to the following situations: (1) the merger of operators; (2) the operator obtains control over other operators by acquiring equity or assets; (3) the operator obtains control over other operators or is able to exercise decisive influence over other operators through contracts or other means\". Prior to this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent obtained 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and that in China was 96.251 billion yuan. The global and domestic turnover of China Music Group in 2015 was (omitted), which met the declaration standards stipulated in Article 3 of the Regulations of the State Council on Declaration Standards for Concentration of Operators, and belonged to the circumstances that should be declared.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the declaration standards stipulated by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and those who fail to declare shall not implement the concentration\". On December 6, 2017, Tencent completed the registration of equity change, but did not report to this authority before that, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Antitrust Review of Concentration of Operators, Tencent's annual report, Written Explanation of Tencent's Related Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and considering the characteristics of platform economy, on the basis of economic analysis and questionnaire survey, the relevant market in this case is defined as the online music playing platform market in China with horizontal overlap between the two parties.<b>Online Music Playback Platform Market</b>It refers to a platform that provides consumers with complete copyrighted music recordings through online broadcasting or downloading through the programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyrights is restricted by the copyright laws of various countries and there are obvious geographical differences, the scope of transmission of music copyrights authorized by online music playback platforms in the PRC is generally within the PRC and is mainly targeted to users within the PRC, therefore the relevant geographical market is defined as within the PRC.</p><p>After in-depth research, this concentration has or may have the effect of excluding or restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market share is 45.77% and 39.65% respectively. Both parties rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue of the relevant markets. According to the share of core music copyright resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which the exclusive music libraries are 3.14 million and 1.3 million, and the market share of music libraries and exclusive resources both exceeds 80%.</p><p>From the analysis of the Hefendal-Hirschmann Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transactions have resulted in a further increase in the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in the relevant market.</b></li></ol>According to the survey, before the transaction, the two parties ranked in the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of Tencent's QQ Music flow to Kugou Music and Kuwo Music, which are subsidiaries of China Music Group, indicating that if QQ Music raises the price or lowers the service level, 73.6% of users may flow to the platforms of China Music Group, and the two sides are close competitors with each other. Focus on reducing major competitors in the relevant markets to further weaken market competition.</p><p><ol><li><b>Concentration may further raise barriers to entry to relevant markets.</b></li></ol><b>First, it is possible to raise the barrier of copyright resources.</b>When the entity locks in more exclusive copyright resources after centralization, new entrants have to rely on their sub-licensing, which makes it more difficult to enter the relevant market. The market size brought by concentration also enables it to pay copyright fees to upstream copyright holders by paying non-refundable high advance payments in advance, which may further raise the barriers to market entry.</p><p><b>Second, it may increase the user conversion cost.</b>Focus on bringing abundant music library resources, larger user scale and sufficient usage data to Tencent. Compared with newly entered platforms, it can recommend songs that meet consumers' preferences better, resulting in a lower willingness of users to switch platforms, thus further expanding the user scale and may prevent other competitors from reaching or maintaining the critical scale.</p><p><b>Third, the market entry activity after concentration is not high.</b>According to the data, the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity decreased significantly.</p><p>To sum up, Tencent has a high market share in the online music playback platform market in China through this item, which may enable it to urge upstream copyright owners to give exclusive copyright authorization to it, or provide it with conditions that are better than competitors. It may also enable Tencent to raise market entry barriers by paying high advance payments, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playing platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also showing a rapid growth rate, from less than 6% when the concentration occurred to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competition constraints. In addition, in recent years, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain enough music copyright resources.</p><p>The above facts are proved by evidence such as statistical data of third-party organizations and industry analysis reports, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sublicensing Agreement provided by Tencent and related parties, and replies from industry authorities and other relevant parties.</p><p>Basis and Decision of Administrative Penalty</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator carries out concentration in violation of the provisions of this Law, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the state before concentration, and may impose a fine of not more than 500,000 yuan\". Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall take into account factors such as the nature, extent and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusions, this organ has made the following handling decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliates to take the following measures to restore competition in relevant markets:</b></p><p>1. No exclusive copyright agreement (the scope of copyright includes the information network dissemination right of all music works and sound recordings) or other exclusive agreement shall be reached or reached in disguise with the upstream copyright party. If it has been reached, it shall be terminated within 30 days from the date of issuance of this decision, except for exclusive cooperation with independent musicians (natural persons who refer to the original rights holder of music works or sound recordings and license the copyright with music platforms in their own name and have never entered into an agreement with any record company or brokerage company) or new song debut. Exclusive collaborations with independent musicians may not exceed three years, and exclusive collaborations with new song debuts may not exceed thirty days.</p><p>2. Without valid reasons, the upstream copyright holder shall not be required or disguised to give the party conditions that are superior to other competitors, including but not limited to the scope of license, license amount, license term, etc., or any agreement or agreement terms related thereto. If it has been reached, it shall be lifted within thirty days from the date of issuance of this decision.</p><p>3. Quote to the upstream copyright owner according to factors such as the actual use of copyright, user payment, song unit price, application scenario, contract signing period, etc. It is not allowed to increase the cost of competitors in disguised form through high advance payment and other means to eliminate or restrict competition.</p><p><b>(2) A fine of 500,000 yuan will be imposed.</b></p><p><b>(3) Declare the concentration of operators according to law.</b></p><p>1. If the concentration of operators meets the declaration standards stipulated by the State Council, it shall report to the State Administration for Market Regulation in advance, and if it fails to declare, concentration shall not be implemented.</p><p>2. If the concentration of operators fails to meet the declaration standard, but the concentration of operators has or may have the effect of excluding or restricting competition, it shall report to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if it is not declared.</p><p>3. If the transaction does not constitute a concentration of operators, except for the protection of the rights and interests of minority shareholders stipulated by law, it is not allowed to participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>Operate in accordance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize one's own competition behavior, carry out comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and standardize one's own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness and non-discrimination.</p><p>3. Improve the internal compliance control system of the enterprise, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect the rights of consumers, set reasonable charges and prices, and protect consumers' privacy.</p><p>5. Actively safeguard fair competition and promote innovation and development of the industry.</p><p>The term of the above measures shall be counted from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate a rectification plan according to the above measures within ten days, and report it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to supervise the trustee or self-supervise and inspect the performance of the above obligations by Tencent and its affiliates within three years. Tencent reports the performance of obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ that makes the decision on fines shall be separated from the institution that collects the fines. Except for fines collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the decision on administrative penalties and its law enforcement officers shall not collect the fines by themselves. The parties concerned shall pay the fines at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative penalty decision. The bank shall receive the fine and hand it over directly to the state treasury \".</p><p>The parties concerned shall, within 15 days from the date of receipt of this administrative penalty decision, bring the payment code to any bank outlet or online banking of 12 central financial non-tax revenue collection agency banks (ICBC, Agriculture, China Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An and Xingye) to pay the fine according to this administrative penalty decision. Payment code: ***.</p><p>If the party concerned is dissatisfied with the above administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative penalty decision shall not be suspended.</p><p>State Administration for Market Regulation</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></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>Administrative punishment! Tencent was ordered to lift 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: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAdministrative punishment! Tencent was ordered to lift the exclusive copyright of online music\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-24 10:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent responded to being ordered to cancel the exclusive copyright of online music: The company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfil social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate rectification measures with Tencent Music and other affiliated companies within the prescribed time limit, and complete them in an all-round way in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. In January 2021, based on the report, the State Administration for Market Regulation filed an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent)' s acquisition of equity interests in China Music Group in July 2016 for suspected illegal conduct of concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation has ascertained the facts of illegal concentration in this transaction, and fully evaluated factors such as the share, control power, concentration degree of operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, we extensively solicited the opinions of relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements for many times.</p><p>The investigation shows that the relevant market in this case is the online music playing platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group's relevant market shares were about 30% and 40% respectively. Tencent gained a higher market share by merging with major competitors in the market. After concentration, the exclusive music library resources occupied by the entity exceeded 80%, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or ask them to give them better trading conditions than their competitors. It may also be able to raise market entry barriers by paying high prepayments and other copyright payment modes, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on Centralized Examination of Operators, and in accordance with the principle of equal emphasis on development and standardization, the State Administration for Market Regulation made an administrative penalty decision according to law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as cancelling exclusive music copyrights within 30 days, stopping the payment of copyright fees such as high advance payments, and not requiring upstream copyright holders to give them conditions superior to competitors without legitimate reasons. Tencent reports the performance of its obligations to the State Administration for Market Regulation every year within three years, and the State Administration for Market Regulation will strictly supervise its implementation according to law.</p><p>This case is the first case of taking necessary measures to restore the state of market competition since the implementation of China's Anti-Monopoly Law. Ordering Tencent to lift exclusive copyright and other measures will reshape the competition order of relevant markets, reduce market entry barriers, and give competitors a fair opportunity to reach upstream copyright resources, which is conducive to returning the focus of competition from using capital advantages to snatch copyright resources to the rational track of innovating service level and improving user experience; It is conducive to promoting the calculation of copyright fees in a reasonable way in line with international standards and reducing downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, safeguarding consumers' right to choose, ultimately benefiting consumers, and promoting the standardized innovation and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on Administrative Penalty</p><p>National Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the Anti-Monopoly Law) and the Interim Provisions on the Examination of Concentration of Operators, this authority launched an investigation on the suspected illegal implementation of concentration of operators in the acquisition of equity interests of China Music Group by Tencent Holdings Limited (hereinafter referred to as Tencent) on 25 January 2021.</p><p>After investigation, this case constitutes an illegal concentration of operators, which has or may have the effect of excluding or restricting competition. In accordance with the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ served Tencent with the Notice of Administrative Punishment, informing it of the contents, facts, reasons and basis of the proposed administrative punishment, and informing it of its rights to make statements, defend and request a hearing according to law. Tencent did not make a statement, plead or request a hearing within the prescribed time limit. The investigation and trial of this case have now ended.</p><p><ul><li>Basic situation</li></ul><b>(1) The counterparty.</b></p><p><b>Acquirer: Tencent.</b>Incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004, it controls Shenzhen Tencent Computer Systems Co., Ltd., a major domestic operating entity, through an agreement. The main business includes social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was RMB102.863 billion (the same currency below), and the domestic turnover in China was RMB96.251 billion.</p><p><b>Acquiree: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, both global and domestic turnover in China were (omitted).</p><p><b>(2) Overview of transactions.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with valuation (omitted) business (mainly QQ Music business), obtained 61.64% equity interest in China Music Group, and obtained sole control over China Music Group. In December 2016, the integrated China Music Group changed its name to Tencent Music Entertainment Group. On 6 December 2017, the transaction completed the registration formalities of equity change.</p><p>Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"the concentration of operators refers to the following situations: (1) the merger of operators; (2) the operator obtains control over other operators by acquiring equity or assets; (3) the operator obtains control over other operators or is able to exercise decisive influence over other operators through contracts or other means\". Prior to this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent obtained 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and that in China was 96.251 billion yuan. The global and domestic turnover of China Music Group in 2015 was (omitted), which met the declaration standards stipulated in Article 3 of the Regulations of the State Council on Declaration Standards for Concentration of Operators, and belonged to the circumstances that should be declared.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the declaration standards stipulated by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and those who fail to declare shall not implement the concentration\". On December 6, 2017, Tencent completed the registration of equity change, but did not report to this authority before that, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Antitrust Review of Concentration of Operators, Tencent's annual report, Written Explanation of Tencent's Related Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and considering the characteristics of platform economy, on the basis of economic analysis and questionnaire survey, the relevant market in this case is defined as the online music playing platform market in China with horizontal overlap between the two parties.<b>Online Music Playback Platform Market</b>It refers to a platform that provides consumers with complete copyrighted music recordings through online broadcasting or downloading through the programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyrights is restricted by the copyright laws of various countries and there are obvious geographical differences, the scope of transmission of music copyrights authorized by online music playback platforms in the PRC is generally within the PRC and is mainly targeted to users within the PRC, therefore the relevant geographical market is defined as within the PRC.</p><p>After in-depth research, this concentration has or may have the effect of excluding or restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market share is 45.77% and 39.65% respectively. Both parties rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue of the relevant markets. According to the share of core music copyright resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which the exclusive music libraries are 3.14 million and 1.3 million, and the market share of music libraries and exclusive resources both exceeds 80%.</p><p>From the analysis of the Hefendal-Hirschmann Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transactions have resulted in a further increase in the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in the relevant market.</b></li></ol>According to the survey, before the transaction, the two parties ranked in the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of Tencent's QQ Music flow to Kugou Music and Kuwo Music, which are subsidiaries of China Music Group, indicating that if QQ Music raises the price or lowers the service level, 73.6% of users may flow to the platforms of China Music Group, and the two sides are close competitors with each other. Focus on reducing major competitors in the relevant markets to further weaken market competition.</p><p><ol><li><b>Concentration may further raise barriers to entry to relevant markets.</b></li></ol><b>First, it is possible to raise the barrier of copyright resources.</b>When the entity locks in more exclusive copyright resources after centralization, new entrants have to rely on their sub-licensing, which makes it more difficult to enter the relevant market. The market size brought by concentration also enables it to pay copyright fees to upstream copyright holders by paying non-refundable high advance payments in advance, which may further raise the barriers to market entry.</p><p><b>Second, it may increase the user conversion cost.</b>Focus on bringing abundant music library resources, larger user scale and sufficient usage data to Tencent. Compared with newly entered platforms, it can recommend songs that meet consumers' preferences better, resulting in a lower willingness of users to switch platforms, thus further expanding the user scale and may prevent other competitors from reaching or maintaining the critical scale.</p><p><b>Third, the market entry activity after concentration is not high.</b>According to the data, the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity decreased significantly.</p><p>To sum up, Tencent has a high market share in the online music playback platform market in China through this item, which may enable it to urge upstream copyright owners to give exclusive copyright authorization to it, or provide it with conditions that are better than competitors. It may also enable Tencent to raise market entry barriers by paying high advance payments, which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playing platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also showing a rapid growth rate, from less than 6% when the concentration occurred to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competition constraints. In addition, in recent years, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain enough music copyright resources.</p><p>The above facts are proved by evidence such as statistical data of third-party organizations and industry analysis reports, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sublicensing Agreement provided by Tencent and related parties, and replies from industry authorities and other relevant parties.</p><p>Basis and Decision of Administrative Penalty</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator carries out concentration in violation of the provisions of this Law, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the state before concentration, and may impose a fine of not more than 500,000 yuan\". Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall take into account factors such as the nature, extent and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusions, this organ has made the following handling decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliates to take the following measures to restore competition in relevant markets:</b></p><p>1. No exclusive copyright agreement (the scope of copyright includes the information network dissemination right of all music works and sound recordings) or other exclusive agreement shall be reached or reached in disguise with the upstream copyright party. If it has been reached, it shall be terminated within 30 days from the date of issuance of this decision, except for exclusive cooperation with independent musicians (natural persons who refer to the original rights holder of music works or sound recordings and license the copyright with music platforms in their own name and have never entered into an agreement with any record company or brokerage company) or new song debut. Exclusive collaborations with independent musicians may not exceed three years, and exclusive collaborations with new song debuts may not exceed thirty days.</p><p>2. Without valid reasons, the upstream copyright holder shall not be required or disguised to give the party conditions that are superior to other competitors, including but not limited to the scope of license, license amount, license term, etc., or any agreement or agreement terms related thereto. If it has been reached, it shall be lifted within thirty days from the date of issuance of this decision.</p><p>3. Quote to the upstream copyright owner according to factors such as the actual use of copyright, user payment, song unit price, application scenario, contract signing period, etc. It is not allowed to increase the cost of competitors in disguised form through high advance payment and other means to eliminate or restrict competition.</p><p><b>(2) A fine of 500,000 yuan will be imposed.</b></p><p><b>(3) Declare the concentration of operators according to law.</b></p><p>1. If the concentration of operators meets the declaration standards stipulated by the State Council, it shall report to the State Administration for Market Regulation in advance, and if it fails to declare, concentration shall not be implemented.</p><p>2. If the concentration of operators fails to meet the declaration standard, but the concentration of operators has or may have the effect of excluding or restricting competition, it shall report to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if it is not declared.</p><p>3. If the transaction does not constitute a concentration of operators, except for the protection of the rights and interests of minority shareholders stipulated by law, it is not allowed to participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>Operate in accordance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize one's own competition behavior, carry out comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and standardize one's own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness and non-discrimination.</p><p>3. Improve the internal compliance control system of the enterprise, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect the rights of consumers, set reasonable charges and prices, and protect consumers' privacy.</p><p>5. Actively safeguard fair competition and promote innovation and development of the industry.</p><p>The term of the above measures shall be counted from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate a rectification plan according to the above measures within ten days, and report it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to supervise the trustee or self-supervise and inspect the performance of the above obligations by Tencent and its affiliates within three years. Tencent reports the performance of obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ that makes the decision on fines shall be separated from the institution that collects the fines. Except for fines collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the decision on administrative penalties and its law enforcement officers shall not collect the fines by themselves. The parties concerned shall pay the fines at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative penalty decision. The bank shall receive the fine and hand it over directly to the state treasury \".</p><p>The parties concerned shall, within 15 days from the date of receipt of this administrative penalty decision, bring the payment code to any bank outlet or online banking of 12 central financial non-tax revenue collection agency banks (ICBC, Agriculture, China Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An and Xingye) to pay the fine according to this administrative penalty decision. Payment code: ***.</p><p>If the party concerned is dissatisfied with the above administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative penalty decision shall not be suspended.</p><p>State Administration for Market Regulation</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"00700":"腾讯控股","QNETCN":"纳斯达克中美互联网老虎指数","TCEHY":"腾讯控股ADR"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170350340","content_text":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。腾讯将压实责任，与腾讯音乐等关联公司在规定时限内制定整改措施方案，按照处罚决定要求全面不折不扣地完成，确保整改到位。\n\n 市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。\n\n2021年1月，市场监管总局根据举报，对腾讯控股有限公司（以下简称腾讯）2016年7月收购中国音乐集团股权涉嫌违法实施经营者集中行为立案调查。\n市场监管总局依据《反垄断法》，查清本交易违法实施集中的事实，充分评估参与集中的经营者在相关市场的份额、控制力、集中度以及集中对市场进入和消费者影响等因素。同时，广泛征求有关政府部门、行业协会、专家学者、同业竞争者意见，并多次听取腾讯陈述意见。\n调查表明，本案相关市场为中国境内网络音乐播放平台市场。正版音乐版权是网络音乐播放平台运营的核心资产和关键性资源。2016年腾讯和中国音乐集团在相关市场份额分别为30%和40%左右，腾讯通过与市场主要竞争对手合并，获得较高的市场份额，集中后实体占有的独家曲库资源超过80%，可能有能力促使上游版权方与其达成更多独家版权协议，或要求给予其优于竞争对手的交易条件，也可能有能力通过支付高额预付金等版权付费模式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争效果。\n根据《反垄断法》第四十八条、《经营者集中审查暂行规定》第五十七条规定，按照发展和规范并重的原则，市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。腾讯三年内每年向市场监管总局报告履行义务情况，市场监管总局将依法严格监督其执行情况。\n本案为我国《反垄断法》实施以来对违法实施经营者集中采取必要措施恢复市场竞争状态的第一起案件。责令腾讯解除独家版权等措施将重塑相关市场竞争秩序，降低市场进入壁垒，使竞争者均有公平触达上游版权资源的机会，有利于将竞争的焦点从利用资本优势抢夺版权资源回归到创新服务水平、提高用户体验的理性轨道上来；有利于推动与国际接轨的合理方式计算版权费用，减轻下游运营成本；有利于培育新的市场进入者，并为现存企业创造更公平的竞争环境，保障消费者选择权，最终惠及广大消费者，促进网络音乐产业规范创新健康发展。\n以下为处罚书全文:\n国家市场监督管理总局\n行政处罚决定书\n国市监处〔2021〕67号\n当事人：腾讯控股有限公司\n住 所：开曼群岛哈金斯大道克里奇广场\n根据《中华人民共和国反垄断法》（以下简称《反垄断法》）、《经营者集中审查暂行规定》，本机关于2021年1月25日对腾讯控股有限公司（以下简称腾讯）收购中国音乐集团股权涉嫌违法实施经营者集中进行立案调查。\n经查，该案构成违法实施的经营者集中，具有或者可能具有排除、限制竞争的效果。本机关按照《中华人民共和国行政处罚法》（以下简称《行政处罚法》）规定，向腾讯送达《行政处罚告知书》，告知其拟作出的行政处罚内容及事实、理由、依据，并告知其依法享有的陈述、申辩和要求听证等权利。腾讯在规定期限内没有提出陈述、申辩或要求听证。本案现已调查、审理终结。\n\n基本情况\n\n（一）交易方。\n收购方：腾讯。1999年11月于英属维尔京群岛注册成立，2004年2月迁册至英属开曼群岛，2004年6月在香港联交所上市，通过协议控制境内主要运营实体深圳市腾讯计算机系统有限公司。主要业务包括社交和通信服务、社交网络平台、网络音乐平台、游戏、网络视频服务、互动娱乐直播等。2015年全球营业额为1028.63亿元人民币（币种下同），中国境内营业额为962.51亿元。\n被收购方：中国音乐集团。2012年于开曼群岛注册成立，通过协议控制境内主要运营实体海洋互动（北京）信息技术有限公司。主要业务包括网络音乐平台、唱片公司出版业务、版权代理业务等。自然人（略）作为一致行动人拥有共同控制权。2015年全球及中国境内营业额均为（略）。\n（二）交易概况。\n2016年7月12日，腾讯以估值（略）的业务（主要是QQ音乐业务）投入中国音乐集团，获得中国音乐集团61.64%股权，取得对中国音乐集团的单独控制权。2016年12月，整合后的中国音乐集团更名为腾讯音乐娱乐集团。2017年12月6日，交易完成股权变更登记手续。\n二、违法事实及理由\n（一）本案构成违法实施的经营者集中。\n《反垄断法》第二十条规定“经营者集中是指下列情形：（一）经营者合并；（二）经营者通过取得股权或者资产的方式取得对其他经营者的控制权；（三）经营者通过合同等方式取得对其他经营者的控制权或者能够对其他经营者施加决定性影响”。本项集中前，中国音乐集团由自然人（略）共同控制。本项集中后，腾讯获得中国音乐集团61.64%股权，取得对中国音乐集团单独控制权，属于《反垄断法》第二十条规定的经营者集中。\n腾讯2015年全球营业额为1028.63亿元，中国境内营业额为962.51亿元，中国音乐集团2015年全球及中国境内营业额均为（略），达到《国务院关于经营者集中申报标准的规定》第三条规定的申报标准，属于应当申报的情形。\n《反垄断法》第二十一条规定“经营者集中达到国务院规定的申报标准的，经营者应当事先向国务院反垄断执法机构申报，未申报的不得实施集中”。2017年12月6日，腾讯完成股权变更登记，在此之前未向本机关申报，违反《反垄断法》第二十一条规定，构成违法实施的经营者集中。\n以上事实，有腾讯营业执照复印件、组织架构图、股权关系图、《经营者集中反垄断审查申报表》、腾讯年报、《腾讯相关问题的书面说明》、《股份认购协议》等证据证明。\n（二）本案具有或者可能具有排除、限制竞争的效果。\n根据《反垄断法》和《国务院反垄断委员会关于相关市场界定的指南》规定，同时考虑平台经济特点，在经济学分析和问卷调查基础上，本案相关市场界定为交易双方存在横向重叠的中国境内网络音乐播放平台市场。网络音乐播放平台市场是指通过电脑端、手机端或者其他智能终端的程序或网站，以在线播放或下载方式向消费者提供完整版权音乐录音制品播放服务的平台。网络K歌、网络直播、短视频平台等虽也提供与网络音乐相关的服务，但其核心功能、应用场景、商业模式、市场进入等与网络音乐播放平台市场不具有紧密替代关系，不属于同一相关商品市场。由于音乐版权的授权受各国著作权法规定限制，具有明显的地域差异，中国的网络音乐播放平台获得授权的音乐版权传播范围一般为中国境内，且主要面向中国境内用户，因此相关地域市场界定为中国境内。\n经深入研究，本项集中对中国境内网络音乐播放平台市场具有或者可能具有排除、限制竞争效果：\n\n集中后实体在相关市场具有较高市场份额。\n\n2016年7月集中发生时，腾讯和中国音乐集团的月活跃用户数分别为1.6亿人、2.3亿人，市场份额分别为33.96%、49.07%；用户月使用时长分别为8.05亿小时、6.98亿小时，市场份额分别为45.77%、39.65%，集中双方均列市场前两位，合计市场份额超过80%。2016年集中双方在相关市场的销售金额合计（略），约占相关市场总收入规模的70%。以音乐版权核心资源占有率计算，腾讯和中国音乐集团的曲库数量分别为1210万、821万，其中独家曲库为314万、130万，曲库和独家资源的市场占有率均超过80%。\n从该市场赫芬达尔－赫希曼指数（HHI指数）分析，交易后为6950，为高度集中市场，集中产生的增量为3350。交易导致相关市场集中度进一步提高，竞争被进一步削弱。\n\n集中减少相关市场主要竞争对手。\n\n调查显示，交易前集中双方居市场前两位，竞争实力相当，彼此竞争较为紧密。根据消费者在替代性平台之间的流向选择显示，腾讯旗下QQ音乐73.6%的用户流向了中国音乐集团旗下的酷狗音乐和酷我音乐，表明如果QQ音乐提高价格或降低服务水平，可能有73.6%的用户流向中国音乐集团旗下平台，双方互为较为紧密竞争者。集中减少相关市场主要竞争对手，进一步削弱市场竞争。\n\n集中可能进一步提高相关市场进入壁垒。\n\n一是可能提高版权资源壁垒。在集中后实体锁定较多独家版权资源的情况下，新进入者须依靠其转授权，进入相关市场较为困难。由集中带来的市场规模也使其有能力通过提前支付不可返还的高额预付金等方式向上游版权方支付版权费用，可能进一步提高市场进入壁垒。\n二是可能增加用户转换成本。集中为腾讯带来较为丰富的曲库资源、较大的用户规模及充足的使用数据，相比新进入平台更能推荐符合消费者偏好的歌曲，导致用户转换平台意愿降低，从而进一步扩大用户规模，可能阻止其他竞争者达到或维持临界规模。\n三是集中后市场进入活跃度不高。数据显示，网络音乐播放平台市场的主要进入发生在2016年初至2017年7月，2017年底集中完成后，该市场进入活跃度下降较明显。\n综上，腾讯通过本项集中在中国境内网络音乐播放平台市场具有较高市场份额，可能使其有能力促使上游版权方对其进行独家版权授权，或者向其提供优于竞争对手的条件，也可能使腾讯有能力通过支付高额预付金等方式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争的效果。\n调查同时发现，中国网络音乐播放平台市场发展较为迅速，腾讯主要竞争对手（略）的市场份额也呈现较快速度增长，由集中发生时的不足6%增长至近18%，增长200%左右，说明竞争对手对其竞争约束有增强的趋势。此外，网络音乐播放平台与其他平台之间近年来呈现出一定的动态竞争和跨界融合趋势，一些拥有广泛用户基础的短视频平台，如果再获得足够数量的音乐版权资源，在未来有可能成为相关市场的竞争者。\n以上事实，有第三方机构统计数据和行业分析报告、《问卷调查报告》、《经济学分析报告》、腾讯和相关方提供的《授权协议》和《转授权协议》、行业主管部门等相关方的回复意见等证据证明。\n三、行政处罚依据和决定\n《反垄断法》第四十八条规定“经营者违反本法规定实施集中的，由国务院反垄断执法机构责令停止实施集中、限期处分股份或者资产、限期转让营业以及采取其他必要措施恢复到集中前的状态，可以处五十万元以下的罚款”。《反垄断法》第四十九条规定“对本法第四十六条、第四十七条、第四十八条规定的罚款，反垄断执法机构确定具体罚款数额时，应当考虑违法行为的性质、程度和持续的时间等因素”。\n根据上述规定，基于上述调查情况和评估结论，本机关对腾讯作出如下处理决定：\n（一）责令腾讯及其关联公司采取以下措施恢复相关市场竞争状态：\n1. 不得与上游版权方达成或变相达成独家版权协议（版权范围包括所有音乐作品及录音制品的信息网络传播权）或其他排他性协议，已经达成的，须在本决定发布之日起三十日内解除，与独立音乐人（是指音乐作品或录音制品的原始权利人，并以个人名义与音乐平台进行版权授权，且从未与任何唱片公司或经纪公司签订协议的自然人）或新歌首发的独家合作除外。与独立音乐人的独家合作期限不得超过三年，与新歌首发的独家合作期限不得超过三十日。\n2. 没有正当理由，不得要求或变相要求上游版权方给予当事人优于其他竞争对手的条件，包括但不限于授权范围、授权金额、授权期限等，或与之相关的任何协议或协议条款。已经达成的，须在本决定发布之日起三十日内解除。\n3. 依据版权实际使用情况、用户付费情况、歌曲单价、应用场景、签约期限等因素向上游版权方报价，不得通过高额预付金等方式变相提高竞争对手成本，排除、限制竞争。\n（二）处以50万元罚款。\n（三）依法申报经营者集中。\n1.经营者集中达到国务院规定的申报标准的，应当事先向市场监管总局申报，未申报的不得实施集中。\n2.经营者集中未达到申报标准，但该经营者集中具有或者可能具有排除、限制竞争效果的，应当事先向市场监管总局申报，未申报的不得实施集中。\n3.交易未构成经营者集中的，除法律规定的保护小股东权益事项外，不得参与相关企业经营决策，并在每年的年度报告中向市场监管总局报告交易基本情况等内容。\n（四）依法合规经营，建立健全公平参与市场竞争的长效机制。\n1.全面规范自身竞争行为，对照《反垄断法》开展全面深入自查，检视并规范自身经营行为。\n2.严格落实平台企业主体责任，不断完善平台内部治理规则，按照公平、合理、无歧视原则与其他经营者开展合作。\n3.完善企业内部合规控制制度，建立并有效执行反垄断合规制度，自觉维护公平竞争。\n4.保护消费者合法权益。充分保障消费者各项权利，合理制定收费价格，保护消费者隐私。\n5.积极维护公平竞争，推动行业创新发展。\n以上措施期限自《行政处罚决定书》下发之日起算，腾讯及其关联公司须在十日内对照上述措施制定整改方案，并报市场监管总局审核。市场监管总局三年内有权通过监督受托人或自行监督检查腾讯及其关联公司履行上述义务的情况，腾讯三年内每年向市场监管总局报告履行义务情况，三年到期后不再报告。\n《行政处罚法》第六十七条规定“作出罚款决定的行政机关应当与收缴罚款的机构分离。除依照本法第六十八条、第六十九条的规定当场收缴的罚款外，作出行政处罚决定的行政机关及其执法人员不得自行收缴罚款。当事人应当自收到行政处罚决定书之日起十五日内，到指定的银行或者通过电子支付系统缴纳罚款。银行应当收受罚款，并将罚款直接上缴国库”。\n当事人应当自收到本行政处罚决定书之日起十五日内，根据本行政处罚决定书，携缴款码到12家中央财政非税收入收缴代理银行（工、农、中、建、交、中信、光大、招商、邮储、华夏、平安、兴业）任一银行网点或者网上银行交纳罚款。缴款码：***。\n当事人如对上述行政处罚决定不服，可以自收到本行政处罚决定书之日起六十日内，向国家市场监督管理总局申请行政复议；或者自收到本行政处罚决定书之日起六个月内，依法向北京知识产权法院提起行政诉讼。行政复议或者行政诉讼期间，本行政处罚决定不停止执行。\n市场监管总局\n2021年7月24日","news_type":1,"symbols_score_info":{"TCEHY":0.9,"QNETCN":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":3098,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145456325,"gmtCreate":1626240209267,"gmtModify":1703756158367,"author":{"id":"4087525630006260","authorId":"4087525630006260","name":"Khing","avatar":"https://static.tigerbbs.com/0ca8ec9b0a8e06d222fcc8b6eec1fa30","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087525630006260","idStr":"4087525630006260"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/145456325","repostId":"1126251044","repostType":4,"repost":{"id":"1126251044","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626218657,"share":"https://ttm.financial/m/news/1126251044?lang=en_US&edition=fundamental","pubTime":"2021-07-14 07:24","market":"hk","language":"zh","title":"The first-hand winning rate of Yimaitong is 5%, and the subscription of 90 lots is stable","url":"https://stock-news.laohu8.com/highlight/detail?id=1126251044","media":"老虎资讯综合","summary":"7月14日，医脉通发布公告，公司全球发售约1.55亿股股份，其中香港发售股份7754.8万股，国际发售股份7754.8万股，另有15%超额配股权；发售价已厘定为每股发售股份27.20港元，每手买卖单位","content":"<p>On July 14,<a href=\"https://laohu8.com/S/02192\">Yimaitong</a>Announced that the company offered about 155 million shares globally, including 77.548 million shares offered in Hong Kong, 77.548 million shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$27.20 per Offer Share with board lot of 500 Shares;<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/00665\">Haitong International</a>As the Joint Sponsors, it is expected that the Shares will be listed on the Main Board of the Stock Exchange on 15 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/fa9b3e669a6b601bd6f663db62eb0518\" tg-width=\"1059\" tg-height=\"824\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 5% in one lot, and 90 lots are subscribed for a steady one.</p><p>The head of Group B is 200,000 shares (400 lots) and will be allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/836a351342d5d77d292efd488168758f\" tg-width=\"863\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/21001441e923fa8b5c5f3e75ed77dcb8\" tg-width=\"873\" tg-height=\"538\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4701c7bcc7cc26514d87a7f555b281bc\" tg-width=\"856\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering were significantly over-subscribed, representing approximately 31.2 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Public Offer Shares initially offered under the Hong Kong Public Offering were significantly over-subscribed. The Company received a total of 626,195 valid applications for a total of 9,188 million Hong Kong Public Offer Shares, representing approximately 592.41 times the total number of Hong Kong Public Offer Shares initially available under the Hong Kong Public Offering.</p><p>Pursuant to the Offer Price of HK$27.20 per Share and the Cornerstone Investment Agreement, the Cornerstone Investors subscribe for an aggregate of 62,784,500 Offer Shares, representing approximately 9.10% of the issued share capital upon completion of the Global Offering (assuming that the Over-allotment Option is not exercised and without taking into account any Shares which may be issued upon the exercise of options granted or to be granted under the Share Option Scheme); and approximately 40.48% of the number of Offer Shares under the Global Offering (assuming the Over-allotment Option is not exercised).</p><p>Based on the Offer Price of HK$27.20 per Offer Share, the Company estimates to receive net proceeds from the Global Offering of approximately HK$4,001 million. Of which, approximately 40% of the net proceeds are intended to be used for business expansion in the next three to five years; approximately 30% is intended to be used to invest in technology and enhance research and development capabilities in the next three to five years; approximately 20% is intended for carefully selected strategic investment or acquisition opportunities; And approximately 10% is intended for general replenishment of working capital and other general corporate purposes.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The first-hand winning rate of Yimaitong is 5%, and the subscription of 90 lots is stable</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe first-hand winning rate of Yimaitong is 5%, and the subscription of 90 lots is stable\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-14 07:24</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 14,<a href=\"https://laohu8.com/S/02192\">Yimaitong</a>Announced that the company offered about 155 million shares globally, including 77.548 million shares offered in Hong Kong, 77.548 million shares offered internationally, and 15% over-allotment option; The Offer Price has been determined at HK$27.20 per Offer Share with board lot of 500 Shares;<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>And<a href=\"https://laohu8.com/S/00665\">Haitong International</a>As the Joint Sponsors, it is expected that the Shares will be listed on the Main Board of the Stock Exchange on 15 July 2021.</p><p><b>The relevant data of Tiger Information are as follows:</b></p><p><img src=\"https://static.tigerbbs.com/fa9b3e669a6b601bd6f663db62eb0518\" tg-width=\"1059\" tg-height=\"824\"></p><p><b>Assignment Results:</b></p><p>Group A has 500 shares per lot, with a successful rate of 5% in one lot, and 90 lots are subscribed for a steady one.</p><p>The head of Group B is 200,000 shares (400 lots) and will be allocated 1,000 shares (2 lots).</p><p><img src=\"https://static.tigerbbs.com/836a351342d5d77d292efd488168758f\" tg-width=\"863\" tg-height=\"585\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/21001441e923fa8b5c5f3e75ed77dcb8\" tg-width=\"873\" tg-height=\"538\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/4701c7bcc7cc26514d87a7f555b281bc\" tg-width=\"856\" tg-height=\"740\" referrerpolicy=\"no-referrer\"></p><p>The Offer Shares initially offered under the International Offering were significantly over-subscribed, representing approximately 31.2 times the total number of Offer Shares initially available under the International Offering. The Hong Kong Public Offer Shares initially offered under the Hong Kong Public Offering were significantly over-subscribed. The Company received a total of 626,195 valid applications for a total of 9,188 million Hong Kong Public Offer Shares, representing approximately 592.41 times the total number of Hong Kong Public Offer Shares initially available under the Hong Kong Public Offering.</p><p>Pursuant to the Offer Price of HK$27.20 per Share and the Cornerstone Investment Agreement, the Cornerstone Investors subscribe for an aggregate of 62,784,500 Offer Shares, representing approximately 9.10% of the issued share capital upon completion of the Global Offering (assuming that the Over-allotment Option is not exercised and without taking into account any Shares which may be issued upon the exercise of options granted or to be granted under the Share Option Scheme); and approximately 40.48% of the number of Offer Shares under the Global Offering (assuming the Over-allotment Option is not exercised).</p><p>Based on the Offer Price of HK$27.20 per Offer Share, the Company estimates to receive net proceeds from the Global Offering of approximately HK$4,001 million. Of which, approximately 40% of the net proceeds are intended to be used for business expansion in the next three to five years; approximately 30% is intended to be used to invest in technology and enhance research and development capabilities in the next three to five years; approximately 20% is intended for carefully selected strategic investment or acquisition opportunities; And approximately 10% is intended for general replenishment of working capital and other general corporate purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"02192":"医脉通"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126251044","content_text":"7月14日，医脉通发布公告，公司全球发售约1.55亿股股份，其中香港发售股份7754.8万股，国际发售股份7754.8万股，另有15%超额配股权；发售价已厘定为每股发售股份27.20港元，每手买卖单位500股；高盛及海通国际为联席保荐人，预期股份将于2021年7月15日于联交所主板挂牌上市。\n老虎资讯整理相关数据如下：\n\n分配结果：\n甲组每手500股，一手中签率5%，认购90手稳中一手。\n乙组头为20万股（400手），获配1000股（2手）。\n\n国际发售初步提呈发售的发售股份获大幅超额认购，相当于国际发售初步可供认购发售股份总数约31.2倍。根据香港公开发售初步提呈发售的香港公开发售股份获大幅超额认购。公司合共接获626,195份有效申请，认购合共91.88亿股香港公开发售股份，相当于香港公开发售初步可供认购香港公开发售股份总数约592.41倍。\n根据发售价每股27.20港元及基石投资协议，基石投资者认购合共6278.45万股发售股份，相当于全球发售完成后已发行股本约9.10%(假设并无行使超额配股权且并无计及可能因根据购股权计划已授出或将授出的购股权获行使而发行的任何股份)；及全球发售的发售股份数目约40.48%(假设并无行使超额配股权)。\n按发售价每股发售股份27.20港元计算，公司估计自全球发售收取所得款项净额约40.01亿港元。其中，所得款项净额约40%拟用于在未来三至五年内扩展业务；约30%拟用于在未来三至五年内投资技术及提高研发能力；约20%拟用于精心挑选战略投资或收购机会；及约10%拟用作一般补充营运资金及其他一般企业用途。","news_type":1,"symbols_score_info":{"02192":0.9}},"isVote":1,"tweetType":1,"viewCount":3611,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}