To The Moon
Home
News
TigerAI
Log In
Sign Up
kennynyap
+Follow
Posts · 0
Posts · 0
Following · 0
Following · 0
Followers · 0
Followers · 0
kennynyap
kennynyap
·
2022-09-27
[真香] [真香] [笑哭]
看
1.91K
回复
Comment
点赞
Like
编组 21备份 2
Share
Report
kennynyap
kennynyap
·
2021-09-13
???Good
Sorry, this post has been deleted
看
2.61K
回复
Comment
点赞
2
编组 21备份 2
Share
Report
kennynyap
kennynyap
·
2021-08-11
Good luck...
Unity Software Q2淨虧損1.48億美元,不及市場預期
@小虎综合资讯:
8月10日美股盤後,遊戲引擎開發商Unity Software發佈2021年第二季度業績。財報顯示,第二季度營收2.74億美元,市場預期2.42億美元;第二季度淨虧損1.48億美元,市場預期淨虧損1.03億美元;第二季度每股虧損0.53美元,市場預期0.35美元。 2021 年第二季度財務摘要 收入爲 2.736 億美元,同比增長 48%。 創建解決方案、運營解決方案以及戰略合作伙伴和其他收入分別爲 7240 萬美元、1.829 億美元和 1830 萬美元,同比分別增長了 31%、63% 和 9%。 運營虧損爲 1.492 億美元,佔收入的 55%,而 2020 年第二季度的運營虧損爲 2480 萬美元,佔收入的 13%。 非 GAAP 運營虧損爲 320 萬美元,佔收入的 1%,而 2020 年第二季度的非 GAAP 運營虧損爲 870 萬美元,佔收入的 5%。 每股基本和攤薄淨虧損爲 0.53 美元,而 2020 年第二季度的基本和攤薄每股淨虧損爲 0.21 美元。 2020 年第二季度基本和攤薄的非 GAAP 每股淨虧損爲 0.02 美元,而基本和攤薄的非 GAAP 每股淨虧損爲 0.09 美元。 截至 2021 年 6 月 30 日的過去 12 個月中,888 位客戶的收入均超過 100,000 美元,去年同期爲 716 位。 截至 2021 年 6 月 30 日,以美元爲基礎的淨擴張率爲 142%,去年同期爲 142%。 2021 年第二季度經營活動中使用的現金淨額爲 2670 萬美元,而去年同期經營活動提供的現金淨額爲 1660 萬美元。2021 年第二季度的自由現金流爲(3350 萬美元),而去年同期爲 490 萬美元。截至 2021 年 6 月 30 日,現金、現金等價物和受限現金爲 10 億美元,而截至 2020 年 6 月 30 日爲 5 億美元。 Un
Unity Software Q2淨虧損1.48億美元,不及市場預期
看
2.83K
回复
1
点赞
1
编组 21备份 2
Share
Report
kennynyap
kennynyap
·
2021-08-08
Good luck..
@rayhky:
$Chembio Diagnostics(CEMI)$[噴血] [噴血] [噴血]
$Chembio Diagnostics(CEMI)$[噴血] [噴血] [噴血]
看
2.78K
回复
Comment
点赞
1
编组 21备份 2
Share
Report
kennynyap
kennynyap
·
2021-07-31
Good stock
看
2.44K
回复
Comment
点赞
2
编组 21备份 2
Share
Report
kennynyap
kennynyap
·
2021-07-31
Good luck
Sorry, this post has been deleted
看
3.12K
回复
1
点赞
2
编组 21备份 2
Share
Report
kennynyap
kennynyap
·
2021-07-27
https://www.laohu8.com/m/news/1109053454?lang=zh_cn&invite=2JZFA1
Chinese concept stocks withdraw from the US market, is this possible?
谁都不希望坏事发生,但如果发生,也不至于措手不及。
Chinese concept stocks withdraw from the US market, is this possible?
看
2.43K
回复
Comment
点赞
3
编组 21备份 2
Share
Report
kennynyap
kennynyap
·
2021-07-26
Good job..
Sorry, this post has been deleted
看
2.57K
回复
Comment
点赞
1
编组 21备份 2
Share
Report
kennynyap
kennynyap
·
2021-07-26
Good job
Sorry, this post has been deleted
看
3.00K
回复
Comment
点赞
3
编组 21备份 2
Share
Report
kennynyap
kennynyap
·
2021-07-26
Good stock
看
2.87K
回复
1
点赞
1
编组 21备份 2
Share
Report
Load more
No followers yet
Most Discussed
{"i18n":{"language":"en_US"},"isCurrentUser":false,"userPageInfo":{"id":"3583014476138305","uuid":"3583014476138305","gmtCreate":1619920934873,"gmtModify":1625840207976,"name":"kennynyap","pinyin":"kennynyap","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":15,"headSize":428,"tweetSize":0,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖(非转发)","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.06.11","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":9911479811,"gmtCreate":1664250115733,"gmtModify":1676537418975,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"[真香] [真香] [笑哭] ","listText":"[真香] [真香] [笑哭] ","text":"[真香] [真香] [笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9911479811","isVote":1,"tweetType":1,"viewCount":1913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888513087,"gmtCreate":1631506471049,"gmtModify":1676530560791,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"???Good ","listText":"???Good ","text":"???Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/888513087","repostId":"2167263309","repostType":2,"isVote":1,"tweetType":1,"viewCount":2605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892338353,"gmtCreate":1628638603972,"gmtModify":1676529802484,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good luck... ","listText":"Good luck... ","text":"Good luck...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/892338353","repostId":"892339120","repostType":1,"repost":{"id":892339120,"gmtCreate":1628638403356,"gmtModify":1676529802334,"author":{"id":"3527667586584720","authorId":"3527667586584720","name":"小虎综合资讯","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667586584720","authorIdStr":"3527667586584720"},"themes":[],"title":"Unity Software Q2淨虧損1.48億美元,不及市場預期","htmlText":"8月10日美股盤後,遊戲引擎開發商Unity Software發佈2021年第二季度業績。財報顯示,第二季度營收2.74億美元,市場預期2.42億美元;第二季度淨虧損1.48億美元,市場預期淨虧損1.03億美元;第二季度每股虧損0.53美元,市場預期0.35美元。 2021 年第二季度財務摘要 收入爲 2.736 億美元,同比增長 48%。 創建解決方案、運營解決方案以及戰略合作伙伴和其他收入分別爲 7240 萬美元、1.829 億美元和 1830 萬美元,同比分別增長了 31%、63% 和 9%。 運營虧損爲 1.492 億美元,佔收入的 55%,而 2020 年第二季度的運營虧損爲 2480 萬美元,佔收入的 13%。 非 GAAP 運營虧損爲 320 萬美元,佔收入的 1%,而 2020 年第二季度的非 GAAP 運營虧損爲 870 萬美元,佔收入的 5%。 每股基本和攤薄淨虧損爲 0.53 美元,而 2020 年第二季度的基本和攤薄每股淨虧損爲 0.21 美元。 2020 年第二季度基本和攤薄的非 GAAP 每股淨虧損爲 0.02 美元,而基本和攤薄的非 GAAP 每股淨虧損爲 0.09 美元。 截至 2021 年 6 月 30 日的過去 12 個月中,888 位客戶的收入均超過 100,000 美元,去年同期爲 716 位。 截至 2021 年 6 月 30 日,以美元爲基礎的淨擴張率爲 142%,去年同期爲 142%。 2021 年第二季度經營活動中使用的現金淨額爲 2670 萬美元,而去年同期經營活動提供的現金淨額爲 1660 萬美元。2021 年第二季度的自由現金流爲(3350 萬美元),而去年同期爲 490 萬美元。截至 2021 年 6 月 30 日,現金、現金等價物和受限現金爲 10 億美元,而截至 2020 年 6 月 30 日爲 5 億美元。 Un","listText":"8月10日美股盤後,遊戲引擎開發商Unity Software發佈2021年第二季度業績。財報顯示,第二季度營收2.74億美元,市場預期2.42億美元;第二季度淨虧損1.48億美元,市場預期淨虧損1.03億美元;第二季度每股虧損0.53美元,市場預期0.35美元。 2021 年第二季度財務摘要 收入爲 2.736 億美元,同比增長 48%。 創建解決方案、運營解決方案以及戰略合作伙伴和其他收入分別爲 7240 萬美元、1.829 億美元和 1830 萬美元,同比分別增長了 31%、63% 和 9%。 運營虧損爲 1.492 億美元,佔收入的 55%,而 2020 年第二季度的運營虧損爲 2480 萬美元,佔收入的 13%。 非 GAAP 運營虧損爲 320 萬美元,佔收入的 1%,而 2020 年第二季度的非 GAAP 運營虧損爲 870 萬美元,佔收入的 5%。 每股基本和攤薄淨虧損爲 0.53 美元,而 2020 年第二季度的基本和攤薄每股淨虧損爲 0.21 美元。 2020 年第二季度基本和攤薄的非 GAAP 每股淨虧損爲 0.02 美元,而基本和攤薄的非 GAAP 每股淨虧損爲 0.09 美元。 截至 2021 年 6 月 30 日的過去 12 個月中,888 位客戶的收入均超過 100,000 美元,去年同期爲 716 位。 截至 2021 年 6 月 30 日,以美元爲基礎的淨擴張率爲 142%,去年同期爲 142%。 2021 年第二季度經營活動中使用的現金淨額爲 2670 萬美元,而去年同期經營活動提供的現金淨額爲 1660 萬美元。2021 年第二季度的自由現金流爲(3350 萬美元),而去年同期爲 490 萬美元。截至 2021 年 6 月 30 日,現金、現金等價物和受限現金爲 10 億美元,而截至 2020 年 6 月 30 日爲 5 億美元。 Un","text":"8月10日美股盤後,遊戲引擎開發商Unity Software發佈2021年第二季度業績。財報顯示,第二季度營收2.74億美元,市場預期2.42億美元;第二季度淨虧損1.48億美元,市場預期淨虧損1.03億美元;第二季度每股虧損0.53美元,市場預期0.35美元。 2021 年第二季度財務摘要 收入爲 2.736 億美元,同比增長 48%。 創建解決方案、運營解決方案以及戰略合作伙伴和其他收入分別爲 7240 萬美元、1.829 億美元和 1830 萬美元,同比分別增長了 31%、63% 和 9%。 運營虧損爲 1.492 億美元,佔收入的 55%,而 2020 年第二季度的運營虧損爲 2480 萬美元,佔收入的 13%。 非 GAAP 運營虧損爲 320 萬美元,佔收入的 1%,而 2020 年第二季度的非 GAAP 運營虧損爲 870 萬美元,佔收入的 5%。 每股基本和攤薄淨虧損爲 0.53 美元,而 2020 年第二季度的基本和攤薄每股淨虧損爲 0.21 美元。 2020 年第二季度基本和攤薄的非 GAAP 每股淨虧損爲 0.02 美元,而基本和攤薄的非 GAAP 每股淨虧損爲 0.09 美元。 截至 2021 年 6 月 30 日的過去 12 個月中,888 位客戶的收入均超過 100,000 美元,去年同期爲 716 位。 截至 2021 年 6 月 30 日,以美元爲基礎的淨擴張率爲 142%,去年同期爲 142%。 2021 年第二季度經營活動中使用的現金淨額爲 2670 萬美元,而去年同期經營活動提供的現金淨額爲 1660 萬美元。2021 年第二季度的自由現金流爲(3350 萬美元),而去年同期爲 490 萬美元。截至 2021 年 6 月 30 日,現金、現金等價物和受限現金爲 10 億美元,而截至 2020 年 6 月 30 日爲 5 億美元。 Un","images":[{"img":"https://static.tigerbbs.com/9edbb1f3bf5bbbedf8aec0225770f69e","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/fba214677fe2af43d468c0249bde4f7f","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/165b5a226956c8909b871f6bacce0c73","width":"-1","height":"-1"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/892339120","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2828,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891634344,"gmtCreate":1628385518888,"gmtModify":1703505576640,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good luck.. ","listText":"Good luck.. ","text":"Good luck..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891634344","repostId":"891831377","repostType":1,"repost":{"id":891831377,"gmtCreate":1628376635099,"gmtModify":1703505425974,"author":{"id":"3579667199980202","authorId":"3579667199980202","name":"rayhky","avatar":"https://static.tigerbbs.com/d1f6b9f52c6107c86caad286e97f3943","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579667199980202","authorIdStr":"3579667199980202"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CEMI\">$Chembio Diagnostics(CEMI)$</a>[噴血] [噴血] [噴血] ","listText":"<a href=\"https://laohu8.com/S/CEMI\">$Chembio Diagnostics(CEMI)$</a>[噴血] [噴血] [噴血] ","text":"$Chembio Diagnostics(CEMI)$[噴血] [噴血] [噴血]","images":[{"img":"https://static.tigerbbs.com/5059457c99f24e6a4dd6a723358476af","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891831377","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806443804,"gmtCreate":1627690960108,"gmtModify":1703494671227,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good stock ","listText":"Good stock ","text":"Good stock","images":[{"img":"https://static.tigerbbs.com/3d0307caf2eef39622fd36b89a3ede19","width":"1440","height":"4161"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/806443804","isVote":1,"tweetType":1,"viewCount":2438,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":806508499,"gmtCreate":1627662730311,"gmtModify":1703494423956,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good luck ","listText":"Good luck ","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/806508499","repostId":"1198370900","repostType":4,"isVote":1,"tweetType":1,"viewCount":3123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803090756,"gmtCreate":1627395375275,"gmtModify":1703489130404,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"https://www.laohu8.com/m/news/1109053454?lang=zh_cn&invite=2JZFA1","listText":"https://www.laohu8.com/m/news/1109053454?lang=zh_cn&invite=2JZFA1","text":"https://www.laohu8.com/m/news/1109053454?lang=zh_cn&invite=2JZFA1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803090756","repostId":"1120859674","repostType":4,"repost":{"id":"1120859674","kind":"news","weMediaInfo":{"introduction":"秦朔朋友圈是由中国著名媒体人、财经观察家秦朔牵头创立的一个新媒体与专业服务品牌,包括微信公众号、微博、视频节目、音频节目等。内容聚焦于经济、金融和商业领域,关注重点为全球和中国财经商业热点、企业家精神、创新与发明创造、商业文明探索等。","home_visible":1,"media_name":"秦朔朋友圈","id":"60","head_image":"https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e"},"pubTimestamp":1627352185,"share":"https://ttm.financial/m/news/1120859674?lang=en_US&edition=fundamental","pubTime":"2021-07-27 10:16","market":"us","language":"zh","title":"Chinese concept stocks withdraw from the US market, is this possible?","url":"https://stock-news.laohu8.com/highlight/detail?id=1120859674","media":"秦朔朋友圈","summary":"谁都不希望坏事发生,但如果发生,也不至于措手不及。","content":"<p>Text/Jia Ming</p><p>On July 23rd, a document issued by the Central Office titled \"Opinions on Further Reducing the Burden of Students' Homework and Off-campus Training in Compulsory Education\" was circulated on the Internet. The \"Opinions\" include measures such as strictly prohibiting the \"capitalization\" operation of education and training institutions, and not allowing subject training institutions to go public for financing. Overseas listed education stocks fell in response. For example, New Oriental'S stock price on the Hong Kong Stock Exchange was once \"halved\" (New Oriental S, closed down 40.61% on the 23rd, and closed down 47.02% on the 26th; New Oriental Online closed down 28.07% and 33.45% on the 23rd and 26th respectively; New Oriental closed down 54.22% on the 23rd), on the 23rd, Gaotu fell 63.26% in the US stock market, and TAL fell more than 70%.</p><p>The official officially announced the document on the evening of July 24th, and many media have forwarded the full text. Interested readers can look for it.</p><p>Today's article does not analyze Circular No.40 issued by the Central Committee of the Communist Party of China, but wants to discuss two issues.</p><p>First, why do so many Chinese companies choose to list in the United States?</p><p>Second, considering Sino-US relations, Ruixing's fraud, Didi's delisting and other incidents, what is the future fate of these Chinese concept stocks listed overseas?</p><p><b>Main reasons</b></p><p>Chinese companies are more enthusiastic about listing on American stock exchanges than almost any other non-American company, even after Sino-US relations have become obviously cold.</p><p>In 2019, 32 companies went public in the United States, compared with 34 in 2020. In the first half of 2021, 37 companies have completed listing in the United States. According to wind data, as of July 2021, a total of 286 Chinese companies have been listed in the United States-including those registered in offshore centers such as Hong Kong or the Cayman Islands, but most of their revenue and profits come from mainland China-in fact, Most Chinese companies listed in the United States have basically adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised audit requirements for Chinese companies listed in the United States. The overall environment for Chinese companies to go public in the United States is not good, so why do Chinese companies still resolutely choose to go public in the United States?</p><p>Several reasons that are well known are;</p><p>First, the capital market in the United States was built relatively early, and the financing system and laws and regulations are relatively more mature and perfect. From the overall financing environment, the United States is generally optimistic about Internet companies and high-tech companies. If the same stock is listed in the United States, it is relatively easy to obtain a higher valuation and raise more funds.</p><p>Second, and more importantly, the U.S. capital market adopts a registration system, and there is no profit threshold for companies to be listed. As long as your company's business grows rapidly and occupies a large market share, you can go public even if you lose money. China adopts the audit system, and the necessary condition for applying for A-share listing is to make profits for three consecutive years.</p><p>Internet companies are growing rapidly, so they are always short of money. Some Internet companies, perhaps just a few years after their establishment, have become unicorns with a valuation of more than one billion. At this time, facing the pressure of investors to realize cash and further develop, they have to prepare to go public for large-scale financing. However, most companies may have just started to make profits at this time, or even haven't made a profit yet. Therefore, if they can't meet the conditions of making profits for three consecutive years, they can't list and raise funds in the A-share market. If you wait two or three years before going public to raise funds, you may not only miss the best development opportunity, but also fail to raise funds, and it is unknown whether the company can survive. Therefore, you can only go abroad.</p><p>Third, the length of my country's listing approval cycle is uncertain. When the listing approval is suspended and a company wants to go public, the entire process may take three or four years if it is long. Time is money, and many enterprises can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons for Chinese companies to go public in the United States. But beyond that, there are several reasons that shouldn't be overlooked.</p><p><img src=\"https://static.tigerbbs.com/24b35bd20e43d6773e8057d5090c82e8\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Reason of birth</b></p><p>Now we often say that Chinese Internet companies are doing very well. We usually call around 2000 the first year of China's Internet. But we can't forget that in the early days of the development of the Internet, few people could understand this format, so it was impossible for these enterprises to get bank loans.</p><p>In fact, it is difficult to get bank loans not only in the start-up stage of the Internet, but also in the start-up stage of all enterprises. Because of the strict loan approval procedures and innate risk aversion, commercial banks would rather earn less loan interest than lend money to stable enterprises.</p><p>Banks are not institutions that invest in start-ups. Investing in start-ups should be done by angel investors and venture capital institutions. At that time, there was no venture capital (VC) and private equity (PE) in China. These Internet companies can't find money in China, but they need money for development. What should they do? Only overseas capital can be introduced.</p><p>You know, in the early days of our reform and opening up, we also exchanged domestic markets for overseas capital and technology. So as Deng Gong said, regardless of whether it is a black cat or a white cat, it is a good cat if it can catch mice. Capital is neutral, and it doesn't matter if it is good or bad. If you only use the region as the basis for classification, it is of course possible. But if you want to make a value judgment, it is more important to look at the specific things that the capital is used for, rather than the origin of the capital.</p><p>Therefore, many Internet giants in China (in order to avoid unnecessary troubles, I won't give examples here) were Sino-foreign joint ventures at the beginning of their establishment. This leads to another question: the legitimacy of the VIE architecture.</p><p>Variable Interest Entity (VIE structure), referred to as VIE structure for short, is usually referred to as \"agreement control\". It refers to the listed entity registered overseas by the company to be listed, which is separated from the mainland business operating entity, and the overseas listed entity controls domestic business operating entities through agreements and transfers income and profits to overseas companies. The VIE architecture has derived many different forms, but the essence is the same, so it will not be expanded here.</p><p>Because China's laws strictly restrict the access of overseas funds in \"information transmission, software and information technology services\", overseas capital is not allowed to directly invest in telecommunications and Internet-related enterprises. Of course, companies in these industries are not allowed to directly raise funds or go public overseas. Therefore, these companies adopt the VIE structure to bypass supervision.</p><p>Of course, supervision knows this form. The reason why it is not completely banned is that on the one hand, this structure is not \"obviously illegal\", and on the other hand, it is also a kind of regulatory wisdom.</p><p>However, if this kind of enterprise is listed in China, it still has to strictly follow the regulatory requirements for listing. Then the legality of this VIE structure becomes a problem, so it cannot be directly listed in China.</p><p>This means that some Internet companies have crooked roots since the day they were born. If the roots are not crooked, you can't survive, and if you survive, you will leave a bad background-\"lack of money-introducing foreign capital-becoming a joint venture-adopting VIE structure-problematic legality of domestic listing-overseas listing\".</p><p>It's much better now. The construction of China's multi-level capital market is becoming more and more perfect, and there are more RMB venture capital and private equity. The problem of not finding money in China has been greatly alleviated.</p><p>Wang Xiaobo said in The Silent Majority that it is too easy to make value judgments. If we are a male rabbit, we naturally know that the big bad wolf is bad and the female rabbit is good. But the rabbit doesn't know how to memorize the nine-nine times table. Understanding the above background is a bit like a ninety-nine multiplication table. No matter what kind of value evaluation we make of Internet companies going overseas to go public-how to evaluate it is our freedom-but at least our judgment is based on the complete ins and outs of the matter.</p><p><img src=\"https://static.tigerbbs.com/1f4d1b82e56c3a630026ec35cf9663d6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Other reasons</b></p><p>There are two other reasons: the free circulation of capital and the pursuit of different rights for the same shares.</p><p>As mentioned earlier, because the funding sources of many enterprises include international private equity funds and venture capital companies, and China implements foreign exchange controls, it will be very troublesome for venture capital to make profits and withdraw from them, and there will be exchange risks, so they also have the incentive to encourage business owners to list overseas. Some business owners have the ambition to be multinational enterprises and are willing to list in the United States, which is not only conducive to expanding the popularity of enterprises, but also conducive to the global layout of corporate fund-raising and assets, killing multiple goals with one stone.</p><p>It has to be wordy again. Private equity and venture capital eat the bowl of high risk and high return. As long as they can make money in accordance with the law, they can't say that there is anything wrong with people making profits and withdrawing after the company goes public. Of course, if you violate the law and discipline, you must be held accountable according to law.</p><p>Some people may ask, if you are listed in Hong Kong, capital can flow freely. Entrepreneurs and early investors of listed companies can easily convert Hong Kong dollars raised by listing into US dollars or any other currency. This brings us to another reason, \"same rights for the same shares\" and \"different rights for the same shares\".</p><p>Companies listed in mainland China must strictly abide by the regulations of equal shares and equal rights, that is, as many shares you own in the company, you have as many voting rights when voting on major events. This is the reason why many companies do not want to go public, fearing the shares they will own after listing. There are not many, resulting in the founder of the company being unable to speak at the board of directors or even being kicked out. This is also the reason for the popular hostile takeover of \"barbarians\" before. As long as others hold more shares than you, even if you are the founder, you will be kicked out.</p><p>Before 2018, listing in Hong Kong was also a requirement for the same shares and rights. In 2018, the Hong Kong Stock Exchange introduced a reform that allows technology companies and companies in the life sciences fields to adopt an American-style structure of the same shares but different rights. Since then, more and more Chinese companies have chosen to list in Hong Kong, or both in Hong Kong, China and new york, USA.</p><p>It's not that the same shares and rights are bad. Everything has its advantages and disadvantages. Same shares and equal rights require founders who hold few shares to go public cautiously, because they may be overhead or even kicked out of the decision-making level after listing, but cautious listing may slow down the development of enterprises and miss the golden development period.</p><p>Going public in the United States provides an option of different rights for the same shares, which means that even if you hold less than 50% of the company's equity, even if you only hold 10% or even less, you can still maintain control of the company. Although it is convenient for enterprises to go public and raise funds, it can easily lead to the problem of \"insider control\". Since the actual controller of an enterprise is not the largest shareholder, when there is a conflict between the interests of shareholders and the interests of operators, it is easy for the actual controller to pretend to benefit the public for personal gain, enrich his own pockets, or adopt some risky business practices. In some countries, different rights for the same share are considered to be one of the root causes of corporate governance problems.</p><p><img src=\"https://static.tigerbbs.com/c43b7c0037505392758b59f3788cc488\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Crisis of trust</b></p><p>The previous article basically explains why Chinese companies are more willing to go public in the United States. There are various reasons, including regulatory systems and business operations. Generally speaking, it is a normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the Sino-US trade conflict escalated, the United States successively sanctioned Chinese companies, some of which were Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some listed companies have not been sanctioned, the risks caused by changes in international relations between the two countries are increasing. In 2020, Ruixing's financial fraud exacerbated the crisis of confidence in Chinese concept stocks.</p><p>The Trump administration took the opportunity to sign the Holding Foreign Companies Accountable Act before the end of his term, threatening that if China failed to get the audit working papers of the US Listed Company Accounting Oversight Board (PCAOB) for three consecutive years, Chinese listed companies would be delisted by the US stock exchange.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting time can be advanced by one year.</p><p>The direct reason for the U.S. threat to delist Chinese companies is to protect U.S. investors from losses caused by accounting fraud similar to that of Luckin Coffee last year. To be honest, this actually seems quite reasonable. Financial fraud is a crime. Not only the United States, but we believe that the capital market of any country must crack down on financial fraud.</p><p>But there are a few problems here.</p><p>First, China and the United States have been negotiating on the issue of audit papers, but why do they suddenly turn against each other now?</p><p>In 2009, China promulgated a law requiring enterprises to \"store the working papers and other files formed by securities companies and securities service institutions that provide related securities services in China in the process of issuing and listing securities overseas\".</p><p>In 2013, the PCAOB of China and the United States signed a memorandum of understanding on cooperation, and provided the audit working papers of four enterprises to the PCAOB.</p><p>From 2016 to 2019, the regulatory authorities of both parties have also made some cooperation attempts on how to effectively inspect. When the relationship is good, there is business and quantity, but when the relationship is bad, it means turning your face and denying others.</p><p>Second, whether providing accounting papers is an effective form to combat financial fraud.</p><p>For example, in 2002, the Securities Act of 1933 and the Securities Exchange Act of 1934 were greatly revised in response to Enron's financial fraud incident, forming the Public Company Accounting Reform and Investor Protection Act of 2002, referred to as Sarbanes-Oxley Act, which made many new regulations in corporate governance, accounting professional supervision and securities market supervision. In fact, this is conducive to protecting both listed companies and investors, which is a good thing.</p><p>However, the American Public Company Accounting Oversight Board established after the Sarbanes-Oxley Act can already review the audit papers of public companies, but then the accounting problems of WorldCom, Southern Healthcare, Freddie Mac, American International Group and Lehman Brothers appeared. However, most serious accounting fraud incidents are often found by professional short-selling agencies through the use of \"unannounced visits to private servers\" on-the-spot investigation of the company's business flow and other techniques, and audit companies will not use these methods.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not necessarily be able to detect these financial frauds by auditing the working papers. In other words, audit papers may help to combat financial fraud, but they are not an essential way, nor are they always 100% effective.</p><p>Third, Holding Foreign Companies Accountable Act's important target is Chinese concept stock companies, but this is not the first day the United States knows that Chinese listed companies adopt the VIE structure. If the United States believes that there is a problem with the VIE structure, it can directly ban the listing of Chinese concept stocks.</p><p>When the two countries have friendly relations, audit papers are not a very important issue. The two countries can solve it through consultation and cooperate in supervision because of mutual trust. Now this mutual trust is gone.</p><p><img src=\"https://static.tigerbbs.com/69e2b71cb10ca93f5741a9e9b49df382\" tg-width=\"550\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Prepare for a rainy day</b></p><p>We hope that Sino-US relations can return to friendship in a new competitive relationship. But if the gap between the two countries is getting wider and wider, Chinese companies listed in the United States really need to be prepared with both hands.</p><p>For both China and the United States, the delisting of Chinese companies from the US market does not seem to be an unbearable price.</p><p>As far as the United States is concerned, although the volatility of Chinese concept stocks is relatively large, the overall performance of Chinese concept stocks is better than that of most American listed companies, and the losses caused by financial fraud of Chinese companies are far smaller than those of American companies such as Enron and Lehman.</p><p>If Chinese concept stocks are delisted, American investors will lose a better investment target. However, after Chinese concept stocks are delisted, they can be listed on Hong Kong stocks and A-shares. If American investors are still optimistic about Chinese companies, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the interconnection mechanism.</p><p>As far as China is concerned, China is a high savings country and a net exporter of capital, so it is not necessary to list in the United States to raise funds. My country's own capital market is also gradually improving, and the registration system is also being piloted on the Science and Technology Innovation Board. It is likely that it will be fully rolled out in the near future. In the future, the convenience of Chinese companies listing in China will be greatly improved. Although in A-shares or Hong Kong stocks When listed, the valuation is likely to shrink, but this is not an unacceptable challenge for the whole country.</p><p>Therefore, if the delisting of Chinese enterprises in the United States is not an unacceptable event for the two countries, then their fate will be more influenced by international relations and historical processes. At this time, what enterprises should do is to take precautions and prevent problems before they happen.</p><p>No one wants bad things to happen, but if they happen, they won't be caught off guard.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chinese concept stocks withdraw from the US market, is this possible?</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\">\nChinese concept stocks withdraw from the US market, is this possible?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/60\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">秦朔朋友圈 </p>\n<p class=\"h-time smaller\">2021-07-27 10:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Text/Jia Ming</p><p>On July 23rd, a document issued by the Central Office titled \"Opinions on Further Reducing the Burden of Students' Homework and Off-campus Training in Compulsory Education\" was circulated on the Internet. The \"Opinions\" include measures such as strictly prohibiting the \"capitalization\" operation of education and training institutions, and not allowing subject training institutions to go public for financing. Overseas listed education stocks fell in response. For example, New Oriental'S stock price on the Hong Kong Stock Exchange was once \"halved\" (New Oriental S, closed down 40.61% on the 23rd, and closed down 47.02% on the 26th; New Oriental Online closed down 28.07% and 33.45% on the 23rd and 26th respectively; New Oriental closed down 54.22% on the 23rd), on the 23rd, Gaotu fell 63.26% in the US stock market, and TAL fell more than 70%.</p><p>The official officially announced the document on the evening of July 24th, and many media have forwarded the full text. Interested readers can look for it.</p><p>Today's article does not analyze Circular No.40 issued by the Central Committee of the Communist Party of China, but wants to discuss two issues.</p><p>First, why do so many Chinese companies choose to list in the United States?</p><p>Second, considering Sino-US relations, Ruixing's fraud, Didi's delisting and other incidents, what is the future fate of these Chinese concept stocks listed overseas?</p><p><b>Main reasons</b></p><p>Chinese companies are more enthusiastic about listing on American stock exchanges than almost any other non-American company, even after Sino-US relations have become obviously cold.</p><p>In 2019, 32 companies went public in the United States, compared with 34 in 2020. In the first half of 2021, 37 companies have completed listing in the United States. According to wind data, as of July 2021, a total of 286 Chinese companies have been listed in the United States-including those registered in offshore centers such as Hong Kong or the Cayman Islands, but most of their revenue and profits come from mainland China-in fact, Most Chinese companies listed in the United States have basically adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised audit requirements for Chinese companies listed in the United States. The overall environment for Chinese companies to go public in the United States is not good, so why do Chinese companies still resolutely choose to go public in the United States?</p><p>Several reasons that are well known are;</p><p>First, the capital market in the United States was built relatively early, and the financing system and laws and regulations are relatively more mature and perfect. From the overall financing environment, the United States is generally optimistic about Internet companies and high-tech companies. If the same stock is listed in the United States, it is relatively easy to obtain a higher valuation and raise more funds.</p><p>Second, and more importantly, the U.S. capital market adopts a registration system, and there is no profit threshold for companies to be listed. As long as your company's business grows rapidly and occupies a large market share, you can go public even if you lose money. China adopts the audit system, and the necessary condition for applying for A-share listing is to make profits for three consecutive years.</p><p>Internet companies are growing rapidly, so they are always short of money. Some Internet companies, perhaps just a few years after their establishment, have become unicorns with a valuation of more than one billion. At this time, facing the pressure of investors to realize cash and further develop, they have to prepare to go public for large-scale financing. However, most companies may have just started to make profits at this time, or even haven't made a profit yet. Therefore, if they can't meet the conditions of making profits for three consecutive years, they can't list and raise funds in the A-share market. If you wait two or three years before going public to raise funds, you may not only miss the best development opportunity, but also fail to raise funds, and it is unknown whether the company can survive. Therefore, you can only go abroad.</p><p>Third, the length of my country's listing approval cycle is uncertain. When the listing approval is suspended and a company wants to go public, the entire process may take three or four years if it is long. Time is money, and many enterprises can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons for Chinese companies to go public in the United States. But beyond that, there are several reasons that shouldn't be overlooked.</p><p><img src=\"https://static.tigerbbs.com/24b35bd20e43d6773e8057d5090c82e8\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Reason of birth</b></p><p>Now we often say that Chinese Internet companies are doing very well. We usually call around 2000 the first year of China's Internet. But we can't forget that in the early days of the development of the Internet, few people could understand this format, so it was impossible for these enterprises to get bank loans.</p><p>In fact, it is difficult to get bank loans not only in the start-up stage of the Internet, but also in the start-up stage of all enterprises. Because of the strict loan approval procedures and innate risk aversion, commercial banks would rather earn less loan interest than lend money to stable enterprises.</p><p>Banks are not institutions that invest in start-ups. Investing in start-ups should be done by angel investors and venture capital institutions. At that time, there was no venture capital (VC) and private equity (PE) in China. These Internet companies can't find money in China, but they need money for development. What should they do? Only overseas capital can be introduced.</p><p>You know, in the early days of our reform and opening up, we also exchanged domestic markets for overseas capital and technology. So as Deng Gong said, regardless of whether it is a black cat or a white cat, it is a good cat if it can catch mice. Capital is neutral, and it doesn't matter if it is good or bad. If you only use the region as the basis for classification, it is of course possible. But if you want to make a value judgment, it is more important to look at the specific things that the capital is used for, rather than the origin of the capital.</p><p>Therefore, many Internet giants in China (in order to avoid unnecessary troubles, I won't give examples here) were Sino-foreign joint ventures at the beginning of their establishment. This leads to another question: the legitimacy of the VIE architecture.</p><p>Variable Interest Entity (VIE structure), referred to as VIE structure for short, is usually referred to as \"agreement control\". It refers to the listed entity registered overseas by the company to be listed, which is separated from the mainland business operating entity, and the overseas listed entity controls domestic business operating entities through agreements and transfers income and profits to overseas companies. The VIE architecture has derived many different forms, but the essence is the same, so it will not be expanded here.</p><p>Because China's laws strictly restrict the access of overseas funds in \"information transmission, software and information technology services\", overseas capital is not allowed to directly invest in telecommunications and Internet-related enterprises. Of course, companies in these industries are not allowed to directly raise funds or go public overseas. Therefore, these companies adopt the VIE structure to bypass supervision.</p><p>Of course, supervision knows this form. The reason why it is not completely banned is that on the one hand, this structure is not \"obviously illegal\", and on the other hand, it is also a kind of regulatory wisdom.</p><p>However, if this kind of enterprise is listed in China, it still has to strictly follow the regulatory requirements for listing. Then the legality of this VIE structure becomes a problem, so it cannot be directly listed in China.</p><p>This means that some Internet companies have crooked roots since the day they were born. If the roots are not crooked, you can't survive, and if you survive, you will leave a bad background-\"lack of money-introducing foreign capital-becoming a joint venture-adopting VIE structure-problematic legality of domestic listing-overseas listing\".</p><p>It's much better now. The construction of China's multi-level capital market is becoming more and more perfect, and there are more RMB venture capital and private equity. The problem of not finding money in China has been greatly alleviated.</p><p>Wang Xiaobo said in The Silent Majority that it is too easy to make value judgments. If we are a male rabbit, we naturally know that the big bad wolf is bad and the female rabbit is good. But the rabbit doesn't know how to memorize the nine-nine times table. Understanding the above background is a bit like a ninety-nine multiplication table. No matter what kind of value evaluation we make of Internet companies going overseas to go public-how to evaluate it is our freedom-but at least our judgment is based on the complete ins and outs of the matter.</p><p><img src=\"https://static.tigerbbs.com/1f4d1b82e56c3a630026ec35cf9663d6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Other reasons</b></p><p>There are two other reasons: the free circulation of capital and the pursuit of different rights for the same shares.</p><p>As mentioned earlier, because the funding sources of many enterprises include international private equity funds and venture capital companies, and China implements foreign exchange controls, it will be very troublesome for venture capital to make profits and withdraw from them, and there will be exchange risks, so they also have the incentive to encourage business owners to list overseas. Some business owners have the ambition to be multinational enterprises and are willing to list in the United States, which is not only conducive to expanding the popularity of enterprises, but also conducive to the global layout of corporate fund-raising and assets, killing multiple goals with one stone.</p><p>It has to be wordy again. Private equity and venture capital eat the bowl of high risk and high return. As long as they can make money in accordance with the law, they can't say that there is anything wrong with people making profits and withdrawing after the company goes public. Of course, if you violate the law and discipline, you must be held accountable according to law.</p><p>Some people may ask, if you are listed in Hong Kong, capital can flow freely. Entrepreneurs and early investors of listed companies can easily convert Hong Kong dollars raised by listing into US dollars or any other currency. This brings us to another reason, \"same rights for the same shares\" and \"different rights for the same shares\".</p><p>Companies listed in mainland China must strictly abide by the regulations of equal shares and equal rights, that is, as many shares you own in the company, you have as many voting rights when voting on major events. This is the reason why many companies do not want to go public, fearing the shares they will own after listing. There are not many, resulting in the founder of the company being unable to speak at the board of directors or even being kicked out. This is also the reason for the popular hostile takeover of \"barbarians\" before. As long as others hold more shares than you, even if you are the founder, you will be kicked out.</p><p>Before 2018, listing in Hong Kong was also a requirement for the same shares and rights. In 2018, the Hong Kong Stock Exchange introduced a reform that allows technology companies and companies in the life sciences fields to adopt an American-style structure of the same shares but different rights. Since then, more and more Chinese companies have chosen to list in Hong Kong, or both in Hong Kong, China and new york, USA.</p><p>It's not that the same shares and rights are bad. Everything has its advantages and disadvantages. Same shares and equal rights require founders who hold few shares to go public cautiously, because they may be overhead or even kicked out of the decision-making level after listing, but cautious listing may slow down the development of enterprises and miss the golden development period.</p><p>Going public in the United States provides an option of different rights for the same shares, which means that even if you hold less than 50% of the company's equity, even if you only hold 10% or even less, you can still maintain control of the company. Although it is convenient for enterprises to go public and raise funds, it can easily lead to the problem of \"insider control\". Since the actual controller of an enterprise is not the largest shareholder, when there is a conflict between the interests of shareholders and the interests of operators, it is easy for the actual controller to pretend to benefit the public for personal gain, enrich his own pockets, or adopt some risky business practices. In some countries, different rights for the same share are considered to be one of the root causes of corporate governance problems.</p><p><img src=\"https://static.tigerbbs.com/c43b7c0037505392758b59f3788cc488\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Crisis of trust</b></p><p>The previous article basically explains why Chinese companies are more willing to go public in the United States. There are various reasons, including regulatory systems and business operations. Generally speaking, it is a normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the Sino-US trade conflict escalated, the United States successively sanctioned Chinese companies, some of which were Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some listed companies have not been sanctioned, the risks caused by changes in international relations between the two countries are increasing. In 2020, Ruixing's financial fraud exacerbated the crisis of confidence in Chinese concept stocks.</p><p>The Trump administration took the opportunity to sign the Holding Foreign Companies Accountable Act before the end of his term, threatening that if China failed to get the audit working papers of the US Listed Company Accounting Oversight Board (PCAOB) for three consecutive years, Chinese listed companies would be delisted by the US stock exchange.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting time can be advanced by one year.</p><p>The direct reason for the U.S. threat to delist Chinese companies is to protect U.S. investors from losses caused by accounting fraud similar to that of Luckin Coffee last year. To be honest, this actually seems quite reasonable. Financial fraud is a crime. Not only the United States, but we believe that the capital market of any country must crack down on financial fraud.</p><p>But there are a few problems here.</p><p>First, China and the United States have been negotiating on the issue of audit papers, but why do they suddenly turn against each other now?</p><p>In 2009, China promulgated a law requiring enterprises to \"store the working papers and other files formed by securities companies and securities service institutions that provide related securities services in China in the process of issuing and listing securities overseas\".</p><p>In 2013, the PCAOB of China and the United States signed a memorandum of understanding on cooperation, and provided the audit working papers of four enterprises to the PCAOB.</p><p>From 2016 to 2019, the regulatory authorities of both parties have also made some cooperation attempts on how to effectively inspect. When the relationship is good, there is business and quantity, but when the relationship is bad, it means turning your face and denying others.</p><p>Second, whether providing accounting papers is an effective form to combat financial fraud.</p><p>For example, in 2002, the Securities Act of 1933 and the Securities Exchange Act of 1934 were greatly revised in response to Enron's financial fraud incident, forming the Public Company Accounting Reform and Investor Protection Act of 2002, referred to as Sarbanes-Oxley Act, which made many new regulations in corporate governance, accounting professional supervision and securities market supervision. In fact, this is conducive to protecting both listed companies and investors, which is a good thing.</p><p>However, the American Public Company Accounting Oversight Board established after the Sarbanes-Oxley Act can already review the audit papers of public companies, but then the accounting problems of WorldCom, Southern Healthcare, Freddie Mac, American International Group and Lehman Brothers appeared. However, most serious accounting fraud incidents are often found by professional short-selling agencies through the use of \"unannounced visits to private servers\" on-the-spot investigation of the company's business flow and other techniques, and audit companies will not use these methods.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not necessarily be able to detect these financial frauds by auditing the working papers. In other words, audit papers may help to combat financial fraud, but they are not an essential way, nor are they always 100% effective.</p><p>Third, Holding Foreign Companies Accountable Act's important target is Chinese concept stock companies, but this is not the first day the United States knows that Chinese listed companies adopt the VIE structure. If the United States believes that there is a problem with the VIE structure, it can directly ban the listing of Chinese concept stocks.</p><p>When the two countries have friendly relations, audit papers are not a very important issue. The two countries can solve it through consultation and cooperate in supervision because of mutual trust. Now this mutual trust is gone.</p><p><img src=\"https://static.tigerbbs.com/69e2b71cb10ca93f5741a9e9b49df382\" tg-width=\"550\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Prepare for a rainy day</b></p><p>We hope that Sino-US relations can return to friendship in a new competitive relationship. But if the gap between the two countries is getting wider and wider, Chinese companies listed in the United States really need to be prepared with both hands.</p><p>For both China and the United States, the delisting of Chinese companies from the US market does not seem to be an unbearable price.</p><p>As far as the United States is concerned, although the volatility of Chinese concept stocks is relatively large, the overall performance of Chinese concept stocks is better than that of most American listed companies, and the losses caused by financial fraud of Chinese companies are far smaller than those of American companies such as Enron and Lehman.</p><p>If Chinese concept stocks are delisted, American investors will lose a better investment target. However, after Chinese concept stocks are delisted, they can be listed on Hong Kong stocks and A-shares. If American investors are still optimistic about Chinese companies, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the interconnection mechanism.</p><p>As far as China is concerned, China is a high savings country and a net exporter of capital, so it is not necessary to list in the United States to raise funds. My country's own capital market is also gradually improving, and the registration system is also being piloted on the Science and Technology Innovation Board. It is likely that it will be fully rolled out in the near future. In the future, the convenience of Chinese companies listing in China will be greatly improved. Although in A-shares or Hong Kong stocks When listed, the valuation is likely to shrink, but this is not an unacceptable challenge for the whole country.</p><p>Therefore, if the delisting of Chinese enterprises in the United States is not an unacceptable event for the two countries, then their fate will be more influenced by international relations and historical processes. At this time, what enterprises should do is to take precautions and prevent problems before they happen.</p><p>No one wants bad things to happen, but if they happen, they won't be caught off guard.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ab6f6a5034baf0d08c9227da13ca9733","relate_stocks":{"513050":"中概互联网ETF易方达"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120859674","content_text":"文/贾铭\n7月23日,一份名为《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》的中办发文件在网络流传。《意见》包含,严禁教育培训机构“资本化”运作,学科类培训机构一律不得上市融资等措施,海外上市的教育类股票应声而跌。比如,新东方在港交所的股价一度“腰斩”(新东方S,23号收跌40.61%,26号再收跌47.02%;新东方在线23号和26号分别收跌28.07%、33.45%;新东方在美股收盘跌幅23号为54.22%),23号,高途在美股跌幅达63.26%,好未来跌幅更是超过70%。\n官方已经于7月24日晚正式公布该文件,多家媒体有全文转发,感兴趣的读者可以找来看。\n今天这篇文章,并不分析中办的40号文,而是想探讨两个问题。\n第一,为什么这么多中国企业选择在美上市?\n第二,考虑到中美关系、瑞幸造假、滴滴下架等事件,在海外上市的这些中概股,未来命运如何?\n主要原因\n中国企业在美国的证券交易所上市的热情,差不多超过其他任何非美国的企业,即使在中美关系明显遇冷之后,依然如此。\n2019年,有32家企业赴美上市,2020年为34家,2021年上半年,已完成赴美上市的企业有37家。据wind数据,截至2021年7月,共有286家中国企业在美国上市——包括那些注册在中国香港或者开曼群岛等离岸中心,但大部分收入和利润来自中国内地的企业——事实上,大部分在美国上市的中国企业,基本都采取了这种上市方式。\n2018年以来,美国在打压中国科技企业的同时,提高了对赴美上市中国企业的审计要求,中企赴美上市的整体环境并不佳,那为什么中国企业仍毅然选择赴美上市呢?\n众所周知的几个原因是:\n第一,美国的资本市场建设比较早,融资体系和法律法规相对来讲更加成熟和完善。从总体融资环境看,美国对于互联网公司、高科技公司普遍看好,同样的一只股票,在美国上市,相对容易获得更高的估值,募集更多的资金。\n第二,更重要的是,美国资本市场采取注册制,对于拟上市公司不设盈利门槛。只要你的公司业务高速增长,占据很大的市场份额,即便亏损也能上市。我国采取审核制,申请A股上市的必要条件是连续三年盈利。\n互联网企业成长很快,所以总是非常缺钱。有的互联网企业,或许仅仅创立几年,就成为了估值超过十亿的独角兽,这时候面临投资人变现的压力和进一步发展的压力,就要准备上市做大规模筹资了,但是多数企业这时候可能才刚刚开始盈利,甚至还没有盈利,所以达不到连续三年盈利的条件,也就无法在A股市场上市融资。要是等两三年后再去上市筹资,不仅可能错过最好的发展时机,融不到资,企业能不能活下去都成了未知数。所以,只能去国外。\n第三,我国的上市审批周期长短不定,遇到上市审批暂停,企业想上市,整个流程长的话可能要三四年。时间就是金钱,很多企业等不起。\n以上三个原因,尤其是第二和第三,应该是中国企业赴美上市最主要的两个原因。但除此之外,还有以下几个原因不应该被忽视。\n\n出身原因\n我们现在经常说,中国的互联网企业做的很好。我们又通常把2000年前后,称为中国的互联网元年。但我们不能忘记,在互联网发展初期,没有几个人能看得懂这种业态,所以这些企业不可能拿到银行贷款。\n其实不仅仅是互联网初创期,所有企业初创期,都很难拿到银行贷款。由于商业银行严格的贷款审批手续和天生的风险厌恶属性,它宁愿少赚点贷款利息,也更愿意把钱贷给四平八稳的企业。\n银行本来就不是给初创企业投资的机构,给初创企业投资,应该是天使投资人和风投机构干的事儿,而我国那时候没有什么风险投资(VC)和私募股权(PE)。这些互联网企业在国内找不到钱,但发展又需要钱,怎么办?只能引进境外资本。\n要知道,我们的改革开放早期,也是用境内的市场换境外的资本和技术。所以还是邓公说的好,管它黑猫白猫,能抓老鼠就是好猫。资本本是中性,无所谓好坏,如果只是用地域作为分类依据,当然是可以的。但如果要做价值判断,更重要的是要看这些资本被用来做的具体的事情,而不是这些资本的出身。\n所以,我国的很多互联网巨头(为了避免不必要的麻烦,这里就不举例了),在设立之初,就是中外合资企业。这又引出了另一个问题:VIE架构的合法性问题。\n可变利益实体架构(Variable Interest Entity),简称VIE架构,通常被称为“协议控制”,是指拟上市公司在境外注册的上市实体,与内地业务经营主体分离,由境外上市实体透过协议方式控制境内业务经营主体,并把收入和利润转移到境外公司。VIE架构又衍生出很多不同的形式,但本质是一样的,这里不展开。\n因为我国法律对境外资金在“信息传输、软件和信息技术服务业”的行业准入有严格限制,不允许境外资本直接投资电信、互联网相关企业。当然也不允许这些行业的公司直接在海外集资或者上市。所以,这些企业采取VIE架构绕开监管。\n监管当然知道这种形式,之所以没有完全禁绝,一方面是这种架构并不“明显违法”,另一方面当然也是一种监管智慧。\n但这种企业在境内上市的话,还是要严格按照上市的监管要求,那这种VIE架构的合法性就成了问题,所以不能直接境内上市。\n这就意味着,一部分互联网企业从诞生的那天起,根就是歪的。根不歪就活不下来,活下来了又留下了不好的出身——“缺钱-引进外资-变成合资企业-采取VIE架构-境内上市的合法性有问题-境外上市”。\n现在好多了,我国的多层次资本市场建设越来越完善,人民币风投和私募也多了,在国内找不到钱的问题,得到了很大的缓解。\n王小波在《沉默的大多数》中说,做价值判断太容易了,如果我们是一只公兔子,我们天然就知道大灰狼坏,母兔子好。但兔子不知道怎么背九九乘法表。搞清楚上面这个背景,就有点九九乘法表的意思,无论我们对互联网企业去境外上市做出何种价值评价——如何评价是我们的自由——但起码我们的评判是基于事情完整的来龙去脉做出来的。\n\n其他原因\n还有两个原因分别是,资本的自由流通和同股不同权的追求。\n如前所述,由于很多企业的资金来源包括国际私募基金和风险投资公司,而中国又实行外汇管制,在境内上市,风投资金获利退出会很麻烦,有汇兑风险,所以他们也有动力鼓励企业所有者在境外上市。有的企业所有者有做跨国企业的雄心,也愿意在美国上市,这既有利于拓展企业的知名度,又有利于企业募资和资产的全球布局,一举多得。\n又得啰嗦一点,私募和风投吃的就是高风险高收益这碗饭,只要他们能遵纪守法地赚钱,就不能说人家在企业上市后获利退出有什么不对。当然,如果违法乱纪,那必然是要依法追责的。\n有人可能会问,在香港上市,资本也可以自由流动啊。上市公司创业者与早期投资者可以轻松地将上市筹集的港元兑换成美元或其他任何货币。这就到了另一个原因,“同股同权”和“同股不同权”。\n在我国内地上市的公司要严格遵守同股同权的条例,即你拥有该公司多少股份,在重大事件投票时就拥有多少的投票权,这就是很多公司不想上市的原因,害怕上市之后拥有的股份不多,导致公司创始人在董事会说不上话甚至会被踢出局。这也是之前流行的“野蛮人”恶意收购的原因,只要别人持有比你更多的股份,哪怕你是创始人,也会被踢出局。\n在2018年以前,在香港上市,也是同股同权的要求。2018年,港交所推出了一项改革,允许科技企业和生命科学领域里的企业采用美国式的同股不同权的结构。此后,越来越多的中国企业选择在香港上市,或者在中国香港和美国纽约两地同时挂牌。\n不是说同股同权不好。凡事都是有利有弊。同股同权要求持股不多的创始人谨慎上市,因为上市后可能被架空甚至踢出决策层,但谨慎上市又可能拖慢企业发展的速度,错过黄金发展期。\n赴美上市提供了一个同股不同权的选项,这就意味着,即使持有企业小于50%的股权,哪怕只持有10%甚至更低,也可以保持对企业的控制权。虽然方便了企业上市融资,但这很容易导致“内部人控制”问题。由于企业的实际控制人并不是最大的股东,那股东利益与经营者利益存在冲突的时候,实控人就容易假公济私,中饱私囊,或者采取一些风险比较大的经营行为。在一些国家,同股不同权被认为是企业治理问题的根源之一。\n\n信任危机\n前文基本解释了中国企业为啥更愿意去美国上市,有各种原因,有监管制度上的,有企业经营上的,总体而言,是一种很正常的趋利避害的商业行为。\n但中美贸易冲突升级以后,美国接连制裁中国的企业,有一些就是在美上市的中国企业。这增大了在美上市的风险,已经上市的部分企业,即使没有被制裁,因两国国际关系变动而带来的风险也在变大。2020年,瑞幸财务造假,更加剧了中概股的信任危机。\n特朗普政府趁机在任期结束之前签署《外国公司问责法案》,威胁说,如果中国方面连续三年不能够让美国上市公司会计监督委员会(PCAOB)获得审计工作底稿,中国的上市企业将会被美国证券交易所摘牌。\n2021年6月22日,美国参议院又通过了另一项提案,提出退市时间可以提前一年。\n美国威胁要让中国企业退市的直接理由是保护美国投资者免受类似于去年瑞幸咖啡那样的会计造假带来的损失。说实话,这看起来其实挺有道理。财务造假是犯罪,不仅美国,我们相信任何一个国家的资本市场都要打击财务造假。\n但这里有几个问题。\n第一,中美双方一直在就审计底稿的问题进行磋商,但为啥现在突然翻脸。\n2009年,我国出台法律,要求企业“在境外发行证券与上市过程中,提供相关证券服务的证券公司、证券服务机构在境内形成的工作底稿等档案应当存放在境内”。\n2013年,我国和美国的PCAOB签署了一份合作谅解备忘录,并向PCAOB提供了4家企业的审计工作底稿。\n2016年到2019年,双方监管部门也一直就如何来有效地检查,有过一些合作尝试。关系好的时候有商有量,关系不好的时候就有点翻脸不认人的意思。\n第二,提供会计底稿是不是打击财务造假的一种有效形式。\n美国的证券市场监管法规一直在不断升级,比如2002年针对安然公司财务造假事件对《1933年证券法》《1934年证券交易法》做出大幅修订,形成了《2002年上市公司会计改革和投资者保护法案》(Public Company Accounting Reform and Investor Protection Act of 2002),简称《萨班斯-奥克斯利法案》,在公司治理、会计职业监管、证券市场监管等方面作出了许多新的规定。这事实上既有利于保护上市公司,也有利于保护投资者,是好事儿。\n但《萨班斯-奥克斯利法案》之后建立的美国上市公司会计监督委员会已经可以审阅上市公司的审计底稿了,可之后又出现了世通、南方保健、房地美、美国国际集团和雷曼兄弟的会计问题。而大多数比较严重的会计造假事件,往往是由专业的卖空机构,通过使用“私服暗访”实地调查公司业务流量等技巧手段发现问题的,审计公司不会使用这些手段。\n美国上市公司会计监督委员会(PCAOB)不一定能通过审计工作底稿来发现这些财务造假。换言之,审计底稿或许有助于打击财务造假,但并不是一种必不可少的方式,也不总是百分百有效。\n第三,《外国公司问责法案》的重要目标就是中概股公司,但美国不是第一天知道中国上市公司采用VIE架构。如果美国认为VIE架构有问题,那直接禁止中概股上市即可。\n两国在关系友好的时候,审计底稿并不是一个很重要的问题,两国可以协商解决,合作监管,因为互相信任。现在这种互信没有了。\n\n未雨绸缪\n我们希望中美关系可以在新的竞争关系中复归友好。但如果两国的隔阂越来越大,那在美上市的中国企业,确实需要做好两手准备。\n对中美两国来讲,中国企业从美国市场退市,似乎都不是难以承受的代价。\n对美国来讲,尽管中概股的波动比较大,但中概股的整体表现优于大部分美国上市公司股票,中国企业财务造假带来的损失,也远小于安然、雷曼这些美国公司。\n如果中概股退市,美国投资者会失去一个比较好的投资标的。但中概股退市后可以去港股和A股上市,如果美国投资者依旧看好中国企业,可以继续在香港地区通过合格境外投资者机制(QFII)或者互联互通机制买进,进行投资。\n对中国来讲,我国是一个高储蓄国家和资本净出口国,并非一定要在美国上市募资。我国自己的资本市场也在逐渐完善,注册制也在科创板试点,很可能不久后的未来就会全面铺开,未来中国企业在国内上市的便利度会大幅度提升,虽然在A股或者港股上市,估值很可能有缩水,但这对整个国家来讲,并不是什么不可接受的挑战。\n所以,如果中国企业在美退市,对两国来讲并不是什么不可接受的事件,那它们的命运就更多地受国际关系和历史进程的影响。这时候,企业应该做的就是未雨绸缪,防患于未然。\n谁都不希望坏事发生,但如果发生,也不至于措手不及。","news_type":1,"symbols_score_info":{"513050":0.9}},"isVote":1,"tweetType":1,"viewCount":2430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177439614,"gmtCreate":1627256829938,"gmtModify":1703485981261,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good job.. ","listText":"Good job.. ","text":"Good job..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177439614","repostId":"2154493126","repostType":4,"isVote":1,"tweetType":1,"viewCount":2569,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177490977,"gmtCreate":1627256418699,"gmtModify":1703485966492,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good job","listText":"Good job","text":"Good job","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177490977","repostId":"1120328956","repostType":4,"isVote":1,"tweetType":1,"viewCount":3003,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177512928,"gmtCreate":1627251558764,"gmtModify":1703485862230,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good stock ","listText":"Good stock ","text":"Good stock","images":[{"img":"https://static.tigerbbs.com/f11b7c0aa3e55ac73dec2755b20654b9","width":"1440","height":"3042"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/177512928","isVote":1,"tweetType":1,"viewCount":2869,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}