To The Moon
Home
News
TigerAI
Log In
Sign Up
kennynyap
+Follow
Posts · 27
Posts · 27
Following · 0
Following · 0
Followers · 0
Followers · 0
kennynyap
kennynyap
·
2022-09-27
[真香] [真香] [笑哭]
看
4.03K
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
4.95K
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
4.84K
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
4.69K
回复
Comment
点赞
1
编组 21备份 2
Share
Report
kennynyap
kennynyap
·
2021-07-31
Good stock
看
4.24K
回复
Comment
点赞
2
编组 21备份 2
Share
Report
kennynyap
kennynyap
·
2021-07-31
Good luck
Behind the "buying a house with a voucher," is a major revolution in the real estate market really coming?
2021年春节过后,原本平静的武汉楼市突然躁动起来。 短短两个月的时间里,武汉光谷关山大道的中建大公馆、金地格林东郡、泛悦城等楼盘,从2万元/平方米左右的价格,涨到了3、4万元/平方米。 而房价飞涨的
Behind the "buying a house with a voucher," is a major revolution in the real estate market really coming?
看
5.42K
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
Is it possible for Chinese concept stocks to withdraw from the US market?
谁都不希望坏事发生,但如果发生,也不至于措手不及。
Is it possible for Chinese concept stocks to withdraw from the US market?
看
4.30K
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
4.43K
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
4.84K
回复
Comment
点赞
3
编组 21备份 2
Share
Report
kennynyap
kennynyap
·
2021-07-26
Good stock
看
5.36K
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":414,"tweetSize":27,"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,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":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,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":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,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"title":"","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":4027,"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,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"title":"","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":4952,"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,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"title":"","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,"authorIdStr":"3527667586584720","idStr":"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":4843,"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,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"title":"","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":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579667199980202","idStr":"3579667199980202"},"themes":[],"title":"","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":4690,"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,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"title":"","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":4238,"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,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"title":"","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,"repost":{"id":"1198370900","kind":"news","weMediaInfo":{"introduction":"凤凰网港股官方账号,专注让专业更简单","home_visible":1,"media_name":"凤凰网港股","id":"56","head_image":"https://community-static.tradeup.com/news/63f98f2e899d607a12011e4ecf9c0ac7"},"pubTimestamp":1627658786,"share":"https://ttm.financial/m/news/1198370900?lang=en_US&edition=fundamental","pubTime":"2021-07-30 23:26","market":"sh","language":"zh","title":"Behind the \"buying a house with a voucher,\" is a major revolution in the real estate market really coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=1198370900","media":"凤凰网港股","summary":"2021年春节过后,原本平静的武汉楼市突然躁动起来。\n短短两个月的时间里,武汉光谷关山大道的中建大公馆、金地格林东郡、泛悦城等楼盘,从2万元/平方米左右的价格,涨到了3、4万元/平方米。\n而房价飞涨的","content":"<p><b>After the Spring Festival in 2021, the previously calm Wuhan real estate market suddenly became restless.</b></p><p>In just two months, the prices of residential projects such as China Construction Grand Mansion, Gemdale Green East County, and Fanyue City on Guanshan Avenue in Optics Valley, Wuhan, have risen from around 20,000 yuan per square meter to 30,000 to 40,000 yuan per square meter.</p><p>Behind the soaring housing prices are investors from Shenzhen, Xuzhou, Zaozhuang and other places who are taking advantage of Wuhan's relatively relaxed household registration and purchase restriction policies to engage in frenzied \"speculation\".</p><p>At the time, Wuhan locals who suffered greatly told the media, \"I hate these out-of-town speculators. When will the government strictly restrict purchases?\"</p><p>The people of Wuhan did not wait long. Three months later, on July 28, the Wuhan Municipal Housing Administration Bureau released a draft for public comment on strengthening the management of home purchase qualifications. Following the release of the draft opinion, the topic of \"Wuhan will implement the practice of buying houses with housing vouchers\" quickly sparked heated discussions online.</p><p>Is Wuhan about to enter the era of \"buying a house with a housing voucher\"? Some people supported this news, some questioned it, and some worried that \"real estate speculation\" would turn into \"speculative housing tickets\".</p><p>However, regardless of how it is interpreted, the signal of \"tightening\" in the real estate market released by Wuhan is clear. In fact, Wuhan is not the only city that is \"tightening\" its real estate policies.</p><p>Phoenix.com's \"Eye of the Storm\" found that since the beginning of 2021, local governments, including those in Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou, have released stricter regulatory policies for the real estate market.</p><p>As the after-school education and training industry undergoes a disruptive transformation, many people can't help but ask:<b>Is a major transformation coming to China's real estate market?</b></p><p>Bai Wenxi, vice chairman of the China Enterprise Capital Alliance and chief economist of IPG China, told Phoenix.com's \"Eye of the Storm\": \"These policies will increase the difficulty and cost of purchasing housing for investment purposes in the short term, thereby curbing the overheating of the housing market to some extent. However, in the long run, if the actual market supply and demand relationship does not change, and if the population, land, and financial policies that affect housing prices do not make major changes, it will be difficult to have a substantial impact on housing prices.\"</p><p><img src=\"https://static.tigerbbs.com/93c9284d07634672a560d0f50a2e3314\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p><b>01. What exactly is \"buying a house with a voucher\" in Wuhan?</b></p><p>What exactly does Wuhan's \"buying a house with a housing voucher\" policy, which has sparked heated discussions online, stipulate?</p><p>On July 28, in order to adhere to the principle that \"housing is for living in, not for speculation\" and further strengthen the management of housing purchase qualifications in Wuhan, the Wuhan Municipal Housing Administration Bureau issued the \"Notice of the Wuhan Municipal Housing Security and Housing Administration Bureau on Strengthening the Management of Housing Purchase Qualifications (Draft for Public Comment)\" and solicited public opinions.</p><p><img src=\"https://static.tigerbbs.com/8db8d8c23e8cca1ee4ca8d5d15731bf9\" tg-width=\"1007\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>According to the draft opinion, homebuyers who meet the requirements for purchasing housing in restricted areas can apply for home purchase eligibility through official platforms or through developers and real estate agencies.</p><p>The housing management departments of each district shall complete the home purchase eligibility determination within 48 hours from the time of application and provide feedback on the determination results to the applicant. The home purchase eligibility determination results shall be valid for 60 days from the date of issuance.</p><p>The draft for comments also requires that after the home purchase registration is completed, the results of the home purchase eligibility determination are locked in immediately, and no further home purchase registration is allowed during the locking period. After the property opens for sale, the results of the purchase eligibility verification will be automatically released.</p><p>Bai Wenxi told Phoenix.com's \"Eye of the Storm\": \"The idea of 'buying a house with a voucher' in Wuhan is currently in the stage of soliciting opinions. This is a proposed institutional design to strengthen the control of the real estate market and base it on the eligibility of homebuyers.\"</p><p>So, what impact will the introduction of the policy of \"buying a house with a housing voucher\" have on Wuhan's real estate market?</p><p>Zhuge Real Estate Data Research Center told Phoenix.com's \"Eye of the Storm\": \"The policy of buying a house with a voucher is a patch to the previous policy and a supplement to the purchase restriction policy. To a certain extent, it can curb market chaos, play a positive role in regulating real estate market transactions, and has effectively cracked down on some developers who create false hot sales scenes. To a certain extent, it can curb speculation.\"</p><p>Zhu Xiaohong, president of the China Luxury Housing Research Institute, told Phoenix.com's \"Eye of the Storm\": \"Buying houses with housing vouchers is similar to housing interventions in Hong Kong and South Korea. It is beneficial for combating speculation and controlling excessive consumption of housing products, but we must prevent 'using housing vouchers for personal gain' and 'buying and selling housing vouchers,' and ensure that housing vouchers are given to the right people.\"</p><p>Bai Wenxi expressed similar concerns, saying, \"On the surface, housing vouchers will control demand and crack down on speculation, but in reality, they are done by suppressing demand and not increasing supply. If used improperly, they may actually exacerbate the contradiction between supply and demand, lead to corruption of power, and exacerbate various disguised and underground speculation.\"</p><p><b>02. Local governments have introduced a series of policies, with clear signals of \"tightening\".</b></p><p>In fact, Wuhan's policy adjustments regarding home purchase eligibility may have already begun as early as 2020.</p><p>In January last year, Wuhan implemented a fully online verification process for commercial housing qualifications. Prospective homebuyers can apply for qualifications and check the results through the official website of the Wuhan Municipal Housing Administration Bureau. If the verification is passed, they can obtain verification materials such as a number and QR code. These materials are valid for purchasing a house within 60 days, and a new application is required after the expiration date.</p><p>It can be seen that as early as 2020, Wuhan had already established the prototype of the \"buying a house with a housing voucher\" mechanism. This draft for comments is also a supplement and improvement to the existing policies.</p><p>Besides Wuhan, first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, second- and third-tier cities such as Jiaxing, Foshan, and Wuxi, as well as central government departments such as the Ministry of Housing and Urban-Rural Development, have also successively released a series of policies to strengthen the supervision of the real estate market.</p><p>On January 5, Wang Menghui, Minister of Housing and Urban-Rural Development, reiterated in a media interview the policy principles of adhering to the principle that \"housing is for living in, not for speculation\" and implementing a long-term mechanism for the real estate market. He stated that \"housing is for living in, not for speculation\" will remain the main policy theme in 2021, while signaling that the long-term mechanism is being continuously implemented and improved.</p><p>For example, Shanghai also explicitly stated in January that it would continue to implement the property tax pilot program. Meanwhile, Shanghai has also stipulated, in response to the phenomenon of \"fake divorces but real home purchases,\" that if either spouse purchases commercial housing within three years from the date of divorce, the number of housing units owned by the spouse shall be calculated based on the total number of housing units owned by the family before the divorce. Adjust the value-added tax exemption period. The exemption period for value-added tax on individual housing sales will be increased from 2 years to 5 years.</p><p>In March, Xi'an also released a new purchase restriction policy, stipulating that homebuyers who fraudulently obtain or circumvent the purchase restriction policy through \"nominee shareholding\" will be included in the city's list of dishonest homebuyers and will be prohibited from purchasing homes for five years.</p><p>In June, the Ministry of Finance, the Ministry of Natural Resources, the State Taxation Administration, and the People's Bank of China jointly issued a notice that four non-tax revenues, including revenue from the transfer of state-owned land use rights, would be transferred to the tax authorities for collection, which once sparked heated discussions.</p><p>On July 23, eight departments, including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission, and the Ministry of Public Security, jointly issued a notice on continuing to rectify and standardize the real estate market order. The notice aims to comprehensively regulate the real estate market order from four aspects: real estate development, housing sales, housing rental, and property services.</p><p>On July 30, the China Banking and Insurance Regulatory Commission (CBIRC) held a system-wide mid-year work symposium and a teleconference on discipline inspection and supervision work in 2021. The meeting emphasized the need to strictly implement the \"three lines and four tiers\" and real estate loan concentration requirements to prevent bank and insurance funds from illegally flowing into the real estate market.</p><p>According to incomplete statistics from Phoenix.com's \"Eye of the Storm,\" since January this year, local governments and relevant central departments have issued more than 40 regulatory and control policies targeting the real estate market and its derivative services. The sheer number and density are relatively rare in recent years.</p><p>Bai Wenxi told Phoenix.com's \"Eye of the Storm\": \"There are three reasons for the current adjustment of real estate policies: first, to prevent financial risks caused by real estate; second, under the domestic circulation model, it is necessary to reduce the total cost of economic operation, represented by real estate; and third, to increase the willingness to have children and maintain sustainable population development, it is necessary to reduce the pressure on housing costs.\"</p><p><img src=\"https://static.tigerbbs.com/8a08ad922ffa471f7aea8f0400a29bb4\" tg-width=\"1080\" tg-height=\"1230\" referrerpolicy=\"no-referrer\"></p><p><b>03. Real estate companies' stock prices pullback/retracement sharply as their glory fades.</b></p><p>The policy changes have also directly affected listed companies in the real estate industry.</p><p>Benefiting from the rapid development of China's real estate market in recent years, a large number of behemoth real estate listed companies have emerged in China, and real estate companies were once regarded as a symbol of \"not lacking money\".</p><p>Wanda Chairman Wang Jianlin, who has passed away<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Chairman Zuo Hui and other real estate tycoons have all ascended to the throne of \"richest man\".</p><p>However, as the government began to regulate the \"overheated\" real estate market and introduced a series of strict regulatory policies, these listed real estate companies also encountered the problem of \"a large ship is difficult to turn around\", resulting in problems such as broken capital chains, declining revenue, falling stock prices, and high debts.</p><p>In August last year, the Ministry of Housing and Urban-Rural Development and the People's Bank of China held a symposium with key real estate enterprises in Beijing, clarifying the rules for fund monitoring and financing management of key real estate enterprises, which were the \"three red lines\" that had been rumored many times in the industry.</p><p>According to incomplete statistics from Phoenix.com's \"Eye of the Storm,\" more than half of the 40 leading real estate companies listed on the Hong Kong and A-share markets have seen their stock prices fall more than 30% from their peak pullback/retracement within 52 weeks.</p><p><img src=\"https://static.tigerbbs.com/face4ce6faa97c257718c9108ee3c3b8\" tg-width=\"1080\" tg-height=\"1003\" referrerpolicy=\"no-referrer\"></p><p>In fact, during the collective \"plunge\" in A-shares on Monday and Tuesday, A-share real estate stocks also fell sharply due to concerns about policy regulation in the real estate market.<a href=\"https://laohu8.com/S/000718\">Suning Universal</a>、<a href=\"https://laohu8.com/S/600773\">Tibet Urban Investment</a>It once fell by more than 10%.</p><p><img src=\"https://static.tigerbbs.com/0dfca5e8a01f143057cf5d1f41a95b53\" tg-width=\"324\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>04. Is a major revolution in the real estate market coming?</b></p><p>Wuhan's \"buying a house with housing coupons\" policy has reminded many people of the \"grain coupons\" and \"meat coupons\" of the planned economy era. So, does \"buying a house with a housing voucher\" really mean returning to the planned economy era? Will this trigger other cities to follow suit?</p><p><img src=\"https://static.tigerbbs.com/cb31adddcc3e0bf4814fad90b355b71b\" tg-width=\"1080\" tg-height=\"219\" referrerpolicy=\"no-referrer\"></p><p>Bai Wenxi stated that China has bid farewell to the era of tickets for nearly 30 years, and the introduction of Wuhan's \"housing tickets\" has touched upon and evoked people's memories of the era of insufficient supply and tickets everywhere during the planned economy era. As one of the industries with the highest public attention, the Wuhan \"housing tickets\" incident, which is still in the works, will most likely be pushed to the \"trending topics\".</p><p>Bai Wenxi believes that housing vouchers are a system designed to compress demand through entry controls, thereby changing the supply and demand relationship in the housing market and preventing the housing market from overheating. However, real estate market regulation logically needs to start from both the supply and demand sides. While limiting and suppressing demand with quantity and price tools, it is also necessary to balance the supply and demand relationship by increasing market supply.</p><p>\"Therefore, to truly stabilize the supply and demand relationship in the real estate market, we must minimize and eliminate various control measures on both the supply and demand sides, use price mechanisms to guide the allocation of resources and factors and reconstruct the supply and demand relationship, and certainly not restore the tickets of the planned economy era,\" Bai Wenxi told Phoenix.com's \"Eye of the Storm\".</p><p><img src=\"https://static.tigerbbs.com/b5109cefd2de75f41c0a1a0f3da6acbb\" tg-width=\"720\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Whether it's Wuhan's recent policy of \"buying a house with a housing voucher,\" a series of regulatory policies on the real estate market introduced by local governments this year, or the rumored upcoming \"real estate tax,\" do these mean that China's real estate market is about to undergo a major transformation?</p><p>Zhuge Real Estate Data Research Center told Phoenix.com's \"Eye of the Storm\": \"The introduction of the real estate tax may usher in another reshuffle of the real estate market.\"</p><p>\"Judging from the current adjustments to real estate policies, adhering to the principle that 'housing is for living in, not for speculation' is the main theme of my country's real estate market. Under this principle, first, it is necessary to curb the rapid rise in housing prices through policy regulation and promote the market to gradually return to a rational stage; second, it is necessary to continuously improve and standardize the real estate market system, promptly crack down on some behaviors that speculate on housing prices and exploit policy loopholes, and promote the healthy development of the real estate market.\" Third, limited resources should be allocated to first-time homebuyers to provide a more stable real estate environment.</p><p>Zhuge Real Estate Data Research Center believes that with the introduction of these policies, the interests of genuine first-time homebuyers have been protected, and their home-buying mentality has gradually become more rational, which has played a certain role in curbing the rapid rise in housing prices. In the long run, after strict policy regulation, housing prices in first-tier cities will tend to stabilize.</p><p>Bai Wenxi believes that if a property tax is introduced soon, it will indeed mean a major transformation in the real estate market. However, in fact, the property tax has not yet been submitted for review according to legislative procedures and will not be introduced soon, nor is there a timetable.</p><p>Bai Wenxi stated that if these policies do not start with expanding the supply side, but only adopt measures such as quantitative tools to control demand entry, such as housing vouchers, and price tools to control demand, such as mortgage ratios and interest rates, the result may only be to stir up trouble, or even to cause prices to rise further with each adjustment.</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>Behind the \"buying a house with a voucher,\" is a major revolution in the real estate market really coming?</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\">\nBehind the \"buying a house with a voucher,\" is a major revolution in the real estate market really coming?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/56\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/63f98f2e899d607a12011e4ecf9c0ac7);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">凤凰网港股 </p>\n<p class=\"h-time smaller\">2021-07-30 23:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>After the Spring Festival in 2021, the previously calm Wuhan real estate market suddenly became restless.</b></p><p>In just two months, the prices of residential projects such as China Construction Grand Mansion, Gemdale Green East County, and Fanyue City on Guanshan Avenue in Optics Valley, Wuhan, have risen from around 20,000 yuan per square meter to 30,000 to 40,000 yuan per square meter.</p><p>Behind the soaring housing prices are investors from Shenzhen, Xuzhou, Zaozhuang and other places who are taking advantage of Wuhan's relatively relaxed household registration and purchase restriction policies to engage in frenzied \"speculation\".</p><p>At the time, Wuhan locals who suffered greatly told the media, \"I hate these out-of-town speculators. When will the government strictly restrict purchases?\"</p><p>The people of Wuhan did not wait long. Three months later, on July 28, the Wuhan Municipal Housing Administration Bureau released a draft for public comment on strengthening the management of home purchase qualifications. Following the release of the draft opinion, the topic of \"Wuhan will implement the practice of buying houses with housing vouchers\" quickly sparked heated discussions online.</p><p>Is Wuhan about to enter the era of \"buying a house with a housing voucher\"? Some people supported this news, some questioned it, and some worried that \"real estate speculation\" would turn into \"speculative housing tickets\".</p><p>However, regardless of how it is interpreted, the signal of \"tightening\" in the real estate market released by Wuhan is clear. In fact, Wuhan is not the only city that is \"tightening\" its real estate policies.</p><p>Phoenix.com's \"Eye of the Storm\" found that since the beginning of 2021, local governments, including those in Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou, have released stricter regulatory policies for the real estate market.</p><p>As the after-school education and training industry undergoes a disruptive transformation, many people can't help but ask:<b>Is a major transformation coming to China's real estate market?</b></p><p>Bai Wenxi, vice chairman of the China Enterprise Capital Alliance and chief economist of IPG China, told Phoenix.com's \"Eye of the Storm\": \"These policies will increase the difficulty and cost of purchasing housing for investment purposes in the short term, thereby curbing the overheating of the housing market to some extent. However, in the long run, if the actual market supply and demand relationship does not change, and if the population, land, and financial policies that affect housing prices do not make major changes, it will be difficult to have a substantial impact on housing prices.\"</p><p><img src=\"https://static.tigerbbs.com/93c9284d07634672a560d0f50a2e3314\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p><b>01. What exactly is \"buying a house with a voucher\" in Wuhan?</b></p><p>What exactly does Wuhan's \"buying a house with a housing voucher\" policy, which has sparked heated discussions online, stipulate?</p><p>On July 28, in order to adhere to the principle that \"housing is for living in, not for speculation\" and further strengthen the management of housing purchase qualifications in Wuhan, the Wuhan Municipal Housing Administration Bureau issued the \"Notice of the Wuhan Municipal Housing Security and Housing Administration Bureau on Strengthening the Management of Housing Purchase Qualifications (Draft for Public Comment)\" and solicited public opinions.</p><p><img src=\"https://static.tigerbbs.com/8db8d8c23e8cca1ee4ca8d5d15731bf9\" tg-width=\"1007\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>According to the draft opinion, homebuyers who meet the requirements for purchasing housing in restricted areas can apply for home purchase eligibility through official platforms or through developers and real estate agencies.</p><p>The housing management departments of each district shall complete the home purchase eligibility determination within 48 hours from the time of application and provide feedback on the determination results to the applicant. The home purchase eligibility determination results shall be valid for 60 days from the date of issuance.</p><p>The draft for comments also requires that after the home purchase registration is completed, the results of the home purchase eligibility determination are locked in immediately, and no further home purchase registration is allowed during the locking period. After the property opens for sale, the results of the purchase eligibility verification will be automatically released.</p><p>Bai Wenxi told Phoenix.com's \"Eye of the Storm\": \"The idea of 'buying a house with a voucher' in Wuhan is currently in the stage of soliciting opinions. This is a proposed institutional design to strengthen the control of the real estate market and base it on the eligibility of homebuyers.\"</p><p>So, what impact will the introduction of the policy of \"buying a house with a housing voucher\" have on Wuhan's real estate market?</p><p>Zhuge Real Estate Data Research Center told Phoenix.com's \"Eye of the Storm\": \"The policy of buying a house with a voucher is a patch to the previous policy and a supplement to the purchase restriction policy. To a certain extent, it can curb market chaos, play a positive role in regulating real estate market transactions, and has effectively cracked down on some developers who create false hot sales scenes. To a certain extent, it can curb speculation.\"</p><p>Zhu Xiaohong, president of the China Luxury Housing Research Institute, told Phoenix.com's \"Eye of the Storm\": \"Buying houses with housing vouchers is similar to housing interventions in Hong Kong and South Korea. It is beneficial for combating speculation and controlling excessive consumption of housing products, but we must prevent 'using housing vouchers for personal gain' and 'buying and selling housing vouchers,' and ensure that housing vouchers are given to the right people.\"</p><p>Bai Wenxi expressed similar concerns, saying, \"On the surface, housing vouchers will control demand and crack down on speculation, but in reality, they are done by suppressing demand and not increasing supply. If used improperly, they may actually exacerbate the contradiction between supply and demand, lead to corruption of power, and exacerbate various disguised and underground speculation.\"</p><p><b>02. Local governments have introduced a series of policies, with clear signals of \"tightening\".</b></p><p>In fact, Wuhan's policy adjustments regarding home purchase eligibility may have already begun as early as 2020.</p><p>In January last year, Wuhan implemented a fully online verification process for commercial housing qualifications. Prospective homebuyers can apply for qualifications and check the results through the official website of the Wuhan Municipal Housing Administration Bureau. If the verification is passed, they can obtain verification materials such as a number and QR code. These materials are valid for purchasing a house within 60 days, and a new application is required after the expiration date.</p><p>It can be seen that as early as 2020, Wuhan had already established the prototype of the \"buying a house with a housing voucher\" mechanism. This draft for comments is also a supplement and improvement to the existing policies.</p><p>Besides Wuhan, first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, second- and third-tier cities such as Jiaxing, Foshan, and Wuxi, as well as central government departments such as the Ministry of Housing and Urban-Rural Development, have also successively released a series of policies to strengthen the supervision of the real estate market.</p><p>On January 5, Wang Menghui, Minister of Housing and Urban-Rural Development, reiterated in a media interview the policy principles of adhering to the principle that \"housing is for living in, not for speculation\" and implementing a long-term mechanism for the real estate market. He stated that \"housing is for living in, not for speculation\" will remain the main policy theme in 2021, while signaling that the long-term mechanism is being continuously implemented and improved.</p><p>For example, Shanghai also explicitly stated in January that it would continue to implement the property tax pilot program. Meanwhile, Shanghai has also stipulated, in response to the phenomenon of \"fake divorces but real home purchases,\" that if either spouse purchases commercial housing within three years from the date of divorce, the number of housing units owned by the spouse shall be calculated based on the total number of housing units owned by the family before the divorce. Adjust the value-added tax exemption period. The exemption period for value-added tax on individual housing sales will be increased from 2 years to 5 years.</p><p>In March, Xi'an also released a new purchase restriction policy, stipulating that homebuyers who fraudulently obtain or circumvent the purchase restriction policy through \"nominee shareholding\" will be included in the city's list of dishonest homebuyers and will be prohibited from purchasing homes for five years.</p><p>In June, the Ministry of Finance, the Ministry of Natural Resources, the State Taxation Administration, and the People's Bank of China jointly issued a notice that four non-tax revenues, including revenue from the transfer of state-owned land use rights, would be transferred to the tax authorities for collection, which once sparked heated discussions.</p><p>On July 23, eight departments, including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission, and the Ministry of Public Security, jointly issued a notice on continuing to rectify and standardize the real estate market order. The notice aims to comprehensively regulate the real estate market order from four aspects: real estate development, housing sales, housing rental, and property services.</p><p>On July 30, the China Banking and Insurance Regulatory Commission (CBIRC) held a system-wide mid-year work symposium and a teleconference on discipline inspection and supervision work in 2021. The meeting emphasized the need to strictly implement the \"three lines and four tiers\" and real estate loan concentration requirements to prevent bank and insurance funds from illegally flowing into the real estate market.</p><p>According to incomplete statistics from Phoenix.com's \"Eye of the Storm,\" since January this year, local governments and relevant central departments have issued more than 40 regulatory and control policies targeting the real estate market and its derivative services. The sheer number and density are relatively rare in recent years.</p><p>Bai Wenxi told Phoenix.com's \"Eye of the Storm\": \"There are three reasons for the current adjustment of real estate policies: first, to prevent financial risks caused by real estate; second, under the domestic circulation model, it is necessary to reduce the total cost of economic operation, represented by real estate; and third, to increase the willingness to have children and maintain sustainable population development, it is necessary to reduce the pressure on housing costs.\"</p><p><img src=\"https://static.tigerbbs.com/8a08ad922ffa471f7aea8f0400a29bb4\" tg-width=\"1080\" tg-height=\"1230\" referrerpolicy=\"no-referrer\"></p><p><b>03. Real estate companies' stock prices pullback/retracement sharply as their glory fades.</b></p><p>The policy changes have also directly affected listed companies in the real estate industry.</p><p>Benefiting from the rapid development of China's real estate market in recent years, a large number of behemoth real estate listed companies have emerged in China, and real estate companies were once regarded as a symbol of \"not lacking money\".</p><p>Wanda Chairman Wang Jianlin, who has passed away<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>Chairman Zuo Hui and other real estate tycoons have all ascended to the throne of \"richest man\".</p><p>However, as the government began to regulate the \"overheated\" real estate market and introduced a series of strict regulatory policies, these listed real estate companies also encountered the problem of \"a large ship is difficult to turn around\", resulting in problems such as broken capital chains, declining revenue, falling stock prices, and high debts.</p><p>In August last year, the Ministry of Housing and Urban-Rural Development and the People's Bank of China held a symposium with key real estate enterprises in Beijing, clarifying the rules for fund monitoring and financing management of key real estate enterprises, which were the \"three red lines\" that had been rumored many times in the industry.</p><p>According to incomplete statistics from Phoenix.com's \"Eye of the Storm,\" more than half of the 40 leading real estate companies listed on the Hong Kong and A-share markets have seen their stock prices fall more than 30% from their peak pullback/retracement within 52 weeks.</p><p><img src=\"https://static.tigerbbs.com/face4ce6faa97c257718c9108ee3c3b8\" tg-width=\"1080\" tg-height=\"1003\" referrerpolicy=\"no-referrer\"></p><p>In fact, during the collective \"plunge\" in A-shares on Monday and Tuesday, A-share real estate stocks also fell sharply due to concerns about policy regulation in the real estate market.<a href=\"https://laohu8.com/S/000718\">Suning Universal</a>、<a href=\"https://laohu8.com/S/600773\">Tibet Urban Investment</a>It once fell by more than 10%.</p><p><img src=\"https://static.tigerbbs.com/0dfca5e8a01f143057cf5d1f41a95b53\" tg-width=\"324\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>04. Is a major revolution in the real estate market coming?</b></p><p>Wuhan's \"buying a house with housing coupons\" policy has reminded many people of the \"grain coupons\" and \"meat coupons\" of the planned economy era. So, does \"buying a house with a housing voucher\" really mean returning to the planned economy era? Will this trigger other cities to follow suit?</p><p><img src=\"https://static.tigerbbs.com/cb31adddcc3e0bf4814fad90b355b71b\" tg-width=\"1080\" tg-height=\"219\" referrerpolicy=\"no-referrer\"></p><p>Bai Wenxi stated that China has bid farewell to the era of tickets for nearly 30 years, and the introduction of Wuhan's \"housing tickets\" has touched upon and evoked people's memories of the era of insufficient supply and tickets everywhere during the planned economy era. As one of the industries with the highest public attention, the Wuhan \"housing tickets\" incident, which is still in the works, will most likely be pushed to the \"trending topics\".</p><p>Bai Wenxi believes that housing vouchers are a system designed to compress demand through entry controls, thereby changing the supply and demand relationship in the housing market and preventing the housing market from overheating. However, real estate market regulation logically needs to start from both the supply and demand sides. While limiting and suppressing demand with quantity and price tools, it is also necessary to balance the supply and demand relationship by increasing market supply.</p><p>\"Therefore, to truly stabilize the supply and demand relationship in the real estate market, we must minimize and eliminate various control measures on both the supply and demand sides, use price mechanisms to guide the allocation of resources and factors and reconstruct the supply and demand relationship, and certainly not restore the tickets of the planned economy era,\" Bai Wenxi told Phoenix.com's \"Eye of the Storm\".</p><p><img src=\"https://static.tigerbbs.com/b5109cefd2de75f41c0a1a0f3da6acbb\" tg-width=\"720\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Whether it's Wuhan's recent policy of \"buying a house with a housing voucher,\" a series of regulatory policies on the real estate market introduced by local governments this year, or the rumored upcoming \"real estate tax,\" do these mean that China's real estate market is about to undergo a major transformation?</p><p>Zhuge Real Estate Data Research Center told Phoenix.com's \"Eye of the Storm\": \"The introduction of the real estate tax may usher in another reshuffle of the real estate market.\"</p><p>\"Judging from the current adjustments to real estate policies, adhering to the principle that 'housing is for living in, not for speculation' is the main theme of my country's real estate market. Under this principle, first, it is necessary to curb the rapid rise in housing prices through policy regulation and promote the market to gradually return to a rational stage; second, it is necessary to continuously improve and standardize the real estate market system, promptly crack down on some behaviors that speculate on housing prices and exploit policy loopholes, and promote the healthy development of the real estate market.\" Third, limited resources should be allocated to first-time homebuyers to provide a more stable real estate environment.</p><p>Zhuge Real Estate Data Research Center believes that with the introduction of these policies, the interests of genuine first-time homebuyers have been protected, and their home-buying mentality has gradually become more rational, which has played a certain role in curbing the rapid rise in housing prices. In the long run, after strict policy regulation, housing prices in first-tier cities will tend to stabilize.</p><p>Bai Wenxi believes that if a property tax is introduced soon, it will indeed mean a major transformation in the real estate market. However, in fact, the property tax has not yet been submitted for review according to legislative procedures and will not be introduced soon, nor is there a timetable.</p><p>Bai Wenxi stated that if these policies do not start with expanding the supply side, but only adopt measures such as quantitative tools to control demand entry, such as housing vouchers, and price tools to control demand, such as mortgage ratios and interest rates, the result may only be to stir up trouble, or even to cause prices to rise further with each adjustment.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c3c5822c22b6cfd1d0ae2625b7bc085e","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198370900","content_text":"2021年春节过后,原本平静的武汉楼市突然躁动起来。\n短短两个月的时间里,武汉光谷关山大道的中建大公馆、金地格林东郡、泛悦城等楼盘,从2万元/平方米左右的价格,涨到了3、4万元/平方米。\n而房价飞涨的背后,是来自深圳、徐州、枣庄等地的投资客们,利用武汉市相对宽松的落户政策和限购政策,疯狂“炒房”。\n当时,深受其害的武汉当地人对媒体表示:“恨死了这些外地炒房客,政府啥时候能严格限购啊?”\n武汉人民并未等太久。3个月后,7月28日,武汉市房管局发布了关于加强购房资格管理的征求意见稿。意见稿发布后,“武汉将实施凭房票买房”的话题也迅速在网络上引起热议。\n武汉要进入“凭房票买房”时代了?对这个消息,有人支持,有人质疑,还有人担心“炒房”会变成“炒房票”。\n不过,无论如何解读,武汉释放出的楼市“收紧”的信号则是明确的。实际上,正在“收紧”楼市政策的不止武汉一个城市。\n凤凰网《风暴眼》发现,进入2021年以来,包括北京、上海、广州、深圳、杭州等在内的地方政府,都发布了针对房地产市场的更为严格的监管政策。\n随着校外教培行业迎来颠覆式的大变革,很多人也不禁发问:中国楼市的大变革,也要来了吗?\n中国企业资本联盟副理事长、IPG中国首席经济学家柏文喜对凤凰网《风暴眼》表示:“这些政策在短期内会加大和提升投资性需求的购房难度与成本,从而从一定程度上抑制楼市过热问题。但长期来看,如果实际的市场供求关系不改变,影响房价的人口、土地、金融政策不作大的改变,则很难对房价产生实质性影响。”\n\n01、武汉的“凭票买房”,到底是什么?\n在网上引起热议的武汉“凭房票买房”的政策,到底规定了哪些内容呢?\n7月28日,为坚持“房住不炒”定位,进一步加强武汉市购房资格管理工作,武汉市房管局发布《市住房保障房管局关于加强购房资格管理工作的通知(征求意见稿)》,并公开征求意见。\n\n根据意见稿,在购房资格申请上,符合限购区域购买住房的意向购房人可通过官方平台或者通过开发商和中介机构申请购房资格。\n各区房管部门在申请之时起48个小时内完成购房资格认定,并将认定结果反馈给申请人,购房资格认定结果自出具之日起60日内有效。\n《征求意见稿》还要求,购房登记完成后,购房资格认定结果即时锁定,锁定期间不得再次进行购房登记。开盘销售后,购房资格认定结果自动解除锁定。\n柏文喜对凤凰网《风暴眼》表示:“武汉‘凭票买房’的相关设想目前尚处于征求意见阶段,这是为加强楼市管控、立足于购房者资格准入提出的拟意中的制度设计。”\n那么,“凭房票购房”的政策出台后,会对武汉的楼市造成哪些影响呢?\n诸葛找房数据研究中心对凤凰网《风暴眼》表示:“凭票买房政策,是前期政策的一个打补丁新政,也是对限购政策的补充完善,一定程度上可以遏制市场乱象,对规范房地产市场交易有着积极作用,较有力地打击了部分制造虚假热售场面的开发商,一定程度上可以抑制炒房现象。”\n中国豪宅研究院院长朱晓红对凤凰网《风暴眼》表示:“凭票买房与香港、韩国的住房干预有异曲同工之处。对打击炒房,控制过度消费住房产品有好处,但要防止‘以房票谋私’和‘房票买卖’,一定要确保房票给对人。”\n柏文喜也表达了类似的担忧,他表示:“房票表面上会控制需求和打击炒房,但实际上是通过压抑需求和不增加供给进行的,如果运用不当,可能反而会加剧供求矛盾,引发权力腐败、加剧各类变相炒房和地下炒房等行为。”\n02、地方政府密集出台政策,“收紧”信号明显\n实际上,武汉市对于购房资格的政策调整,可能早在2020年就已经开始了。\n去年1月,武汉实行了商品房资格核查全程网办,意向购房者可通过武汉市房管局官网申请资格并查询结果,如果通过审核,即可获取编号和二维码等审核资料信息,该资料60日内购房有效,过期需重新申请。\n可以看出,早在2020年武汉市就已搭建出“凭房票买房”的机制雏形。而此次的征求意见稿,也是对先关政策的补充和完善。\n而除了武汉外,北上广深等一线城市,嘉兴、佛山、无锡等二三线城市,以及住建部等中央部门,也都陆续发布了一系列政策来对房地产市场加强监管。\n1月5日,住建部部长王蒙徽在接受媒体采访时,重申了坚持房住不炒,落实房地产长效机制等政策原则,表示2021年房住不炒仍然作为政策主基调不改变,同时长效机制不断落实完善的信号。\n例如,上海市也在1月份明确继续实施房产税试点。同时,上海市还针对“假离婚,真购房”现象,规定:夫妻离异的,任何一方自夫妻离异之日起3年内购买商品住房的,其拥有住房套数按离异前家庭总套数计算。调整增值税征免年限。将个人对外销售住房增值税征免年限从2年提高至5年。\n3月,西安也发布限购新政,规定购房人骗取或通过“代持”方式规避限购政策的,其本人及“代持人”将列入我市购房失信人员名册,5年内不得购房\n6月,财政部、自然资源部、税务总局、人民银行联合发布通知,国有土地使用权出让收入等四项政府非税收入将划转税务部门征收,一度引起热议。\n7月23日,住建部、发改委、公安部等八部门共同发布关于持续整治规范房地产市场秩序的通知,从房地产开发、房屋买卖、住房租赁以及物业服务四个方面切入,对房地产市场秩序进行全面规范。\n7月30日,银保监会召开全系统2021年年中工作座谈会暨纪检监察工作(电视电话)座谈会。会议强调,要严格执行“三线四档”和房地产贷款集中度要求,防止银行保险资金绕道违规流入房地产市场。\n据凤凰网《风暴眼》不完全统计,从今年1月至今,各地政府和中央相关部门共发布了超过40项针对房地产市场以及其衍生服务的监管和调控政策。数量之多,密度之大,在近年来都是比较罕见的。\n柏文喜对凤凰网《风暴眼》表示:“目前针对房地产政策的调整的原因有三个:第一是防范房地产引发的金融风险问题;第二是内循环模式下需要降低以房地产为代表的经济运行总成本;第三是提升生育意愿和保持人口可持续发展需要降低居住成本压力。”\n\n03、地产公司“风头不再” 股价大幅回撤\n政策的变化,也直接影响到了地产行业的上市公司身上。\n受益于中国房地产市场近年来的快速发展,中国也诞生了一大批巨无霸类的地产上市公司,地产企业也一度被视为“不差钱”的象征。\n万达董事长王健林、已经去世的贝壳董事长左晖等地产大亨们,都曾登上过“首富”的宝座。\n然而随着国家开始对“过热”的房地产市场进行调控,以及一系列严格的监管政策的出台,这些地产上市公司也纷纷遭遇了“船大难掉头”的难题,资金链断裂、收入下滑、股价下跌、高额负债等问题也随之而来。\n去年8月,住房城乡建设部、人民银行在北京召开重点房地产企业座谈会,明确了重点房地产企业资金监测和融资管理规则,也就是此前业内多次传闻的“三条红线”。\n据凤凰网《风暴眼》不完全统计,在港股和A股上市的40家头部地产公司中,有一半以上的公司股价在52周内距最高点回撤超过30%。\n\n事实上,就在本周一、周二的A股集体“大跳水”中,出于对房地产市场政策监管的担忧情绪,A股地产股也集体大跌,苏宁环球、西藏城投一度跌超10%。\n\n04、楼市的大变革,要来了吗\n武汉“凭房票买房”政策,也让很多人联想到了计划经济时代的“粮票”、“肉票”。那么,“凭房票购房”,是否真的意味着回到计划经济时代?是否又会引发其他城市跟进?\n\n柏文喜表示,中国告别票证时代已近三十年了,而武汉“房票”的推出触碰和勾起了了人们对计划经济年代供给不足、处处票证的时代记忆,房地产作为公众关注度最高的行业之一,尚在酝酿之中的武汉“房票”事件大概率会被推上“热搜”。\n柏文喜认为,房票本身是立足于以准入管制来压缩需求,进而改变楼市供求关系以防止楼市过热的制度设计。但是楼市调控逻辑上需要从供求两端着手,在以数量工具与价格工具限制与压抑需求的同时,还要通过增加市场供给来平衡供求关系。\n“因此,真正要平抑楼市供求关系的话,则要尽量减少和消除供求两端的各类管制措施,以价格机制引导资源和要素配置并重构供求关系,更不能恢复计划经济时代的票证。”柏文喜对凤凰网《风暴眼》表示。\n\n无论是武汉市此次出台的“凭房票买房”的政策,还是今年以来各地政府出台的一系列对房地产市场的监管政策,抑或是传闻中即将出台的“房地产税”,这些是否意味着中国楼市将迎来一次大变革呢?\n诸葛找房数据研究中心对凤凰网《风暴眼》表示:“房地产税的出台,或将迎来房地产市场的又一次洗牌。”\n“从目前房地产政策调整来看,坚持房住不炒是我国房地产市场的主基调。在此原则之下,首先需通过政策调控抑制房价上涨过快,促进市场逐渐回归理性阶段;其次,不断完善和规范房地产市场体系,对一些炒作房价、钻政策空子的行为及时进行打击,促进房地产市场健康发展;第三,将有限的资源向刚需群体倾斜,为购房者提供一个更为稳定的房地产环境。”\n诸葛找房数据研究中心认为,随着这些政策出台,真正的刚需群体利益得到保障,购房心态也逐渐理性,对房价过快上涨起到一定的抑制作用。长期来看,一线城市房价在经过严格的政策调控后,房价将趋于平稳运行。\n柏文喜认为,如果房产税真的很快出台,确实意味着房地产市场将迎来一次大变革,但是事实上房地产税按照立法程序尚未提交审议,是不会很快出台,也没有时间表的。\n柏文喜表示,这些政策如果不是从扩大供给端入手,而是仅仅采取控制需求端准入的数量工具如房票、控制需求端的价格工具如按揭成数与利率等措施,结果可能只是扬汤止沸,甚至越调越涨。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5415,"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,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"title":"","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":"Is it possible for Chinese concept stocks to withdraw from the US market?","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>By Jia Ming</p><p>On July 23, a document issued by the General Office of the CPC Central Committee entitled \"Opinions on Further Reducing the Homework Burden and Extracurricular Training Burden of Students in the Compulsory Education Stage\" circulated online. The \"Opinions\" include measures such as strictly prohibiting the \"capitalization\" operation of education and training institutions and prohibiting all subject-based training institutions from going public for financing, causing overseas-listed education stocks to fall in response. For example, New Oriental's stock price on the Hong Kong Stock Exchange once \"halved\" (New Oriental S closed down 40.61% on the 23rd and another 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 in the US stock market), Gaotu fell by 63.26% on the 23rd in the US stock market, and TAL Education Group fell by more than 70%.</p><p>The official document was released on the evening of July 24, and multiple media outlets have reposted the full text. Interested readers can find it to read.</p><p>Today's article does not analyze Document No. 40 issued by the General Office of the CPC Central Committee, but rather aims to explore two issues.</p><p>First, why do so many Chinese companies choose to list in the United States?</p><p>Second, considering incidents such as Sino-US relations, Luckin Coffee's fraud, and Didi's removal from its platform, what will be the future fate of these Chinese concept stocks listed overseas?</p><p><b>main reason</b></p><p>Chinese companies are more enthusiastic about listing on U.S. stock exchanges than almost any other non-U.S. company, even after a significant cooling in U.S.-China relations.</p><p>In 2019, 32 companies went public in the United States, 34 in 2020, and 37 companies completed their listings in the United States in the first half of 2021. According to wind data, as of July 2021, a total of 286 Chinese companies were listed in the United States—including those registered in offshore centers such as Hong Kong or the Cayman Islands, but whose revenue and profits mostly came from mainland China—in fact, most Chinese companies listed in the United States adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised audit requirements for Chinese companies listing in the US. The overall environment for Chinese companies listing in the US is not favorable. So why do Chinese companies still resolutely choose to list in the US?</p><p>Several well-known reasons are:</p><p>First, the United States' capital market was established relatively early, and its financing system and laws and regulations are relatively more mature and complete. From the perspective of the overall financing environment, the United States is generally optimistic about internet companies and high-tech companies. The same stock listed in the United States is relatively easier to obtain a higher valuation and raise more funds.</p><p>Secondly, and more importantly, the US capital market adopts a registration system, which does not set profit thresholds for companies planning to go public. As long as your company's business grows rapidly and occupies a large market share, it can go public even if it loses money. my country adopts a review system, and the necessary condition for applying for A-share listing is to be profitable for three consecutive years.</p><p>Internet companies are growing rapidly, so they are always very short of money. Some internet companies, after only a few years of establishment, may become unicorns with a valuation exceeding one billion yuan. At this time, they face pressure from investors to monetize and further develop, and need to prepare for a large-scale fundraising listing. However, most companies may have just started to make a profit at this time, or even not yet, so they cannot meet the conditions for three consecutive years of profitability and therefore cannot list on the A-share market for financing. If the company waits two or three years to go public and raise funds, it may not only miss the best development opportunity and fail to raise funds, but it is also uncertain whether the company can survive. Therefore, I can only go abroad.</p><p>Third, the length of my country's listing approval cycle varies. If the listing approval is suspended and a company wants to go public, the entire process may take three or four years. Time is money, and many companies can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons why Chinese companies go public in the United States. However, in addition to these, there are several other reasons that should not be ignored.</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 origin</b></p><p>We often say now that Chinese internet companies are doing very well. We often refer to the year around 2000 as the first year of the Internet in China. However, we must not forget that in the early days of internet development, few people could understand this business model, so these companies could not obtain bank loans.</p><p>In fact, it's not just in the early stages of internet startups; all startups find it difficult to obtain bank loans. Due to commercial banks' strict loan approval procedures and inherent risk aversion, they would rather earn less loan interest than lend money to stable companies.</p><p>Banks are not institutions that invest in startups. Investing in startups should be something that angel investors and venture capital firms do. At that time, there was no venture capital (VC) or private equity (PE) in my country. These internet companies can't find money in China, but they need money to develop. What should they do? Only foreign capital can be introduced.</p><p>It's important to understand that in the early stages of our reform and opening up, we also exchanged domestic markets for foreign capital and technology. Therefore, as Deng Xiaoping said, it doesn't matter if it's a black cat or a white cat, as long as it can catch mice, it's a good cat. Capital is inherently neutral and doesn't care about good or bad. If we only use geography as the basis for classification, that's certainly acceptable. However, when making value judgments, it is more important to look at the specific things that these capitals are used for, rather than the origin of these capitals.</p><p>Therefore, many of my country's internet giants (which will not be given examples here to avoid unnecessary trouble) were Sino-foreign joint ventures when they were first established. This raises another question: the legitimacy of the VIE architecture.</p><p>Variable Interest Entity (VIE) structure, often referred to as \"agreement control,\" refers to a listed Entity registered overseas by a company planning to go public, separated from its mainland business operator. The overseas listed Entity controls the domestic business operator through an agreement and transfers revenue and profits to the overseas company. The VIE architecture has spawned many different forms, but the essence is the same, which will not be elaborated on here.</p><p>Because Chinese law strictly restricts the entry of foreign capital into the \"information transmission, software and information technology services\" industry, foreign capital is not allowed to directly invest in telecommunications and internet-related companies. Of course, companies in these industries are not allowed to directly raise funds or list overseas. Therefore, these companies adopt a VIE structure to circumvent regulation.</p><p>Regulators are certainly aware of this form, and the reason they haven't completely banned it is twofold: firstly, this structure is not \"obviously illegal,\" and secondly, it is certainly a form of regulatory wisdom.</p><p>However, if such companies are listed domestically, they still have to strictly comply with the regulatory requirements for listing, which raises questions about the legality of this VIE structure, so they cannot be listed directly domestically.</p><p>This means that some internet companies have had crooked roots from the day they were born. If your roots aren't crooked, you won't survive; if you survive, you'll leave behind a bad background—\"lack of money - introducing foreign capital - becoming a joint venture - adopting a VIE structure - having questions about the legality of domestic listing - listing overseas.\"</p><p>Things are much better now. my country's multi-tiered capital market is becoming increasingly complete, and there are more RMB venture capitalists and private equity firms. The problem of not being able to find money domestically has been greatly alleviated.</p><p>In \"The Silent Majority,\" Wang Xiaobo said that making value judgments is too easy. If we were a male rabbit, we would 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 multiplication table. Understanding the above background is somewhat like a multiplication table: no matter what value assessment we make about internet companies going public overseas—how we assess it is our freedom—at least our judgment is based on the complete background 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>Two other reasons are the free flow of capital and the pursuit of dual-class share structures.</p><p>As mentioned earlier, since many companies have funding sources including international private equity funds and venture capital firms, and China implements foreign exchange controls, listing domestically would make it troublesome for venture capital funds to profit and exit, and there would be exchange rate risks. Therefore, they are also motivated to encourage business owners to list overseas. Some business owners have ambitions to become multinational corporations and are willing to list in the United States. This not only helps expand the company's brand awareness, but also facilitates its global fundraising and asset layout, achieving multiple benefits at once.</p><p>I need to be a little more verbose. Private equity and venture capital are all about high risk and high return. As long as they can make money in accordance with the law, we can't say there's anything wrong with them exiting after their companies go public. Of course, if someone violates the law or discipline, they will inevitably be held accountable according to law.</p><p>Some might ask, does listing in Hong Kong allow capital to flow freely? Entrepreneurs and early investors in listed companies can easily convert the Hong Kong dollars raised through an IPO into US dollars or any other currency. This brings us to another reason: \"equal rights for all shares\" and \"different rights for all shares\".</p><p>Companies listed in mainland my country must strictly abide by the regulations on equal rights for all shareholders, meaning that the number of shares you own in the company determines the voting rights you have when voting on major events. This is why many companies do not want to go public, fearing that they will not own many shares after listing, which will lead to the company founders having no say on the board of directors or even being kicked out. This is also the reason for the previously popular \"barbarian\" hostile takeovers. As long as someone else holds more shares than you, even if you are the founder, you will be kicked out.</p><p>Prior to 2018, listing in Hong Kong also required equal rights for all shareholders. In 2018, the Hong Kong Stock Exchange introduced a reform that allowed technology companies and life science companies to adopt the US-style dual-class share structure. Since then, more and more Chinese companies have chosen to list in Hong Kong, or to list simultaneously in both Hong Kong and New York.</p><p>It's not that equal rights for all shareholders are bad. Everything has its advantages and disadvantages. Founders with limited shareholding and equal voting rights are required to be cautious about going public, as they may be sidelined or even kicked out of the decision-making level after going public. However, being cautious about going public may slow down the company's development and cause it to miss the golden period of development.</p><p>Listing in the United States offers a dual-class share option, which means that even if you hold less than 50% of the company's shares, even if you only hold 10% or even less, you can still maintain control over the company. While it makes it easier for companies to go public and raise funds, it can easily lead to the problem of \"insider control\". Since the actual controller of a company is not the largest shareholder, when the interests of the shareholders and the interests of the operators conflict, the actual controller is prone to abuse his position for personal gain, enrich his own pockets, or engage in risky business practices. In some countries, dual-class share structures are considered 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 explained why Chinese companies are more willing to list in the United States. There are various reasons, including regulatory reasons and business operations. Overall, it is a normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the escalation of the Sino-US trade conflict, the United States imposed a series of sanctions on 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 are not sanctioned, the risks brought about by changes in international relations between the two countries are also increasing. In 2020, Luckin Coffee's financial fraud further exacerbated the crisis of trust in Chinese concept stocks.</p><p>The Trump administration seized the opportunity to sign the Foreign Company Accountability Act before the end of its term, threatening that if China fails to obtain audit working papers from the U.S. Public Company Accounting Oversight Board (PCAOB) for three consecutive years, Chinese-listed companies will be delisted from the U.S. stock exchange.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting date could be brought forward by a year.</p><p>The direct reason the United States is threatening to delist Chinese companies is to protect American investors from losses caused by accounting fraud similar to that of Luckin Coffee last year. To be honest, this actually seems to make a lot of sense. Financial fraud is a crime, not only in the United States, but we believe that the capital markets of any country must combat financial fraud.</p><p>But there are a few questions here.</p><p>First, China and the United States have been consulting on the issue of the audit working papers, but why have they suddenly turned against each other now?</p><p>In 2009, my country enacted a law requiring enterprises to \"store working papers and other files formed in China by securities companies and securities service institutions that provide related securities services during the process of issuing and listing securities overseas.\"</p><p>In 2013, my country and the PCAOB of the United States signed a memorandum of understanding on cooperation and provided the PCAOB with audit working papers of four companies.</p><p>From 2016 to 2019, the regulatory authorities of both sides have been exploring how to conduct effective inspections and have made some attempts at cooperation. When the relationship is good, there is room for discussion; when the relationship is bad, there is a tendency to turn against others.</p><p>Second, is providing accounting working papers an effective way to combat financial fraud?</p><p>The United States' securities market regulations have been constantly being upgraded. For example, in 2002, in response to the Enron financial fraud scandal, significant revisions were made to the Securities Act of 1933 and the Securities Exchange Act of 1934, resulting in the Public Company Accounting Reform and Investor Protection Act of 2002, or the Sarbanes-Oxley Act, which made many new provisions in areas such as corporate governance, Accounting profession regulation, and securities market regulation. This is actually beneficial for both listed companies and investors, which is a good thing.</p><p>However, the U.S. Public Company Accounting Oversight Board, established after the Sarbanes-Oxley Act, was already able to review the audit drafts of public companies, but then accounting problems arose at WorldCom, Southern Healthcare, Freddie Mac, American International Group, and Lehman Brothers. Most serious accounting fraud cases are often discovered by professional short-selling firms using techniques such as \"private server undercover investigations\" to conduct on-site investigations of company business traffic. Auditing firms do not use these methods.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not be able to detect these financial frauds through audit working papers. In other words, audit drafts may help combat financial fraud, but they are not an essential method, nor are they always 100% effective.</p><p>Third, a key target of the Foreign Company Accountability Act is Chinese companies listed in the US, but this is not the first time the US has known that Chinese listed companies adopt the VIE structure. If the United States believes there are problems with the VIE structure, it can simply ban Chinese companies listed in the US.</p><p>When the two countries have friendly relations, audit working papers are not a very important issue. The two countries can resolve the issue through negotiation and cooperate in supervision because they trust each other. This mutual trust is gone now.</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>Plan ahead</b></p><p>We hope that Sino-US relations can return to friendship in the new competitive relationship. However, if the gap between the two countries widens, then Chinese companies listed in the US do need to be prepared for both scenarios.</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>For the United States, although Chinese concept stocks fluctuate greatly, their overall performance outperforms most US-listed companies, and the losses caused by financial fraud by Chinese companies are far less than those of American companies like Enron and Lehman Brothers.</p><p>If Chinese concept stocks are delisted, American investors will lose a relatively good investment target. However, after delisting, Chinese concept stocks can be listed on the Hong Kong Stock Exchange and the A-share market. If American investors remain optimistic about Chinese companies, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the Stock Connect mechanism.</p><p>For China, as a high-savings country and a net capital exporter, it is not necessary to list and raise funds in the United States. my country's own capital market is gradually improving, and the registration-based IPO system is 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 valuations may shrink when listing on the A-share or Hong Kong stock exchanges, this is not an unacceptable challenge for the country as a whole.</p><p>Therefore, if Chinese companies delist from the US market, it is not an unacceptable event for both countries; their fate will be more influenced by international relations and the course of history. At this point, what businesses should do is plan ahead and take preventative measures.</p><p>No one wants bad things to happen, but if they do, they shouldn'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>Is it possible for Chinese concept stocks to withdraw from the US 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\">\nIs it possible for Chinese concept stocks to withdraw from the US market?\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>By Jia Ming</p><p>On July 23, a document issued by the General Office of the CPC Central Committee entitled \"Opinions on Further Reducing the Homework Burden and Extracurricular Training Burden of Students in the Compulsory Education Stage\" circulated online. The \"Opinions\" include measures such as strictly prohibiting the \"capitalization\" operation of education and training institutions and prohibiting all subject-based training institutions from going public for financing, causing overseas-listed education stocks to fall in response. For example, New Oriental's stock price on the Hong Kong Stock Exchange once \"halved\" (New Oriental S closed down 40.61% on the 23rd and another 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 in the US stock market), Gaotu fell by 63.26% on the 23rd in the US stock market, and TAL Education Group fell by more than 70%.</p><p>The official document was released on the evening of July 24, and multiple media outlets have reposted the full text. Interested readers can find it to read.</p><p>Today's article does not analyze Document No. 40 issued by the General Office of the CPC Central Committee, but rather aims to explore two issues.</p><p>First, why do so many Chinese companies choose to list in the United States?</p><p>Second, considering incidents such as Sino-US relations, Luckin Coffee's fraud, and Didi's removal from its platform, what will be the future fate of these Chinese concept stocks listed overseas?</p><p><b>main reason</b></p><p>Chinese companies are more enthusiastic about listing on U.S. stock exchanges than almost any other non-U.S. company, even after a significant cooling in U.S.-China relations.</p><p>In 2019, 32 companies went public in the United States, 34 in 2020, and 37 companies completed their listings in the United States in the first half of 2021. According to wind data, as of July 2021, a total of 286 Chinese companies were listed in the United States—including those registered in offshore centers such as Hong Kong or the Cayman Islands, but whose revenue and profits mostly came from mainland China—in fact, most Chinese companies listed in the United States adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised audit requirements for Chinese companies listing in the US. The overall environment for Chinese companies listing in the US is not favorable. So why do Chinese companies still resolutely choose to list in the US?</p><p>Several well-known reasons are:</p><p>First, the United States' capital market was established relatively early, and its financing system and laws and regulations are relatively more mature and complete. From the perspective of the overall financing environment, the United States is generally optimistic about internet companies and high-tech companies. The same stock listed in the United States is relatively easier to obtain a higher valuation and raise more funds.</p><p>Secondly, and more importantly, the US capital market adopts a registration system, which does not set profit thresholds for companies planning to go public. As long as your company's business grows rapidly and occupies a large market share, it can go public even if it loses money. my country adopts a review system, and the necessary condition for applying for A-share listing is to be profitable for three consecutive years.</p><p>Internet companies are growing rapidly, so they are always very short of money. Some internet companies, after only a few years of establishment, may become unicorns with a valuation exceeding one billion yuan. At this time, they face pressure from investors to monetize and further develop, and need to prepare for a large-scale fundraising listing. However, most companies may have just started to make a profit at this time, or even not yet, so they cannot meet the conditions for three consecutive years of profitability and therefore cannot list on the A-share market for financing. If the company waits two or three years to go public and raise funds, it may not only miss the best development opportunity and fail to raise funds, but it is also uncertain whether the company can survive. Therefore, I can only go abroad.</p><p>Third, the length of my country's listing approval cycle varies. If the listing approval is suspended and a company wants to go public, the entire process may take three or four years. Time is money, and many companies can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons why Chinese companies go public in the United States. However, in addition to these, there are several other reasons that should not be ignored.</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 origin</b></p><p>We often say now that Chinese internet companies are doing very well. We often refer to the year around 2000 as the first year of the Internet in China. However, we must not forget that in the early days of internet development, few people could understand this business model, so these companies could not obtain bank loans.</p><p>In fact, it's not just in the early stages of internet startups; all startups find it difficult to obtain bank loans. Due to commercial banks' strict loan approval procedures and inherent risk aversion, they would rather earn less loan interest than lend money to stable companies.</p><p>Banks are not institutions that invest in startups. Investing in startups should be something that angel investors and venture capital firms do. At that time, there was no venture capital (VC) or private equity (PE) in my country. These internet companies can't find money in China, but they need money to develop. What should they do? Only foreign capital can be introduced.</p><p>It's important to understand that in the early stages of our reform and opening up, we also exchanged domestic markets for foreign capital and technology. Therefore, as Deng Xiaoping said, it doesn't matter if it's a black cat or a white cat, as long as it can catch mice, it's a good cat. Capital is inherently neutral and doesn't care about good or bad. If we only use geography as the basis for classification, that's certainly acceptable. However, when making value judgments, it is more important to look at the specific things that these capitals are used for, rather than the origin of these capitals.</p><p>Therefore, many of my country's internet giants (which will not be given examples here to avoid unnecessary trouble) were Sino-foreign joint ventures when they were first established. This raises another question: the legitimacy of the VIE architecture.</p><p>Variable Interest Entity (VIE) structure, often referred to as \"agreement control,\" refers to a listed Entity registered overseas by a company planning to go public, separated from its mainland business operator. The overseas listed Entity controls the domestic business operator through an agreement and transfers revenue and profits to the overseas company. The VIE architecture has spawned many different forms, but the essence is the same, which will not be elaborated on here.</p><p>Because Chinese law strictly restricts the entry of foreign capital into the \"information transmission, software and information technology services\" industry, foreign capital is not allowed to directly invest in telecommunications and internet-related companies. Of course, companies in these industries are not allowed to directly raise funds or list overseas. Therefore, these companies adopt a VIE structure to circumvent regulation.</p><p>Regulators are certainly aware of this form, and the reason they haven't completely banned it is twofold: firstly, this structure is not \"obviously illegal,\" and secondly, it is certainly a form of regulatory wisdom.</p><p>However, if such companies are listed domestically, they still have to strictly comply with the regulatory requirements for listing, which raises questions about the legality of this VIE structure, so they cannot be listed directly domestically.</p><p>This means that some internet companies have had crooked roots from the day they were born. If your roots aren't crooked, you won't survive; if you survive, you'll leave behind a bad background—\"lack of money - introducing foreign capital - becoming a joint venture - adopting a VIE structure - having questions about the legality of domestic listing - listing overseas.\"</p><p>Things are much better now. my country's multi-tiered capital market is becoming increasingly complete, and there are more RMB venture capitalists and private equity firms. The problem of not being able to find money domestically has been greatly alleviated.</p><p>In \"The Silent Majority,\" Wang Xiaobo said that making value judgments is too easy. If we were a male rabbit, we would 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 multiplication table. Understanding the above background is somewhat like a multiplication table: no matter what value assessment we make about internet companies going public overseas—how we assess it is our freedom—at least our judgment is based on the complete background 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>Two other reasons are the free flow of capital and the pursuit of dual-class share structures.</p><p>As mentioned earlier, since many companies have funding sources including international private equity funds and venture capital firms, and China implements foreign exchange controls, listing domestically would make it troublesome for venture capital funds to profit and exit, and there would be exchange rate risks. Therefore, they are also motivated to encourage business owners to list overseas. Some business owners have ambitions to become multinational corporations and are willing to list in the United States. This not only helps expand the company's brand awareness, but also facilitates its global fundraising and asset layout, achieving multiple benefits at once.</p><p>I need to be a little more verbose. Private equity and venture capital are all about high risk and high return. As long as they can make money in accordance with the law, we can't say there's anything wrong with them exiting after their companies go public. Of course, if someone violates the law or discipline, they will inevitably be held accountable according to law.</p><p>Some might ask, does listing in Hong Kong allow capital to flow freely? Entrepreneurs and early investors in listed companies can easily convert the Hong Kong dollars raised through an IPO into US dollars or any other currency. This brings us to another reason: \"equal rights for all shares\" and \"different rights for all shares\".</p><p>Companies listed in mainland my country must strictly abide by the regulations on equal rights for all shareholders, meaning that the number of shares you own in the company determines the voting rights you have when voting on major events. This is why many companies do not want to go public, fearing that they will not own many shares after listing, which will lead to the company founders having no say on the board of directors or even being kicked out. This is also the reason for the previously popular \"barbarian\" hostile takeovers. As long as someone else holds more shares than you, even if you are the founder, you will be kicked out.</p><p>Prior to 2018, listing in Hong Kong also required equal rights for all shareholders. In 2018, the Hong Kong Stock Exchange introduced a reform that allowed technology companies and life science companies to adopt the US-style dual-class share structure. Since then, more and more Chinese companies have chosen to list in Hong Kong, or to list simultaneously in both Hong Kong and New York.</p><p>It's not that equal rights for all shareholders are bad. Everything has its advantages and disadvantages. Founders with limited shareholding and equal voting rights are required to be cautious about going public, as they may be sidelined or even kicked out of the decision-making level after going public. However, being cautious about going public may slow down the company's development and cause it to miss the golden period of development.</p><p>Listing in the United States offers a dual-class share option, which means that even if you hold less than 50% of the company's shares, even if you only hold 10% or even less, you can still maintain control over the company. While it makes it easier for companies to go public and raise funds, it can easily lead to the problem of \"insider control\". Since the actual controller of a company is not the largest shareholder, when the interests of the shareholders and the interests of the operators conflict, the actual controller is prone to abuse his position for personal gain, enrich his own pockets, or engage in risky business practices. In some countries, dual-class share structures are considered 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 explained why Chinese companies are more willing to list in the United States. There are various reasons, including regulatory reasons and business operations. Overall, it is a normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the escalation of the Sino-US trade conflict, the United States imposed a series of sanctions on 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 are not sanctioned, the risks brought about by changes in international relations between the two countries are also increasing. In 2020, Luckin Coffee's financial fraud further exacerbated the crisis of trust in Chinese concept stocks.</p><p>The Trump administration seized the opportunity to sign the Foreign Company Accountability Act before the end of its term, threatening that if China fails to obtain audit working papers from the U.S. Public Company Accounting Oversight Board (PCAOB) for three consecutive years, Chinese-listed companies will be delisted from the U.S. stock exchange.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting date could be brought forward by a year.</p><p>The direct reason the United States is threatening to delist Chinese companies is to protect American investors from losses caused by accounting fraud similar to that of Luckin Coffee last year. To be honest, this actually seems to make a lot of sense. Financial fraud is a crime, not only in the United States, but we believe that the capital markets of any country must combat financial fraud.</p><p>But there are a few questions here.</p><p>First, China and the United States have been consulting on the issue of the audit working papers, but why have they suddenly turned against each other now?</p><p>In 2009, my country enacted a law requiring enterprises to \"store working papers and other files formed in China by securities companies and securities service institutions that provide related securities services during the process of issuing and listing securities overseas.\"</p><p>In 2013, my country and the PCAOB of the United States signed a memorandum of understanding on cooperation and provided the PCAOB with audit working papers of four companies.</p><p>From 2016 to 2019, the regulatory authorities of both sides have been exploring how to conduct effective inspections and have made some attempts at cooperation. When the relationship is good, there is room for discussion; when the relationship is bad, there is a tendency to turn against others.</p><p>Second, is providing accounting working papers an effective way to combat financial fraud?</p><p>The United States' securities market regulations have been constantly being upgraded. For example, in 2002, in response to the Enron financial fraud scandal, significant revisions were made to the Securities Act of 1933 and the Securities Exchange Act of 1934, resulting in the Public Company Accounting Reform and Investor Protection Act of 2002, or the Sarbanes-Oxley Act, which made many new provisions in areas such as corporate governance, Accounting profession regulation, and securities market regulation. This is actually beneficial for both listed companies and investors, which is a good thing.</p><p>However, the U.S. Public Company Accounting Oversight Board, established after the Sarbanes-Oxley Act, was already able to review the audit drafts of public companies, but then accounting problems arose at WorldCom, Southern Healthcare, Freddie Mac, American International Group, and Lehman Brothers. Most serious accounting fraud cases are often discovered by professional short-selling firms using techniques such as \"private server undercover investigations\" to conduct on-site investigations of company business traffic. Auditing firms do not use these methods.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not be able to detect these financial frauds through audit working papers. In other words, audit drafts may help combat financial fraud, but they are not an essential method, nor are they always 100% effective.</p><p>Third, a key target of the Foreign Company Accountability Act is Chinese companies listed in the US, but this is not the first time the US has known that Chinese listed companies adopt the VIE structure. If the United States believes there are problems with the VIE structure, it can simply ban Chinese companies listed in the US.</p><p>When the two countries have friendly relations, audit working papers are not a very important issue. The two countries can resolve the issue through negotiation and cooperate in supervision because they trust each other. This mutual trust is gone now.</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>Plan ahead</b></p><p>We hope that Sino-US relations can return to friendship in the new competitive relationship. However, if the gap between the two countries widens, then Chinese companies listed in the US do need to be prepared for both scenarios.</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>For the United States, although Chinese concept stocks fluctuate greatly, their overall performance outperforms most US-listed companies, and the losses caused by financial fraud by Chinese companies are far less than those of American companies like Enron and Lehman Brothers.</p><p>If Chinese concept stocks are delisted, American investors will lose a relatively good investment target. However, after delisting, Chinese concept stocks can be listed on the Hong Kong Stock Exchange and the A-share market. If American investors remain optimistic about Chinese companies, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the Stock Connect mechanism.</p><p>For China, as a high-savings country and a net capital exporter, it is not necessary to list and raise funds in the United States. my country's own capital market is gradually improving, and the registration-based IPO system is 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 valuations may shrink when listing on the A-share or Hong Kong stock exchanges, this is not an unacceptable challenge for the country as a whole.</p><p>Therefore, if Chinese companies delist from the US market, it is not an unacceptable event for both countries; their fate will be more influenced by international relations and the course of history. At this point, what businesses should do is plan ahead and take preventative measures.</p><p>No one wants bad things to happen, but if they do, they shouldn'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":4303,"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,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"title":"","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":4433,"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,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"title":"","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":4835,"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,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"title":"","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":5363,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}