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2021-03-25

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Chinese concept stocks have caused a bloody storm. Will this year be a replica of 2018?

摘要：山雨欲来？懂王已隐退许久，但江湖仍因他掀起了一片腥风血雨。昨夜，美国证券交易委员会（SEC）发布最新通告称，已通过临时修正，以执行《外国公司责任法案》对上市公司信息披露的要求。 2020

Chinese concept stocks have caused a bloody storm. Will this year be a replica of 2018?

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":358051253,"tweetId":"358051253","gmtCreate":1616643603572,"gmtModify":1704796831992,"author":{"id":3573165252847286,"idStr":"3573165252847286","authorId":3573165252847286,"authorIdStr":"3573165252847286","name":"Frank95","avatar":"https://static.tigerbbs.com/98e83ddbb039bb0c00257b3cb7ce8da2","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Nooooo</body></html>","htmlText":"<html><head></head><body>Nooooo</body></html>","text":"Nooooo","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/358051253","repostId":1190595276,"repostType":4,"repost":{"id":"1190595276","kind":"news","pubTimestamp":1616642731,"share":"https://ttm.financial/m/news/1190595276?lang=en_US&edition=fundamental","pubTime":"2021-03-25 11:25","market":"us","language":"zh","title":"Chinese concept stocks have caused a bloody storm. Will this year be a replica of 2018?","url":"https://stock-news.laohu8.com/highlight/detail?id=1190595276","media":"格隆汇","summary":"摘要：山雨欲来？\n\n懂王已隐退许久，但江湖仍因他掀起了一片腥风血雨。\n昨夜，美国证券交易委员会（SEC）发布最新通告称，已通过临时修正，以执行《外国公司责任法案》对上市公司信息披露的要求。\n\n2020","content":"Summary: Is the mountain rain coming? Knowing that Wang has retired for a long time, but the Jianghu is still causing a bloody storm because of him.Last night, the U.S. Securities and Exchange Commission (SEC) issued the latest notice saying that it had passed a temporary amendment to implement the information disclosure requirements of listed companies under the Foreign Company Responsibility Act.<img src=\"https://static.tigerbbs.com/cbfb5123c1497d7570dd3fc6ff9e1cab\" tg-width=\"692\" tg-height=\"537\" referrerpolicy=\"no-referrer\">In December 2020, then US President Trump officially signed the Holding Foreign Companies Accountable Act. The bill mainly contains two contents:1. If a foreign company fails to pass the audit of the American Public Company Accounting Oversight Board (PCAOB) for three consecutive years, it will be prohibited from listing on any American exchange;2. Listed companies need to disclose their relationship with the government of that country.As soon as the Sino-US talks full of gunpowder broke up in discord, the bill landed immediately. It is hard to believe that there is no relationship between the two.Market analysts generally believe that the official announcement of the US SEC means that Chinese concept stocks listed in the US will face greater delisting pressure.Affected by this, Chinese concept stocks collectively plummeted last night, driving the Nasdaq to fall by more than 2%. As of the close of U.S. stocks, Tencent Music fell 27%, Vipshop fell 21%, and iQiyi fell nearly 20%; New energy vehicles XPeng Automobile fell more than 15%, Li Auto Automobile fell more than 13%, and Nio Automobile fell more than 10%; Baidu, Pinduoduo, and Bilibili all fell about 9%.<img src=\"https://static.tigerbbs.com/7990411053bdd2c68ced8d126b1faf69\" tg-width=\"534\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Except for PetroChina and Sinopec, which escaped due to the surge in international oil prices, almost none of the top Chinese concept stocks were spared.Back in China, stocks that have returned to Hong Kong for listing have been dragged down, and the Hang Seng Technology Index once fell by more than 4% at the opening.<img src=\"https://static.tigerbbs.com/937f24a8781c59f9fd396711afef4fbc\" tg-width=\"691\" tg-height=\"422\" referrerpolicy=\"no-referrer\">So far, the Hengke Index has fallen by nearly 2%, JD.com and Alibaba have both fallen by more than 4%, and Xiaomi, NetEase, Meituan, etc. have collectively followed suit.<img src=\"https://static.tigerbbs.com/aa909914372b96d63df380bdb7e7357f\" tg-width=\"662\" tg-height=\"275\" referrerpolicy=\"no-referrer\">Chinese concept stocks are dominated by technology companies, and there are profound historical reasons behind this phenomenon.1. The tide of returning to Hong Kong market may intensify, and liquidity concerns are hiddenAround the millennium, China's stock market was still in its infancy, and the threshold for listing was relatively strict. Under the system of audit system and approval system, the time cost of issuing stocks for financing is relatively large. The most important thing is that the standard of issuing stocks and listing financing in China is relatively high, which requires the company's assets to reach a certain scale, make profits for three consecutive years, and the return on net assets should reach 10%.It is difficult for innovative Internet companies with high risks to meet the standards, but at that time, the domestic Internet industry was in the early stages of development and needed to burn a lot of money.Coupled with the lack of domestic funds at that time, the philosophy of banks was not open, and the issuance of loans was relatively strict. Because they could not understand the profit model of technology companies, it was difficult for Internet companies to raise funds through large channels.Therefore, at that time, the main sources of funds for such emerging enterprises were angel investment + venture capital + private equity funds, and most of these investment institutions came from overseas. The best-known example is Alibaba, which Jack Ma successfully raised from SoftBank, a Japanese venture capital firm.However, China's laws have very strict restrictions on overseas capital investment in telecom-related enterprises (including the Internet), and it is basically impossible for joint ventures to be approved. In order to solve this problem, joint ventures have adopted VIE structure to bypass this layer of policy supervision.However, the VIE architecture has also been recognized by Intelligence as circumventing legal policies, and its legality is questionable.Therefore, it has become an unsolvable situation: lack of money-introducing foreign capital-becoming a joint venture-adopting VIE structure-unable to be listed on A-shares.However, the United States and Hong Kong are both registration systems, and the listing threshold is very low. Even unprofitable companies can go public as long as they meet a certain scale, complete process and compliance requirements, and their financing efficiency is high.Therefore, the phenomenon that Internet companies have gone public overseas has been formed.In recent years, due to various considerations, more and more companies have returned to Hong Kong for secondary listing of Chinese concept stocks. It is expected that after the implementation of the US bill, this trend will intensify under the \"delisting anxiety\".According to Wind statistics, there are currently 272 Chinese concept stocks listed in the United States mainly in technology, consumption and medical care. According to the latest principles of the Hong Kong Stock Exchange, the return of listing of U.S. and Chinese concept stocks must meet one of the following two requirements: one is that the market value is greater than HK $40 billion, and the other is that the market value is greater than HK $10 billion and the current income exceeds HK $1 billion. According to a research report released by Galaxy Securities on March 2 this year, there are currently 48 Chinese concept stock companies that meet the requirements for secondary listing in Hong Kong.The return of high-quality assets is naturally welcomed by both top designers and investors with open hands, but the problem that needs to be worried about is that the demand for funds will be a big problem when Internet giants collectively return to Hong Kong.In June last year, NetEase went public in Hong Kong for the second time. On the first day, it rose 6%, with a turnover of HK $7.2 billion. On that day, the Hang Seng Index fell 2%.The Hong Kong stock market itself has a situation of insufficient liquidity. The \"blood drawing machines\" are launched one after another, and the market is estimated to be not small.2. Will this year be a replica of 2018?The landing of Holding Foreign Companies Accountable Act has dealt a direct blow to Chinese concept stocks, but the bigger problem is that behind this, we see that the surrounding environment is becoming more and more disturbing.Some time ago, when the country began to collect liquidity, many people were speculating whether this year would be a replica of 2018.<img src=\"https://static.tigerbbs.com/867e30311670e615ad48558e6158ee1a\" tg-width=\"692\" tg-height=\"396\" referrerpolicy=\"no-referrer\">But now, it seems that the harsh degree of the surrounding environment may still be exceeding that of that year.During this period, there have been one international drama after another. The Sino-US talk meeting, which was full of gunpowder and didn't even eat lunch, the sanctions and counter-sanctions imposed by the European Union and China, yesterday's European Parliament's decision to cancel the China-EU Comprehensive Agreement on Investment, coupled with the sudden announcement of HM Company... always gives people a feeling that the mountain rain is coming.The importance of a stable macro environment to the market is self-evident. If the turmoil in the surrounding environment intensifies, it will be difficult for A shares to remain unaffected.","source":"gelonghui_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chinese concept stocks have caused a bloody storm. 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Will this year be a replica of 2018?\n</h2>\n<h4 class=\"meta\">\n\n格隆汇2021-03-25 11:25\n\n</h4>\n</header>\n<article>\nSummary: Is the mountain rain coming? Knowing that Wang has retired for a long time, but the Jianghu is still causing a bloody storm because of him.Last night, the U.S. Securities and Exchange Commission (SEC) issued the latest notice saying that it had passed a temporary amendment to implement the information disclosure requirements of listed companies under the Foreign Company Responsibility Act.<img src=\"https://static.tigerbbs.com/cbfb5123c1497d7570dd3fc6ff9e1cab\" tg-width=\"692\" tg-height=\"537\" referrerpolicy=\"no-referrer\">In December 2020, then US President Trump officially signed the Holding Foreign Companies Accountable Act. The bill mainly contains two contents:1. If a foreign company fails to pass the audit of the American Public Company Accounting Oversight Board (PCAOB) for three consecutive years, it will be prohibited from listing on any American exchange;2. Listed companies need to disclose their relationship with the government of that country.As soon as the Sino-US talks full of gunpowder broke up in discord, the bill landed immediately. It is hard to believe that there is no relationship between the two.Market analysts generally believe that the official announcement of the US SEC means that Chinese concept stocks listed in the US will face greater delisting pressure.Affected by this, Chinese concept stocks collectively plummeted last night, driving the Nasdaq to fall by more than 2%. As of the close of U.S. stocks, Tencent Music fell 27%, Vipshop fell 21%, and iQiyi fell nearly 20%; New energy vehicles XPeng Automobile fell more than 15%, Li Auto Automobile fell more than 13%, and Nio Automobile fell more than 10%; Baidu, Pinduoduo, and Bilibili all fell about 9%.<img src=\"https://static.tigerbbs.com/7990411053bdd2c68ced8d126b1faf69\" tg-width=\"534\" tg-height=\"520\" referrerpolicy=\"no-referrer\">Except for PetroChina and Sinopec, which escaped due to the surge in international oil prices, almost none of the top Chinese concept stocks were spared.Back in China, stocks that have returned to Hong Kong for listing have been dragged down, and the Hang Seng Technology Index once fell by more than 4% at the opening.<img src=\"https://static.tigerbbs.com/937f24a8781c59f9fd396711afef4fbc\" tg-width=\"691\" tg-height=\"422\" referrerpolicy=\"no-referrer\">So far, the Hengke Index has fallen by nearly 2%, JD.com and Alibaba have both fallen by more than 4%, and Xiaomi, NetEase, Meituan, etc. have collectively followed suit.<img src=\"https://static.tigerbbs.com/aa909914372b96d63df380bdb7e7357f\" tg-width=\"662\" tg-height=\"275\" referrerpolicy=\"no-referrer\">Chinese concept stocks are dominated by technology companies, and there are profound historical reasons behind this phenomenon.1. The tide of returning to Hong Kong market may intensify, and liquidity concerns are hiddenAround the millennium, China's stock market was still in its infancy, and the threshold for listing was relatively strict. Under the system of audit system and approval system, the time cost of issuing stocks for financing is relatively large. The most important thing is that the standard of issuing stocks and listing financing in China is relatively high, which requires the company's assets to reach a certain scale, make profits for three consecutive years, and the return on net assets should reach 10%.It is difficult for innovative Internet companies with high risks to meet the standards, but at that time, the domestic Internet industry was in the early stages of development and needed to burn a lot of money.Coupled with the lack of domestic funds at that time, the philosophy of banks was not open, and the issuance of loans was relatively strict. Because they could not understand the profit model of technology companies, it was difficult for Internet companies to raise funds through large channels.Therefore, at that time, the main sources of funds for such emerging enterprises were angel investment + venture capital + private equity funds, and most of these investment institutions came from overseas. The best-known example is Alibaba, which Jack Ma successfully raised from SoftBank, a Japanese venture capital firm.However, China's laws have very strict restrictions on overseas capital investment in telecom-related enterprises (including the Internet), and it is basically impossible for joint ventures to be approved. In order to solve this problem, joint ventures have adopted VIE structure to bypass this layer of policy supervision.However, the VIE architecture has also been recognized by Intelligence as circumventing legal policies, and its legality is questionable.Therefore, it has become an unsolvable situation: lack of money-introducing foreign capital-becoming a joint venture-adopting VIE structure-unable to be listed on A-shares.However, the United States and Hong Kong are both registration systems, and the listing threshold is very low. Even unprofitable companies can go public as long as they meet a certain scale, complete process and compliance requirements, and their financing efficiency is high.Therefore, the phenomenon that Internet companies have gone public overseas has been formed.In recent years, due to various considerations, more and more companies have returned to Hong Kong for secondary listing of Chinese concept stocks. It is expected that after the implementation of the US bill, this trend will intensify under the \"delisting anxiety\".According to Wind statistics, there are currently 272 Chinese concept stocks listed in the United States mainly in technology, consumption and medical care. According to the latest principles of the Hong Kong Stock Exchange, the return of listing of U.S. and Chinese concept stocks must meet one of the following two requirements: one is that the market value is greater than HK $40 billion, and the other is that the market value is greater than HK $10 billion and the current income exceeds HK $1 billion. According to a research report released by Galaxy Securities on March 2 this year, there are currently 48 Chinese concept stock companies that meet the requirements for secondary listing in Hong Kong.The return of high-quality assets is naturally welcomed by both top designers and investors with open hands, but the problem that needs to be worried about is that the demand for funds will be a big problem when Internet giants collectively return to Hong Kong.In June last year, NetEase went public in Hong Kong for the second time. On the first day, it rose 6%, with a turnover of HK $7.2 billion. On that day, the Hang Seng Index fell 2%.The Hong Kong stock market itself has a situation of insufficient liquidity. The \"blood drawing machines\" are launched one after another, and the market is estimated to be not small.2. Will this year be a replica of 2018?The landing of Holding Foreign Companies Accountable Act has dealt a direct blow to Chinese concept stocks, but the bigger problem is that behind this, we see that the surrounding environment is becoming more and more disturbing.Some time ago, when the country began to collect liquidity, many people were speculating whether this year would be a replica of 2018.<img src=\"https://static.tigerbbs.com/867e30311670e615ad48558e6158ee1a\" tg-width=\"692\" tg-height=\"396\" referrerpolicy=\"no-referrer\">But now, it seems that the harsh degree of the surrounding environment may still be exceeding that of that year.During this period, there have been one international drama after another. The Sino-US talk meeting, which was full of gunpowder and didn't even eat lunch, the sanctions and counter-sanctions imposed by the European Union and China, yesterday's European Parliament's decision to cancel the China-EU Comprehensive Agreement on Investment, coupled with the sudden announcement of HM Company... always gives people a feeling that the mountain rain is coming.The importance of a stable macro environment to the market is self-evident. If the turmoil in the surrounding environment intensifies, it will be difficult for A shares to remain unaffected.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://www.gelonghui.com/p/453979\">格隆汇</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/31992235e2d733c9c23402f8622ffd51","relate_stocks":{},"source_url":"https://www.gelonghui.com/p/453979","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"1190595276","content_text":"摘要：山雨欲来？\n\n懂王已隐退许久，但江湖仍因他掀起了一片腥风血雨。\n昨夜，美国证券交易委员会（SEC）发布最新通告称，已通过临时修正，以执行《外国公司责任法案》对上市公司信息披露的要求。\n\n2020年12月，时任美国总统特朗普正式签署了《外国公司问责法案》。该法案主要包含两项内容：\n1、如果外国公司连续三年未能通过美国公众公司会计监督委员会（PCAOB）的审计，将被禁止在美国任何交易所上市；\n2、上市公司需披露自己与该国政府的关系。\n充满了火药味的中美会谈刚刚不欢而散，法案就立马落地，很难让人相信二者之间没有什么关系。\n市场分析普遍认为，美国SEC正式通告，意味着在美上市的中概股将面临更大的退市压力。\n受此影响，昨夜中概股集体暴跌，带动纳指的跌幅超过2%。截至美股收市，腾讯音乐跌27%，唯品会跌21%，爱奇艺跌近20%；新能车小鹏汽车跌超15%，理想汽车跌超13%，蔚来汽车跌超10%；百度、拼多多、哔哩哔哩均跌9%左右。\n\n除了中石油、中石化因为国际油价的大涨逃过一劫，头部中概股几乎无一幸免。\n回到中国，已经回港上市的个股均被拖累，恒生科技指数开盘一度大跌超4%。\n\n截止目前，恒科指跌近2%，京东、阿里巴巴均跌4超%，小米、网易、美团等集体跟跌。\n\n中概股以科技公司为主，而这种现象的背后有着深刻的历史原因。\n1、回港市场潮或加剧，流动性隐忧\n千禧年前后，中国的股票市场还处在起步阶段，上市的门槛较为严格。在审核制、核准制的制度下，发行股票融资的时间成本比较大，最重要的是我国发行股票上市融资的标准比较高，需要公司资产达到一定规模，连续三年盈利且净资产收益率要达到10%。\n创新型的具有高风险的互联网公司很难达到标准，但彼时国内互联网行业正值发展初期，需要大量烧钱。\n加上彼时国内资金缺乏，银行的理念并不开放，贷款的发放较为严格，因为看不懂科技公司的盈利模式，导致互联网型企业很难通过大渠道融资。\n所以，当时这类新兴企业主要的资金来源是天使投资+风险投资+私募基金，而当年这些投资机构大多来自境外。最为人所知的例子就是阿里巴巴了，马云就是从日本风投公司软银那里成功融到资的。\n但是，我国法律对境外资金投资电信相关企业（含互联网在内）有非常严格的限制，合资企业基本上不可能获批，为了解决这个问题，合资企业纷纷采取VIE架构，绕过这一层政策监管。\n但VIE架构也被和智能将会认定为规避法律政策，其合法性有问题。\n所以就成了一个无解的局面：缺钱——引入外资——变成合资企业——采取VIE架构——没法在A股上市。\n而美国、香港都是注册制，上市门槛很低，甚至不盈利的公司，只要满足一定的规模，完成流程和合规方面的要求，都能上市，融资效率高。\n因此，才形成了互联网公司纷纷赴海外上市的现象。\n近几年，出于各种考虑，中概股回港二次上市的公司越来越多。预计美国法案落地之后，在“退市焦虑”之下，这股风潮将会加剧。\n根据Wind数据统计，目前在美上市的中概股以科技、消费及医疗为主，共计272家。根据港交所的最新原则，在美中概股回归上市需符合以下两点要求中的其中一点：其一为市值大于400亿港元，其二为市值大于100亿港元且当期收入超过10亿港元。根据银河证券今年3月2日发布的研报，目前有48家符合在香港二次上市要求的中概股公司。\n优质资产的回归，无论是顶层设计者还是投资者自然是张开双手欢迎的，只是需要担心的问题是，互联网巨头集体回港，对资金的需求将是一个很大的问题。\n去年6月网易赴港二次上市，首日涨6%，成交额72亿港元，当天恒指跌了2%。\n港股本身就存在流动性不足的情况，“抽血机”一个接一个发动，市场估计不会小。\n2、今年会是2018年的翻版吗？\n《外国公司问责法案》的落地，对中概股造成直接的打击，但更大的问题是在这背后，我们看到周围的环境愈发让人感到不安了。\n前段时间，国家开始收流动性的时候，很多人都在猜测今年会不会是2018年的翻版。\n\n但是现在看来，周围环境的恶劣程度和当年相比或许犹有过之。\n这段时间的国际上的大戏一出接着一出。充满火药味连午饭都不吃了的中美交谈会，欧盟和中国的制裁与反制裁，昨天欧洲议会决定取消《中欧全面投资协定》，再加上突如其来的HM公司的声明……总给人一种山雨欲来的感觉。\n稳定的宏观环境对市场的重要性不言而喻，如果周围环境动荡加剧，A股很难不受影响。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1521,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}