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04-16

$特斯拉(TSLA)$ bull market waits for no one, all in！

2025-08-22

TQQQ buy the dip！

2025-06-02

Sky is the limit

2024-04-08

$超微电脑(SMCI)$ 1100

2024-01-21

2024-01-16

$美国超微公司(AMD)$

2021-05-30

Mark

Philosophy in Investment: The Game of Finite and Infinite

2021-05-09

6

Nayuki plans to hold a Hong Kong Stock Exchange hearing on May 13 and is expected to list in mid-to-early June.

2021-04-11

6

Sorry, the original content has been removed

2021-01-21

666

Sorry, the original content has been removed

2021-01-08

?

Musk's net worth rose to $185 billion, officially making him the world's richest man.

2020-12-17

Niu

Upstart, a rising star in the US online lending industry, went public and opened 33% higher.

2020-11-27

?

Sorry, the original content has been removed

2020-11-03

Mark

Opening: All three major U.S. stock indexes opened higher, with Nio shares hitting a record high.

2020-04-07

$三倍做多能源ETF-Direxion(ERX)$Nice

Go to Tiger App to see more news

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buy the dip！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/470320270197032","isVote":1,"tweetType":1,"viewCount":3338,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":441701291058008,"gmtCreate":1748876140831,"gmtModify":1748876143656,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"Sky is the limit","listText":"Sky is the limit","text":"Sky is the limit","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/441701291058008","isVote":1,"tweetType":1,"viewCount":3454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":293132061618336,"gmtCreate":1712584973361,"gmtModify":1712584978033,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SMCI\">$超微电脑(SMCI)$ </a> 1100","listText":"<a href=\"https://laohu8.com/S/SMCI\">$超微电脑(SMCI)$ </a> 1100","text":"$超微电脑(SMCI)$ 1100","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/293132061618336","isVote":1,"tweetType":1,"viewCount":4535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":265311730909368,"gmtCreate":1705795719272,"gmtModify":1705795724821,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$ </a>&nbsp;","listText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$ </a>&nbsp;","text":"$苹果(AAPL)$","images":[{"img":"https://static.tigerbbs.com/c099a15a0e39231f450e57cbc4296a08","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/265311730909368","isVote":1,"tweetType":1,"viewCount":4583,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":263463593025656,"gmtCreate":1705356167314,"gmtModify":1705356172867,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$ </a>&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$ </a>&nbsp;","text":"$美国超微公司(AMD)$","images":[{"img":"https://static.tigerbbs.com/b5a13a373f8d92cd1cbd8f8150947558","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/263463593025656","isVote":1,"tweetType":1,"viewCount":4014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":137110318,"gmtCreate":1622327392734,"gmtModify":1704182942508,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"Mark&nbsp;","listText":"Mark&nbsp;","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/137110318","repostId":"1175020249","repostType":4,"repost":{"id":"1175020249","kind":"news","weMediaInfo":{"introduction":"格上理财旗下专注私募行业的微信公众号。每天精选私募行业动态、私募大佬观点、私募研究报告与您分享，同时涵盖宏观经济、个股、投资理念方面的精华文章。了解私募行业，关注格上私募圈！","home_visible":1,"media_name":"格上私募圈","id":"1083023659","head_image":"https://static.tigerbbs.com/61a7d3b4f53e4a8b81be4c739ded31f5"},"pubTimestamp":1622251774,"share":"https://ttm.financial/m/news/1175020249?lang=en_US&edition=fundamental","pubTime":"2021-05-29 09:29","market":"hk","language":"zh","title":"Philosophy in Investment: The Game of Finite and Infinite","url":"https://stock-news.laohu8.com/highlight/detail?id=1175020249","media":"格上私募圈","summary":"2020年9月25日，詹姆斯·卡斯在他位于马塞诸塞州的家中去世，享年87岁。他是宗教学者、历史学家，他曾经是纽约大学的明星老师，所教授的课程场场爆满。更重要的是，他是《有限与无限的游戏》一书的作者。\n","content":"<p>James Cass died at his home in Massachusetts on September 25, 2020, at the age of 87. He was a religious scholar and historian, and he was once a star professor at New York University, teaching courses that were always packed. More importantly, he is the author of the book \"The Finite and Infinite Game\".</p><p>This book, written in 1987, is a truly amazing work that has influenced many people. The book is short, consisting of 101 short chapters that explain a philosophical principle in simple language.</p><p>He viewed the world as a \"game\" and believed that there were at least two kinds of games in the world. One can be called a finite game, and the other is called an infinite game. Limited games are about winning, while infinite games are about continuing the game.</p><p>He explored the important themes we encounter in the world—time, society, culture, power, language, disease, death, war, nature, machines, religion, and mythology—one by one through the thread of \"two games.\"</p><p>Cass points out that human society is often easy to stagnate in a finite game that has ended, or to be imprisoned in a finite game without realizing it. War, tyranny, environmental pollution, intolerance of others, and the extreme fear of disease and death are all negative products of limited games.</p><p>Therefore, we all need a shift in our perspective on games, because finite games are confined games that require establishing boundaries and rules, while infinite games are open and require breaking through boundaries and rules.</p><p>Kevin Kelly, author of \"Out of Control,\" even said: \"This book changed my perspective on life, the universe, and everything else.\" The difference between the two games relieved my hesitation about what to do next. It's simple:<b>Always choose unlimited games.</b></p><p>As a religious scholar, he was an atheist because he was fascinated by the \"unknowable existence as a human being,\" which was precisely what he called the infinite game.</p><p>In the last few years of his life, despite suffering from cancer and chemotherapy, his computer was still full of work manuscripts, and he even published his first novel in 2016. Perhaps he believed that death was not an insurmountable boundary, and he was still playing his infinite game.</p><p>The following is excerpted from Chapter 2, \"No One Can Play Games Alone,\" of \"The Finite and Infinite Game.\" I wish you a helpful reading!</p><p>Participants in the Infinite Game strictly distinguish between society and culture in their own political activities. They understand society as the sum of politically constrained relationships, while culture is the interaction between people under non-directional choices.</p><p>If society is the sum total of what people believe must be done, then culture is \"a country of change and freedom, which is not necessarily universal, and where authority has no place to interfere.\"</p><p>We should not confuse the participants in the infinite game with their understanding of society, cost-effective actions, or other unconscious actions. Like limited competition, society is entirely within our free choice:<b>No matter how time-consuming and laborious it is for participants, it never prevents them from withdrawing from the competition. Only in certain areas deemed necessary does society manifest its coerciveness.</b></p><p><img src=\"https://static.tigerbbs.com/80c2dd3214271ea6666ba033b9ce9671\" tg-width=\"399\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p><b>Image: James Cass (1932-2020)</b></p><p>Just as infinite games cannot be confined to finite games, culture cannot be true culture if it is trapped within social boundaries.</p><p>Of course, societies often employ a strategy of initiating or embracing a certain culture as something exclusive to that society. Such a confined culture may even receive great support and encouragement from society, but it is merely a cloak of openness. In fact, without exception, they are all designed to serve social purposes.</p><p>Therefore, society and culture are not truly irreconcilable. In fact, society is a type of culture that insists on working against itself. Society is an effort to organize freely, to hide the freedom of the organizer and the organized, to forget that we have consciously forgotten the original intention of entering this or that competition and continuing to compete.</p><p><b>Society</b></p><p>If we understand society as everything people do under a veil of necessity, then we should also regard it as a limited game, with a certain number of small games within its boundaries.</p><p>Large societies include a large number of various games, although these games are all connected to some extent because they all influence ultimate social status.</p><p>In the sense that schools award degree certificates of varying value to those who receive them, schools are a kind of limited game. These degree certificates qualify graduates to participate in higher-level competitions. For example, after graduation, students from certain prestigious universities or vocational schools have a series of higher-level competitions in each professional field. Many families also see themselves as a competitive unit in a larger, finite game, training family members to win visible social titles.</p><p>Like finite games, society has boundaries of quantity, space, and time. Its citizens are precisely defined, its land is sacred and inviolable, and its history is revered.</p><p>Citizens' power in society is determined by their individual achievements in the games they have participated in. Society preserves the memory of historical victors. Its recording and preservation functions are crucial to social order. The vast bureaucracy arises from the need to recognize the vast number of rights and interests of members of society.</p><p>The power of a society is gained by defeating other societies in a higher level of finite games. Its most cherished memories are those of the martyrs who lost their lives in battles against foreign nations to win victory. The victims of the losing side of the war are almost never commemorated.</p><p><b>Power in society is guaranteed and enhanced by the power of that society itself.</b></p><p>A society can only defend the rewards earned by its members when it maintains collective power in its relationships with other societies. Members of society who wish to make their rewards permanent will strive to maintain the permanence of that social reward.</p><p>Patriotism, in one or more of its forms (chauvinism, racism, sexism, nationalism, and religiosity), becomes an integral part of all social games.</p><p>Because power is inherently patriotic, a typical characteristic of limited game participants is to pursue power growth in society as a way to increase social power itself.</p><p>It is precisely for the benefit of society itself that various forms of competition are encouraged within society, and as many rewards as possible are established, because those rewarded will be most likely to risk their lives to defend society as a whole from being defeated by other competing societies.</p><p><b>Culture</b></p><p><b>Culture is an infinite game.</b>Culture knows no boundaries; in a culture, everyone can be a participant, no matter when or where.</p><p>Because a society carefully maintains the boundaries of time, it understands its past as a kind of destiny, or fate. In other words, its historical trajectory has a clear starting point (the founders of a society are always specially commemorated) and a clear end point (its successful nature is repeatedly reflected in official slogans such as \"Do what you can, distribute according to your work\").</p><p>Because culture has no temporal boundaries, it does not understand its past as destiny, but as history, that is, a narrative that has begun but always points to infinite openness. Culture is a human enterprise, refusing to exempt itself from surprise. Living in such a powerful landscape, they avoided power and joyfully played various games that expanded boundaries.</p><p><b>Society is a display of power.</b>It is scripted, with a predetermined script, and deviations from the script are immediately and obviously noticeable. Deviating from the norm is antisocial and is therefore prohibited by society through various sanctions.</p><p>The reason why traffic violations are prohibited is simple. If members of society do not follow the inherent rules of society, the number of rules will change, and some of them will be abandoned altogether. This will mean that past victors will no longer be guaranteed ceremonial recognition of their titles, thus losing power—like the Russian princes after the Russian Revolution.</p><p>Ensuring that the rules of many games are not tampered with is an important function of society. Processes such as academic review, licensing of trades and professions, conferring religious offices, congressional approval of official appointments, and the inauguration of political leaders are all societal approvals for certain individuals to compete in a specific, limited game.</p><p>However, deviating from the rules is the essence of culture. Anyone who simply follows the script and repeats the past is culturally impoverished.</p><p>The nature of deviations varies, and not all deviations from the past have cultural significance. Cutting ties with the past leads to forgetting about it, and these practices are culturally worthless. It is meaningful to bring new ways of thinking to tradition, to make us feel unfamiliar with things that were once familiar, and to re-examine everything we have.</p><p>Cultural deviation does not take us back to the past, but rather continues what began in the past and has not yet ended. On the other hand, social customs demand that the past be completely repeated in the future. Society is obsessed with immortality, while culture harmonizes with the laughter of unknowable possibilities. Society is abstract, while culture is concrete.</p><p><b>Limited games can be played countless times.</b>Admittedly, the winner of the game always wins in a specific game at a certain time, but the validity of the title they obtain depends on the repetition of the game. We commemorate the great football players of the early days, but if football disappears, we probably won't remember them in less than a decade.</p><p>As we have seen, because an infinite game cannot have an end, it cannot repeat itself. Non-repeatability is a typical feature of all cultures. Mozart's Symphony No. 41 could not be written again, nor could Rembrandt's self-portrait be painted twice. Society preserves these works as the fruits of those who win their respective games.</p><p>However, culture does not regard these works as products of struggle, but as moments in the process of struggle—culture is the struggle itself.</p><p>Culture carries on the legacy of Mozart and Rembrandt, and their legacy of culture is through their own work:<b>An original or adaptive shaping of the traditions they have accepted. Their work is so original that others cannot replicate it, but it calls for original responses from others.</b></p><p>Just as infinite games have their rules, culture has its own traditions. The rules in Infinite Games can be freely reached or changed, and cultural traditions can also be modified and changed in the process of modification.</p><p>To be precise, culture does not possess a tradition; it is a tradition in itself.</p><p>----------------------------------------------------</p><p>Good news for Tiger users: Tiger is currently supporting weekend orders! Pre-listing orders are a value-added service provided by Tiger Bros. that allows users to place orders during non-trading hours. Currently, it supports three order types: stop-loss orders, stop-loss limit orders, and limit orders.</p><p>In other words, users can place orders during market closures, such as weekends and other holidays. The orders will be saved by Tiger's trading system and automatically submitted to the exchange after the market opens.</p><p><a href=\"https://www.laohu8.com/post/131820269\" target=\"_blank\">Click to learn more >>></a></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>Philosophy in Investment: The Game of Finite and Infinite</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\">\nPhilosophy in Investment: The Game of Finite and Infinite\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1083023659\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/61a7d3b4f53e4a8b81be4c739ded31f5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格上私募圈 </p>\n<p class=\"h-time smaller\">2021-05-29 09:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>James Cass died at his home in Massachusetts on September 25, 2020, at the age of 87. He was a religious scholar and historian, and he was once a star professor at New York University, teaching courses that were always packed. More importantly, he is the author of the book \"The Finite and Infinite Game\".</p><p>This book, written in 1987, is a truly amazing work that has influenced many people. The book is short, consisting of 101 short chapters that explain a philosophical principle in simple language.</p><p>He viewed the world as a \"game\" and believed that there were at least two kinds of games in the world. One can be called a finite game, and the other is called an infinite game. Limited games are about winning, while infinite games are about continuing the game.</p><p>He explored the important themes we encounter in the world—time, society, culture, power, language, disease, death, war, nature, machines, religion, and mythology—one by one through the thread of \"two games.\"</p><p>Cass points out that human society is often easy to stagnate in a finite game that has ended, or to be imprisoned in a finite game without realizing it. War, tyranny, environmental pollution, intolerance of others, and the extreme fear of disease and death are all negative products of limited games.</p><p>Therefore, we all need a shift in our perspective on games, because finite games are confined games that require establishing boundaries and rules, while infinite games are open and require breaking through boundaries and rules.</p><p>Kevin Kelly, author of \"Out of Control,\" even said: \"This book changed my perspective on life, the universe, and everything else.\" The difference between the two games relieved my hesitation about what to do next. It's simple:<b>Always choose unlimited games.</b></p><p>As a religious scholar, he was an atheist because he was fascinated by the \"unknowable existence as a human being,\" which was precisely what he called the infinite game.</p><p>In the last few years of his life, despite suffering from cancer and chemotherapy, his computer was still full of work manuscripts, and he even published his first novel in 2016. Perhaps he believed that death was not an insurmountable boundary, and he was still playing his infinite game.</p><p>The following is excerpted from Chapter 2, \"No One Can Play Games Alone,\" of \"The Finite and Infinite Game.\" I wish you a helpful reading!</p><p>Participants in the Infinite Game strictly distinguish between society and culture in their own political activities. They understand society as the sum of politically constrained relationships, while culture is the interaction between people under non-directional choices.</p><p>If society is the sum total of what people believe must be done, then culture is \"a country of change and freedom, which is not necessarily universal, and where authority has no place to interfere.\"</p><p>We should not confuse the participants in the infinite game with their understanding of society, cost-effective actions, or other unconscious actions. Like limited competition, society is entirely within our free choice:<b>No matter how time-consuming and laborious it is for participants, it never prevents them from withdrawing from the competition. Only in certain areas deemed necessary does society manifest its coerciveness.</b></p><p><img src=\"https://static.tigerbbs.com/80c2dd3214271ea6666ba033b9ce9671\" tg-width=\"399\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p><b>Image: James Cass (1932-2020)</b></p><p>Just as infinite games cannot be confined to finite games, culture cannot be true culture if it is trapped within social boundaries.</p><p>Of course, societies often employ a strategy of initiating or embracing a certain culture as something exclusive to that society. Such a confined culture may even receive great support and encouragement from society, but it is merely a cloak of openness. In fact, without exception, they are all designed to serve social purposes.</p><p>Therefore, society and culture are not truly irreconcilable. In fact, society is a type of culture that insists on working against itself. Society is an effort to organize freely, to hide the freedom of the organizer and the organized, to forget that we have consciously forgotten the original intention of entering this or that competition and continuing to compete.</p><p><b>Society</b></p><p>If we understand society as everything people do under a veil of necessity, then we should also regard it as a limited game, with a certain number of small games within its boundaries.</p><p>Large societies include a large number of various games, although these games are all connected to some extent because they all influence ultimate social status.</p><p>In the sense that schools award degree certificates of varying value to those who receive them, schools are a kind of limited game. These degree certificates qualify graduates to participate in higher-level competitions. For example, after graduation, students from certain prestigious universities or vocational schools have a series of higher-level competitions in each professional field. Many families also see themselves as a competitive unit in a larger, finite game, training family members to win visible social titles.</p><p>Like finite games, society has boundaries of quantity, space, and time. Its citizens are precisely defined, its land is sacred and inviolable, and its history is revered.</p><p>Citizens' power in society is determined by their individual achievements in the games they have participated in. Society preserves the memory of historical victors. Its recording and preservation functions are crucial to social order. The vast bureaucracy arises from the need to recognize the vast number of rights and interests of members of society.</p><p>The power of a society is gained by defeating other societies in a higher level of finite games. Its most cherished memories are those of the martyrs who lost their lives in battles against foreign nations to win victory. The victims of the losing side of the war are almost never commemorated.</p><p><b>Power in society is guaranteed and enhanced by the power of that society itself.</b></p><p>A society can only defend the rewards earned by its members when it maintains collective power in its relationships with other societies. Members of society who wish to make their rewards permanent will strive to maintain the permanence of that social reward.</p><p>Patriotism, in one or more of its forms (chauvinism, racism, sexism, nationalism, and religiosity), becomes an integral part of all social games.</p><p>Because power is inherently patriotic, a typical characteristic of limited game participants is to pursue power growth in society as a way to increase social power itself.</p><p>It is precisely for the benefit of society itself that various forms of competition are encouraged within society, and as many rewards as possible are established, because those rewarded will be most likely to risk their lives to defend society as a whole from being defeated by other competing societies.</p><p><b>Culture</b></p><p><b>Culture is an infinite game.</b>Culture knows no boundaries; in a culture, everyone can be a participant, no matter when or where.</p><p>Because a society carefully maintains the boundaries of time, it understands its past as a kind of destiny, or fate. In other words, its historical trajectory has a clear starting point (the founders of a society are always specially commemorated) and a clear end point (its successful nature is repeatedly reflected in official slogans such as \"Do what you can, distribute according to your work\").</p><p>Because culture has no temporal boundaries, it does not understand its past as destiny, but as history, that is, a narrative that has begun but always points to infinite openness. Culture is a human enterprise, refusing to exempt itself from surprise. Living in such a powerful landscape, they avoided power and joyfully played various games that expanded boundaries.</p><p><b>Society is a display of power.</b>It is scripted, with a predetermined script, and deviations from the script are immediately and obviously noticeable. Deviating from the norm is antisocial and is therefore prohibited by society through various sanctions.</p><p>The reason why traffic violations are prohibited is simple. If members of society do not follow the inherent rules of society, the number of rules will change, and some of them will be abandoned altogether. This will mean that past victors will no longer be guaranteed ceremonial recognition of their titles, thus losing power—like the Russian princes after the Russian Revolution.</p><p>Ensuring that the rules of many games are not tampered with is an important function of society. Processes such as academic review, licensing of trades and professions, conferring religious offices, congressional approval of official appointments, and the inauguration of political leaders are all societal approvals for certain individuals to compete in a specific, limited game.</p><p>However, deviating from the rules is the essence of culture. Anyone who simply follows the script and repeats the past is culturally impoverished.</p><p>The nature of deviations varies, and not all deviations from the past have cultural significance. Cutting ties with the past leads to forgetting about it, and these practices are culturally worthless. It is meaningful to bring new ways of thinking to tradition, to make us feel unfamiliar with things that were once familiar, and to re-examine everything we have.</p><p>Cultural deviation does not take us back to the past, but rather continues what began in the past and has not yet ended. On the other hand, social customs demand that the past be completely repeated in the future. Society is obsessed with immortality, while culture harmonizes with the laughter of unknowable possibilities. Society is abstract, while culture is concrete.</p><p><b>Limited games can be played countless times.</b>Admittedly, the winner of the game always wins in a specific game at a certain time, but the validity of the title they obtain depends on the repetition of the game. We commemorate the great football players of the early days, but if football disappears, we probably won't remember them in less than a decade.</p><p>As we have seen, because an infinite game cannot have an end, it cannot repeat itself. Non-repeatability is a typical feature of all cultures. Mozart's Symphony No. 41 could not be written again, nor could Rembrandt's self-portrait be painted twice. Society preserves these works as the fruits of those who win their respective games.</p><p>However, culture does not regard these works as products of struggle, but as moments in the process of struggle—culture is the struggle itself.</p><p>Culture carries on the legacy of Mozart and Rembrandt, and their legacy of culture is through their own work:<b>An original or adaptive shaping of the traditions they have accepted. Their work is so original that others cannot replicate it, but it calls for original responses from others.</b></p><p>Just as infinite games have their rules, culture has its own traditions. The rules in Infinite Games can be freely reached or changed, and cultural traditions can also be modified and changed in the process of modification.</p><p>To be precise, culture does not possess a tradition; it is a tradition in itself.</p><p>----------------------------------------------------</p><p>Good news for Tiger users: Tiger is currently supporting weekend orders! Pre-listing orders are a value-added service provided by Tiger Bros. that allows users to place orders during non-trading hours. Currently, it supports three order types: stop-loss orders, stop-loss limit orders, and limit orders.</p><p>In other words, users can place orders during market closures, such as weekends and other holidays. The orders will be saved by Tiger's trading system and automatically submitted to the exchange after the market opens.</p><p><a href=\"https://www.laohu8.com/post/131820269\" target=\"_blank\">Click to learn more >>></a></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ccb8c14a6fc1912ba7f4d101042b451e","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175020249","content_text":"2020年9月25日，詹姆斯·卡斯在他位于马塞诸塞州的家中去世，享年87岁。他是宗教学者、历史学家，他曾经是纽约大学的明星老师，所教授的课程场场爆满。更重要的是，他是《有限与无限的游戏》一书的作者。\n这本写于1987年的书，是一本非常神奇的著作，影响了不少人。全书篇幅不长，以101个短章连缀而成的形式构成，用平实的语言讲述了一个哲学的道理。\n他视世界为“游戏”，并认为世上至少有两种游戏。一种可称为有限游戏，另一种称为无限游戏。有限游戏以取胜为目的，而无限游戏以延续游戏为目的。\n他将时间、社会、文化、权力、语言、疾病、死亡、战争、自然、机器、宗教、神话，我们在世上所遭遇的重要主题，都通过“两种游戏”这条线索，逐一思考了一遍。\n卡斯指出，人类社会往往很容易停滞在结束了的有限游戏中，或者被囚禁在有限的游戏中而不自知。像战争、专制、环境污染、对他者的不宽容、对疾病和死亡的极大恐惧等等，都是有限游戏的负面产物。\n因而我们都需要一个游戏观的转换，因为有限游戏是画地为牢的游戏，需要确立边界和规则，而无限游戏则是开放的，需要突破边界和规则。\n《失控》的作者凯文·凯利更是说：这本书改变了我对生活、宇宙和其他一切事情的看法。两种游戏的不同，解除了我对下一步应该做什么的犹豫。很简单：总是选择无限的游戏。\n他作为一个宗教学者，却是一名无神论者，因为他着迷于“不可知的作为人类的存在”，也正是他所说的无限游戏。\n在他生命的最后几年，虽然受到癌症及化疗的痛苦，但他的电脑里依然充满着工作手稿，在2016年还出版了第一本小说，可能他认为死亡并不是一个不可突破的边界，他依然在玩着他的无限游戏。\n以下选自《有限与无限的游戏》第二章《没人能独自玩游戏》，祝开卷有益！\n无限游戏的参与者在他们自己的政治活动中，严格区分社会与文化。他们将社会理解为受政治约束的关系总和，而文化则是在非方向性的选择下，人和人的相互作用。\n如果说，社会是人们认为必须要做之事的总和，那么文化则是“变化与自由的国度，它并不一定普遍适用，权威在这里无从置喙”。\n我们不要把无限游戏的参与者对社会的理解，混淆成本能行动，或者其他非意识行动。和有限的竞争一样，社会也完全是在我们自由选择之中的：不管对参与者来说多费时费力，也从不阻止参与者退出竞赛。仅仅在某些被认为必需的领域，社会才体现它的强制性。\n\n图：詹姆斯·卡斯（1932-2020）\n正如无限游戏不能被限制在有限游戏中，文化如果被困于社会边界里，也必不能成为真正的文化。\n当然，社会经常使用一种策略，即发起或拥抱某种文化，将之作为该社会的独家专属之物。被如此画地为牢的文化，甚至有可能得到社会的极大扶持和鼓励，但它不过是披着开放的外衣而已。实际上，它无一例外都被设计为服务于社会目的。\n因此，社会与文化并不是真正的势不两立。其实，社会是文化的一种类型，它坚持与自身作对。社会是自由组织起来的一种努力，致力于隐藏组织者和被组织者的自由，致力于忘记我们已经有意识地忘记我们进入这个或那个竞赛的初衷并继续竞赛下去。\n社会\n如果将社会理解为人们在必然的面纱下所做的一切，那也应该将它视为某一有限的游戏，在它的边界内，又包含了一定数量的小游戏。\n大的社会包括大量的各种游戏，虽然这些游戏都在某种程度上联系在一起，因为它们都影响到最终的社会身份地位。\n学校向获得学位者颁发含金量不同的学位证书，从这个意义上说，学校是有限游戏的一种。这些学位证书则在更高一级的游戏中，为毕业生提供参赛资格，比如某些名校或某些职业院校的学生毕业之后，在每个职业领域中，又有一系列的更高一级的竞赛等。很多家庭也将自己视为更宏大的有限游戏中的一个竞争单元，训练家族成员赢得可见的社会性头衔。\n像有限游戏一样，社会也是有数量、空间和时间的界限的。它的公民是精确定义的，它的国土是神圣不可侵犯的，它的历史是被顶礼膜拜的。\n公民在社会中的权力，由他们各自在已参加的游戏中所获得的成绩来决定。社会保有对历史上获胜者的记忆。它的记录、保存功能对于社会秩序来说至关重要。社会成员的大量权益需要得到确认，庞大的官僚体制便是发源于这一需要。\n一个社会的权力，是通过在更高一级的有限游戏中击败其他社会获取的。它最值得珍视的记忆，便是在与外邦交战中，为赢得胜利而失去生命的烈士们。战争失败一方的牺牲者几乎从来不被纪念。\n社会中的权力，得到这个社会本身的权力的保证与提高。\n一个社会只有在与其他社会关系中保持整体性的权力时，其社会成员所赢得的奖励才能得到保卫。希望将自己的奖励永久化的社会成员，会努力维持这个社会奖励的永久化。\n爱国主义以它的一种或多种形式（沙文主义、种族主义、性别主义、民族主义和宗教主义），成为所有社会游戏不可分割的部分。\n因为权力在本质上是爱国主义的，所以有限游戏参与者的典型特征，便是将追求社会中的权力增长作为提高社会本身权力的一种方式。\n正是为了社会本身的利益，才鼓励社会中的各种竞争，建立尽可能多数量的奖励，因为被奖励者将是最有可能奋不顾身去保卫作为一个整体的社会不被其他竞争社会打败的。\n文化\n文化则是无限的游戏。文化无边界，在一个文化中，所有人都能成为参与者，无论任何时间任何地点。\n因为一个社会精心保持着时间边界，所以它将自己的过去理解为一种宿命，或天命。也就是说，它的历史轨道有明确的起点（某个社会的创立者总是特别得到纪念），以及明确的终点（它的成功性质重复体现在比如“各尽所能，按劳分配”这样的官方口号中）。\n因为文化没有时间边界，所以文化并不将它的过去理解为宿命，而是视为历史，也即一种已经开始但永远指向无穷开放性的叙事。文化是人类的事业，拒绝使自己免于惊讶。生活在这样有力量的图景中，他们便避开权力，喜悦地做着各种拓展边界的游戏。\n社会是权力的展示。它是剧本性的，拥有既定的剧本，对剧本的偏离，马上会很明显地被看出来。偏离常轨是反社会的，因此被社会通过各种制裁所禁止。\n越轨之所以被禁止，原因很简单。如果社会成员不遵守社会固有规则，那么规则的数量将会变化，其中一些规则会被彻底抛弃，这将意味着过去的获胜者不再能保证获得对自己头衔的仪式性认可，从而失去权力－就像是俄国革命之后的俄国王公。\n保证许多游戏的规则不被窜改，是社会的一项重要功能。像学术评审、贸易和职业的许可、宗教职务授任、国会对官员任命的通过和政治领袖的就职，这些流程都是社会对某些人在特定的有限游戏中进行竞争所做的批准。\n然而，越轨却是文化的本质。谁要是仅仅跟随剧本亦步亦趋，重复过去，那么就是文化上的赤贫者。\n越轨的性质各有不同，不是所有对过去的偏离都具有文化上的意义。切断与过去的联系，导致对过去的遗忘，这些做法在文化上毫无价值。给传统带来新的思维方式，使我们对一度熟悉的事物生出陌生感，对我们所拥有的一切进行再审视，这样做才是有意义的。\n文化偏离不是将我们带回过往，而是将开始于过去并尚未结束的东西继续下去。而另一方面，社会习俗要求在未来完全地重复过往。社会对于不朽这件事情念念不忘，而文化与不可知的各种可能性的欢笑琴瑟和鸣。社会是抽象的，文化是具体的。\n有限的游戏能够反复玩无数次。诚然，游戏的获胜者总是在某一时间的特定游戏中获胜的，但是他们获得的头衔的有效性却有赖于此游戏的重复进行。我们纪念早期的伟大橄榄球队运动员，但若橄榄球消失，不出十年，我们恐怕就记不起他们了。\n正如我们所见的，因为无限的游戏不能有终点，所以它也无法重复。不可重复性是所有文化的典型特征。莫扎特的第四十一号交响曲不可能再创作一次，伦勃朗的自画像也不可能画两次。社会将这些作品保存起来，认为它们是那些在各自游戏中获胜者的战果。\n然而，文化并不将这些作品视作奋斗的产物，而认为是奋斗过程中的瞬间－文化即奋斗本身。\n文化传承着莫扎特和伦勃朗对文化的传承，而二人对文化的传承，是通过自己的工作：对他们所接受的传统进行的原创性或改编性塑造。他们的工作是如此原创，以至于其他人无从复制，但是却呼唤着其他人原创式的回应。\n正如无限的游戏有其规则，文化则有自己的传统。无限游戏中的规则能够自由达成或自由更改，文化传统也会被改造，并在改造中发生变化。\n准确地说，文化并不是拥有一个传统，它本身就是传统。\n----------------------------------------------------\n和虎友们分享一个好消息，老虎当前支持周末下单了！预挂单是老虎为用户提供的一种增值服务，可以支持用户在非交易时间段下单，目前支持止损单、止损限价单、限价单3种订单类型。\n也就是说，用户可以在休市期间，比如周末等节假日进行挂单，订单由老虎的交易系统保存，待开市后自动提交到交易所。\n点击了解详情>>>","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107223033,"gmtCreate":1620515235022,"gmtModify":1704344405485,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107223033","repostId":"1133900125","repostType":4,"repost":{"id":"1133900125","kind":"news","pubTimestamp":1620457507,"share":"https://ttm.financial/m/news/1133900125?lang=en_US&edition=fundamental","pubTime":"2021-05-08 15:05","market":"hk","language":"zh","title":"Nayuki plans to hold a Hong Kong Stock Exchange hearing on May 13 and is expected to list in mid-to-early June.","url":"https://stock-news.laohu8.com/highlight/detail?id=1133900125","media":"腾讯新闻","summary":"5月8日，腾讯新闻《潜望》独家获悉，奈雪计划于5月13日聆讯。按照港交所上市流程，奈雪或将在6月中上旬完成上市。关于此次IPO募资的具体额度，预计奈雪将在5月最后一周确定。此外，腾讯新闻《潜望》获悉，","content":"<p><img src=\"https://static.tigerbbs.com/e96e2889a7577f7ebb7f4c3b53fef19d\" tg-width=\"766\" tg-height=\"503\" referrerpolicy=\"no-referrer\">On May 8, Tencent News' \"Perspective\" exclusively learned that Nayuki plans to hold a hearing on May 13. According to the Hong Kong Stock Exchange's listing process, Nayuki may complete its listing in mid-to-early June.</p><p>Regarding the specific amount of funds raised in this IPO, Nayuki is expected to determine it in the last week of May. In addition, Tencent News' \"Deep Dive\" learned that Nayuki plans to raise approximately $600 million. Based on its 15% stake issuance, Nayuki is expected to be valued at approximately US$4 billion, equivalent to approximately HK$31 billion.</p><p>As of press time, Tencent News' \"Perspective\" has not been able to contact Nayuki or its sponsor, JPMorgan Chase, for comment.</p><p><b>Investors are concerned about Nayuki's overvaluation.</b></p><p>Nayuki has raised funds five times in the past five years. In addition to Tiantu Capital's initial three consecutive rounds of investment, Nayuki also received US$100 million in funding from PAG PAG in 2020.</p><p>Bloomberg reports that Nayuki's valuation has reached $2 billion after securing funding from PAG PAG. This is also Nayuki's last round of fundraising before its IPO.</p><p>In other words, Nayuki's current valuation has about doubled compared to its last round of financing before its IPO.</p><p>Some large institutional investors told Tencent News' \"Perspective\" that Nayuki is a good company, but they are worried that the final valuation will be too expensive. Previous market rumors suggested that Nayuki was valued at HK$35 billion.</p><p>Compared to market sentiment when Nayuki launched its IPO in February this year, institutional investors are currently more cautious about Nayuki's valuation. Some institutional investors value it at around HK$30 billion, but some institutional investors who are enthusiastic about Nayuki still maintain the previous valuation, with some even giving it a valuation of HK$40 billion.</p><p>Some large institutional investors told Tencent News' \"First Line\" that they would consider placing orders if the valuation is reasonable. The order prices placed by these large institutional investors will directly affect Nayuki's final pricing range.</p><p>Over the past week, many institutional investors have been anxiously awaiting the decision of Nayuki's IPO team and management to finalize the cornerstone list. Tencent News' \"Perspective\" has learned that many institutions hope to become cornerstone investors in Nayuki, and the final list of cornerstone investors will be finalized after the hearing next week.</p><p><b>Nayuki suffered losses exceeding 100 million yuan in three years, raising concerns about its profitability.</b></p><p>In previous non-trading roadshows, investors' concerns about Nayuki's future profitability were particularly focused. The management's answer is easy to understand: as scale increases, costs will be diluted, and profits will also increase.</p><p>Nayuki is currently still operating at a loss. Financial reports show that Nayuki's revenue was RMB 1.087 billion, RMB 2.502 billion and RMB 2.115 billion in 2018, 2019 and the first three quarters of 2020, respectively, while its net losses were RMB 69.73 million, RMB 39.68 million and RMB 27.51 million, respectively.</p><p>Like other fast-moving consumer goods (FMCG) industries, investors are paying close attention to data such as same-store sales and same-store profit in Nayuki's prospectus.</p><p>According to Nayuki's prospectus, 49 stores met the requirements of operating for no less than 300 days in 2018 and 2019. Looking at data from 2018 and 2019 alone, Nayuki's same-store net profit was RMB 1.453 million and RMB 1.414 million, respectively.</p><p>An institutional investor who has long invested in the consumer sector told Tencent News' \"Perspective\" that, generally speaking, a reasonable range for same-store profit margin is around 20%.</p><p>Based on data from the first two full fiscal years, Nayuki's single-store profits were quite good. According to the prospectus, Nayuki's same-store profit margin was 24.9%, 25.3% and 12.6% in 2018, 2019 and the first three quarters of 2020, respectively. In 2020, the same-store profit margin was significantly affected by the pandemic.</p><p>However, manpower accounts for a large proportion of Nayuki's costs. Nayuki's prospectus shows that its labor costs remain high. In 2018, employee costs were 340 million yuan, accounting for 31.3% of total costs, while in 2019, employee costs were 750 million yuan, accounting for 30% of total costs. This expense is comparable to Nayuki's material costs, which were HK$380 million and HK$910 million in 2018 and 2019, respectively.</p><p>In other words, as domestic labor costs gradually rise in the future, Nayuki's labor expenses will continue to increase. More importantly, Nayuki's stores are all concentrated in first- and second-tier and near-second-tier cities, where labor costs will remain high for the foreseeable future.</p><p>Although Nayuki's total costs will be slightly diluted as it expands in the future, the profitability per store may decrease as Nayuki continues to expand into other cities after its stores in first- and second-tier cities become saturated. This means that Nayuki will find it difficult to maintain a single-store profit margin exceeding 20%.</p><p>An institutional investor who mainly invests in the consumer sector in the secondary market told Tencent News' \"Perspective\" that after studying Nayuki's data, his institution ultimately decided not to invest.</p><p>There are quite a few such investors, and some are looking forward to Heytea, a competitor that will also be listed in Hong Kong in the future. Some investors who have reviewed Heytea's financial data told Tencent News' \"Perspective\" that compared to Nayuki, Heytea's profitability is much better, its cost control is better, and it is more suitable for investors who hold it for the long term.</p>","source":"TXXW","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>Nayuki plans to hold a Hong Kong Stock Exchange hearing on May 13 and is expected to list in mid-to-early June.</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\">\nNayuki plans to hold a Hong Kong Stock Exchange hearing on May 13 and is expected to list in mid-to-early June.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯新闻</strong><span class=\"h-time small\">2021-05-08 15:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/e96e2889a7577f7ebb7f4c3b53fef19d\" tg-width=\"766\" tg-height=\"503\" referrerpolicy=\"no-referrer\">On May 8, Tencent News' \"Perspective\" exclusively learned that Nayuki plans to hold a hearing on May 13. According to the Hong Kong Stock Exchange's listing process, Nayuki may complete its listing in mid-to-early June.</p><p>Regarding the specific amount of funds raised in this IPO, Nayuki is expected to determine it in the last week of May. In addition, Tencent News' \"Deep Dive\" learned that Nayuki plans to raise approximately $600 million. Based on its 15% stake issuance, Nayuki is expected to be valued at approximately US$4 billion, equivalent to approximately HK$31 billion.</p><p>As of press time, Tencent News' \"Perspective\" has not been able to contact Nayuki or its sponsor, JPMorgan Chase, for comment.</p><p><b>Investors are concerned about Nayuki's overvaluation.</b></p><p>Nayuki has raised funds five times in the past five years. In addition to Tiantu Capital's initial three consecutive rounds of investment, Nayuki also received US$100 million in funding from PAG PAG in 2020.</p><p>Bloomberg reports that Nayuki's valuation has reached $2 billion after securing funding from PAG PAG. This is also Nayuki's last round of fundraising before its IPO.</p><p>In other words, Nayuki's current valuation has about doubled compared to its last round of financing before its IPO.</p><p>Some large institutional investors told Tencent News' \"Perspective\" that Nayuki is a good company, but they are worried that the final valuation will be too expensive. Previous market rumors suggested that Nayuki was valued at HK$35 billion.</p><p>Compared to market sentiment when Nayuki launched its IPO in February this year, institutional investors are currently more cautious about Nayuki's valuation. Some institutional investors value it at around HK$30 billion, but some institutional investors who are enthusiastic about Nayuki still maintain the previous valuation, with some even giving it a valuation of HK$40 billion.</p><p>Some large institutional investors told Tencent News' \"First Line\" that they would consider placing orders if the valuation is reasonable. The order prices placed by these large institutional investors will directly affect Nayuki's final pricing range.</p><p>Over the past week, many institutional investors have been anxiously awaiting the decision of Nayuki's IPO team and management to finalize the cornerstone list. Tencent News' \"Perspective\" has learned that many institutions hope to become cornerstone investors in Nayuki, and the final list of cornerstone investors will be finalized after the hearing next week.</p><p><b>Nayuki suffered losses exceeding 100 million yuan in three years, raising concerns about its profitability.</b></p><p>In previous non-trading roadshows, investors' concerns about Nayuki's future profitability were particularly focused. The management's answer is easy to understand: as scale increases, costs will be diluted, and profits will also increase.</p><p>Nayuki is currently still operating at a loss. Financial reports show that Nayuki's revenue was RMB 1.087 billion, RMB 2.502 billion and RMB 2.115 billion in 2018, 2019 and the first three quarters of 2020, respectively, while its net losses were RMB 69.73 million, RMB 39.68 million and RMB 27.51 million, respectively.</p><p>Like other fast-moving consumer goods (FMCG) industries, investors are paying close attention to data such as same-store sales and same-store profit in Nayuki's prospectus.</p><p>According to Nayuki's prospectus, 49 stores met the requirements of operating for no less than 300 days in 2018 and 2019. Looking at data from 2018 and 2019 alone, Nayuki's same-store net profit was RMB 1.453 million and RMB 1.414 million, respectively.</p><p>An institutional investor who has long invested in the consumer sector told Tencent News' \"Perspective\" that, generally speaking, a reasonable range for same-store profit margin is around 20%.</p><p>Based on data from the first two full fiscal years, Nayuki's single-store profits were quite good. According to the prospectus, Nayuki's same-store profit margin was 24.9%, 25.3% and 12.6% in 2018, 2019 and the first three quarters of 2020, respectively. In 2020, the same-store profit margin was significantly affected by the pandemic.</p><p>However, manpower accounts for a large proportion of Nayuki's costs. Nayuki's prospectus shows that its labor costs remain high. In 2018, employee costs were 340 million yuan, accounting for 31.3% of total costs, while in 2019, employee costs were 750 million yuan, accounting for 30% of total costs. This expense is comparable to Nayuki's material costs, which were HK$380 million and HK$910 million in 2018 and 2019, respectively.</p><p>In other words, as domestic labor costs gradually rise in the future, Nayuki's labor expenses will continue to increase. More importantly, Nayuki's stores are all concentrated in first- and second-tier and near-second-tier cities, where labor costs will remain high for the foreseeable future.</p><p>Although Nayuki's total costs will be slightly diluted as it expands in the future, the profitability per store may decrease as Nayuki continues to expand into other cities after its stores in first- and second-tier cities become saturated. This means that Nayuki will find it difficult to maintain a single-store profit margin exceeding 20%.</p><p>An institutional investor who mainly invests in the consumer sector in the secondary market told Tencent News' \"Perspective\" that after studying Nayuki's data, his institution ultimately decided not to invest.</p><p>There are quite a few such investors, and some are looking forward to Heytea, a competitor that will also be listed in Hong Kong in the future. Some investors who have reviewed Heytea's financial data told Tencent News' \"Perspective\" that compared to Nayuki, Heytea's profitability is much better, its cost control is better, and it is more suitable for investors who hold it for the long term.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/omn/20210508/20210508A062YL00.html\">腾讯新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e96e2889a7577f7ebb7f4c3b53fef19d","relate_stocks":{},"source_url":"https://new.qq.com/omn/20210508/20210508A062YL00.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133900125","content_text":"5月8日，腾讯新闻《潜望》独家获悉，奈雪计划于5月13日聆讯。按照港交所上市流程，奈雪或将在6月中上旬完成上市。关于此次IPO募资的具体额度，预计奈雪将在5月最后一周确定。此外，腾讯新闻《潜望》获悉，奈雪此次计划的募资额约6亿美元。以其发行15%股份来计，奈雪预计估值约40亿美元，折合港币约310亿。截至发稿，腾讯新闻《潜望》暂未能联系奈雪及其保荐人摩根大通等置评。投资者忧奈雪估值过高奈雪在过去5年中，共进行了5次融资。除了天图资本最早开始连续三轮投资外，奈雪于2020年又获得了PAG太盟投资集团等1亿美金的融资。彭博报道称，奈雪在获得PAG太盟投资的融资后，其估值达到20亿美元。这也是奈雪在IPO前的最后一轮募资。也就是说，相较于IPO前最后一轮融资，奈雪当前的估值翻了约一倍。一些大型机构投资者对腾讯新闻《潜望》表示，奈雪是一家不错的公司，但是担心最后确定的估值太贵。之前市场传闻，奈雪估值为350亿港元。相较于奈雪今年2月启动上市时的市场情绪，当前机构投资者对于奈雪的估值较为谨慎。部分机构投资者对其估值约300亿港元，但是也有部分热衷于奈雪的机构投资者则依旧按照之前的估值，甚至还有给出400亿港元估值的。一些大型机构投资者对腾讯新闻《一线》表示，若是估值合理，会考虑下单。这些大型机构投资者的下单价格会直接影响奈雪最后定价区间。过去这一周，不少机构投资者都在紧张等待奈雪上市团队及管理层的决定，即最后敲定基石名单。腾讯新闻《潜望》获悉，希望做奈雪基石投资者的机构不少，最终的基石名单将在下周聆讯结束后敲定。奈雪三年亏损超1亿 投资者忧其赚钱能力在此前的非交易路演中，投资者对于奈雪的担忧比较集中：未来赚钱的能力。管理层给出的回答也很好理解，即随着规模起来，成本会摊薄，利润也会起来。奈雪当前依旧处于亏损状态。财报显示，奈雪于2018年、2019年以及2020年前三季度的收入分别为10.87亿、25.02亿元、21.15亿元，而其净亏损分别为6973万、3968万、2751万元。和其他快消行业一样，投资者对于奈雪招股书中的同店销售额以及同店利润等数据较为关注。奈雪招股书显示，2018年及2019年满足营业时间不少于300天的店铺为49家。仅以2018年以及2019年全年的数据来看，奈雪的同店净利润分别为145.3万元以及141.4万元。一位长期投资消费领域的机构投资者对腾讯新闻《潜望》表示，一般来说，同店利润率的合理区间大概是20%左右。前两个完整财年的数据来看，奈雪的单店利润还不错。招股书显示，奈雪的同店利润率于2018年、2019年以及2020年前三个季度分别为24.9%、25.3%以及12.6%。其中，2020年的同店利润率受疫情影响比较大。但是奈雪的成本开支中人力占比很大。奈雪的招股书显示，其人力成本居高不下，2018年员工成本为3.4亿元，占总成本的31.3%，2019年员工成本则为7.5亿，占比总成本的30%。这一项开支和奈雪的材料成本不差上下，后者2018年及2019年分别为3.8亿元及9.1亿元。也就是说，未来随着国内人力成本逐渐上涨，奈雪需要承担的人力开支将会越来越高。更为重要的是，奈雪的店铺全部集中在一二线及准二线城市，这些城市的人力成本在可预见的未来会持续高企。尽管未来奈雪随着规模的扩大，总成本会有些许摊薄，但是一二线城市店铺饱和后，奈雪继续下沉其他城市的过程中，单店效益有可能递减。这就意味着奈雪将难以继续维持单店利润率超过20%。一位主要在二级市场投资消费领域的机构投资者对腾讯新闻《潜望》表示，研究完奈雪的数据后，其所在的机构最后决定不投资。这样的投资者不在少数，也有一些人期待后续也将赴港上市的竞品喜茶。一些看过喜茶财务数据的投资者对腾讯新闻《潜望》透露，相较于奈雪来说，喜茶的盈利能力要比奈雪好很多，成本控制做得更好，更适合长期持有的投资者。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4975,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346415185,"gmtCreate":1618102081247,"gmtModify":1704706581605,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/346415185","repostId":"1159965822","repostType":4,"isVote":1,"tweetType":1,"viewCount":5062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":337485301,"gmtCreate":1611188605103,"gmtModify":1704858631516,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/337485301","repostId":"1118519553","repostType":2,"isVote":1,"tweetType":1,"viewCount":4642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":336831741,"gmtCreate":1610058690983,"gmtModify":1704981860738,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/336831741","repostId":"1144012142","repostType":4,"repost":{"id":"1144012142","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1610033205,"share":"https://ttm.financial/m/news/1144012142?lang=en_US&edition=fundamental","pubTime":"2021-01-07 23:26","market":"us","language":"zh","title":"Musk's net worth rose to $185 billion, officially making him the world's richest man.","url":"https://stock-news.laohu8.com/highlight/detail?id=1144012142","media":"老虎资讯综合","summary":"彭博亿万富豪指数显示，$特斯拉(TSLA)$CEO马斯克身价升至1850亿美元，超越$亚马逊(AMZN)$CEO贝佐斯成为世界首富。后者自2017年以来一直位于全球富豪榜榜首，目前身价约为1840亿美元。\n\n特斯拉股价在2020年增加了9倍多，加上他不菲的薪酬，其个人净资产在过去一年里增加了逾1500亿美元。与此同时，由于华盛顿方面可能加强监管，亚马逊的股价一直处于较为低迷的状态。\n\n截至发稿，特斯拉涨幅4.6%，盘中创历史新高，总市值近7500亿美元。","content":"<p>The Bloomberg Billionaires Index shows that<b><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>CEO Elon Musk's net worth has risen to $185 billion, surpassing...<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>CEO Bezos becomes the world's richest person</b>。 The latter has topped the list of the world's richest people since 2017 and is currently worth approximately $184 billion.</p><p>Tesla's stock price increased more than ninefold in 2020, and coupled with his substantial compensation, his personal net worth increased by more than $150 billion in the past year. Meanwhile, Amazon's stock price has been relatively sluggish due to potential tighter regulations in Washington.</p><p>As of press time, Tesla was up 4.6%, hitting a record high during the session, with a total market capitalization of nearly $750 billion.</p><p><img src=\"https://static.tigerbbs.com/b773661248993fb9d9ab9415d17c9d62\" tg-width=\"840\" tg-height=\"470\"></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>Musk's net worth rose to $185 billion, officially making him the world's richest man.</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\">\nMusk's net worth rose to $185 billion, officially making him the world's richest man.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-01-07 23:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Bloomberg Billionaires Index shows that<b><a href=\"https://laohu8.com/S/TSLA\">Tesla</a>CEO Elon Musk's net worth has risen to $185 billion, surpassing...<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>CEO Bezos becomes the world's richest person</b>。 The latter has topped the list of the world's richest people since 2017 and is currently worth approximately $184 billion.</p><p>Tesla's stock price increased more than ninefold in 2020, and coupled with his substantial compensation, his personal net worth increased by more than $150 billion in the past year. Meanwhile, Amazon's stock price has been relatively sluggish due to potential tighter regulations in Washington.</p><p>As of press time, Tesla was up 4.6%, hitting a record high during the session, with a total market capitalization of nearly $750 billion.</p><p><img src=\"https://static.tigerbbs.com/b773661248993fb9d9ab9415d17c9d62\" tg-width=\"840\" tg-height=\"470\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ca75b75880f0ca2e1b7f689a57bef87c","relate_stocks":{"TSLA":"特斯拉"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144012142","content_text":"彭博亿万富豪指数显示，特斯拉CEO马斯克身价升至1850亿美元，超越亚马逊CEO贝佐斯成为世界首富。后者自2017年以来一直位于全球富豪榜榜首，目前身价约为1840亿美元。特斯拉股价在2020年增加了9倍多，加上他不菲的薪酬，其个人净资产在过去一年里增加了逾1500亿美元。与此同时，由于华盛顿方面可能加强监管，亚马逊的股价一直处于较为低迷的状态。截至发稿，特斯拉涨幅4.6%，盘中创历史新高，总市值近7500亿美元。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":3566,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":397918291,"gmtCreate":1608158079313,"gmtModify":1704973595951,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"Niu&nbsp;","listText":"Niu&nbsp;","text":"Niu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/397918291","repostId":"1122306009","repostType":4,"repost":{"id":"1122306009","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1608140702,"share":"https://ttm.financial/m/news/1122306009?lang=en_US&edition=fundamental","pubTime":"2020-12-17 01:45","market":"us","language":"zh","title":"Upstart, a rising star in the US online lending industry, went public and opened 33% higher.","url":"https://stock-news.laohu8.com/highlight/detail?id=1122306009","media":"老虎资讯综合","summary":"周三，美国网贷平台Upstart登陆纳斯达克，公司IPO定价20美元，今日开盘报26美元，截至发稿，大涨超33%。人工智能贷款平台Upstart成立于2012年，总部位于美国加州，是领先的人工智能（","content":"<p>On Wednesday, US online lending platforms<a href=\"https://laohu8.com/S/UPST\">Upstart</a>The company listed on Nasdaq with an IPO price of $20. It opened at $26 today, a surge of over 33% as of press time.</p><p><img src=\"https://static.tigerbbs.com/5a40ee36c31331a4fba7ec3118400ae3\" tg-width=\"840\" tg-height=\"470\"></p><p><b>Artificial intelligence loan platform</b></p><p>Founded in 2012 and headquartered in California, USA, Upstart is a leading artificial intelligence (AI) lending platform designed to help those in need find affordable credit while reducing the risks and costs for banking partners. Upstart's original mission was to connect young entrepreneurs and investors. In 2014, Upstart recognized the trend that consumer future analytics would be better applied to the personal loan market, so it turned to its current online lending platform, and upon seeing...<a href=\"https://laohu8.com/S/LC\">lending club</a>The rapid growth led to the discovery that so many people's loan requests could not be met by traditional banks, which led to the business idea of providing P2P loans to college graduates.</p><p><img src=\"https://static.tigerbbs.com/234065ba20a5489de2adc3ec23031dc6\" tg-width=\"600\" tg-height=\"364\"></p><p>Since its inception, Upstart's banking partners have issued 620,000 personal loans and generated over 9 million repayment events. In the nine months ended September 30, 2020, approximately 70% of loans powered by Upstart were fully automated.</p><p>In its prospectus, Upstart claims to be a leading cloud-based artificial intelligence lending platform, but in layman's terms, it is still an online P2P lending platform. As everyone knows, a few days ago, Liu Fushou of the China Banking and Insurance Regulatory Commission said at the annual financial conference that domestic P2P lending institutions have been completely reduced to zero. So what kind of gap prevented this American P2P company from following the old path of complete destruction of its Chinese counterparts?</p><p><b>Silicon Valley star executives</b></p><p>Upstart's co-founder and CEO is Dave Girouard, a former president of Google Enterprise Apps who is widely known for single-handedly building Google's enterprise apps division, which is worth over $1 billion.</p><p><img src=\"https://static.tigerbbs.com/6cab7ad961c7bad22b91784ee0437adf\" tg-width=\"900\" tg-height=\"680\"></p><p>Girouard will own 17.7% of the company's shares after the listing. Google Ventures is also an investor in the company and will own 1.1% of the company's shares after its IPO.</p><p>Girouard believes there are loopholes in the current credit system. He stated that young people, especially millennials, need a better vetting process to predict their creditworthiness in advance, even if they currently lack sufficient credit experience. Upstart is committed to solving the credit problems of young consumers through innovative big data credit reporting methods. It believes that traditional credit scores cannot well describe the future repayment situation of young consumers. On the contrary, the education level, background and work experience of these young people are closely related to their future financial situation.</p><p><b>Business Model</b></p><p>Upstart Holding has proposed an improved machine learning-based credit scoring model that uses 1,600 new data points that more accurately describe the borrower, especially considering the college they attend, the courses they take, and even their GPA. The company has accumulated 15 billion data points (input parameters and payment data). As a result, 622,079 loans were issued using the platform. Tests show that with the help of Upstart scores, the number of potential borrowers eligible for preferential loans will increase by 27%, and their interest rates will be reduced by an average of 16%. At the same time, loan quality has not deteriorated.</p><p><img src=\"https://static.tigerbbs.com/eca6be16495bb6a0d3223534e33b350a\" tg-width=\"1089\" tg-height=\"471\"></p><p>The company receives commissions from banks and brings borrowers to banks where banks can access cloud-based scoring systems, while borrowers can obtain their ratings through mobile applications.</p><p>Banks can also authorize a white-label solution to provide ratings under their own brand, in which case Upstart acts as a technology partner. It now has 10 partner banks, the largest of which is Cross River Bank. Founded in 2008 by French entrepreneur Gilles Gayde, it is currently actively collaborating with fintech companies. Its clients include marketplaces, electronic payment systems, p2p landing, and operators of the Ripple cryptocurrency.</p><p><b>Financial position</b></p><p>According to its prospectus, Upstart's revenue was $57.29 million, $99.31 million, and $164 million in 2017, 2018, and 2019, respectively. Upstart's revenue for the first nine months of 2020 was $147 million, compared to $102 million in the same period last year.</p><p>Upstart reported operating losses of $7.536 million, $7.97 million, and $4.575 million in 2017, 2018, and 2019, respectively. Upstart reported an operating profit of $1.372 million in the first nine months of 2020, compared to an operating loss of $8.09 million in the same period last year.</p><p><img src=\"https://static.tigerbbs.com/631f730273d1906cf81cc698c4be6842\" tg-width=\"1096\" tg-height=\"694\"></p><p>Despite poor second-quarter results, its profits remained high. In the second quarter, its partners temporarily suspended lending at the start of the pandemic, resulting in a 71% drop in loan transactions and a 47% drop in revenue. The company reported a profit of approximately $4.6 million in the first nine months of 2020, compared to net replacements of nearly $10 million in the same period last year.</p><p>As of September 30, 2020, Upstart had $53.2 million in cash and $194.6 million in total liabilities. Free cash flow was negative ($45.5 million) for the twelve months ended September 30, 2020. According to its prospectus, Upstart has expanded its business from personal loans to auto loans, credit cards, mortgages, student loans, point-of-sale loans, and more. In June 2020, Upstart began offering car loans on its platform, and in September 2020, the first car loan was originated through the Upstart platform.</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>Upstart, a rising star in the US online lending industry, went public and opened 33% higher.</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\">\nUpstart, a rising star in the US online lending industry, went public and opened 33% higher.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2020-12-17 01:45</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Wednesday, US online lending platforms<a href=\"https://laohu8.com/S/UPST\">Upstart</a>The company listed on Nasdaq with an IPO price of $20. It opened at $26 today, a surge of over 33% as of press time.</p><p><img src=\"https://static.tigerbbs.com/5a40ee36c31331a4fba7ec3118400ae3\" tg-width=\"840\" tg-height=\"470\"></p><p><b>Artificial intelligence loan platform</b></p><p>Founded in 2012 and headquartered in California, USA, Upstart is a leading artificial intelligence (AI) lending platform designed to help those in need find affordable credit while reducing the risks and costs for banking partners. Upstart's original mission was to connect young entrepreneurs and investors. In 2014, Upstart recognized the trend that consumer future analytics would be better applied to the personal loan market, so it turned to its current online lending platform, and upon seeing...<a href=\"https://laohu8.com/S/LC\">lending club</a>The rapid growth led to the discovery that so many people's loan requests could not be met by traditional banks, which led to the business idea of providing P2P loans to college graduates.</p><p><img src=\"https://static.tigerbbs.com/234065ba20a5489de2adc3ec23031dc6\" tg-width=\"600\" tg-height=\"364\"></p><p>Since its inception, Upstart's banking partners have issued 620,000 personal loans and generated over 9 million repayment events. In the nine months ended September 30, 2020, approximately 70% of loans powered by Upstart were fully automated.</p><p>In its prospectus, Upstart claims to be a leading cloud-based artificial intelligence lending platform, but in layman's terms, it is still an online P2P lending platform. As everyone knows, a few days ago, Liu Fushou of the China Banking and Insurance Regulatory Commission said at the annual financial conference that domestic P2P lending institutions have been completely reduced to zero. So what kind of gap prevented this American P2P company from following the old path of complete destruction of its Chinese counterparts?</p><p><b>Silicon Valley star executives</b></p><p>Upstart's co-founder and CEO is Dave Girouard, a former president of Google Enterprise Apps who is widely known for single-handedly building Google's enterprise apps division, which is worth over $1 billion.</p><p><img src=\"https://static.tigerbbs.com/6cab7ad961c7bad22b91784ee0437adf\" tg-width=\"900\" tg-height=\"680\"></p><p>Girouard will own 17.7% of the company's shares after the listing. Google Ventures is also an investor in the company and will own 1.1% of the company's shares after its IPO.</p><p>Girouard believes there are loopholes in the current credit system. He stated that young people, especially millennials, need a better vetting process to predict their creditworthiness in advance, even if they currently lack sufficient credit experience. Upstart is committed to solving the credit problems of young consumers through innovative big data credit reporting methods. It believes that traditional credit scores cannot well describe the future repayment situation of young consumers. On the contrary, the education level, background and work experience of these young people are closely related to their future financial situation.</p><p><b>Business Model</b></p><p>Upstart Holding has proposed an improved machine learning-based credit scoring model that uses 1,600 new data points that more accurately describe the borrower, especially considering the college they attend, the courses they take, and even their GPA. The company has accumulated 15 billion data points (input parameters and payment data). As a result, 622,079 loans were issued using the platform. Tests show that with the help of Upstart scores, the number of potential borrowers eligible for preferential loans will increase by 27%, and their interest rates will be reduced by an average of 16%. At the same time, loan quality has not deteriorated.</p><p><img src=\"https://static.tigerbbs.com/eca6be16495bb6a0d3223534e33b350a\" tg-width=\"1089\" tg-height=\"471\"></p><p>The company receives commissions from banks and brings borrowers to banks where banks can access cloud-based scoring systems, while borrowers can obtain their ratings through mobile applications.</p><p>Banks can also authorize a white-label solution to provide ratings under their own brand, in which case Upstart acts as a technology partner. It now has 10 partner banks, the largest of which is Cross River Bank. Founded in 2008 by French entrepreneur Gilles Gayde, it is currently actively collaborating with fintech companies. Its clients include marketplaces, electronic payment systems, p2p landing, and operators of the Ripple cryptocurrency.</p><p><b>Financial position</b></p><p>According to its prospectus, Upstart's revenue was $57.29 million, $99.31 million, and $164 million in 2017, 2018, and 2019, respectively. Upstart's revenue for the first nine months of 2020 was $147 million, compared to $102 million in the same period last year.</p><p>Upstart reported operating losses of $7.536 million, $7.97 million, and $4.575 million in 2017, 2018, and 2019, respectively. Upstart reported an operating profit of $1.372 million in the first nine months of 2020, compared to an operating loss of $8.09 million in the same period last year.</p><p><img src=\"https://static.tigerbbs.com/631f730273d1906cf81cc698c4be6842\" tg-width=\"1096\" tg-height=\"694\"></p><p>Despite poor second-quarter results, its profits remained high. In the second quarter, its partners temporarily suspended lending at the start of the pandemic, resulting in a 71% drop in loan transactions and a 47% drop in revenue. The company reported a profit of approximately $4.6 million in the first nine months of 2020, compared to net replacements of nearly $10 million in the same period last year.</p><p>As of September 30, 2020, Upstart had $53.2 million in cash and $194.6 million in total liabilities. Free cash flow was negative ($45.5 million) for the twelve months ended September 30, 2020. According to its prospectus, Upstart has expanded its business from personal loans to auto loans, credit cards, mortgages, student loans, point-of-sale loans, and more. In June 2020, Upstart began offering car loans on its platform, and in September 2020, the first car loan was originated through the Upstart platform.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/49d24d8a4dc222ff3937b6e467e9e863","relate_stocks":{"UPST":"Upstart Holdings, Inc."},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122306009","content_text":"周三，美国网贷平台Upstart登陆纳斯达克，公司IPO定价20美元，今日开盘报26美元，截至发稿，大涨超33%。人工智能贷款平台Upstart成立于2012年，总部位于美国加州，是领先的人工智能（AI）贷款平台，旨在帮需要者找到负担得起的信贷，同时降低银行合作伙伴的风险和成本。Upstart最初的宗旨是构建年轻企业家和投资人的连接。2014年，Upstart认识到对消费者的未来分析将被更好地运用于个人贷款市场的趋势，就转向到了目前所处的在线借款平台，并且在看到LendingClub的迅猛增长，发现有这么多人的借贷请求时无法通过传统的银行来满足，开始产生了面向大学毕业生提供P2P贷款的商业思路。自成立以来，Upstart的银行合作伙伴已发放了62万笔个人贷款，产生了超过900万笔还款事件。截至2020年9月30日的9个月中，由Upstart提供动力的贷款中约有70％是完全自动化的。Upstart在招股书中自称是领先的基于云的人工智能贷款平台，但通俗点来说这依然是一家网上P2P贷款平台，大家都知道前几天，银保监会刘福寿在财经年会上表示，国内P2P网贷机构已经完全归零，那么到底是什么样的差距，让这家美国P2P公司没有走上中国同行全军覆灭的老路？硅谷明星高管Upstart的联合创始人兼首席执行官为Dave Girouard，他曾是谷歌企业应用前任总裁，因一手打造了价值超过10亿美元的谷歌企业应用部门而广为人知。Girouard在上市后将拥有公司17.7%的股份。谷歌风投也是该公司的投资者，在上市后将拥有该公司1.1%的股份。Girouard认为目前的信贷体系存在漏洞。他表示，年轻人，特别是千禧一代，需要一个更好的审查过程来提前预测他们的可信程度，即使他们目前没有足够的信贷经历。而Upstart通过创新的大数据征信的手段致力于解决年轻消费者的信贷难题，认为传统的信用评分并不能很好地描述年轻消费者的未来还款状况，相反，这些年轻人的教育程度和背景以及工作经历和这些消费者的未来金融状况密切相关。商业模式Upstart Holding公司提出了一种改进的基于机器学习的信用评分模型，该公司使用了1600个新的数据点，这些数据点更准确地描述了借款人，特别是考虑了他就读的学院，他所学的课程，甚至是GPA.该公司已经积累了150亿个数据点（输入参数和支付数据）。结果，使用该平台发放了622079笔贷款。测试表明，在Upstart评分的帮助下，有资格获得优惠贷款的潜在借款人将增加27%，对他们的利率下调平均将达到16%。同时，贷款质量并没有恶化。该公司从银行获得佣金，并将借款人带到银行，银行可以访问基于云计算的评分系统，而借款人可以通过移动应用程序获得他们的评级。银行也可以授权一个白标签解决方案，以自己的品牌提供评分，在这种情况下，Upstart充当了一种技术合作伙伴。它现在有10家合作银行，其中最大的是Cross River银行。它2008年由法国籍企业家Gilles Gayde创立，目前正积极与金融科技合作，它的客户包括市场、电子支付系统、p2p登陆和Ripple加密货币的运营商。财务状况招股书显示，Upstart在2017年、2018年、2019年营收分别为5729万美元、9931万美元、1.64亿美元；Upstart在2020年前9个月营收为1.47亿美元，上年同期的营收为1.02亿美元。Upstart在2017年、2018年、2019年运营亏损分别为753.6万美元、797万美元、457.5万美元；Upstart在2020年前9个月运营利润为137.2万美元，上年同期的运营亏损为809万美元。尽管第二季度业绩不佳，但其利润仍然很高，第二季度其合作伙伴在大流行开始时暂时暂停了贷款，导致第二季度的贷款交易下降了71％，收入下降了47％。该公司在2020年的前9个月中实现利润约460万美元，而去年同期的净替代接近1000万美元。截至2020年9月30日，Upstart拥有5320万美元的现金和1.946亿美元的总负债。截至2020年9月30日的十二个月内，自由现金流为负（4550万美元）。从招股书来看Upstart已经将业务从个人贷款扩展到汽车贷款，信用卡，抵押，学生贷款，销售点贷款等。2020年6月，UPstart开始在的平台上提供汽车贷款，而2020年9月，第一笔汽车贷款是通过Upstart平台发起的。","news_type":1,"symbols_score_info":{"UPST":0.9}},"isVote":1,"tweetType":1,"viewCount":2849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":391039036,"gmtCreate":1606430160025,"gmtModify":1704965583086,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/391039036","repostId":"1193091081","repostType":4,"isVote":1,"tweetType":1,"viewCount":3199,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":306850206,"gmtCreate":1604356626005,"gmtModify":1704955665406,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"Mark&nbsp;","listText":"Mark&nbsp;","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/306850206","repostId":"1190877170","repostType":4,"repost":{"id":"1190877170","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1604327521,"share":"https://ttm.financial/m/news/1190877170?lang=en_US&edition=fundamental","pubTime":"2020-11-02 22:32","market":"us","language":"zh","title":"Opening: All three major U.S. stock indexes opened higher, with Nio shares hitting a record high.","url":"https://stock-news.laohu8.com/highlight/detail?id=1190877170","media":"老虎资讯综合","summary":"11月2日（周一），美股三大股指全线高开，标普500指数上涨35.90点，涨幅1.10%，报3305.87点；纳斯达克指数上涨93.30点，涨幅0.86%，报11004.93点；道琼斯指数上涨358.","content":"<p>On Monday, November 2, all three major U.S. stock indexes opened higher, with the S&P 500 rising 35.90 points, or 1.10%, to 3305.87. The Nasdaq rose 93.30 points, or 0.86%, to 11,004.93. The Dow Jones Industrial Average rose 358.40 points, or 1.35%, to 26,860.04.</p><p><img src=\"https://static.tigerbbs.com/3c92b922cfecd48bf60c117a3598e055\" tg-width=\"840\" tg-height=\"470\"></p><p>Emerging Chinese electric vehicle manufacturers listed in the US generally rose, with Nio Motor Company up about 11% and its stock price hitting a record high. October deliveries increased by 100.1% year-on-year. Li Auto rose over 8%, XPeng Motors rose nearly 11%, and Niu Technologies rose over 4%.</p><p>Lufax rose more than 6% after being included in the MSCI Global Standard Index Series and the MSCI China All Index Series.</p><p>Anpaike rose more than 27% after the company announced today that its invested Jiangsu Anpaike Health Management Co., Ltd. obtained nucleic acid testing qualifications in the first half of the year. The company's medical laboratory in Jiangsu obtained nucleic acid testing certification on October 17 and has begun accepting paid nucleic acid samples for testing.</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>Opening: All three major U.S. stock indexes opened higher, with Nio shares hitting a record high.</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\">\nOpening: All three major U.S. stock indexes opened higher, with Nio shares hitting a record high.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2020-11-02 22:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Monday, November 2, all three major U.S. stock indexes opened higher, with the S&P 500 rising 35.90 points, or 1.10%, to 3305.87. The Nasdaq rose 93.30 points, or 0.86%, to 11,004.93. The Dow Jones Industrial Average rose 358.40 points, or 1.35%, to 26,860.04.</p><p><img src=\"https://static.tigerbbs.com/3c92b922cfecd48bf60c117a3598e055\" tg-width=\"840\" tg-height=\"470\"></p><p>Emerging Chinese electric vehicle manufacturers listed in the US generally rose, with Nio Motor Company up about 11% and its stock price hitting a record high. October deliveries increased by 100.1% year-on-year. Li Auto rose over 8%, XPeng Motors rose nearly 11%, and Niu Technologies rose over 4%.</p><p>Lufax rose more than 6% after being included in the MSCI Global Standard Index Series and the MSCI China All Index Series.</p><p>Anpaike rose more than 27% after the company announced today that its invested Jiangsu Anpaike Health Management Co., Ltd. obtained nucleic acid testing qualifications in the first half of the year. The company's medical laboratory in Jiangsu obtained nucleic acid testing certification on October 17 and has begun accepting paid nucleic acid samples for testing.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"NIO":"蔚来",".SPX":"S&P 500 Index","TSLA":"特斯拉","BABA":"阿里巴巴",".DJI":"道琼斯","XPEV":"小鹏集团","LI":"理想汽车","PDD":"拼多多",".IXIC":"NASDAQ Composite","JD":"京东"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190877170","content_text":"11月2日（周一），美股三大股指全线高开，标普500指数上涨35.90点，涨幅1.10%，报3305.87点；纳斯达克指数上涨93.30点，涨幅0.86%，报11004.93点；道琼斯指数上涨358.40点，涨幅1.35%，报26860.04点。中概股造车新势力普涨，蔚来汽车涨约11%，股价创历史新高，10月交付量同比增长100.1%。理想汽车涨超8%，小鹏汽车涨近11%，小牛电动涨超4%。陆金所涨超6%，获纳入MSCI全球标准指数系列和MSCI中国全指数系列。安派科涨超27%，该公司今日宣布，其投资的江苏安派科健康管理有限公司已于上半年获得核酸检测资质，该公司位于江苏的医学检验所已于10月17日获得了核酸检测认证，并已开始接收付费的核酸样本检测。","news_type":1,"symbols_score_info":{"JD":0.9,"TSLA":0.9,"XPEV":0.9,"BABA":0.9,"NIO":0.9,"PDD":0.9,"LI":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2173,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":921622729,"gmtCreate":1586268373661,"gmtModify":1705300510050,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/ERX\">$三倍做多能源ETF-Direxion(ERX)$</a>Nice&nbsp;","listText":"<a href=\"https://laohu8.com/S/ERX\">$三倍做多能源ETF-Direxion(ERX)$</a>Nice&nbsp;","text":"$三倍做多能源ETF-Direxion(ERX)$Nice","images":[{"img":"https://static.tigerbbs.com/5d98c4d19f3b03904f7492d1def28cdd","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/921622729","isVote":1,"tweetType":1,"viewCount":2227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":554230098139304,"gmtCreate":1776344722492,"gmtModify":1776344726386,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"<a 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href=\"https://laohu8.com/S/ERX\">$三倍做多能源ETF-Direxion(ERX)$</a>Nice&nbsp;","listText":"<a href=\"https://laohu8.com/S/ERX\">$三倍做多能源ETF-Direxion(ERX)$</a>Nice&nbsp;","text":"$三倍做多能源ETF-Direxion(ERX)$Nice","images":[{"img":"https://static.tigerbbs.com/5d98c4d19f3b03904f7492d1def28cdd","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/921622729","isVote":1,"tweetType":1,"viewCount":2227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":263463593025656,"gmtCreate":1705356167314,"gmtModify":1705356172867,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$ </a>&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMD\">$美国超微公司(AMD)$ </a>&nbsp;","text":"$美国超微公司(AMD)$","images":[{"img":"https://static.tigerbbs.com/b5a13a373f8d92cd1cbd8f8150947558","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/263463593025656","isVote":1,"tweetType":1,"viewCount":4014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":441701291058008,"gmtCreate":1748876140831,"gmtModify":1748876143656,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"Sky is the limit","listText":"Sky is the limit","text":"Sky is the limit","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/441701291058008","isVote":1,"tweetType":1,"viewCount":3454,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":293132061618336,"gmtCreate":1712584973361,"gmtModify":1712584978033,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/SMCI\">$超微电脑(SMCI)$ </a> 1100","listText":"<a href=\"https://laohu8.com/S/SMCI\">$超微电脑(SMCI)$ </a> 1100","text":"$超微电脑(SMCI)$ 1100","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/293132061618336","isVote":1,"tweetType":1,"viewCount":4535,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107223033,"gmtCreate":1620515235022,"gmtModify":1704344405485,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107223033","repostId":"1133900125","repostType":4,"repost":{"id":"1133900125","kind":"news","pubTimestamp":1620457507,"share":"https://ttm.financial/m/news/1133900125?lang=en_US&edition=fundamental","pubTime":"2021-05-08 15:05","market":"hk","language":"zh","title":"Nayuki plans to hold a Hong Kong Stock Exchange hearing on May 13 and is expected to list in mid-to-early June.","url":"https://stock-news.laohu8.com/highlight/detail?id=1133900125","media":"腾讯新闻","summary":"5月8日，腾讯新闻《潜望》独家获悉，奈雪计划于5月13日聆讯。按照港交所上市流程，奈雪或将在6月中上旬完成上市。关于此次IPO募资的具体额度，预计奈雪将在5月最后一周确定。此外，腾讯新闻《潜望》获悉，","content":"<p><img src=\"https://static.tigerbbs.com/e96e2889a7577f7ebb7f4c3b53fef19d\" tg-width=\"766\" tg-height=\"503\" referrerpolicy=\"no-referrer\">On May 8, Tencent News' \"Perspective\" exclusively learned that Nayuki plans to hold a hearing on May 13. According to the Hong Kong Stock Exchange's listing process, Nayuki may complete its listing in mid-to-early June.</p><p>Regarding the specific amount of funds raised in this IPO, Nayuki is expected to determine it in the last week of May. In addition, Tencent News' \"Deep Dive\" learned that Nayuki plans to raise approximately $600 million. Based on its 15% stake issuance, Nayuki is expected to be valued at approximately US$4 billion, equivalent to approximately HK$31 billion.</p><p>As of press time, Tencent News' \"Perspective\" has not been able to contact Nayuki or its sponsor, JPMorgan Chase, for comment.</p><p><b>Investors are concerned about Nayuki's overvaluation.</b></p><p>Nayuki has raised funds five times in the past five years. In addition to Tiantu Capital's initial three consecutive rounds of investment, Nayuki also received US$100 million in funding from PAG PAG in 2020.</p><p>Bloomberg reports that Nayuki's valuation has reached $2 billion after securing funding from PAG PAG. This is also Nayuki's last round of fundraising before its IPO.</p><p>In other words, Nayuki's current valuation has about doubled compared to its last round of financing before its IPO.</p><p>Some large institutional investors told Tencent News' \"Perspective\" that Nayuki is a good company, but they are worried that the final valuation will be too expensive. Previous market rumors suggested that Nayuki was valued at HK$35 billion.</p><p>Compared to market sentiment when Nayuki launched its IPO in February this year, institutional investors are currently more cautious about Nayuki's valuation. Some institutional investors value it at around HK$30 billion, but some institutional investors who are enthusiastic about Nayuki still maintain the previous valuation, with some even giving it a valuation of HK$40 billion.</p><p>Some large institutional investors told Tencent News' \"First Line\" that they would consider placing orders if the valuation is reasonable. The order prices placed by these large institutional investors will directly affect Nayuki's final pricing range.</p><p>Over the past week, many institutional investors have been anxiously awaiting the decision of Nayuki's IPO team and management to finalize the cornerstone list. Tencent News' \"Perspective\" has learned that many institutions hope to become cornerstone investors in Nayuki, and the final list of cornerstone investors will be finalized after the hearing next week.</p><p><b>Nayuki suffered losses exceeding 100 million yuan in three years, raising concerns about its profitability.</b></p><p>In previous non-trading roadshows, investors' concerns about Nayuki's future profitability were particularly focused. The management's answer is easy to understand: as scale increases, costs will be diluted, and profits will also increase.</p><p>Nayuki is currently still operating at a loss. Financial reports show that Nayuki's revenue was RMB 1.087 billion, RMB 2.502 billion and RMB 2.115 billion in 2018, 2019 and the first three quarters of 2020, respectively, while its net losses were RMB 69.73 million, RMB 39.68 million and RMB 27.51 million, respectively.</p><p>Like other fast-moving consumer goods (FMCG) industries, investors are paying close attention to data such as same-store sales and same-store profit in Nayuki's prospectus.</p><p>According to Nayuki's prospectus, 49 stores met the requirements of operating for no less than 300 days in 2018 and 2019. Looking at data from 2018 and 2019 alone, Nayuki's same-store net profit was RMB 1.453 million and RMB 1.414 million, respectively.</p><p>An institutional investor who has long invested in the consumer sector told Tencent News' \"Perspective\" that, generally speaking, a reasonable range for same-store profit margin is around 20%.</p><p>Based on data from the first two full fiscal years, Nayuki's single-store profits were quite good. According to the prospectus, Nayuki's same-store profit margin was 24.9%, 25.3% and 12.6% in 2018, 2019 and the first three quarters of 2020, respectively. In 2020, the same-store profit margin was significantly affected by the pandemic.</p><p>However, manpower accounts for a large proportion of Nayuki's costs. Nayuki's prospectus shows that its labor costs remain high. In 2018, employee costs were 340 million yuan, accounting for 31.3% of total costs, while in 2019, employee costs were 750 million yuan, accounting for 30% of total costs. This expense is comparable to Nayuki's material costs, which were HK$380 million and HK$910 million in 2018 and 2019, respectively.</p><p>In other words, as domestic labor costs gradually rise in the future, Nayuki's labor expenses will continue to increase. More importantly, Nayuki's stores are all concentrated in first- and second-tier and near-second-tier cities, where labor costs will remain high for the foreseeable future.</p><p>Although Nayuki's total costs will be slightly diluted as it expands in the future, the profitability per store may decrease as Nayuki continues to expand into other cities after its stores in first- and second-tier cities become saturated. This means that Nayuki will find it difficult to maintain a single-store profit margin exceeding 20%.</p><p>An institutional investor who mainly invests in the consumer sector in the secondary market told Tencent News' \"Perspective\" that after studying Nayuki's data, his institution ultimately decided not to invest.</p><p>There are quite a few such investors, and some are looking forward to Heytea, a competitor that will also be listed in Hong Kong in the future. Some investors who have reviewed Heytea's financial data told Tencent News' \"Perspective\" that compared to Nayuki, Heytea's profitability is much better, its cost control is better, and it is more suitable for investors who hold it for the long term.</p>","source":"TXXW","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>Nayuki plans to hold a Hong Kong Stock Exchange hearing on May 13 and is expected to list in mid-to-early June.</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\">\nNayuki plans to hold a Hong Kong Stock Exchange hearing on May 13 and is expected to list in mid-to-early June.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">腾讯新闻</strong><span class=\"h-time small\">2021-05-08 15:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/e96e2889a7577f7ebb7f4c3b53fef19d\" tg-width=\"766\" tg-height=\"503\" referrerpolicy=\"no-referrer\">On May 8, Tencent News' \"Perspective\" exclusively learned that Nayuki plans to hold a hearing on May 13. According to the Hong Kong Stock Exchange's listing process, Nayuki may complete its listing in mid-to-early June.</p><p>Regarding the specific amount of funds raised in this IPO, Nayuki is expected to determine it in the last week of May. In addition, Tencent News' \"Deep Dive\" learned that Nayuki plans to raise approximately $600 million. Based on its 15% stake issuance, Nayuki is expected to be valued at approximately US$4 billion, equivalent to approximately HK$31 billion.</p><p>As of press time, Tencent News' \"Perspective\" has not been able to contact Nayuki or its sponsor, JPMorgan Chase, for comment.</p><p><b>Investors are concerned about Nayuki's overvaluation.</b></p><p>Nayuki has raised funds five times in the past five years. In addition to Tiantu Capital's initial three consecutive rounds of investment, Nayuki also received US$100 million in funding from PAG PAG in 2020.</p><p>Bloomberg reports that Nayuki's valuation has reached $2 billion after securing funding from PAG PAG. This is also Nayuki's last round of fundraising before its IPO.</p><p>In other words, Nayuki's current valuation has about doubled compared to its last round of financing before its IPO.</p><p>Some large institutional investors told Tencent News' \"Perspective\" that Nayuki is a good company, but they are worried that the final valuation will be too expensive. Previous market rumors suggested that Nayuki was valued at HK$35 billion.</p><p>Compared to market sentiment when Nayuki launched its IPO in February this year, institutional investors are currently more cautious about Nayuki's valuation. Some institutional investors value it at around HK$30 billion, but some institutional investors who are enthusiastic about Nayuki still maintain the previous valuation, with some even giving it a valuation of HK$40 billion.</p><p>Some large institutional investors told Tencent News' \"First Line\" that they would consider placing orders if the valuation is reasonable. The order prices placed by these large institutional investors will directly affect Nayuki's final pricing range.</p><p>Over the past week, many institutional investors have been anxiously awaiting the decision of Nayuki's IPO team and management to finalize the cornerstone list. Tencent News' \"Perspective\" has learned that many institutions hope to become cornerstone investors in Nayuki, and the final list of cornerstone investors will be finalized after the hearing next week.</p><p><b>Nayuki suffered losses exceeding 100 million yuan in three years, raising concerns about its profitability.</b></p><p>In previous non-trading roadshows, investors' concerns about Nayuki's future profitability were particularly focused. The management's answer is easy to understand: as scale increases, costs will be diluted, and profits will also increase.</p><p>Nayuki is currently still operating at a loss. Financial reports show that Nayuki's revenue was RMB 1.087 billion, RMB 2.502 billion and RMB 2.115 billion in 2018, 2019 and the first three quarters of 2020, respectively, while its net losses were RMB 69.73 million, RMB 39.68 million and RMB 27.51 million, respectively.</p><p>Like other fast-moving consumer goods (FMCG) industries, investors are paying close attention to data such as same-store sales and same-store profit in Nayuki's prospectus.</p><p>According to Nayuki's prospectus, 49 stores met the requirements of operating for no less than 300 days in 2018 and 2019. Looking at data from 2018 and 2019 alone, Nayuki's same-store net profit was RMB 1.453 million and RMB 1.414 million, respectively.</p><p>An institutional investor who has long invested in the consumer sector told Tencent News' \"Perspective\" that, generally speaking, a reasonable range for same-store profit margin is around 20%.</p><p>Based on data from the first two full fiscal years, Nayuki's single-store profits were quite good. According to the prospectus, Nayuki's same-store profit margin was 24.9%, 25.3% and 12.6% in 2018, 2019 and the first three quarters of 2020, respectively. In 2020, the same-store profit margin was significantly affected by the pandemic.</p><p>However, manpower accounts for a large proportion of Nayuki's costs. Nayuki's prospectus shows that its labor costs remain high. In 2018, employee costs were 340 million yuan, accounting for 31.3% of total costs, while in 2019, employee costs were 750 million yuan, accounting for 30% of total costs. This expense is comparable to Nayuki's material costs, which were HK$380 million and HK$910 million in 2018 and 2019, respectively.</p><p>In other words, as domestic labor costs gradually rise in the future, Nayuki's labor expenses will continue to increase. More importantly, Nayuki's stores are all concentrated in first- and second-tier and near-second-tier cities, where labor costs will remain high for the foreseeable future.</p><p>Although Nayuki's total costs will be slightly diluted as it expands in the future, the profitability per store may decrease as Nayuki continues to expand into other cities after its stores in first- and second-tier cities become saturated. This means that Nayuki will find it difficult to maintain a single-store profit margin exceeding 20%.</p><p>An institutional investor who mainly invests in the consumer sector in the secondary market told Tencent News' \"Perspective\" that after studying Nayuki's data, his institution ultimately decided not to invest.</p><p>There are quite a few such investors, and some are looking forward to Heytea, a competitor that will also be listed in Hong Kong in the future. Some investors who have reviewed Heytea's financial data told Tencent News' \"Perspective\" that compared to Nayuki, Heytea's profitability is much better, its cost control is better, and it is more suitable for investors who hold it for the long term.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://new.qq.com/omn/20210508/20210508A062YL00.html\">腾讯新闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e96e2889a7577f7ebb7f4c3b53fef19d","relate_stocks":{},"source_url":"https://new.qq.com/omn/20210508/20210508A062YL00.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133900125","content_text":"5月8日，腾讯新闻《潜望》独家获悉，奈雪计划于5月13日聆讯。按照港交所上市流程，奈雪或将在6月中上旬完成上市。关于此次IPO募资的具体额度，预计奈雪将在5月最后一周确定。此外，腾讯新闻《潜望》获悉，奈雪此次计划的募资额约6亿美元。以其发行15%股份来计，奈雪预计估值约40亿美元，折合港币约310亿。截至发稿，腾讯新闻《潜望》暂未能联系奈雪及其保荐人摩根大通等置评。投资者忧奈雪估值过高奈雪在过去5年中，共进行了5次融资。除了天图资本最早开始连续三轮投资外，奈雪于2020年又获得了PAG太盟投资集团等1亿美金的融资。彭博报道称，奈雪在获得PAG太盟投资的融资后，其估值达到20亿美元。这也是奈雪在IPO前的最后一轮募资。也就是说，相较于IPO前最后一轮融资，奈雪当前的估值翻了约一倍。一些大型机构投资者对腾讯新闻《潜望》表示，奈雪是一家不错的公司，但是担心最后确定的估值太贵。之前市场传闻，奈雪估值为350亿港元。相较于奈雪今年2月启动上市时的市场情绪，当前机构投资者对于奈雪的估值较为谨慎。部分机构投资者对其估值约300亿港元，但是也有部分热衷于奈雪的机构投资者则依旧按照之前的估值，甚至还有给出400亿港元估值的。一些大型机构投资者对腾讯新闻《一线》表示，若是估值合理，会考虑下单。这些大型机构投资者的下单价格会直接影响奈雪最后定价区间。过去这一周，不少机构投资者都在紧张等待奈雪上市团队及管理层的决定，即最后敲定基石名单。腾讯新闻《潜望》获悉，希望做奈雪基石投资者的机构不少，最终的基石名单将在下周聆讯结束后敲定。奈雪三年亏损超1亿 投资者忧其赚钱能力在此前的非交易路演中，投资者对于奈雪的担忧比较集中：未来赚钱的能力。管理层给出的回答也很好理解，即随着规模起来，成本会摊薄，利润也会起来。奈雪当前依旧处于亏损状态。财报显示，奈雪于2018年、2019年以及2020年前三季度的收入分别为10.87亿、25.02亿元、21.15亿元，而其净亏损分别为6973万、3968万、2751万元。和其他快消行业一样，投资者对于奈雪招股书中的同店销售额以及同店利润等数据较为关注。奈雪招股书显示，2018年及2019年满足营业时间不少于300天的店铺为49家。仅以2018年以及2019年全年的数据来看，奈雪的同店净利润分别为145.3万元以及141.4万元。一位长期投资消费领域的机构投资者对腾讯新闻《潜望》表示，一般来说，同店利润率的合理区间大概是20%左右。前两个完整财年的数据来看，奈雪的单店利润还不错。招股书显示，奈雪的同店利润率于2018年、2019年以及2020年前三个季度分别为24.9%、25.3%以及12.6%。其中，2020年的同店利润率受疫情影响比较大。但是奈雪的成本开支中人力占比很大。奈雪的招股书显示，其人力成本居高不下，2018年员工成本为3.4亿元，占总成本的31.3%，2019年员工成本则为7.5亿，占比总成本的30%。这一项开支和奈雪的材料成本不差上下，后者2018年及2019年分别为3.8亿元及9.1亿元。也就是说，未来随着国内人力成本逐渐上涨，奈雪需要承担的人力开支将会越来越高。更为重要的是，奈雪的店铺全部集中在一二线及准二线城市，这些城市的人力成本在可预见的未来会持续高企。尽管未来奈雪随着规模的扩大，总成本会有些许摊薄，但是一二线城市店铺饱和后，奈雪继续下沉其他城市的过程中，单店效益有可能递减。这就意味着奈雪将难以继续维持单店利润率超过20%。一位主要在二级市场投资消费领域的机构投资者对腾讯新闻《潜望》表示，研究完奈雪的数据后，其所在的机构最后决定不投资。这样的投资者不在少数，也有一些人期待后续也将赴港上市的竞品喜茶。一些看过喜茶财务数据的投资者对腾讯新闻《潜望》透露，相较于奈雪来说，喜茶的盈利能力要比奈雪好很多，成本控制做得更好，更适合长期持有的投资者。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4975,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":470320270197032,"gmtCreate":1755855896339,"gmtModify":1755855899392,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"TQQQ buy the dip！","listText":"TQQQ buy the dip！","text":"TQQQ buy the dip！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/470320270197032","isVote":1,"tweetType":1,"viewCount":3338,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":265311730909368,"gmtCreate":1705795719272,"gmtModify":1705795724821,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$ </a>&nbsp;","listText":"<a href=\"https://laohu8.com/S/AAPL\">$苹果(AAPL)$ </a>&nbsp;","text":"$苹果(AAPL)$","images":[{"img":"https://static.tigerbbs.com/c099a15a0e39231f450e57cbc4296a08","width":"898","height":"1475"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/265311730909368","isVote":1,"tweetType":1,"viewCount":4583,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":137110318,"gmtCreate":1622327392734,"gmtModify":1704182942508,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"Mark&nbsp;","listText":"Mark&nbsp;","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/137110318","repostId":"1175020249","repostType":4,"repost":{"id":"1175020249","kind":"news","weMediaInfo":{"introduction":"格上理财旗下专注私募行业的微信公众号。每天精选私募行业动态、私募大佬观点、私募研究报告与您分享，同时涵盖宏观经济、个股、投资理念方面的精华文章。了解私募行业，关注格上私募圈！","home_visible":1,"media_name":"格上私募圈","id":"1083023659","head_image":"https://static.tigerbbs.com/61a7d3b4f53e4a8b81be4c739ded31f5"},"pubTimestamp":1622251774,"share":"https://ttm.financial/m/news/1175020249?lang=en_US&edition=fundamental","pubTime":"2021-05-29 09:29","market":"hk","language":"zh","title":"Philosophy in Investment: The Game of Finite and Infinite","url":"https://stock-news.laohu8.com/highlight/detail?id=1175020249","media":"格上私募圈","summary":"2020年9月25日，詹姆斯·卡斯在他位于马塞诸塞州的家中去世，享年87岁。他是宗教学者、历史学家，他曾经是纽约大学的明星老师，所教授的课程场场爆满。更重要的是，他是《有限与无限的游戏》一书的作者。\n","content":"<p>James Cass died at his home in Massachusetts on September 25, 2020, at the age of 87. He was a religious scholar and historian, and he was once a star professor at New York University, teaching courses that were always packed. More importantly, he is the author of the book \"The Finite and Infinite Game\".</p><p>This book, written in 1987, is a truly amazing work that has influenced many people. The book is short, consisting of 101 short chapters that explain a philosophical principle in simple language.</p><p>He viewed the world as a \"game\" and believed that there were at least two kinds of games in the world. One can be called a finite game, and the other is called an infinite game. Limited games are about winning, while infinite games are about continuing the game.</p><p>He explored the important themes we encounter in the world—time, society, culture, power, language, disease, death, war, nature, machines, religion, and mythology—one by one through the thread of \"two games.\"</p><p>Cass points out that human society is often easy to stagnate in a finite game that has ended, or to be imprisoned in a finite game without realizing it. War, tyranny, environmental pollution, intolerance of others, and the extreme fear of disease and death are all negative products of limited games.</p><p>Therefore, we all need a shift in our perspective on games, because finite games are confined games that require establishing boundaries and rules, while infinite games are open and require breaking through boundaries and rules.</p><p>Kevin Kelly, author of \"Out of Control,\" even said: \"This book changed my perspective on life, the universe, and everything else.\" The difference between the two games relieved my hesitation about what to do next. It's simple:<b>Always choose unlimited games.</b></p><p>As a religious scholar, he was an atheist because he was fascinated by the \"unknowable existence as a human being,\" which was precisely what he called the infinite game.</p><p>In the last few years of his life, despite suffering from cancer and chemotherapy, his computer was still full of work manuscripts, and he even published his first novel in 2016. Perhaps he believed that death was not an insurmountable boundary, and he was still playing his infinite game.</p><p>The following is excerpted from Chapter 2, \"No One Can Play Games Alone,\" of \"The Finite and Infinite Game.\" I wish you a helpful reading!</p><p>Participants in the Infinite Game strictly distinguish between society and culture in their own political activities. They understand society as the sum of politically constrained relationships, while culture is the interaction between people under non-directional choices.</p><p>If society is the sum total of what people believe must be done, then culture is \"a country of change and freedom, which is not necessarily universal, and where authority has no place to interfere.\"</p><p>We should not confuse the participants in the infinite game with their understanding of society, cost-effective actions, or other unconscious actions. Like limited competition, society is entirely within our free choice:<b>No matter how time-consuming and laborious it is for participants, it never prevents them from withdrawing from the competition. Only in certain areas deemed necessary does society manifest its coerciveness.</b></p><p><img src=\"https://static.tigerbbs.com/80c2dd3214271ea6666ba033b9ce9671\" tg-width=\"399\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p><b>Image: James Cass (1932-2020)</b></p><p>Just as infinite games cannot be confined to finite games, culture cannot be true culture if it is trapped within social boundaries.</p><p>Of course, societies often employ a strategy of initiating or embracing a certain culture as something exclusive to that society. Such a confined culture may even receive great support and encouragement from society, but it is merely a cloak of openness. In fact, without exception, they are all designed to serve social purposes.</p><p>Therefore, society and culture are not truly irreconcilable. In fact, society is a type of culture that insists on working against itself. Society is an effort to organize freely, to hide the freedom of the organizer and the organized, to forget that we have consciously forgotten the original intention of entering this or that competition and continuing to compete.</p><p><b>Society</b></p><p>If we understand society as everything people do under a veil of necessity, then we should also regard it as a limited game, with a certain number of small games within its boundaries.</p><p>Large societies include a large number of various games, although these games are all connected to some extent because they all influence ultimate social status.</p><p>In the sense that schools award degree certificates of varying value to those who receive them, schools are a kind of limited game. These degree certificates qualify graduates to participate in higher-level competitions. For example, after graduation, students from certain prestigious universities or vocational schools have a series of higher-level competitions in each professional field. Many families also see themselves as a competitive unit in a larger, finite game, training family members to win visible social titles.</p><p>Like finite games, society has boundaries of quantity, space, and time. Its citizens are precisely defined, its land is sacred and inviolable, and its history is revered.</p><p>Citizens' power in society is determined by their individual achievements in the games they have participated in. Society preserves the memory of historical victors. Its recording and preservation functions are crucial to social order. The vast bureaucracy arises from the need to recognize the vast number of rights and interests of members of society.</p><p>The power of a society is gained by defeating other societies in a higher level of finite games. Its most cherished memories are those of the martyrs who lost their lives in battles against foreign nations to win victory. The victims of the losing side of the war are almost never commemorated.</p><p><b>Power in society is guaranteed and enhanced by the power of that society itself.</b></p><p>A society can only defend the rewards earned by its members when it maintains collective power in its relationships with other societies. Members of society who wish to make their rewards permanent will strive to maintain the permanence of that social reward.</p><p>Patriotism, in one or more of its forms (chauvinism, racism, sexism, nationalism, and religiosity), becomes an integral part of all social games.</p><p>Because power is inherently patriotic, a typical characteristic of limited game participants is to pursue power growth in society as a way to increase social power itself.</p><p>It is precisely for the benefit of society itself that various forms of competition are encouraged within society, and as many rewards as possible are established, because those rewarded will be most likely to risk their lives to defend society as a whole from being defeated by other competing societies.</p><p><b>Culture</b></p><p><b>Culture is an infinite game.</b>Culture knows no boundaries; in a culture, everyone can be a participant, no matter when or where.</p><p>Because a society carefully maintains the boundaries of time, it understands its past as a kind of destiny, or fate. In other words, its historical trajectory has a clear starting point (the founders of a society are always specially commemorated) and a clear end point (its successful nature is repeatedly reflected in official slogans such as \"Do what you can, distribute according to your work\").</p><p>Because culture has no temporal boundaries, it does not understand its past as destiny, but as history, that is, a narrative that has begun but always points to infinite openness. Culture is a human enterprise, refusing to exempt itself from surprise. Living in such a powerful landscape, they avoided power and joyfully played various games that expanded boundaries.</p><p><b>Society is a display of power.</b>It is scripted, with a predetermined script, and deviations from the script are immediately and obviously noticeable. Deviating from the norm is antisocial and is therefore prohibited by society through various sanctions.</p><p>The reason why traffic violations are prohibited is simple. If members of society do not follow the inherent rules of society, the number of rules will change, and some of them will be abandoned altogether. This will mean that past victors will no longer be guaranteed ceremonial recognition of their titles, thus losing power—like the Russian princes after the Russian Revolution.</p><p>Ensuring that the rules of many games are not tampered with is an important function of society. Processes such as academic review, licensing of trades and professions, conferring religious offices, congressional approval of official appointments, and the inauguration of political leaders are all societal approvals for certain individuals to compete in a specific, limited game.</p><p>However, deviating from the rules is the essence of culture. Anyone who simply follows the script and repeats the past is culturally impoverished.</p><p>The nature of deviations varies, and not all deviations from the past have cultural significance. Cutting ties with the past leads to forgetting about it, and these practices are culturally worthless. It is meaningful to bring new ways of thinking to tradition, to make us feel unfamiliar with things that were once familiar, and to re-examine everything we have.</p><p>Cultural deviation does not take us back to the past, but rather continues what began in the past and has not yet ended. On the other hand, social customs demand that the past be completely repeated in the future. Society is obsessed with immortality, while culture harmonizes with the laughter of unknowable possibilities. Society is abstract, while culture is concrete.</p><p><b>Limited games can be played countless times.</b>Admittedly, the winner of the game always wins in a specific game at a certain time, but the validity of the title they obtain depends on the repetition of the game. We commemorate the great football players of the early days, but if football disappears, we probably won't remember them in less than a decade.</p><p>As we have seen, because an infinite game cannot have an end, it cannot repeat itself. Non-repeatability is a typical feature of all cultures. Mozart's Symphony No. 41 could not be written again, nor could Rembrandt's self-portrait be painted twice. Society preserves these works as the fruits of those who win their respective games.</p><p>However, culture does not regard these works as products of struggle, but as moments in the process of struggle—culture is the struggle itself.</p><p>Culture carries on the legacy of Mozart and Rembrandt, and their legacy of culture is through their own work:<b>An original or adaptive shaping of the traditions they have accepted. Their work is so original that others cannot replicate it, but it calls for original responses from others.</b></p><p>Just as infinite games have their rules, culture has its own traditions. The rules in Infinite Games can be freely reached or changed, and cultural traditions can also be modified and changed in the process of modification.</p><p>To be precise, culture does not possess a tradition; it is a tradition in itself.</p><p>----------------------------------------------------</p><p>Good news for Tiger users: Tiger is currently supporting weekend orders! Pre-listing orders are a value-added service provided by Tiger Bros. that allows users to place orders during non-trading hours. Currently, it supports three order types: stop-loss orders, stop-loss limit orders, and limit orders.</p><p>In other words, users can place orders during market closures, such as weekends and other holidays. The orders will be saved by Tiger's trading system and automatically submitted to the exchange after the market opens.</p><p><a href=\"https://www.laohu8.com/post/131820269\" target=\"_blank\">Click to learn more >>></a></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>Philosophy in Investment: The Game of Finite and Infinite</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\">\nPhilosophy in Investment: The Game of Finite and Infinite\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1083023659\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/61a7d3b4f53e4a8b81be4c739ded31f5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格上私募圈 </p>\n<p class=\"h-time smaller\">2021-05-29 09:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>James Cass died at his home in Massachusetts on September 25, 2020, at the age of 87. He was a religious scholar and historian, and he was once a star professor at New York University, teaching courses that were always packed. More importantly, he is the author of the book \"The Finite and Infinite Game\".</p><p>This book, written in 1987, is a truly amazing work that has influenced many people. The book is short, consisting of 101 short chapters that explain a philosophical principle in simple language.</p><p>He viewed the world as a \"game\" and believed that there were at least two kinds of games in the world. One can be called a finite game, and the other is called an infinite game. Limited games are about winning, while infinite games are about continuing the game.</p><p>He explored the important themes we encounter in the world—time, society, culture, power, language, disease, death, war, nature, machines, religion, and mythology—one by one through the thread of \"two games.\"</p><p>Cass points out that human society is often easy to stagnate in a finite game that has ended, or to be imprisoned in a finite game without realizing it. War, tyranny, environmental pollution, intolerance of others, and the extreme fear of disease and death are all negative products of limited games.</p><p>Therefore, we all need a shift in our perspective on games, because finite games are confined games that require establishing boundaries and rules, while infinite games are open and require breaking through boundaries and rules.</p><p>Kevin Kelly, author of \"Out of Control,\" even said: \"This book changed my perspective on life, the universe, and everything else.\" The difference between the two games relieved my hesitation about what to do next. It's simple:<b>Always choose unlimited games.</b></p><p>As a religious scholar, he was an atheist because he was fascinated by the \"unknowable existence as a human being,\" which was precisely what he called the infinite game.</p><p>In the last few years of his life, despite suffering from cancer and chemotherapy, his computer was still full of work manuscripts, and he even published his first novel in 2016. Perhaps he believed that death was not an insurmountable boundary, and he was still playing his infinite game.</p><p>The following is excerpted from Chapter 2, \"No One Can Play Games Alone,\" of \"The Finite and Infinite Game.\" I wish you a helpful reading!</p><p>Participants in the Infinite Game strictly distinguish between society and culture in their own political activities. They understand society as the sum of politically constrained relationships, while culture is the interaction between people under non-directional choices.</p><p>If society is the sum total of what people believe must be done, then culture is \"a country of change and freedom, which is not necessarily universal, and where authority has no place to interfere.\"</p><p>We should not confuse the participants in the infinite game with their understanding of society, cost-effective actions, or other unconscious actions. Like limited competition, society is entirely within our free choice:<b>No matter how time-consuming and laborious it is for participants, it never prevents them from withdrawing from the competition. Only in certain areas deemed necessary does society manifest its coerciveness.</b></p><p><img src=\"https://static.tigerbbs.com/80c2dd3214271ea6666ba033b9ce9671\" tg-width=\"399\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p><b>Image: James Cass (1932-2020)</b></p><p>Just as infinite games cannot be confined to finite games, culture cannot be true culture if it is trapped within social boundaries.</p><p>Of course, societies often employ a strategy of initiating or embracing a certain culture as something exclusive to that society. Such a confined culture may even receive great support and encouragement from society, but it is merely a cloak of openness. In fact, without exception, they are all designed to serve social purposes.</p><p>Therefore, society and culture are not truly irreconcilable. In fact, society is a type of culture that insists on working against itself. Society is an effort to organize freely, to hide the freedom of the organizer and the organized, to forget that we have consciously forgotten the original intention of entering this or that competition and continuing to compete.</p><p><b>Society</b></p><p>If we understand society as everything people do under a veil of necessity, then we should also regard it as a limited game, with a certain number of small games within its boundaries.</p><p>Large societies include a large number of various games, although these games are all connected to some extent because they all influence ultimate social status.</p><p>In the sense that schools award degree certificates of varying value to those who receive them, schools are a kind of limited game. These degree certificates qualify graduates to participate in higher-level competitions. For example, after graduation, students from certain prestigious universities or vocational schools have a series of higher-level competitions in each professional field. Many families also see themselves as a competitive unit in a larger, finite game, training family members to win visible social titles.</p><p>Like finite games, society has boundaries of quantity, space, and time. Its citizens are precisely defined, its land is sacred and inviolable, and its history is revered.</p><p>Citizens' power in society is determined by their individual achievements in the games they have participated in. Society preserves the memory of historical victors. Its recording and preservation functions are crucial to social order. The vast bureaucracy arises from the need to recognize the vast number of rights and interests of members of society.</p><p>The power of a society is gained by defeating other societies in a higher level of finite games. Its most cherished memories are those of the martyrs who lost their lives in battles against foreign nations to win victory. The victims of the losing side of the war are almost never commemorated.</p><p><b>Power in society is guaranteed and enhanced by the power of that society itself.</b></p><p>A society can only defend the rewards earned by its members when it maintains collective power in its relationships with other societies. Members of society who wish to make their rewards permanent will strive to maintain the permanence of that social reward.</p><p>Patriotism, in one or more of its forms (chauvinism, racism, sexism, nationalism, and religiosity), becomes an integral part of all social games.</p><p>Because power is inherently patriotic, a typical characteristic of limited game participants is to pursue power growth in society as a way to increase social power itself.</p><p>It is precisely for the benefit of society itself that various forms of competition are encouraged within society, and as many rewards as possible are established, because those rewarded will be most likely to risk their lives to defend society as a whole from being defeated by other competing societies.</p><p><b>Culture</b></p><p><b>Culture is an infinite game.</b>Culture knows no boundaries; in a culture, everyone can be a participant, no matter when or where.</p><p>Because a society carefully maintains the boundaries of time, it understands its past as a kind of destiny, or fate. In other words, its historical trajectory has a clear starting point (the founders of a society are always specially commemorated) and a clear end point (its successful nature is repeatedly reflected in official slogans such as \"Do what you can, distribute according to your work\").</p><p>Because culture has no temporal boundaries, it does not understand its past as destiny, but as history, that is, a narrative that has begun but always points to infinite openness. Culture is a human enterprise, refusing to exempt itself from surprise. Living in such a powerful landscape, they avoided power and joyfully played various games that expanded boundaries.</p><p><b>Society is a display of power.</b>It is scripted, with a predetermined script, and deviations from the script are immediately and obviously noticeable. Deviating from the norm is antisocial and is therefore prohibited by society through various sanctions.</p><p>The reason why traffic violations are prohibited is simple. If members of society do not follow the inherent rules of society, the number of rules will change, and some of them will be abandoned altogether. This will mean that past victors will no longer be guaranteed ceremonial recognition of their titles, thus losing power—like the Russian princes after the Russian Revolution.</p><p>Ensuring that the rules of many games are not tampered with is an important function of society. Processes such as academic review, licensing of trades and professions, conferring religious offices, congressional approval of official appointments, and the inauguration of political leaders are all societal approvals for certain individuals to compete in a specific, limited game.</p><p>However, deviating from the rules is the essence of culture. Anyone who simply follows the script and repeats the past is culturally impoverished.</p><p>The nature of deviations varies, and not all deviations from the past have cultural significance. Cutting ties with the past leads to forgetting about it, and these practices are culturally worthless. It is meaningful to bring new ways of thinking to tradition, to make us feel unfamiliar with things that were once familiar, and to re-examine everything we have.</p><p>Cultural deviation does not take us back to the past, but rather continues what began in the past and has not yet ended. On the other hand, social customs demand that the past be completely repeated in the future. Society is obsessed with immortality, while culture harmonizes with the laughter of unknowable possibilities. Society is abstract, while culture is concrete.</p><p><b>Limited games can be played countless times.</b>Admittedly, the winner of the game always wins in a specific game at a certain time, but the validity of the title they obtain depends on the repetition of the game. We commemorate the great football players of the early days, but if football disappears, we probably won't remember them in less than a decade.</p><p>As we have seen, because an infinite game cannot have an end, it cannot repeat itself. Non-repeatability is a typical feature of all cultures. Mozart's Symphony No. 41 could not be written again, nor could Rembrandt's self-portrait be painted twice. Society preserves these works as the fruits of those who win their respective games.</p><p>However, culture does not regard these works as products of struggle, but as moments in the process of struggle—culture is the struggle itself.</p><p>Culture carries on the legacy of Mozart and Rembrandt, and their legacy of culture is through their own work:<b>An original or adaptive shaping of the traditions they have accepted. Their work is so original that others cannot replicate it, but it calls for original responses from others.</b></p><p>Just as infinite games have their rules, culture has its own traditions. The rules in Infinite Games can be freely reached or changed, and cultural traditions can also be modified and changed in the process of modification.</p><p>To be precise, culture does not possess a tradition; it is a tradition in itself.</p><p>----------------------------------------------------</p><p>Good news for Tiger users: Tiger is currently supporting weekend orders! Pre-listing orders are a value-added service provided by Tiger Bros. that allows users to place orders during non-trading hours. Currently, it supports three order types: stop-loss orders, stop-loss limit orders, and limit orders.</p><p>In other words, users can place orders during market closures, such as weekends and other holidays. The orders will be saved by Tiger's trading system and automatically submitted to the exchange after the market opens.</p><p><a href=\"https://www.laohu8.com/post/131820269\" target=\"_blank\">Click to learn more >>></a></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ccb8c14a6fc1912ba7f4d101042b451e","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175020249","content_text":"2020年9月25日，詹姆斯·卡斯在他位于马塞诸塞州的家中去世，享年87岁。他是宗教学者、历史学家，他曾经是纽约大学的明星老师，所教授的课程场场爆满。更重要的是，他是《有限与无限的游戏》一书的作者。\n这本写于1987年的书，是一本非常神奇的著作，影响了不少人。全书篇幅不长，以101个短章连缀而成的形式构成，用平实的语言讲述了一个哲学的道理。\n他视世界为“游戏”，并认为世上至少有两种游戏。一种可称为有限游戏，另一种称为无限游戏。有限游戏以取胜为目的，而无限游戏以延续游戏为目的。\n他将时间、社会、文化、权力、语言、疾病、死亡、战争、自然、机器、宗教、神话，我们在世上所遭遇的重要主题，都通过“两种游戏”这条线索，逐一思考了一遍。\n卡斯指出，人类社会往往很容易停滞在结束了的有限游戏中，或者被囚禁在有限的游戏中而不自知。像战争、专制、环境污染、对他者的不宽容、对疾病和死亡的极大恐惧等等，都是有限游戏的负面产物。\n因而我们都需要一个游戏观的转换，因为有限游戏是画地为牢的游戏，需要确立边界和规则，而无限游戏则是开放的，需要突破边界和规则。\n《失控》的作者凯文·凯利更是说：这本书改变了我对生活、宇宙和其他一切事情的看法。两种游戏的不同，解除了我对下一步应该做什么的犹豫。很简单：总是选择无限的游戏。\n他作为一个宗教学者，却是一名无神论者，因为他着迷于“不可知的作为人类的存在”，也正是他所说的无限游戏。\n在他生命的最后几年，虽然受到癌症及化疗的痛苦，但他的电脑里依然充满着工作手稿，在2016年还出版了第一本小说，可能他认为死亡并不是一个不可突破的边界，他依然在玩着他的无限游戏。\n以下选自《有限与无限的游戏》第二章《没人能独自玩游戏》，祝开卷有益！\n无限游戏的参与者在他们自己的政治活动中，严格区分社会与文化。他们将社会理解为受政治约束的关系总和，而文化则是在非方向性的选择下，人和人的相互作用。\n如果说，社会是人们认为必须要做之事的总和，那么文化则是“变化与自由的国度，它并不一定普遍适用，权威在这里无从置喙”。\n我们不要把无限游戏的参与者对社会的理解，混淆成本能行动，或者其他非意识行动。和有限的竞争一样，社会也完全是在我们自由选择之中的：不管对参与者来说多费时费力，也从不阻止参与者退出竞赛。仅仅在某些被认为必需的领域，社会才体现它的强制性。\n\n图：詹姆斯·卡斯（1932-2020）\n正如无限游戏不能被限制在有限游戏中，文化如果被困于社会边界里，也必不能成为真正的文化。\n当然，社会经常使用一种策略，即发起或拥抱某种文化，将之作为该社会的独家专属之物。被如此画地为牢的文化，甚至有可能得到社会的极大扶持和鼓励，但它不过是披着开放的外衣而已。实际上，它无一例外都被设计为服务于社会目的。\n因此，社会与文化并不是真正的势不两立。其实，社会是文化的一种类型，它坚持与自身作对。社会是自由组织起来的一种努力，致力于隐藏组织者和被组织者的自由，致力于忘记我们已经有意识地忘记我们进入这个或那个竞赛的初衷并继续竞赛下去。\n社会\n如果将社会理解为人们在必然的面纱下所做的一切，那也应该将它视为某一有限的游戏，在它的边界内，又包含了一定数量的小游戏。\n大的社会包括大量的各种游戏，虽然这些游戏都在某种程度上联系在一起，因为它们都影响到最终的社会身份地位。\n学校向获得学位者颁发含金量不同的学位证书，从这个意义上说，学校是有限游戏的一种。这些学位证书则在更高一级的游戏中，为毕业生提供参赛资格，比如某些名校或某些职业院校的学生毕业之后，在每个职业领域中，又有一系列的更高一级的竞赛等。很多家庭也将自己视为更宏大的有限游戏中的一个竞争单元，训练家族成员赢得可见的社会性头衔。\n像有限游戏一样，社会也是有数量、空间和时间的界限的。它的公民是精确定义的，它的国土是神圣不可侵犯的，它的历史是被顶礼膜拜的。\n公民在社会中的权力，由他们各自在已参加的游戏中所获得的成绩来决定。社会保有对历史上获胜者的记忆。它的记录、保存功能对于社会秩序来说至关重要。社会成员的大量权益需要得到确认，庞大的官僚体制便是发源于这一需要。\n一个社会的权力，是通过在更高一级的有限游戏中击败其他社会获取的。它最值得珍视的记忆，便是在与外邦交战中，为赢得胜利而失去生命的烈士们。战争失败一方的牺牲者几乎从来不被纪念。\n社会中的权力，得到这个社会本身的权力的保证与提高。\n一个社会只有在与其他社会关系中保持整体性的权力时，其社会成员所赢得的奖励才能得到保卫。希望将自己的奖励永久化的社会成员，会努力维持这个社会奖励的永久化。\n爱国主义以它的一种或多种形式（沙文主义、种族主义、性别主义、民族主义和宗教主义），成为所有社会游戏不可分割的部分。\n因为权力在本质上是爱国主义的，所以有限游戏参与者的典型特征，便是将追求社会中的权力增长作为提高社会本身权力的一种方式。\n正是为了社会本身的利益，才鼓励社会中的各种竞争，建立尽可能多数量的奖励，因为被奖励者将是最有可能奋不顾身去保卫作为一个整体的社会不被其他竞争社会打败的。\n文化\n文化则是无限的游戏。文化无边界，在一个文化中，所有人都能成为参与者，无论任何时间任何地点。\n因为一个社会精心保持着时间边界，所以它将自己的过去理解为一种宿命，或天命。也就是说，它的历史轨道有明确的起点（某个社会的创立者总是特别得到纪念），以及明确的终点（它的成功性质重复体现在比如“各尽所能，按劳分配”这样的官方口号中）。\n因为文化没有时间边界，所以文化并不将它的过去理解为宿命，而是视为历史，也即一种已经开始但永远指向无穷开放性的叙事。文化是人类的事业，拒绝使自己免于惊讶。生活在这样有力量的图景中，他们便避开权力，喜悦地做着各种拓展边界的游戏。\n社会是权力的展示。它是剧本性的，拥有既定的剧本，对剧本的偏离，马上会很明显地被看出来。偏离常轨是反社会的，因此被社会通过各种制裁所禁止。\n越轨之所以被禁止，原因很简单。如果社会成员不遵守社会固有规则，那么规则的数量将会变化，其中一些规则会被彻底抛弃，这将意味着过去的获胜者不再能保证获得对自己头衔的仪式性认可，从而失去权力－就像是俄国革命之后的俄国王公。\n保证许多游戏的规则不被窜改，是社会的一项重要功能。像学术评审、贸易和职业的许可、宗教职务授任、国会对官员任命的通过和政治领袖的就职，这些流程都是社会对某些人在特定的有限游戏中进行竞争所做的批准。\n然而，越轨却是文化的本质。谁要是仅仅跟随剧本亦步亦趋，重复过去，那么就是文化上的赤贫者。\n越轨的性质各有不同，不是所有对过去的偏离都具有文化上的意义。切断与过去的联系，导致对过去的遗忘，这些做法在文化上毫无价值。给传统带来新的思维方式，使我们对一度熟悉的事物生出陌生感，对我们所拥有的一切进行再审视，这样做才是有意义的。\n文化偏离不是将我们带回过往，而是将开始于过去并尚未结束的东西继续下去。而另一方面，社会习俗要求在未来完全地重复过往。社会对于不朽这件事情念念不忘，而文化与不可知的各种可能性的欢笑琴瑟和鸣。社会是抽象的，文化是具体的。\n有限的游戏能够反复玩无数次。诚然，游戏的获胜者总是在某一时间的特定游戏中获胜的，但是他们获得的头衔的有效性却有赖于此游戏的重复进行。我们纪念早期的伟大橄榄球队运动员，但若橄榄球消失，不出十年，我们恐怕就记不起他们了。\n正如我们所见的，因为无限的游戏不能有终点，所以它也无法重复。不可重复性是所有文化的典型特征。莫扎特的第四十一号交响曲不可能再创作一次，伦勃朗的自画像也不可能画两次。社会将这些作品保存起来，认为它们是那些在各自游戏中获胜者的战果。\n然而，文化并不将这些作品视作奋斗的产物，而认为是奋斗过程中的瞬间－文化即奋斗本身。\n文化传承着莫扎特和伦勃朗对文化的传承，而二人对文化的传承，是通过自己的工作：对他们所接受的传统进行的原创性或改编性塑造。他们的工作是如此原创，以至于其他人无从复制，但是却呼唤着其他人原创式的回应。\n正如无限的游戏有其规则，文化则有自己的传统。无限游戏中的规则能够自由达成或自由更改，文化传统也会被改造，并在改造中发生变化。\n准确地说，文化并不是拥有一个传统，它本身就是传统。\n----------------------------------------------------\n和虎友们分享一个好消息，老虎当前支持周末下单了！预挂单是老虎为用户提供的一种增值服务，可以支持用户在非交易时间段下单，目前支持止损单、止损限价单、限价单3种订单类型。\n也就是说，用户可以在休市期间，比如周末等节假日进行挂单，订单由老虎的交易系统保存，待开市后自动提交到交易所。\n点击了解详情>>>","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":5532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346415185,"gmtCreate":1618102081247,"gmtModify":1704706581605,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"themes":[],"title":"","htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/346415185","repostId":"1159965822","repostType":4,"isVote":1,"tweetType":1,"viewCount":5062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}