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野生投资家

2021-07-15

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2021-07-15

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Past events of listing of Chinese Internet companies

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2021-07-09

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China Network Information Office: 25 apps such as "Didi Enterprise Edition" were removed from the shelves

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2021-06-29

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Not just printing money: This is enough about modern monetary theory

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2021-06-25

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Dual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong

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2021-06-25

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Dual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong

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2021-05-08

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2021-03-02

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Involving real estate, antitrust, and foreign capital inflow! Understanding the key points of Guo Shuqing's speech in one article

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2021-03-01

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Baidu's 1:80 ratio share split plan will take effect on March 1

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2020-12-22

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Talking about the 120 Hours of SMIC in Crisis

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08:00","market":"hk","language":"zh","title":"Past events of listing of Chinese Internet companies","url":"https://stock-news.laohu8.com/highlight/detail?id=1111811630","media":"吴杨野餐会","summary":"1983年，刘钢从北京大学法学院毕业，被分配到司法部秘书处，负责为部长撰写日常报告。\n一年后，他感觉工作内容枯燥，想申请调职。有人劝告他，秘书身份可能会更容易得到提升。\n1985年，国家推行“第三梯队","content":"<p>In 1983, Gang Liu graduated from Peking University Law School and was assigned to the Ministry of Justice Secretariat, where he was responsible for writing daily reports for the minister.</p><p>A year later, he felt that the job content was boring and wanted to apply for a transfer. He was advised that secretarial status might be easier to promote.</p><p>In 1985, the state carried out the reform of the \"third echelon\" cadres. The Ministry of Justice selected young cadres to train at the grass-roots level, and Liu Gang was included. He voluntarily gave up his position in the grass-roots organ and chose to be a grass-roots lawyer.</p><p>After the training period expired, colleagues returned to the Ministry of Justice to continue their careers, but Liu Gang did not go back. He chose to stay in the law profession.</p><p>At that time, China's lawyer profession was just emerging, and everything was still in the period of ignorance. Liu Gang's main business is debt collection.</p><p>Since then, he has lived the life of \"debt collector migrant worker\": squeezing the hard seat of the train for two days and two nights, sleeping in Datongpu for one dollar a night, running wildly to chase the debtor, and avoiding the thugs and beatings of the debtor...</p><p>The turning point came in 1989. The Department of Justice and the British Bar Association have jointly launched a training programme for lawyers. After applying and passing the examination, Liu Gang was selected to receive internship training at a law firm in London, England.</p><p>He wanted to do the intellectual property that was hot in China at that time. But a senior partner at a British law firm advised him: \"I suggest you know about capital markets.\" Liu asked: \"What is a capital market?\"</p><p><b>\"A country as big as China will have a capital market sooner or later.\"</b>The partner of the British law firm said.</p><p>In 1990, China ushered in its own capital market, and the Shanghai Stock Exchange and Shenzhen Stock Exchange opened successively.</p><p><img src=\"https://static.tigerbbs.com/99e63397642efd52b0b6a3d4dc5643f2\" tg-width=\"640\" tg-height=\"493\" referrerpolicy=\"no-referrer\"></p><p>▲ In the 1990s, investors lined up at the entrance of the Shanghai Stock Exchange</p><p>(Photo | Pan Sophie, China News Service)</p><p>Two years later, China liberalized restrictions on private partnership law firms. Liu Gang and two friends rented an office outside Jianguomen and started their own law firm: Commercial Law Firm.</p><p>In 2000, Liu Gang got a key opportunity in his career. At that time, Sina was shocking the Nasdaq listing. If successful, it would become the first Chinese internet company to go public in the US.</p><p>Sina's listed entity is registered in the Cayman Islands. However, Chinese law restricts foreign investment in the Internet: foreign investment in the Chinese Internet is prohibited, and foreign companies are prohibited from conducting Internet business in China.</p><p>To bypass these investment restrictions, Liu helped Sina design a complex control architecture. He connects foreign investors and Chinese companies through a series of complex legal contracts that enable overseas listed entities to control domestic operating entities through agreements without direct equity relationships.</p><p><b>Liu Gang used a paper VIE structure to open the curtain of overseas listing of Chinese Internet companies.</b></p><p>In April 2000, Sina successfully landed on NASDAQ in the United States. In June and July of the same year, Netease and Sohu successively completed the listing of Nasdaq. Liu Gang participated in the overseas listing of China's three major portals. This is very rare in the lawyer profession.</p><p>Since then, for more than 20 years, almost all Chinese Internet companies have been listed overseas, adopting the VIE structure of \"Sina mode\". As of May 2021, there were a total of 248 companies in China listed in the United States, with a combined market capitalization of up to $2.1 trillion. Among them, the number of Internet-related information technology companies is the largest, accounting for more than one quarter.</p><p><b>However, the VIE structure has also become the fulcrum of the stock market game between China and the United States in the next 20 years.</b></p><p>In Liu Gang's statement, the VIE structure \"enables overseas investment companies to control the operation of domestic companies without direct equity relationship\".</p><p>However, in the statement of the US Congress, the VIE structure \"ensures that economic benefits flow to foreign investors, while keeping operational control of the business in Chinese companies\".</p><p><b>This special structure has become a typical feature of Chinese stocks, and it has also laid the groundwork for controversy and crisis for Chinese Internet companies' overseas listing in 20 years.</b></p><p>The ten-year history of overseas listing after the global financial crisis in 2008 is the key to helping us understand the current situation of Chinese Internet companies. I've divided it into four phases, which are:</p><p><img src=\"https://static.tigerbbs.com/6e5b6f69c3b6db65256d2ee9f3c20b46\" tg-width=\"965\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>01</b></p><p><b>Hunting Chinese Companies</b></p><p><b>The first round of overseas listing and short selling (2010-2013)</b></p><p>On November 1st, 2011, Zhou Hongyi rushed back to the company in the middle of the night, and called a bunch of corresponding supervisors such as website, browser, investor relations, finance, legal affairs and public relations.</p><p>At 9 o'clock that night, Citron Research, a short-selling institution, issued the first short-selling report against Qihoo 360 before the US stock market opened. One hour later, the report was sent to Zhou Hongyi. \"We were surprised when Citron shorted 360,\" he said.</p><p>On the same day, Qihoo 360's stock fell by about 10%.</p><p>Seven months ago, Qihoo 360 landed on the New York Stock Exchange. Along with it, a large number of Chinese companies have landed on the U.S. stock market.</p><p>After the 2008 financial crisis, the US economy has recovered rapidly since 2009, and the international capital market is active. At the same time, Chinese Internet companies are in a period of rapid expansion and are in urgent need of capital.</p><p>A large number of Internet companies rushed to the United States to seek listings.<b>From 2010 to 2012, Internet companies such as Gaode Map, Qihoo 360, Youku and Tudou successfully listed in the United States, starting an overseas boom of Chinese stocks.</b></p><p><img src=\"https://static.tigerbbs.com/53b96a1e444ead872f2cd9531b979af2\" tg-width=\"692\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>▲ Changes in the number of Chinese companies listed in the United States from 1970 to 2020</p><p>Data source: Zero2IPO Research Center</p><p>In 2010, a total of about 50 Chinese stocks landed in the US stock market, and the number of overseas listings of Chinese companies broke through the peak, which also attracted the attention of \"market vultures\" short-selling institutions.</p><p>Muddy Waters fires its first bullet. In 2010, Muddy Waters' founder Carson Block threw out a 30-page short-selling report of Oriental Paper, and Oriental Paper's stock price plummeted, and Muddy Waters became famous in the First War.</p><p>Subsequently, American short-selling institutions represented by Muddy Waters and Citron successively targeted Chinese stocks such as Focus Media, Qihoo 360 and New Oriental. Among them, Internet companies have become the hardest hit areas of hunted Chinese stocks.</p><p>Under this round of hunting by short-selling institutions, more than 40 Chinese enterprises had to suspend trading and delist.<b>China stocks collectively fall into a crisis of trust.</b></p><p><b>VIE is a key target for U.S. institutions to short Chinese companies.</b>\"There is a VIE structure in China's Internet industry. Americans think that you have no legal requirements, and they will always feel unsure,\" Zhou Hongyi said.</p><p>On July 17, 2012, New Oriental was investigated by the U.S. Securities and Exchange Commission (SEC) because of the adjustment of VIE structure. Muddy Waters immediately released a short-selling report of more than 90 pages, pointing out that New Oriental's VIE structure has huge hidden dangers and lacks control.</p><p>Within 48 hours, New Oriental's share price fell by 60%, and its share price hit a five-year low.</p><p>At the same time, the New Oriental incident caused the international market to worry about the VIE structure, and Chinese stocks generally plummeted. Ctrip, Sina, etc. fell by more than 7%, while Dangdang, Qihoo 360, Netease and Sohu fell by more than 4%.</p><p>After the outbreak of the short-selling tide of Chinese stocks, the US regulators made a further strong attack. In December 2012, the SEC initiated administrative proceedings against Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers and the China Division of BDO.</p><p>The SEC asked them to submit the audit papers of nine Chinese stocks listed in the United States, but the Big Five accounting firms refused this request. They were unwilling to violate Chinese laws.</p><p>The move has left Chinese companies listed in the United States in a position without auditors, forcing Chinese companies to delist.</p><p>The delisting tide of Chinese stocks is getting fiercer and fiercer. The number of Chinese companies listed in the United States decreased from more than 240 in 2010 to less than 200 in 2012.</p><p><img src=\"https://static.tigerbbs.com/2c640046a4853c23afbcdbf6ee3d55e5\" tg-width=\"500\" tg-height=\"339\" referrerpolicy=\"no-referrer\"></p><p>▲ 2010-2012 U.S. Listed Chinese Concept Stocks Encountered Short-selling Wave</p><p>Source: Guosheng Securities</p><p>With frequent conflicts, China and the United States have included auditing cross-border law enforcement in the strategic economic dialogue. In 2013, the CSRC and the Ministry of Finance signed a law enforcement cooperation agreement with the Accounting Regulatory Commission for Listed Companies (PCAOB) of the United States to formally carry out cross-border law enforcement cooperation in audit.</p><p><b>However, the issue of data sovereignty and confidentiality remains a difficult contradiction between China and the United States.</b>All kinds of subsequent storms also arose because of this.</p><p><b>02</b></p><p><b>Shadows beneath the feast</b></p><p><b>Ali's Listing and the Storm of Censorship of China Concept Stocks (2014-2017)</b></p><p>In September 2014, Jack Ma entered United Nations Headquarters. One of the purposes of his trip was to meet with UN Secretary-General Ban Ki-moon through the recommendation of Hang Lung Group Chairman Chen Qizong.</p><p>The two of them stood at the entrance of the elevator. When Ban Ki-moon came up, Chen Qizong said this to Ma Yun:</p><p>\"I know that Ali was forced to go public in the United States. Hong Kong has no different rights to the same shares, so you can't help it.<b>But Jack Ma, you have to be careful, Americans have long, long hands. One day he will give you trouble.</b>”</p><p>A week ago, Alibaba was successfully listed on the New York Stock Exchange in the United States on September 19th. The revelry flooded Wall Street.</p><p>That night, on the big black screen of NYSE, the numbers representing Alibaba's opening price kept rolling and climbing-70... 80... 90...</p><p>\"Opening price 92.7!\" a voice shouted.</p><p>Jack Ma looked up and glanced excitedly at the numbers on the screen. He picked up the hammer and swiftly struck a golden bronze bell. The crowd surrounding him immediately cheered, flashing lights.</p><p>After more than 2 hours and 12 rounds of inquiry, Alibaba stock finally opened at 23: 53 that night. The opening price was $92.7, up 36.32% from the issue price of $68. The total amount of financing reached $34.125 billion, setting a record for IPO financing in global history. Alibaba's total market capitalization reached $228.5 billion, exceeding the GDP of more than 100 countries.</p><p><img src=\"https://static.tigerbbs.com/b666ad1064a3f877e706adaec7dfcd17\" tg-width=\"1080\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p><p>▲ Jack Ma of Alibaba's US Listing Site in 2014</p><p><b>A number of American brokerages and international capital shared this capital feast.</b>Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and others are among them.</p><p>When Alibaba landed on the NYSE, SoftBank held 34.4% of the shares, making it the largest shareholder; Yahoo holds 22.6% of the shares, ranking second. According to the opening price of Alibaba's listing alone, the market value of SoftBank and Yahoo's holdings has reached $78.604 billion and $51.641 billion respectively, not counting the part they previously cashed out from Ali.</p><p>2014 is another peak for Chinese Internet companies to go public in the United States. In addition to Ali, JD.COM, Weibo, Tuniu, Zhaopin Recruitment, etc. have also landed on the New York Stock Exchange and Nasdaq in the United States. A total of 12 Internet companies have completed their listing in the United States throughout the year.</p><p>However, the month that Alibaba went public, the U.S. Congressional China Economic and Security Review Committee (UCESRC) issued a document entitled<b>Risks of Chinese Internet Companies on the U.S. Stock Exchange</b>The investigation report of.</p><p>The report uses 17 pages to point out the risks of listing of Chinese Internet companies, pointing out that the VIE structure is untrustworthy. \"Many U.S. legal experts believe that the VIE structure is technically illegal under Chinese law and advise U.S. investors against such investments,\" the UCESRC declared.</p><p>On the night of Double Eleven in the same year, Jack Ma accepted a 20-minute media interview at Ali's headquarters in Hangzhou. When he talked about Alipay's listing, he directly stated his position:<b>\"For various reasons, Alibaba has no way to be listed on A shares, so we hope that Alipay can be listed on China's A shares in the future.\"</b></p><p>Obviously, Jack Ma understood Chen Qizong's words. To further understand this statement, we still need to pull the timeline back to the Alipay split event three years ago.</p><p>In the first quarter of 2011, the People's Bank of China required payment companies applying for payment licenses to make a declaration on the percentage of foreign ownership. In May, Jack Ma changed the ownership of Alipay and terminated Alibaba Group's control agreement over Zhejiang's Alibaba. Zhejiang Alibaba is the wholly-owned holding company of Alipay. Which means,<b>Alipay has changed from a foreign-controlled company to a purely domestic company.</b></p><p><img src=\"https://static.tigerbbs.com/86b9f8383885bec01116a82dcc7cc0da\" tg-width=\"449\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p>▲ Alipay Spin-off Equity Change</p><p>However, this round of equity change in Jack Ma has not reached an agreement with the board of directors before. After the boat was done, Jack Ma paid corresponding compensation to Yahoo and SoftBank, the two major shareholders.</p><p>On July 29th, 2011, Alibaba Group, Yahoo and SoftBank formally signed an agreement on the equity transfer of Alipay. Alipay Holdings promised to give Alibaba Group a one-time cash return when it went public. The return is 37.5% of the total market value of Alipay's IPO price at the time of listing, which is not less than US$2 billion and not more than US$6 billion.</p><p>For this reason, Jack Ma bears the stigma of \"dishonesty\" and \"cracking down on foreign investors' confidence in VIE of Chinese stocks\". He rarely took the initiative to accept a large-scale exclusive interview with domestic media, and came forward to explain that everything was to obtain a payment license for Alipay compliance.</p><p>\"I said, brother, if you start a small joint venture, it doesn't matter.<b>You are engaged in Alipay, which is finance, and it is more and more touching sensitive areas. Finance is data, and something will go wrong.</b>Jerry Yang didn't believe it, but then they did. \" Jack Ma said in an exclusive interview with Esquire.</p><p>But at the time, most people thought that Jack Ma was using the government as a shield, and mostly mocked it. Jack Ma quit Weibo in anger.</p><p>Before withdrawing, Jack Ma sent out one last tweet. No text, just punctuation:<b>Question marks, exclamation marks, and a string of ellipses</b>。</p><p>Three years after the spin-off of Alipay, Ant Financial was established in 2014 to enter inclusive finance from the payment field.</p><p>Six years later, just before Ant went public, Jack Ma gave that famous speech at the Bund Financial Summit at the end of October 2020. On November 3rd, Shanghai Stock Exchange and Hong Kong Stock Exchange successively issued emergency notices to suspend the listing of Ant Financial Science and Technology Innovation Board and H shares.</p><p>At this moment, everyone suddenly realized.<b>Nine years ago, Jack Ma did not overestimate the Chinese government's resolve.</b></p><p><b>03</b></p><p><b>Torrent into the sea</b></p><p><b>New Economic Reform of A Shares and H Shares (2018-2019)</b></p><p>During the two sessions in 2018, Liu Shiyu, then chairman of China Securities Regulatory Commission, said when talking about the overseas listing of China's new economy companies that due to the specific institutional environment and market capacity at that time, some new economy enterprises in China chose to list overseas, which was a good thing. But it is also a pity that the country has not enjoyed the fruits of their growth.</p><p><b>\"In a new era, this regret can't happen again.\"</b>Liu Shiyu said.</p><p>\"If you stand on the wind, even pigs will fly.\" Lei Jun, who said this sentence, once again pushed Xiaomi into the forefront of the times.<b>He wants Xiaomi to become the first Internet company to list A shares in the mainland and H shares in Hong Kong simultaneously.</b></p><p>On May 3, 2018, Lei Jun held two Xiaomi mobile phones and personally flew to Hong Kong to visit Li Ka-shing, the richest man in Hong Kong. On the same day, Xiaomi submitted its listing prospectus to HKEx. Li Ka-shing loves to confirm Huo Jianning to the media that Li Ka-shing spent HK$230 million to subscribe for Xiaomi shares. In addition to Li Ka-shing, two domestic Internet giants, Jack Ma and Ma Huateng, also subscribed for Xiaomi shares.</p><p><img src=\"https://static.tigerbbs.com/c1dfd540577403bd287f47c1209b66c3\" tg-width=\"460\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p>▲ Lei Jun Meets with Li Ka-shing</p><p>In the mainland, Xiaomi has set a 12-day \"lightning\" record. On June 7th of the same year, Xiaomi applied to China Securities Regulatory Commission to issue CDR (depositary receipt) for listing, which was accepted on the same day. On the 14th, Xiaomi updated its prospectus, and received feedback from the CSRC that night, which is scheduled to be reviewed on the 19th.</p><p>At that time,<b>China Securities Regulatory Commission and Hong Kong Stock Exchange are scrambling to promote the listing reform of the new economy.</b></p><p>In December 2017, HKEx issued the Market Consultation Summary of the Framework Consultation Document on the Proposed Establishment of Innovation Board, announcing the acceptance of new economy companies with different voting rights structures to list in Hong Kong.</p><p>Three months later, the General Office of the State Council forwarded the \"Several Opinions on Carrying out the Pilot Program of Domestic Issuance of Shares or Depositary Receipts by Innovative Enterprises\" issued by the CSRC, allowing new economy enterprises listed overseas to issue CDRs (Depositary Receipts) in the mainland A-share market, and promoting new economy enterprises including the Internet to return to A-share listing.</p><p>However, Xiaomi was suddenly stopped listing in CDR in the mainland. On June 14, 2018, the CSRC issued 84 questions against Xiaomi. Five days later, Xiaomi announced that it would postpone the meeting of the Issuance Examination Committee to review the company's CDR issuance application. After listing in Hong Kong first, choose the opportunity to list in China by issuing CDRs.</p><p>The Hong Kong listing was also full of twists and turns. On July 9th of that year, Xiaomi completed its listing on the Hong Kong Stock Exchange. On the day of listing, Xiaomi shares were included in the composite constituent stocks of Hang Seng Index, and according to normal circumstances, they will enter Hong Kong Stock Connect, allowing mainland Chinese investors to directly buy Xiaomi shares.</p><p>Unexpectedly, the Shanghai and Shenzhen Stock Exchanges suddenly issued a notice on July 14th, temporarily refusing companies with different rights, foreign company stocks and stapled securities to be included in the scope of Hong Kong Stock Connect on the grounds that \"mainland investors are unfamiliar\". Xiaomi was turned away.</p><p>Two days later, Li Xiaojia, CEO of Hong Kong Stock Exchange, flew from Hong Kong to Beijing in an emergency to meet and negotiate with the relevant person in charge of China Securities Regulatory Commission. \"We have been communicating with the mainland Securities Regulatory Commission for weeks and months. It is best to package it all this time and move forward according to the normal procedures of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. However, mainland exchanges may have some different opinions.\" Li Xiaojia said.</p><p><b>This dispute is related to the future direction of listing of Chinese Internet companies. Can the door open to a new era?</b></p><p>For a long time, Chinese Internet companies have only had one option to list in the United States, because mainland A shares and Hong Kong H shares did not accept the same share structure with different rights in the past. Even if the HKEx is determined to reform, poor liquidity will still become a key constraint for Internet companies to go public in Hong Kong.</p><p>Only when Hong Kong Stock Connect accepts new economy companies and huge amounts of money from mainland China can go south, can the door of the Eastern World truly open to Internet companies.</p><p><b>The storm is temporary, and the direction is certain.</b></p><p>In 2018, HKEx regained the first place in the global exchange IPO ranking, and the annual IPO fund-raising amount reached HK$277.85 billion, a new high since 2010.</p><p>A total of 28 new economy companies and biotechnology companies were listed in Hong Kong throughout the year. Among them, Xiaomi and Meituan ranked the second and third largest companies in Hong Kong with HK$42.61 billion and HK$33.14 billion, respectively.</p><p>In October 2019, Shanghai Stock Exchange and Shenzhen Stock Exchange announced that Xiaomi and Meituan were included in Hong Kong Stock Connect.</p><p>Taking advantage of this momentum, Chinese Internet companies, including Ali, Netease and JD.COM, have returned from overseas and rushed to go to Hong Kong for secondary listing. By 2021, the Hong Kong market has gathered eight Internet giants: Tencent, Ali, Meituan, Aauto Quicker, JD.COM, Xiaomi, Baidu and Netease.</p><p><img src=\"https://static.tigerbbs.com/dd1e5900f6cb5582296cd123573d40b6\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p>Source: HKEX</p><p>At the same stage, the listing of Chinese Internet companies in the United States ushered in the third peak. In 2018 and 2019, 38 and 32 Chinese companies went public in the United States respectively, most of which were mainly Internet new economy enterprises, including iQiyi, Douyu, Netease Youdao and so on.</p><p>In October 2019, China and the United States reached a consensus on the acquisition of audit work papers of listed companies in the United States audited by Hong Kong accounting firms and deposited in Mainland China. In response to a reporter's question, the CSRC said that the two sides \"maintain a smooth cooperative relationship\".</p><p>Everything seemed thriving.</p><p>People didn't expect that just a year later,<b>New crises, like volcanic lava, have accumulated for a long time and gushed out</b>。</p><p><b>04</b></p><p><b>New Crisis Age</b></p><p><b>The Dilemma and Future of Didi, Byte and Pinduoduo (2020-Today)</b></p><p>July 1st, the 100th anniversary of the founding of the Party. In the early morning of the same day, Didi went public in the United States and raised $4.4 billion.</p><p>This is the largest IPO of a Chinese company in the United States since 2014. There are no bell-ringing photos, no announcement on official website, few media reports, and employees don't post friends.</p><p>On July 2nd, China's Cyber Security Review Office issued an announcement stating that in order to prevent national data security risks, safeguard national security and protect public interests, Didi Chuxing will be reviewed for cyber security in accordance with the National Security Law and Cyber Security Law. During the review period, \"Didi Chuxing\" stopped new user registration. Didi's listing only appeared on Weibo hot search and media headlines.</p><p>On July 9th, all 25 apps of Didi Company were removed from the shelves.</p><p>Ray Dalio, founder of Bridgewater, the world's largest hedge fund, once published a 20,000-word article entitled \"The Changing World Order\" on his LinkedIn homepage. He pointed out that the \"Populism Index\", a measure of global conflict, has now reached an all-time high.</p><p>\"We are heading into an abyss of polarization and populism,\" Dalio warned,<b>The polarization between rich and poor, political polarization and ultra-nationalism we face today are very similar to those of World War II.</b></p><p><img src=\"https://static.tigerbbs.com/82a4ead3b25817350b19c65a0fb2c2ba\" tg-width=\"864\" tg-height=\"311\" referrerpolicy=\"no-referrer\"></p><p>▲ The polarization between the rich and the poor leads to extreme nationalism, which is similar to that of World War II</p><p>Source: Bridgewater</p><p>On March 25, 2021, the Securities and Exchange Commission (SEC) issued an announcement passing a final amendment to the Foreign Company Accountability Act (HFCAA). The bill provides that,<b>Foreign issuers who fail to meet the U.S. Public Company Accounting Oversight Board (PCAOB) requirements for inspection of accounting firms for three consecutive years will be delisted.</b></p><p>Chinese Foreign Ministry spokeswoman Hua Chunying responded at a press conference: \"HFCAA is completely an unreasonable political suppression of Chinese listed companies in the United States, seriously distorting the basic norms of market economy that the United States has always advertised, and also depriving American investors and the American public of the opportunity to share the development dividends of Chinese enterprises.\"</p><p>According to the official data of PCAOB in the United States, as of April 2020,<b>Among the foreign listed companies that do not accept PCAOB inspection audit papers, companies in mainland China and Hong Kong account for nearly 90%.</b></p><p>Didi successfully threw itself into the eye of the typhoon in the storm of the Sino-US stock market game with its silent listing.</p><p>On July 7th, WeChat official account, a subsidiary of People's Daily, published two reports commenting on the Didi incident: \"Didi is far from the level of employment to make the government. If Didi dies later, the driver changes a platform to take orders, and we change a platform to take a taxi, and our life will not be affected in any way.\"</p><p>On July 8, U.S. Democratic Senator Chris Van Hollen called on the SEC to thoroughly investigate Didi's listing.</p><p><b>The Internet is in an eventful time. Some things look together and become intriguing.</b></p><p>Before the Didi incident, in March this year, Huang Zheng stepped down as CEO of Pinduoduo; In May, Zhang Yiming stepped down as CEO of ByteDance.</p><p>Previously, many people regarded this as the result of Internet antitrust. But they missed a key thread:</p><p><b>Didi and Pinduoduo are both listed in the United States. As for ByteDance, Trump's ban on Tiktok says it all.</b></p><p><b>Tencent and Meituan, Ma Huateng and Wang Xing, which are listed in Hong Kong, have been seated as CEOs.</b></p><p>All the recent Internet shocks around us are sending a signal to us:</p><p><b>In the Sino-US stock market game, in the past, the United States actively attacked and China passively defended will become history. The determination and actions of China's regulation have already begun to appear.</b></p><p>Some Internet companies are still stuck in the inertial thinking of the previous 20 years; Some Internet companies have sailed to new ports.</p><p><b>They were destined for very different destinies.</b></p><p><img src=\"https://static.tigerbbs.com/a76220741e2982f75e2d7176ce362e38\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1626307243676","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>Past events of listing of Chinese Internet companies</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\">\nPast events of listing of Chinese Internet companies\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">吴杨野餐会</strong><span class=\"h-time small\">2021-07-15 08:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In 1983, Gang Liu graduated from Peking University Law School and was assigned to the Ministry of Justice Secretariat, where he was responsible for writing daily reports for the minister.</p><p>A year later, he felt that the job content was boring and wanted to apply for a transfer. He was advised that secretarial status might be easier to promote.</p><p>In 1985, the state carried out the reform of the \"third echelon\" cadres. The Ministry of Justice selected young cadres to train at the grass-roots level, and Liu Gang was included. He voluntarily gave up his position in the grass-roots organ and chose to be a grass-roots lawyer.</p><p>After the training period expired, colleagues returned to the Ministry of Justice to continue their careers, but Liu Gang did not go back. He chose to stay in the law profession.</p><p>At that time, China's lawyer profession was just emerging, and everything was still in the period of ignorance. Liu Gang's main business is debt collection.</p><p>Since then, he has lived the life of \"debt collector migrant worker\": squeezing the hard seat of the train for two days and two nights, sleeping in Datongpu for one dollar a night, running wildly to chase the debtor, and avoiding the thugs and beatings of the debtor...</p><p>The turning point came in 1989. The Department of Justice and the British Bar Association have jointly launched a training programme for lawyers. After applying and passing the examination, Liu Gang was selected to receive internship training at a law firm in London, England.</p><p>He wanted to do the intellectual property that was hot in China at that time. But a senior partner at a British law firm advised him: \"I suggest you know about capital markets.\" Liu asked: \"What is a capital market?\"</p><p><b>\"A country as big as China will have a capital market sooner or later.\"</b>The partner of the British law firm said.</p><p>In 1990, China ushered in its own capital market, and the Shanghai Stock Exchange and Shenzhen Stock Exchange opened successively.</p><p><img src=\"https://static.tigerbbs.com/99e63397642efd52b0b6a3d4dc5643f2\" tg-width=\"640\" tg-height=\"493\" referrerpolicy=\"no-referrer\"></p><p>▲ In the 1990s, investors lined up at the entrance of the Shanghai Stock Exchange</p><p>(Photo | Pan Sophie, China News Service)</p><p>Two years later, China liberalized restrictions on private partnership law firms. Liu Gang and two friends rented an office outside Jianguomen and started their own law firm: Commercial Law Firm.</p><p>In 2000, Liu Gang got a key opportunity in his career. At that time, Sina was shocking the Nasdaq listing. If successful, it would become the first Chinese internet company to go public in the US.</p><p>Sina's listed entity is registered in the Cayman Islands. However, Chinese law restricts foreign investment in the Internet: foreign investment in the Chinese Internet is prohibited, and foreign companies are prohibited from conducting Internet business in China.</p><p>To bypass these investment restrictions, Liu helped Sina design a complex control architecture. He connects foreign investors and Chinese companies through a series of complex legal contracts that enable overseas listed entities to control domestic operating entities through agreements without direct equity relationships.</p><p><b>Liu Gang used a paper VIE structure to open the curtain of overseas listing of Chinese Internet companies.</b></p><p>In April 2000, Sina successfully landed on NASDAQ in the United States. In June and July of the same year, Netease and Sohu successively completed the listing of Nasdaq. Liu Gang participated in the overseas listing of China's three major portals. This is very rare in the lawyer profession.</p><p>Since then, for more than 20 years, almost all Chinese Internet companies have been listed overseas, adopting the VIE structure of \"Sina mode\". As of May 2021, there were a total of 248 companies in China listed in the United States, with a combined market capitalization of up to $2.1 trillion. Among them, the number of Internet-related information technology companies is the largest, accounting for more than one quarter.</p><p><b>However, the VIE structure has also become the fulcrum of the stock market game between China and the United States in the next 20 years.</b></p><p>In Liu Gang's statement, the VIE structure \"enables overseas investment companies to control the operation of domestic companies without direct equity relationship\".</p><p>However, in the statement of the US Congress, the VIE structure \"ensures that economic benefits flow to foreign investors, while keeping operational control of the business in Chinese companies\".</p><p><b>This special structure has become a typical feature of Chinese stocks, and it has also laid the groundwork for controversy and crisis for Chinese Internet companies' overseas listing in 20 years.</b></p><p>The ten-year history of overseas listing after the global financial crisis in 2008 is the key to helping us understand the current situation of Chinese Internet companies. I've divided it into four phases, which are:</p><p><img src=\"https://static.tigerbbs.com/6e5b6f69c3b6db65256d2ee9f3c20b46\" tg-width=\"965\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>01</b></p><p><b>Hunting Chinese Companies</b></p><p><b>The first round of overseas listing and short selling (2010-2013)</b></p><p>On November 1st, 2011, Zhou Hongyi rushed back to the company in the middle of the night, and called a bunch of corresponding supervisors such as website, browser, investor relations, finance, legal affairs and public relations.</p><p>At 9 o'clock that night, Citron Research, a short-selling institution, issued the first short-selling report against Qihoo 360 before the US stock market opened. One hour later, the report was sent to Zhou Hongyi. \"We were surprised when Citron shorted 360,\" he said.</p><p>On the same day, Qihoo 360's stock fell by about 10%.</p><p>Seven months ago, Qihoo 360 landed on the New York Stock Exchange. Along with it, a large number of Chinese companies have landed on the U.S. stock market.</p><p>After the 2008 financial crisis, the US economy has recovered rapidly since 2009, and the international capital market is active. At the same time, Chinese Internet companies are in a period of rapid expansion and are in urgent need of capital.</p><p>A large number of Internet companies rushed to the United States to seek listings.<b>From 2010 to 2012, Internet companies such as Gaode Map, Qihoo 360, Youku and Tudou successfully listed in the United States, starting an overseas boom of Chinese stocks.</b></p><p><img src=\"https://static.tigerbbs.com/53b96a1e444ead872f2cd9531b979af2\" tg-width=\"692\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>▲ Changes in the number of Chinese companies listed in the United States from 1970 to 2020</p><p>Data source: Zero2IPO Research Center</p><p>In 2010, a total of about 50 Chinese stocks landed in the US stock market, and the number of overseas listings of Chinese companies broke through the peak, which also attracted the attention of \"market vultures\" short-selling institutions.</p><p>Muddy Waters fires its first bullet. In 2010, Muddy Waters' founder Carson Block threw out a 30-page short-selling report of Oriental Paper, and Oriental Paper's stock price plummeted, and Muddy Waters became famous in the First War.</p><p>Subsequently, American short-selling institutions represented by Muddy Waters and Citron successively targeted Chinese stocks such as Focus Media, Qihoo 360 and New Oriental. Among them, Internet companies have become the hardest hit areas of hunted Chinese stocks.</p><p>Under this round of hunting by short-selling institutions, more than 40 Chinese enterprises had to suspend trading and delist.<b>China stocks collectively fall into a crisis of trust.</b></p><p><b>VIE is a key target for U.S. institutions to short Chinese companies.</b>\"There is a VIE structure in China's Internet industry. Americans think that you have no legal requirements, and they will always feel unsure,\" Zhou Hongyi said.</p><p>On July 17, 2012, New Oriental was investigated by the U.S. Securities and Exchange Commission (SEC) because of the adjustment of VIE structure. Muddy Waters immediately released a short-selling report of more than 90 pages, pointing out that New Oriental's VIE structure has huge hidden dangers and lacks control.</p><p>Within 48 hours, New Oriental's share price fell by 60%, and its share price hit a five-year low.</p><p>At the same time, the New Oriental incident caused the international market to worry about the VIE structure, and Chinese stocks generally plummeted. Ctrip, Sina, etc. fell by more than 7%, while Dangdang, Qihoo 360, Netease and Sohu fell by more than 4%.</p><p>After the outbreak of the short-selling tide of Chinese stocks, the US regulators made a further strong attack. In December 2012, the SEC initiated administrative proceedings against Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers and the China Division of BDO.</p><p>The SEC asked them to submit the audit papers of nine Chinese stocks listed in the United States, but the Big Five accounting firms refused this request. They were unwilling to violate Chinese laws.</p><p>The move has left Chinese companies listed in the United States in a position without auditors, forcing Chinese companies to delist.</p><p>The delisting tide of Chinese stocks is getting fiercer and fiercer. The number of Chinese companies listed in the United States decreased from more than 240 in 2010 to less than 200 in 2012.</p><p><img src=\"https://static.tigerbbs.com/2c640046a4853c23afbcdbf6ee3d55e5\" tg-width=\"500\" tg-height=\"339\" referrerpolicy=\"no-referrer\"></p><p>▲ 2010-2012 U.S. Listed Chinese Concept Stocks Encountered Short-selling Wave</p><p>Source: Guosheng Securities</p><p>With frequent conflicts, China and the United States have included auditing cross-border law enforcement in the strategic economic dialogue. In 2013, the CSRC and the Ministry of Finance signed a law enforcement cooperation agreement with the Accounting Regulatory Commission for Listed Companies (PCAOB) of the United States to formally carry out cross-border law enforcement cooperation in audit.</p><p><b>However, the issue of data sovereignty and confidentiality remains a difficult contradiction between China and the United States.</b>All kinds of subsequent storms also arose because of this.</p><p><b>02</b></p><p><b>Shadows beneath the feast</b></p><p><b>Ali's Listing and the Storm of Censorship of China Concept Stocks (2014-2017)</b></p><p>In September 2014, Jack Ma entered United Nations Headquarters. One of the purposes of his trip was to meet with UN Secretary-General Ban Ki-moon through the recommendation of Hang Lung Group Chairman Chen Qizong.</p><p>The two of them stood at the entrance of the elevator. When Ban Ki-moon came up, Chen Qizong said this to Ma Yun:</p><p>\"I know that Ali was forced to go public in the United States. Hong Kong has no different rights to the same shares, so you can't help it.<b>But Jack Ma, you have to be careful, Americans have long, long hands. One day he will give you trouble.</b>”</p><p>A week ago, Alibaba was successfully listed on the New York Stock Exchange in the United States on September 19th. The revelry flooded Wall Street.</p><p>That night, on the big black screen of NYSE, the numbers representing Alibaba's opening price kept rolling and climbing-70... 80... 90...</p><p>\"Opening price 92.7!\" a voice shouted.</p><p>Jack Ma looked up and glanced excitedly at the numbers on the screen. He picked up the hammer and swiftly struck a golden bronze bell. The crowd surrounding him immediately cheered, flashing lights.</p><p>After more than 2 hours and 12 rounds of inquiry, Alibaba stock finally opened at 23: 53 that night. The opening price was $92.7, up 36.32% from the issue price of $68. The total amount of financing reached $34.125 billion, setting a record for IPO financing in global history. Alibaba's total market capitalization reached $228.5 billion, exceeding the GDP of more than 100 countries.</p><p><img src=\"https://static.tigerbbs.com/b666ad1064a3f877e706adaec7dfcd17\" tg-width=\"1080\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p><p>▲ Jack Ma of Alibaba's US Listing Site in 2014</p><p><b>A number of American brokerages and international capital shared this capital feast.</b>Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and others are among them.</p><p>When Alibaba landed on the NYSE, SoftBank held 34.4% of the shares, making it the largest shareholder; Yahoo holds 22.6% of the shares, ranking second. According to the opening price of Alibaba's listing alone, the market value of SoftBank and Yahoo's holdings has reached $78.604 billion and $51.641 billion respectively, not counting the part they previously cashed out from Ali.</p><p>2014 is another peak for Chinese Internet companies to go public in the United States. In addition to Ali, JD.COM, Weibo, Tuniu, Zhaopin Recruitment, etc. have also landed on the New York Stock Exchange and Nasdaq in the United States. A total of 12 Internet companies have completed their listing in the United States throughout the year.</p><p>However, the month that Alibaba went public, the U.S. Congressional China Economic and Security Review Committee (UCESRC) issued a document entitled<b>Risks of Chinese Internet Companies on the U.S. Stock Exchange</b>The investigation report of.</p><p>The report uses 17 pages to point out the risks of listing of Chinese Internet companies, pointing out that the VIE structure is untrustworthy. \"Many U.S. legal experts believe that the VIE structure is technically illegal under Chinese law and advise U.S. investors against such investments,\" the UCESRC declared.</p><p>On the night of Double Eleven in the same year, Jack Ma accepted a 20-minute media interview at Ali's headquarters in Hangzhou. When he talked about Alipay's listing, he directly stated his position:<b>\"For various reasons, Alibaba has no way to be listed on A shares, so we hope that Alipay can be listed on China's A shares in the future.\"</b></p><p>Obviously, Jack Ma understood Chen Qizong's words. To further understand this statement, we still need to pull the timeline back to the Alipay split event three years ago.</p><p>In the first quarter of 2011, the People's Bank of China required payment companies applying for payment licenses to make a declaration on the percentage of foreign ownership. In May, Jack Ma changed the ownership of Alipay and terminated Alibaba Group's control agreement over Zhejiang's Alibaba. Zhejiang Alibaba is the wholly-owned holding company of Alipay. Which means,<b>Alipay has changed from a foreign-controlled company to a purely domestic company.</b></p><p><img src=\"https://static.tigerbbs.com/86b9f8383885bec01116a82dcc7cc0da\" tg-width=\"449\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p>▲ Alipay Spin-off Equity Change</p><p>However, this round of equity change in Jack Ma has not reached an agreement with the board of directors before. After the boat was done, Jack Ma paid corresponding compensation to Yahoo and SoftBank, the two major shareholders.</p><p>On July 29th, 2011, Alibaba Group, Yahoo and SoftBank formally signed an agreement on the equity transfer of Alipay. Alipay Holdings promised to give Alibaba Group a one-time cash return when it went public. The return is 37.5% of the total market value of Alipay's IPO price at the time of listing, which is not less than US$2 billion and not more than US$6 billion.</p><p>For this reason, Jack Ma bears the stigma of \"dishonesty\" and \"cracking down on foreign investors' confidence in VIE of Chinese stocks\". He rarely took the initiative to accept a large-scale exclusive interview with domestic media, and came forward to explain that everything was to obtain a payment license for Alipay compliance.</p><p>\"I said, brother, if you start a small joint venture, it doesn't matter.<b>You are engaged in Alipay, which is finance, and it is more and more touching sensitive areas. Finance is data, and something will go wrong.</b>Jerry Yang didn't believe it, but then they did. \" Jack Ma said in an exclusive interview with Esquire.</p><p>But at the time, most people thought that Jack Ma was using the government as a shield, and mostly mocked it. Jack Ma quit Weibo in anger.</p><p>Before withdrawing, Jack Ma sent out one last tweet. No text, just punctuation:<b>Question marks, exclamation marks, and a string of ellipses</b>。</p><p>Three years after the spin-off of Alipay, Ant Financial was established in 2014 to enter inclusive finance from the payment field.</p><p>Six years later, just before Ant went public, Jack Ma gave that famous speech at the Bund Financial Summit at the end of October 2020. On November 3rd, Shanghai Stock Exchange and Hong Kong Stock Exchange successively issued emergency notices to suspend the listing of Ant Financial Science and Technology Innovation Board and H shares.</p><p>At this moment, everyone suddenly realized.<b>Nine years ago, Jack Ma did not overestimate the Chinese government's resolve.</b></p><p><b>03</b></p><p><b>Torrent into the sea</b></p><p><b>New Economic Reform of A Shares and H Shares (2018-2019)</b></p><p>During the two sessions in 2018, Liu Shiyu, then chairman of China Securities Regulatory Commission, said when talking about the overseas listing of China's new economy companies that due to the specific institutional environment and market capacity at that time, some new economy enterprises in China chose to list overseas, which was a good thing. But it is also a pity that the country has not enjoyed the fruits of their growth.</p><p><b>\"In a new era, this regret can't happen again.\"</b>Liu Shiyu said.</p><p>\"If you stand on the wind, even pigs will fly.\" Lei Jun, who said this sentence, once again pushed Xiaomi into the forefront of the times.<b>He wants Xiaomi to become the first Internet company to list A shares in the mainland and H shares in Hong Kong simultaneously.</b></p><p>On May 3, 2018, Lei Jun held two Xiaomi mobile phones and personally flew to Hong Kong to visit Li Ka-shing, the richest man in Hong Kong. On the same day, Xiaomi submitted its listing prospectus to HKEx. Li Ka-shing loves to confirm Huo Jianning to the media that Li Ka-shing spent HK$230 million to subscribe for Xiaomi shares. In addition to Li Ka-shing, two domestic Internet giants, Jack Ma and Ma Huateng, also subscribed for Xiaomi shares.</p><p><img src=\"https://static.tigerbbs.com/c1dfd540577403bd287f47c1209b66c3\" tg-width=\"460\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p>▲ Lei Jun Meets with Li Ka-shing</p><p>In the mainland, Xiaomi has set a 12-day \"lightning\" record. On June 7th of the same year, Xiaomi applied to China Securities Regulatory Commission to issue CDR (depositary receipt) for listing, which was accepted on the same day. On the 14th, Xiaomi updated its prospectus, and received feedback from the CSRC that night, which is scheduled to be reviewed on the 19th.</p><p>At that time,<b>China Securities Regulatory Commission and Hong Kong Stock Exchange are scrambling to promote the listing reform of the new economy.</b></p><p>In December 2017, HKEx issued the Market Consultation Summary of the Framework Consultation Document on the Proposed Establishment of Innovation Board, announcing the acceptance of new economy companies with different voting rights structures to list in Hong Kong.</p><p>Three months later, the General Office of the State Council forwarded the \"Several Opinions on Carrying out the Pilot Program of Domestic Issuance of Shares or Depositary Receipts by Innovative Enterprises\" issued by the CSRC, allowing new economy enterprises listed overseas to issue CDRs (Depositary Receipts) in the mainland A-share market, and promoting new economy enterprises including the Internet to return to A-share listing.</p><p>However, Xiaomi was suddenly stopped listing in CDR in the mainland. On June 14, 2018, the CSRC issued 84 questions against Xiaomi. Five days later, Xiaomi announced that it would postpone the meeting of the Issuance Examination Committee to review the company's CDR issuance application. After listing in Hong Kong first, choose the opportunity to list in China by issuing CDRs.</p><p>The Hong Kong listing was also full of twists and turns. On July 9th of that year, Xiaomi completed its listing on the Hong Kong Stock Exchange. On the day of listing, Xiaomi shares were included in the composite constituent stocks of Hang Seng Index, and according to normal circumstances, they will enter Hong Kong Stock Connect, allowing mainland Chinese investors to directly buy Xiaomi shares.</p><p>Unexpectedly, the Shanghai and Shenzhen Stock Exchanges suddenly issued a notice on July 14th, temporarily refusing companies with different rights, foreign company stocks and stapled securities to be included in the scope of Hong Kong Stock Connect on the grounds that \"mainland investors are unfamiliar\". Xiaomi was turned away.</p><p>Two days later, Li Xiaojia, CEO of Hong Kong Stock Exchange, flew from Hong Kong to Beijing in an emergency to meet and negotiate with the relevant person in charge of China Securities Regulatory Commission. \"We have been communicating with the mainland Securities Regulatory Commission for weeks and months. It is best to package it all this time and move forward according to the normal procedures of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. However, mainland exchanges may have some different opinions.\" Li Xiaojia said.</p><p><b>This dispute is related to the future direction of listing of Chinese Internet companies. Can the door open to a new era?</b></p><p>For a long time, Chinese Internet companies have only had one option to list in the United States, because mainland A shares and Hong Kong H shares did not accept the same share structure with different rights in the past. Even if the HKEx is determined to reform, poor liquidity will still become a key constraint for Internet companies to go public in Hong Kong.</p><p>Only when Hong Kong Stock Connect accepts new economy companies and huge amounts of money from mainland China can go south, can the door of the Eastern World truly open to Internet companies.</p><p><b>The storm is temporary, and the direction is certain.</b></p><p>In 2018, HKEx regained the first place in the global exchange IPO ranking, and the annual IPO fund-raising amount reached HK$277.85 billion, a new high since 2010.</p><p>A total of 28 new economy companies and biotechnology companies were listed in Hong Kong throughout the year. Among them, Xiaomi and Meituan ranked the second and third largest companies in Hong Kong with HK$42.61 billion and HK$33.14 billion, respectively.</p><p>In October 2019, Shanghai Stock Exchange and Shenzhen Stock Exchange announced that Xiaomi and Meituan were included in Hong Kong Stock Connect.</p><p>Taking advantage of this momentum, Chinese Internet companies, including Ali, Netease and JD.COM, have returned from overseas and rushed to go to Hong Kong for secondary listing. By 2021, the Hong Kong market has gathered eight Internet giants: Tencent, Ali, Meituan, Aauto Quicker, JD.COM, Xiaomi, Baidu and Netease.</p><p><img src=\"https://static.tigerbbs.com/dd1e5900f6cb5582296cd123573d40b6\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p>Source: HKEX</p><p>At the same stage, the listing of Chinese Internet companies in the United States ushered in the third peak. In 2018 and 2019, 38 and 32 Chinese companies went public in the United States respectively, most of which were mainly Internet new economy enterprises, including iQiyi, Douyu, Netease Youdao and so on.</p><p>In October 2019, China and the United States reached a consensus on the acquisition of audit work papers of listed companies in the United States audited by Hong Kong accounting firms and deposited in Mainland China. In response to a reporter's question, the CSRC said that the two sides \"maintain a smooth cooperative relationship\".</p><p>Everything seemed thriving.</p><p>People didn't expect that just a year later,<b>New crises, like volcanic lava, have accumulated for a long time and gushed out</b>。</p><p><b>04</b></p><p><b>New Crisis Age</b></p><p><b>The Dilemma and Future of Didi, Byte and Pinduoduo (2020-Today)</b></p><p>July 1st, the 100th anniversary of the founding of the Party. In the early morning of the same day, Didi went public in the United States and raised $4.4 billion.</p><p>This is the largest IPO of a Chinese company in the United States since 2014. There are no bell-ringing photos, no announcement on official website, few media reports, and employees don't post friends.</p><p>On July 2nd, China's Cyber Security Review Office issued an announcement stating that in order to prevent national data security risks, safeguard national security and protect public interests, Didi Chuxing will be reviewed for cyber security in accordance with the National Security Law and Cyber Security Law. During the review period, \"Didi Chuxing\" stopped new user registration. Didi's listing only appeared on Weibo hot search and media headlines.</p><p>On July 9th, all 25 apps of Didi Company were removed from the shelves.</p><p>Ray Dalio, founder of Bridgewater, the world's largest hedge fund, once published a 20,000-word article entitled \"The Changing World Order\" on his LinkedIn homepage. He pointed out that the \"Populism Index\", a measure of global conflict, has now reached an all-time high.</p><p>\"We are heading into an abyss of polarization and populism,\" Dalio warned,<b>The polarization between rich and poor, political polarization and ultra-nationalism we face today are very similar to those of World War II.</b></p><p><img src=\"https://static.tigerbbs.com/82a4ead3b25817350b19c65a0fb2c2ba\" tg-width=\"864\" tg-height=\"311\" referrerpolicy=\"no-referrer\"></p><p>▲ The polarization between the rich and the poor leads to extreme nationalism, which is similar to that of World War II</p><p>Source: Bridgewater</p><p>On March 25, 2021, the Securities and Exchange Commission (SEC) issued an announcement passing a final amendment to the Foreign Company Accountability Act (HFCAA). The bill provides that,<b>Foreign issuers who fail to meet the U.S. Public Company Accounting Oversight Board (PCAOB) requirements for inspection of accounting firms for three consecutive years will be delisted.</b></p><p>Chinese Foreign Ministry spokeswoman Hua Chunying responded at a press conference: \"HFCAA is completely an unreasonable political suppression of Chinese listed companies in the United States, seriously distorting the basic norms of market economy that the United States has always advertised, and also depriving American investors and the American public of the opportunity to share the development dividends of Chinese enterprises.\"</p><p>According to the official data of PCAOB in the United States, as of April 2020,<b>Among the foreign listed companies that do not accept PCAOB inspection audit papers, companies in mainland China and Hong Kong account for nearly 90%.</b></p><p>Didi successfully threw itself into the eye of the typhoon in the storm of the Sino-US stock market game with its silent listing.</p><p>On July 7th, WeChat official account, a subsidiary of People's Daily, published two reports commenting on the Didi incident: \"Didi is far from the level of employment to make the government. If Didi dies later, the driver changes a platform to take orders, and we change a platform to take a taxi, and our life will not be affected in any way.\"</p><p>On July 8, U.S. Democratic Senator Chris Van Hollen called on the SEC to thoroughly investigate Didi's listing.</p><p><b>The Internet is in an eventful time. Some things look together and become intriguing.</b></p><p>Before the Didi incident, in March this year, Huang Zheng stepped down as CEO of Pinduoduo; In May, Zhang Yiming stepped down as CEO of ByteDance.</p><p>Previously, many people regarded this as the result of Internet antitrust. But they missed a key thread:</p><p><b>Didi and Pinduoduo are both listed in the United States. As for ByteDance, Trump's ban on Tiktok says it all.</b></p><p><b>Tencent and Meituan, Ma Huateng and Wang Xing, which are listed in Hong Kong, have been seated as CEOs.</b></p><p>All the recent Internet shocks around us are sending a signal to us:</p><p><b>In the Sino-US stock market game, in the past, the United States actively attacked and China passively defended will become history. The determination and actions of China's regulation have already begun to appear.</b></p><p>Some Internet companies are still stuck in the inertial thinking of the previous 20 years; Some Internet companies have sailed to new ports.</p><p><b>They were destined for very different destinies.</b></p><p><img src=\"https://static.tigerbbs.com/a76220741e2982f75e2d7176ce362e38\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/QItPs3pB6CJ5Dn89MQYL2A\">吴杨野餐会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{"160636":"互联网","161025":"移动互联"},"source_url":"https://mp.weixin.qq.com/s/QItPs3pB6CJ5Dn89MQYL2A","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111811630","content_text":"1983年，刘钢从北京大学法学院毕业，被分配到司法部秘书处，负责为部长撰写日常报告。\n一年后，他感觉工作内容枯燥，想申请调职。有人劝告他，秘书身份可能会更容易得到提升。\n1985年，国家推行“第三梯队”干部改革。司法部挑选年轻干部到基层锻炼，刘钢被列入其中。他主动放弃了基层机关的岗位，选择做一名基层律师。\n锻炼期满，同事们纷纷回到司法部继续职业生涯，但刘钢没有回去。他选择留在律师行业。\n当时，中国律师行业刚刚兴起，一切尚在蒙昧期。刘钢的主要业务是讨债。\n从此，他过上了“讨债民工”的生活：两天两夜挤火车硬座，睡一块钱一晚的大通铺，狂奔追赶欠款人，躲避债务人的打手与围殴……\n转折点出现在1989年。司法部和英国律师协会联合启动一个律师培训项目。刘钢申请并通过考试后，被选派往英国伦敦的一家律师事务所接受实习培训。\n他想做当时在中国大热的知识产权。但英国律所的一位高级合伙人建议他：“我建议你了解一下资本市场。”刘钢问：“什么是资本市场？”\n“中国那么大的国家，早晚会有资本市场。”那位英国律所合伙人说。\n1990年，中国迎来属于自己的资本市场，上海交易所和深圳交易所先后开业。\n\n▲1990年代，股民在上海交易所门口排队\n（摄影 | 中新社 潘索菲）\n两年后，中国放开私人合伙制律师事务所限制。刘钢和两个朋友在建国门外租下一间办公室，创办起自己的律师事务所：通商律师事务所。\n2000年，刘钢得到职业生涯的一次关键机会。当时新浪正在冲击纳斯达克上市。如果成功，它将成为第一家在美国上市的中国互联网公司。\n新浪的上市主体注册在开曼群岛。但中国法律对外资进入互联网领域存在限制：禁止外资投资中国互联网，也禁止外国公司在中国开展互联网业务。\n为了绕过这些投资限制，刘钢帮助新浪设计了一套复杂的控制架构。他将外国投资者和中国公司通过一系列复杂的法律合同相连接，使海外上市实体在没有直接股权关系下，通过协议控制国内的运营实体。\n刘钢用一纸VIE架构，拉开中国互联网公司海外上市的大幕。\n2000年4月，新浪成功登陆美国纳斯达克。同年6月、7月，网易和搜狐相继完成纳斯达克上市。中国三大门户网站海外上市，刘钢均参与其中。这在律师行业非常罕见。\n此后20余年，几乎所有中国互联网公司海外上市，均采取“新浪模式”的VIE架构。截至2021年5月，中国共有248家公司在美国上市，总市值高达2.1万亿美元。其中互联网相关的信息技术公司数量最多，比例达四分之一以上。\n然而，VIE架构也成为今后20年中美两国股市博弈的支点。\n在刘钢的表述里，VIE架构“使境外投资公司在没有直接股权关系的情况下，控制国内公司的运营”。\n但在美国国会的表述中，VIE 架构则“保证了经济利益流向外国投资者，同时对业务的经营控制留在中国公司”。\n这种特殊架构，成为中概股的典型特征，也为中国互联网公司20年海外上市路埋下争议与危机的伏笔。\n08年全球金融危机后的十年海外上市史，是帮助我们理解中国互联网公司目前处境的关键。我将其分为四个阶段，分别为：\n\n01\n围猎中国公司\n第一轮海外上市与做空潮（2010—2013）\n2011年11月1日，周鸿祎半夜赶回公司，把网址站、浏览器、投资者关系、财务、法务、公关等相应一堆主管都叫了过来。\n当晚9点，做空机构香橼研究（Citron Research）赶在美国股市开市前，发出了针对奇虎360公司的第一份做空报告。1个小时后，报告送到周鸿祎手中。“Citron做空360时，我们觉得很惊讶。”他表示。\n当天，奇虎360的股票跌去约10%。\n7个月前，奇虎360登陆美国纽交所上市。和它一同登陆美国股市的，还有一大批中国公司。\n08年金融危机后，美国经济2009年起快速复苏，国际资本市场活跃。同一时期，中国互联网公司正在飞速扩张期，迫切需要资金。\n大批互联网公司奔赴美国寻求上市。从2010年到2012年，高德地图、奇虎360、优酷、土豆等互联网公司先后成功在美国上市，开启海外的中概股热潮。\n\n▲1970-2020年中国公司赴美上市数量变化\n数据来源：清科研究中心\n2010 年共计约 50 家中概股登陆美股市场，中国公司海外上市的数量突破峰值，也吸引了“市场秃鹫”做空机构们的目光。\n浑水公司（Muddy Waters）射出第一颗子弹。2010 年，浑水创始人卡森·布洛克（Carson Block）抛出一份30页的东方纸业做空报告，东方纸业股价大跌，浑水一战成名。\n随后，以浑水、香橼为代表的美国做空机构，相继把枪口瞄准了分众传媒、奇虎360、新东方等中概股。其中互联网公司成为被围猎的中概股重灾区。\n此轮做空机构围猎下，超过 40 家中国企业不得不停牌、退市。中概股集体陷入信任危机。\nVIE是美国机构做空中国公司的一个关键靶子。“中国互联网行业存在VIE结构。美国人认为你没有法律规定，就永远觉得心里没底。”周鸿祎说。\n2012年7月17日，新东方因为VIE架构调整，遭受美国证券交易委员会（SEC）调查。浑水随即发布一份长达90多页的做空报告，指出新东方VIE结构存在巨大隐患，缺乏控制力。\n48小时内，新东方股价跌去60%，股价创5年新低。\n新东方事件同时引发国际市场担忧VIE架构，中概股普遍大跌。携程、新浪等跌幅超过7%，当当网、奇虎360、网易、搜狐等跌幅超过4%。\n中概股做空潮爆发后，美国监管方进一步强势出击。2012年12月，SEC 对德勤、安永、毕马威、普华永道，以及德豪五大会计师事务所中国分部发起行政诉讼。\nSEC要求他们提交9家在美上市的中概股审计底稿，但五大会计师事务所拒绝了这一要求，他们不愿触犯中国法律。\n这一举动导致在美上市的中国企业陷入没有审计方的境地，迫使中国公司摘牌退市。\n中概股退市潮越演越烈。在美上市的中国公司由2010的240余家，减少到2012年的不足200家。\n\n▲ 2010-2012年美国上市中概股遭遇做空潮\n数据来源：国盛证券\n冲突频发，中美两国将审计跨境执法纳入战略经济对话。2013 年，中国证监会和财政部与美国上市公司会计监管委员会（PCAOB） 签订执法合作协议，正式开展审计跨境执法合作。\n但数据主权和保密问题仍是中美难以协调的矛盾。后续种种风波，也因此而起。\n02\n盛宴下的暗影\n阿里上市与中概股审查风暴（2014—2017）\n2014年9月，马云步入联合国总部。他此行的目的之一，是通过恒隆集团董事长陈启宗引荐，与联合国秘书长潘基文见面。\n他们两个人站在电梯口，等潘基文上来时，陈启宗对马云说了这样一番话：\n“我知道阿里到美国上市是被逼的，香港没有同股不同权，你是没办法。但是马云你要小心，美国人的手是伸的很长很长的。总有一天他会给你麻烦。”\n一个星期前，阿里巴巴9月19日在美国纽交所成功挂牌上市。狂欢充斥着整个华尔街。\n当晚，纽交所黑色大屏幕上，代表阿里巴巴开盘价的数字不断滚动，持续攀升——70……80……90……\n“开盘价92.7！”一个声音大喊。\n马云抬起头，兴奋地看了一眼屏幕上的数字。他拿起锤子，快速敲击着一个金色铜钟。包围着他的人群随即欢呼起来，闪光灯此起彼伏。\n经过2个多小时、12轮询价，阿里巴巴股票在当晚23点53分最终开盘。开盘价92.7美元，比起发行价68美元大涨36.32%。融资总金额高达341.25亿美元，创下全球历史上IPO融资最高纪录。阿里巴巴总市值达到2285亿美元，超过100多个国家的GDP。\n\n▲ 2014年阿里巴巴美国上市现场的马云\n多家美国券商和国际资本分享了这次资本盛宴。花旗、瑞士信贷、德意志银行、高盛、摩根大通、摩根士丹利等均位列其中。\n阿里巴巴登陆纽交所时，软银持股34.4%，为第一大股东；雅虎持股比例22.6%，居第二位。仅按阿里巴巴上市开盘价来算，软银和雅虎的持股市值已分别高达786.04亿美元和516.41亿美元，这还不算他们此前从阿里套现的部分。\n2014年是中国互联网公司赴美上市的又一波高峰。除了阿里，京东、微博、途牛、智联招聘等也先后登陆美国纽交所和纳斯达克，全年共有12家互联网公司在美完成上市。\n然而，就在阿里巴巴上市当月，美国国会中国经济与安全审查委员会（UCESRC）发布了一份名为《中国互联网公司在美国证券交易所的风险》的调查报告。\n报告用17页篇幅指出针对中国互联网公司上市的各项风险，直指VIE架构不值得信任。UCESRC宣称：“许多美国法律专家认为，根据中国法律，VIE 结构在技术上是非法的，并建议美国投资者不要进行此类投资。”\n同年双十一当晚，马云在杭州阿里总部接受20分钟的媒体采访，谈到支付宝上市时直接表态：“由于各种原因，阿里巴巴没有办法在A股上市，所以我们希望未来支付宝能够在中国A股上市。”\n显然，马云听懂了陈启宗的话。而要进一步理解这个表态，我们还需要把时间线拉回到三年前的支付宝拆分事件上。\n2011 年第一季度，中国央行要求申请支付牌照的支付企业对外资的持股比例作出声明。5月，马云变更支付宝的所有权，终止了阿里巴巴集团对浙江阿里巴巴的控制协议。浙江阿里巴巴为支付宝的全资控股公司。这意味着，支付宝从外资控股变为了一家纯内资公司。\n\n▲ 支付宝分拆股权变更\n但马云此轮股权变更，此前并未跟董事会达成协议。木已成舟后，马云对雅虎和软银两位大股东给出了相应补偿。\n2011 年 7 月 29 日，阿里巴巴集团、雅虎和软银就支付宝股权转让事件正式签署协议。支付宝控股公司承诺上市时给以阿里巴巴集团一次性的现金回报。回报额为支付宝上市时 IPO 价总市值的 37.5%，不低于 20 亿美元且不超过 60 亿美元。\n马云为此背上“不守诚信”，“打击国外投资者对中概股VIE信心”的骂名。他罕见地主动接受国内媒体大篇幅独家专访，出面解释一切都是为了支付宝合规获取支付牌照。\n“我说，兄弟，你如果搞个小合资企业，没关系。你搞的是支付宝，是金融，越来越触及到敏感地带。金融是数据，一定会出问题的。杨致远不相信，但后来他们相信了。”马云在接受《时尚先生》专访时说。\n但当时，大多数人认为马云是拿政府做挡箭牌，对此抱以讥笑嘲讽居多。马云愤而退出微博。\n退出前，马云发出了最后一条微博。没有文字，只有标点：问号，叹号，以及一串省略号。\n支付宝分拆三年后，2014年蚂蚁金服成立，从支付领域进军普惠金融。\n六年后，就在蚂蚁金服上市前夕，马云2020年10月底在外滩金融峰会做出了那篇著名的演讲。11月3号，上交所和港交所先后发出紧急通知，暂缓蚂蚁金服科创板和H股上市。\n这时，大家才恍然大悟。九年前，马云没有高估中国政府的决心。\n03\n洪流入海\nA股、H股新经济改革（2018-2019）\n2018年两会期间，时任中国证监会主席刘士余谈到中国新经济公司海外上市时称，限于当时的特定制度环境和市场容量，一些主体在中国的新经济企业选择到境外上市，这是好事。但国内没有享受到它们增长的成果，也是一个遗憾。\n“进入新时代，这个遗憾就不能再发生了。”刘士余说。\n“站在风口上，猪都会飞。”说出这句话的雷军，再一次把小米推上时代风口。他要让小米成为第一个内地A股和香港H股同步上市的互联网公司。\n2018年5月3日，雷军手握两款小米手机，亲自飞往香港拜访香港首富李嘉诚。就在同一天，小米向港交所递交上市招股书。李嘉诚爱将霍建宁向媒体证实，李嘉诚斥资2.3亿港元认购小米股票。除了李嘉诚，国内两大互联网巨头马云、马化腾也一同认购小米股票。\n\n▲ 雷军会见李嘉诚\n在内地，小米更是创下12天“闪电”上会记录。同年6月7日，小米向中国证监会申请发行CDR（存托凭证）上市，同天被受理。14日，小米更新招股说明书，当晚收到证监会下发的反馈意见，定于19日上会审核。\n彼时，中国证监会和港交所正在争相推进新经济上市改革。\n2017年12月，港交所发布《有关建议设立创新板的框架咨询文件》的市场《咨询总结》，宣布接纳采用不同投票权架构的新经济公司赴港上市。\n3个月后，国务院办公厅转发证监会《关于开展创新企业境内发行股票或存托凭证试点的若干意见》，允许在境外上市的新经济企业在内地A股市场发行CDR（存托凭证），推动包括互联网在内的新经济企业回归A股上市。\n然而，小米突然被叫停在内地CDR上市。2018年6月14日，证监会针对小米发出84问。五天后，小米宣布，推迟召开发审委会议审核公司的CDR发行申请。先在香港上市之后，再择机通过发行CDR的方式在境内上市。\n香港上市也一波三折。当年7月9日，小米公司在港交所完成上市。上市当天，小米股票被纳入恒指综合成分股，按照正常情况将进入港股通，允许中国内地投资者直接购买小米股票。\n不料沪深交易所在7月14日突然发出通知，以“内地投资者不熟识”为由，暂拒同股不同权公司、外国公司股票及合订证券纳入港股通范围。小米公司被拒之门外。\n两天后，港交所CEO李小加紧急从香港飞往北京，与中国证监会相关负责人碰面谈判。“一直几个星期、几个月来我们都在跟内地证监会沟通，最好这次都包进去，按正常沪港通、深港通程序往前走。但是内地交易所可能有些不同意见。”李小加说。\n这次争端，关系着中国互联网公司上市的未来走向。通往新时代的大门能否打开？\n中国互联网公司长期只有赴美上市一个选择，皆因内地A股和香港H股过去不接受同股不同权架构。即使港交所锐意改革，流动性差仍将成为互联网公司赴港上市的关键掣肘。\n只有港股通接纳新经济公司，来自中国内地的巨量资金得以南下，东方世界的大门才能真正面向互联网公司开启。\n风波是暂时的，方向是确定的。\n2018年，港交所重新摘下全球交易所IPO排行榜第一名桂冠，全年IPO募资额高达2778.5亿港元，创下2010年以来新高。\n全年共有28家新经济公司及生物科技公司赴港上市。其中小米和美团以426.1亿港元和331.4亿港元，分列香港上市募资额年度第二、第三大公司。\n2019年10月，上交所与深交所发布公告，小米和美团纳入港股通。\n乘此势头，包括阿里、网易、京东等在内的中国互联网公司纷纷从海外回归，争相赴港二次上市。到2021年，香港市场已经集齐腾讯、阿里、美团、快手、京东、小米、百度、网易八大互联网巨头。\n\n数据来源：香港交易所\n同一阶段，中国互联网公司赴美上市迎来第三次高峰。2018年和2019 年分别有38 家和32 家中国公司赴美国上市，其中大多以互联网新经济企业为主，包括爱奇艺、斗鱼、网易有道等等。\n2019年10月，中美双方就香港会计师事务所审计的、存放在中国内地的在美上市公司审计工作底稿调取事宜达成共识。中国证监会答记者问时表示，双方“保持着畅通的合作关系”。\n一切都显得欣欣向荣。\n人们没有料到，就在一年之后，新的危机如火山熔岩般，积蓄已久，喷涌而出。\n04\n新危机时代\n滴滴、字节、拼多多们的困境与未来（2020-今天）\n7月1日，建党100周年大庆。当天凌晨，滴滴赴美上市，融资44亿美元。\n这场自2014年来中国公司在美国最大的IPO，没有敲钟照片，官网没有公告，媒体少有报道，员工不发朋友圈。\n7月2号，中国网络安全审查办公室发布公告称，为防范国家数据安全风险，维护国家安全，保障公共利益，依据《国家安全法》《网络安全法》对“滴滴出行”实施网络安全审查。审查期间“滴滴出行”停止新用户注册。滴滴上市，才出现在微博热搜和媒体头条上。\n7月9日，滴滴公司旗下25款app全体下架。\n全球最大的对冲基金桥水基金创始人瑞·达利欧（Ray Dalio）曾在其领英主页上发布2万字长文《改变中的世界秩序》。他指出，衡量全球冲突的“民粹主义指数”（Populism Index）如今已经达到历史高点。\n“我们正在走向两极分化和民粹主义的深渊。”达利欧警告，今天我们面对的贫富分化、政治两极化和极端民族主义，和二战时期极为相似。\n\n▲ 贫富分化导致极端民族主义，现阶段与二战时期类似\n数据来源：桥水基金\n2021年3月25日，美国证券交易委员会（SEC）发布公告，通过《外国公司问责法案》（HFCAA）最终修正案。法案规定，外国发行人连续三年不能满足美国公众公司会计监督委员会（PCAOB）对会计师事务所检查要求的，将被摘牌退市。\n中国外交部发言人华春莹在记者会上回应称：“HFCAA完全是对中国在美上市企业的无理政治打压，严重扭曲美国自己一向标榜的市场经济基本准则，也剥夺了美国投资者和美国公众分享中国企业发展红利的机会。”\n美国PCAOB官方数据显示，截止到2020年4月，不接受PCAOB检查审计底稿的外国上市企业中，中国内地和香港的企业占近90%。\n滴滴用静默上市，成功把自己扔进了中美股市博弈风暴中的台风眼。\n7月7日，人民日报旗下“踏浪青年”公众号，连发两篇报道评论滴滴事件：“滴滴远没有到挟就业以令政府的程度。如果之后滴滴死了，司机换一个平台接单，我们换一个平台打车，生活不会受到任何影响。”\n7月8日，美国民主党参议员Chris Van Hollen呼吁美国证交会彻底调查滴滴上市事件。\n互联网正值多事之秋。一些事情连起来看，变得耐人寻味。\n滴滴事件之前，今年3月，黄峥卸任拼多多CEO；5月，张一鸣卸任字节跳动CEO。\n此前不少人将这看做互联网反垄断的结果。但他们忽略了一条关键线索：\n滴滴、拼多多均在美国上市。至于字节跳动，特朗普对Tiktok的禁令就已经说明了一切。\n而在香港上市的腾讯与美团，马化腾和王兴至今安坐CEO之位。\n最近所有在我们身边接连发生的互联网震动，都在向我们传递出一个信号：\n中美股市博弈中，过去美国积极进攻，中国被动防守的局面将成为历史。中国监管的决心和行动，已经初露端倪。\n有的互联网公司，还停留在前20年的惯性思维里；有的互联网公司已经驶向新港口。\n他们注定迎来截然不同的命运。","news_type":1,"symbols_score_info":{"160636":0.9,"161025":0.9}},"isVote":1,"tweetType":1,"viewCount":1829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141100284,"gmtCreate":1625840715548,"gmtModify":1703749672381,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3502502252379822","idStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/141100284","repostId":"1199935751","repostType":2,"repost":{"id":"1199935751","kind":"news","pubTimestamp":1625839977,"share":"https://ttm.financial/m/news/1199935751?lang=en_US&edition=fundamental","pubTime":"2021-07-09 22:12","market":"us","language":"zh","title":"China Network Information Office: 25 apps such as \"Didi Enterprise Edition\" were removed from the shelves","url":"https://stock-news.laohu8.com/highlight/detail?id=1199935751","media":"国家互联网信息...","summary":"要求相关运营者严格按照法律要求，参照国家有关标准，认真整改存在的问题。","content":"<p>According to the report, after testing and verification, \"<a href=\"https://laohu8.com/S/DIDI\">Didi</a>\"Enterprise Edition\" and other 25 apps (list attached) have serious violations of laws and regulations in collecting and using personal information. According to the relevant provisions of the Cyber Security Law of the People's Republic of China, the Internet Information Office of China notified the App store to remove the above 25 apps, requiring relevant operators to strictly follow the legal requirements and refer to relevant national standards, earnestly rectify existing problems, and effectively ensure the security of users' personal information. All websites and platforms are not allowed to provide access and download services for the above 25 apps that have been removed from the App store, such as Didi Chuxing and Didi Enterprise Edition.</p><p>NOTICE IS HEREBY GIVEN.</p><p>Cyberspace Administration of China</p><p>July 9, 2021</p><p><img src=\"https://static.tigerbbs.com/2892fab3562d58be24b7367779a02aaa\" tg-width=\"784\" tg-height=\"626\" referrerpolicy=\"no-referrer\"></p><p>After the announcement, Didi's intraday gains narrowed rapidly. At present, Didi official website still provides five APP client downloads: Didi International Edition, Didi Enterprise Edition, Didi Car Owner, Didi Driving and Didi Finance.</p><p><img src=\"https://static.tigerbbs.com/d47ad6f79ed27371d8e47ecb1e467ee8\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1625840298202","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>China Network Information Office: 25 apps such as \"Didi Enterprise Edition\" were removed from the shelves</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\">\nChina Network Information Office: 25 apps such as \"Didi Enterprise Edition\" were removed from the shelves\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">国家互联网信息...</strong><span class=\"h-time small\">2021-07-09 22:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to the report, after testing and verification, \"<a href=\"https://laohu8.com/S/DIDI\">Didi</a>\"Enterprise Edition\" and other 25 apps (list attached) have serious violations of laws and regulations in collecting and using personal information. According to the relevant provisions of the Cyber Security Law of the People's Republic of China, the Internet Information Office of China notified the App store to remove the above 25 apps, requiring relevant operators to strictly follow the legal requirements and refer to relevant national standards, earnestly rectify existing problems, and effectively ensure the security of users' personal information. All websites and platforms are not allowed to provide access and download services for the above 25 apps that have been removed from the App store, such as Didi Chuxing and Didi Enterprise Edition.</p><p>NOTICE IS HEREBY GIVEN.</p><p>Cyberspace Administration of China</p><p>July 9, 2021</p><p><img src=\"https://static.tigerbbs.com/2892fab3562d58be24b7367779a02aaa\" tg-width=\"784\" tg-height=\"626\" referrerpolicy=\"no-referrer\"></p><p>After the announcement, Didi's intraday gains narrowed rapidly. At present, Didi official website still provides five APP client downloads: Didi International Edition, Didi Enterprise Edition, Didi Car Owner, Didi Driving and Didi Finance.</p><p><img src=\"https://static.tigerbbs.com/d47ad6f79ed27371d8e47ecb1e467ee8\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.cac.gov.cn/2021-07/09/c_1627415870012872.htm\">国家互联网信息...</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/90e9b3b1ac56aae7290447c10b3ea865","relate_stocks":{"DIDI":"滴滴(已退市)"},"source_url":"http://www.cac.gov.cn/2021-07/09/c_1627415870012872.htm","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199935751","content_text":"根据举报，经检测核实，“滴滴企业版”等25款App（列表附后）存在严重违法违规收集使用个人信息问题。国家互联网信息办公室依据《中华人民共和国网络安全法》相关规定，通知应用商店下架上述25款App，要求相关运营者严格按照法律要求，参照国家有关标准，认真整改存在的问题，切实保障广大用户个人信息安全。各网站、平台不得为“滴滴出行”和“滴滴企业版”等上述25款已在应用商店下架的App提供访问和下载服务。\n特此通报。\n国家互联网信息办公室\n2021年7月9日\n\n消息公布后，滴滴盘中涨幅快速收窄。滴滴官网目前仍提供滴滴国际版、滴滴企业版、滴滴车主、滴滴代驾和滴滴金融5款APP客户端下载。","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":1845,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159343772,"gmtCreate":1624943744996,"gmtModify":1703848541820,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3502502252379822","idStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159343772","repostId":"1172774847","repostType":4,"repost":{"id":"1172774847","kind":"news","pubTimestamp":1624936981,"share":"https://ttm.financial/m/news/1172774847?lang=en_US&edition=fundamental","pubTime":"2021-06-29 11:23","market":"hk","language":"zh","title":"Not just printing money: This is enough about modern monetary theory","url":"https://stock-news.laohu8.com/highlight/detail?id=1172774847","media":"动物精神Animal...","summary":"随着全球货币政策在零利率陷阱中越陷越深，叠加新冠疫情带来的全球大放水，有关现代货币理论（MMT）的探讨近来愈加兴起，且在传播过程中引起了非常大的争议。在本文中，我们会尝试在保持逻辑严谨性的前提下，用比","content":"<p>As the global monetary policy falls deeper and deeper into the zero interest rate trap, and the global release brought by the COVID-19 epidemic, relevant<b>The discussion of modern monetary theory (MMT) has been increasingly rising recently, and it has caused great controversy in the process of spreading.</b>In this context,<b>We will try to explore the basic framework, ideological purpose and practicality of modern monetary theory in a relatively easy-to-understand way while maintaining logical rigor.</b></p><p><b>I. Overview</b></p><p>Contrary to popular belief, the popular modern monetary theory is not \"modern\" or new at all. In fact,<b>Modern monetary theory is born out of post-Keynesian school, and thinks that it is the best in-depth interpretation and follower of Keynesian theory.</b>However, the main ideas of modern monetary theory have remained unpopular and even marginalized for nearly 60 years after Keynes, and only in recent years have they finally gained a place in international political and economic discussions. Of course, this change is also closely related to the current dilemma encountered by mainstream macroeconomics. After all, macroeconomics has not won the Nobel Prize for many years, and it needs to be combined with practice to find a new direction. But in any case, criticism of modern monetary theory has always been heard from all walks of life, as the famous comment says:<b>\"The correct parts of MMT aren't new and the new parts aren't correct.\" Where they're right about modern monetary theory is not new, and what is new is not right. \")</b></p><p>If you can summarize what the main point of modern monetary theory says in one sentence, it is actually very simple:</p><p><i><b>For countries with their own currencies, their governments need not care about their debts and expenditures, because they can always pay the interest on all debts through direct government printing money. So the only constraint on how much money the government prints is inflation. As long as the demand and purpose created by printing money can be met by the existing labor force and equipment, and inflation can be kept in a controlled range, then the government of this country can support all its purposes and expenditures by printing money directly.</b></i></p><p>Seeing this, I think most people's first reaction is disapproval, and the Latin American crisis, Weimar, Germany, Zimbabwe, the European debt crisis and so on as counter-examples immediately come to mind. In fact, the core tenet of modern monetary theory is not to try to prove that governments can print money indefinitely without any consequences.<b>In the next paragraph, we will sort out the important views and logical frameworks of modern monetary theory for you to discuss.</b></p><p><b>II. Theoretical viewpoints</b></p><p><b>II.1 Tax-driven currency</b></p><p>Since the collapse of the Brighton Woods system and the decoupling of the dollar from gold in the 1970s, the exploration of the core value of fiat currency has never been a clear conclusion.<b>Aiming at the core attribute and value of money, modern monetary theory has established a whole set of theoretical system based on its unique explanation.</b></p><p><b>Why would anyone want to accept the government's legal tender?</b>People usually just accept it passively and think little about it. When the government is building roads, building aircraft carriers, when the central bank is buying Treasury Bond, and in quantitative easing, do they really pay currency from some account? The answer is clearly no.</p><p><b>So why can the government create money out of thin air like this?</b></p><p>Hyman Minsky once said, \"Everyone can create money, but the question is whether it will be accepted.\" You can create a \"currency\" denominated in dollars by writing \"10 yuan in arrears\" on a note, but the question is whether you can get others to accept it-for example, whether someone is willing to accept the IOU and sell you a pancake.</p><p><b>MMT believes that the core reason the government can do this is that all of us pay taxes to the government.</b>Note that in the vast majority of cases, when the government collects taxes, it only accepts its own currency, so that in order to avoid the punishment of tax evasion (such as going to prison, etc.), the people of a country must seek to obtain that government's currency to pay their taxes. The point here is,<b>Even if it is not easy to force people to use their fiat currency in private transactions, governments can still force people to use fiat currency to pay taxes when collecting taxes.</b>And this fact will naturally create a huge demand among the population for the country's fiat currency. All in all,<b>In order for the issued currency to be accepted, the government actually does not need to store precious metals or foreign currency, nor does it need redundant laws to guarantee it. It only needs to force people to meet their tax obligations in fiat currency.</b></p><p><b>We can then conclude that \"tax drives money\": if the ruler has the right to tax, it can create a demand for fiat money. Because it is easy for the government to \"make sure that people use fiat currency when they pay the government\".</b></p><p>A little derivation from the above discussion reveals that, from the point of view of money issuers, the government established a monetary system to allow resources to flow to the public sector, and the demand for money created by taxes (government printed paper) contributed to this.<b>It can be said that the government established taxes not only to increase fiscal revenue, but also to encourage people to sell their labor, resources and products for their printed paper (money). Most people believe that the government collects taxes only to generate revenue to cover fiscal expenditures. But from an MMT perspective, there is a very subtle difference between the purpose of the tax.</b></p><p>As we all know, the government will not spend all the \"required funds\", but the public's willingness to sell more labor, resources or products in order to get money may be exhausted (for similar views, refer to another article before WeChat official account, and there is no such terrible financial crisis). To be able to transfer resources consistently, governments can try to raise the price they pay (which, if they fail, triggers inflation), or increase taxes. But anyway, we have to remember,<b>In MMT's understanding, the main purpose of increasing taxes is not to generate revenue, but to stimulate demand for money.</b></p><p>In this way,<b>MMT self-consistently gives a theoretical framework for government money, taxation and inflation.</b>We can simply express it as that the government creates demand for its own printed money through taxation, and the ability to collect taxes determines the ability of the government to transfer resources, which further determines the credit of the government's currency, and the level of this credit determines the final demand of this currency, thus directly affecting the nominal inflation of this currency. If the public recognizes this currency, inflation can be controlled, otherwise it will enter a negative feedback spiral of rising inflation-further reduction of money and government credit.</p><p><b>This framework is actually present in reality</b>The credit of the US dollar is built on the world's leading comprehensive strength of the United States after World War II, the price settlement mechanism of almost all commodities, the existence of aircraft carriers, Tesla, Google and Coca-Cola, and even the ability to require all residents of the world, regardless of nationality, to fill in the w8ben form to file taxes with the US government when investing in US dollar assets. In response to the COVID-19 pandemic, the U.S. government has printed unprecedented amounts of money in nearly two years, which has made some people who don't know the system panic and shout that the credit of the dollar will be lost and the dollar will be turned into waste paper.<b>As everyone knows, the US dollar is waste paper, and it is the facts mentioned above that make waste paper have credit. If these capabilities in the United States have not changed, then the underlying credit of the dollar will not be destroyed.</b>Those who rushed to the conclusion that the dollar was about to lose their credit simply because the United States printed too much money are probably busy adjusting their expectations after the recent cycle.</p><p>However, although the Fed's printing of money will not shake the credibility of the dollar, nor will it let big inflation arrive and make the dollar waste paper, China's rise may shake these comparative advantages of the United States. From the highest perspective, the global drama in the next 5-10 years may be interpreted in this dimension. Let's consider this topic in other articles.</p><p>Incidentally, perhaps unlike many people's perception, it is easy to find that the monetary view under the MMT framework described above actually denies the monetary function of the hottest digital assets and Bitcoin (again, government and tax-driven currency). The space is limited, so we won't go into it. (Thinking of the pretentious edge of Fermat's last theorem page, we always know too much and have time to write too little.)</p><p><b>II.2 The Basic Framework of Modern Monetary Theory</b></p><p>Let's elaborate on the analysis logic of MMT.</p><p>First of all, we all know that in society, one party's financial assets will always correspond to the other party's financial liabilities. thereupon<b>We can divide the world very simply into three sectors: the domestic private sector, the domestic public sector, and the \"other national sectors\" composed of foreign governments, companies, and households.</b></p><p>Then if we add up the assets and liabilities of each department, the following identity will always hold:</p><p><i><b>Domestic Private Sector Balance + Domestic Government Sector Balance + Foreign Sector Balance =0</b></i></p><p>This is actually a<b>Accounting identity</b>, does not depend on any theoretical model. To give a potentially illuminating example, suppose that foreign sectors spend less than revenue and have a budget surplus of $50 billion, while domestic government sectors spend less than revenue and have a fiscal budget surplus of $20 billion, then the above identity tells us that the domestic private sector we care about most must have a budget deficit of $500+200= $70 billion in the same time period.</p><p>This may create a \"dilemma\" in which if one of the three sectors has a surplus, at least one of the other sectors has a deficit.<b>In other words, no matter how hard we try, in the same time period, it is impossible to have a great harmony in which all the sectors we think are most ideal have surpluses at the same time.</b></p><p>So by the time we got here, there seemed to be a vague thought in our minds —<b>Since there are always people who want to borrow money, then TMD let the government borrow it, and then everyone in the private sector of our country will have the surplus and assets we are most looking forward to!</b></p><p>If it were that simple, we would just need accounting and no MMT.</p><p>At the beginning of the article, we say that MMT are followers of Keynesian theory because they believe in the following conclusions, which are perpetuated by Keynesianism.</p><p><b>1. From the perspective of the overall economy, the causality of the private sector is that overall expenditure determines overall income (Keynesian economy paradox)</b></p><p>This conclusion is not intuitive, because as far as each of us is concerned, income always determines expenditure: for example, if you win the lottery of 5 million yuan, why don't you add more meat to Lanzhou beef noodles at night?</p><p>However, once we add up all individuals, we find that while individual households can definitively decide to spend less in order to save more money to cope with the expected crisis, if all households try to spend less, total consumption and national income will decline. At this point, companies will be forced to reduce output, lay off employees, and lower wages, which will lead to lower household incomes, which will lead to family members being forced to reduce spending further, and a brutal negative feedback loop begins.</p><p><b>This is Keynes's \"economy paradox\", that is, his most important lesson and explanation of the Great Depression-trying to save money by reducing total consumption will not only increase savings, but reduce income.</b></p><p><b>2. Social deficit expenditure determines the accumulation of financial wealth (savings).</b></p><p>Keynesians argue that only when a sector of the economy decides to spend more than it incomes through a deficit, the counterpart who lends money to it will accumulate net financial wealth in the form of deficit spender liabilities.<b>That is, this decision of deficit spending is what creates net financial wealth. Unless one party is willing to make deficit spending, no matter how much others want to accumulate financial wealth, they cannot do so.</b></p><p><b>3. The government cannot accurately grasp the deficit (tax revenue), and there is an \"Automatic Stabilizers\" effect</b></p><p>Instead of going too far into the fact that the government cannot grasp the deficit with precision (we can go deeper from the Chicago School and the Laffer curve, if we want), we will only talk about some more intuitive inferences.</p><p>It needs to be acknowledged that there are boundaries to the capabilities of government.<b>Even the tax revenue, which seems to be entirely its own, cannot be precisely controlled by the government.</b>It is true that the government can decide to spend more or to raise tax rates, but when government spending and tax rates change, other social variables, such as income, sales, wealth, etc., that is, the overall tax base of society will change accordingly. And these variables are not in the government's control.<b>Therefore, whether there is a deficit, equilibrium or surplus in the fiscal budget, it is not something that the government can decide independently.</b></p><p>Combining the above identities and discussions, assuming we don't consider the surpluses of foreign sectors for the time being, when a recession strikes, the domestic private sector will start to cut spending and increase savings. This would lead to a rise in the domestic private sector balance, which would directly lead to a decline in the domestic government sector balance in the identity. As a result, the government's budget deficit will spontaneously increase. This part of growth is not controlled by the government, but it plays a role in smoothing the fluctuations in the balance of various sectors of society in the face of cycles. Historical data also confirm this relationship —<b>That is, tax revenue grows rapidly during economic boom and falls rapidly during economic depression, making the government's fiscal budget a powerful automatic stabilizer. This is the \"automatic stabilizer\" effect.</b></p><p>Therefore,<b>The best domestic policy is to pursue full employment and price stability rather than a sustainable government deficit path or a manageable overall debt ceiling. Because the latter is the result of automatic stabilizers in most cases, it is not something that the government can decide autonomously.</b></p><p><b>4. Simple expansion of identities</b></p><p>For the convenience of our point of view, we rewrite the above important identities and introduce S (private sector savings), C (private sector consumption expenditure), I (private sector investment), T (government sector taxation), G (government sector expenditure), IM (domestic import), EX (domestic export), so we have</p><p><b>Domestic Private Sector Balance + Domestic Government Sector Balance + Foreign Sector Balance =0</b></p><p><b>S – C – I</b> <b>+</b> <b>T – G</b> <b>+</b> <b>IM – EX</b> <b>=0</b></p><p>At this point, we can basically draw the most important ideological conclusion of modern monetary theory:</p><p><b>If you have the tax revenue and the ability to create your own currency described in II.1, then when you are faced with a recession cycle or negative external shocks (like the subprime mortgage crisis or the COVID-19 crisis), you can better weather the crisis through the regulation of your own government department.</b></p><p>When the crisis arrives, II.2.1 tells us that because overall private sector spending determines overall revenue, the most important thing is to ensure that overall private sector spending does not decline, and especially to avoid falling into a negative feedback loop of simultaneous decline in spending/revenue. II.2.2 tells us that in order to avoid the panic caused by the collapse of social wealth, we need some sector of the economy to initiate deficit spending. Then combined,<b>The only one likely to undertake this deficit spending task is the government sector, which needs to transfer wealth to the private sector in order to repair the decline in overall spending.</b></p><p>The identity in II.2.4 further validates that, in order to achieve this, the domestic private sector balance is returned to the equilibrium level it should be,<b>Then we should minimize our government sector balance and our foreign sector balance (current account deficit from our national perspective).</b></p><p>But because<b>Exogenous uncertainty of exports</b>(If an economy as large as the United States, for example, tries to reduce imports, it could affect the incomes of other countries, and therefore its own exports to the rest of the world.)<b>The best way to deal with this is to reduce the balance of government departments.</b>It is worth emphasizing here that under the mainstream macroeconomic point of view, countries should try their best to pursue current account surplus, while modern monetary theorists have conducted more in-depth theoretical discussions on foreign sector surplus, and finally reached contrary conclusions. That is, when the government can freely control the surplus of its own government departments, the external current account surplus is not important, and this is actually the development path that the United States has actually taken since the 21st century.</p><p><b>Finally, II.1 and II.2.3 tell us that in the process of expanding government deficits to boost private sector spending, we need not consider whether the deficit is too large, because sovereign countries can issue money unlimited without affecting credit; There is no need to think about how the deficit will shrink in the future, because when the crisis passes and the economy returns to a growth cycle, automatic stabilizers will naturally bring the country's deficit back to equilibrium.</b></p><p><b>When we compare the above conclusions and ideas with the way the United States and Western countries responded to the impact of the COVID-19 epidemic this time, we can immediately understand why it is said that the mainstream Western economies have opened a new paradigm of modern monetary theory.</b></p><p>Take the United States as an example. In this COVID-19 crisis, the United States ignored the shackles of all government deficit paths and debt ceiling for the first time, opened the money printing machine to the limit, and launched several trillion-level government expenditure plans, which not only failed to set the ceiling for the size of the Fed's balance sheet, but also allowed the Fed to directly buy corporate high-yield bonds to guarantee the private sector's deficit investment; The United States abandoned the path of QE transmission through banks in the past, directly cut interest rates to the lower limit of interest rates, and at the same time carried out the unprecedented behavior of \"helicopter money\" and directly transferred money to people's personal accounts.<b>Don't care about flooding the mountain, but make sure that overall private sector spending does not fall with thunder.</b></p><p>It can be said that as far as the present situation is concerned, the paradigm of modern monetary theory has achieved very good practical results. Under the severe impact of the COVID-19 pandemic, the US economy has not only achieved a smooth transition, but is likely to resume growth in an extremely quick time (2021). It is no wonder that Yellen, the new US Treasury Secretary appointed in danger, will publicly state that the ceiling of government debt is not so important, as long as it is a sustainable path to ensure that the government's annual fiscal revenue can cover the interest of Treasury Bond.<b>It is expected that in the next 5-10 years, the paradigm of modern monetary theory will establish a firm place in the practice of central banks in Western countries.</b></p><p><b>II.3 The Boundary of Government Debt – Issues of Fiscal Sustainability Pathways</b></p><p><b>The inflation caused by excessive money printing and the sustainable path of government debt should be the two aspects that the \"traditional\" theory questioned the modern monetary theory most concentrated.</b></p><p>First of all, it should be clear that we don't think that modern monetary theory has a very scientific and perfect explanation and response to these questions, but its answers to these questions also have certain merits.</p><p>Let's quote a very intuitive macroeconomic conclusion:</p><p><i><b>When an economy's interest rate r is higher than its growth rate g, its debt ratio will keep growing. (It can be intuitively understood that the newly earned money (g) of the economy can't repay the interest (r) every year, so the debt ratio can only keep rising), so if it is always in the case of r> g, then the government has limited room to continue adding new debt.</b></i></p><p>[For more academic readers, look at James Galbraith's classical model in detail about this conclusion:</p><p>△ d = -s + d * [(R-G) / (1+ g)]</p><p>Where d is the initial ratio of debt to GDP, s is the ratio of fiscal surplus to GDP after subtracting net interest expenses, r is the real interest rate, and g is the real growth rate of GDP]</p><p><b>And we can intuitively see that when r <g, the ratio of debt to GDP is also negative, that is, the debt is gradually decreasing healthily.</b></p><p>So how to achieve it? One scenario that can be naturally controlled by the government is to keep the interest rate r as small as possible, so that g is more likely to be greater than r. As a result, in the nearly decade since the financial crisis, we have seen a significant decline in benchmark interest rates for all countries around the globe. After the COVID-19 crisis interrupted the rate hike process in the United States, we once again saw the benchmark interest rates in all developed countries drop to a position that is basically equal to zero. The European Union, Japan, Sweden, Switzerland and other countries have further opened up the attempt to negative interest rates. This has to be said to be a result of the acquisition of practice of the modern monetary theory paradigm.</p><p>So what if r has been reduced to such a low position, and the actual growth rate g still can't be greater than r? Friends, this is the most cutting-edge academic question still being discussed in modern monetary theory. As far as we know, the current MMT theory can't give a clear answer.</p><p>It must be noted here that, despite the constraints of the liquidity trap,<b>But r is controlled by the government, and there is no absolute lower limit.</b>For example, when 0 is not low enough, the Federal Reserve can announce that the benchmark interest rate will be lowered to-10% overnight. When we consider this absolutely insane gesture to stimulate all immediate consumption, we return to the fundamental difference between modern monetary theory and traditional macroeconomics, that is, the source of government credit-government organization and tax-driven money, the biggest cornerstone of modern monetary theory. It can be said that what we need to face at this time is no longer an economic problem in essence, but a problem in the sociological sense. Specifically, countries with political, technological and military foundations like the United States and the US dollar may not have any difficulties, but in some small countries, because people or other economies in the world lose trust in their currency and government, they will face the danger of losing both regime rule and the effectiveness of legal tender. However, in the theoretical framework of MMT, there is a solution to the fiscal sustainable path of government, but the consequences and constraints brought by it may need the auxiliary perspective of sociology to further improve and support. (A theoretical framework similar to behavioral economics needs to be supported by the introduction of psychological theories.)</p><p><b>II.4 The Boundary of Government Debt – Inflation</b></p><p>Finally, let's explore the biggest doubt that everyone intuitively has about modern monetary theory:<b>The problem of inflation.</b></p><p>As Friedman famously said: \"Inflation is a monetary phenomenon whenever and wherever it is\", how does modern monetary theory ensure that the country does not enter the vicious spiral of self-reinforcing inflation while proposing to lift government spending and debt ceiling to print money on a large scale if necessary?</p><p><b>In fact, modern monetary theory is very descriptive when it comes to answering questions related to inflation, and it can even be said that modern monetary theory itself is merely a description of how sovereign currencies work.</b>As mentioned above, it has a good theoretical and ideological framework to explain how sovereign states and their currencies work, but there are not enough scientific and quantitative tools to draw insurmountable boundaries for this way of working.</p><p>The discussion of inflation in modern monetary theory can be divided into<b>Two directions.</b></p><p><b>The first direction avoids directly answering the inflation question and instead negates the prevailing mainstream macro framework, arguing that the inflation-employment relationship revealed by the Phelps curve can entirely be avoided by government intervention.</b></p><p>The founder of this direction is the famous economist A. Lerner and his<b>\"Functional Finance Theory\"</b>。 In his theory, Lerner emphasized that the government should start with its function to the economy when formulating the fiscal budget, and should not add the restriction of fiscal balance of payments. This is simply a match between the abandonment of fiscal sustainability in modern monetary theory discussed in the previous section. Therefore, the subsequent researchers of modern monetary theory put forward<b>\"Employment Security/Final Employer\" Model</b>。</p><p>Considering that this is a brand-new framework, we will not go into depth here but instead describe the main logic of this model intuitively.</p><p>From the above,<b>According to the framework of modern monetary theory, we know that the government can issue its own currency indefinitely. So why not let the government act as the ultimate employer and promise to provide jobs for all qualified and willing citizens of the country?</b>In this way, the unemployment rate will be directly reduced to zero, and a well-off society will be directly realized.</p><p>In this theoretical framework,<b>All the unemployed in the country will be employed by the government as the final employer and will be offered a minimum wage equivalent to the employment guarantee.</b>The private sector can then select the best of this government-employed population by offering higher-than-employment-guaranteed wages.</p><p>Imagine that if our government implements this framework now, then all the unemployed people in the country can go to the local government to get a job, and the salary is 2,000 yuan/month paid by the government. The specific work can be local agricultural picking according to local conditions, or it can be uniformly deployed by infrastructure projects led by government expenditure, or simply become a take-out rider, and the government will pay this part of employment security salary through platform companies like Meituan.</p><p>It looks like,<b>Inflation does become less relevant under such a theoretical framework.</b>During the economic boom, private sector employers can hire workers from employment plans by providing workers with higher wages than the employment guarantee salary (2,000 yuan/month). For example, Meituan can provide 3,000 yuan/month salary to hire efficient riders in its own company. In a recession, the private sector can dismiss workers and return them to the government's final employer scheme for a guaranteed employment salary of at least 2,000 yuan/month. In this way, the Employment Guarantee salary will reduce inflationary pressures in times of boom and deflationary pressures in times of recession.</p><p><b>Therefore, the modern monetary theoretical framework can finally find an \"anchor\" of sovereign currency by setting up government guaranteed salary. Under this complete MMT framework, the marginal value of a sovereign currency is equal to the amount of labor it can employ. The government has achieved full employment through the program and can perfectly control inflation by adjusting the marginal labor value by adjusting the Job Guarantee salary.</b></p><p><b>But the problem with this Republic theory is also obvious — even leaving aside the exchange rate and inflation problems that MMT faces when government spending is excessive, as discussed in II.3, one important fact that we need to note is that this framework ignores the subjective initiative of all individuals and the incentive for employment.</b></p><p>For example, if a government-provided job requires 12 hours of hard work, an individual will automatically withdraw from the Employment Security Scheme if he thinks that only 2000 yuan is too little for 12 hours of labor. This will directly cause real unemployment to rise again.</p><p>For example, the employment security riders of the US Mission don't need to do too much, and they can receive a salary of 2,000 yuan/month by sending 3 orders a day. Then, the US Mission riders who originally needed to send 30 orders a day to receive a salary of 5,000 yuan/month in the market competition environment may be willing to choose to lie down to join the employment security plan, thus distorting the overall efficiency and demand of the society.</p><p>In addition, this Employment Security/Final Employer Scheme is actually a typical \"big government\" framework. In order to be effectively implemented, the government needs to have a high degree of monopoly of rights and resources. In response to this situation, Piketty makes an in-depth discussion in his new book Capital and Ideology. He points out the apocalyptic ideological dilemma faced by the framework of big government after the disintegration of the Soviet Union through the change of views between the left and the right in modern society.<b>Therefore, this employment security/final employer model may only exist in the paper utopia of some modern monetary theorists for a long time.</b></p><p>Since it is impossible to completely jump out of the mainstream monetarist theory in practice in the short term, modern monetary theory scholars also follow the mainstream framework<b>The second direction</b>Explained the inflation problem as much as possible.</p><p>In our opinion,<b>The academic significance of this part of the explanation is somewhat lacking, because the MMT theoretical framework never suggests a clear way to calculate the expenditure ceiling of sovereign governments.</b>So in this direction, the arguments of MMT supporters are mainly<b>Focus on practical experience</b>。 Noting that in the past 40 years or so, the global mainstream economies have basically been in an environment of extreme lack of inflation, and even after large-scale money printing, there are still no signs of rising inflation, they believe that considering the unknown factors such as oversupply in modern society and changes in production factors,<b>It is very difficult for a sovereign government to trigger inflation by raising the deficit and printing money.</b>However, the hyperinflation that has occurred in history, firstly, is not large in number, and secondly, it mostly occurs in developing countries with too fragile economic systems such as Zimbabwe and Brazil, and in most cases, it often occurs when the country is subjected to unusual domestic and foreign geopolitical or political shocks. Therefore,<b>It is not universal.</b></p><p>Although this explanation is vague and almost false, it would be unfair to blame modern monetary theorists on that basis,<b>After all, mainstream monetarist scholars have not explained well the effect of quantitative easing and how it is transmitted to the real economy.</b>For example, why did the huge amount of money issued by central banks around the world in response to the 2008 financial crisis never cause inflation to rise in these countries? In view of this question, the mainstream academic circles have never found a convincing theoretical framework to give an answer. On this point, the most confused people should be Abe and Haruhiko Kuroda. The Bank of Japan's money printing level has already far broken the fiscal deficit ceiling believed by traditional monetarism, and even reached the point of nationalizing the whole Japanese business community, but people still can't find any clues of rising inflation in Japan.</p><p>From this point of view,<b>This Covid crisis could be a litmus test for modern monetary theory</b>Because at least as of the second quarter, in the unprecedented wave of the largest water release in the world, we finally saw a little sign of inflation. But for now, this is the slightest sign that the prevailing expectation of the Fed and markets remains that these<b>Inflation is 'transitory'</b>At the end of the epidemic, the marginal normalization of monetary policy will fade by itself.</p><p><b>If the story really progresses like this, then in the spirit of science and practicality, inflation's shackles and criticism of modern monetary theory may be really ineffective. After all, at present, the government directly gives a generous employment guarantee salary by helicopter money without requiring people to find employment. This degree of water release has actually far exceeded the imagination of modern monetary theorists on paper before. If inflation is not visible under such circumstances, then traditional monetarists can indeed burn Friedman's theory of quantity of money to embrace a new era of macro.</b></p><p><b>III. Summary</b></p><p>This paper tries to sort out the paradigm of modern monetary theory, which is the most popular macro monetary theory in the world at present, and expounds the theoretical basis and important framework of modern monetary theory as popularly as possible, and discusses its limitations.</p><p><b>The conclusions of modern monetary theory shock those who have only been exposed to traditional monetary views. It challenges the orthodox view of government fiscal and fiscal budget deficits, the employment-inflation trade-off established by the Phillips curve, and the fight for current account surpluses.</b></p><p><b>However, it is essentially the orthodox continuation of Keynesianism, and its understanding of how the treasury and central bank of a sovereign country should coordinate their operations and their respective powers and responsibilities significantly goes beyond the limitations of classical monetarism.</b></p>","source":"lsy1624936809849","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>Not just printing money: This is enough about modern monetary theory</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\">\nNot just printing money: This is enough about modern monetary theory\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">动物精神Animal...</strong><span class=\"h-time small\">2021-06-29 11:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As the global monetary policy falls deeper and deeper into the zero interest rate trap, and the global release brought by the COVID-19 epidemic, relevant<b>The discussion of modern monetary theory (MMT) has been increasingly rising recently, and it has caused great controversy in the process of spreading.</b>In this context,<b>We will try to explore the basic framework, ideological purpose and practicality of modern monetary theory in a relatively easy-to-understand way while maintaining logical rigor.</b></p><p><b>I. Overview</b></p><p>Contrary to popular belief, the popular modern monetary theory is not \"modern\" or new at all. In fact,<b>Modern monetary theory is born out of post-Keynesian school, and thinks that it is the best in-depth interpretation and follower of Keynesian theory.</b>However, the main ideas of modern monetary theory have remained unpopular and even marginalized for nearly 60 years after Keynes, and only in recent years have they finally gained a place in international political and economic discussions. Of course, this change is also closely related to the current dilemma encountered by mainstream macroeconomics. After all, macroeconomics has not won the Nobel Prize for many years, and it needs to be combined with practice to find a new direction. But in any case, criticism of modern monetary theory has always been heard from all walks of life, as the famous comment says:<b>\"The correct parts of MMT aren't new and the new parts aren't correct.\" Where they're right about modern monetary theory is not new, and what is new is not right. \")</b></p><p>If you can summarize what the main point of modern monetary theory says in one sentence, it is actually very simple:</p><p><i><b>For countries with their own currencies, their governments need not care about their debts and expenditures, because they can always pay the interest on all debts through direct government printing money. So the only constraint on how much money the government prints is inflation. As long as the demand and purpose created by printing money can be met by the existing labor force and equipment, and inflation can be kept in a controlled range, then the government of this country can support all its purposes and expenditures by printing money directly.</b></i></p><p>Seeing this, I think most people's first reaction is disapproval, and the Latin American crisis, Weimar, Germany, Zimbabwe, the European debt crisis and so on as counter-examples immediately come to mind. In fact, the core tenet of modern monetary theory is not to try to prove that governments can print money indefinitely without any consequences.<b>In the next paragraph, we will sort out the important views and logical frameworks of modern monetary theory for you to discuss.</b></p><p><b>II. Theoretical viewpoints</b></p><p><b>II.1 Tax-driven currency</b></p><p>Since the collapse of the Brighton Woods system and the decoupling of the dollar from gold in the 1970s, the exploration of the core value of fiat currency has never been a clear conclusion.<b>Aiming at the core attribute and value of money, modern monetary theory has established a whole set of theoretical system based on its unique explanation.</b></p><p><b>Why would anyone want to accept the government's legal tender?</b>People usually just accept it passively and think little about it. When the government is building roads, building aircraft carriers, when the central bank is buying Treasury Bond, and in quantitative easing, do they really pay currency from some account? The answer is clearly no.</p><p><b>So why can the government create money out of thin air like this?</b></p><p>Hyman Minsky once said, \"Everyone can create money, but the question is whether it will be accepted.\" You can create a \"currency\" denominated in dollars by writing \"10 yuan in arrears\" on a note, but the question is whether you can get others to accept it-for example, whether someone is willing to accept the IOU and sell you a pancake.</p><p><b>MMT believes that the core reason the government can do this is that all of us pay taxes to the government.</b>Note that in the vast majority of cases, when the government collects taxes, it only accepts its own currency, so that in order to avoid the punishment of tax evasion (such as going to prison, etc.), the people of a country must seek to obtain that government's currency to pay their taxes. The point here is,<b>Even if it is not easy to force people to use their fiat currency in private transactions, governments can still force people to use fiat currency to pay taxes when collecting taxes.</b>And this fact will naturally create a huge demand among the population for the country's fiat currency. All in all,<b>In order for the issued currency to be accepted, the government actually does not need to store precious metals or foreign currency, nor does it need redundant laws to guarantee it. It only needs to force people to meet their tax obligations in fiat currency.</b></p><p><b>We can then conclude that \"tax drives money\": if the ruler has the right to tax, it can create a demand for fiat money. Because it is easy for the government to \"make sure that people use fiat currency when they pay the government\".</b></p><p>A little derivation from the above discussion reveals that, from the point of view of money issuers, the government established a monetary system to allow resources to flow to the public sector, and the demand for money created by taxes (government printed paper) contributed to this.<b>It can be said that the government established taxes not only to increase fiscal revenue, but also to encourage people to sell their labor, resources and products for their printed paper (money). Most people believe that the government collects taxes only to generate revenue to cover fiscal expenditures. But from an MMT perspective, there is a very subtle difference between the purpose of the tax.</b></p><p>As we all know, the government will not spend all the \"required funds\", but the public's willingness to sell more labor, resources or products in order to get money may be exhausted (for similar views, refer to another article before WeChat official account, and there is no such terrible financial crisis). To be able to transfer resources consistently, governments can try to raise the price they pay (which, if they fail, triggers inflation), or increase taxes. But anyway, we have to remember,<b>In MMT's understanding, the main purpose of increasing taxes is not to generate revenue, but to stimulate demand for money.</b></p><p>In this way,<b>MMT self-consistently gives a theoretical framework for government money, taxation and inflation.</b>We can simply express it as that the government creates demand for its own printed money through taxation, and the ability to collect taxes determines the ability of the government to transfer resources, which further determines the credit of the government's currency, and the level of this credit determines the final demand of this currency, thus directly affecting the nominal inflation of this currency. If the public recognizes this currency, inflation can be controlled, otherwise it will enter a negative feedback spiral of rising inflation-further reduction of money and government credit.</p><p><b>This framework is actually present in reality</b>The credit of the US dollar is built on the world's leading comprehensive strength of the United States after World War II, the price settlement mechanism of almost all commodities, the existence of aircraft carriers, Tesla, Google and Coca-Cola, and even the ability to require all residents of the world, regardless of nationality, to fill in the w8ben form to file taxes with the US government when investing in US dollar assets. In response to the COVID-19 pandemic, the U.S. government has printed unprecedented amounts of money in nearly two years, which has made some people who don't know the system panic and shout that the credit of the dollar will be lost and the dollar will be turned into waste paper.<b>As everyone knows, the US dollar is waste paper, and it is the facts mentioned above that make waste paper have credit. If these capabilities in the United States have not changed, then the underlying credit of the dollar will not be destroyed.</b>Those who rushed to the conclusion that the dollar was about to lose their credit simply because the United States printed too much money are probably busy adjusting their expectations after the recent cycle.</p><p>However, although the Fed's printing of money will not shake the credibility of the dollar, nor will it let big inflation arrive and make the dollar waste paper, China's rise may shake these comparative advantages of the United States. From the highest perspective, the global drama in the next 5-10 years may be interpreted in this dimension. Let's consider this topic in other articles.</p><p>Incidentally, perhaps unlike many people's perception, it is easy to find that the monetary view under the MMT framework described above actually denies the monetary function of the hottest digital assets and Bitcoin (again, government and tax-driven currency). The space is limited, so we won't go into it. (Thinking of the pretentious edge of Fermat's last theorem page, we always know too much and have time to write too little.)</p><p><b>II.2 The Basic Framework of Modern Monetary Theory</b></p><p>Let's elaborate on the analysis logic of MMT.</p><p>First of all, we all know that in society, one party's financial assets will always correspond to the other party's financial liabilities. thereupon<b>We can divide the world very simply into three sectors: the domestic private sector, the domestic public sector, and the \"other national sectors\" composed of foreign governments, companies, and households.</b></p><p>Then if we add up the assets and liabilities of each department, the following identity will always hold:</p><p><i><b>Domestic Private Sector Balance + Domestic Government Sector Balance + Foreign Sector Balance =0</b></i></p><p>This is actually a<b>Accounting identity</b>, does not depend on any theoretical model. To give a potentially illuminating example, suppose that foreign sectors spend less than revenue and have a budget surplus of $50 billion, while domestic government sectors spend less than revenue and have a fiscal budget surplus of $20 billion, then the above identity tells us that the domestic private sector we care about most must have a budget deficit of $500+200= $70 billion in the same time period.</p><p>This may create a \"dilemma\" in which if one of the three sectors has a surplus, at least one of the other sectors has a deficit.<b>In other words, no matter how hard we try, in the same time period, it is impossible to have a great harmony in which all the sectors we think are most ideal have surpluses at the same time.</b></p><p>So by the time we got here, there seemed to be a vague thought in our minds —<b>Since there are always people who want to borrow money, then TMD let the government borrow it, and then everyone in the private sector of our country will have the surplus and assets we are most looking forward to!</b></p><p>If it were that simple, we would just need accounting and no MMT.</p><p>At the beginning of the article, we say that MMT are followers of Keynesian theory because they believe in the following conclusions, which are perpetuated by Keynesianism.</p><p><b>1. From the perspective of the overall economy, the causality of the private sector is that overall expenditure determines overall income (Keynesian economy paradox)</b></p><p>This conclusion is not intuitive, because as far as each of us is concerned, income always determines expenditure: for example, if you win the lottery of 5 million yuan, why don't you add more meat to Lanzhou beef noodles at night?</p><p>However, once we add up all individuals, we find that while individual households can definitively decide to spend less in order to save more money to cope with the expected crisis, if all households try to spend less, total consumption and national income will decline. At this point, companies will be forced to reduce output, lay off employees, and lower wages, which will lead to lower household incomes, which will lead to family members being forced to reduce spending further, and a brutal negative feedback loop begins.</p><p><b>This is Keynes's \"economy paradox\", that is, his most important lesson and explanation of the Great Depression-trying to save money by reducing total consumption will not only increase savings, but reduce income.</b></p><p><b>2. Social deficit expenditure determines the accumulation of financial wealth (savings).</b></p><p>Keynesians argue that only when a sector of the economy decides to spend more than it incomes through a deficit, the counterpart who lends money to it will accumulate net financial wealth in the form of deficit spender liabilities.<b>That is, this decision of deficit spending is what creates net financial wealth. Unless one party is willing to make deficit spending, no matter how much others want to accumulate financial wealth, they cannot do so.</b></p><p><b>3. The government cannot accurately grasp the deficit (tax revenue), and there is an \"Automatic Stabilizers\" effect</b></p><p>Instead of going too far into the fact that the government cannot grasp the deficit with precision (we can go deeper from the Chicago School and the Laffer curve, if we want), we will only talk about some more intuitive inferences.</p><p>It needs to be acknowledged that there are boundaries to the capabilities of government.<b>Even the tax revenue, which seems to be entirely its own, cannot be precisely controlled by the government.</b>It is true that the government can decide to spend more or to raise tax rates, but when government spending and tax rates change, other social variables, such as income, sales, wealth, etc., that is, the overall tax base of society will change accordingly. And these variables are not in the government's control.<b>Therefore, whether there is a deficit, equilibrium or surplus in the fiscal budget, it is not something that the government can decide independently.</b></p><p>Combining the above identities and discussions, assuming we don't consider the surpluses of foreign sectors for the time being, when a recession strikes, the domestic private sector will start to cut spending and increase savings. This would lead to a rise in the domestic private sector balance, which would directly lead to a decline in the domestic government sector balance in the identity. As a result, the government's budget deficit will spontaneously increase. This part of growth is not controlled by the government, but it plays a role in smoothing the fluctuations in the balance of various sectors of society in the face of cycles. Historical data also confirm this relationship —<b>That is, tax revenue grows rapidly during economic boom and falls rapidly during economic depression, making the government's fiscal budget a powerful automatic stabilizer. This is the \"automatic stabilizer\" effect.</b></p><p>Therefore,<b>The best domestic policy is to pursue full employment and price stability rather than a sustainable government deficit path or a manageable overall debt ceiling. Because the latter is the result of automatic stabilizers in most cases, it is not something that the government can decide autonomously.</b></p><p><b>4. Simple expansion of identities</b></p><p>For the convenience of our point of view, we rewrite the above important identities and introduce S (private sector savings), C (private sector consumption expenditure), I (private sector investment), T (government sector taxation), G (government sector expenditure), IM (domestic import), EX (domestic export), so we have</p><p><b>Domestic Private Sector Balance + Domestic Government Sector Balance + Foreign Sector Balance =0</b></p><p><b>S – C – I</b> <b>+</b> <b>T – G</b> <b>+</b> <b>IM – EX</b> <b>=0</b></p><p>At this point, we can basically draw the most important ideological conclusion of modern monetary theory:</p><p><b>If you have the tax revenue and the ability to create your own currency described in II.1, then when you are faced with a recession cycle or negative external shocks (like the subprime mortgage crisis or the COVID-19 crisis), you can better weather the crisis through the regulation of your own government department.</b></p><p>When the crisis arrives, II.2.1 tells us that because overall private sector spending determines overall revenue, the most important thing is to ensure that overall private sector spending does not decline, and especially to avoid falling into a negative feedback loop of simultaneous decline in spending/revenue. II.2.2 tells us that in order to avoid the panic caused by the collapse of social wealth, we need some sector of the economy to initiate deficit spending. Then combined,<b>The only one likely to undertake this deficit spending task is the government sector, which needs to transfer wealth to the private sector in order to repair the decline in overall spending.</b></p><p>The identity in II.2.4 further validates that, in order to achieve this, the domestic private sector balance is returned to the equilibrium level it should be,<b>Then we should minimize our government sector balance and our foreign sector balance (current account deficit from our national perspective).</b></p><p>But because<b>Exogenous uncertainty of exports</b>(If an economy as large as the United States, for example, tries to reduce imports, it could affect the incomes of other countries, and therefore its own exports to the rest of the world.)<b>The best way to deal with this is to reduce the balance of government departments.</b>It is worth emphasizing here that under the mainstream macroeconomic point of view, countries should try their best to pursue current account surplus, while modern monetary theorists have conducted more in-depth theoretical discussions on foreign sector surplus, and finally reached contrary conclusions. That is, when the government can freely control the surplus of its own government departments, the external current account surplus is not important, and this is actually the development path that the United States has actually taken since the 21st century.</p><p><b>Finally, II.1 and II.2.3 tell us that in the process of expanding government deficits to boost private sector spending, we need not consider whether the deficit is too large, because sovereign countries can issue money unlimited without affecting credit; There is no need to think about how the deficit will shrink in the future, because when the crisis passes and the economy returns to a growth cycle, automatic stabilizers will naturally bring the country's deficit back to equilibrium.</b></p><p><b>When we compare the above conclusions and ideas with the way the United States and Western countries responded to the impact of the COVID-19 epidemic this time, we can immediately understand why it is said that the mainstream Western economies have opened a new paradigm of modern monetary theory.</b></p><p>Take the United States as an example. In this COVID-19 crisis, the United States ignored the shackles of all government deficit paths and debt ceiling for the first time, opened the money printing machine to the limit, and launched several trillion-level government expenditure plans, which not only failed to set the ceiling for the size of the Fed's balance sheet, but also allowed the Fed to directly buy corporate high-yield bonds to guarantee the private sector's deficit investment; The United States abandoned the path of QE transmission through banks in the past, directly cut interest rates to the lower limit of interest rates, and at the same time carried out the unprecedented behavior of \"helicopter money\" and directly transferred money to people's personal accounts.<b>Don't care about flooding the mountain, but make sure that overall private sector spending does not fall with thunder.</b></p><p>It can be said that as far as the present situation is concerned, the paradigm of modern monetary theory has achieved very good practical results. Under the severe impact of the COVID-19 pandemic, the US economy has not only achieved a smooth transition, but is likely to resume growth in an extremely quick time (2021). It is no wonder that Yellen, the new US Treasury Secretary appointed in danger, will publicly state that the ceiling of government debt is not so important, as long as it is a sustainable path to ensure that the government's annual fiscal revenue can cover the interest of Treasury Bond.<b>It is expected that in the next 5-10 years, the paradigm of modern monetary theory will establish a firm place in the practice of central banks in Western countries.</b></p><p><b>II.3 The Boundary of Government Debt – Issues of Fiscal Sustainability Pathways</b></p><p><b>The inflation caused by excessive money printing and the sustainable path of government debt should be the two aspects that the \"traditional\" theory questioned the modern monetary theory most concentrated.</b></p><p>First of all, it should be clear that we don't think that modern monetary theory has a very scientific and perfect explanation and response to these questions, but its answers to these questions also have certain merits.</p><p>Let's quote a very intuitive macroeconomic conclusion:</p><p><i><b>When an economy's interest rate r is higher than its growth rate g, its debt ratio will keep growing. (It can be intuitively understood that the newly earned money (g) of the economy can't repay the interest (r) every year, so the debt ratio can only keep rising), so if it is always in the case of r> g, then the government has limited room to continue adding new debt.</b></i></p><p>[For more academic readers, look at James Galbraith's classical model in detail about this conclusion:</p><p>△ d = -s + d * [(R-G) / (1+ g)]</p><p>Where d is the initial ratio of debt to GDP, s is the ratio of fiscal surplus to GDP after subtracting net interest expenses, r is the real interest rate, and g is the real growth rate of GDP]</p><p><b>And we can intuitively see that when r <g, the ratio of debt to GDP is also negative, that is, the debt is gradually decreasing healthily.</b></p><p>So how to achieve it? One scenario that can be naturally controlled by the government is to keep the interest rate r as small as possible, so that g is more likely to be greater than r. As a result, in the nearly decade since the financial crisis, we have seen a significant decline in benchmark interest rates for all countries around the globe. After the COVID-19 crisis interrupted the rate hike process in the United States, we once again saw the benchmark interest rates in all developed countries drop to a position that is basically equal to zero. The European Union, Japan, Sweden, Switzerland and other countries have further opened up the attempt to negative interest rates. This has to be said to be a result of the acquisition of practice of the modern monetary theory paradigm.</p><p>So what if r has been reduced to such a low position, and the actual growth rate g still can't be greater than r? Friends, this is the most cutting-edge academic question still being discussed in modern monetary theory. As far as we know, the current MMT theory can't give a clear answer.</p><p>It must be noted here that, despite the constraints of the liquidity trap,<b>But r is controlled by the government, and there is no absolute lower limit.</b>For example, when 0 is not low enough, the Federal Reserve can announce that the benchmark interest rate will be lowered to-10% overnight. When we consider this absolutely insane gesture to stimulate all immediate consumption, we return to the fundamental difference between modern monetary theory and traditional macroeconomics, that is, the source of government credit-government organization and tax-driven money, the biggest cornerstone of modern monetary theory. It can be said that what we need to face at this time is no longer an economic problem in essence, but a problem in the sociological sense. Specifically, countries with political, technological and military foundations like the United States and the US dollar may not have any difficulties, but in some small countries, because people or other economies in the world lose trust in their currency and government, they will face the danger of losing both regime rule and the effectiveness of legal tender. However, in the theoretical framework of MMT, there is a solution to the fiscal sustainable path of government, but the consequences and constraints brought by it may need the auxiliary perspective of sociology to further improve and support. (A theoretical framework similar to behavioral economics needs to be supported by the introduction of psychological theories.)</p><p><b>II.4 The Boundary of Government Debt – Inflation</b></p><p>Finally, let's explore the biggest doubt that everyone intuitively has about modern monetary theory:<b>The problem of inflation.</b></p><p>As Friedman famously said: \"Inflation is a monetary phenomenon whenever and wherever it is\", how does modern monetary theory ensure that the country does not enter the vicious spiral of self-reinforcing inflation while proposing to lift government spending and debt ceiling to print money on a large scale if necessary?</p><p><b>In fact, modern monetary theory is very descriptive when it comes to answering questions related to inflation, and it can even be said that modern monetary theory itself is merely a description of how sovereign currencies work.</b>As mentioned above, it has a good theoretical and ideological framework to explain how sovereign states and their currencies work, but there are not enough scientific and quantitative tools to draw insurmountable boundaries for this way of working.</p><p>The discussion of inflation in modern monetary theory can be divided into<b>Two directions.</b></p><p><b>The first direction avoids directly answering the inflation question and instead negates the prevailing mainstream macro framework, arguing that the inflation-employment relationship revealed by the Phelps curve can entirely be avoided by government intervention.</b></p><p>The founder of this direction is the famous economist A. Lerner and his<b>\"Functional Finance Theory\"</b>。 In his theory, Lerner emphasized that the government should start with its function to the economy when formulating the fiscal budget, and should not add the restriction of fiscal balance of payments. This is simply a match between the abandonment of fiscal sustainability in modern monetary theory discussed in the previous section. Therefore, the subsequent researchers of modern monetary theory put forward<b>\"Employment Security/Final Employer\" Model</b>。</p><p>Considering that this is a brand-new framework, we will not go into depth here but instead describe the main logic of this model intuitively.</p><p>From the above,<b>According to the framework of modern monetary theory, we know that the government can issue its own currency indefinitely. So why not let the government act as the ultimate employer and promise to provide jobs for all qualified and willing citizens of the country?</b>In this way, the unemployment rate will be directly reduced to zero, and a well-off society will be directly realized.</p><p>In this theoretical framework,<b>All the unemployed in the country will be employed by the government as the final employer and will be offered a minimum wage equivalent to the employment guarantee.</b>The private sector can then select the best of this government-employed population by offering higher-than-employment-guaranteed wages.</p><p>Imagine that if our government implements this framework now, then all the unemployed people in the country can go to the local government to get a job, and the salary is 2,000 yuan/month paid by the government. The specific work can be local agricultural picking according to local conditions, or it can be uniformly deployed by infrastructure projects led by government expenditure, or simply become a take-out rider, and the government will pay this part of employment security salary through platform companies like Meituan.</p><p>It looks like,<b>Inflation does become less relevant under such a theoretical framework.</b>During the economic boom, private sector employers can hire workers from employment plans by providing workers with higher wages than the employment guarantee salary (2,000 yuan/month). For example, Meituan can provide 3,000 yuan/month salary to hire efficient riders in its own company. In a recession, the private sector can dismiss workers and return them to the government's final employer scheme for a guaranteed employment salary of at least 2,000 yuan/month. In this way, the Employment Guarantee salary will reduce inflationary pressures in times of boom and deflationary pressures in times of recession.</p><p><b>Therefore, the modern monetary theoretical framework can finally find an \"anchor\" of sovereign currency by setting up government guaranteed salary. Under this complete MMT framework, the marginal value of a sovereign currency is equal to the amount of labor it can employ. The government has achieved full employment through the program and can perfectly control inflation by adjusting the marginal labor value by adjusting the Job Guarantee salary.</b></p><p><b>But the problem with this Republic theory is also obvious — even leaving aside the exchange rate and inflation problems that MMT faces when government spending is excessive, as discussed in II.3, one important fact that we need to note is that this framework ignores the subjective initiative of all individuals and the incentive for employment.</b></p><p>For example, if a government-provided job requires 12 hours of hard work, an individual will automatically withdraw from the Employment Security Scheme if he thinks that only 2000 yuan is too little for 12 hours of labor. This will directly cause real unemployment to rise again.</p><p>For example, the employment security riders of the US Mission don't need to do too much, and they can receive a salary of 2,000 yuan/month by sending 3 orders a day. Then, the US Mission riders who originally needed to send 30 orders a day to receive a salary of 5,000 yuan/month in the market competition environment may be willing to choose to lie down to join the employment security plan, thus distorting the overall efficiency and demand of the society.</p><p>In addition, this Employment Security/Final Employer Scheme is actually a typical \"big government\" framework. In order to be effectively implemented, the government needs to have a high degree of monopoly of rights and resources. In response to this situation, Piketty makes an in-depth discussion in his new book Capital and Ideology. He points out the apocalyptic ideological dilemma faced by the framework of big government after the disintegration of the Soviet Union through the change of views between the left and the right in modern society.<b>Therefore, this employment security/final employer model may only exist in the paper utopia of some modern monetary theorists for a long time.</b></p><p>Since it is impossible to completely jump out of the mainstream monetarist theory in practice in the short term, modern monetary theory scholars also follow the mainstream framework<b>The second direction</b>Explained the inflation problem as much as possible.</p><p>In our opinion,<b>The academic significance of this part of the explanation is somewhat lacking, because the MMT theoretical framework never suggests a clear way to calculate the expenditure ceiling of sovereign governments.</b>So in this direction, the arguments of MMT supporters are mainly<b>Focus on practical experience</b>。 Noting that in the past 40 years or so, the global mainstream economies have basically been in an environment of extreme lack of inflation, and even after large-scale money printing, there are still no signs of rising inflation, they believe that considering the unknown factors such as oversupply in modern society and changes in production factors,<b>It is very difficult for a sovereign government to trigger inflation by raising the deficit and printing money.</b>However, the hyperinflation that has occurred in history, firstly, is not large in number, and secondly, it mostly occurs in developing countries with too fragile economic systems such as Zimbabwe and Brazil, and in most cases, it often occurs when the country is subjected to unusual domestic and foreign geopolitical or political shocks. Therefore,<b>It is not universal.</b></p><p>Although this explanation is vague and almost false, it would be unfair to blame modern monetary theorists on that basis,<b>After all, mainstream monetarist scholars have not explained well the effect of quantitative easing and how it is transmitted to the real economy.</b>For example, why did the huge amount of money issued by central banks around the world in response to the 2008 financial crisis never cause inflation to rise in these countries? In view of this question, the mainstream academic circles have never found a convincing theoretical framework to give an answer. On this point, the most confused people should be Abe and Haruhiko Kuroda. The Bank of Japan's money printing level has already far broken the fiscal deficit ceiling believed by traditional monetarism, and even reached the point of nationalizing the whole Japanese business community, but people still can't find any clues of rising inflation in Japan.</p><p>From this point of view,<b>This Covid crisis could be a litmus test for modern monetary theory</b>Because at least as of the second quarter, in the unprecedented wave of the largest water release in the world, we finally saw a little sign of inflation. But for now, this is the slightest sign that the prevailing expectation of the Fed and markets remains that these<b>Inflation is 'transitory'</b>At the end of the epidemic, the marginal normalization of monetary policy will fade by itself.</p><p><b>If the story really progresses like this, then in the spirit of science and practicality, inflation's shackles and criticism of modern monetary theory may be really ineffective. After all, at present, the government directly gives a generous employment guarantee salary by helicopter money without requiring people to find employment. This degree of water release has actually far exceeded the imagination of modern monetary theorists on paper before. If inflation is not visible under such circumstances, then traditional monetarists can indeed burn Friedman's theory of quantity of money to embrace a new era of macro.</b></p><p><b>III. Summary</b></p><p>This paper tries to sort out the paradigm of modern monetary theory, which is the most popular macro monetary theory in the world at present, and expounds the theoretical basis and important framework of modern monetary theory as popularly as possible, and discusses its limitations.</p><p><b>The conclusions of modern monetary theory shock those who have only been exposed to traditional monetary views. It challenges the orthodox view of government fiscal and fiscal budget deficits, the employment-inflation trade-off established by the Phillips curve, and the fight for current account surpluses.</b></p><p><b>However, it is essentially the orthodox continuation of Keynesianism, and its understanding of how the treasury and central bank of a sovereign country should coordinate their operations and their respective powers and responsibilities significantly goes beyond the limitations of classical monetarism.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/7xkjnL08zcFJcRhUMIn7zw\">动物精神Animal...</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3cfac405d9968bb68cea6d74e9f4c711","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/7xkjnL08zcFJcRhUMIn7zw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172774847","content_text":"随着全球货币政策在零利率陷阱中越陷越深，叠加新冠疫情带来的全球大放水，有关现代货币理论（MMT）的探讨近来愈加兴起，且在传播过程中引起了非常大的争议。在本文中，我们会尝试在保持逻辑严谨性的前提下，用比较通俗易懂的方式来探究现代货币理论的基础框架、思想宗旨与实用性。\nI. 概述\n同大众的看法相反，当下为人所乐道的现代货币理论并不“现代”，或者说根本不新。事实上，现代货币理论脱胎于后凯恩斯学派，并认为自己才是凯恩斯理论最好的深入诠释与追随者。然而，现代货币理论的主要思想在凯恩斯之后的近60年时间中一直不受待见，甚至被边缘化，直到近些年才终于在国际政治与经济的讨论中有了一席之地。当然，这种转变也与目前主流宏观经济学遇到的困境息息相关，毕竟宏观经济学已经很多年没有拿到过诺奖了，需要结合实践去寻找新的方向。但无论如何，各界对现代货币理论的批评声始终不绝于耳，正如那句著名的评论所说：“The correct parts of MMT aren’t new and the new parts aren’t correct。”（有关现代货币理论，他们正确的地方并不新，而新的地方并不正确。”）\n如果用一句话来概括现代货币理论最主要的观点说了什么，那其实非常简单：\n对于拥有自己货币的国家来说，其政府无需在乎自己的负债与支出，因为他们永远可以通过政府直接印钱的方式来支付所有负债的利息。于是，对政府印多少钱的唯一束缚只有通胀。只要印钱创造出来的需求与目的可以被现有的劳动力与设备满足，使通胀保持在一个可控的范围，那么这个国家的政府便可以通过直接印钱来支撑自己的所有目的与支出。\n看到这里，我想大多数人的第一反应大抵都是不以为然，而拉美危机，魏玛德国，津巴布韦，欧债危机等等事件作为反例便立刻涌上心头。稍安勿躁，其实现代货币理论的核心宗旨并不是在尝试证明政府可以无限地印钱支出而不必承担任何后果。在下一段中，我们会梳理现代货币理论的重要观点与逻辑框架，供大家探讨。\nII. 理论观点\nII.1 税收驱动货币\n自二十世纪70年代布莱顿森林体系解体，美元与黄金脱钩以来，有关法定货币核心价值的探究便始终没有一个明确的结论。而针对货币的核心属性与价值，现代货币理论以其独到的解释为基础建立了一整套理论体系。\n为什么会有人愿意接受政府的法定货币？人们通常对此只是被动接受，而甚少思考。当政府在修路，在造航母，当央行在购买国债，在量化宽松的时候，他们是否真的从某个账户对外支付货币呢？答案显然是否定的。\n那么政府为什么可以这样凭空创造货币？\n海曼.明斯基曾说过，“每个人都可以创造货币，但问题在于其是否会被接纳。”你可以通过在一张纸条上写“欠款10元”来创造一种以元来计价的“货币”，但问题在于能否做到让其他人接受它 —— 例如，是否有人愿意接受这一张欠条，并且卖给你一个煎饼。\nMMT认为，政府能够做到这一点的核心原因在于我们所有人都要向政府纳税。注意到，绝大多数情况下，政府征税时都只接受自己印发的货币，所以，一国民众为了免受逃税的惩罚（如进监狱等），就必须设法获得该政府货币以支付税款。此处的重点在于，即便无法轻易地强制民众在私下交易时使用其发行的法定货币，政府依然可以在征税时迫使人们使用法定货币来支付税收。而这个事实将天然地在民众中创造出一个对该国法定货币的巨量需求。总而言之，为使所发行的货币被接受，政府其实既不需要储存贵金属或者外币，也不需要多余的法律来保证。它只需要强制民众用法定货币来履行纳税义务即可。\n于是我们可以得出“税收驱动货币”的结论：如果统治者有征税的权利，便能够创造对法定货币的需求。因为对政府而言，“确保人们在付钱给政府时使用法定货币”，这点是很容易做到的。\n在上述讨论的基础上稍作衍生就会发现，以货币发行者的角度来看，政府建立货币体系的目的在于让资源向公共部门流动，而税收创造的货币（政府印出来的纸张）需求则促成了这一点。可以说，政府设立税收并不单是为了增加财政收入，也是为了促使人们为获得其印刷出来的纸张（货币）而出卖劳动力，资源和产品。大多数人认为，政府征税仅是为了创收以弥补财政支出。但从MMT的角度来看，税收的目的则有非常微妙的区别。\n众所周知，政府并不会花光“所需资金”，但公众为了获得货币而出卖更多劳动力、资源或产品的意愿却可能耗尽（类似观点可以参考公众号之前的另外一篇文章，并没有那么可怕的金融危机）。为了能够持续转移资源，政府可以尝试提高支付的价格（如果失败，则会引发通胀），或者增加税收。但不管怎样，我们必须记住，在MMT的理解中，增加税收的主要目的不是创收，而是为了刺激货币需求。\n这样一来，MMT自洽地给出了一个政府货币、税收与通胀的理论框架。我们可以简单表述为，政府通过税收为自己印刷的货币创造需求，而征税的能力决定了政府资源转移的能力，也就进一步决定了该政府货币的信用，而这一信用的高低决定了这种货币的最终需求，从而直接影响着该货币的名义通胀。民众认可这种货币，通胀便可控，反之便会进入通胀上升——货币与政府信用进一步降低的负反馈螺旋。\n这个框架在现实中是实际存在的，美元的信用构建在二战后美国全球最领先的综合实力上，构建在几乎所有大宗商品的价格结算机制上，也构建在航空母舰、特斯拉、Google与可口可乐的存在上，甚至构建在要求全球所有居民，无论国籍，进行美元资产投资必须填写w8ben表格来向美国政府报税的能力上。为了应对新冠疫情，美国政府在近两年内印刷出了前所未有的钱，这让一些不了解这个体系的人甚感恐慌地喊着美元的信用会丢失，美元会变成废纸。殊不知美元本就是废纸，是上面所说的这些事实让废纸拥有了信用。如果美国的这些能力没有发生变化，那么美元的基础信用是不会被毁灭的。那些单纯地因为美国印了太多钱，便慌忙下结论喊着美元将要丢失自己信用的人，最近这一个周期过去，恐怕已经在忙着调整预期了。\n不过，虽然美联储印钱不会动摇美元的信用，也不会让大通胀到来并让美元成为废纸，但是中国的崛起却有可能动摇上述这些美国的相对优势。从最高的视角看，未来5-10年的全球大剧情也许就会在这个维度上演绎了，这个话题让我们考虑在其他文章中展开来讲吧。\n顺便提一句，可能与许多人的认知不同，我们很容易就会发现，上面叙述的MMT框架下的货币观点其实是否认现在最火热的数字资产与比特币的货币职能的（再次强调，政府与税收驱动货币）。篇幅有限，我们也不展开讲了。（想起费马大定理那个页面边缘的装逼，我们总是懂的太多，而有时间写下来的太少。）\nII.2 现代货币理论的基础框架\n让我们详细的阐述一下MMT的分析逻辑。\n首先我们都清楚，在社会中，一方的金融资产总会对应到另外一方的金融负债。于是我们可以把世界非常简单地划分为三个部门：本国私营部门，本国公共部门以及由外国政府、公司与家庭构成的“其他国家部门”。\n那么如果我们把各个部门的资产与负债加总，下面这条恒等式便会始终成立：\n本国私营部门结余 + 本国政府部门结余 + 国外部门结余 = 0\n这实际上是一个会计恒等式，不依赖于任何理论模型。举一个可能比较有启发的例子，假设国外部门支出小于收入，有500亿美元的预算盈余，同时本国政府部门支出小于收入，有200亿美元的财政预算盈余，那么上述恒等式告诉我们，在同一时间段内，我们最在乎的本国私营部门必须拥有500+200=700亿美元的预算赤字。\n这可能就造成了一个“困境”，在这三个部门中，如果一个部门出现盈余，那么至少有另外一个部门出现赤字。换句话说，无论我们怎么努力，在同一个时间段中，都不可能同时出现我们脑海中认为最理想的所有部门都盈余的天下大同的情况。\n所以到这里的时候，我们的脑海中似乎隐隐约约有一个想法呼之欲出——既然总有人要借钱，那么就TMD让政府借啊，然后我们作为本国私营部门的每个人就会有最期待的盈余和资产了啊！\n如果事情这么简单，我们就只需要会计，而不需要MMT了。\n在文章的起初，我们便说了MMT是凯恩斯理论的追随者，原因便是，他们相信下面这些由凯恩斯主义延续下来的结论。\n1.  从整体经济层面来看，私人部门的因果关系是，整体支出决定整体收入（凯恩斯节约悖论）\n这个结论不太直观，因为就我们每个个体而言，总是收入决定支出的：例如你中了500万的彩票，咋的晚上吃兰州牛肉面还不得多加份肉啊。\n然而，一旦我们把全部的个体加总就会发现，虽然个体家庭可以明确地决定减少支出，以便储蓄更多的钱来应对预期中的危机，但如果所有的家庭都试图去减少支出，总消费和国民收入将会下降。这时，公司将被迫减少产出，裁退员工，降低工资，从而导致家庭收入的降低，这将导致家庭成员被迫进一步减少支出，一个残酷的负反馈循环便开始了。\n这便是凯恩斯的“节约悖论”，即他对于大萧条最重要的教训及解释——试图通过降低总消费的方式存钱，不仅不会增加储蓄，反而会减少收入。\n2.  社会赤字开支决定金融财富的累积（储蓄）。\n凯恩斯主义者认为，只有当经济体中某个部门决定通过赤字的方式让支出多于收入时，借钱给他的对手方才会以赤字开支者负债的形式累积起金融财富净额。即赤字开支的这个决定才是创造出金融财富净额的原因。除非有一方愿意进行赤字支出，否则，无论其他人多么想累积金融财富，他们都无法做到这一点。\n3.  政府无法精确掌握赤字（税收收入），存在“自动稳定器”(Automatic Stabilizers)效应\n我们不过多展开政府无法精确掌握赤字这点（愿意的话，可以从芝加哥学派和Laffer curve出发展开到很深的程度），我们只谈一些比较直觉的推论。\n需要承认，政府的能力是有边界的。即便是对看似完全由自己决定的财政税收收入，政府也无法精确掌控。政府确实可以决定支出更多，也可以决定提高税率，但当政府支出与税率改变之后，其他的社会变量，例如收入，销售，财富等等，也就是社会的整体税基都会对应改变。而这些变量并不在政府的掌控之中。因此，财政预算无论出现赤字、均衡还是盈余，都并非政府可以自主决定的。\n结合上面的恒等式与探讨，假设我们暂时不考虑国外部门的结余，当衰退来临时，本国私营部门便会开始削减支出、增加储蓄。这会让本国私营部门结余上升，从而直接导致恒等式中的本国政府部门结余下降。如此一来，政府的财政预算赤字就会自发地增加。这部分增长并不由政府掌控，但却起到了平抑社会各部门结余在面对周期时所产生的波动的作用。过往的数据也确认了这一关系——即税收收入在经济繁荣时期迅速增长，在经济萧条时期迅速下跌，使得政府的财政预算变成了一个强大的自动稳定器。这便是“自动稳定器”效应。\n因此，最佳的国内政策是追求充分就业和物价稳定，而不是追求政府可持续赤字路径或者可控的整体债务上限。因为后者大多数情况下是自动稳定器的结果，并不是政府可以自主决定的。\n4.  恒等式的简单展开\n为了表述观点方便，我们将上面重要的恒等式进行改写，引入S（私人部门储蓄），C（私人部门消费支出），I（私人部门投资），T（政府部门税收），G（政府部门支出），IM（本国进口），EX（本国出口），于是有\n本国私营部门结余 + 本国政府部门结余 + 国外部门结余 = 0\nS – C – I + T – G + IM – EX = 0\n到这里，我们便基本可以得出现代货币理论最为重要的思想结论了：\n如果你拥有II.1中描述的税收与创造自己货币的能力，那么当你面对一个经济萧条周期或者负外部冲击时（类似次贷危机或者新冠危机），你可以通过本国政府部门的调控来更好地度过危机。\n当危机到来时，II.2.1告诉我们因为私人部门的整体支出决定整体收入，所以最重要的事情是保证私人部门的整体支出不下降，尤其是避免陷入支出/收入同时下降的负反馈循环。II.2.2则告诉我们，为了避免社会财富骤降引起的恐慌，我们需要经济体的某个部门来主动提供赤字支出。那么结合起来，唯一的可能承担这一赤字支出任务的便是政府部门，它需要将财富转移给私人部门，以此来修复整体支出的下降幅度。\nII.2.4的恒等式进一步验证了，为了做到这些，让本国私营部门结余回到应有的均衡水平，那么我们应当让本国政府部门结余与国外部门结余（以本国角度来看便是经常账户赤字）尽量减少。\n但因为出口的外生不确定性（例如美国这样庞大的经济体如果尝试减少进口，那么可能会影响到其他国家的收入，从而影响到自己对于世界其他国家的出口），最好的应对办法便是减少本国政府部门结余了。在这里值得强调一下，主流宏观经济学观点下，国家应当尽量追求经常账户盈余，而现代货币理论学者对国外部门结余进行了更多深入的理论探讨，最后得出了相悖的结论。也就是在政府可以自由掌控本国政府部门结余的情况下，对外的经常账户盈余并不重要，而这其实也正是21世纪以来，美国实际走过来的发展路径。\n最后，II.1与II.2.3告诉我们，在政府扩大赤字以提升私人部门支出这个过程时，我们无需考虑赤字是否过大，因为主权国家在不影响信用的情况下可以无限发行货币；也无需考虑未来赤字会如何缩减，因为当危机过去，经济恢复到增长周期的时候，自动稳定器自然会让国家的赤字缩小回归至均衡水平。\n当我们把上述的结论和思路与美国及西方国家本次应对新冠疫情冲击的方式进行对比，便能立刻明白为什么说现在西方主流经济体开启了现代货币理论的新范式。\n以美国为例，在本次新冠危机中，美国第一时间忽略了所有政府赤字路径和债务上限的束缚，把印钞机开到极限，发起了多个万亿级别的政府支出计划，不仅不为美联储资产负债表规模设置上限，并且允许美联储直接下场购买企业高收益债券，为私营部门赤字投资进行担保；美国摒弃了过往QE通过银行传导的路径，直接降息至利率下限，同时史无前例地执行“直升机撒钱”行为，直接打款至民众的个人账户。不在乎水漫金山，但一定要以雷霆之势确保私人部门的整体支出不下降。\n可以说，就目前的情况来看，现代货币理论的范式还是取得了非常良好的实践效果的。在新冠疫情这样剧烈的冲击下，美国经济不但实现了平稳的过渡，并且很可能在极快的时间内（2021年）恢复增长。这也难怪临危受命的美国新任财政部长耶伦会公开表明，政府债务的上限并没有那么重要，只要确保政府每年的财政收入可以覆盖国债的利息便是可持续路径了。预计在未来5-10年的时间内，现代货币理论的范式将在西方国家央行的实践中确立一个牢固的地位。\nII.3 政府负债的边界 – 财政可持续路径问题\n过度印钱引发的通胀与政府负债的可持续路径应该是“传统”理论对现代货币理论质疑最集中的两个方面。\n首先要明确的是，我们并不认为现代货币理论对这些质疑有非常科学完美的解释和回应，但是它对这些问题的回答也存在着一定的可取之处。\n我们先直接引用一个非常符合直觉的宏观经济学结论：\n当经济体的利率r高于其增长率g，它的负债率便会一直增长。（可以直觉地理解为，经济体每年新赚到的钱(g)无法偿还利息(r)，所以负债率只能一直上升），所以如果始终处于r > g的情况下，那么政府继续新增负债的空间就比较有限了。\n【对于学术一点的读者有关这个结论可以详细看一下James Galbraith的经典模型：\n△d = -s + d * [ (r -g) / (1 + g) ]\n其中d是负债对GDP的初始比率，s是减去净利息支出后的财政盈余对GDP的比率，r是实际利率，g是GDP的实际增长率】\n而我们可以很直观地看到当r < g时，负债对GDP的比率也是负值，也就是负债在健康地逐渐减少。\n那么如何实现呢？一个能让政府很自然的掌控的情形便是让利率r尽量地小，这样g不就更容易大于r了嘛。因此，在金融危机后的近十年时间中，我们看到了全球所有国家的基准利率显著地下降。在新冠危机打断了美国加息进程之后，我们又一次看到了所有发达国家的基准利率降低到了基本等于0的降无可降的位置。而欧盟，日本，瑞典，瑞士等国家则更进一步打开了对负利率的尝试。这不得不说是现代货币理论范式获得实践的一个结果。\n那么如果r已经降低到了这么低的位置，实际增长率g还是无法大于r怎么办呢？朋友们，这便是目前现代货币理论尚在探讨的最前沿的学术问题了，就我们所知，目前的MMT理论无法给出一个明确的答案。\n这里必须要说明的是，尽管有流动性陷阱的约束，但是r是由政府来掌控的，并不存在一个绝对的下限。比如当觉得0都不够低的时候，美联储是完全可以宣布把基准利率一夜之间降到-10%的。当考虑以这种绝对疯狂的姿态来刺激所有即时消费的情形时，我们便反而回到了现代货币理论同传统宏观经济学的根本区别上，即政府信用的来源——政府组织与税收驱动货币这个现代货币理论最大的基石。可以说，这时我们需要面对的本质上不再是经济学问题，而是社会学意义上的问题。具体而言，美国与美元这样有政治，科技与军事基础支撑的国家可能并不会出现什么困难，但在某些小国家，因民众或者世界其他经济体丧失对该国货币与政府的信任，他们将面临同时失去政权统治与法定货币效力的危险。但无论如何，在MMT的理论框架中，政府的财政可持续路径问题是有解决方式的，但其带来的后果与约束可能需要社会学的辅助视角来进一步完善与支撑。（类似行为经济学的理论框架需要引入心理学的理论来支撑。）\nII.4 政府负债的边界 – 通胀问题\n最后让我们来探讨一下所有人在直觉上对于现代货币理论的最大质疑：通货膨胀问题。\n如弗里德曼那句著名的话一样：“通货膨胀无论何时何地都是一种货币现象”，那么现代货币理论在提出必要情况下解除政府支出和债务上限大规模印钱的同时，又是如何确保国家不进入通货膨胀自我强化的恶性螺旋的呢？\n事实上，在回答与通胀有关的问题方面，现代货币理论是非常描述性的，甚至可以说，现代货币理论本身便仅仅是对于主权货币运行方式的描述。如上文所述，它有很好的理论与思想框架来解释主权国家及其货币如何运作，但是却没有足够科学与量化的手段来为这种运作方式划下不可逾越的边界。\n现代货币理论中对于通货膨胀问题的探讨大概分为两个方向。\n第一个方向避免了直接回答通胀问题，而是否定了现行的主流宏观框架，认为菲尔普斯曲线揭示的通胀与就业的关系完全可以通过政府的干预来避免。\n这个方向的奠基人便是著名的经济学家勒纳(A.Lerner)及其提出的“功能财政理论”。勒纳在其理论中强调了政府在制定财政预算时，应从其对经济的功能来着手，而不应该加入财政收支平衡的限制。这与上一小节中探讨的现代货币理论对于财政可持续路径的摒弃简直是天作之和，也因此，后续的现代货币理论研究者在勒纳的基础上提出了“就业保障/最终雇主”模式。\n考虑到这是一个崭新的框架，所以在这里我们不深入展开而是从直观上描述一下这种模式的主要逻辑。\n从上文中，根据现代货币理论的框架，我们知道了政府是可以无限发行本国货币的，那么为什么不让政府作为最终雇主并承诺为本国全部符合资格且有工作意愿的公民提供工作机会呢？这样失业率便会直接降低为0，小康社会也就直接实现了。\n在这个理论框架中，全国所有的失业人口会被政府作为最终雇主雇佣，并且提供等同于就业保障的最低薪资。而后私营部门可以通过提供高于就业保障的薪资来从这部分政府雇佣的人群中择优筛选劳动力进行雇佣。\n想象一下，如果现在我国政府执行这个框架，那么全国所有失业人口都可以去本地政府领取到一份工作，薪资为政府支付的2000元/月。具体工作可以是因地制宜的本地农业采摘，也可以由政府支出主导的基建项目统一调配，或者干脆成为外卖骑手，由政府把这部分就业保障薪资透过像美团这样的平台公司来发放。\n看起来，在这样的理论框架下，通胀确实变得不那么相关了。在经济繁荣期，私营部门的雇主可以通过为工人提供比就业保障薪资（2000元/月）更高的工资来从就业计划中雇佣工人，例如美团可以提供3000元/月的薪资来把效率高的骑手雇佣到自己公司内。而在经济衰退期，私人部门可以辞退工人，让他们返回政府的最终雇主计划以获取至少2000元/月的就业保障薪资。这样一来，就业保障薪资将在经济繁荣时降低通货膨胀的压力，并在经济衰退时降低通货紧缩的压力。\n于是，现代货币理论框架通过设立政府保障薪资终于得以找到一个主权货币的“锚”。在这套完整的MMT框架下，主权货币的边际价值便等于其可以雇佣的劳动力数量。政府通过计划实现了充分就业，并且可以通过调整就业保障薪资来调整边际劳动力价值来完美控制通胀。\n但是这套理想国理论的问题也显而易见——即便抛开汇率与通胀这类在II.3中讨论过的MMT在政府开支过大时所面临的问题不谈，我们依然需要注意的一个重要事实是，这套框架忽略了所有个体的主观能动性与就业的激励问题。\n比如政府提供的工作需要进行12小时的艰苦劳动，那么如果一个个体认为这12小时的劳动仅仅获得2000元的工资太少了，那么他便会自动从就业保障计划中退出。这将直接造成实际失业率重新上升。\n又比如美团的就业保障骑手不需要做太多事情，一天送3单就可以领取2000元/月的工资，那么本来在市场竞争环境下需要一天送30单才可以领取5000元/月工资的美团骑手可能便愿意选择躺平以加入就业保障计划，从而使社会的整体效率与需求被扭曲。\n另外这套就业保障/最终雇主计划其实是一种典型的“大政府”的框架。为了有效得到执行，政府需要拥有高度垄断的权利与资源。针对这种情形，Piketty在其新书Capital and Ideology中进行了深入的探讨，他通过对于近代社会左派与右派主张观点的变迁指出了大政府的框架在苏联解体后面临的末日般的意识形态困境。也因此，这套就业保障/最终雇主模式恐怕很长一段时间只能存在于部分现代货币理论学者的纸面理想国中了。\n既然短期无法在实践中彻底跳出主流货币主义理论的框架，现代货币理论学者们也在主流框架中沿着第二个方向尽可能地解释了通胀问题。\n在我们看来，这部分解释的学术意义多少有些乏善可陈，因为MMT的理论框架中始终没有提出一个明确的方法去计算出主权政府的可支出上限。因此在这个方向上，MMT支持者们的论据主要集中在实践经验上。注意到在过往的大概40年时间里，全球主流经济体基本上都处于极度缺乏通胀的环境中，甚至在大规模印钱后，依然没有看到通胀上升的迹象，所以他们认为，考虑到现代社会供给过于充分，生产要素变革等未知因素，主权政府提升赤字印钱是非常难以引发通胀的。而历史上出现过的恶性通胀，一是数量并不多，二是多发生在津巴布韦、巴西等自身经济体系过于脆弱的发展中国家，而且多数情况下往往发生于该国受到了不寻常的国内外地缘或政治冲击的时候，因此并不具有普遍性。\n尽管这种解释模糊而有点近乎耍赖，但如果基于这点而对现代货币理论学者们进行指责也有失公平，毕竟主流货币主义学者们对于量化宽松的效果以及其如何传导到实体经济的解释也并不出色。例如，为什么全球各国央行为了应对2008年金融危机而发行的天量货币始终没有导致这些国家的通胀上升？针对这一问题，主流学界始终没有找到令人信服的理论框架来给出回答。关于这一点，想来最困惑的人应当是安倍与黑田东彦，日本央行的印钱水平早已远远打破传统货币主义认为的财政赤字上限，甚至到了即将把整个日本企业界国有化的程度，但是人们却依然找不到日本通胀上升的蛛丝马迹。\n从这点来看，本次新冠危机可能是现代货币理论的一个试金石，因为起码截止二季度，在史无前例的全球最大放水浪潮中，我们终于看到了一点点通货膨胀起来了的迹象。但是目前，就是这一点点迹象，美联储与市场的主流预期依然是，这些通胀是“暂时性”的，在疫情结束，货币政策边际正常化后便会自行褪去。\n如果故事真的如此进展，那么本着科学实用的精神，通货膨胀对于现代货币理论的桎梏与批判可能真的无效了，毕竟政府目前在不要求人们就业的情况通过直升机撒钱的方式直接就给出了一个丰厚的就业保障薪资，这种放水程度其实已经远超现代货币理论学家们之前纸面上的想象。倘若在如此情况下都看不到通胀，那么传统货币主义学家们确实可以烧掉弗里德曼的货币数量论来拥抱宏观的新时代了。\nIII．小结\n本文尽可能地梳理了现代货币理论范式这一目前全球探讨与实践最为火热的宏观货币理论，尽可能通俗地阐述了现代货币理论的理论基础与重要框架，并对其局限性进行了探讨。\n现代货币理论的结论使那些只接触过传统货币观点的人感到震惊。它挑战了关于政府财政和财政预算赤字的正统观点，挑战了菲利普斯曲线确立的就业与通胀的权衡关系，也挑战了争取经常账户盈余的行为。\n但它本质上却是凯恩斯主义的正统延续，其对于一个主权国家财政部与中央银行该当如何协调运作与各自权责义务的理解显著超脱了经典货币主义的局限。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1901,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122342381,"gmtCreate":1624600149943,"gmtModify":1703841444724,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3502502252379822","idStr":"3502502252379822"},"themes":[],"htmlText":"m","listText":"m","text":"m","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122342381","repostId":"1111873217","repostType":4,"repost":{"id":"1111873217","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":1624591804,"share":"https://ttm.financial/m/news/1111873217?lang=en_US&edition=fundamental","pubTime":"2021-06-25 11:30","market":"us","language":"zh","title":"Dual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong","url":"https://stock-news.laohu8.com/highlight/detail?id=1111873217","media":"老虎资讯综合","summary":"距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425","content":"<p>Less than a year after its successful listing in the United States in August last year, XPeng Motors is preparing to return to Hong Kong for IPO to \"double listing\".</p><p>At 8 o'clock on the evening of June 24th, XPeng Automobile issued a supplementary announcement to its prospectus, stating that it would issue 85 million Class A ordinary shares as part of the global offering, and Hong Kong would publicly offer 4.25 million Class A ordinary shares under the stock code \"9868\". XPeng said the highest offering price for this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>In terms of shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Automobile, and his affiliates are the controlling shareholders of Xpeng Motors, holding 21.75% of the shares; Taobao China holds 11.9% and IDG Capital holds 4.8%.</p><p><b>Dual Listing</b></p><p>The listing of XPeng in Hong Kong this time is a dual listing, which is supervised by both the US SEC and the Hong Kong SFC. Generally speaking, this situation will be more restrictive than secondary listings.</p><p>According to public information, enterprises that are primarily listed on qualified exchanges (such as NYSE, Nasdaq, etc.) are allowed to make secondary listings in Hong Kong, but they must meet several major conditions, including that the enterprise must be an innovative industry company, have a good compliance record of listing on qualified exchanges in at least the last two full fiscal years, and the total market value of the applicant at the time of secondary listing in Hong Kong is not less than HK$40 billion, or the total market value at the time of listing is not less than HK$10 billion and the income of the latest audited fiscal year is not less than HK$1 billion.</p><p><img src=\"https://static.tigerbbs.com/838250cba049e1143da065f263f2555f\" tg-width=\"640\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Source: Screenshot of official website of HKEx</p><p>This time, XPeng returned to Hong Kong stocks in the form of \"Dual Primary Listing\", which is rare at present, mainly because of the short interval between the previous US stock Listing (August 27th last year), which did not meet the requirements of the secondary Listing for listed entities to have at least two years of good regulatory compliance records on another qualified exchange.</p><p><b>Dual Listing VS Secondary Listing, These You Need to Know</b></p><p>There can be different paths for Chinese stock companies to return to Hong Kong stocks, which are mainly divided into: 1) applying for listing in Hong Kong after privatization and delisting; 2) Primary listing in Hong Kong (dual listing); 3) Secondary listing.</p><p>Due to the high cost of privatization and delisting, and the uncertainty of re-listing after delisting, we focus on the more mainstream dual listing and secondary listing here.</p><p>I. Comparison of basic concepts</p><p><b>Dual Listing (dual primary listing)</b>It means that both capital markets are the first listing places. If it has been listed on the US market, it will be issued and listed on the Hong Kong market in accordance with the local market rules,<b>It is subject to rules that are fully consistent with the requirements of companies offering shares for the initial public offering in Hong Kong. Shares in the two markets cannot circulate across markets, and the share price performance is relatively independent, which may create a spread.</b></p><p><b>Secondary Listing (secondary listing)</b>It refers to the company's listing of the same type of stocks in two places, and the cross-market circulation of shares is realized through international custodian banks and securities brokers. This way mainly exists in the form of Depository Receipts (DR).</p><p>In this way, the bank first buys a certain amount of shares of foreign companies, and all these shares are held in custody by the bank. Then the bank packages these shares together and sells the securities representing this basket of shares. In the United States, these securities are called ADRs.</p><p>If the company is listed secondarily as a financing DR, the source of the underlying shares is the company<b>New Issuance</b>Ordinary shares. In terms of pricing, the corresponding DR is based on the pricing date,<b>The market price of the company in the original market is used as the reference price for conversion</b>And a price is determined by agreement between the issuer and the underwriter,<b>This is also the secondary listing method chosen by most Chinese stocks such as Alibaba, Baidu and Netease when they return to Hong Kong.</b></p><p><img src=\"https://static.tigerbbs.com/aedbf89dbca50f88d67ea9b17e00711b\" tg-width=\"554\" tg-height=\"385\" referrerpolicy=\"no-referrer\"><b>Comparison of Issuance Policies</b></p><p>1. Dual Listing</p><p><b>Compared with the secondary listing, the dual listing needs to meet the management requirements of listed companies in both places at the same time, and the overall requirements will be much stricter.</b>If an enterprise chooses to make a dual primary listing in Hong Kong, it is subject to the same rules as those required for companies making an initial public offering in Hong Kong, and must comply with all relevant Listing Rules of the Hong Kong Stock Exchange. The newly amended Listing Rules in 2018 provide detailed requirements for the listing of Greater Chinese and overseas companies in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/6fb14b368fc4c05637cc2bef4e7cc012\" tg-width=\"1176\" tg-height=\"908\" referrerpolicy=\"no-referrer\">2. Secondary listing</p><p>If an enterprise is only secondarily listed in Hong Kong, the Stock Exchange expects that the securities of the company will be traded primarily on overseas exchanges and are subject to the supervision of the regulatory authority of the principal place of listing.<b>The Stock Exchange will adopt relatively lenient audit standards, and there are a number of exemptions and preferential treatment policies.</b></p><p>Secondary listing requires listed companies to retain the current<b>VIE structure</b>And different voting rights structures need to meet certain requirements (listed segments, listed time and market capitalization), etc., and at the same time, it provides guidelines for eligible companies that want to return to the Chinese market for financing. Specifically:</p><p>1) must have been listed on an eligible listing exchange (New York Stock Exchange, Nasdaq Stock Market or London Stock Exchange Main Market) and have maintained a good compliance record for at least two full fiscal years;</p><p>2) a market value of at least HK$40 billion at the time of listing, or at least HK$10 billion at the time of listing, and a revenue of at least HK$1 billion in the latest audited fiscal year.</p><p><img src=\"https://static.tigerbbs.com/32ed61892f9a843d4554d952d87d1283\" tg-width=\"1182\" tg-height=\"756\" referrerpolicy=\"no-referrer\"><b>III. Comparison of liquidity</b></p><p>1. Dual listing:<b>Stocks listed in two places cannot circulate across markets</b>As mentioned above, generally the two markets require separate pricing, such as \"A + H Shares\".</p><p>2. Secondary listing: The ADR (American Depositary Receipt) issued by China Stock Exchange is fully convertible with Hong Kong stocks<b>The price of secondary listed stocks in Hong Kong market is closely linked to that of the US market</b>。 Since the shares of the two places are fully convertible and the Hong Kong dollar is pegged to the US dollar, the price difference between the two places can be basically ignored after ignoring some taxes and fees, as well as the friction between trading time and cost.</p><p><b>4. Discussion on advantages and disadvantages</b></p><p>1. Dual Listing</p><p>The advantage is that completely<b>Meet the regulatory requirements of the two places</b>It is not much different from local listings, and is easier to be accepted by international investors.<b>It is easier to comply with the supervision of the A-share market and include it in Hong Kong Stock Connect, and lay the foundation for three listings in the A-share market later.</b></p><p>For example, BeiGene was officially included in the Hong Kong Stock Connect target on September 4, 2020, and after the dual listing in the United States and Hong Kong, it then took the step of returning to A shares. On 29 January 2021, the SSE officially accepted the application for listing of BeiGene on the Science and Technology Innovation Board. BeiGene plans to raise 20 billion yuan, sponsored by CICC and Goldman Sachs Gaohua. If it successfully lands on the Science and Technology Innovation Board this time, it will become the first innovative pharmaceutical company listed in three places (US stocks + H shares + A shares).</p><p>From a corporate perspective, dual listing<b>Expanded its shareholder base and enhanced its global market presence</b>Thus allowing the Company to raise funds in other securities markets and further expand its business into other markets.</p><p>The disadvantage is that it needs to meet the regulatory requirements of both places at the same time,<b>The go-to-market process is more complex and takes more time and cost.</b></p><p>2. Listing in two places</p><p>The advantage is that the regulatory requirements to be met are relatively simple, and there are more exemptions and preferential treatment clauses compared with dual listing, and the listing cost is low.</p><p>The disadvantage is: the pricing is basically consistent with the original market, and when subscribing<b>If the original market price fluctuates and falls out of the pricing range, the risk of new break is higher</b>； Another disadvantage is<b>It will be difficult to be included in Hong Kong Stock Connect in the future</b>(The Mainland has reached an agreement with the Hong Kong Stock Exchange, which includes the exclusion of secondary listings and companies with weighted voting rights from the lists of Shanghai and Shenzhen-Hong Kong Stock Connect, unless the SSE, Shenzhen Stock Exchange and Hong Kong Stock Exchange revise the agreement).</p><p><b>One Picture to Understand XPeng Cars</b><img src=\"https://static.tigerbbs.com/78aaa4fc67a4d4dd193d2129251af81b\" tg-width=\"750\" tg-height=\"13429\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong</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\">\nDual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-25 11:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Less than a year after its successful listing in the United States in August last year, XPeng Motors is preparing to return to Hong Kong for IPO to \"double listing\".</p><p>At 8 o'clock on the evening of June 24th, XPeng Automobile issued a supplementary announcement to its prospectus, stating that it would issue 85 million Class A ordinary shares as part of the global offering, and Hong Kong would publicly offer 4.25 million Class A ordinary shares under the stock code \"9868\". XPeng said the highest offering price for this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>In terms of shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Automobile, and his affiliates are the controlling shareholders of Xpeng Motors, holding 21.75% of the shares; Taobao China holds 11.9% and IDG Capital holds 4.8%.</p><p><b>Dual Listing</b></p><p>The listing of XPeng in Hong Kong this time is a dual listing, which is supervised by both the US SEC and the Hong Kong SFC. Generally speaking, this situation will be more restrictive than secondary listings.</p><p>According to public information, enterprises that are primarily listed on qualified exchanges (such as NYSE, Nasdaq, etc.) are allowed to make secondary listings in Hong Kong, but they must meet several major conditions, including that the enterprise must be an innovative industry company, have a good compliance record of listing on qualified exchanges in at least the last two full fiscal years, and the total market value of the applicant at the time of secondary listing in Hong Kong is not less than HK$40 billion, or the total market value at the time of listing is not less than HK$10 billion and the income of the latest audited fiscal year is not less than HK$1 billion.</p><p><img src=\"https://static.tigerbbs.com/838250cba049e1143da065f263f2555f\" tg-width=\"640\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Source: Screenshot of official website of HKEx</p><p>This time, XPeng returned to Hong Kong stocks in the form of \"Dual Primary Listing\", which is rare at present, mainly because of the short interval between the previous US stock Listing (August 27th last year), which did not meet the requirements of the secondary Listing for listed entities to have at least two years of good regulatory compliance records on another qualified exchange.</p><p><b>Dual Listing VS Secondary Listing, These You Need to Know</b></p><p>There can be different paths for Chinese stock companies to return to Hong Kong stocks, which are mainly divided into: 1) applying for listing in Hong Kong after privatization and delisting; 2) Primary listing in Hong Kong (dual listing); 3) Secondary listing.</p><p>Due to the high cost of privatization and delisting, and the uncertainty of re-listing after delisting, we focus on the more mainstream dual listing and secondary listing here.</p><p>I. Comparison of basic concepts</p><p><b>Dual Listing (dual primary listing)</b>It means that both capital markets are the first listing places. If it has been listed on the US market, it will be issued and listed on the Hong Kong market in accordance with the local market rules,<b>It is subject to rules that are fully consistent with the requirements of companies offering shares for the initial public offering in Hong Kong. Shares in the two markets cannot circulate across markets, and the share price performance is relatively independent, which may create a spread.</b></p><p><b>Secondary Listing (secondary listing)</b>It refers to the company's listing of the same type of stocks in two places, and the cross-market circulation of shares is realized through international custodian banks and securities brokers. This way mainly exists in the form of Depository Receipts (DR).</p><p>In this way, the bank first buys a certain amount of shares of foreign companies, and all these shares are held in custody by the bank. Then the bank packages these shares together and sells the securities representing this basket of shares. In the United States, these securities are called ADRs.</p><p>If the company is listed secondarily as a financing DR, the source of the underlying shares is the company<b>New Issuance</b>Ordinary shares. In terms of pricing, the corresponding DR is based on the pricing date,<b>The market price of the company in the original market is used as the reference price for conversion</b>And a price is determined by agreement between the issuer and the underwriter,<b>This is also the secondary listing method chosen by most Chinese stocks such as Alibaba, Baidu and Netease when they return to Hong Kong.</b></p><p><img src=\"https://static.tigerbbs.com/aedbf89dbca50f88d67ea9b17e00711b\" tg-width=\"554\" tg-height=\"385\" referrerpolicy=\"no-referrer\"><b>Comparison of Issuance Policies</b></p><p>1. Dual Listing</p><p><b>Compared with the secondary listing, the dual listing needs to meet the management requirements of listed companies in both places at the same time, and the overall requirements will be much stricter.</b>If an enterprise chooses to make a dual primary listing in Hong Kong, it is subject to the same rules as those required for companies making an initial public offering in Hong Kong, and must comply with all relevant Listing Rules of the Hong Kong Stock Exchange. The newly amended Listing Rules in 2018 provide detailed requirements for the listing of Greater Chinese and overseas companies in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/6fb14b368fc4c05637cc2bef4e7cc012\" tg-width=\"1176\" tg-height=\"908\" referrerpolicy=\"no-referrer\">2. Secondary listing</p><p>If an enterprise is only secondarily listed in Hong Kong, the Stock Exchange expects that the securities of the company will be traded primarily on overseas exchanges and are subject to the supervision of the regulatory authority of the principal place of listing.<b>The Stock Exchange will adopt relatively lenient audit standards, and there are a number of exemptions and preferential treatment policies.</b></p><p>Secondary listing requires listed companies to retain the current<b>VIE structure</b>And different voting rights structures need to meet certain requirements (listed segments, listed time and market capitalization), etc., and at the same time, it provides guidelines for eligible companies that want to return to the Chinese market for financing. Specifically:</p><p>1) must have been listed on an eligible listing exchange (New York Stock Exchange, Nasdaq Stock Market or London Stock Exchange Main Market) and have maintained a good compliance record for at least two full fiscal years;</p><p>2) a market value of at least HK$40 billion at the time of listing, or at least HK$10 billion at the time of listing, and a revenue of at least HK$1 billion in the latest audited fiscal year.</p><p><img src=\"https://static.tigerbbs.com/32ed61892f9a843d4554d952d87d1283\" tg-width=\"1182\" tg-height=\"756\" referrerpolicy=\"no-referrer\"><b>III. Comparison of liquidity</b></p><p>1. Dual listing:<b>Stocks listed in two places cannot circulate across markets</b>As mentioned above, generally the two markets require separate pricing, such as \"A + H Shares\".</p><p>2. Secondary listing: The ADR (American Depositary Receipt) issued by China Stock Exchange is fully convertible with Hong Kong stocks<b>The price of secondary listed stocks in Hong Kong market is closely linked to that of the US market</b>。 Since the shares of the two places are fully convertible and the Hong Kong dollar is pegged to the US dollar, the price difference between the two places can be basically ignored after ignoring some taxes and fees, as well as the friction between trading time and cost.</p><p><b>4. Discussion on advantages and disadvantages</b></p><p>1. Dual Listing</p><p>The advantage is that completely<b>Meet the regulatory requirements of the two places</b>It is not much different from local listings, and is easier to be accepted by international investors.<b>It is easier to comply with the supervision of the A-share market and include it in Hong Kong Stock Connect, and lay the foundation for three listings in the A-share market later.</b></p><p>For example, BeiGene was officially included in the Hong Kong Stock Connect target on September 4, 2020, and after the dual listing in the United States and Hong Kong, it then took the step of returning to A shares. On 29 January 2021, the SSE officially accepted the application for listing of BeiGene on the Science and Technology Innovation Board. BeiGene plans to raise 20 billion yuan, sponsored by CICC and Goldman Sachs Gaohua. If it successfully lands on the Science and Technology Innovation Board this time, it will become the first innovative pharmaceutical company listed in three places (US stocks + H shares + A shares).</p><p>From a corporate perspective, dual listing<b>Expanded its shareholder base and enhanced its global market presence</b>Thus allowing the Company to raise funds in other securities markets and further expand its business into other markets.</p><p>The disadvantage is that it needs to meet the regulatory requirements of both places at the same time,<b>The go-to-market process is more complex and takes more time and cost.</b></p><p>2. Listing in two places</p><p>The advantage is that the regulatory requirements to be met are relatively simple, and there are more exemptions and preferential treatment clauses compared with dual listing, and the listing cost is low.</p><p>The disadvantage is: the pricing is basically consistent with the original market, and when subscribing<b>If the original market price fluctuates and falls out of the pricing range, the risk of new break is higher</b>； Another disadvantage is<b>It will be difficult to be included in Hong Kong Stock Connect in the future</b>(The Mainland has reached an agreement with the Hong Kong Stock Exchange, which includes the exclusion of secondary listings and companies with weighted voting rights from the lists of Shanghai and Shenzhen-Hong Kong Stock Connect, unless the SSE, Shenzhen Stock Exchange and Hong Kong Stock Exchange revise the agreement).</p><p><b>One Picture to Understand XPeng Cars</b><img src=\"https://static.tigerbbs.com/78aaa4fc67a4d4dd193d2129251af81b\" tg-width=\"750\" tg-height=\"13429\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ad2dd670f9557c66480c84fc5e4bd415","relate_stocks":{"XPEV":"小鹏汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111873217","content_text":"距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425万股A类普通股，股票代码为“9868”。小鹏汽车表示本次香港公开发行的最高发行价为每股180港元或23.19美元(相等于每ADS 46.39美元)。\n股东方面，招股书显示，小鹏汽车联合创始人、董事长兼首席执行官何小鹏及其关联公司为小鹏汽车控股股东，持股21.75%；淘宝中国持股11.9%，IDG资本持股4.8%。\n双重上市\n小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。一般来说，这种情况会比二次上市更为严格。\n公开资料显示，在合格交易所（如纽交所、纳斯达克等）作主要上市的企业，允许在港作第二上市，但需符合几大条件，包括企业必须是创新产业公司、在至少最近两个完整会计年度于合格交易所上市的合规纪录良好，以及申请人于香港第二上市时的总市值不少于400亿港币，或上市时的总市值不少于100亿港币并且最近一个经审计会计年度的收益不少于10亿港币等。\n\n图片来源：港交所官网截图\n小鹏此次以目前较少见的“双重主要上市”(Dual Primary Listing)方式回归港股，主要因其距此前美股上市（去年8月27日）的间隔时间较短，不符合二次上市中对于上市主体在另一家符合条件的交易所至少有两年良好监管合规记录的要求。\n双重上市VS二次上市，这些你需要了解\n中概股企业回归港股可以有不同路径，主要分为：1）私有化退市后再来港申请上市；2）在香港主要上市（双重上市）；3）二次上市。\n由于私有化退市成本较高，且退市后重新上市面临一定的不确定性，因此我们这里着重讨论较为主流的双重上市和二次上市。\n一、基本概念对比\n双重上市（dual primary listing），是指两个资本市场均为第一上市地。已经在美国市场上市情况下，在香港市场按当地市场规则发行上市，其须遵守的规则与在香港首次公开发行股份的公司要求完全一致，两市场股票无法跨市场流通，股价表现相对独立，可能产生价差。\n二次上市（secondary listing），是指公司在两地上市相同类型的股票，通过国际托管行和证券经纪商，实现股份跨市场流通，这种方式主要以存托凭证（Depository Receipts，简称DR）的形式存在。\n在这种发行方式下，先由银行购买一定量外国公司的股票，并且把这些股票全部托管在银行当中，银行再把拥有的这些股票打包在一起，出售代表着这一篮子股票的证券，而在美国，这些证券就被叫做ADR。\n如果公司以融资型DR二次上市，基础股份来源是公司新发行的普通股。在定价上，对应DR是以定价日当天，公司在原市场的市价作为参考价进行折算，并由发行人与承销商协定后确定一个价格，这也是阿里巴巴、百度、网易等大多数中概股回港选择的二次上市方式。\n二、发行政策对比\n1.双重上市\n相比二次上市，双重上市需要同时满足两地对于上市公司的各项管理要求，整体要求会严格许多。若企业选择在香港作双重主要上市，其须遵守的规则与对在香港首次公开发行股份的公司要求没有不同，必须遵守港交所的所有相关《上市规则》，2018年新修订的《上市规则》对大中华及海外公司在港上市做了详细规定。\n2.二次上市\n若企业仅在香港作二次上市的，联交所预期公司证券将主要在海外交易所交易并受主要上市地监管机关监管，故对寻求二次上市的申请人，联交所会采取相对宽松的审核标准，而且有多项豁免和优待政策。\n二次上市要求上市公司可保留现行VIE结构及不同投票权架构需满足一定要求（已上市板块、已上市时间和市值规模）等，同时为符合条件且想要回中国市场融资的公司提供办法指引。具体为：\n1) 必须已在合资格上市交易所（纽约证券交易所、纳斯达克证券市场或伦敦证券交易所主市场）上市且于至少两个完整会计年度期间保持良好合规记录；\n2) 上市时市值至少400 亿港元，或上市时至少100 亿港元，且最近一个经审计会计年度收入至少10 亿港元。\n三、流通性对比\n1.双重上市：两地上市股票无法跨市场流通，且如上所述，通常两个市场需要分别定价，如「A+H股」。\n2.二次上市：中概股发行的ADR (美国存托凭证) 与港股完全可兑换的属性使二次上市股在香港市场价格与美国市场紧密相连。由于两地股份完全可兑换，加上港币挂钩美元，因此在忽略的一些税费、以及交易时间与成本的摩擦后，两地价差基本可以忽略。\n四、优劣势讨论\n1.双重上市\n优势是完全满足两地监管要求，和本地上市没有太大区别，更容易被国际投资者接受，也更易于符合A股市场监管纳入港股通以及为之后回A股市场三次上市奠定基础。\n例如百济神州于2020年9月4日被正式被纳入港股通标的，而在美国和香港双重上市之后，继而迈开回归A股的步伐。2021年1月29日，上交所正式受理百济神州科创板上市申请。百济神州拟募资200亿元，由中金公司、高盛高华保荐，若此次成功登陆科创板，将成为首个三地上市（美股+H股+A股）的创新药企。\n从公司的角度来讲，双重上市扩大了其股东基础，提升了全球市场的影响力，从而使公司可以在其他证券市场上进行融资，并进一步将业务扩展到其他市场。\n劣势是需要同时满足两地监管要求，上市流程更加复杂，需要花费更多的时间和成本。\n2.两地上市\n优势是监管上需要满足的要求比较简单，相对双重上市有较多豁免优待条款，上市成本较低。\n劣势是：定价和原市场基本一致，认购时如果原市场价格波动，跌出定价区间，则打新破发风险较高；另一个劣势是未来被纳入港股通难度较大（内地曾与港交所达成过一项协议，协议的内容包括将第二上市和具有加权投票权的公司排除在沪、深港通的名单外，除非上交所、深交所、香港联交所重新修改协议）。\n一图看懂小鹏汽车","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":2138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122327972,"gmtCreate":1624599058896,"gmtModify":1703841420659,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3502502252379822","idStr":"3502502252379822"},"themes":[],"htmlText":"m","listText":"m","text":"m","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122327972","repostId":"1111873217","repostType":4,"repost":{"id":"1111873217","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":1624591804,"share":"https://ttm.financial/m/news/1111873217?lang=en_US&edition=fundamental","pubTime":"2021-06-25 11:30","market":"us","language":"zh","title":"Dual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong","url":"https://stock-news.laohu8.com/highlight/detail?id=1111873217","media":"老虎资讯综合","summary":"距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425","content":"<p>Less than a year after its successful listing in the United States in August last year, XPeng Motors is preparing to return to Hong Kong for IPO to \"double listing\".</p><p>At 8 o'clock on the evening of June 24th, XPeng Automobile issued a supplementary announcement to its prospectus, stating that it would issue 85 million Class A ordinary shares as part of the global offering, and Hong Kong would publicly offer 4.25 million Class A ordinary shares under the stock code \"9868\". XPeng said the highest offering price for this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>In terms of shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Automobile, and his affiliates are the controlling shareholders of Xpeng Motors, holding 21.75% of the shares; Taobao China holds 11.9% and IDG Capital holds 4.8%.</p><p><b>Dual Listing</b></p><p>The listing of XPeng in Hong Kong this time is a dual listing, which is supervised by both the US SEC and the Hong Kong SFC. Generally speaking, this situation will be more restrictive than secondary listings.</p><p>According to public information, enterprises that are primarily listed on qualified exchanges (such as NYSE, Nasdaq, etc.) are allowed to make secondary listings in Hong Kong, but they must meet several major conditions, including that the enterprise must be an innovative industry company, have a good compliance record of listing on qualified exchanges in at least the last two full fiscal years, and the total market value of the applicant at the time of secondary listing in Hong Kong is not less than HK$40 billion, or the total market value at the time of listing is not less than HK$10 billion and the income of the latest audited fiscal year is not less than HK$1 billion.</p><p><img src=\"https://static.tigerbbs.com/838250cba049e1143da065f263f2555f\" tg-width=\"640\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Source: Screenshot of official website of HKEx</p><p>This time, XPeng returned to Hong Kong stocks in the form of \"Dual Primary Listing\", which is rare at present, mainly because of the short interval between the previous US stock Listing (August 27th last year), which did not meet the requirements of the secondary Listing for listed entities to have at least two years of good regulatory compliance records on another qualified exchange.</p><p><b>Dual Listing VS Secondary Listing, These You Need to Know</b></p><p>There can be different paths for Chinese stock companies to return to Hong Kong stocks, which are mainly divided into: 1) applying for listing in Hong Kong after privatization and delisting; 2) Primary listing in Hong Kong (dual listing); 3) Secondary listing.</p><p>Due to the high cost of privatization and delisting, and the uncertainty of re-listing after delisting, we focus on the more mainstream dual listing and secondary listing here.</p><p>I. Comparison of basic concepts</p><p><b>Dual Listing (dual primary listing)</b>It means that both capital markets are the first listing places. If it has been listed on the US market, it will be issued and listed on the Hong Kong market in accordance with the local market rules,<b>It is subject to rules that are fully consistent with the requirements of companies offering shares for the initial public offering in Hong Kong. Shares in the two markets cannot circulate across markets, and the share price performance is relatively independent, which may create a spread.</b></p><p><b>Secondary Listing (secondary listing)</b>It refers to the company's listing of the same type of stocks in two places, and the cross-market circulation of shares is realized through international custodian banks and securities brokers. This way mainly exists in the form of Depository Receipts (DR).</p><p>In this way, the bank first buys a certain amount of shares of foreign companies, and all these shares are held in custody by the bank. Then the bank packages these shares together and sells the securities representing this basket of shares. In the United States, these securities are called ADRs.</p><p>If the company is listed secondarily as a financing DR, the source of the underlying shares is the company<b>New Issuance</b>Ordinary shares. In terms of pricing, the corresponding DR is based on the pricing date,<b>The market price of the company in the original market is used as the reference price for conversion</b>And a price is determined by agreement between the issuer and the underwriter,<b>This is also the secondary listing method chosen by most Chinese stocks such as Alibaba, Baidu and Netease when they return to Hong Kong.</b></p><p><img src=\"https://static.tigerbbs.com/aedbf89dbca50f88d67ea9b17e00711b\" tg-width=\"554\" tg-height=\"385\" referrerpolicy=\"no-referrer\"><b>Comparison of Issuance Policies</b></p><p>1. Dual Listing</p><p><b>Compared with the secondary listing, the dual listing needs to meet the management requirements of listed companies in both places at the same time, and the overall requirements will be much stricter.</b>If an enterprise chooses to make a dual primary listing in Hong Kong, it is subject to the same rules as those required for companies making an initial public offering in Hong Kong, and must comply with all relevant Listing Rules of the Hong Kong Stock Exchange. The newly amended Listing Rules in 2018 provide detailed requirements for the listing of Greater Chinese and overseas companies in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/6fb14b368fc4c05637cc2bef4e7cc012\" tg-width=\"1176\" tg-height=\"908\" referrerpolicy=\"no-referrer\">2. Secondary listing</p><p>If an enterprise is only secondarily listed in Hong Kong, the Stock Exchange expects that the securities of the company will be traded primarily on overseas exchanges and are subject to the supervision of the regulatory authority of the principal place of listing.<b>The Stock Exchange will adopt relatively lenient audit standards, and there are a number of exemptions and preferential treatment policies.</b></p><p>Secondary listing requires listed companies to retain the current<b>VIE structure</b>And different voting rights structures need to meet certain requirements (listed segments, listed time and market capitalization), etc., and at the same time, it provides guidelines for eligible companies that want to return to the Chinese market for financing. Specifically:</p><p>1) must have been listed on an eligible listing exchange (New York Stock Exchange, Nasdaq Stock Market or London Stock Exchange Main Market) and have maintained a good compliance record for at least two full fiscal years;</p><p>2) a market value of at least HK$40 billion at the time of listing, or at least HK$10 billion at the time of listing, and a revenue of at least HK$1 billion in the latest audited fiscal year.</p><p><img src=\"https://static.tigerbbs.com/32ed61892f9a843d4554d952d87d1283\" tg-width=\"1182\" tg-height=\"756\" referrerpolicy=\"no-referrer\"><b>III. Comparison of liquidity</b></p><p>1. Dual listing:<b>Stocks listed in two places cannot circulate across markets</b>As mentioned above, generally the two markets require separate pricing, such as \"A + H Shares\".</p><p>2. Secondary listing: The ADR (American Depositary Receipt) issued by China Stock Exchange is fully convertible with Hong Kong stocks<b>The price of secondary listed stocks in Hong Kong market is closely linked to that of the US market</b>。 Since the shares of the two places are fully convertible and the Hong Kong dollar is pegged to the US dollar, the price difference between the two places can be basically ignored after ignoring some taxes and fees, as well as the friction between trading time and cost.</p><p><b>4. Discussion on advantages and disadvantages</b></p><p>1. Dual Listing</p><p>The advantage is that completely<b>Meet the regulatory requirements of the two places</b>It is not much different from local listings, and is easier to be accepted by international investors.<b>It is easier to comply with the supervision of the A-share market and include it in Hong Kong Stock Connect, and lay the foundation for three listings in the A-share market later.</b></p><p>For example, BeiGene was officially included in the Hong Kong Stock Connect target on September 4, 2020, and after the dual listing in the United States and Hong Kong, it then took the step of returning to A shares. On 29 January 2021, the SSE officially accepted the application for listing of BeiGene on the Science and Technology Innovation Board. BeiGene plans to raise 20 billion yuan, sponsored by CICC and Goldman Sachs Gaohua. If it successfully lands on the Science and Technology Innovation Board this time, it will become the first innovative pharmaceutical company listed in three places (US stocks + H shares + A shares).</p><p>From a corporate perspective, dual listing<b>Expanded its shareholder base and enhanced its global market presence</b>Thus allowing the Company to raise funds in other securities markets and further expand its business into other markets.</p><p>The disadvantage is that it needs to meet the regulatory requirements of both places at the same time,<b>The go-to-market process is more complex and takes more time and cost.</b></p><p>2. Listing in two places</p><p>The advantage is that the regulatory requirements to be met are relatively simple, and there are more exemptions and preferential treatment clauses compared with dual listing, and the listing cost is low.</p><p>The disadvantage is: the pricing is basically consistent with the original market, and when subscribing<b>If the original market price fluctuates and falls out of the pricing range, the risk of new break is higher</b>； Another disadvantage is<b>It will be difficult to be included in Hong Kong Stock Connect in the future</b>(The Mainland has reached an agreement with the Hong Kong Stock Exchange, which includes the exclusion of secondary listings and companies with weighted voting rights from the lists of Shanghai and Shenzhen-Hong Kong Stock Connect, unless the SSE, Shenzhen Stock Exchange and Hong Kong Stock Exchange revise the agreement).</p><p><b>One Picture to Understand XPeng Cars</b><img src=\"https://static.tigerbbs.com/78aaa4fc67a4d4dd193d2129251af81b\" tg-width=\"750\" tg-height=\"13429\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong</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\">\nDual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-25 11:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Less than a year after its successful listing in the United States in August last year, XPeng Motors is preparing to return to Hong Kong for IPO to \"double listing\".</p><p>At 8 o'clock on the evening of June 24th, XPeng Automobile issued a supplementary announcement to its prospectus, stating that it would issue 85 million Class A ordinary shares as part of the global offering, and Hong Kong would publicly offer 4.25 million Class A ordinary shares under the stock code \"9868\". XPeng said the highest offering price for this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>In terms of shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Automobile, and his affiliates are the controlling shareholders of Xpeng Motors, holding 21.75% of the shares; Taobao China holds 11.9% and IDG Capital holds 4.8%.</p><p><b>Dual Listing</b></p><p>The listing of XPeng in Hong Kong this time is a dual listing, which is supervised by both the US SEC and the Hong Kong SFC. Generally speaking, this situation will be more restrictive than secondary listings.</p><p>According to public information, enterprises that are primarily listed on qualified exchanges (such as NYSE, Nasdaq, etc.) are allowed to make secondary listings in Hong Kong, but they must meet several major conditions, including that the enterprise must be an innovative industry company, have a good compliance record of listing on qualified exchanges in at least the last two full fiscal years, and the total market value of the applicant at the time of secondary listing in Hong Kong is not less than HK$40 billion, or the total market value at the time of listing is not less than HK$10 billion and the income of the latest audited fiscal year is not less than HK$1 billion.</p><p><img src=\"https://static.tigerbbs.com/838250cba049e1143da065f263f2555f\" tg-width=\"640\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Source: Screenshot of official website of HKEx</p><p>This time, XPeng returned to Hong Kong stocks in the form of \"Dual Primary Listing\", which is rare at present, mainly because of the short interval between the previous US stock Listing (August 27th last year), which did not meet the requirements of the secondary Listing for listed entities to have at least two years of good regulatory compliance records on another qualified exchange.</p><p><b>Dual Listing VS Secondary Listing, These You Need to Know</b></p><p>There can be different paths for Chinese stock companies to return to Hong Kong stocks, which are mainly divided into: 1) applying for listing in Hong Kong after privatization and delisting; 2) Primary listing in Hong Kong (dual listing); 3) Secondary listing.</p><p>Due to the high cost of privatization and delisting, and the uncertainty of re-listing after delisting, we focus on the more mainstream dual listing and secondary listing here.</p><p>I. Comparison of basic concepts</p><p><b>Dual Listing (dual primary listing)</b>It means that both capital markets are the first listing places. If it has been listed on the US market, it will be issued and listed on the Hong Kong market in accordance with the local market rules,<b>It is subject to rules that are fully consistent with the requirements of companies offering shares for the initial public offering in Hong Kong. Shares in the two markets cannot circulate across markets, and the share price performance is relatively independent, which may create a spread.</b></p><p><b>Secondary Listing (secondary listing)</b>It refers to the company's listing of the same type of stocks in two places, and the cross-market circulation of shares is realized through international custodian banks and securities brokers. This way mainly exists in the form of Depository Receipts (DR).</p><p>In this way, the bank first buys a certain amount of shares of foreign companies, and all these shares are held in custody by the bank. Then the bank packages these shares together and sells the securities representing this basket of shares. In the United States, these securities are called ADRs.</p><p>If the company is listed secondarily as a financing DR, the source of the underlying shares is the company<b>New Issuance</b>Ordinary shares. In terms of pricing, the corresponding DR is based on the pricing date,<b>The market price of the company in the original market is used as the reference price for conversion</b>And a price is determined by agreement between the issuer and the underwriter,<b>This is also the secondary listing method chosen by most Chinese stocks such as Alibaba, Baidu and Netease when they return to Hong Kong.</b></p><p><img src=\"https://static.tigerbbs.com/aedbf89dbca50f88d67ea9b17e00711b\" tg-width=\"554\" tg-height=\"385\" referrerpolicy=\"no-referrer\"><b>Comparison of Issuance Policies</b></p><p>1. Dual Listing</p><p><b>Compared with the secondary listing, the dual listing needs to meet the management requirements of listed companies in both places at the same time, and the overall requirements will be much stricter.</b>If an enterprise chooses to make a dual primary listing in Hong Kong, it is subject to the same rules as those required for companies making an initial public offering in Hong Kong, and must comply with all relevant Listing Rules of the Hong Kong Stock Exchange. The newly amended Listing Rules in 2018 provide detailed requirements for the listing of Greater Chinese and overseas companies in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/6fb14b368fc4c05637cc2bef4e7cc012\" tg-width=\"1176\" tg-height=\"908\" referrerpolicy=\"no-referrer\">2. Secondary listing</p><p>If an enterprise is only secondarily listed in Hong Kong, the Stock Exchange expects that the securities of the company will be traded primarily on overseas exchanges and are subject to the supervision of the regulatory authority of the principal place of listing.<b>The Stock Exchange will adopt relatively lenient audit standards, and there are a number of exemptions and preferential treatment policies.</b></p><p>Secondary listing requires listed companies to retain the current<b>VIE structure</b>And different voting rights structures need to meet certain requirements (listed segments, listed time and market capitalization), etc., and at the same time, it provides guidelines for eligible companies that want to return to the Chinese market for financing. Specifically:</p><p>1) must have been listed on an eligible listing exchange (New York Stock Exchange, Nasdaq Stock Market or London Stock Exchange Main Market) and have maintained a good compliance record for at least two full fiscal years;</p><p>2) a market value of at least HK$40 billion at the time of listing, or at least HK$10 billion at the time of listing, and a revenue of at least HK$1 billion in the latest audited fiscal year.</p><p><img src=\"https://static.tigerbbs.com/32ed61892f9a843d4554d952d87d1283\" tg-width=\"1182\" tg-height=\"756\" referrerpolicy=\"no-referrer\"><b>III. Comparison of liquidity</b></p><p>1. Dual listing:<b>Stocks listed in two places cannot circulate across markets</b>As mentioned above, generally the two markets require separate pricing, such as \"A + H Shares\".</p><p>2. Secondary listing: The ADR (American Depositary Receipt) issued by China Stock Exchange is fully convertible with Hong Kong stocks<b>The price of secondary listed stocks in Hong Kong market is closely linked to that of the US market</b>。 Since the shares of the two places are fully convertible and the Hong Kong dollar is pegged to the US dollar, the price difference between the two places can be basically ignored after ignoring some taxes and fees, as well as the friction between trading time and cost.</p><p><b>4. Discussion on advantages and disadvantages</b></p><p>1. Dual Listing</p><p>The advantage is that completely<b>Meet the regulatory requirements of the two places</b>It is not much different from local listings, and is easier to be accepted by international investors.<b>It is easier to comply with the supervision of the A-share market and include it in Hong Kong Stock Connect, and lay the foundation for three listings in the A-share market later.</b></p><p>For example, BeiGene was officially included in the Hong Kong Stock Connect target on September 4, 2020, and after the dual listing in the United States and Hong Kong, it then took the step of returning to A shares. On 29 January 2021, the SSE officially accepted the application for listing of BeiGene on the Science and Technology Innovation Board. BeiGene plans to raise 20 billion yuan, sponsored by CICC and Goldman Sachs Gaohua. If it successfully lands on the Science and Technology Innovation Board this time, it will become the first innovative pharmaceutical company listed in three places (US stocks + H shares + A shares).</p><p>From a corporate perspective, dual listing<b>Expanded its shareholder base and enhanced its global market presence</b>Thus allowing the Company to raise funds in other securities markets and further expand its business into other markets.</p><p>The disadvantage is that it needs to meet the regulatory requirements of both places at the same time,<b>The go-to-market process is more complex and takes more time and cost.</b></p><p>2. Listing in two places</p><p>The advantage is that the regulatory requirements to be met are relatively simple, and there are more exemptions and preferential treatment clauses compared with dual listing, and the listing cost is low.</p><p>The disadvantage is: the pricing is basically consistent with the original market, and when subscribing<b>If the original market price fluctuates and falls out of the pricing range, the risk of new break is higher</b>； Another disadvantage is<b>It will be difficult to be included in Hong Kong Stock Connect in the future</b>(The Mainland has reached an agreement with the Hong Kong Stock Exchange, which includes the exclusion of secondary listings and companies with weighted voting rights from the lists of Shanghai and Shenzhen-Hong Kong Stock Connect, unless the SSE, Shenzhen Stock Exchange and Hong Kong Stock Exchange revise the agreement).</p><p><b>One Picture to Understand XPeng Cars</b><img src=\"https://static.tigerbbs.com/78aaa4fc67a4d4dd193d2129251af81b\" tg-width=\"750\" tg-height=\"13429\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ad2dd670f9557c66480c84fc5e4bd415","relate_stocks":{"XPEV":"小鹏汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111873217","content_text":"距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425万股A类普通股，股票代码为“9868”。小鹏汽车表示本次香港公开发行的最高发行价为每股180港元或23.19美元(相等于每ADS 46.39美元)。\n股东方面，招股书显示，小鹏汽车联合创始人、董事长兼首席执行官何小鹏及其关联公司为小鹏汽车控股股东，持股21.75%；淘宝中国持股11.9%，IDG资本持股4.8%。\n双重上市\n小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。一般来说，这种情况会比二次上市更为严格。\n公开资料显示，在合格交易所（如纽交所、纳斯达克等）作主要上市的企业，允许在港作第二上市，但需符合几大条件，包括企业必须是创新产业公司、在至少最近两个完整会计年度于合格交易所上市的合规纪录良好，以及申请人于香港第二上市时的总市值不少于400亿港币，或上市时的总市值不少于100亿港币并且最近一个经审计会计年度的收益不少于10亿港币等。\n\n图片来源：港交所官网截图\n小鹏此次以目前较少见的“双重主要上市”(Dual Primary Listing)方式回归港股，主要因其距此前美股上市（去年8月27日）的间隔时间较短，不符合二次上市中对于上市主体在另一家符合条件的交易所至少有两年良好监管合规记录的要求。\n双重上市VS二次上市，这些你需要了解\n中概股企业回归港股可以有不同路径，主要分为：1）私有化退市后再来港申请上市；2）在香港主要上市（双重上市）；3）二次上市。\n由于私有化退市成本较高，且退市后重新上市面临一定的不确定性，因此我们这里着重讨论较为主流的双重上市和二次上市。\n一、基本概念对比\n双重上市（dual primary listing），是指两个资本市场均为第一上市地。已经在美国市场上市情况下，在香港市场按当地市场规则发行上市，其须遵守的规则与在香港首次公开发行股份的公司要求完全一致，两市场股票无法跨市场流通，股价表现相对独立，可能产生价差。\n二次上市（secondary listing），是指公司在两地上市相同类型的股票，通过国际托管行和证券经纪商，实现股份跨市场流通，这种方式主要以存托凭证（Depository Receipts，简称DR）的形式存在。\n在这种发行方式下，先由银行购买一定量外国公司的股票，并且把这些股票全部托管在银行当中，银行再把拥有的这些股票打包在一起，出售代表着这一篮子股票的证券，而在美国，这些证券就被叫做ADR。\n如果公司以融资型DR二次上市，基础股份来源是公司新发行的普通股。在定价上，对应DR是以定价日当天，公司在原市场的市价作为参考价进行折算，并由发行人与承销商协定后确定一个价格，这也是阿里巴巴、百度、网易等大多数中概股回港选择的二次上市方式。\n二、发行政策对比\n1.双重上市\n相比二次上市，双重上市需要同时满足两地对于上市公司的各项管理要求，整体要求会严格许多。若企业选择在香港作双重主要上市，其须遵守的规则与对在香港首次公开发行股份的公司要求没有不同，必须遵守港交所的所有相关《上市规则》，2018年新修订的《上市规则》对大中华及海外公司在港上市做了详细规定。\n2.二次上市\n若企业仅在香港作二次上市的，联交所预期公司证券将主要在海外交易所交易并受主要上市地监管机关监管，故对寻求二次上市的申请人，联交所会采取相对宽松的审核标准，而且有多项豁免和优待政策。\n二次上市要求上市公司可保留现行VIE结构及不同投票权架构需满足一定要求（已上市板块、已上市时间和市值规模）等，同时为符合条件且想要回中国市场融资的公司提供办法指引。具体为：\n1) 必须已在合资格上市交易所（纽约证券交易所、纳斯达克证券市场或伦敦证券交易所主市场）上市且于至少两个完整会计年度期间保持良好合规记录；\n2) 上市时市值至少400 亿港元，或上市时至少100 亿港元，且最近一个经审计会计年度收入至少10 亿港元。\n三、流通性对比\n1.双重上市：两地上市股票无法跨市场流通，且如上所述，通常两个市场需要分别定价，如「A+H股」。\n2.二次上市：中概股发行的ADR (美国存托凭证) 与港股完全可兑换的属性使二次上市股在香港市场价格与美国市场紧密相连。由于两地股份完全可兑换，加上港币挂钩美元，因此在忽略的一些税费、以及交易时间与成本的摩擦后，两地价差基本可以忽略。\n四、优劣势讨论\n1.双重上市\n优势是完全满足两地监管要求，和本地上市没有太大区别，更容易被国际投资者接受，也更易于符合A股市场监管纳入港股通以及为之后回A股市场三次上市奠定基础。\n例如百济神州于2020年9月4日被正式被纳入港股通标的，而在美国和香港双重上市之后，继而迈开回归A股的步伐。2021年1月29日，上交所正式受理百济神州科创板上市申请。百济神州拟募资200亿元，由中金公司、高盛高华保荐，若此次成功登陆科创板，将成为首个三地上市（美股+H股+A股）的创新药企。\n从公司的角度来讲，双重上市扩大了其股东基础，提升了全球市场的影响力，从而使公司可以在其他证券市场上进行融资，并进一步将业务扩展到其他市场。\n劣势是需要同时满足两地监管要求，上市流程更加复杂，需要花费更多的时间和成本。\n2.两地上市\n优势是监管上需要满足的要求比较简单，相对双重上市有较多豁免优待条款，上市成本较低。\n劣势是：定价和原市场基本一致，认购时如果原市场价格波动，跌出定价区间，则打新破发风险较高；另一个劣势是未来被纳入港股通难度较大（内地曾与港交所达成过一项协议，协议的内容包括将第二上市和具有加权投票权的公司排除在沪、深港通的名单外，除非上交所、深交所、香港联交所重新修改协议）。\n一图看懂小鹏汽车","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1782,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107107417,"gmtCreate":1620449332439,"gmtModify":1704343928998,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3502502252379822","idStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107107417","repostId":"2133575879","repostType":4,"isVote":1,"tweetType":1,"viewCount":1497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362442553,"gmtCreate":1614662487172,"gmtModify":1704773698898,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3502502252379822","idStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/362442553","repostId":"1149461614","repostType":4,"repost":{"id":"1149461614","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":1614654493,"share":"https://ttm.financial/m/news/1149461614?lang=en_US&edition=fundamental","pubTime":"2021-03-02 11:08","market":"hk","language":"zh","title":"Involving real estate, antitrust, and foreign capital inflow! Understanding the key points of Guo Shuqing's speech in one article","url":"https://stock-news.laohu8.com/highlight/detail?id=1149461614","media":"老虎资讯综合","summary":"欧美发达国家的金融市场和实体经济严重背道而驰，很担心国外金融市场的泡沫问题哪一天会破灭，现在中国市场与外国市场高度相连，外国资本持续流入。3月2日， 国务院新闻办公室举行新闻发布会，请人民银行党委书记","content":"<p>The financial markets of developed countries in Europe and America are seriously opposed to the real economy, and they are worried that the bubble problem in foreign financial markets will burst one day. Now the Chinese market is highly connected with foreign markets, and foreign capital continues to flow in. On March 2nd, the Information Office of the State Council held a press conference, inviting Guo Shuqing, Secretary of the Party Committee of the People's Bank of China and Chairman of China Banking and Insurance Regulatory Commission, to introduce the situation of promoting the high-quality development of the banking and insurance industry and answer reporters' questions.</p><p><b>The key points are as follows:</b></p><p><b>The core problem in the real estate field is still a relatively large bubble</b></p><p>The core problem in the real estate field is that the bubble is relatively large, and the tendency of financial bubble is relatively strong. It is the biggest gray rhino in the financial system. Many people buy houses not for living, but for investment and speculation, which is very dangerous. However, in 2020, the growth rate of real estate loans was lower than the growth rate of various loans for the first time in eight years. This achievement was hard-won. I believe that the real estate problem can be gradually alleviated.</p><p><b>Taking risk prevention as the eternal theme of financial industry, strengthening anti-monopoly and preventing disorderly capital expansion</b></p><p>Guo Shuqing said that 2021 is the first year of the 14th Five-Year Plan. China Banking and Insurance Regulatory Commission will take risk prevention as the eternal theme of the financial industry, monitor and resolve all kinds of financial risks unrelentingly, strengthen the financial rule of law and improve the long-term mechanism. Maintain the market environment of public competition, strengthen anti-monopoly and prevent the disorderly expansion of capital, and ensure that financial innovation is carried out on the premise of prudence.</p><p><b>Decisive Achievements in Preventing and Resolving Financial Risks</b></p><p>At present, decisive achievements have been made in the battle to prevent and mitigate financial risks. The financial leverage ratio has dropped significantly, and the blind expansion of financial assets has been fundamentally reversed. From 2017 to 2020, the average annual growth rates of total assets of banking and insurance industries were 8.3% and 11.4% respectively, which was only roughly half of the average annual growth rate from 2009 to 2016. The proportion of interbank assets idled within the financial system has dropped significantly.</p><p><b>The financial leverage ratio decreased significantly, and the blind expansion of financial assets was fundamentally reversed</b></p><p>The financial leverage ratio has dropped significantly, and the blind expansion of financial assets has been fundamentally reversed. From 2017 to 2020, the average annual growth rates of total assets of banking and insurance industries were 8.3% and 11.4% respectively, which was roughly only half of the average annual growth rate from 2009 to 2016. The proportion of interbank assets idled within the financial system has dropped significantly.</p><p><b>The financial markets of developed countries in Europe and America are seriously opposed to the real economy</b></p><p>Since the outbreak, countries have understandably adopted proactive fiscal policies and extremely loose monetary policies. Now, some side effects are beginning to appear. For example, the financial markets of developed countries in Europe and America are seriously opposed to the real economy, and I am worried that this situation will be forced to adjust sooner or later. \"I'm very worried that the bubble problem in foreign financial markets will burst one day. Now the Chinese market is highly connected with foreign markets, and foreign capital continues to flow in. However, at present, the scale and speed of foreign capital inflows are still under control.</p><p><b>In 2020, 3,178 banking and insurance institutions were punished for violating laws and regulations, with a fine of 2.28 billion yuan confiscated</b></p><p>In 2020, the CBIRC disciplined 164 persons. Accelerate the completion of the shortcomings of the system, and complete the construction of 61 regulatory rules and regulations in 2020. Punch the chaos heavily, and maintain the high-pressure situation of accountability for cases. In 2020, 3,178 banking and insurance institutions that violated laws and regulations were punished, and 4,554 responsible personnel were punished, with a total fine and confiscation amount of 2.28 billion yuan. Promote the diversified resolution of financial disputes, and clear and pay consumers 17.7 billion yuan.</p><p><b>Shadow banking gets orderly dismantling, the scale drops by 20 trillion yuan compared with the peak</b></p><p>From 2017 to 2020, a total of 8.8 trillion yuan of non-performing loans were disposed of, exceeding the total of the previous 12 years. Shadow banking has been dismantled in an orderly manner, and its scale has dropped by 20 trillion yuan compared with the peak.</p><p><b>Since 2017, the accumulated disposal of non-performing loans is 8.8 trillion, exceeding the total of the previous 12 years</b></p><p>In recent years, the identification and disposal of non-performing assets in the banking industry have made great strides. In 2017 and 2020, a total of 8.8 trillion yuan of non-performing loans were disposed of, exceeding the sum of the previous 12 years. The bubble of real estate financialization has been contained. In 2020, the growth rate of real estate loans was lower than the growth rate of various loans for the first time in eight years.</p><p><b>The total investment of banking institutions in information technology reached 207.8 billion yuan in 2020</b></p><p>In 2020, the total investment of information technology funds by banking institutions and insurance institutions was 207.8 billion yuan and 35.1 billion yuan, respectively, representing a year-on-year increase of 20% and 27%. According to the reports of relevant international organizations, China's inclusive financial services have reached the world's advanced level, and electronic payment, digital credit and online insurance are in the leading position in the world.</p><p><b>The operating efficiency of four large commercial banks has approached the international advanced level</b></p><p>The corporate governance of banking and insurance institutions with Chinese characteristics has been gradually improved. At present, China's commercial banking system is constantly optimized, and the market competition is sufficient. The operating efficiency of four large commercial banks has approached the international advanced level, and they have achieved catch-up in labor productivity, cost-income ratio, profitability, scientific and technological innovation and so on. The capital adequacy level of large insurance companies is also comparable to that of peers in the United States, Europe and Japan.</p><p><b>Last year, the banking industry disposed of over 3 trillion non-performing loans throughout the year. The scale of disposal of non-performing loans this year and next may increase</b></p><p>After the outbreak of the epidemic, some enterprises' production activities are in an abnormal state, and repayment faces some difficulties, so the rise of non-performing loans is an inevitable trend. In 2020, the banking industry has begun to step up the disposal of non-performing loans, with the disposal of non-performing loans exceeding 3 trillion yuan in the whole year, an increase of 700 to 800 billion yuan over the previous year. The size of non-performing loans that may need to be disposed of will grow in 2021, and this trend will continue even into next year. However, we have the confidence and ability to dispose of non-performing assets properly. First, we should intensify our efforts, and second, we should strive for progress while maintaining stability and maintain the affordability of banks and the economic system.</p><p><b>New manufacturing loans of 2.2 trillion yuan in 2020 exceeded the total of the previous five years</b></p><p>In 2020, new manufacturing loans were 2.2 trillion yuan, exceeding the total of the previous five years; New loans to private enterprises amounted to 5.7 trillion yuan, an increase of 1.5 trillion yuan over the previous year; The health insurance compensation expenditure was 292.1 billion yuan, up 24.2% year-on-year, and the accumulated long-term health protection risk reserve of 1.57 trillion yuan.</p><p><b>Encourage the development of Internet banks but must implement unified management according to the laws and rules of finance</b></p><p>Regardless of any type of financial business, it must be managed in accordance with the corresponding rules and laws and regulations, without any exceptions. Internet banks, such as online merchant banks and Weizhong banks, are encouraged to develop, but they must be managed uniformly according to the laws and rules of finance. \"We don't think there are financial businesses that restrict them and are not suitable for their development,\" Guo Shuqing said. But doing any financial business should be regulated according to the same rules in the industry. It is believed that relevant institutions can achieve healthier development after adjusting according to the corresponding requirements.</p><p><b>Loan rates are expected to pick up this year</b></p><p>Because the whole market interest rate has rebounded this year, it is estimated that the loan interest rate will rebound and adjust, but the overall interest rate is still low; There won't be much change in terms of charges, and reduced fees generally won't be restored; By supporting financial restructuring, debt restructuring, enterprise restructuring, including debt-to-equity swap, many measures have been introduced, which will also reduce the burden on enterprises. Will continue to support the development of enterprises in many forms.</p><p><b>Comprehensive assessment of small and medium-sized banks and severe punishment for poor performance of duties and arbitrage of funds from banks</b></p><p>\"(Corporate governance supervision of small and medium-sized banks) we have been promoting in recent years,\" Guo Shuqing said. It is necessary to conduct evaluation, and at the same time, it is necessary to conduct penetrating monitoring, supervision and identification of shareholders. Some people who do not perform their duties well and even take funds from banks illegally should be severely punished.</p><p><b>Will the entry of foreign capital cause interference and damage to the financial market? Guo Shuqing: The impact is limited</b></p><p>Generally, foreign-funded institutions operate in China in strict accordance with Chinese laws. Although we encourage foreign investment, due to their own risk control, in terms of market share, whether it is total assets or the proportion of loans and deposits, the absolute amount is increasing, but the proportion is decreasing. For example, the proportion of foreign banks is now only 1%, which has a very limited impact on China's financial market; The proportion of foreign investment in insurance companies is slightly higher, around 6%, but the impact is limited. \"We continue to encourage foreign financial institutions to enter China to develop together,\" Guo said.</p><p><b>Fintechs need to meet capital adequacy requirements</b></p><p>If the financial business is carried out online, it is an Internet platform, whether they run a bank, a small loan company, or a consumer finance company, my answer is very simple. Yes, we require them to have sufficient capital like other financial institutions. We require Internet platforms to have the same capital adequacy ratio as long as they do the same financial business. However, considering historical reasons, they have been given a transition period. Some projects are until the end of this year, others until the end of next year, and they can even be studied for longer. But at most two years, all are back on track, and all institutions are subject to capital constraints.</p><p><b>\"Wealth Management Tong\" will have more new measures, and is studying and demonstrating planning</b></p><p>In the future development process, Hong Kong can provide support for mainland enterprises' listing financing and bond issuance financing. Whether it is foreign debt, US dollar debt, foreign currency debt, RMB, Hong Kong dollar and other forms, we support it. We also support banking and insurance institutions to go public in Hong Kong, and support more Hong Kong banking and insurance institutions to develop in the mainland. I hope we can continue this trend in the future.</p><p>Recently, we have formulated the development plan for the Greater Bay Area, in which the financial sector accounts for a large proportion, and there will be many new measures. Especially in financial management, for example, \"Wealth Management\" will have more new measures, which are being studied, demonstrated and planned, and will be gradually implemented. We believe that Hong Kong's economic growth rate will surely turn from negative to positive this year, and there will certainly be a good prospect.</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>Involving real estate, antitrust, and foreign capital inflow! Understanding the key points of Guo Shuqing's speech in one article</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\">\nInvolving real estate, antitrust, and foreign capital inflow! Understanding the key points of Guo Shuqing's speech in one article\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\">2021-03-02 11:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The financial markets of developed countries in Europe and America are seriously opposed to the real economy, and they are worried that the bubble problem in foreign financial markets will burst one day. Now the Chinese market is highly connected with foreign markets, and foreign capital continues to flow in. On March 2nd, the Information Office of the State Council held a press conference, inviting Guo Shuqing, Secretary of the Party Committee of the People's Bank of China and Chairman of China Banking and Insurance Regulatory Commission, to introduce the situation of promoting the high-quality development of the banking and insurance industry and answer reporters' questions.</p><p><b>The key points are as follows:</b></p><p><b>The core problem in the real estate field is still a relatively large bubble</b></p><p>The core problem in the real estate field is that the bubble is relatively large, and the tendency of financial bubble is relatively strong. It is the biggest gray rhino in the financial system. Many people buy houses not for living, but for investment and speculation, which is very dangerous. However, in 2020, the growth rate of real estate loans was lower than the growth rate of various loans for the first time in eight years. This achievement was hard-won. I believe that the real estate problem can be gradually alleviated.</p><p><b>Taking risk prevention as the eternal theme of financial industry, strengthening anti-monopoly and preventing disorderly capital expansion</b></p><p>Guo Shuqing said that 2021 is the first year of the 14th Five-Year Plan. China Banking and Insurance Regulatory Commission will take risk prevention as the eternal theme of the financial industry, monitor and resolve all kinds of financial risks unrelentingly, strengthen the financial rule of law and improve the long-term mechanism. Maintain the market environment of public competition, strengthen anti-monopoly and prevent the disorderly expansion of capital, and ensure that financial innovation is carried out on the premise of prudence.</p><p><b>Decisive Achievements in Preventing and Resolving Financial Risks</b></p><p>At present, decisive achievements have been made in the battle to prevent and mitigate financial risks. The financial leverage ratio has dropped significantly, and the blind expansion of financial assets has been fundamentally reversed. From 2017 to 2020, the average annual growth rates of total assets of banking and insurance industries were 8.3% and 11.4% respectively, which was only roughly half of the average annual growth rate from 2009 to 2016. The proportion of interbank assets idled within the financial system has dropped significantly.</p><p><b>The financial leverage ratio decreased significantly, and the blind expansion of financial assets was fundamentally reversed</b></p><p>The financial leverage ratio has dropped significantly, and the blind expansion of financial assets has been fundamentally reversed. From 2017 to 2020, the average annual growth rates of total assets of banking and insurance industries were 8.3% and 11.4% respectively, which was roughly only half of the average annual growth rate from 2009 to 2016. The proportion of interbank assets idled within the financial system has dropped significantly.</p><p><b>The financial markets of developed countries in Europe and America are seriously opposed to the real economy</b></p><p>Since the outbreak, countries have understandably adopted proactive fiscal policies and extremely loose monetary policies. Now, some side effects are beginning to appear. For example, the financial markets of developed countries in Europe and America are seriously opposed to the real economy, and I am worried that this situation will be forced to adjust sooner or later. \"I'm very worried that the bubble problem in foreign financial markets will burst one day. Now the Chinese market is highly connected with foreign markets, and foreign capital continues to flow in. However, at present, the scale and speed of foreign capital inflows are still under control.</p><p><b>In 2020, 3,178 banking and insurance institutions were punished for violating laws and regulations, with a fine of 2.28 billion yuan confiscated</b></p><p>In 2020, the CBIRC disciplined 164 persons. Accelerate the completion of the shortcomings of the system, and complete the construction of 61 regulatory rules and regulations in 2020. Punch the chaos heavily, and maintain the high-pressure situation of accountability for cases. In 2020, 3,178 banking and insurance institutions that violated laws and regulations were punished, and 4,554 responsible personnel were punished, with a total fine and confiscation amount of 2.28 billion yuan. Promote the diversified resolution of financial disputes, and clear and pay consumers 17.7 billion yuan.</p><p><b>Shadow banking gets orderly dismantling, the scale drops by 20 trillion yuan compared with the peak</b></p><p>From 2017 to 2020, a total of 8.8 trillion yuan of non-performing loans were disposed of, exceeding the total of the previous 12 years. Shadow banking has been dismantled in an orderly manner, and its scale has dropped by 20 trillion yuan compared with the peak.</p><p><b>Since 2017, the accumulated disposal of non-performing loans is 8.8 trillion, exceeding the total of the previous 12 years</b></p><p>In recent years, the identification and disposal of non-performing assets in the banking industry have made great strides. In 2017 and 2020, a total of 8.8 trillion yuan of non-performing loans were disposed of, exceeding the sum of the previous 12 years. The bubble of real estate financialization has been contained. In 2020, the growth rate of real estate loans was lower than the growth rate of various loans for the first time in eight years.</p><p><b>The total investment of banking institutions in information technology reached 207.8 billion yuan in 2020</b></p><p>In 2020, the total investment of information technology funds by banking institutions and insurance institutions was 207.8 billion yuan and 35.1 billion yuan, respectively, representing a year-on-year increase of 20% and 27%. According to the reports of relevant international organizations, China's inclusive financial services have reached the world's advanced level, and electronic payment, digital credit and online insurance are in the leading position in the world.</p><p><b>The operating efficiency of four large commercial banks has approached the international advanced level</b></p><p>The corporate governance of banking and insurance institutions with Chinese characteristics has been gradually improved. At present, China's commercial banking system is constantly optimized, and the market competition is sufficient. The operating efficiency of four large commercial banks has approached the international advanced level, and they have achieved catch-up in labor productivity, cost-income ratio, profitability, scientific and technological innovation and so on. The capital adequacy level of large insurance companies is also comparable to that of peers in the United States, Europe and Japan.</p><p><b>Last year, the banking industry disposed of over 3 trillion non-performing loans throughout the year. The scale of disposal of non-performing loans this year and next may increase</b></p><p>After the outbreak of the epidemic, some enterprises' production activities are in an abnormal state, and repayment faces some difficulties, so the rise of non-performing loans is an inevitable trend. In 2020, the banking industry has begun to step up the disposal of non-performing loans, with the disposal of non-performing loans exceeding 3 trillion yuan in the whole year, an increase of 700 to 800 billion yuan over the previous year. The size of non-performing loans that may need to be disposed of will grow in 2021, and this trend will continue even into next year. However, we have the confidence and ability to dispose of non-performing assets properly. First, we should intensify our efforts, and second, we should strive for progress while maintaining stability and maintain the affordability of banks and the economic system.</p><p><b>New manufacturing loans of 2.2 trillion yuan in 2020 exceeded the total of the previous five years</b></p><p>In 2020, new manufacturing loans were 2.2 trillion yuan, exceeding the total of the previous five years; New loans to private enterprises amounted to 5.7 trillion yuan, an increase of 1.5 trillion yuan over the previous year; The health insurance compensation expenditure was 292.1 billion yuan, up 24.2% year-on-year, and the accumulated long-term health protection risk reserve of 1.57 trillion yuan.</p><p><b>Encourage the development of Internet banks but must implement unified management according to the laws and rules of finance</b></p><p>Regardless of any type of financial business, it must be managed in accordance with the corresponding rules and laws and regulations, without any exceptions. Internet banks, such as online merchant banks and Weizhong banks, are encouraged to develop, but they must be managed uniformly according to the laws and rules of finance. \"We don't think there are financial businesses that restrict them and are not suitable for their development,\" Guo Shuqing said. But doing any financial business should be regulated according to the same rules in the industry. It is believed that relevant institutions can achieve healthier development after adjusting according to the corresponding requirements.</p><p><b>Loan rates are expected to pick up this year</b></p><p>Because the whole market interest rate has rebounded this year, it is estimated that the loan interest rate will rebound and adjust, but the overall interest rate is still low; There won't be much change in terms of charges, and reduced fees generally won't be restored; By supporting financial restructuring, debt restructuring, enterprise restructuring, including debt-to-equity swap, many measures have been introduced, which will also reduce the burden on enterprises. Will continue to support the development of enterprises in many forms.</p><p><b>Comprehensive assessment of small and medium-sized banks and severe punishment for poor performance of duties and arbitrage of funds from banks</b></p><p>\"(Corporate governance supervision of small and medium-sized banks) we have been promoting in recent years,\" Guo Shuqing said. It is necessary to conduct evaluation, and at the same time, it is necessary to conduct penetrating monitoring, supervision and identification of shareholders. Some people who do not perform their duties well and even take funds from banks illegally should be severely punished.</p><p><b>Will the entry of foreign capital cause interference and damage to the financial market? Guo Shuqing: The impact is limited</b></p><p>Generally, foreign-funded institutions operate in China in strict accordance with Chinese laws. Although we encourage foreign investment, due to their own risk control, in terms of market share, whether it is total assets or the proportion of loans and deposits, the absolute amount is increasing, but the proportion is decreasing. For example, the proportion of foreign banks is now only 1%, which has a very limited impact on China's financial market; The proportion of foreign investment in insurance companies is slightly higher, around 6%, but the impact is limited. \"We continue to encourage foreign financial institutions to enter China to develop together,\" Guo said.</p><p><b>Fintechs need to meet capital adequacy requirements</b></p><p>If the financial business is carried out online, it is an Internet platform, whether they run a bank, a small loan company, or a consumer finance company, my answer is very simple. Yes, we require them to have sufficient capital like other financial institutions. We require Internet platforms to have the same capital adequacy ratio as long as they do the same financial business. However, considering historical reasons, they have been given a transition period. Some projects are until the end of this year, others until the end of next year, and they can even be studied for longer. But at most two years, all are back on track, and all institutions are subject to capital constraints.</p><p><b>\"Wealth Management Tong\" will have more new measures, and is studying and demonstrating planning</b></p><p>In the future development process, Hong Kong can provide support for mainland enterprises' listing financing and bond issuance financing. Whether it is foreign debt, US dollar debt, foreign currency debt, RMB, Hong Kong dollar and other forms, we support it. We also support banking and insurance institutions to go public in Hong Kong, and support more Hong Kong banking and insurance institutions to develop in the mainland. I hope we can continue this trend in the future.</p><p>Recently, we have formulated the development plan for the Greater Bay Area, in which the financial sector accounts for a large proportion, and there will be many new measures. Especially in financial management, for example, \"Wealth Management\" will have more new measures, which are being studied, demonstrated and planned, and will be gradually implemented. We believe that Hong Kong's economic growth rate will surely turn from negative to positive this year, and there will certainly be a good prospect.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ca12846bf7d424dbceae42512d714062","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149461614","content_text":"欧美发达国家的金融市场和实体经济严重背道而驰，很担心国外金融市场的泡沫问题哪一天会破灭，现在中国市场与外国市场高度相连，外国资本持续流入。3月2日， 国务院新闻办公室举行新闻发布会，请人民银行党委书记、中国银保监会主席郭树清介绍推动银行业保险业高质量发展有关情况并答记者问。要点如下：房地产领域的核心问题还是泡沫比较大房地产领域的核心问题还是泡沫比较大，金融化泡沫化倾向比较强，是金融体系最大灰犀牛，很多人买房不是为了居住，而是为了投资投机，这是很危险的。但2020年房地产贷款增速8年来首次低于各项贷款增速，这个成绩来之不易，相信房地产问题可以逐步缓解。把防范风险作为金融业的永恒主题 强化反垄断和防止资本无序扩张郭树清表示，2021年是“十四五”开局之年，银保监会将把防范风险作为金融业的永恒主题，毫不松懈地监控和化解各类金融风险，强化金融法治，完善长效机制。维护公布竞争的市场环境，强化反垄断和防止资本无序扩张，确保金融创新在审慎前提下进行。防范化解金融风险攻坚战取得决定性成就当前防范化解金融风险攻坚战取得决定性成就。金融杠杆率明显下降，金融资产盲目扩张得到根本扭转，2017年至2020年，银行业和保险业总资产年均增速分别为8.3%和11.4%，大体只有2009年至2016年间年均增速的一半。金融体系内部空转的同业资产占比大幅度下降。金融杠杆率明显下降，金融资产盲目扩张得到根本扭转金融杠杆率明显下降，金融资产盲目扩张得到根本扭转。2017-2020年，银行业和保险业总资产年均增速分别为8.3%和11.4%，大体只有2009-2016年间年均增速的一半。金融体系内部空转的同业资产占比大幅度下降。欧美发达国家金融市场与实体经济严重背道而驰疫情发生以来，各国都采取了积极财政政策和极度宽松的货币政策，这都可以理解。现在看一些副作用开始显现，比如，欧美发达国家的金融市场和实体经济严重背道而驰，担心这一情况迟早会被迫调整。“很担心国外金融市场的泡沫问题哪一天会破灭，现在中国市场与外国市场高度相连，外国资本持续流入。不过，目前来看，外国资本流入的规模和速度还在可控范围内。2020年处罚违法违规银行保险机构3178家次 罚没金额22.8亿元2020年银保监系统共纪律处分164人。加快补齐制度短板，2020年完成61项监管规章制度建设。重拳治理乱象，保持案件出发问责高压态势，2020年处罚违法违规银行保险机构3178家次，处罚责任人员4554人次，罚没金额合计22.8亿元。推动金融纠纷多元化解，清退、赔付消费者177亿元。影子银行得到有序拆解 规模较峰值压降20万亿元2017年至2020年，累计处置不良贷款8.8万亿元，超过之前12年总和。影子银行得到有序拆解，规模较峰值压降20万亿元。2017年以来累积处置不良贷款8.8万亿 超之前12年总和近年来银行业不良资产认定和处置大步推进，2017年和2020年累计处置不良贷款8.8万亿元，超过之前12年总和。房地产金融化泡沫化势头得到遏制，2020年房地产贷款增速8年来首次低于各项贷款增速。2020年银行机构信息科技资金总投入达2078亿元2020年，银行机构和保险机构信息科技资金总投入分别为2078亿元和351亿元，同比增长20％和27%。根据有关国际组织报告，中国普惠金融服务达到世界先进水平，电子支付、数字信贷、线上保险居于全球领先地位。四家大型商业银行经营效率已接近国际先进水平中国特色银行保险机构公司治理逐步完善。目前，我国商业银行体系不断优化，市场竞争充分，四家大型商业银行经营效率已接近国际先进水平，在劳动生产率、成本收入比、盈利能力、科技创新等方面实现赶超。大型保险公司资本充足水平也与美国、欧洲、日本同业相当。去年银行业全年处置不良贷款超3万亿 今明两年不良贷款处置规模或还加大疫情发生后一些企业生产活动处于不正常状态，还款面临一些困难，所以不良贷款上升是必然趋势。2020年银行业已经开始加大不良贷款处置力度，全年处置不良贷款超3万亿，比上一年增加七八千亿。2021年可能需要处置的不良贷款规模还会增长，这一趋势甚至会延续到明年。但有信心有能力把不良资产处置处理好，一是要加大力度，二是要稳中求进，保持银行和经济体系的承受能力。2020年新增制造业贷款2.2万亿元 超过前5年总和2020年全年新增制造业贷款2.2万亿元，超过前5年总和；新增民营企业贷款5.7万亿元，比上年多增1.5万亿元；健康保险赔付支出2921亿元，同比增长24.2%，累积了1.57万亿元长期健康保障风险准备金。鼓励互联网银行发展 但必须按照金融的规律和规则实行统一管理不管任何业态的金融业务，都要按照相应规则规范和法律法规来管理，不能有任何例外。对于互联网银行比如网商银行、微众银行等，都鼓励其发展，但必须按照金融的规律和规则实行统一管理。“我们不认为有限制它们、不适合它们发展的金融业务。”郭树清表示，但做任何金融业务都要按照行业相同的规则进行监管。相信相关机构按照对应的要求调整后，能得到更健康的发展。预计今年贷款利率会有所回升因为今年整个市场利率回升，估计贷款利率会有回升和调整，但总体利率还是较低；收费方面不会有太大变化，降低的费用一般不会恢复；通过支持财务重组、债务重组、企业重组，包括债转股，还有很多举措出台，这也会降低企业负担。将以多种形式继续支持企业发展。对中小银行全面评估，对履职不太好、从银行套取资金的严厉惩处“（中小银行公司治理监管）我们这几年一直都在推进，”郭树清称，要进行评估，同时还要对股东进行穿透式监控、监管、识别，对一些履职不太好，甚至从银行违规套取资金的，要进行严厉的惩处。外资进入会不会对金融市场造成干扰和破坏？郭树清：影响有限外资机构在中国的经营总体上还是严格按照中国的法律来办事的。虽然我们鼓励外资，但由于他们自身风险控制的原因，在市场份额上，无论是总资产还是贷款、存款比重，绝对额是上升，但是比重是下降的。比如，外资银行的比例现在只有1%，对中国金融市场影响非常有限；保险公司外资占比稍高，在6%左右，但影响有限。“我们继续鼓励外资金融机构进入中国来共同发展。”郭树清说。金融科技公司需满足资本充足率要求如果金融业务是在网上开展，是互联网平台，他们办的银行也好，办的小贷公司也好，或者是消费金融公司也好，我的回答是很简单的，是的，我们要求他们必须和其他的金融机构一样，要有充足的资本。我们要求互联网平台只要做同样的金融业务，就要有同样的资本充足率。但是考虑历史的原因，给了他们一个过渡期，有的项目是到今年年底，有的是到明年年底，甚至可以研究再长一些。但是最多两年，都回到正轨上来，所有机构都要受资本约束的要求。“理财通”会有更多新举措，正在研究论证规划在今后的发展过程当中，香港可以为内地企业上市融资、发债融资提供支持，无论是外债、美元债、外币债种，还是人民币、港币等各种形式，我们都支持，我们也支持银行业、保险业机构到香港去上市，支持更多的香港银行业、保险业机构到内地发展。希望以后能够继续保持这个态势。最近，我们制定了大湾区发展规划，其中金融领域占了很大的比重，也会有很多的新举措。特别是在理财方面，比如“理财通”会有更多新举措，正在研究论证规划，都会逐步实施。我们认为，香港的经济增速今年一定会由负转正，一定会有一个很好的前景。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362168003,"gmtCreate":1614608331202,"gmtModify":1704773000099,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3502502252379822","idStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/362168003","repostId":"1165767350","repostType":4,"repost":{"id":"1165767350","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":1614606786,"share":"https://ttm.financial/m/news/1165767350?lang=en_US&edition=fundamental","pubTime":"2021-03-01 21:53","market":"us","language":"zh","title":"Baidu's 1:80 ratio share split plan will take effect on March 1","url":"https://stock-news.laohu8.com/highlight/detail?id=1165767350","media":"老虎资讯综合","summary":"拆股之后，百度ADR价格不变。","content":"<p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>: The 1:80 ratio share split plan will take effect on March 1.</p><p>After the share split, the price of Baidu ADR will remain unchanged, and the shareholding ratio of ADS holders in Baidu will also remain unchanged.</p><p><img src=\"https://static.tigerbbs.com/8557814b87cd68aecdc50a9ff4f0ff21\" 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>Baidu's 1:80 ratio share split plan will take effect on March 1</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\">\nBaidu's 1:80 ratio share split plan will take effect on March 1\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\">2021-03-01 21:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>: The 1:80 ratio share split plan will take effect on March 1.</p><p>After the share split, the price of Baidu ADR will remain unchanged, and the shareholding ratio of ADS holders in Baidu will also remain unchanged.</p><p><img src=\"https://static.tigerbbs.com/8557814b87cd68aecdc50a9ff4f0ff21\" tg-width=\"840\" tg-height=\"470\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/179b4ddb77b82b472a77dd8bef91a694","relate_stocks":{"BIDU":"百度"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165767350","content_text":"百度：1:80比例拆股计划将于3月1日生效。拆股之后，百度ADR价格不变，ADS持有人在百度的持股比例也将保持不变。","news_type":1,"symbols_score_info":{"BIDU":0.9}},"isVote":1,"tweetType":1,"viewCount":1726,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":330511364,"gmtCreate":1608647781658,"gmtModify":1704975721559,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3502502252379822","idStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/330511364","repostId":"2093448306","repostType":2,"repost":{"id":"2093448306","kind":"news","weMediaInfo":{"introduction":"新浪ir新闻","home_visible":0,"media_name":"新浪官方","id":"1060974621","head_image":"https://static.tigerbbs.com/2af9a533edb87c6daf428b0c87ba8c8e"},"pubTimestamp":1608614436,"share":"https://ttm.financial/m/news/2093448306?lang=en_US&edition=fundamental","pubTime":"2020-12-22 13:20","market":"hk","language":"zh","title":"Talking about the 120 Hours of SMIC in Crisis","url":"https://stock-news.laohu8.com/highlight/detail?id=2093448306","media":"新浪官方","summary":"浅谈中芯国际陷入危机的120小时 来源：电子发烧友12月15日董事会表决通过蒋尚义委任，12月20日， 中芯国际 回应被美拉黑，仅5天的时间，120个小时，中芯国际度过了史上最难的一个寒冬。12月20日，中芯国际公告称，自2020年9月5日获悉可能被美国商务部列入贸易黑名单以来，一直努力与美国政府相关部门沟通，以期得到公平、公正的对待。","content":"<p>Original title: A Brief Talk<a href=\"https://laohu8.com/S/SMI\">SMIC</a>120 Hours in CrisisSource: Electronic Enthusiast</p><p>On December 15, the Board voted to approve the appointment of Jiang Shangyi.<a href=\"https://laohu8.com/S/688981\">SMIC</a>The response was blacked by the United States, only 5 days, 120 hours,<a href=\"https://laohu8.com/S/00981\">SMIC</a>Had the most difficult winter in history.</p><p>First 48 hours: High-level internal fighting, \"Jiang\" in and \"Meng\" out</p><p>No one expected that the SMIC crisis started with \"infighting\".</p><p>15 December 2020, prior to the appointment of SMIC<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Chief Executive Officer Jiang Shangyi is the Vice Chairman of the Board of Directors, a Type II Executive Director and a member of the Strategy Committee of the Company. According to the contract, he is granted an annual salary of US$670,000 (and an annual incentive). Previously, Jiang Shangyi served as an independent non-executive director of SMIC from 2016 to 2019. It was also mentioned in the announcement that the board of directors voted to approve this appointment, of which director Liang Mengsong abstained from voting without reason.</p><p>Subsequently, multiple channels on the Internet broke out that Liang Mengsong submitted his resignation at the board of directors, with the full text attached. On the morning of December 16th, SMIC issued an announcement about Liang Mengsong's possible resignation. The company has known Liang Mengsong's willingness to resign conditionally and is actively verifying Liang Mengsong's true wishes.</p><p>In the resignation letter exposed on the Internet, Liang Mengsong mentioned that he received a phone call from chairman Zhou Zixue on December 9th, only to learn that Jiang Shangyi was about to take up the position of vice chairman. \"I feel very shocked and puzzled because I don't know anything about it. I feel deeply that I am no longer respected and trusted,\" said Liang, who also said in his resignation letter that he had no intention of interfering with the company's personnel appointments, but just wanted to express his feelings.</p><p><img src=\"http://k.sinaimg.cn/n/spider20201222/780/w426h354/20201222/f187-kfnaptv0036158.jpg/w720fin.jpg\" tg-width=\"426\" tg-height=\"354\"></p><p>In the previous 30 years of experience in the semiconductor industry, Liang Mengsong worked for TSMC,<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Well-known enterprises have always been influential figures in the semiconductor circle. Meng Song Liang graduated from the Department of Electrical Engineering and Computer Science at the University of California, Berkeley with a doctorate degree. After graduation, he worked at the American Chip Company<a href=\"https://laohu8.com/S/AMD\">AMD</a>Worked for years.</p><p>Regarding the reason for Liang Mengsong's resignation, Liang Mengsong only stated in his resignation statement that because \"the chairman of SMIC invited Jiang Shangyi to return to SMIC as vice chairman without communicating with him in advance\", he thought that he was disrespected and that the company no longer needed him, so he resigned.</p><p>However, it seems to the industry that \"no communication in advance\" is obviously not the main reason. This also makes the outside world about the real reason for Liang Mengsong's resignation debate mixed.</p><p>Some people believe that the importance of Liang Mengsong has been greatly weakened because the development of advanced manufacturing processes has been hindered by US sanctions. Therefore, Jiang Shangyi was introduced as the vice chairman and Liang Mengsong was \"forced\" to go. Some people also believe that Liang Mengsong did not meet the expectations of SMIC management, and just left because of Jiang Shangyi's return, and Liang Mengsong had already planned to leave SMIC, so he did not pursue the matter of \"being resigned\".</p><p>Regardless of the internal reasons, it is true that Jiang Shangyi \"kicked away\" his former colleagues. Jiang Shangyi can also be regarded as a \"big cow\" in the chip industry. He worked in TSMC for 16 years, and he achieved the highest position of TSMC's COO. He single-handedly expanded TSMC's R&D team from more than 400 people to more than 7,000 people, and was once regarded as the successor of Zhang Zhongmou, the founder of TSMC.</p><p>Jiang Shangyi returned to SMIC this time to realize \"technical ideals\", especially in advanced packaging technology and Chiplet technology. In an exclusive interview with Voice, Jiang Shangyi said that he is obsessed with advanced packaging, small chips and other system integration technologies, and has two purposes to join the mainland semiconductor industry. The first is to pursue ideals and career goals; The second is to assist SMIC to do a good job in technology and become a world-class company.</p><p>After 48 hours: Black by Meila, SMIC helplessly continues to negotiate</p><p>On December 18, the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce officially announced the inclusion of Chinese semiconductor manufacturer SMIC in the entity list. According to the BIS announcement, SMIC's technology and materials needed to produce semiconductors at advanced technology nodes (10nm or below) will be denied provision.</p><p>This is not the first time that SMIC has fought against the United States, and the \"entity list\" of the United States has been premeditated for a long time.</p><p>On September 15th this year, the US restrictive measures on Huawei HiSilicon officially came into effect, and chip manufacturers such as SMIC will not be able to continue to use US technology or equipment to make chips for Huawei. SMIC's 14nm process production line announced full mass production earlier, and Huawei is one of its largest customers. However, due to the sanctions incident, there is a big vacancy in SMIC's 14nm production capacity, which can't be filled for a while.</p><p>On December 20, SMIC announced that since it learned on September 5, 2020 that it may be included in the trade blacklist by the U.S. Department of Commerce, it has been working hard to communicate with relevant departments of the U.S. government in order to get fair and equitable treatment. But unfortunately it is still included in the \"Entity List\" by the United States. In this regard, SMIC expressed its firm opposition and reiterated that since its establishment, SMIC has always abided by the principle of compliant operation and strictly abided by the laws and regulations of relevant countries and regions involved in production and business activities.</p><p>SMIC also pointed out the risks: after its preliminary assessment, this matter has no material adverse impact on SMIC's short-term operation and financial position, but it has a significant adverse impact on the research and development and capacity construction of advanced processes of 10nm and below. Therefore, SMIC will continue to communicate with relevant U.S. government departments and take all feasible measures as appropriate to actively seek solutions and strive to minimize adverse effects.</p><p>However, according to insiders, some production line equipment and materials used in 14nm and above processes are \"general-purpose\" equipment and materials, and can also be used in the production of 10nm and below processes.</p><p>That is to say, if the scope of US sanctions on SMIC includes all equipment and materials involving US technology that can be used to produce 10nm and below process chips, then the equipment and materials on these 14nm and above process production lines may also be forced to shut down.</p><p>Can \"de-beautifying\" SMIC still live?</p><p>In only 5 days and 120 hours, from \"internal fighting\" to \"being blackened by the United States\", SMIC spent the most difficult winter.</p><p>On the afternoon of December 18th, the day the United States released the \"Entity List\", Chinese Foreign Ministry spokesman Wang Wenbin expressed his views on the United States \"Entity List\" at a regular press conference, bluntly saying: \"This will be another strong evidence that the United States uses state power to suppress Chinese enterprises, and China firmly opposes this.\"</p><p>Wang Wenbin also pointed out that the politicization of economic and trade issues by the United States violates the principles of market economy and fair competition, which it has always advertised, and violates international trade rules. It not only harms the legitimate rights and interests of Chinese enterprises, but also does not serve the interests of American enterprises. It will seriously interfere with the normal scientific and technological exchanges and trade between the two countries and even the world, and cause damage to the global industrial chain, supply chain and value chain. \"We urge the United States to stop the wrongful behavior of unreasonably suppressing foreign enterprises, and China will continue to take necessary measures to safeguard the legitimate rights and interests of Chinese enterprises.\"</p><p>SMIC is a mess inside, and speculation about SMIC has never stopped.</p><p>Zhang Xiaorong, a scientific and technological expert and president of the Deep Science and Technology Research Institute, said: \"As soon as the blacklist comes out, SMIC may not last for a year.\" SMIC is a chip foundry enterprise. Objectively speaking, SMIC currently relies on foreign countries, especially the United States, for many lithography, raw materials, related technology patent authorizations, etc. needed for OEM chip production.</p><p>Zhang Xiaorong also pointed out that, specifically, in the manufacturing process of chips, the main links start from wafers, and there will be many steps such as lithography, etching, ion implantation, metal deposition, metal layer, interconnection, wafer testing and cutting, core packaging, grade testing and packaging. Accomplishing these steps requires a large number of advanced equipment, such as a lithography for photolithography, an etcher for etching, an ion implanter for ion implantation, and so on.</p><p>At present, in the field of semiconductor equipment, the United States accounts for 50% of the global market, then Japan accounts for 30%, and the United States and Japan monopolize about 80% of the share. The strengths of the United States are precipitation, CMP, gel homogenization and development, ion implantation and other equipment. At present, there is no substitute in advanced technology.</p><p>SMIC also saw the risks in this process, so it vigorously purchased related raw materials and semiconductor equipment in the first few months. Therefore, in the short term, there should be no problem for SMIC's survival. However, it is worth worrying that these devices are depreciated and materials will be consumed, so SMIC's reserves can only last for about one year.</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>Talking about the 120 Hours of SMIC in Crisis</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\">\nTalking about the 120 Hours of SMIC in Crisis\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/2af9a533edb87c6daf428b0c87ba8c8e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">新浪官方 </p>\n<p class=\"h-time smaller\">2020-12-22 13:20</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Original title: A Brief Talk<a href=\"https://laohu8.com/S/SMI\">SMIC</a>120 Hours in CrisisSource: Electronic Enthusiast</p><p>On December 15, the Board voted to approve the appointment of Jiang Shangyi.<a href=\"https://laohu8.com/S/688981\">SMIC</a>The response was blacked by the United States, only 5 days, 120 hours,<a href=\"https://laohu8.com/S/00981\">SMIC</a>Had the most difficult winter in history.</p><p>First 48 hours: High-level internal fighting, \"Jiang\" in and \"Meng\" out</p><p>No one expected that the SMIC crisis started with \"infighting\".</p><p>15 December 2020, prior to the appointment of SMIC<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Chief Executive Officer Jiang Shangyi is the Vice Chairman of the Board of Directors, a Type II Executive Director and a member of the Strategy Committee of the Company. According to the contract, he is granted an annual salary of US$670,000 (and an annual incentive). Previously, Jiang Shangyi served as an independent non-executive director of SMIC from 2016 to 2019. It was also mentioned in the announcement that the board of directors voted to approve this appointment, of which director Liang Mengsong abstained from voting without reason.</p><p>Subsequently, multiple channels on the Internet broke out that Liang Mengsong submitted his resignation at the board of directors, with the full text attached. On the morning of December 16th, SMIC issued an announcement about Liang Mengsong's possible resignation. The company has known Liang Mengsong's willingness to resign conditionally and is actively verifying Liang Mengsong's true wishes.</p><p>In the resignation letter exposed on the Internet, Liang Mengsong mentioned that he received a phone call from chairman Zhou Zixue on December 9th, only to learn that Jiang Shangyi was about to take up the position of vice chairman. \"I feel very shocked and puzzled because I don't know anything about it. I feel deeply that I am no longer respected and trusted,\" said Liang, who also said in his resignation letter that he had no intention of interfering with the company's personnel appointments, but just wanted to express his feelings.</p><p><img src=\"http://k.sinaimg.cn/n/spider20201222/780/w426h354/20201222/f187-kfnaptv0036158.jpg/w720fin.jpg\" tg-width=\"426\" tg-height=\"354\"></p><p>In the previous 30 years of experience in the semiconductor industry, Liang Mengsong worked for TSMC,<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Well-known enterprises have always been influential figures in the semiconductor circle. Meng Song Liang graduated from the Department of Electrical Engineering and Computer Science at the University of California, Berkeley with a doctorate degree. After graduation, he worked at the American Chip Company<a href=\"https://laohu8.com/S/AMD\">AMD</a>Worked for years.</p><p>Regarding the reason for Liang Mengsong's resignation, Liang Mengsong only stated in his resignation statement that because \"the chairman of SMIC invited Jiang Shangyi to return to SMIC as vice chairman without communicating with him in advance\", he thought that he was disrespected and that the company no longer needed him, so he resigned.</p><p>However, it seems to the industry that \"no communication in advance\" is obviously not the main reason. This also makes the outside world about the real reason for Liang Mengsong's resignation debate mixed.</p><p>Some people believe that the importance of Liang Mengsong has been greatly weakened because the development of advanced manufacturing processes has been hindered by US sanctions. Therefore, Jiang Shangyi was introduced as the vice chairman and Liang Mengsong was \"forced\" to go. Some people also believe that Liang Mengsong did not meet the expectations of SMIC management, and just left because of Jiang Shangyi's return, and Liang Mengsong had already planned to leave SMIC, so he did not pursue the matter of \"being resigned\".</p><p>Regardless of the internal reasons, it is true that Jiang Shangyi \"kicked away\" his former colleagues. Jiang Shangyi can also be regarded as a \"big cow\" in the chip industry. He worked in TSMC for 16 years, and he achieved the highest position of TSMC's COO. He single-handedly expanded TSMC's R&D team from more than 400 people to more than 7,000 people, and was once regarded as the successor of Zhang Zhongmou, the founder of TSMC.</p><p>Jiang Shangyi returned to SMIC this time to realize \"technical ideals\", especially in advanced packaging technology and Chiplet technology. In an exclusive interview with Voice, Jiang Shangyi said that he is obsessed with advanced packaging, small chips and other system integration technologies, and has two purposes to join the mainland semiconductor industry. The first is to pursue ideals and career goals; The second is to assist SMIC to do a good job in technology and become a world-class company.</p><p>After 48 hours: Black by Meila, SMIC helplessly continues to negotiate</p><p>On December 18, the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce officially announced the inclusion of Chinese semiconductor manufacturer SMIC in the entity list. According to the BIS announcement, SMIC's technology and materials needed to produce semiconductors at advanced technology nodes (10nm or below) will be denied provision.</p><p>This is not the first time that SMIC has fought against the United States, and the \"entity list\" of the United States has been premeditated for a long time.</p><p>On September 15th this year, the US restrictive measures on Huawei HiSilicon officially came into effect, and chip manufacturers such as SMIC will not be able to continue to use US technology or equipment to make chips for Huawei. SMIC's 14nm process production line announced full mass production earlier, and Huawei is one of its largest customers. However, due to the sanctions incident, there is a big vacancy in SMIC's 14nm production capacity, which can't be filled for a while.</p><p>On December 20, SMIC announced that since it learned on September 5, 2020 that it may be included in the trade blacklist by the U.S. Department of Commerce, it has been working hard to communicate with relevant departments of the U.S. government in order to get fair and equitable treatment. But unfortunately it is still included in the \"Entity List\" by the United States. In this regard, SMIC expressed its firm opposition and reiterated that since its establishment, SMIC has always abided by the principle of compliant operation and strictly abided by the laws and regulations of relevant countries and regions involved in production and business activities.</p><p>SMIC also pointed out the risks: after its preliminary assessment, this matter has no material adverse impact on SMIC's short-term operation and financial position, but it has a significant adverse impact on the research and development and capacity construction of advanced processes of 10nm and below. Therefore, SMIC will continue to communicate with relevant U.S. government departments and take all feasible measures as appropriate to actively seek solutions and strive to minimize adverse effects.</p><p>However, according to insiders, some production line equipment and materials used in 14nm and above processes are \"general-purpose\" equipment and materials, and can also be used in the production of 10nm and below processes.</p><p>That is to say, if the scope of US sanctions on SMIC includes all equipment and materials involving US technology that can be used to produce 10nm and below process chips, then the equipment and materials on these 14nm and above process production lines may also be forced to shut down.</p><p>Can \"de-beautifying\" SMIC still live?</p><p>In only 5 days and 120 hours, from \"internal fighting\" to \"being blackened by the United States\", SMIC spent the most difficult winter.</p><p>On the afternoon of December 18th, the day the United States released the \"Entity List\", Chinese Foreign Ministry spokesman Wang Wenbin expressed his views on the United States \"Entity List\" at a regular press conference, bluntly saying: \"This will be another strong evidence that the United States uses state power to suppress Chinese enterprises, and China firmly opposes this.\"</p><p>Wang Wenbin also pointed out that the politicization of economic and trade issues by the United States violates the principles of market economy and fair competition, which it has always advertised, and violates international trade rules. It not only harms the legitimate rights and interests of Chinese enterprises, but also does not serve the interests of American enterprises. It will seriously interfere with the normal scientific and technological exchanges and trade between the two countries and even the world, and cause damage to the global industrial chain, supply chain and value chain. \"We urge the United States to stop the wrongful behavior of unreasonably suppressing foreign enterprises, and China will continue to take necessary measures to safeguard the legitimate rights and interests of Chinese enterprises.\"</p><p>SMIC is a mess inside, and speculation about SMIC has never stopped.</p><p>Zhang Xiaorong, a scientific and technological expert and president of the Deep Science and Technology Research Institute, said: \"As soon as the blacklist comes out, SMIC may not last for a year.\" SMIC is a chip foundry enterprise. Objectively speaking, SMIC currently relies on foreign countries, especially the United States, for many lithography, raw materials, related technology patent authorizations, etc. needed for OEM chip production.</p><p>Zhang Xiaorong also pointed out that, specifically, in the manufacturing process of chips, the main links start from wafers, and there will be many steps such as lithography, etching, ion implantation, metal deposition, metal layer, interconnection, wafer testing and cutting, core packaging, grade testing and packaging. Accomplishing these steps requires a large number of advanced equipment, such as a lithography for photolithography, an etcher for etching, an ion implanter for ion implantation, and so on.</p><p>At present, in the field of semiconductor equipment, the United States accounts for 50% of the global market, then Japan accounts for 30%, and the United States and Japan monopolize about 80% of the share. The strengths of the United States are precipitation, CMP, gel homogenization and development, ion implantation and other equipment. At present, there is no substitute in advanced technology.</p><p>SMIC also saw the risks in this process, so it vigorously purchased related raw materials and semiconductor equipment in the first few months. Therefore, in the short term, there should be no problem for SMIC's survival. However, it is worth worrying that these devices are depreciated and materials will be consumed, so SMIC's reserves can only last for about one year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/51fb9fb4bb9a78041d2403ab1f31481b","relate_stocks":{"688981":"中芯国际","SMI":"VanEck HIP Sustainable Muni ETF","00981":"中芯国际"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2093448306","content_text":"原标题：浅谈中芯国际陷入危机的120小时 来源：电子发烧友12月15日董事会表决通过蒋尚义委任，12月20日， 中芯国际 回应被美拉黑，仅5天的时间，120个小时，中芯国际度过了史上最难的一个寒冬。前48小时：高层内斗，“蒋”进“孟”出谁都没有料到，中芯危机是从“内斗”开始的。2020年12月15日，中芯国际委任前台积电执行长蒋尚义为公司董事会副董事长、第二类执行董事及战略委员会成员，根据合约给与其年薪67万美元（及年度激励）的待遇。此前2016至2019年间蒋尚义曾担任过中芯国际的独立非执行董事一职。在公告中还提到，董事会表决通过了这一委任，其中董事梁孟松无理由投弃权票。随后，网上多渠道爆出梁孟松在董事会上提出辞呈，并附全文。12月16日早间，中芯国际发布了关于梁孟松可能辞任的公告，公司已知悉梁孟松其有条件辞任的意愿，正在积极核实梁孟松的真实意愿。在网络曝光的辞职信中，梁孟松提到自己是在12月9日接到董事长周子学的电话，才得知蒋尚义即将出任副董事长一职。梁孟松说：“我感到十分错愕与不解，因为我对此事毫无所悉。我深深的感到自己已经不再被尊重与被信任。”同时在这份辞职信中他还表示自己无意干涉公司的人事任命，只是想表达出自己的感受。在此前的30多年半导体行业经历中，梁孟松分别就职过台积电、三星等知名企业，一直是半导体圈的风云人物。梁孟松毕业于美国加州大学伯克利分校电机工程及电脑科学系并取得博士学位。毕业后他曾在美国芯片公司AMD工作数年。对于梁孟松辞职的原因，梁孟松在辞职声明只是表示因为“中芯国际董事长邀请蒋尚义重回中芯国际担任副董事长一事没有提前与他沟通”，使其认为不被尊重，认为公司已不再需要他，故而提出辞职。但业内看来，“没有提前沟通”显然并不是最主要的原因。这也使得外界对于梁孟松辞职的真实原因争论不一。有观点认为，因为美国制裁导致先进制程发展受阻，梁孟松的重要性被大幅削弱，因此“卸磨杀驴”，引入蒋尚义来做副董事长，“逼”走梁孟松。也有观点认为，梁孟松并没有达到中芯国际管理层的预期，正好借蒋尚义回归一事离职，而梁孟松也早有离开中芯国际的打算，因此并未再追究“被离职”一事。无论内因如何，蒋尚义“踢走”了前同事不假。蒋尚义在芯片行业也算得上是“大牛”，他曾在台积电供职16年之久，最高做到了台积电COO职务，一手将台积电的研发团队从400多人扩大到了7000多人，还曾一度被认为是台积电创始人张忠谋的接班人。这次回归中芯国际，蒋尚义是为了实现“技术上的理想”，特别是在先进封装技术与小芯片技术（Chiplet）上。在接受问芯Voice专访时，蒋尚义表示，自己醉心于先进封装、小芯片等系统整合的技术，加入大陆半导体产业有两个目的，第一是追求理想与事业的目标；第二是协助中芯国际把技术做好，成为世界一流的公司。后48小时：被美拉黑，中芯无奈继续协商12月18日，美国商务部工业和安全局（BIS）正式宣布将中国半导体制造企业中芯国际（SMIC）列入实体清单。根据BIS的公告，中芯国际在先进技术节点（10nm或以下）生产半导体所需的技术和材料将被拒绝提供。这并非中芯第一次与美方交手，美国的“实体清单”预谋已久。今年9月15日，美方对华为海思限制措施正式生效，中芯国际等芯片厂商将无法继续利用美方技术或设备为华为代工芯片。中芯国际的14nm工艺制程产线早前宣布全面量产，而华为正是其最大客户之一，但受制裁事件影响，中芯国际14nm产能出现了很大的空缺，且一时间无法被填补。12月20日，中芯国际公告称，自2020年9月5日获悉可能被美国商务部列入贸易黑名单以来，一直努力与美国政府相关部门沟通，以期得到公平、公正的对待。但很遗憾仍然被美国列入了“实体清单”。对此，中芯国际表示坚决反对，并再次重申，中芯国际自成立以来一贯恪守合规运营的原则，严格遵守生产经营活动所涉及相关国家和地区的法律法规。中芯国际还指出风险所在：经其初步评估，该事项对中芯国际短期内运营及财务状况无重大不利影响，但对10nm及以下先进工艺的研发及产能建设有重大不利影响。因此，中芯国际将持续与美国政府相关部门进行沟通，并视情况采取一切可行措施，积极寻求解决方案，力争将不利影响降到最低。但据内部人士透露，部分运用于14nm及以上工艺制程的产线设备及材料，属于“通用型”设备和材料，也可以被用于10nm及以下制程工艺的生产。也就是说，如果美方对中芯国际的制裁范围，包括了所有涉及美方技术的，可被用于生产10nm及以下制程工艺芯片的设备及材料，那么这些14nm及以上工艺制程产线上的设备及材料，也有被迫停摆的可能。“去美化”中芯还能活吗？仅5天的时间，120个小时，从“内斗”到“被美拉黑”，中芯国际度过了最难的一个寒冬。12月18日下午，美国发布“实体清单”的当天，中国外交部发言人汪文斌在例行记者会上对美国的“实体清单”发表看法，直言：“这将是美国动用国家力量打压中国企业的又一力证，中方对此坚决反对。”汪文斌还指出，美方将经贸问题政治化，违背其一贯标榜的市场经济和公平竞争原则，违反国际贸易规则，不仅损害中国企业的合法权益，也不符合美国企业的利益，将严重干扰两国乃至全球正常的科技交流和贸易往来，对全球产业链、供应链、价值链造成破坏。“我们敦促美方停止无理打压外国企业的错误行为，中方将继续采取必要措施，维护中国企业的正当权益。”中芯内部一团糟，外界对中芯的猜测也从未停息。科技专家、深度科技研究院院长张孝荣表示：“黑名单一出，中芯国际恐怕撑不过一年。”中芯国际是一家芯片代工企业，从客观来讲，中芯国际目前继续代工芯片生产所需要的光刻机、原材料、相关的技术专利授权等等很多都依赖外国特别是美国。张孝荣还指出，具体而言，芯片的制造过程中，主要环节从晶圆开始，会有光刻，蚀刻、离子注入、金属沉积、金属层、互连、晶圆测试与切割、核心封装、等级测试、包装等诸多步骤。完成这些步骤，需要大量的先进设备，比如光刻用光刻机，蚀刻用蚀刻机，离子注入用离子注入机等等。目前在半导体设备领域，美国占了全球50%的市场，然后日本又占了30%，美日垄断了80%左右的份额。美国的强项在沉淀、CMP、匀胶显影、离子注入等等设备，目前在先进工艺上没有替代品。中芯国际在这个过程中也看到了风险，于是在前几个月大力采购相关原材料和半导体设备。因此短期来看，中芯国际生存应该是没有问题。但是值得忧虑的是，这些设备都有折旧，材料也会消耗，因此中芯国际的储备大概只能支撑一年。","news_type":1,"symbols_score_info":{"688981":0.9,"00981":0.9,"SMI":0.9}},"isVote":1,"tweetType":1,"viewCount":2477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":122342381,"gmtCreate":1624600149943,"gmtModify":1703841444724,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3502502252379822","authorIdStr":"3502502252379822"},"themes":[],"htmlText":"m","listText":"m","text":"m","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122342381","repostId":"1111873217","repostType":4,"repost":{"id":"1111873217","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":1624591804,"share":"https://ttm.financial/m/news/1111873217?lang=en_US&edition=fundamental","pubTime":"2021-06-25 11:30","market":"us","language":"zh","title":"Dual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong","url":"https://stock-news.laohu8.com/highlight/detail?id=1111873217","media":"老虎资讯综合","summary":"距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425","content":"<p>Less than a year after its successful listing in the United States in August last year, XPeng Motors is preparing to return to Hong Kong for IPO to \"double listing\".</p><p>At 8 o'clock on the evening of June 24th, XPeng Automobile issued a supplementary announcement to its prospectus, stating that it would issue 85 million Class A ordinary shares as part of the global offering, and Hong Kong would publicly offer 4.25 million Class A ordinary shares under the stock code \"9868\". XPeng said the highest offering price for this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>In terms of shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Automobile, and his affiliates are the controlling shareholders of Xpeng Motors, holding 21.75% of the shares; Taobao China holds 11.9% and IDG Capital holds 4.8%.</p><p><b>Dual Listing</b></p><p>The listing of XPeng in Hong Kong this time is a dual listing, which is supervised by both the US SEC and the Hong Kong SFC. Generally speaking, this situation will be more restrictive than secondary listings.</p><p>According to public information, enterprises that are primarily listed on qualified exchanges (such as NYSE, Nasdaq, etc.) are allowed to make secondary listings in Hong Kong, but they must meet several major conditions, including that the enterprise must be an innovative industry company, have a good compliance record of listing on qualified exchanges in at least the last two full fiscal years, and the total market value of the applicant at the time of secondary listing in Hong Kong is not less than HK$40 billion, or the total market value at the time of listing is not less than HK$10 billion and the income of the latest audited fiscal year is not less than HK$1 billion.</p><p><img src=\"https://static.tigerbbs.com/838250cba049e1143da065f263f2555f\" tg-width=\"640\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Source: Screenshot of official website of HKEx</p><p>This time, XPeng returned to Hong Kong stocks in the form of \"Dual Primary Listing\", which is rare at present, mainly because of the short interval between the previous US stock Listing (August 27th last year), which did not meet the requirements of the secondary Listing for listed entities to have at least two years of good regulatory compliance records on another qualified exchange.</p><p><b>Dual Listing VS Secondary Listing, These You Need to Know</b></p><p>There can be different paths for Chinese stock companies to return to Hong Kong stocks, which are mainly divided into: 1) applying for listing in Hong Kong after privatization and delisting; 2) Primary listing in Hong Kong (dual listing); 3) Secondary listing.</p><p>Due to the high cost of privatization and delisting, and the uncertainty of re-listing after delisting, we focus on the more mainstream dual listing and secondary listing here.</p><p>I. Comparison of basic concepts</p><p><b>Dual Listing (dual primary listing)</b>It means that both capital markets are the first listing places. If it has been listed on the US market, it will be issued and listed on the Hong Kong market in accordance with the local market rules,<b>It is subject to rules that are fully consistent with the requirements of companies offering shares for the initial public offering in Hong Kong. Shares in the two markets cannot circulate across markets, and the share price performance is relatively independent, which may create a spread.</b></p><p><b>Secondary Listing (secondary listing)</b>It refers to the company's listing of the same type of stocks in two places, and the cross-market circulation of shares is realized through international custodian banks and securities brokers. This way mainly exists in the form of Depository Receipts (DR).</p><p>In this way, the bank first buys a certain amount of shares of foreign companies, and all these shares are held in custody by the bank. Then the bank packages these shares together and sells the securities representing this basket of shares. In the United States, these securities are called ADRs.</p><p>If the company is listed secondarily as a financing DR, the source of the underlying shares is the company<b>New Issuance</b>Ordinary shares. In terms of pricing, the corresponding DR is based on the pricing date,<b>The market price of the company in the original market is used as the reference price for conversion</b>And a price is determined by agreement between the issuer and the underwriter,<b>This is also the secondary listing method chosen by most Chinese stocks such as Alibaba, Baidu and Netease when they return to Hong Kong.</b></p><p><img src=\"https://static.tigerbbs.com/aedbf89dbca50f88d67ea9b17e00711b\" tg-width=\"554\" tg-height=\"385\" referrerpolicy=\"no-referrer\"><b>Comparison of Issuance Policies</b></p><p>1. Dual Listing</p><p><b>Compared with the secondary listing, the dual listing needs to meet the management requirements of listed companies in both places at the same time, and the overall requirements will be much stricter.</b>If an enterprise chooses to make a dual primary listing in Hong Kong, it is subject to the same rules as those required for companies making an initial public offering in Hong Kong, and must comply with all relevant Listing Rules of the Hong Kong Stock Exchange. The newly amended Listing Rules in 2018 provide detailed requirements for the listing of Greater Chinese and overseas companies in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/6fb14b368fc4c05637cc2bef4e7cc012\" tg-width=\"1176\" tg-height=\"908\" referrerpolicy=\"no-referrer\">2. Secondary listing</p><p>If an enterprise is only secondarily listed in Hong Kong, the Stock Exchange expects that the securities of the company will be traded primarily on overseas exchanges and are subject to the supervision of the regulatory authority of the principal place of listing.<b>The Stock Exchange will adopt relatively lenient audit standards, and there are a number of exemptions and preferential treatment policies.</b></p><p>Secondary listing requires listed companies to retain the current<b>VIE structure</b>And different voting rights structures need to meet certain requirements (listed segments, listed time and market capitalization), etc., and at the same time, it provides guidelines for eligible companies that want to return to the Chinese market for financing. Specifically:</p><p>1) must have been listed on an eligible listing exchange (New York Stock Exchange, Nasdaq Stock Market or London Stock Exchange Main Market) and have maintained a good compliance record for at least two full fiscal years;</p><p>2) a market value of at least HK$40 billion at the time of listing, or at least HK$10 billion at the time of listing, and a revenue of at least HK$1 billion in the latest audited fiscal year.</p><p><img src=\"https://static.tigerbbs.com/32ed61892f9a843d4554d952d87d1283\" tg-width=\"1182\" tg-height=\"756\" referrerpolicy=\"no-referrer\"><b>III. Comparison of liquidity</b></p><p>1. Dual listing:<b>Stocks listed in two places cannot circulate across markets</b>As mentioned above, generally the two markets require separate pricing, such as \"A + H Shares\".</p><p>2. Secondary listing: The ADR (American Depositary Receipt) issued by China Stock Exchange is fully convertible with Hong Kong stocks<b>The price of secondary listed stocks in Hong Kong market is closely linked to that of the US market</b>。 Since the shares of the two places are fully convertible and the Hong Kong dollar is pegged to the US dollar, the price difference between the two places can be basically ignored after ignoring some taxes and fees, as well as the friction between trading time and cost.</p><p><b>4. Discussion on advantages and disadvantages</b></p><p>1. Dual Listing</p><p>The advantage is that completely<b>Meet the regulatory requirements of the two places</b>It is not much different from local listings, and is easier to be accepted by international investors.<b>It is easier to comply with the supervision of the A-share market and include it in Hong Kong Stock Connect, and lay the foundation for three listings in the A-share market later.</b></p><p>For example, BeiGene was officially included in the Hong Kong Stock Connect target on September 4, 2020, and after the dual listing in the United States and Hong Kong, it then took the step of returning to A shares. On 29 January 2021, the SSE officially accepted the application for listing of BeiGene on the Science and Technology Innovation Board. BeiGene plans to raise 20 billion yuan, sponsored by CICC and Goldman Sachs Gaohua. If it successfully lands on the Science and Technology Innovation Board this time, it will become the first innovative pharmaceutical company listed in three places (US stocks + H shares + A shares).</p><p>From a corporate perspective, dual listing<b>Expanded its shareholder base and enhanced its global market presence</b>Thus allowing the Company to raise funds in other securities markets and further expand its business into other markets.</p><p>The disadvantage is that it needs to meet the regulatory requirements of both places at the same time,<b>The go-to-market process is more complex and takes more time and cost.</b></p><p>2. Listing in two places</p><p>The advantage is that the regulatory requirements to be met are relatively simple, and there are more exemptions and preferential treatment clauses compared with dual listing, and the listing cost is low.</p><p>The disadvantage is: the pricing is basically consistent with the original market, and when subscribing<b>If the original market price fluctuates and falls out of the pricing range, the risk of new break is higher</b>； Another disadvantage is<b>It will be difficult to be included in Hong Kong Stock Connect in the future</b>(The Mainland has reached an agreement with the Hong Kong Stock Exchange, which includes the exclusion of secondary listings and companies with weighted voting rights from the lists of Shanghai and Shenzhen-Hong Kong Stock Connect, unless the SSE, Shenzhen Stock Exchange and Hong Kong Stock Exchange revise the agreement).</p><p><b>One Picture to Understand XPeng Cars</b><img src=\"https://static.tigerbbs.com/78aaa4fc67a4d4dd193d2129251af81b\" tg-width=\"750\" tg-height=\"13429\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong</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\">\nDual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-25 11:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Less than a year after its successful listing in the United States in August last year, XPeng Motors is preparing to return to Hong Kong for IPO to \"double listing\".</p><p>At 8 o'clock on the evening of June 24th, XPeng Automobile issued a supplementary announcement to its prospectus, stating that it would issue 85 million Class A ordinary shares as part of the global offering, and Hong Kong would publicly offer 4.25 million Class A ordinary shares under the stock code \"9868\". XPeng said the highest offering price for this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>In terms of shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Automobile, and his affiliates are the controlling shareholders of Xpeng Motors, holding 21.75% of the shares; Taobao China holds 11.9% and IDG Capital holds 4.8%.</p><p><b>Dual Listing</b></p><p>The listing of XPeng in Hong Kong this time is a dual listing, which is supervised by both the US SEC and the Hong Kong SFC. Generally speaking, this situation will be more restrictive than secondary listings.</p><p>According to public information, enterprises that are primarily listed on qualified exchanges (such as NYSE, Nasdaq, etc.) are allowed to make secondary listings in Hong Kong, but they must meet several major conditions, including that the enterprise must be an innovative industry company, have a good compliance record of listing on qualified exchanges in at least the last two full fiscal years, and the total market value of the applicant at the time of secondary listing in Hong Kong is not less than HK$40 billion, or the total market value at the time of listing is not less than HK$10 billion and the income of the latest audited fiscal year is not less than HK$1 billion.</p><p><img src=\"https://static.tigerbbs.com/838250cba049e1143da065f263f2555f\" tg-width=\"640\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Source: Screenshot of official website of HKEx</p><p>This time, XPeng returned to Hong Kong stocks in the form of \"Dual Primary Listing\", which is rare at present, mainly because of the short interval between the previous US stock Listing (August 27th last year), which did not meet the requirements of the secondary Listing for listed entities to have at least two years of good regulatory compliance records on another qualified exchange.</p><p><b>Dual Listing VS Secondary Listing, These You Need to Know</b></p><p>There can be different paths for Chinese stock companies to return to Hong Kong stocks, which are mainly divided into: 1) applying for listing in Hong Kong after privatization and delisting; 2) Primary listing in Hong Kong (dual listing); 3) Secondary listing.</p><p>Due to the high cost of privatization and delisting, and the uncertainty of re-listing after delisting, we focus on the more mainstream dual listing and secondary listing here.</p><p>I. Comparison of basic concepts</p><p><b>Dual Listing (dual primary listing)</b>It means that both capital markets are the first listing places. If it has been listed on the US market, it will be issued and listed on the Hong Kong market in accordance with the local market rules,<b>It is subject to rules that are fully consistent with the requirements of companies offering shares for the initial public offering in Hong Kong. Shares in the two markets cannot circulate across markets, and the share price performance is relatively independent, which may create a spread.</b></p><p><b>Secondary Listing (secondary listing)</b>It refers to the company's listing of the same type of stocks in two places, and the cross-market circulation of shares is realized through international custodian banks and securities brokers. This way mainly exists in the form of Depository Receipts (DR).</p><p>In this way, the bank first buys a certain amount of shares of foreign companies, and all these shares are held in custody by the bank. Then the bank packages these shares together and sells the securities representing this basket of shares. In the United States, these securities are called ADRs.</p><p>If the company is listed secondarily as a financing DR, the source of the underlying shares is the company<b>New Issuance</b>Ordinary shares. In terms of pricing, the corresponding DR is based on the pricing date,<b>The market price of the company in the original market is used as the reference price for conversion</b>And a price is determined by agreement between the issuer and the underwriter,<b>This is also the secondary listing method chosen by most Chinese stocks such as Alibaba, Baidu and Netease when they return to Hong Kong.</b></p><p><img src=\"https://static.tigerbbs.com/aedbf89dbca50f88d67ea9b17e00711b\" tg-width=\"554\" tg-height=\"385\" referrerpolicy=\"no-referrer\"><b>Comparison of Issuance Policies</b></p><p>1. Dual Listing</p><p><b>Compared with the secondary listing, the dual listing needs to meet the management requirements of listed companies in both places at the same time, and the overall requirements will be much stricter.</b>If an enterprise chooses to make a dual primary listing in Hong Kong, it is subject to the same rules as those required for companies making an initial public offering in Hong Kong, and must comply with all relevant Listing Rules of the Hong Kong Stock Exchange. The newly amended Listing Rules in 2018 provide detailed requirements for the listing of Greater Chinese and overseas companies in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/6fb14b368fc4c05637cc2bef4e7cc012\" tg-width=\"1176\" tg-height=\"908\" referrerpolicy=\"no-referrer\">2. Secondary listing</p><p>If an enterprise is only secondarily listed in Hong Kong, the Stock Exchange expects that the securities of the company will be traded primarily on overseas exchanges and are subject to the supervision of the regulatory authority of the principal place of listing.<b>The Stock Exchange will adopt relatively lenient audit standards, and there are a number of exemptions and preferential treatment policies.</b></p><p>Secondary listing requires listed companies to retain the current<b>VIE structure</b>And different voting rights structures need to meet certain requirements (listed segments, listed time and market capitalization), etc., and at the same time, it provides guidelines for eligible companies that want to return to the Chinese market for financing. Specifically:</p><p>1) must have been listed on an eligible listing exchange (New York Stock Exchange, Nasdaq Stock Market or London Stock Exchange Main Market) and have maintained a good compliance record for at least two full fiscal years;</p><p>2) a market value of at least HK$40 billion at the time of listing, or at least HK$10 billion at the time of listing, and a revenue of at least HK$1 billion in the latest audited fiscal year.</p><p><img src=\"https://static.tigerbbs.com/32ed61892f9a843d4554d952d87d1283\" tg-width=\"1182\" tg-height=\"756\" referrerpolicy=\"no-referrer\"><b>III. Comparison of liquidity</b></p><p>1. Dual listing:<b>Stocks listed in two places cannot circulate across markets</b>As mentioned above, generally the two markets require separate pricing, such as \"A + H Shares\".</p><p>2. Secondary listing: The ADR (American Depositary Receipt) issued by China Stock Exchange is fully convertible with Hong Kong stocks<b>The price of secondary listed stocks in Hong Kong market is closely linked to that of the US market</b>。 Since the shares of the two places are fully convertible and the Hong Kong dollar is pegged to the US dollar, the price difference between the two places can be basically ignored after ignoring some taxes and fees, as well as the friction between trading time and cost.</p><p><b>4. Discussion on advantages and disadvantages</b></p><p>1. Dual Listing</p><p>The advantage is that completely<b>Meet the regulatory requirements of the two places</b>It is not much different from local listings, and is easier to be accepted by international investors.<b>It is easier to comply with the supervision of the A-share market and include it in Hong Kong Stock Connect, and lay the foundation for three listings in the A-share market later.</b></p><p>For example, BeiGene was officially included in the Hong Kong Stock Connect target on September 4, 2020, and after the dual listing in the United States and Hong Kong, it then took the step of returning to A shares. On 29 January 2021, the SSE officially accepted the application for listing of BeiGene on the Science and Technology Innovation Board. BeiGene plans to raise 20 billion yuan, sponsored by CICC and Goldman Sachs Gaohua. If it successfully lands on the Science and Technology Innovation Board this time, it will become the first innovative pharmaceutical company listed in three places (US stocks + H shares + A shares).</p><p>From a corporate perspective, dual listing<b>Expanded its shareholder base and enhanced its global market presence</b>Thus allowing the Company to raise funds in other securities markets and further expand its business into other markets.</p><p>The disadvantage is that it needs to meet the regulatory requirements of both places at the same time,<b>The go-to-market process is more complex and takes more time and cost.</b></p><p>2. Listing in two places</p><p>The advantage is that the regulatory requirements to be met are relatively simple, and there are more exemptions and preferential treatment clauses compared with dual listing, and the listing cost is low.</p><p>The disadvantage is: the pricing is basically consistent with the original market, and when subscribing<b>If the original market price fluctuates and falls out of the pricing range, the risk of new break is higher</b>； Another disadvantage is<b>It will be difficult to be included in Hong Kong Stock Connect in the future</b>(The Mainland has reached an agreement with the Hong Kong Stock Exchange, which includes the exclusion of secondary listings and companies with weighted voting rights from the lists of Shanghai and Shenzhen-Hong Kong Stock Connect, unless the SSE, Shenzhen Stock Exchange and Hong Kong Stock Exchange revise the agreement).</p><p><b>One Picture to Understand XPeng Cars</b><img src=\"https://static.tigerbbs.com/78aaa4fc67a4d4dd193d2129251af81b\" tg-width=\"750\" tg-height=\"13429\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ad2dd670f9557c66480c84fc5e4bd415","relate_stocks":{"XPEV":"小鹏汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111873217","content_text":"距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425万股A类普通股，股票代码为“9868”。小鹏汽车表示本次香港公开发行的最高发行价为每股180港元或23.19美元(相等于每ADS 46.39美元)。\n股东方面，招股书显示，小鹏汽车联合创始人、董事长兼首席执行官何小鹏及其关联公司为小鹏汽车控股股东，持股21.75%；淘宝中国持股11.9%，IDG资本持股4.8%。\n双重上市\n小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。一般来说，这种情况会比二次上市更为严格。\n公开资料显示，在合格交易所（如纽交所、纳斯达克等）作主要上市的企业，允许在港作第二上市，但需符合几大条件，包括企业必须是创新产业公司、在至少最近两个完整会计年度于合格交易所上市的合规纪录良好，以及申请人于香港第二上市时的总市值不少于400亿港币，或上市时的总市值不少于100亿港币并且最近一个经审计会计年度的收益不少于10亿港币等。\n\n图片来源：港交所官网截图\n小鹏此次以目前较少见的“双重主要上市”(Dual Primary Listing)方式回归港股，主要因其距此前美股上市（去年8月27日）的间隔时间较短，不符合二次上市中对于上市主体在另一家符合条件的交易所至少有两年良好监管合规记录的要求。\n双重上市VS二次上市，这些你需要了解\n中概股企业回归港股可以有不同路径，主要分为：1）私有化退市后再来港申请上市；2）在香港主要上市（双重上市）；3）二次上市。\n由于私有化退市成本较高，且退市后重新上市面临一定的不确定性，因此我们这里着重讨论较为主流的双重上市和二次上市。\n一、基本概念对比\n双重上市（dual primary listing），是指两个资本市场均为第一上市地。已经在美国市场上市情况下，在香港市场按当地市场规则发行上市，其须遵守的规则与在香港首次公开发行股份的公司要求完全一致，两市场股票无法跨市场流通，股价表现相对独立，可能产生价差。\n二次上市（secondary listing），是指公司在两地上市相同类型的股票，通过国际托管行和证券经纪商，实现股份跨市场流通，这种方式主要以存托凭证（Depository Receipts，简称DR）的形式存在。\n在这种发行方式下，先由银行购买一定量外国公司的股票，并且把这些股票全部托管在银行当中，银行再把拥有的这些股票打包在一起，出售代表着这一篮子股票的证券，而在美国，这些证券就被叫做ADR。\n如果公司以融资型DR二次上市，基础股份来源是公司新发行的普通股。在定价上，对应DR是以定价日当天，公司在原市场的市价作为参考价进行折算，并由发行人与承销商协定后确定一个价格，这也是阿里巴巴、百度、网易等大多数中概股回港选择的二次上市方式。\n二、发行政策对比\n1.双重上市\n相比二次上市，双重上市需要同时满足两地对于上市公司的各项管理要求，整体要求会严格许多。若企业选择在香港作双重主要上市，其须遵守的规则与对在香港首次公开发行股份的公司要求没有不同，必须遵守港交所的所有相关《上市规则》，2018年新修订的《上市规则》对大中华及海外公司在港上市做了详细规定。\n2.二次上市\n若企业仅在香港作二次上市的，联交所预期公司证券将主要在海外交易所交易并受主要上市地监管机关监管，故对寻求二次上市的申请人，联交所会采取相对宽松的审核标准，而且有多项豁免和优待政策。\n二次上市要求上市公司可保留现行VIE结构及不同投票权架构需满足一定要求（已上市板块、已上市时间和市值规模）等，同时为符合条件且想要回中国市场融资的公司提供办法指引。具体为：\n1) 必须已在合资格上市交易所（纽约证券交易所、纳斯达克证券市场或伦敦证券交易所主市场）上市且于至少两个完整会计年度期间保持良好合规记录；\n2) 上市时市值至少400 亿港元，或上市时至少100 亿港元，且最近一个经审计会计年度收入至少10 亿港元。\n三、流通性对比\n1.双重上市：两地上市股票无法跨市场流通，且如上所述，通常两个市场需要分别定价，如「A+H股」。\n2.二次上市：中概股发行的ADR (美国存托凭证) 与港股完全可兑换的属性使二次上市股在香港市场价格与美国市场紧密相连。由于两地股份完全可兑换，加上港币挂钩美元，因此在忽略的一些税费、以及交易时间与成本的摩擦后，两地价差基本可以忽略。\n四、优劣势讨论\n1.双重上市\n优势是完全满足两地监管要求，和本地上市没有太大区别，更容易被国际投资者接受，也更易于符合A股市场监管纳入港股通以及为之后回A股市场三次上市奠定基础。\n例如百济神州于2020年9月4日被正式被纳入港股通标的，而在美国和香港双重上市之后，继而迈开回归A股的步伐。2021年1月29日，上交所正式受理百济神州科创板上市申请。百济神州拟募资200亿元，由中金公司、高盛高华保荐，若此次成功登陆科创板，将成为首个三地上市（美股+H股+A股）的创新药企。\n从公司的角度来讲，双重上市扩大了其股东基础，提升了全球市场的影响力，从而使公司可以在其他证券市场上进行融资，并进一步将业务扩展到其他市场。\n劣势是需要同时满足两地监管要求，上市流程更加复杂，需要花费更多的时间和成本。\n2.两地上市\n优势是监管上需要满足的要求比较简单，相对双重上市有较多豁免优待条款，上市成本较低。\n劣势是：定价和原市场基本一致，认购时如果原市场价格波动，跌出定价区间，则打新破发风险较高；另一个劣势是未来被纳入港股通难度较大（内地曾与港交所达成过一项协议，协议的内容包括将第二上市和具有加权投票权的公司排除在沪、深港通的名单外，除非上交所、深交所、香港联交所重新修改协议）。\n一图看懂小鹏汽车","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":2138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147931509,"gmtCreate":1626325798501,"gmtModify":1703757940068,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3502502252379822","authorIdStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147931509","repostId":"1111811630","repostType":4,"repost":{"id":"1111811630","kind":"news","pubTimestamp":1626307234,"share":"https://ttm.financial/m/news/1111811630?lang=en_US&edition=fundamental","pubTime":"2021-07-15 08:00","market":"hk","language":"zh","title":"Past events of listing of Chinese Internet companies","url":"https://stock-news.laohu8.com/highlight/detail?id=1111811630","media":"吴杨野餐会","summary":"1983年，刘钢从北京大学法学院毕业，被分配到司法部秘书处，负责为部长撰写日常报告。\n一年后，他感觉工作内容枯燥，想申请调职。有人劝告他，秘书身份可能会更容易得到提升。\n1985年，国家推行“第三梯队","content":"<p>In 1983, Gang Liu graduated from Peking University Law School and was assigned to the Ministry of Justice Secretariat, where he was responsible for writing daily reports for the minister.</p><p>A year later, he felt that the job content was boring and wanted to apply for a transfer. He was advised that secretarial status might be easier to promote.</p><p>In 1985, the state carried out the reform of the \"third echelon\" cadres. The Ministry of Justice selected young cadres to train at the grass-roots level, and Liu Gang was included. He voluntarily gave up his position in the grass-roots organ and chose to be a grass-roots lawyer.</p><p>After the training period expired, colleagues returned to the Ministry of Justice to continue their careers, but Liu Gang did not go back. He chose to stay in the law profession.</p><p>At that time, China's lawyer profession was just emerging, and everything was still in the period of ignorance. Liu Gang's main business is debt collection.</p><p>Since then, he has lived the life of \"debt collector migrant worker\": squeezing the hard seat of the train for two days and two nights, sleeping in Datongpu for one dollar a night, running wildly to chase the debtor, and avoiding the thugs and beatings of the debtor...</p><p>The turning point came in 1989. The Department of Justice and the British Bar Association have jointly launched a training programme for lawyers. After applying and passing the examination, Liu Gang was selected to receive internship training at a law firm in London, England.</p><p>He wanted to do the intellectual property that was hot in China at that time. But a senior partner at a British law firm advised him: \"I suggest you know about capital markets.\" Liu asked: \"What is a capital market?\"</p><p><b>\"A country as big as China will have a capital market sooner or later.\"</b>The partner of the British law firm said.</p><p>In 1990, China ushered in its own capital market, and the Shanghai Stock Exchange and Shenzhen Stock Exchange opened successively.</p><p><img src=\"https://static.tigerbbs.com/99e63397642efd52b0b6a3d4dc5643f2\" tg-width=\"640\" tg-height=\"493\" referrerpolicy=\"no-referrer\"></p><p>▲ In the 1990s, investors lined up at the entrance of the Shanghai Stock Exchange</p><p>(Photo | Pan Sophie, China News Service)</p><p>Two years later, China liberalized restrictions on private partnership law firms. Liu Gang and two friends rented an office outside Jianguomen and started their own law firm: Commercial Law Firm.</p><p>In 2000, Liu Gang got a key opportunity in his career. At that time, Sina was shocking the Nasdaq listing. If successful, it would become the first Chinese internet company to go public in the US.</p><p>Sina's listed entity is registered in the Cayman Islands. However, Chinese law restricts foreign investment in the Internet: foreign investment in the Chinese Internet is prohibited, and foreign companies are prohibited from conducting Internet business in China.</p><p>To bypass these investment restrictions, Liu helped Sina design a complex control architecture. He connects foreign investors and Chinese companies through a series of complex legal contracts that enable overseas listed entities to control domestic operating entities through agreements without direct equity relationships.</p><p><b>Liu Gang used a paper VIE structure to open the curtain of overseas listing of Chinese Internet companies.</b></p><p>In April 2000, Sina successfully landed on NASDAQ in the United States. In June and July of the same year, Netease and Sohu successively completed the listing of Nasdaq. Liu Gang participated in the overseas listing of China's three major portals. This is very rare in the lawyer profession.</p><p>Since then, for more than 20 years, almost all Chinese Internet companies have been listed overseas, adopting the VIE structure of \"Sina mode\". As of May 2021, there were a total of 248 companies in China listed in the United States, with a combined market capitalization of up to $2.1 trillion. Among them, the number of Internet-related information technology companies is the largest, accounting for more than one quarter.</p><p><b>However, the VIE structure has also become the fulcrum of the stock market game between China and the United States in the next 20 years.</b></p><p>In Liu Gang's statement, the VIE structure \"enables overseas investment companies to control the operation of domestic companies without direct equity relationship\".</p><p>However, in the statement of the US Congress, the VIE structure \"ensures that economic benefits flow to foreign investors, while keeping operational control of the business in Chinese companies\".</p><p><b>This special structure has become a typical feature of Chinese stocks, and it has also laid the groundwork for controversy and crisis for Chinese Internet companies' overseas listing in 20 years.</b></p><p>The ten-year history of overseas listing after the global financial crisis in 2008 is the key to helping us understand the current situation of Chinese Internet companies. I've divided it into four phases, which are:</p><p><img src=\"https://static.tigerbbs.com/6e5b6f69c3b6db65256d2ee9f3c20b46\" tg-width=\"965\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>01</b></p><p><b>Hunting Chinese Companies</b></p><p><b>The first round of overseas listing and short selling (2010-2013)</b></p><p>On November 1st, 2011, Zhou Hongyi rushed back to the company in the middle of the night, and called a bunch of corresponding supervisors such as website, browser, investor relations, finance, legal affairs and public relations.</p><p>At 9 o'clock that night, Citron Research, a short-selling institution, issued the first short-selling report against Qihoo 360 before the US stock market opened. One hour later, the report was sent to Zhou Hongyi. \"We were surprised when Citron shorted 360,\" he said.</p><p>On the same day, Qihoo 360's stock fell by about 10%.</p><p>Seven months ago, Qihoo 360 landed on the New York Stock Exchange. Along with it, a large number of Chinese companies have landed on the U.S. stock market.</p><p>After the 2008 financial crisis, the US economy has recovered rapidly since 2009, and the international capital market is active. At the same time, Chinese Internet companies are in a period of rapid expansion and are in urgent need of capital.</p><p>A large number of Internet companies rushed to the United States to seek listings.<b>From 2010 to 2012, Internet companies such as Gaode Map, Qihoo 360, Youku and Tudou successfully listed in the United States, starting an overseas boom of Chinese stocks.</b></p><p><img src=\"https://static.tigerbbs.com/53b96a1e444ead872f2cd9531b979af2\" tg-width=\"692\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>▲ Changes in the number of Chinese companies listed in the United States from 1970 to 2020</p><p>Data source: Zero2IPO Research Center</p><p>In 2010, a total of about 50 Chinese stocks landed in the US stock market, and the number of overseas listings of Chinese companies broke through the peak, which also attracted the attention of \"market vultures\" short-selling institutions.</p><p>Muddy Waters fires its first bullet. In 2010, Muddy Waters' founder Carson Block threw out a 30-page short-selling report of Oriental Paper, and Oriental Paper's stock price plummeted, and Muddy Waters became famous in the First War.</p><p>Subsequently, American short-selling institutions represented by Muddy Waters and Citron successively targeted Chinese stocks such as Focus Media, Qihoo 360 and New Oriental. Among them, Internet companies have become the hardest hit areas of hunted Chinese stocks.</p><p>Under this round of hunting by short-selling institutions, more than 40 Chinese enterprises had to suspend trading and delist.<b>China stocks collectively fall into a crisis of trust.</b></p><p><b>VIE is a key target for U.S. institutions to short Chinese companies.</b>\"There is a VIE structure in China's Internet industry. Americans think that you have no legal requirements, and they will always feel unsure,\" Zhou Hongyi said.</p><p>On July 17, 2012, New Oriental was investigated by the U.S. Securities and Exchange Commission (SEC) because of the adjustment of VIE structure. Muddy Waters immediately released a short-selling report of more than 90 pages, pointing out that New Oriental's VIE structure has huge hidden dangers and lacks control.</p><p>Within 48 hours, New Oriental's share price fell by 60%, and its share price hit a five-year low.</p><p>At the same time, the New Oriental incident caused the international market to worry about the VIE structure, and Chinese stocks generally plummeted. Ctrip, Sina, etc. fell by more than 7%, while Dangdang, Qihoo 360, Netease and Sohu fell by more than 4%.</p><p>After the outbreak of the short-selling tide of Chinese stocks, the US regulators made a further strong attack. In December 2012, the SEC initiated administrative proceedings against Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers and the China Division of BDO.</p><p>The SEC asked them to submit the audit papers of nine Chinese stocks listed in the United States, but the Big Five accounting firms refused this request. They were unwilling to violate Chinese laws.</p><p>The move has left Chinese companies listed in the United States in a position without auditors, forcing Chinese companies to delist.</p><p>The delisting tide of Chinese stocks is getting fiercer and fiercer. The number of Chinese companies listed in the United States decreased from more than 240 in 2010 to less than 200 in 2012.</p><p><img src=\"https://static.tigerbbs.com/2c640046a4853c23afbcdbf6ee3d55e5\" tg-width=\"500\" tg-height=\"339\" referrerpolicy=\"no-referrer\"></p><p>▲ 2010-2012 U.S. Listed Chinese Concept Stocks Encountered Short-selling Wave</p><p>Source: Guosheng Securities</p><p>With frequent conflicts, China and the United States have included auditing cross-border law enforcement in the strategic economic dialogue. In 2013, the CSRC and the Ministry of Finance signed a law enforcement cooperation agreement with the Accounting Regulatory Commission for Listed Companies (PCAOB) of the United States to formally carry out cross-border law enforcement cooperation in audit.</p><p><b>However, the issue of data sovereignty and confidentiality remains a difficult contradiction between China and the United States.</b>All kinds of subsequent storms also arose because of this.</p><p><b>02</b></p><p><b>Shadows beneath the feast</b></p><p><b>Ali's Listing and the Storm of Censorship of China Concept Stocks (2014-2017)</b></p><p>In September 2014, Jack Ma entered United Nations Headquarters. One of the purposes of his trip was to meet with UN Secretary-General Ban Ki-moon through the recommendation of Hang Lung Group Chairman Chen Qizong.</p><p>The two of them stood at the entrance of the elevator. When Ban Ki-moon came up, Chen Qizong said this to Ma Yun:</p><p>\"I know that Ali was forced to go public in the United States. Hong Kong has no different rights to the same shares, so you can't help it.<b>But Jack Ma, you have to be careful, Americans have long, long hands. One day he will give you trouble.</b>”</p><p>A week ago, Alibaba was successfully listed on the New York Stock Exchange in the United States on September 19th. The revelry flooded Wall Street.</p><p>That night, on the big black screen of NYSE, the numbers representing Alibaba's opening price kept rolling and climbing-70... 80... 90...</p><p>\"Opening price 92.7!\" a voice shouted.</p><p>Jack Ma looked up and glanced excitedly at the numbers on the screen. He picked up the hammer and swiftly struck a golden bronze bell. The crowd surrounding him immediately cheered, flashing lights.</p><p>After more than 2 hours and 12 rounds of inquiry, Alibaba stock finally opened at 23: 53 that night. The opening price was $92.7, up 36.32% from the issue price of $68. The total amount of financing reached $34.125 billion, setting a record for IPO financing in global history. Alibaba's total market capitalization reached $228.5 billion, exceeding the GDP of more than 100 countries.</p><p><img src=\"https://static.tigerbbs.com/b666ad1064a3f877e706adaec7dfcd17\" tg-width=\"1080\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p><p>▲ Jack Ma of Alibaba's US Listing Site in 2014</p><p><b>A number of American brokerages and international capital shared this capital feast.</b>Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and others are among them.</p><p>When Alibaba landed on the NYSE, SoftBank held 34.4% of the shares, making it the largest shareholder; Yahoo holds 22.6% of the shares, ranking second. According to the opening price of Alibaba's listing alone, the market value of SoftBank and Yahoo's holdings has reached $78.604 billion and $51.641 billion respectively, not counting the part they previously cashed out from Ali.</p><p>2014 is another peak for Chinese Internet companies to go public in the United States. In addition to Ali, JD.COM, Weibo, Tuniu, Zhaopin Recruitment, etc. have also landed on the New York Stock Exchange and Nasdaq in the United States. A total of 12 Internet companies have completed their listing in the United States throughout the year.</p><p>However, the month that Alibaba went public, the U.S. Congressional China Economic and Security Review Committee (UCESRC) issued a document entitled<b>Risks of Chinese Internet Companies on the U.S. Stock Exchange</b>The investigation report of.</p><p>The report uses 17 pages to point out the risks of listing of Chinese Internet companies, pointing out that the VIE structure is untrustworthy. \"Many U.S. legal experts believe that the VIE structure is technically illegal under Chinese law and advise U.S. investors against such investments,\" the UCESRC declared.</p><p>On the night of Double Eleven in the same year, Jack Ma accepted a 20-minute media interview at Ali's headquarters in Hangzhou. When he talked about Alipay's listing, he directly stated his position:<b>\"For various reasons, Alibaba has no way to be listed on A shares, so we hope that Alipay can be listed on China's A shares in the future.\"</b></p><p>Obviously, Jack Ma understood Chen Qizong's words. To further understand this statement, we still need to pull the timeline back to the Alipay split event three years ago.</p><p>In the first quarter of 2011, the People's Bank of China required payment companies applying for payment licenses to make a declaration on the percentage of foreign ownership. In May, Jack Ma changed the ownership of Alipay and terminated Alibaba Group's control agreement over Zhejiang's Alibaba. Zhejiang Alibaba is the wholly-owned holding company of Alipay. Which means,<b>Alipay has changed from a foreign-controlled company to a purely domestic company.</b></p><p><img src=\"https://static.tigerbbs.com/86b9f8383885bec01116a82dcc7cc0da\" tg-width=\"449\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p>▲ Alipay Spin-off Equity Change</p><p>However, this round of equity change in Jack Ma has not reached an agreement with the board of directors before. After the boat was done, Jack Ma paid corresponding compensation to Yahoo and SoftBank, the two major shareholders.</p><p>On July 29th, 2011, Alibaba Group, Yahoo and SoftBank formally signed an agreement on the equity transfer of Alipay. Alipay Holdings promised to give Alibaba Group a one-time cash return when it went public. The return is 37.5% of the total market value of Alipay's IPO price at the time of listing, which is not less than US$2 billion and not more than US$6 billion.</p><p>For this reason, Jack Ma bears the stigma of \"dishonesty\" and \"cracking down on foreign investors' confidence in VIE of Chinese stocks\". He rarely took the initiative to accept a large-scale exclusive interview with domestic media, and came forward to explain that everything was to obtain a payment license for Alipay compliance.</p><p>\"I said, brother, if you start a small joint venture, it doesn't matter.<b>You are engaged in Alipay, which is finance, and it is more and more touching sensitive areas. Finance is data, and something will go wrong.</b>Jerry Yang didn't believe it, but then they did. \" Jack Ma said in an exclusive interview with Esquire.</p><p>But at the time, most people thought that Jack Ma was using the government as a shield, and mostly mocked it. Jack Ma quit Weibo in anger.</p><p>Before withdrawing, Jack Ma sent out one last tweet. No text, just punctuation:<b>Question marks, exclamation marks, and a string of ellipses</b>。</p><p>Three years after the spin-off of Alipay, Ant Financial was established in 2014 to enter inclusive finance from the payment field.</p><p>Six years later, just before Ant went public, Jack Ma gave that famous speech at the Bund Financial Summit at the end of October 2020. On November 3rd, Shanghai Stock Exchange and Hong Kong Stock Exchange successively issued emergency notices to suspend the listing of Ant Financial Science and Technology Innovation Board and H shares.</p><p>At this moment, everyone suddenly realized.<b>Nine years ago, Jack Ma did not overestimate the Chinese government's resolve.</b></p><p><b>03</b></p><p><b>Torrent into the sea</b></p><p><b>New Economic Reform of A Shares and H Shares (2018-2019)</b></p><p>During the two sessions in 2018, Liu Shiyu, then chairman of China Securities Regulatory Commission, said when talking about the overseas listing of China's new economy companies that due to the specific institutional environment and market capacity at that time, some new economy enterprises in China chose to list overseas, which was a good thing. But it is also a pity that the country has not enjoyed the fruits of their growth.</p><p><b>\"In a new era, this regret can't happen again.\"</b>Liu Shiyu said.</p><p>\"If you stand on the wind, even pigs will fly.\" Lei Jun, who said this sentence, once again pushed Xiaomi into the forefront of the times.<b>He wants Xiaomi to become the first Internet company to list A shares in the mainland and H shares in Hong Kong simultaneously.</b></p><p>On May 3, 2018, Lei Jun held two Xiaomi mobile phones and personally flew to Hong Kong to visit Li Ka-shing, the richest man in Hong Kong. On the same day, Xiaomi submitted its listing prospectus to HKEx. Li Ka-shing loves to confirm Huo Jianning to the media that Li Ka-shing spent HK$230 million to subscribe for Xiaomi shares. In addition to Li Ka-shing, two domestic Internet giants, Jack Ma and Ma Huateng, also subscribed for Xiaomi shares.</p><p><img src=\"https://static.tigerbbs.com/c1dfd540577403bd287f47c1209b66c3\" tg-width=\"460\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p>▲ Lei Jun Meets with Li Ka-shing</p><p>In the mainland, Xiaomi has set a 12-day \"lightning\" record. On June 7th of the same year, Xiaomi applied to China Securities Regulatory Commission to issue CDR (depositary receipt) for listing, which was accepted on the same day. On the 14th, Xiaomi updated its prospectus, and received feedback from the CSRC that night, which is scheduled to be reviewed on the 19th.</p><p>At that time,<b>China Securities Regulatory Commission and Hong Kong Stock Exchange are scrambling to promote the listing reform of the new economy.</b></p><p>In December 2017, HKEx issued the Market Consultation Summary of the Framework Consultation Document on the Proposed Establishment of Innovation Board, announcing the acceptance of new economy companies with different voting rights structures to list in Hong Kong.</p><p>Three months later, the General Office of the State Council forwarded the \"Several Opinions on Carrying out the Pilot Program of Domestic Issuance of Shares or Depositary Receipts by Innovative Enterprises\" issued by the CSRC, allowing new economy enterprises listed overseas to issue CDRs (Depositary Receipts) in the mainland A-share market, and promoting new economy enterprises including the Internet to return to A-share listing.</p><p>However, Xiaomi was suddenly stopped listing in CDR in the mainland. On June 14, 2018, the CSRC issued 84 questions against Xiaomi. Five days later, Xiaomi announced that it would postpone the meeting of the Issuance Examination Committee to review the company's CDR issuance application. After listing in Hong Kong first, choose the opportunity to list in China by issuing CDRs.</p><p>The Hong Kong listing was also full of twists and turns. On July 9th of that year, Xiaomi completed its listing on the Hong Kong Stock Exchange. On the day of listing, Xiaomi shares were included in the composite constituent stocks of Hang Seng Index, and according to normal circumstances, they will enter Hong Kong Stock Connect, allowing mainland Chinese investors to directly buy Xiaomi shares.</p><p>Unexpectedly, the Shanghai and Shenzhen Stock Exchanges suddenly issued a notice on July 14th, temporarily refusing companies with different rights, foreign company stocks and stapled securities to be included in the scope of Hong Kong Stock Connect on the grounds that \"mainland investors are unfamiliar\". Xiaomi was turned away.</p><p>Two days later, Li Xiaojia, CEO of Hong Kong Stock Exchange, flew from Hong Kong to Beijing in an emergency to meet and negotiate with the relevant person in charge of China Securities Regulatory Commission. \"We have been communicating with the mainland Securities Regulatory Commission for weeks and months. It is best to package it all this time and move forward according to the normal procedures of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. However, mainland exchanges may have some different opinions.\" Li Xiaojia said.</p><p><b>This dispute is related to the future direction of listing of Chinese Internet companies. Can the door open to a new era?</b></p><p>For a long time, Chinese Internet companies have only had one option to list in the United States, because mainland A shares and Hong Kong H shares did not accept the same share structure with different rights in the past. Even if the HKEx is determined to reform, poor liquidity will still become a key constraint for Internet companies to go public in Hong Kong.</p><p>Only when Hong Kong Stock Connect accepts new economy companies and huge amounts of money from mainland China can go south, can the door of the Eastern World truly open to Internet companies.</p><p><b>The storm is temporary, and the direction is certain.</b></p><p>In 2018, HKEx regained the first place in the global exchange IPO ranking, and the annual IPO fund-raising amount reached HK$277.85 billion, a new high since 2010.</p><p>A total of 28 new economy companies and biotechnology companies were listed in Hong Kong throughout the year. Among them, Xiaomi and Meituan ranked the second and third largest companies in Hong Kong with HK$42.61 billion and HK$33.14 billion, respectively.</p><p>In October 2019, Shanghai Stock Exchange and Shenzhen Stock Exchange announced that Xiaomi and Meituan were included in Hong Kong Stock Connect.</p><p>Taking advantage of this momentum, Chinese Internet companies, including Ali, Netease and JD.COM, have returned from overseas and rushed to go to Hong Kong for secondary listing. By 2021, the Hong Kong market has gathered eight Internet giants: Tencent, Ali, Meituan, Aauto Quicker, JD.COM, Xiaomi, Baidu and Netease.</p><p><img src=\"https://static.tigerbbs.com/dd1e5900f6cb5582296cd123573d40b6\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p>Source: HKEX</p><p>At the same stage, the listing of Chinese Internet companies in the United States ushered in the third peak. In 2018 and 2019, 38 and 32 Chinese companies went public in the United States respectively, most of which were mainly Internet new economy enterprises, including iQiyi, Douyu, Netease Youdao and so on.</p><p>In October 2019, China and the United States reached a consensus on the acquisition of audit work papers of listed companies in the United States audited by Hong Kong accounting firms and deposited in Mainland China. In response to a reporter's question, the CSRC said that the two sides \"maintain a smooth cooperative relationship\".</p><p>Everything seemed thriving.</p><p>People didn't expect that just a year later,<b>New crises, like volcanic lava, have accumulated for a long time and gushed out</b>。</p><p><b>04</b></p><p><b>New Crisis Age</b></p><p><b>The Dilemma and Future of Didi, Byte and Pinduoduo (2020-Today)</b></p><p>July 1st, the 100th anniversary of the founding of the Party. In the early morning of the same day, Didi went public in the United States and raised $4.4 billion.</p><p>This is the largest IPO of a Chinese company in the United States since 2014. There are no bell-ringing photos, no announcement on official website, few media reports, and employees don't post friends.</p><p>On July 2nd, China's Cyber Security Review Office issued an announcement stating that in order to prevent national data security risks, safeguard national security and protect public interests, Didi Chuxing will be reviewed for cyber security in accordance with the National Security Law and Cyber Security Law. During the review period, \"Didi Chuxing\" stopped new user registration. Didi's listing only appeared on Weibo hot search and media headlines.</p><p>On July 9th, all 25 apps of Didi Company were removed from the shelves.</p><p>Ray Dalio, founder of Bridgewater, the world's largest hedge fund, once published a 20,000-word article entitled \"The Changing World Order\" on his LinkedIn homepage. He pointed out that the \"Populism Index\", a measure of global conflict, has now reached an all-time high.</p><p>\"We are heading into an abyss of polarization and populism,\" Dalio warned,<b>The polarization between rich and poor, political polarization and ultra-nationalism we face today are very similar to those of World War II.</b></p><p><img src=\"https://static.tigerbbs.com/82a4ead3b25817350b19c65a0fb2c2ba\" tg-width=\"864\" tg-height=\"311\" referrerpolicy=\"no-referrer\"></p><p>▲ The polarization between the rich and the poor leads to extreme nationalism, which is similar to that of World War II</p><p>Source: Bridgewater</p><p>On March 25, 2021, the Securities and Exchange Commission (SEC) issued an announcement passing a final amendment to the Foreign Company Accountability Act (HFCAA). The bill provides that,<b>Foreign issuers who fail to meet the U.S. Public Company Accounting Oversight Board (PCAOB) requirements for inspection of accounting firms for three consecutive years will be delisted.</b></p><p>Chinese Foreign Ministry spokeswoman Hua Chunying responded at a press conference: \"HFCAA is completely an unreasonable political suppression of Chinese listed companies in the United States, seriously distorting the basic norms of market economy that the United States has always advertised, and also depriving American investors and the American public of the opportunity to share the development dividends of Chinese enterprises.\"</p><p>According to the official data of PCAOB in the United States, as of April 2020,<b>Among the foreign listed companies that do not accept PCAOB inspection audit papers, companies in mainland China and Hong Kong account for nearly 90%.</b></p><p>Didi successfully threw itself into the eye of the typhoon in the storm of the Sino-US stock market game with its silent listing.</p><p>On July 7th, WeChat official account, a subsidiary of People's Daily, published two reports commenting on the Didi incident: \"Didi is far from the level of employment to make the government. If Didi dies later, the driver changes a platform to take orders, and we change a platform to take a taxi, and our life will not be affected in any way.\"</p><p>On July 8, U.S. Democratic Senator Chris Van Hollen called on the SEC to thoroughly investigate Didi's listing.</p><p><b>The Internet is in an eventful time. Some things look together and become intriguing.</b></p><p>Before the Didi incident, in March this year, Huang Zheng stepped down as CEO of Pinduoduo; In May, Zhang Yiming stepped down as CEO of ByteDance.</p><p>Previously, many people regarded this as the result of Internet antitrust. But they missed a key thread:</p><p><b>Didi and Pinduoduo are both listed in the United States. As for ByteDance, Trump's ban on Tiktok says it all.</b></p><p><b>Tencent and Meituan, Ma Huateng and Wang Xing, which are listed in Hong Kong, have been seated as CEOs.</b></p><p>All the recent Internet shocks around us are sending a signal to us:</p><p><b>In the Sino-US stock market game, in the past, the United States actively attacked and China passively defended will become history. The determination and actions of China's regulation have already begun to appear.</b></p><p>Some Internet companies are still stuck in the inertial thinking of the previous 20 years; Some Internet companies have sailed to new ports.</p><p><b>They were destined for very different destinies.</b></p><p><img src=\"https://static.tigerbbs.com/a76220741e2982f75e2d7176ce362e38\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1626307243676","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>Past events of listing of Chinese Internet companies</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\">\nPast events of listing of Chinese Internet companies\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">吴杨野餐会</strong><span class=\"h-time small\">2021-07-15 08:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In 1983, Gang Liu graduated from Peking University Law School and was assigned to the Ministry of Justice Secretariat, where he was responsible for writing daily reports for the minister.</p><p>A year later, he felt that the job content was boring and wanted to apply for a transfer. He was advised that secretarial status might be easier to promote.</p><p>In 1985, the state carried out the reform of the \"third echelon\" cadres. The Ministry of Justice selected young cadres to train at the grass-roots level, and Liu Gang was included. He voluntarily gave up his position in the grass-roots organ and chose to be a grass-roots lawyer.</p><p>After the training period expired, colleagues returned to the Ministry of Justice to continue their careers, but Liu Gang did not go back. He chose to stay in the law profession.</p><p>At that time, China's lawyer profession was just emerging, and everything was still in the period of ignorance. Liu Gang's main business is debt collection.</p><p>Since then, he has lived the life of \"debt collector migrant worker\": squeezing the hard seat of the train for two days and two nights, sleeping in Datongpu for one dollar a night, running wildly to chase the debtor, and avoiding the thugs and beatings of the debtor...</p><p>The turning point came in 1989. The Department of Justice and the British Bar Association have jointly launched a training programme for lawyers. After applying and passing the examination, Liu Gang was selected to receive internship training at a law firm in London, England.</p><p>He wanted to do the intellectual property that was hot in China at that time. But a senior partner at a British law firm advised him: \"I suggest you know about capital markets.\" Liu asked: \"What is a capital market?\"</p><p><b>\"A country as big as China will have a capital market sooner or later.\"</b>The partner of the British law firm said.</p><p>In 1990, China ushered in its own capital market, and the Shanghai Stock Exchange and Shenzhen Stock Exchange opened successively.</p><p><img src=\"https://static.tigerbbs.com/99e63397642efd52b0b6a3d4dc5643f2\" tg-width=\"640\" tg-height=\"493\" referrerpolicy=\"no-referrer\"></p><p>▲ In the 1990s, investors lined up at the entrance of the Shanghai Stock Exchange</p><p>(Photo | Pan Sophie, China News Service)</p><p>Two years later, China liberalized restrictions on private partnership law firms. Liu Gang and two friends rented an office outside Jianguomen and started their own law firm: Commercial Law Firm.</p><p>In 2000, Liu Gang got a key opportunity in his career. At that time, Sina was shocking the Nasdaq listing. If successful, it would become the first Chinese internet company to go public in the US.</p><p>Sina's listed entity is registered in the Cayman Islands. However, Chinese law restricts foreign investment in the Internet: foreign investment in the Chinese Internet is prohibited, and foreign companies are prohibited from conducting Internet business in China.</p><p>To bypass these investment restrictions, Liu helped Sina design a complex control architecture. He connects foreign investors and Chinese companies through a series of complex legal contracts that enable overseas listed entities to control domestic operating entities through agreements without direct equity relationships.</p><p><b>Liu Gang used a paper VIE structure to open the curtain of overseas listing of Chinese Internet companies.</b></p><p>In April 2000, Sina successfully landed on NASDAQ in the United States. In June and July of the same year, Netease and Sohu successively completed the listing of Nasdaq. Liu Gang participated in the overseas listing of China's three major portals. This is very rare in the lawyer profession.</p><p>Since then, for more than 20 years, almost all Chinese Internet companies have been listed overseas, adopting the VIE structure of \"Sina mode\". As of May 2021, there were a total of 248 companies in China listed in the United States, with a combined market capitalization of up to $2.1 trillion. Among them, the number of Internet-related information technology companies is the largest, accounting for more than one quarter.</p><p><b>However, the VIE structure has also become the fulcrum of the stock market game between China and the United States in the next 20 years.</b></p><p>In Liu Gang's statement, the VIE structure \"enables overseas investment companies to control the operation of domestic companies without direct equity relationship\".</p><p>However, in the statement of the US Congress, the VIE structure \"ensures that economic benefits flow to foreign investors, while keeping operational control of the business in Chinese companies\".</p><p><b>This special structure has become a typical feature of Chinese stocks, and it has also laid the groundwork for controversy and crisis for Chinese Internet companies' overseas listing in 20 years.</b></p><p>The ten-year history of overseas listing after the global financial crisis in 2008 is the key to helping us understand the current situation of Chinese Internet companies. I've divided it into four phases, which are:</p><p><img src=\"https://static.tigerbbs.com/6e5b6f69c3b6db65256d2ee9f3c20b46\" tg-width=\"965\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>01</b></p><p><b>Hunting Chinese Companies</b></p><p><b>The first round of overseas listing and short selling (2010-2013)</b></p><p>On November 1st, 2011, Zhou Hongyi rushed back to the company in the middle of the night, and called a bunch of corresponding supervisors such as website, browser, investor relations, finance, legal affairs and public relations.</p><p>At 9 o'clock that night, Citron Research, a short-selling institution, issued the first short-selling report against Qihoo 360 before the US stock market opened. One hour later, the report was sent to Zhou Hongyi. \"We were surprised when Citron shorted 360,\" he said.</p><p>On the same day, Qihoo 360's stock fell by about 10%.</p><p>Seven months ago, Qihoo 360 landed on the New York Stock Exchange. Along with it, a large number of Chinese companies have landed on the U.S. stock market.</p><p>After the 2008 financial crisis, the US economy has recovered rapidly since 2009, and the international capital market is active. At the same time, Chinese Internet companies are in a period of rapid expansion and are in urgent need of capital.</p><p>A large number of Internet companies rushed to the United States to seek listings.<b>From 2010 to 2012, Internet companies such as Gaode Map, Qihoo 360, Youku and Tudou successfully listed in the United States, starting an overseas boom of Chinese stocks.</b></p><p><img src=\"https://static.tigerbbs.com/53b96a1e444ead872f2cd9531b979af2\" tg-width=\"692\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>▲ Changes in the number of Chinese companies listed in the United States from 1970 to 2020</p><p>Data source: Zero2IPO Research Center</p><p>In 2010, a total of about 50 Chinese stocks landed in the US stock market, and the number of overseas listings of Chinese companies broke through the peak, which also attracted the attention of \"market vultures\" short-selling institutions.</p><p>Muddy Waters fires its first bullet. In 2010, Muddy Waters' founder Carson Block threw out a 30-page short-selling report of Oriental Paper, and Oriental Paper's stock price plummeted, and Muddy Waters became famous in the First War.</p><p>Subsequently, American short-selling institutions represented by Muddy Waters and Citron successively targeted Chinese stocks such as Focus Media, Qihoo 360 and New Oriental. Among them, Internet companies have become the hardest hit areas of hunted Chinese stocks.</p><p>Under this round of hunting by short-selling institutions, more than 40 Chinese enterprises had to suspend trading and delist.<b>China stocks collectively fall into a crisis of trust.</b></p><p><b>VIE is a key target for U.S. institutions to short Chinese companies.</b>\"There is a VIE structure in China's Internet industry. Americans think that you have no legal requirements, and they will always feel unsure,\" Zhou Hongyi said.</p><p>On July 17, 2012, New Oriental was investigated by the U.S. Securities and Exchange Commission (SEC) because of the adjustment of VIE structure. Muddy Waters immediately released a short-selling report of more than 90 pages, pointing out that New Oriental's VIE structure has huge hidden dangers and lacks control.</p><p>Within 48 hours, New Oriental's share price fell by 60%, and its share price hit a five-year low.</p><p>At the same time, the New Oriental incident caused the international market to worry about the VIE structure, and Chinese stocks generally plummeted. Ctrip, Sina, etc. fell by more than 7%, while Dangdang, Qihoo 360, Netease and Sohu fell by more than 4%.</p><p>After the outbreak of the short-selling tide of Chinese stocks, the US regulators made a further strong attack. In December 2012, the SEC initiated administrative proceedings against Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers and the China Division of BDO.</p><p>The SEC asked them to submit the audit papers of nine Chinese stocks listed in the United States, but the Big Five accounting firms refused this request. They were unwilling to violate Chinese laws.</p><p>The move has left Chinese companies listed in the United States in a position without auditors, forcing Chinese companies to delist.</p><p>The delisting tide of Chinese stocks is getting fiercer and fiercer. The number of Chinese companies listed in the United States decreased from more than 240 in 2010 to less than 200 in 2012.</p><p><img src=\"https://static.tigerbbs.com/2c640046a4853c23afbcdbf6ee3d55e5\" tg-width=\"500\" tg-height=\"339\" referrerpolicy=\"no-referrer\"></p><p>▲ 2010-2012 U.S. Listed Chinese Concept Stocks Encountered Short-selling Wave</p><p>Source: Guosheng Securities</p><p>With frequent conflicts, China and the United States have included auditing cross-border law enforcement in the strategic economic dialogue. In 2013, the CSRC and the Ministry of Finance signed a law enforcement cooperation agreement with the Accounting Regulatory Commission for Listed Companies (PCAOB) of the United States to formally carry out cross-border law enforcement cooperation in audit.</p><p><b>However, the issue of data sovereignty and confidentiality remains a difficult contradiction between China and the United States.</b>All kinds of subsequent storms also arose because of this.</p><p><b>02</b></p><p><b>Shadows beneath the feast</b></p><p><b>Ali's Listing and the Storm of Censorship of China Concept Stocks (2014-2017)</b></p><p>In September 2014, Jack Ma entered United Nations Headquarters. One of the purposes of his trip was to meet with UN Secretary-General Ban Ki-moon through the recommendation of Hang Lung Group Chairman Chen Qizong.</p><p>The two of them stood at the entrance of the elevator. When Ban Ki-moon came up, Chen Qizong said this to Ma Yun:</p><p>\"I know that Ali was forced to go public in the United States. Hong Kong has no different rights to the same shares, so you can't help it.<b>But Jack Ma, you have to be careful, Americans have long, long hands. One day he will give you trouble.</b>”</p><p>A week ago, Alibaba was successfully listed on the New York Stock Exchange in the United States on September 19th. The revelry flooded Wall Street.</p><p>That night, on the big black screen of NYSE, the numbers representing Alibaba's opening price kept rolling and climbing-70... 80... 90...</p><p>\"Opening price 92.7!\" a voice shouted.</p><p>Jack Ma looked up and glanced excitedly at the numbers on the screen. He picked up the hammer and swiftly struck a golden bronze bell. The crowd surrounding him immediately cheered, flashing lights.</p><p>After more than 2 hours and 12 rounds of inquiry, Alibaba stock finally opened at 23: 53 that night. The opening price was $92.7, up 36.32% from the issue price of $68. The total amount of financing reached $34.125 billion, setting a record for IPO financing in global history. Alibaba's total market capitalization reached $228.5 billion, exceeding the GDP of more than 100 countries.</p><p><img src=\"https://static.tigerbbs.com/b666ad1064a3f877e706adaec7dfcd17\" tg-width=\"1080\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p><p>▲ Jack Ma of Alibaba's US Listing Site in 2014</p><p><b>A number of American brokerages and international capital shared this capital feast.</b>Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and others are among them.</p><p>When Alibaba landed on the NYSE, SoftBank held 34.4% of the shares, making it the largest shareholder; Yahoo holds 22.6% of the shares, ranking second. According to the opening price of Alibaba's listing alone, the market value of SoftBank and Yahoo's holdings has reached $78.604 billion and $51.641 billion respectively, not counting the part they previously cashed out from Ali.</p><p>2014 is another peak for Chinese Internet companies to go public in the United States. In addition to Ali, JD.COM, Weibo, Tuniu, Zhaopin Recruitment, etc. have also landed on the New York Stock Exchange and Nasdaq in the United States. A total of 12 Internet companies have completed their listing in the United States throughout the year.</p><p>However, the month that Alibaba went public, the U.S. Congressional China Economic and Security Review Committee (UCESRC) issued a document entitled<b>Risks of Chinese Internet Companies on the U.S. Stock Exchange</b>The investigation report of.</p><p>The report uses 17 pages to point out the risks of listing of Chinese Internet companies, pointing out that the VIE structure is untrustworthy. \"Many U.S. legal experts believe that the VIE structure is technically illegal under Chinese law and advise U.S. investors against such investments,\" the UCESRC declared.</p><p>On the night of Double Eleven in the same year, Jack Ma accepted a 20-minute media interview at Ali's headquarters in Hangzhou. When he talked about Alipay's listing, he directly stated his position:<b>\"For various reasons, Alibaba has no way to be listed on A shares, so we hope that Alipay can be listed on China's A shares in the future.\"</b></p><p>Obviously, Jack Ma understood Chen Qizong's words. To further understand this statement, we still need to pull the timeline back to the Alipay split event three years ago.</p><p>In the first quarter of 2011, the People's Bank of China required payment companies applying for payment licenses to make a declaration on the percentage of foreign ownership. In May, Jack Ma changed the ownership of Alipay and terminated Alibaba Group's control agreement over Zhejiang's Alibaba. Zhejiang Alibaba is the wholly-owned holding company of Alipay. Which means,<b>Alipay has changed from a foreign-controlled company to a purely domestic company.</b></p><p><img src=\"https://static.tigerbbs.com/86b9f8383885bec01116a82dcc7cc0da\" tg-width=\"449\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p>▲ Alipay Spin-off Equity Change</p><p>However, this round of equity change in Jack Ma has not reached an agreement with the board of directors before. After the boat was done, Jack Ma paid corresponding compensation to Yahoo and SoftBank, the two major shareholders.</p><p>On July 29th, 2011, Alibaba Group, Yahoo and SoftBank formally signed an agreement on the equity transfer of Alipay. Alipay Holdings promised to give Alibaba Group a one-time cash return when it went public. The return is 37.5% of the total market value of Alipay's IPO price at the time of listing, which is not less than US$2 billion and not more than US$6 billion.</p><p>For this reason, Jack Ma bears the stigma of \"dishonesty\" and \"cracking down on foreign investors' confidence in VIE of Chinese stocks\". He rarely took the initiative to accept a large-scale exclusive interview with domestic media, and came forward to explain that everything was to obtain a payment license for Alipay compliance.</p><p>\"I said, brother, if you start a small joint venture, it doesn't matter.<b>You are engaged in Alipay, which is finance, and it is more and more touching sensitive areas. Finance is data, and something will go wrong.</b>Jerry Yang didn't believe it, but then they did. \" Jack Ma said in an exclusive interview with Esquire.</p><p>But at the time, most people thought that Jack Ma was using the government as a shield, and mostly mocked it. Jack Ma quit Weibo in anger.</p><p>Before withdrawing, Jack Ma sent out one last tweet. No text, just punctuation:<b>Question marks, exclamation marks, and a string of ellipses</b>。</p><p>Three years after the spin-off of Alipay, Ant Financial was established in 2014 to enter inclusive finance from the payment field.</p><p>Six years later, just before Ant went public, Jack Ma gave that famous speech at the Bund Financial Summit at the end of October 2020. On November 3rd, Shanghai Stock Exchange and Hong Kong Stock Exchange successively issued emergency notices to suspend the listing of Ant Financial Science and Technology Innovation Board and H shares.</p><p>At this moment, everyone suddenly realized.<b>Nine years ago, Jack Ma did not overestimate the Chinese government's resolve.</b></p><p><b>03</b></p><p><b>Torrent into the sea</b></p><p><b>New Economic Reform of A Shares and H Shares (2018-2019)</b></p><p>During the two sessions in 2018, Liu Shiyu, then chairman of China Securities Regulatory Commission, said when talking about the overseas listing of China's new economy companies that due to the specific institutional environment and market capacity at that time, some new economy enterprises in China chose to list overseas, which was a good thing. But it is also a pity that the country has not enjoyed the fruits of their growth.</p><p><b>\"In a new era, this regret can't happen again.\"</b>Liu Shiyu said.</p><p>\"If you stand on the wind, even pigs will fly.\" Lei Jun, who said this sentence, once again pushed Xiaomi into the forefront of the times.<b>He wants Xiaomi to become the first Internet company to list A shares in the mainland and H shares in Hong Kong simultaneously.</b></p><p>On May 3, 2018, Lei Jun held two Xiaomi mobile phones and personally flew to Hong Kong to visit Li Ka-shing, the richest man in Hong Kong. On the same day, Xiaomi submitted its listing prospectus to HKEx. Li Ka-shing loves to confirm Huo Jianning to the media that Li Ka-shing spent HK$230 million to subscribe for Xiaomi shares. In addition to Li Ka-shing, two domestic Internet giants, Jack Ma and Ma Huateng, also subscribed for Xiaomi shares.</p><p><img src=\"https://static.tigerbbs.com/c1dfd540577403bd287f47c1209b66c3\" tg-width=\"460\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p>▲ Lei Jun Meets with Li Ka-shing</p><p>In the mainland, Xiaomi has set a 12-day \"lightning\" record. On June 7th of the same year, Xiaomi applied to China Securities Regulatory Commission to issue CDR (depositary receipt) for listing, which was accepted on the same day. On the 14th, Xiaomi updated its prospectus, and received feedback from the CSRC that night, which is scheduled to be reviewed on the 19th.</p><p>At that time,<b>China Securities Regulatory Commission and Hong Kong Stock Exchange are scrambling to promote the listing reform of the new economy.</b></p><p>In December 2017, HKEx issued the Market Consultation Summary of the Framework Consultation Document on the Proposed Establishment of Innovation Board, announcing the acceptance of new economy companies with different voting rights structures to list in Hong Kong.</p><p>Three months later, the General Office of the State Council forwarded the \"Several Opinions on Carrying out the Pilot Program of Domestic Issuance of Shares or Depositary Receipts by Innovative Enterprises\" issued by the CSRC, allowing new economy enterprises listed overseas to issue CDRs (Depositary Receipts) in the mainland A-share market, and promoting new economy enterprises including the Internet to return to A-share listing.</p><p>However, Xiaomi was suddenly stopped listing in CDR in the mainland. On June 14, 2018, the CSRC issued 84 questions against Xiaomi. Five days later, Xiaomi announced that it would postpone the meeting of the Issuance Examination Committee to review the company's CDR issuance application. After listing in Hong Kong first, choose the opportunity to list in China by issuing CDRs.</p><p>The Hong Kong listing was also full of twists and turns. On July 9th of that year, Xiaomi completed its listing on the Hong Kong Stock Exchange. On the day of listing, Xiaomi shares were included in the composite constituent stocks of Hang Seng Index, and according to normal circumstances, they will enter Hong Kong Stock Connect, allowing mainland Chinese investors to directly buy Xiaomi shares.</p><p>Unexpectedly, the Shanghai and Shenzhen Stock Exchanges suddenly issued a notice on July 14th, temporarily refusing companies with different rights, foreign company stocks and stapled securities to be included in the scope of Hong Kong Stock Connect on the grounds that \"mainland investors are unfamiliar\". Xiaomi was turned away.</p><p>Two days later, Li Xiaojia, CEO of Hong Kong Stock Exchange, flew from Hong Kong to Beijing in an emergency to meet and negotiate with the relevant person in charge of China Securities Regulatory Commission. \"We have been communicating with the mainland Securities Regulatory Commission for weeks and months. It is best to package it all this time and move forward according to the normal procedures of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. However, mainland exchanges may have some different opinions.\" Li Xiaojia said.</p><p><b>This dispute is related to the future direction of listing of Chinese Internet companies. Can the door open to a new era?</b></p><p>For a long time, Chinese Internet companies have only had one option to list in the United States, because mainland A shares and Hong Kong H shares did not accept the same share structure with different rights in the past. Even if the HKEx is determined to reform, poor liquidity will still become a key constraint for Internet companies to go public in Hong Kong.</p><p>Only when Hong Kong Stock Connect accepts new economy companies and huge amounts of money from mainland China can go south, can the door of the Eastern World truly open to Internet companies.</p><p><b>The storm is temporary, and the direction is certain.</b></p><p>In 2018, HKEx regained the first place in the global exchange IPO ranking, and the annual IPO fund-raising amount reached HK$277.85 billion, a new high since 2010.</p><p>A total of 28 new economy companies and biotechnology companies were listed in Hong Kong throughout the year. Among them, Xiaomi and Meituan ranked the second and third largest companies in Hong Kong with HK$42.61 billion and HK$33.14 billion, respectively.</p><p>In October 2019, Shanghai Stock Exchange and Shenzhen Stock Exchange announced that Xiaomi and Meituan were included in Hong Kong Stock Connect.</p><p>Taking advantage of this momentum, Chinese Internet companies, including Ali, Netease and JD.COM, have returned from overseas and rushed to go to Hong Kong for secondary listing. By 2021, the Hong Kong market has gathered eight Internet giants: Tencent, Ali, Meituan, Aauto Quicker, JD.COM, Xiaomi, Baidu and Netease.</p><p><img src=\"https://static.tigerbbs.com/dd1e5900f6cb5582296cd123573d40b6\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p>Source: HKEX</p><p>At the same stage, the listing of Chinese Internet companies in the United States ushered in the third peak. In 2018 and 2019, 38 and 32 Chinese companies went public in the United States respectively, most of which were mainly Internet new economy enterprises, including iQiyi, Douyu, Netease Youdao and so on.</p><p>In October 2019, China and the United States reached a consensus on the acquisition of audit work papers of listed companies in the United States audited by Hong Kong accounting firms and deposited in Mainland China. In response to a reporter's question, the CSRC said that the two sides \"maintain a smooth cooperative relationship\".</p><p>Everything seemed thriving.</p><p>People didn't expect that just a year later,<b>New crises, like volcanic lava, have accumulated for a long time and gushed out</b>。</p><p><b>04</b></p><p><b>New Crisis Age</b></p><p><b>The Dilemma and Future of Didi, Byte and Pinduoduo (2020-Today)</b></p><p>July 1st, the 100th anniversary of the founding of the Party. In the early morning of the same day, Didi went public in the United States and raised $4.4 billion.</p><p>This is the largest IPO of a Chinese company in the United States since 2014. There are no bell-ringing photos, no announcement on official website, few media reports, and employees don't post friends.</p><p>On July 2nd, China's Cyber Security Review Office issued an announcement stating that in order to prevent national data security risks, safeguard national security and protect public interests, Didi Chuxing will be reviewed for cyber security in accordance with the National Security Law and Cyber Security Law. During the review period, \"Didi Chuxing\" stopped new user registration. Didi's listing only appeared on Weibo hot search and media headlines.</p><p>On July 9th, all 25 apps of Didi Company were removed from the shelves.</p><p>Ray Dalio, founder of Bridgewater, the world's largest hedge fund, once published a 20,000-word article entitled \"The Changing World Order\" on his LinkedIn homepage. He pointed out that the \"Populism Index\", a measure of global conflict, has now reached an all-time high.</p><p>\"We are heading into an abyss of polarization and populism,\" Dalio warned,<b>The polarization between rich and poor, political polarization and ultra-nationalism we face today are very similar to those of World War II.</b></p><p><img src=\"https://static.tigerbbs.com/82a4ead3b25817350b19c65a0fb2c2ba\" tg-width=\"864\" tg-height=\"311\" referrerpolicy=\"no-referrer\"></p><p>▲ The polarization between the rich and the poor leads to extreme nationalism, which is similar to that of World War II</p><p>Source: Bridgewater</p><p>On March 25, 2021, the Securities and Exchange Commission (SEC) issued an announcement passing a final amendment to the Foreign Company Accountability Act (HFCAA). The bill provides that,<b>Foreign issuers who fail to meet the U.S. Public Company Accounting Oversight Board (PCAOB) requirements for inspection of accounting firms for three consecutive years will be delisted.</b></p><p>Chinese Foreign Ministry spokeswoman Hua Chunying responded at a press conference: \"HFCAA is completely an unreasonable political suppression of Chinese listed companies in the United States, seriously distorting the basic norms of market economy that the United States has always advertised, and also depriving American investors and the American public of the opportunity to share the development dividends of Chinese enterprises.\"</p><p>According to the official data of PCAOB in the United States, as of April 2020,<b>Among the foreign listed companies that do not accept PCAOB inspection audit papers, companies in mainland China and Hong Kong account for nearly 90%.</b></p><p>Didi successfully threw itself into the eye of the typhoon in the storm of the Sino-US stock market game with its silent listing.</p><p>On July 7th, WeChat official account, a subsidiary of People's Daily, published two reports commenting on the Didi incident: \"Didi is far from the level of employment to make the government. If Didi dies later, the driver changes a platform to take orders, and we change a platform to take a taxi, and our life will not be affected in any way.\"</p><p>On July 8, U.S. Democratic Senator Chris Van Hollen called on the SEC to thoroughly investigate Didi's listing.</p><p><b>The Internet is in an eventful time. Some things look together and become intriguing.</b></p><p>Before the Didi incident, in March this year, Huang Zheng stepped down as CEO of Pinduoduo; In May, Zhang Yiming stepped down as CEO of ByteDance.</p><p>Previously, many people regarded this as the result of Internet antitrust. But they missed a key thread:</p><p><b>Didi and Pinduoduo are both listed in the United States. As for ByteDance, Trump's ban on Tiktok says it all.</b></p><p><b>Tencent and Meituan, Ma Huateng and Wang Xing, which are listed in Hong Kong, have been seated as CEOs.</b></p><p>All the recent Internet shocks around us are sending a signal to us:</p><p><b>In the Sino-US stock market game, in the past, the United States actively attacked and China passively defended will become history. The determination and actions of China's regulation have already begun to appear.</b></p><p>Some Internet companies are still stuck in the inertial thinking of the previous 20 years; Some Internet companies have sailed to new ports.</p><p><b>They were destined for very different destinies.</b></p><p><img src=\"https://static.tigerbbs.com/a76220741e2982f75e2d7176ce362e38\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/QItPs3pB6CJ5Dn89MQYL2A\">吴杨野餐会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{"160636":"互联网","161025":"移动互联"},"source_url":"https://mp.weixin.qq.com/s/QItPs3pB6CJ5Dn89MQYL2A","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111811630","content_text":"1983年，刘钢从北京大学法学院毕业，被分配到司法部秘书处，负责为部长撰写日常报告。\n一年后，他感觉工作内容枯燥，想申请调职。有人劝告他，秘书身份可能会更容易得到提升。\n1985年，国家推行“第三梯队”干部改革。司法部挑选年轻干部到基层锻炼，刘钢被列入其中。他主动放弃了基层机关的岗位，选择做一名基层律师。\n锻炼期满，同事们纷纷回到司法部继续职业生涯，但刘钢没有回去。他选择留在律师行业。\n当时，中国律师行业刚刚兴起，一切尚在蒙昧期。刘钢的主要业务是讨债。\n从此，他过上了“讨债民工”的生活：两天两夜挤火车硬座，睡一块钱一晚的大通铺，狂奔追赶欠款人，躲避债务人的打手与围殴……\n转折点出现在1989年。司法部和英国律师协会联合启动一个律师培训项目。刘钢申请并通过考试后，被选派往英国伦敦的一家律师事务所接受实习培训。\n他想做当时在中国大热的知识产权。但英国律所的一位高级合伙人建议他：“我建议你了解一下资本市场。”刘钢问：“什么是资本市场？”\n“中国那么大的国家，早晚会有资本市场。”那位英国律所合伙人说。\n1990年，中国迎来属于自己的资本市场，上海交易所和深圳交易所先后开业。\n\n▲1990年代，股民在上海交易所门口排队\n（摄影 | 中新社 潘索菲）\n两年后，中国放开私人合伙制律师事务所限制。刘钢和两个朋友在建国门外租下一间办公室，创办起自己的律师事务所：通商律师事务所。\n2000年，刘钢得到职业生涯的一次关键机会。当时新浪正在冲击纳斯达克上市。如果成功，它将成为第一家在美国上市的中国互联网公司。\n新浪的上市主体注册在开曼群岛。但中国法律对外资进入互联网领域存在限制：禁止外资投资中国互联网，也禁止外国公司在中国开展互联网业务。\n为了绕过这些投资限制，刘钢帮助新浪设计了一套复杂的控制架构。他将外国投资者和中国公司通过一系列复杂的法律合同相连接，使海外上市实体在没有直接股权关系下，通过协议控制国内的运营实体。\n刘钢用一纸VIE架构，拉开中国互联网公司海外上市的大幕。\n2000年4月，新浪成功登陆美国纳斯达克。同年6月、7月，网易和搜狐相继完成纳斯达克上市。中国三大门户网站海外上市，刘钢均参与其中。这在律师行业非常罕见。\n此后20余年，几乎所有中国互联网公司海外上市，均采取“新浪模式”的VIE架构。截至2021年5月，中国共有248家公司在美国上市，总市值高达2.1万亿美元。其中互联网相关的信息技术公司数量最多，比例达四分之一以上。\n然而，VIE架构也成为今后20年中美两国股市博弈的支点。\n在刘钢的表述里，VIE架构“使境外投资公司在没有直接股权关系的情况下，控制国内公司的运营”。\n但在美国国会的表述中，VIE 架构则“保证了经济利益流向外国投资者，同时对业务的经营控制留在中国公司”。\n这种特殊架构，成为中概股的典型特征，也为中国互联网公司20年海外上市路埋下争议与危机的伏笔。\n08年全球金融危机后的十年海外上市史，是帮助我们理解中国互联网公司目前处境的关键。我将其分为四个阶段，分别为：\n\n01\n围猎中国公司\n第一轮海外上市与做空潮（2010—2013）\n2011年11月1日，周鸿祎半夜赶回公司，把网址站、浏览器、投资者关系、财务、法务、公关等相应一堆主管都叫了过来。\n当晚9点，做空机构香橼研究（Citron Research）赶在美国股市开市前，发出了针对奇虎360公司的第一份做空报告。1个小时后，报告送到周鸿祎手中。“Citron做空360时，我们觉得很惊讶。”他表示。\n当天，奇虎360的股票跌去约10%。\n7个月前，奇虎360登陆美国纽交所上市。和它一同登陆美国股市的，还有一大批中国公司。\n08年金融危机后，美国经济2009年起快速复苏，国际资本市场活跃。同一时期，中国互联网公司正在飞速扩张期，迫切需要资金。\n大批互联网公司奔赴美国寻求上市。从2010年到2012年，高德地图、奇虎360、优酷、土豆等互联网公司先后成功在美国上市，开启海外的中概股热潮。\n\n▲1970-2020年中国公司赴美上市数量变化\n数据来源：清科研究中心\n2010 年共计约 50 家中概股登陆美股市场，中国公司海外上市的数量突破峰值，也吸引了“市场秃鹫”做空机构们的目光。\n浑水公司（Muddy Waters）射出第一颗子弹。2010 年，浑水创始人卡森·布洛克（Carson Block）抛出一份30页的东方纸业做空报告，东方纸业股价大跌，浑水一战成名。\n随后，以浑水、香橼为代表的美国做空机构，相继把枪口瞄准了分众传媒、奇虎360、新东方等中概股。其中互联网公司成为被围猎的中概股重灾区。\n此轮做空机构围猎下，超过 40 家中国企业不得不停牌、退市。中概股集体陷入信任危机。\nVIE是美国机构做空中国公司的一个关键靶子。“中国互联网行业存在VIE结构。美国人认为你没有法律规定，就永远觉得心里没底。”周鸿祎说。\n2012年7月17日，新东方因为VIE架构调整，遭受美国证券交易委员会（SEC）调查。浑水随即发布一份长达90多页的做空报告，指出新东方VIE结构存在巨大隐患，缺乏控制力。\n48小时内，新东方股价跌去60%，股价创5年新低。\n新东方事件同时引发国际市场担忧VIE架构，中概股普遍大跌。携程、新浪等跌幅超过7%，当当网、奇虎360、网易、搜狐等跌幅超过4%。\n中概股做空潮爆发后，美国监管方进一步强势出击。2012年12月，SEC 对德勤、安永、毕马威、普华永道，以及德豪五大会计师事务所中国分部发起行政诉讼。\nSEC要求他们提交9家在美上市的中概股审计底稿，但五大会计师事务所拒绝了这一要求，他们不愿触犯中国法律。\n这一举动导致在美上市的中国企业陷入没有审计方的境地，迫使中国公司摘牌退市。\n中概股退市潮越演越烈。在美上市的中国公司由2010的240余家，减少到2012年的不足200家。\n\n▲ 2010-2012年美国上市中概股遭遇做空潮\n数据来源：国盛证券\n冲突频发，中美两国将审计跨境执法纳入战略经济对话。2013 年，中国证监会和财政部与美国上市公司会计监管委员会（PCAOB） 签订执法合作协议，正式开展审计跨境执法合作。\n但数据主权和保密问题仍是中美难以协调的矛盾。后续种种风波，也因此而起。\n02\n盛宴下的暗影\n阿里上市与中概股审查风暴（2014—2017）\n2014年9月，马云步入联合国总部。他此行的目的之一，是通过恒隆集团董事长陈启宗引荐，与联合国秘书长潘基文见面。\n他们两个人站在电梯口，等潘基文上来时，陈启宗对马云说了这样一番话：\n“我知道阿里到美国上市是被逼的，香港没有同股不同权，你是没办法。但是马云你要小心，美国人的手是伸的很长很长的。总有一天他会给你麻烦。”\n一个星期前，阿里巴巴9月19日在美国纽交所成功挂牌上市。狂欢充斥着整个华尔街。\n当晚，纽交所黑色大屏幕上，代表阿里巴巴开盘价的数字不断滚动，持续攀升——70……80……90……\n“开盘价92.7！”一个声音大喊。\n马云抬起头，兴奋地看了一眼屏幕上的数字。他拿起锤子，快速敲击着一个金色铜钟。包围着他的人群随即欢呼起来，闪光灯此起彼伏。\n经过2个多小时、12轮询价，阿里巴巴股票在当晚23点53分最终开盘。开盘价92.7美元，比起发行价68美元大涨36.32%。融资总金额高达341.25亿美元，创下全球历史上IPO融资最高纪录。阿里巴巴总市值达到2285亿美元，超过100多个国家的GDP。\n\n▲ 2014年阿里巴巴美国上市现场的马云\n多家美国券商和国际资本分享了这次资本盛宴。花旗、瑞士信贷、德意志银行、高盛、摩根大通、摩根士丹利等均位列其中。\n阿里巴巴登陆纽交所时，软银持股34.4%，为第一大股东；雅虎持股比例22.6%，居第二位。仅按阿里巴巴上市开盘价来算，软银和雅虎的持股市值已分别高达786.04亿美元和516.41亿美元，这还不算他们此前从阿里套现的部分。\n2014年是中国互联网公司赴美上市的又一波高峰。除了阿里，京东、微博、途牛、智联招聘等也先后登陆美国纽交所和纳斯达克，全年共有12家互联网公司在美完成上市。\n然而，就在阿里巴巴上市当月，美国国会中国经济与安全审查委员会（UCESRC）发布了一份名为《中国互联网公司在美国证券交易所的风险》的调查报告。\n报告用17页篇幅指出针对中国互联网公司上市的各项风险，直指VIE架构不值得信任。UCESRC宣称：“许多美国法律专家认为，根据中国法律，VIE 结构在技术上是非法的，并建议美国投资者不要进行此类投资。”\n同年双十一当晚，马云在杭州阿里总部接受20分钟的媒体采访，谈到支付宝上市时直接表态：“由于各种原因，阿里巴巴没有办法在A股上市，所以我们希望未来支付宝能够在中国A股上市。”\n显然，马云听懂了陈启宗的话。而要进一步理解这个表态，我们还需要把时间线拉回到三年前的支付宝拆分事件上。\n2011 年第一季度，中国央行要求申请支付牌照的支付企业对外资的持股比例作出声明。5月，马云变更支付宝的所有权，终止了阿里巴巴集团对浙江阿里巴巴的控制协议。浙江阿里巴巴为支付宝的全资控股公司。这意味着，支付宝从外资控股变为了一家纯内资公司。\n\n▲ 支付宝分拆股权变更\n但马云此轮股权变更，此前并未跟董事会达成协议。木已成舟后，马云对雅虎和软银两位大股东给出了相应补偿。\n2011 年 7 月 29 日，阿里巴巴集团、雅虎和软银就支付宝股权转让事件正式签署协议。支付宝控股公司承诺上市时给以阿里巴巴集团一次性的现金回报。回报额为支付宝上市时 IPO 价总市值的 37.5%，不低于 20 亿美元且不超过 60 亿美元。\n马云为此背上“不守诚信”，“打击国外投资者对中概股VIE信心”的骂名。他罕见地主动接受国内媒体大篇幅独家专访，出面解释一切都是为了支付宝合规获取支付牌照。\n“我说，兄弟，你如果搞个小合资企业，没关系。你搞的是支付宝，是金融，越来越触及到敏感地带。金融是数据，一定会出问题的。杨致远不相信，但后来他们相信了。”马云在接受《时尚先生》专访时说。\n但当时，大多数人认为马云是拿政府做挡箭牌，对此抱以讥笑嘲讽居多。马云愤而退出微博。\n退出前，马云发出了最后一条微博。没有文字，只有标点：问号，叹号，以及一串省略号。\n支付宝分拆三年后，2014年蚂蚁金服成立，从支付领域进军普惠金融。\n六年后，就在蚂蚁金服上市前夕，马云2020年10月底在外滩金融峰会做出了那篇著名的演讲。11月3号，上交所和港交所先后发出紧急通知，暂缓蚂蚁金服科创板和H股上市。\n这时，大家才恍然大悟。九年前，马云没有高估中国政府的决心。\n03\n洪流入海\nA股、H股新经济改革（2018-2019）\n2018年两会期间，时任中国证监会主席刘士余谈到中国新经济公司海外上市时称，限于当时的特定制度环境和市场容量，一些主体在中国的新经济企业选择到境外上市，这是好事。但国内没有享受到它们增长的成果，也是一个遗憾。\n“进入新时代，这个遗憾就不能再发生了。”刘士余说。\n“站在风口上，猪都会飞。”说出这句话的雷军，再一次把小米推上时代风口。他要让小米成为第一个内地A股和香港H股同步上市的互联网公司。\n2018年5月3日，雷军手握两款小米手机，亲自飞往香港拜访香港首富李嘉诚。就在同一天，小米向港交所递交上市招股书。李嘉诚爱将霍建宁向媒体证实，李嘉诚斥资2.3亿港元认购小米股票。除了李嘉诚，国内两大互联网巨头马云、马化腾也一同认购小米股票。\n\n▲ 雷军会见李嘉诚\n在内地，小米更是创下12天“闪电”上会记录。同年6月7日，小米向中国证监会申请发行CDR（存托凭证）上市，同天被受理。14日，小米更新招股说明书，当晚收到证监会下发的反馈意见，定于19日上会审核。\n彼时，中国证监会和港交所正在争相推进新经济上市改革。\n2017年12月，港交所发布《有关建议设立创新板的框架咨询文件》的市场《咨询总结》，宣布接纳采用不同投票权架构的新经济公司赴港上市。\n3个月后，国务院办公厅转发证监会《关于开展创新企业境内发行股票或存托凭证试点的若干意见》，允许在境外上市的新经济企业在内地A股市场发行CDR（存托凭证），推动包括互联网在内的新经济企业回归A股上市。\n然而，小米突然被叫停在内地CDR上市。2018年6月14日，证监会针对小米发出84问。五天后，小米宣布，推迟召开发审委会议审核公司的CDR发行申请。先在香港上市之后，再择机通过发行CDR的方式在境内上市。\n香港上市也一波三折。当年7月9日，小米公司在港交所完成上市。上市当天，小米股票被纳入恒指综合成分股，按照正常情况将进入港股通，允许中国内地投资者直接购买小米股票。\n不料沪深交易所在7月14日突然发出通知，以“内地投资者不熟识”为由，暂拒同股不同权公司、外国公司股票及合订证券纳入港股通范围。小米公司被拒之门外。\n两天后，港交所CEO李小加紧急从香港飞往北京，与中国证监会相关负责人碰面谈判。“一直几个星期、几个月来我们都在跟内地证监会沟通，最好这次都包进去，按正常沪港通、深港通程序往前走。但是内地交易所可能有些不同意见。”李小加说。\n这次争端，关系着中国互联网公司上市的未来走向。通往新时代的大门能否打开？\n中国互联网公司长期只有赴美上市一个选择，皆因内地A股和香港H股过去不接受同股不同权架构。即使港交所锐意改革，流动性差仍将成为互联网公司赴港上市的关键掣肘。\n只有港股通接纳新经济公司，来自中国内地的巨量资金得以南下，东方世界的大门才能真正面向互联网公司开启。\n风波是暂时的，方向是确定的。\n2018年，港交所重新摘下全球交易所IPO排行榜第一名桂冠，全年IPO募资额高达2778.5亿港元，创下2010年以来新高。\n全年共有28家新经济公司及生物科技公司赴港上市。其中小米和美团以426.1亿港元和331.4亿港元，分列香港上市募资额年度第二、第三大公司。\n2019年10月，上交所与深交所发布公告，小米和美团纳入港股通。\n乘此势头，包括阿里、网易、京东等在内的中国互联网公司纷纷从海外回归，争相赴港二次上市。到2021年，香港市场已经集齐腾讯、阿里、美团、快手、京东、小米、百度、网易八大互联网巨头。\n\n数据来源：香港交易所\n同一阶段，中国互联网公司赴美上市迎来第三次高峰。2018年和2019 年分别有38 家和32 家中国公司赴美国上市，其中大多以互联网新经济企业为主，包括爱奇艺、斗鱼、网易有道等等。\n2019年10月，中美双方就香港会计师事务所审计的、存放在中国内地的在美上市公司审计工作底稿调取事宜达成共识。中国证监会答记者问时表示，双方“保持着畅通的合作关系”。\n一切都显得欣欣向荣。\n人们没有料到，就在一年之后，新的危机如火山熔岩般，积蓄已久，喷涌而出。\n04\n新危机时代\n滴滴、字节、拼多多们的困境与未来（2020-今天）\n7月1日，建党100周年大庆。当天凌晨，滴滴赴美上市，融资44亿美元。\n这场自2014年来中国公司在美国最大的IPO，没有敲钟照片，官网没有公告，媒体少有报道，员工不发朋友圈。\n7月2号，中国网络安全审查办公室发布公告称，为防范国家数据安全风险，维护国家安全，保障公共利益，依据《国家安全法》《网络安全法》对“滴滴出行”实施网络安全审查。审查期间“滴滴出行”停止新用户注册。滴滴上市，才出现在微博热搜和媒体头条上。\n7月9日，滴滴公司旗下25款app全体下架。\n全球最大的对冲基金桥水基金创始人瑞·达利欧（Ray Dalio）曾在其领英主页上发布2万字长文《改变中的世界秩序》。他指出，衡量全球冲突的“民粹主义指数”（Populism Index）如今已经达到历史高点。\n“我们正在走向两极分化和民粹主义的深渊。”达利欧警告，今天我们面对的贫富分化、政治两极化和极端民族主义，和二战时期极为相似。\n\n▲ 贫富分化导致极端民族主义，现阶段与二战时期类似\n数据来源：桥水基金\n2021年3月25日，美国证券交易委员会（SEC）发布公告，通过《外国公司问责法案》（HFCAA）最终修正案。法案规定，外国发行人连续三年不能满足美国公众公司会计监督委员会（PCAOB）对会计师事务所检查要求的，将被摘牌退市。\n中国外交部发言人华春莹在记者会上回应称：“HFCAA完全是对中国在美上市企业的无理政治打压，严重扭曲美国自己一向标榜的市场经济基本准则，也剥夺了美国投资者和美国公众分享中国企业发展红利的机会。”\n美国PCAOB官方数据显示，截止到2020年4月，不接受PCAOB检查审计底稿的外国上市企业中，中国内地和香港的企业占近90%。\n滴滴用静默上市，成功把自己扔进了中美股市博弈风暴中的台风眼。\n7月7日，人民日报旗下“踏浪青年”公众号，连发两篇报道评论滴滴事件：“滴滴远没有到挟就业以令政府的程度。如果之后滴滴死了，司机换一个平台接单，我们换一个平台打车，生活不会受到任何影响。”\n7月8日，美国民主党参议员Chris Van Hollen呼吁美国证交会彻底调查滴滴上市事件。\n互联网正值多事之秋。一些事情连起来看，变得耐人寻味。\n滴滴事件之前，今年3月，黄峥卸任拼多多CEO；5月，张一鸣卸任字节跳动CEO。\n此前不少人将这看做互联网反垄断的结果。但他们忽略了一条关键线索：\n滴滴、拼多多均在美国上市。至于字节跳动，特朗普对Tiktok的禁令就已经说明了一切。\n而在香港上市的腾讯与美团，马化腾和王兴至今安坐CEO之位。\n最近所有在我们身边接连发生的互联网震动，都在向我们传递出一个信号：\n中美股市博弈中，过去美国积极进攻，中国被动防守的局面将成为历史。中国监管的决心和行动，已经初露端倪。\n有的互联网公司，还停留在前20年的惯性思维里；有的互联网公司已经驶向新港口。\n他们注定迎来截然不同的命运。","news_type":1,"symbols_score_info":{"160636":0.9,"161025":0.9}},"isVote":1,"tweetType":1,"viewCount":1829,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122327972,"gmtCreate":1624599058896,"gmtModify":1703841420659,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3502502252379822","authorIdStr":"3502502252379822"},"themes":[],"htmlText":"m","listText":"m","text":"m","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122327972","repostId":"1111873217","repostType":4,"repost":{"id":"1111873217","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":1624591804,"share":"https://ttm.financial/m/news/1111873217?lang=en_US&edition=fundamental","pubTime":"2021-06-25 11:30","market":"us","language":"zh","title":"Dual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong","url":"https://stock-news.laohu8.com/highlight/detail?id=1111873217","media":"老虎资讯综合","summary":"距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425","content":"<p>Less than a year after its successful listing in the United States in August last year, XPeng Motors is preparing to return to Hong Kong for IPO to \"double listing\".</p><p>At 8 o'clock on the evening of June 24th, XPeng Automobile issued a supplementary announcement to its prospectus, stating that it would issue 85 million Class A ordinary shares as part of the global offering, and Hong Kong would publicly offer 4.25 million Class A ordinary shares under the stock code \"9868\". XPeng said the highest offering price for this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>In terms of shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Automobile, and his affiliates are the controlling shareholders of Xpeng Motors, holding 21.75% of the shares; Taobao China holds 11.9% and IDG Capital holds 4.8%.</p><p><b>Dual Listing</b></p><p>The listing of XPeng in Hong Kong this time is a dual listing, which is supervised by both the US SEC and the Hong Kong SFC. Generally speaking, this situation will be more restrictive than secondary listings.</p><p>According to public information, enterprises that are primarily listed on qualified exchanges (such as NYSE, Nasdaq, etc.) are allowed to make secondary listings in Hong Kong, but they must meet several major conditions, including that the enterprise must be an innovative industry company, have a good compliance record of listing on qualified exchanges in at least the last two full fiscal years, and the total market value of the applicant at the time of secondary listing in Hong Kong is not less than HK$40 billion, or the total market value at the time of listing is not less than HK$10 billion and the income of the latest audited fiscal year is not less than HK$1 billion.</p><p><img src=\"https://static.tigerbbs.com/838250cba049e1143da065f263f2555f\" tg-width=\"640\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Source: Screenshot of official website of HKEx</p><p>This time, XPeng returned to Hong Kong stocks in the form of \"Dual Primary Listing\", which is rare at present, mainly because of the short interval between the previous US stock Listing (August 27th last year), which did not meet the requirements of the secondary Listing for listed entities to have at least two years of good regulatory compliance records on another qualified exchange.</p><p><b>Dual Listing VS Secondary Listing, These You Need to Know</b></p><p>There can be different paths for Chinese stock companies to return to Hong Kong stocks, which are mainly divided into: 1) applying for listing in Hong Kong after privatization and delisting; 2) Primary listing in Hong Kong (dual listing); 3) Secondary listing.</p><p>Due to the high cost of privatization and delisting, and the uncertainty of re-listing after delisting, we focus on the more mainstream dual listing and secondary listing here.</p><p>I. Comparison of basic concepts</p><p><b>Dual Listing (dual primary listing)</b>It means that both capital markets are the first listing places. If it has been listed on the US market, it will be issued and listed on the Hong Kong market in accordance with the local market rules,<b>It is subject to rules that are fully consistent with the requirements of companies offering shares for the initial public offering in Hong Kong. Shares in the two markets cannot circulate across markets, and the share price performance is relatively independent, which may create a spread.</b></p><p><b>Secondary Listing (secondary listing)</b>It refers to the company's listing of the same type of stocks in two places, and the cross-market circulation of shares is realized through international custodian banks and securities brokers. This way mainly exists in the form of Depository Receipts (DR).</p><p>In this way, the bank first buys a certain amount of shares of foreign companies, and all these shares are held in custody by the bank. Then the bank packages these shares together and sells the securities representing this basket of shares. In the United States, these securities are called ADRs.</p><p>If the company is listed secondarily as a financing DR, the source of the underlying shares is the company<b>New Issuance</b>Ordinary shares. In terms of pricing, the corresponding DR is based on the pricing date,<b>The market price of the company in the original market is used as the reference price for conversion</b>And a price is determined by agreement between the issuer and the underwriter,<b>This is also the secondary listing method chosen by most Chinese stocks such as Alibaba, Baidu and Netease when they return to Hong Kong.</b></p><p><img src=\"https://static.tigerbbs.com/aedbf89dbca50f88d67ea9b17e00711b\" tg-width=\"554\" tg-height=\"385\" referrerpolicy=\"no-referrer\"><b>Comparison of Issuance Policies</b></p><p>1. Dual Listing</p><p><b>Compared with the secondary listing, the dual listing needs to meet the management requirements of listed companies in both places at the same time, and the overall requirements will be much stricter.</b>If an enterprise chooses to make a dual primary listing in Hong Kong, it is subject to the same rules as those required for companies making an initial public offering in Hong Kong, and must comply with all relevant Listing Rules of the Hong Kong Stock Exchange. The newly amended Listing Rules in 2018 provide detailed requirements for the listing of Greater Chinese and overseas companies in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/6fb14b368fc4c05637cc2bef4e7cc012\" tg-width=\"1176\" tg-height=\"908\" referrerpolicy=\"no-referrer\">2. Secondary listing</p><p>If an enterprise is only secondarily listed in Hong Kong, the Stock Exchange expects that the securities of the company will be traded primarily on overseas exchanges and are subject to the supervision of the regulatory authority of the principal place of listing.<b>The Stock Exchange will adopt relatively lenient audit standards, and there are a number of exemptions and preferential treatment policies.</b></p><p>Secondary listing requires listed companies to retain the current<b>VIE structure</b>And different voting rights structures need to meet certain requirements (listed segments, listed time and market capitalization), etc., and at the same time, it provides guidelines for eligible companies that want to return to the Chinese market for financing. Specifically:</p><p>1) must have been listed on an eligible listing exchange (New York Stock Exchange, Nasdaq Stock Market or London Stock Exchange Main Market) and have maintained a good compliance record for at least two full fiscal years;</p><p>2) a market value of at least HK$40 billion at the time of listing, or at least HK$10 billion at the time of listing, and a revenue of at least HK$1 billion in the latest audited fiscal year.</p><p><img src=\"https://static.tigerbbs.com/32ed61892f9a843d4554d952d87d1283\" tg-width=\"1182\" tg-height=\"756\" referrerpolicy=\"no-referrer\"><b>III. Comparison of liquidity</b></p><p>1. Dual listing:<b>Stocks listed in two places cannot circulate across markets</b>As mentioned above, generally the two markets require separate pricing, such as \"A + H Shares\".</p><p>2. Secondary listing: The ADR (American Depositary Receipt) issued by China Stock Exchange is fully convertible with Hong Kong stocks<b>The price of secondary listed stocks in Hong Kong market is closely linked to that of the US market</b>。 Since the shares of the two places are fully convertible and the Hong Kong dollar is pegged to the US dollar, the price difference between the two places can be basically ignored after ignoring some taxes and fees, as well as the friction between trading time and cost.</p><p><b>4. Discussion on advantages and disadvantages</b></p><p>1. Dual Listing</p><p>The advantage is that completely<b>Meet the regulatory requirements of the two places</b>It is not much different from local listings, and is easier to be accepted by international investors.<b>It is easier to comply with the supervision of the A-share market and include it in Hong Kong Stock Connect, and lay the foundation for three listings in the A-share market later.</b></p><p>For example, BeiGene was officially included in the Hong Kong Stock Connect target on September 4, 2020, and after the dual listing in the United States and Hong Kong, it then took the step of returning to A shares. On 29 January 2021, the SSE officially accepted the application for listing of BeiGene on the Science and Technology Innovation Board. BeiGene plans to raise 20 billion yuan, sponsored by CICC and Goldman Sachs Gaohua. If it successfully lands on the Science and Technology Innovation Board this time, it will become the first innovative pharmaceutical company listed in three places (US stocks + H shares + A shares).</p><p>From a corporate perspective, dual listing<b>Expanded its shareholder base and enhanced its global market presence</b>Thus allowing the Company to raise funds in other securities markets and further expand its business into other markets.</p><p>The disadvantage is that it needs to meet the regulatory requirements of both places at the same time,<b>The go-to-market process is more complex and takes more time and cost.</b></p><p>2. Listing in two places</p><p>The advantage is that the regulatory requirements to be met are relatively simple, and there are more exemptions and preferential treatment clauses compared with dual listing, and the listing cost is low.</p><p>The disadvantage is: the pricing is basically consistent with the original market, and when subscribing<b>If the original market price fluctuates and falls out of the pricing range, the risk of new break is higher</b>； Another disadvantage is<b>It will be difficult to be included in Hong Kong Stock Connect in the future</b>(The Mainland has reached an agreement with the Hong Kong Stock Exchange, which includes the exclusion of secondary listings and companies with weighted voting rights from the lists of Shanghai and Shenzhen-Hong Kong Stock Connect, unless the SSE, Shenzhen Stock Exchange and Hong Kong Stock Exchange revise the agreement).</p><p><b>One Picture to Understand XPeng Cars</b><img src=\"https://static.tigerbbs.com/78aaa4fc67a4d4dd193d2129251af81b\" tg-width=\"750\" tg-height=\"13429\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong</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\">\nDual Listing VS Secondary Listing: The Secret of XPeng Returning to Hong Kong\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-06-25 11:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Less than a year after its successful listing in the United States in August last year, XPeng Motors is preparing to return to Hong Kong for IPO to \"double listing\".</p><p>At 8 o'clock on the evening of June 24th, XPeng Automobile issued a supplementary announcement to its prospectus, stating that it would issue 85 million Class A ordinary shares as part of the global offering, and Hong Kong would publicly offer 4.25 million Class A ordinary shares under the stock code \"9868\". XPeng said the highest offering price for this Hong Kong public offering is HK$180 or US$23.19 per share (equivalent to US$46.39 per ADS).</p><p>In terms of shareholders, the prospectus shows that He Xiaopeng, co-founder, chairman and CEO of XPeng Automobile, and his affiliates are the controlling shareholders of Xpeng Motors, holding 21.75% of the shares; Taobao China holds 11.9% and IDG Capital holds 4.8%.</p><p><b>Dual Listing</b></p><p>The listing of XPeng in Hong Kong this time is a dual listing, which is supervised by both the US SEC and the Hong Kong SFC. Generally speaking, this situation will be more restrictive than secondary listings.</p><p>According to public information, enterprises that are primarily listed on qualified exchanges (such as NYSE, Nasdaq, etc.) are allowed to make secondary listings in Hong Kong, but they must meet several major conditions, including that the enterprise must be an innovative industry company, have a good compliance record of listing on qualified exchanges in at least the last two full fiscal years, and the total market value of the applicant at the time of secondary listing in Hong Kong is not less than HK$40 billion, or the total market value at the time of listing is not less than HK$10 billion and the income of the latest audited fiscal year is not less than HK$1 billion.</p><p><img src=\"https://static.tigerbbs.com/838250cba049e1143da065f263f2555f\" tg-width=\"640\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p>Source: Screenshot of official website of HKEx</p><p>This time, XPeng returned to Hong Kong stocks in the form of \"Dual Primary Listing\", which is rare at present, mainly because of the short interval between the previous US stock Listing (August 27th last year), which did not meet the requirements of the secondary Listing for listed entities to have at least two years of good regulatory compliance records on another qualified exchange.</p><p><b>Dual Listing VS Secondary Listing, These You Need to Know</b></p><p>There can be different paths for Chinese stock companies to return to Hong Kong stocks, which are mainly divided into: 1) applying for listing in Hong Kong after privatization and delisting; 2) Primary listing in Hong Kong (dual listing); 3) Secondary listing.</p><p>Due to the high cost of privatization and delisting, and the uncertainty of re-listing after delisting, we focus on the more mainstream dual listing and secondary listing here.</p><p>I. Comparison of basic concepts</p><p><b>Dual Listing (dual primary listing)</b>It means that both capital markets are the first listing places. If it has been listed on the US market, it will be issued and listed on the Hong Kong market in accordance with the local market rules,<b>It is subject to rules that are fully consistent with the requirements of companies offering shares for the initial public offering in Hong Kong. Shares in the two markets cannot circulate across markets, and the share price performance is relatively independent, which may create a spread.</b></p><p><b>Secondary Listing (secondary listing)</b>It refers to the company's listing of the same type of stocks in two places, and the cross-market circulation of shares is realized through international custodian banks and securities brokers. This way mainly exists in the form of Depository Receipts (DR).</p><p>In this way, the bank first buys a certain amount of shares of foreign companies, and all these shares are held in custody by the bank. Then the bank packages these shares together and sells the securities representing this basket of shares. In the United States, these securities are called ADRs.</p><p>If the company is listed secondarily as a financing DR, the source of the underlying shares is the company<b>New Issuance</b>Ordinary shares. In terms of pricing, the corresponding DR is based on the pricing date,<b>The market price of the company in the original market is used as the reference price for conversion</b>And a price is determined by agreement between the issuer and the underwriter,<b>This is also the secondary listing method chosen by most Chinese stocks such as Alibaba, Baidu and Netease when they return to Hong Kong.</b></p><p><img src=\"https://static.tigerbbs.com/aedbf89dbca50f88d67ea9b17e00711b\" tg-width=\"554\" tg-height=\"385\" referrerpolicy=\"no-referrer\"><b>Comparison of Issuance Policies</b></p><p>1. Dual Listing</p><p><b>Compared with the secondary listing, the dual listing needs to meet the management requirements of listed companies in both places at the same time, and the overall requirements will be much stricter.</b>If an enterprise chooses to make a dual primary listing in Hong Kong, it is subject to the same rules as those required for companies making an initial public offering in Hong Kong, and must comply with all relevant Listing Rules of the Hong Kong Stock Exchange. The newly amended Listing Rules in 2018 provide detailed requirements for the listing of Greater Chinese and overseas companies in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/6fb14b368fc4c05637cc2bef4e7cc012\" tg-width=\"1176\" tg-height=\"908\" referrerpolicy=\"no-referrer\">2. Secondary listing</p><p>If an enterprise is only secondarily listed in Hong Kong, the Stock Exchange expects that the securities of the company will be traded primarily on overseas exchanges and are subject to the supervision of the regulatory authority of the principal place of listing.<b>The Stock Exchange will adopt relatively lenient audit standards, and there are a number of exemptions and preferential treatment policies.</b></p><p>Secondary listing requires listed companies to retain the current<b>VIE structure</b>And different voting rights structures need to meet certain requirements (listed segments, listed time and market capitalization), etc., and at the same time, it provides guidelines for eligible companies that want to return to the Chinese market for financing. Specifically:</p><p>1) must have been listed on an eligible listing exchange (New York Stock Exchange, Nasdaq Stock Market or London Stock Exchange Main Market) and have maintained a good compliance record for at least two full fiscal years;</p><p>2) a market value of at least HK$40 billion at the time of listing, or at least HK$10 billion at the time of listing, and a revenue of at least HK$1 billion in the latest audited fiscal year.</p><p><img src=\"https://static.tigerbbs.com/32ed61892f9a843d4554d952d87d1283\" tg-width=\"1182\" tg-height=\"756\" referrerpolicy=\"no-referrer\"><b>III. Comparison of liquidity</b></p><p>1. Dual listing:<b>Stocks listed in two places cannot circulate across markets</b>As mentioned above, generally the two markets require separate pricing, such as \"A + H Shares\".</p><p>2. Secondary listing: The ADR (American Depositary Receipt) issued by China Stock Exchange is fully convertible with Hong Kong stocks<b>The price of secondary listed stocks in Hong Kong market is closely linked to that of the US market</b>。 Since the shares of the two places are fully convertible and the Hong Kong dollar is pegged to the US dollar, the price difference between the two places can be basically ignored after ignoring some taxes and fees, as well as the friction between trading time and cost.</p><p><b>4. Discussion on advantages and disadvantages</b></p><p>1. Dual Listing</p><p>The advantage is that completely<b>Meet the regulatory requirements of the two places</b>It is not much different from local listings, and is easier to be accepted by international investors.<b>It is easier to comply with the supervision of the A-share market and include it in Hong Kong Stock Connect, and lay the foundation for three listings in the A-share market later.</b></p><p>For example, BeiGene was officially included in the Hong Kong Stock Connect target on September 4, 2020, and after the dual listing in the United States and Hong Kong, it then took the step of returning to A shares. On 29 January 2021, the SSE officially accepted the application for listing of BeiGene on the Science and Technology Innovation Board. BeiGene plans to raise 20 billion yuan, sponsored by CICC and Goldman Sachs Gaohua. If it successfully lands on the Science and Technology Innovation Board this time, it will become the first innovative pharmaceutical company listed in three places (US stocks + H shares + A shares).</p><p>From a corporate perspective, dual listing<b>Expanded its shareholder base and enhanced its global market presence</b>Thus allowing the Company to raise funds in other securities markets and further expand its business into other markets.</p><p>The disadvantage is that it needs to meet the regulatory requirements of both places at the same time,<b>The go-to-market process is more complex and takes more time and cost.</b></p><p>2. Listing in two places</p><p>The advantage is that the regulatory requirements to be met are relatively simple, and there are more exemptions and preferential treatment clauses compared with dual listing, and the listing cost is low.</p><p>The disadvantage is: the pricing is basically consistent with the original market, and when subscribing<b>If the original market price fluctuates and falls out of the pricing range, the risk of new break is higher</b>； Another disadvantage is<b>It will be difficult to be included in Hong Kong Stock Connect in the future</b>(The Mainland has reached an agreement with the Hong Kong Stock Exchange, which includes the exclusion of secondary listings and companies with weighted voting rights from the lists of Shanghai and Shenzhen-Hong Kong Stock Connect, unless the SSE, Shenzhen Stock Exchange and Hong Kong Stock Exchange revise the agreement).</p><p><b>One Picture to Understand XPeng Cars</b><img src=\"https://static.tigerbbs.com/78aaa4fc67a4d4dd193d2129251af81b\" tg-width=\"750\" tg-height=\"13429\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ad2dd670f9557c66480c84fc5e4bd415","relate_stocks":{"XPEV":"小鹏汽车"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111873217","content_text":"距去年8月成功赴美上市不到一年时间，小鹏汽车便筹备回港IPO欲“双重上市”。\n6月24日晚8时，小鹏汽车发布了招股说明书补充公告称，将发行8500万股A类普通股作为全球发行的一部分，香港公开发售425万股A类普通股，股票代码为“9868”。小鹏汽车表示本次香港公开发行的最高发行价为每股180港元或23.19美元(相等于每ADS 46.39美元)。\n股东方面，招股书显示，小鹏汽车联合创始人、董事长兼首席执行官何小鹏及其关联公司为小鹏汽车控股股东，持股21.75%；淘宝中国持股11.9%，IDG资本持股4.8%。\n双重上市\n小鹏这次在香港上市属于双重上市，受美国SEC和香港SFC双方的监管。一般来说，这种情况会比二次上市更为严格。\n公开资料显示，在合格交易所（如纽交所、纳斯达克等）作主要上市的企业，允许在港作第二上市，但需符合几大条件，包括企业必须是创新产业公司、在至少最近两个完整会计年度于合格交易所上市的合规纪录良好，以及申请人于香港第二上市时的总市值不少于400亿港币，或上市时的总市值不少于100亿港币并且最近一个经审计会计年度的收益不少于10亿港币等。\n\n图片来源：港交所官网截图\n小鹏此次以目前较少见的“双重主要上市”(Dual Primary Listing)方式回归港股，主要因其距此前美股上市（去年8月27日）的间隔时间较短，不符合二次上市中对于上市主体在另一家符合条件的交易所至少有两年良好监管合规记录的要求。\n双重上市VS二次上市，这些你需要了解\n中概股企业回归港股可以有不同路径，主要分为：1）私有化退市后再来港申请上市；2）在香港主要上市（双重上市）；3）二次上市。\n由于私有化退市成本较高，且退市后重新上市面临一定的不确定性，因此我们这里着重讨论较为主流的双重上市和二次上市。\n一、基本概念对比\n双重上市（dual primary listing），是指两个资本市场均为第一上市地。已经在美国市场上市情况下，在香港市场按当地市场规则发行上市，其须遵守的规则与在香港首次公开发行股份的公司要求完全一致，两市场股票无法跨市场流通，股价表现相对独立，可能产生价差。\n二次上市（secondary listing），是指公司在两地上市相同类型的股票，通过国际托管行和证券经纪商，实现股份跨市场流通，这种方式主要以存托凭证（Depository Receipts，简称DR）的形式存在。\n在这种发行方式下，先由银行购买一定量外国公司的股票，并且把这些股票全部托管在银行当中，银行再把拥有的这些股票打包在一起，出售代表着这一篮子股票的证券，而在美国，这些证券就被叫做ADR。\n如果公司以融资型DR二次上市，基础股份来源是公司新发行的普通股。在定价上，对应DR是以定价日当天，公司在原市场的市价作为参考价进行折算，并由发行人与承销商协定后确定一个价格，这也是阿里巴巴、百度、网易等大多数中概股回港选择的二次上市方式。\n二、发行政策对比\n1.双重上市\n相比二次上市，双重上市需要同时满足两地对于上市公司的各项管理要求，整体要求会严格许多。若企业选择在香港作双重主要上市，其须遵守的规则与对在香港首次公开发行股份的公司要求没有不同，必须遵守港交所的所有相关《上市规则》，2018年新修订的《上市规则》对大中华及海外公司在港上市做了详细规定。\n2.二次上市\n若企业仅在香港作二次上市的，联交所预期公司证券将主要在海外交易所交易并受主要上市地监管机关监管，故对寻求二次上市的申请人，联交所会采取相对宽松的审核标准，而且有多项豁免和优待政策。\n二次上市要求上市公司可保留现行VIE结构及不同投票权架构需满足一定要求（已上市板块、已上市时间和市值规模）等，同时为符合条件且想要回中国市场融资的公司提供办法指引。具体为：\n1) 必须已在合资格上市交易所（纽约证券交易所、纳斯达克证券市场或伦敦证券交易所主市场）上市且于至少两个完整会计年度期间保持良好合规记录；\n2) 上市时市值至少400 亿港元，或上市时至少100 亿港元，且最近一个经审计会计年度收入至少10 亿港元。\n三、流通性对比\n1.双重上市：两地上市股票无法跨市场流通，且如上所述，通常两个市场需要分别定价，如「A+H股」。\n2.二次上市：中概股发行的ADR (美国存托凭证) 与港股完全可兑换的属性使二次上市股在香港市场价格与美国市场紧密相连。由于两地股份完全可兑换，加上港币挂钩美元，因此在忽略的一些税费、以及交易时间与成本的摩擦后，两地价差基本可以忽略。\n四、优劣势讨论\n1.双重上市\n优势是完全满足两地监管要求，和本地上市没有太大区别，更容易被国际投资者接受，也更易于符合A股市场监管纳入港股通以及为之后回A股市场三次上市奠定基础。\n例如百济神州于2020年9月4日被正式被纳入港股通标的，而在美国和香港双重上市之后，继而迈开回归A股的步伐。2021年1月29日，上交所正式受理百济神州科创板上市申请。百济神州拟募资200亿元，由中金公司、高盛高华保荐，若此次成功登陆科创板，将成为首个三地上市（美股+H股+A股）的创新药企。\n从公司的角度来讲，双重上市扩大了其股东基础，提升了全球市场的影响力，从而使公司可以在其他证券市场上进行融资，并进一步将业务扩展到其他市场。\n劣势是需要同时满足两地监管要求，上市流程更加复杂，需要花费更多的时间和成本。\n2.两地上市\n优势是监管上需要满足的要求比较简单，相对双重上市有较多豁免优待条款，上市成本较低。\n劣势是：定价和原市场基本一致，认购时如果原市场价格波动，跌出定价区间，则打新破发风险较高；另一个劣势是未来被纳入港股通难度较大（内地曾与港交所达成过一项协议，协议的内容包括将第二上市和具有加权投票权的公司排除在沪、深港通的名单外，除非上交所、深交所、香港联交所重新修改协议）。\n一图看懂小鹏汽车","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1782,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107107417,"gmtCreate":1620449332439,"gmtModify":1704343928998,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3502502252379822","authorIdStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107107417","repostId":"2133575879","repostType":4,"isVote":1,"tweetType":1,"viewCount":1497,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147535409,"gmtCreate":1626363041001,"gmtModify":1703758796931,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3502502252379822","authorIdStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147535409","repostId":"2151529432","repostType":4,"isVote":1,"tweetType":1,"viewCount":1958,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141100284,"gmtCreate":1625840715548,"gmtModify":1703749672381,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3502502252379822","authorIdStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/141100284","repostId":"1199935751","repostType":2,"repost":{"id":"1199935751","kind":"news","pubTimestamp":1625839977,"share":"https://ttm.financial/m/news/1199935751?lang=en_US&edition=fundamental","pubTime":"2021-07-09 22:12","market":"us","language":"zh","title":"China Network Information Office: 25 apps such as \"Didi Enterprise Edition\" were removed from the shelves","url":"https://stock-news.laohu8.com/highlight/detail?id=1199935751","media":"国家互联网信息...","summary":"要求相关运营者严格按照法律要求，参照国家有关标准，认真整改存在的问题。","content":"<p>According to the report, after testing and verification, \"<a href=\"https://laohu8.com/S/DIDI\">Didi</a>\"Enterprise Edition\" and other 25 apps (list attached) have serious violations of laws and regulations in collecting and using personal information. According to the relevant provisions of the Cyber Security Law of the People's Republic of China, the Internet Information Office of China notified the App store to remove the above 25 apps, requiring relevant operators to strictly follow the legal requirements and refer to relevant national standards, earnestly rectify existing problems, and effectively ensure the security of users' personal information. All websites and platforms are not allowed to provide access and download services for the above 25 apps that have been removed from the App store, such as Didi Chuxing and Didi Enterprise Edition.</p><p>NOTICE IS HEREBY GIVEN.</p><p>Cyberspace Administration of China</p><p>July 9, 2021</p><p><img src=\"https://static.tigerbbs.com/2892fab3562d58be24b7367779a02aaa\" tg-width=\"784\" tg-height=\"626\" referrerpolicy=\"no-referrer\"></p><p>After the announcement, Didi's intraday gains narrowed rapidly. At present, Didi official website still provides five APP client downloads: Didi International Edition, Didi Enterprise Edition, Didi Car Owner, Didi Driving and Didi Finance.</p><p><img src=\"https://static.tigerbbs.com/d47ad6f79ed27371d8e47ecb1e467ee8\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1625840298202","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>China Network Information Office: 25 apps such as \"Didi Enterprise Edition\" were removed from the shelves</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\">\nChina Network Information Office: 25 apps such as \"Didi Enterprise Edition\" were removed from the shelves\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">国家互联网信息...</strong><span class=\"h-time small\">2021-07-09 22:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to the report, after testing and verification, \"<a href=\"https://laohu8.com/S/DIDI\">Didi</a>\"Enterprise Edition\" and other 25 apps (list attached) have serious violations of laws and regulations in collecting and using personal information. According to the relevant provisions of the Cyber Security Law of the People's Republic of China, the Internet Information Office of China notified the App store to remove the above 25 apps, requiring relevant operators to strictly follow the legal requirements and refer to relevant national standards, earnestly rectify existing problems, and effectively ensure the security of users' personal information. All websites and platforms are not allowed to provide access and download services for the above 25 apps that have been removed from the App store, such as Didi Chuxing and Didi Enterprise Edition.</p><p>NOTICE IS HEREBY GIVEN.</p><p>Cyberspace Administration of China</p><p>July 9, 2021</p><p><img src=\"https://static.tigerbbs.com/2892fab3562d58be24b7367779a02aaa\" tg-width=\"784\" tg-height=\"626\" referrerpolicy=\"no-referrer\"></p><p>After the announcement, Didi's intraday gains narrowed rapidly. At present, Didi official website still provides five APP client downloads: Didi International Edition, Didi Enterprise Edition, Didi Car Owner, Didi Driving and Didi Finance.</p><p><img src=\"https://static.tigerbbs.com/d47ad6f79ed27371d8e47ecb1e467ee8\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.cac.gov.cn/2021-07/09/c_1627415870012872.htm\">国家互联网信息...</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/90e9b3b1ac56aae7290447c10b3ea865","relate_stocks":{"DIDI":"滴滴(已退市)"},"source_url":"http://www.cac.gov.cn/2021-07/09/c_1627415870012872.htm","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199935751","content_text":"根据举报，经检测核实，“滴滴企业版”等25款App（列表附后）存在严重违法违规收集使用个人信息问题。国家互联网信息办公室依据《中华人民共和国网络安全法》相关规定，通知应用商店下架上述25款App，要求相关运营者严格按照法律要求，参照国家有关标准，认真整改存在的问题，切实保障广大用户个人信息安全。各网站、平台不得为“滴滴出行”和“滴滴企业版”等上述25款已在应用商店下架的App提供访问和下载服务。\n特此通报。\n国家互联网信息办公室\n2021年7月9日\n\n消息公布后，滴滴盘中涨幅快速收窄。滴滴官网目前仍提供滴滴国际版、滴滴企业版、滴滴车主、滴滴代驾和滴滴金融5款APP客户端下载。","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":1845,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159343772,"gmtCreate":1624943744996,"gmtModify":1703848541820,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3502502252379822","authorIdStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159343772","repostId":"1172774847","repostType":4,"repost":{"id":"1172774847","kind":"news","pubTimestamp":1624936981,"share":"https://ttm.financial/m/news/1172774847?lang=en_US&edition=fundamental","pubTime":"2021-06-29 11:23","market":"hk","language":"zh","title":"Not just printing money: This is enough about modern monetary theory","url":"https://stock-news.laohu8.com/highlight/detail?id=1172774847","media":"动物精神Animal...","summary":"随着全球货币政策在零利率陷阱中越陷越深，叠加新冠疫情带来的全球大放水，有关现代货币理论（MMT）的探讨近来愈加兴起，且在传播过程中引起了非常大的争议。在本文中，我们会尝试在保持逻辑严谨性的前提下，用比","content":"<p>As the global monetary policy falls deeper and deeper into the zero interest rate trap, and the global release brought by the COVID-19 epidemic, relevant<b>The discussion of modern monetary theory (MMT) has been increasingly rising recently, and it has caused great controversy in the process of spreading.</b>In this context,<b>We will try to explore the basic framework, ideological purpose and practicality of modern monetary theory in a relatively easy-to-understand way while maintaining logical rigor.</b></p><p><b>I. Overview</b></p><p>Contrary to popular belief, the popular modern monetary theory is not \"modern\" or new at all. In fact,<b>Modern monetary theory is born out of post-Keynesian school, and thinks that it is the best in-depth interpretation and follower of Keynesian theory.</b>However, the main ideas of modern monetary theory have remained unpopular and even marginalized for nearly 60 years after Keynes, and only in recent years have they finally gained a place in international political and economic discussions. Of course, this change is also closely related to the current dilemma encountered by mainstream macroeconomics. After all, macroeconomics has not won the Nobel Prize for many years, and it needs to be combined with practice to find a new direction. But in any case, criticism of modern monetary theory has always been heard from all walks of life, as the famous comment says:<b>\"The correct parts of MMT aren't new and the new parts aren't correct.\" Where they're right about modern monetary theory is not new, and what is new is not right. \")</b></p><p>If you can summarize what the main point of modern monetary theory says in one sentence, it is actually very simple:</p><p><i><b>For countries with their own currencies, their governments need not care about their debts and expenditures, because they can always pay the interest on all debts through direct government printing money. So the only constraint on how much money the government prints is inflation. As long as the demand and purpose created by printing money can be met by the existing labor force and equipment, and inflation can be kept in a controlled range, then the government of this country can support all its purposes and expenditures by printing money directly.</b></i></p><p>Seeing this, I think most people's first reaction is disapproval, and the Latin American crisis, Weimar, Germany, Zimbabwe, the European debt crisis and so on as counter-examples immediately come to mind. In fact, the core tenet of modern monetary theory is not to try to prove that governments can print money indefinitely without any consequences.<b>In the next paragraph, we will sort out the important views and logical frameworks of modern monetary theory for you to discuss.</b></p><p><b>II. Theoretical viewpoints</b></p><p><b>II.1 Tax-driven currency</b></p><p>Since the collapse of the Brighton Woods system and the decoupling of the dollar from gold in the 1970s, the exploration of the core value of fiat currency has never been a clear conclusion.<b>Aiming at the core attribute and value of money, modern monetary theory has established a whole set of theoretical system based on its unique explanation.</b></p><p><b>Why would anyone want to accept the government's legal tender?</b>People usually just accept it passively and think little about it. When the government is building roads, building aircraft carriers, when the central bank is buying Treasury Bond, and in quantitative easing, do they really pay currency from some account? The answer is clearly no.</p><p><b>So why can the government create money out of thin air like this?</b></p><p>Hyman Minsky once said, \"Everyone can create money, but the question is whether it will be accepted.\" You can create a \"currency\" denominated in dollars by writing \"10 yuan in arrears\" on a note, but the question is whether you can get others to accept it-for example, whether someone is willing to accept the IOU and sell you a pancake.</p><p><b>MMT believes that the core reason the government can do this is that all of us pay taxes to the government.</b>Note that in the vast majority of cases, when the government collects taxes, it only accepts its own currency, so that in order to avoid the punishment of tax evasion (such as going to prison, etc.), the people of a country must seek to obtain that government's currency to pay their taxes. The point here is,<b>Even if it is not easy to force people to use their fiat currency in private transactions, governments can still force people to use fiat currency to pay taxes when collecting taxes.</b>And this fact will naturally create a huge demand among the population for the country's fiat currency. All in all,<b>In order for the issued currency to be accepted, the government actually does not need to store precious metals or foreign currency, nor does it need redundant laws to guarantee it. It only needs to force people to meet their tax obligations in fiat currency.</b></p><p><b>We can then conclude that \"tax drives money\": if the ruler has the right to tax, it can create a demand for fiat money. Because it is easy for the government to \"make sure that people use fiat currency when they pay the government\".</b></p><p>A little derivation from the above discussion reveals that, from the point of view of money issuers, the government established a monetary system to allow resources to flow to the public sector, and the demand for money created by taxes (government printed paper) contributed to this.<b>It can be said that the government established taxes not only to increase fiscal revenue, but also to encourage people to sell their labor, resources and products for their printed paper (money). Most people believe that the government collects taxes only to generate revenue to cover fiscal expenditures. But from an MMT perspective, there is a very subtle difference between the purpose of the tax.</b></p><p>As we all know, the government will not spend all the \"required funds\", but the public's willingness to sell more labor, resources or products in order to get money may be exhausted (for similar views, refer to another article before WeChat official account, and there is no such terrible financial crisis). To be able to transfer resources consistently, governments can try to raise the price they pay (which, if they fail, triggers inflation), or increase taxes. But anyway, we have to remember,<b>In MMT's understanding, the main purpose of increasing taxes is not to generate revenue, but to stimulate demand for money.</b></p><p>In this way,<b>MMT self-consistently gives a theoretical framework for government money, taxation and inflation.</b>We can simply express it as that the government creates demand for its own printed money through taxation, and the ability to collect taxes determines the ability of the government to transfer resources, which further determines the credit of the government's currency, and the level of this credit determines the final demand of this currency, thus directly affecting the nominal inflation of this currency. If the public recognizes this currency, inflation can be controlled, otherwise it will enter a negative feedback spiral of rising inflation-further reduction of money and government credit.</p><p><b>This framework is actually present in reality</b>The credit of the US dollar is built on the world's leading comprehensive strength of the United States after World War II, the price settlement mechanism of almost all commodities, the existence of aircraft carriers, Tesla, Google and Coca-Cola, and even the ability to require all residents of the world, regardless of nationality, to fill in the w8ben form to file taxes with the US government when investing in US dollar assets. In response to the COVID-19 pandemic, the U.S. government has printed unprecedented amounts of money in nearly two years, which has made some people who don't know the system panic and shout that the credit of the dollar will be lost and the dollar will be turned into waste paper.<b>As everyone knows, the US dollar is waste paper, and it is the facts mentioned above that make waste paper have credit. If these capabilities in the United States have not changed, then the underlying credit of the dollar will not be destroyed.</b>Those who rushed to the conclusion that the dollar was about to lose their credit simply because the United States printed too much money are probably busy adjusting their expectations after the recent cycle.</p><p>However, although the Fed's printing of money will not shake the credibility of the dollar, nor will it let big inflation arrive and make the dollar waste paper, China's rise may shake these comparative advantages of the United States. From the highest perspective, the global drama in the next 5-10 years may be interpreted in this dimension. Let's consider this topic in other articles.</p><p>Incidentally, perhaps unlike many people's perception, it is easy to find that the monetary view under the MMT framework described above actually denies the monetary function of the hottest digital assets and Bitcoin (again, government and tax-driven currency). The space is limited, so we won't go into it. (Thinking of the pretentious edge of Fermat's last theorem page, we always know too much and have time to write too little.)</p><p><b>II.2 The Basic Framework of Modern Monetary Theory</b></p><p>Let's elaborate on the analysis logic of MMT.</p><p>First of all, we all know that in society, one party's financial assets will always correspond to the other party's financial liabilities. thereupon<b>We can divide the world very simply into three sectors: the domestic private sector, the domestic public sector, and the \"other national sectors\" composed of foreign governments, companies, and households.</b></p><p>Then if we add up the assets and liabilities of each department, the following identity will always hold:</p><p><i><b>Domestic Private Sector Balance + Domestic Government Sector Balance + Foreign Sector Balance =0</b></i></p><p>This is actually a<b>Accounting identity</b>, does not depend on any theoretical model. To give a potentially illuminating example, suppose that foreign sectors spend less than revenue and have a budget surplus of $50 billion, while domestic government sectors spend less than revenue and have a fiscal budget surplus of $20 billion, then the above identity tells us that the domestic private sector we care about most must have a budget deficit of $500+200= $70 billion in the same time period.</p><p>This may create a \"dilemma\" in which if one of the three sectors has a surplus, at least one of the other sectors has a deficit.<b>In other words, no matter how hard we try, in the same time period, it is impossible to have a great harmony in which all the sectors we think are most ideal have surpluses at the same time.</b></p><p>So by the time we got here, there seemed to be a vague thought in our minds —<b>Since there are always people who want to borrow money, then TMD let the government borrow it, and then everyone in the private sector of our country will have the surplus and assets we are most looking forward to!</b></p><p>If it were that simple, we would just need accounting and no MMT.</p><p>At the beginning of the article, we say that MMT are followers of Keynesian theory because they believe in the following conclusions, which are perpetuated by Keynesianism.</p><p><b>1. From the perspective of the overall economy, the causality of the private sector is that overall expenditure determines overall income (Keynesian economy paradox)</b></p><p>This conclusion is not intuitive, because as far as each of us is concerned, income always determines expenditure: for example, if you win the lottery of 5 million yuan, why don't you add more meat to Lanzhou beef noodles at night?</p><p>However, once we add up all individuals, we find that while individual households can definitively decide to spend less in order to save more money to cope with the expected crisis, if all households try to spend less, total consumption and national income will decline. At this point, companies will be forced to reduce output, lay off employees, and lower wages, which will lead to lower household incomes, which will lead to family members being forced to reduce spending further, and a brutal negative feedback loop begins.</p><p><b>This is Keynes's \"economy paradox\", that is, his most important lesson and explanation of the Great Depression-trying to save money by reducing total consumption will not only increase savings, but reduce income.</b></p><p><b>2. Social deficit expenditure determines the accumulation of financial wealth (savings).</b></p><p>Keynesians argue that only when a sector of the economy decides to spend more than it incomes through a deficit, the counterpart who lends money to it will accumulate net financial wealth in the form of deficit spender liabilities.<b>That is, this decision of deficit spending is what creates net financial wealth. Unless one party is willing to make deficit spending, no matter how much others want to accumulate financial wealth, they cannot do so.</b></p><p><b>3. The government cannot accurately grasp the deficit (tax revenue), and there is an \"Automatic Stabilizers\" effect</b></p><p>Instead of going too far into the fact that the government cannot grasp the deficit with precision (we can go deeper from the Chicago School and the Laffer curve, if we want), we will only talk about some more intuitive inferences.</p><p>It needs to be acknowledged that there are boundaries to the capabilities of government.<b>Even the tax revenue, which seems to be entirely its own, cannot be precisely controlled by the government.</b>It is true that the government can decide to spend more or to raise tax rates, but when government spending and tax rates change, other social variables, such as income, sales, wealth, etc., that is, the overall tax base of society will change accordingly. And these variables are not in the government's control.<b>Therefore, whether there is a deficit, equilibrium or surplus in the fiscal budget, it is not something that the government can decide independently.</b></p><p>Combining the above identities and discussions, assuming we don't consider the surpluses of foreign sectors for the time being, when a recession strikes, the domestic private sector will start to cut spending and increase savings. This would lead to a rise in the domestic private sector balance, which would directly lead to a decline in the domestic government sector balance in the identity. As a result, the government's budget deficit will spontaneously increase. This part of growth is not controlled by the government, but it plays a role in smoothing the fluctuations in the balance of various sectors of society in the face of cycles. Historical data also confirm this relationship —<b>That is, tax revenue grows rapidly during economic boom and falls rapidly during economic depression, making the government's fiscal budget a powerful automatic stabilizer. This is the \"automatic stabilizer\" effect.</b></p><p>Therefore,<b>The best domestic policy is to pursue full employment and price stability rather than a sustainable government deficit path or a manageable overall debt ceiling. Because the latter is the result of automatic stabilizers in most cases, it is not something that the government can decide autonomously.</b></p><p><b>4. Simple expansion of identities</b></p><p>For the convenience of our point of view, we rewrite the above important identities and introduce S (private sector savings), C (private sector consumption expenditure), I (private sector investment), T (government sector taxation), G (government sector expenditure), IM (domestic import), EX (domestic export), so we have</p><p><b>Domestic Private Sector Balance + Domestic Government Sector Balance + Foreign Sector Balance =0</b></p><p><b>S – C – I</b> <b>+</b> <b>T – G</b> <b>+</b> <b>IM – EX</b> <b>=0</b></p><p>At this point, we can basically draw the most important ideological conclusion of modern monetary theory:</p><p><b>If you have the tax revenue and the ability to create your own currency described in II.1, then when you are faced with a recession cycle or negative external shocks (like the subprime mortgage crisis or the COVID-19 crisis), you can better weather the crisis through the regulation of your own government department.</b></p><p>When the crisis arrives, II.2.1 tells us that because overall private sector spending determines overall revenue, the most important thing is to ensure that overall private sector spending does not decline, and especially to avoid falling into a negative feedback loop of simultaneous decline in spending/revenue. II.2.2 tells us that in order to avoid the panic caused by the collapse of social wealth, we need some sector of the economy to initiate deficit spending. Then combined,<b>The only one likely to undertake this deficit spending task is the government sector, which needs to transfer wealth to the private sector in order to repair the decline in overall spending.</b></p><p>The identity in II.2.4 further validates that, in order to achieve this, the domestic private sector balance is returned to the equilibrium level it should be,<b>Then we should minimize our government sector balance and our foreign sector balance (current account deficit from our national perspective).</b></p><p>But because<b>Exogenous uncertainty of exports</b>(If an economy as large as the United States, for example, tries to reduce imports, it could affect the incomes of other countries, and therefore its own exports to the rest of the world.)<b>The best way to deal with this is to reduce the balance of government departments.</b>It is worth emphasizing here that under the mainstream macroeconomic point of view, countries should try their best to pursue current account surplus, while modern monetary theorists have conducted more in-depth theoretical discussions on foreign sector surplus, and finally reached contrary conclusions. That is, when the government can freely control the surplus of its own government departments, the external current account surplus is not important, and this is actually the development path that the United States has actually taken since the 21st century.</p><p><b>Finally, II.1 and II.2.3 tell us that in the process of expanding government deficits to boost private sector spending, we need not consider whether the deficit is too large, because sovereign countries can issue money unlimited without affecting credit; There is no need to think about how the deficit will shrink in the future, because when the crisis passes and the economy returns to a growth cycle, automatic stabilizers will naturally bring the country's deficit back to equilibrium.</b></p><p><b>When we compare the above conclusions and ideas with the way the United States and Western countries responded to the impact of the COVID-19 epidemic this time, we can immediately understand why it is said that the mainstream Western economies have opened a new paradigm of modern monetary theory.</b></p><p>Take the United States as an example. In this COVID-19 crisis, the United States ignored the shackles of all government deficit paths and debt ceiling for the first time, opened the money printing machine to the limit, and launched several trillion-level government expenditure plans, which not only failed to set the ceiling for the size of the Fed's balance sheet, but also allowed the Fed to directly buy corporate high-yield bonds to guarantee the private sector's deficit investment; The United States abandoned the path of QE transmission through banks in the past, directly cut interest rates to the lower limit of interest rates, and at the same time carried out the unprecedented behavior of \"helicopter money\" and directly transferred money to people's personal accounts.<b>Don't care about flooding the mountain, but make sure that overall private sector spending does not fall with thunder.</b></p><p>It can be said that as far as the present situation is concerned, the paradigm of modern monetary theory has achieved very good practical results. Under the severe impact of the COVID-19 pandemic, the US economy has not only achieved a smooth transition, but is likely to resume growth in an extremely quick time (2021). It is no wonder that Yellen, the new US Treasury Secretary appointed in danger, will publicly state that the ceiling of government debt is not so important, as long as it is a sustainable path to ensure that the government's annual fiscal revenue can cover the interest of Treasury Bond.<b>It is expected that in the next 5-10 years, the paradigm of modern monetary theory will establish a firm place in the practice of central banks in Western countries.</b></p><p><b>II.3 The Boundary of Government Debt – Issues of Fiscal Sustainability Pathways</b></p><p><b>The inflation caused by excessive money printing and the sustainable path of government debt should be the two aspects that the \"traditional\" theory questioned the modern monetary theory most concentrated.</b></p><p>First of all, it should be clear that we don't think that modern monetary theory has a very scientific and perfect explanation and response to these questions, but its answers to these questions also have certain merits.</p><p>Let's quote a very intuitive macroeconomic conclusion:</p><p><i><b>When an economy's interest rate r is higher than its growth rate g, its debt ratio will keep growing. (It can be intuitively understood that the newly earned money (g) of the economy can't repay the interest (r) every year, so the debt ratio can only keep rising), so if it is always in the case of r> g, then the government has limited room to continue adding new debt.</b></i></p><p>[For more academic readers, look at James Galbraith's classical model in detail about this conclusion:</p><p>△ d = -s + d * [(R-G) / (1+ g)]</p><p>Where d is the initial ratio of debt to GDP, s is the ratio of fiscal surplus to GDP after subtracting net interest expenses, r is the real interest rate, and g is the real growth rate of GDP]</p><p><b>And we can intuitively see that when r <g, the ratio of debt to GDP is also negative, that is, the debt is gradually decreasing healthily.</b></p><p>So how to achieve it? One scenario that can be naturally controlled by the government is to keep the interest rate r as small as possible, so that g is more likely to be greater than r. As a result, in the nearly decade since the financial crisis, we have seen a significant decline in benchmark interest rates for all countries around the globe. After the COVID-19 crisis interrupted the rate hike process in the United States, we once again saw the benchmark interest rates in all developed countries drop to a position that is basically equal to zero. The European Union, Japan, Sweden, Switzerland and other countries have further opened up the attempt to negative interest rates. This has to be said to be a result of the acquisition of practice of the modern monetary theory paradigm.</p><p>So what if r has been reduced to such a low position, and the actual growth rate g still can't be greater than r? Friends, this is the most cutting-edge academic question still being discussed in modern monetary theory. As far as we know, the current MMT theory can't give a clear answer.</p><p>It must be noted here that, despite the constraints of the liquidity trap,<b>But r is controlled by the government, and there is no absolute lower limit.</b>For example, when 0 is not low enough, the Federal Reserve can announce that the benchmark interest rate will be lowered to-10% overnight. When we consider this absolutely insane gesture to stimulate all immediate consumption, we return to the fundamental difference between modern monetary theory and traditional macroeconomics, that is, the source of government credit-government organization and tax-driven money, the biggest cornerstone of modern monetary theory. It can be said that what we need to face at this time is no longer an economic problem in essence, but a problem in the sociological sense. Specifically, countries with political, technological and military foundations like the United States and the US dollar may not have any difficulties, but in some small countries, because people or other economies in the world lose trust in their currency and government, they will face the danger of losing both regime rule and the effectiveness of legal tender. However, in the theoretical framework of MMT, there is a solution to the fiscal sustainable path of government, but the consequences and constraints brought by it may need the auxiliary perspective of sociology to further improve and support. (A theoretical framework similar to behavioral economics needs to be supported by the introduction of psychological theories.)</p><p><b>II.4 The Boundary of Government Debt – Inflation</b></p><p>Finally, let's explore the biggest doubt that everyone intuitively has about modern monetary theory:<b>The problem of inflation.</b></p><p>As Friedman famously said: \"Inflation is a monetary phenomenon whenever and wherever it is\", how does modern monetary theory ensure that the country does not enter the vicious spiral of self-reinforcing inflation while proposing to lift government spending and debt ceiling to print money on a large scale if necessary?</p><p><b>In fact, modern monetary theory is very descriptive when it comes to answering questions related to inflation, and it can even be said that modern monetary theory itself is merely a description of how sovereign currencies work.</b>As mentioned above, it has a good theoretical and ideological framework to explain how sovereign states and their currencies work, but there are not enough scientific and quantitative tools to draw insurmountable boundaries for this way of working.</p><p>The discussion of inflation in modern monetary theory can be divided into<b>Two directions.</b></p><p><b>The first direction avoids directly answering the inflation question and instead negates the prevailing mainstream macro framework, arguing that the inflation-employment relationship revealed by the Phelps curve can entirely be avoided by government intervention.</b></p><p>The founder of this direction is the famous economist A. Lerner and his<b>\"Functional Finance Theory\"</b>。 In his theory, Lerner emphasized that the government should start with its function to the economy when formulating the fiscal budget, and should not add the restriction of fiscal balance of payments. This is simply a match between the abandonment of fiscal sustainability in modern monetary theory discussed in the previous section. Therefore, the subsequent researchers of modern monetary theory put forward<b>\"Employment Security/Final Employer\" Model</b>。</p><p>Considering that this is a brand-new framework, we will not go into depth here but instead describe the main logic of this model intuitively.</p><p>From the above,<b>According to the framework of modern monetary theory, we know that the government can issue its own currency indefinitely. So why not let the government act as the ultimate employer and promise to provide jobs for all qualified and willing citizens of the country?</b>In this way, the unemployment rate will be directly reduced to zero, and a well-off society will be directly realized.</p><p>In this theoretical framework,<b>All the unemployed in the country will be employed by the government as the final employer and will be offered a minimum wage equivalent to the employment guarantee.</b>The private sector can then select the best of this government-employed population by offering higher-than-employment-guaranteed wages.</p><p>Imagine that if our government implements this framework now, then all the unemployed people in the country can go to the local government to get a job, and the salary is 2,000 yuan/month paid by the government. The specific work can be local agricultural picking according to local conditions, or it can be uniformly deployed by infrastructure projects led by government expenditure, or simply become a take-out rider, and the government will pay this part of employment security salary through platform companies like Meituan.</p><p>It looks like,<b>Inflation does become less relevant under such a theoretical framework.</b>During the economic boom, private sector employers can hire workers from employment plans by providing workers with higher wages than the employment guarantee salary (2,000 yuan/month). For example, Meituan can provide 3,000 yuan/month salary to hire efficient riders in its own company. In a recession, the private sector can dismiss workers and return them to the government's final employer scheme for a guaranteed employment salary of at least 2,000 yuan/month. In this way, the Employment Guarantee salary will reduce inflationary pressures in times of boom and deflationary pressures in times of recession.</p><p><b>Therefore, the modern monetary theoretical framework can finally find an \"anchor\" of sovereign currency by setting up government guaranteed salary. Under this complete MMT framework, the marginal value of a sovereign currency is equal to the amount of labor it can employ. The government has achieved full employment through the program and can perfectly control inflation by adjusting the marginal labor value by adjusting the Job Guarantee salary.</b></p><p><b>But the problem with this Republic theory is also obvious — even leaving aside the exchange rate and inflation problems that MMT faces when government spending is excessive, as discussed in II.3, one important fact that we need to note is that this framework ignores the subjective initiative of all individuals and the incentive for employment.</b></p><p>For example, if a government-provided job requires 12 hours of hard work, an individual will automatically withdraw from the Employment Security Scheme if he thinks that only 2000 yuan is too little for 12 hours of labor. This will directly cause real unemployment to rise again.</p><p>For example, the employment security riders of the US Mission don't need to do too much, and they can receive a salary of 2,000 yuan/month by sending 3 orders a day. Then, the US Mission riders who originally needed to send 30 orders a day to receive a salary of 5,000 yuan/month in the market competition environment may be willing to choose to lie down to join the employment security plan, thus distorting the overall efficiency and demand of the society.</p><p>In addition, this Employment Security/Final Employer Scheme is actually a typical \"big government\" framework. In order to be effectively implemented, the government needs to have a high degree of monopoly of rights and resources. In response to this situation, Piketty makes an in-depth discussion in his new book Capital and Ideology. He points out the apocalyptic ideological dilemma faced by the framework of big government after the disintegration of the Soviet Union through the change of views between the left and the right in modern society.<b>Therefore, this employment security/final employer model may only exist in the paper utopia of some modern monetary theorists for a long time.</b></p><p>Since it is impossible to completely jump out of the mainstream monetarist theory in practice in the short term, modern monetary theory scholars also follow the mainstream framework<b>The second direction</b>Explained the inflation problem as much as possible.</p><p>In our opinion,<b>The academic significance of this part of the explanation is somewhat lacking, because the MMT theoretical framework never suggests a clear way to calculate the expenditure ceiling of sovereign governments.</b>So in this direction, the arguments of MMT supporters are mainly<b>Focus on practical experience</b>。 Noting that in the past 40 years or so, the global mainstream economies have basically been in an environment of extreme lack of inflation, and even after large-scale money printing, there are still no signs of rising inflation, they believe that considering the unknown factors such as oversupply in modern society and changes in production factors,<b>It is very difficult for a sovereign government to trigger inflation by raising the deficit and printing money.</b>However, the hyperinflation that has occurred in history, firstly, is not large in number, and secondly, it mostly occurs in developing countries with too fragile economic systems such as Zimbabwe and Brazil, and in most cases, it often occurs when the country is subjected to unusual domestic and foreign geopolitical or political shocks. Therefore,<b>It is not universal.</b></p><p>Although this explanation is vague and almost false, it would be unfair to blame modern monetary theorists on that basis,<b>After all, mainstream monetarist scholars have not explained well the effect of quantitative easing and how it is transmitted to the real economy.</b>For example, why did the huge amount of money issued by central banks around the world in response to the 2008 financial crisis never cause inflation to rise in these countries? In view of this question, the mainstream academic circles have never found a convincing theoretical framework to give an answer. On this point, the most confused people should be Abe and Haruhiko Kuroda. The Bank of Japan's money printing level has already far broken the fiscal deficit ceiling believed by traditional monetarism, and even reached the point of nationalizing the whole Japanese business community, but people still can't find any clues of rising inflation in Japan.</p><p>From this point of view,<b>This Covid crisis could be a litmus test for modern monetary theory</b>Because at least as of the second quarter, in the unprecedented wave of the largest water release in the world, we finally saw a little sign of inflation. But for now, this is the slightest sign that the prevailing expectation of the Fed and markets remains that these<b>Inflation is 'transitory'</b>At the end of the epidemic, the marginal normalization of monetary policy will fade by itself.</p><p><b>If the story really progresses like this, then in the spirit of science and practicality, inflation's shackles and criticism of modern monetary theory may be really ineffective. After all, at present, the government directly gives a generous employment guarantee salary by helicopter money without requiring people to find employment. This degree of water release has actually far exceeded the imagination of modern monetary theorists on paper before. If inflation is not visible under such circumstances, then traditional monetarists can indeed burn Friedman's theory of quantity of money to embrace a new era of macro.</b></p><p><b>III. Summary</b></p><p>This paper tries to sort out the paradigm of modern monetary theory, which is the most popular macro monetary theory in the world at present, and expounds the theoretical basis and important framework of modern monetary theory as popularly as possible, and discusses its limitations.</p><p><b>The conclusions of modern monetary theory shock those who have only been exposed to traditional monetary views. It challenges the orthodox view of government fiscal and fiscal budget deficits, the employment-inflation trade-off established by the Phillips curve, and the fight for current account surpluses.</b></p><p><b>However, it is essentially the orthodox continuation of Keynesianism, and its understanding of how the treasury and central bank of a sovereign country should coordinate their operations and their respective powers and responsibilities significantly goes beyond the limitations of classical monetarism.</b></p>","source":"lsy1624936809849","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>Not just printing money: This is enough about modern monetary theory</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\">\nNot just printing money: This is enough about modern monetary theory\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">动物精神Animal...</strong><span class=\"h-time small\">2021-06-29 11:23</span>\n</p>\n</h4>\n</header>\n<article>\n<p>As the global monetary policy falls deeper and deeper into the zero interest rate trap, and the global release brought by the COVID-19 epidemic, relevant<b>The discussion of modern monetary theory (MMT) has been increasingly rising recently, and it has caused great controversy in the process of spreading.</b>In this context,<b>We will try to explore the basic framework, ideological purpose and practicality of modern monetary theory in a relatively easy-to-understand way while maintaining logical rigor.</b></p><p><b>I. Overview</b></p><p>Contrary to popular belief, the popular modern monetary theory is not \"modern\" or new at all. In fact,<b>Modern monetary theory is born out of post-Keynesian school, and thinks that it is the best in-depth interpretation and follower of Keynesian theory.</b>However, the main ideas of modern monetary theory have remained unpopular and even marginalized for nearly 60 years after Keynes, and only in recent years have they finally gained a place in international political and economic discussions. Of course, this change is also closely related to the current dilemma encountered by mainstream macroeconomics. After all, macroeconomics has not won the Nobel Prize for many years, and it needs to be combined with practice to find a new direction. But in any case, criticism of modern monetary theory has always been heard from all walks of life, as the famous comment says:<b>\"The correct parts of MMT aren't new and the new parts aren't correct.\" Where they're right about modern monetary theory is not new, and what is new is not right. \")</b></p><p>If you can summarize what the main point of modern monetary theory says in one sentence, it is actually very simple:</p><p><i><b>For countries with their own currencies, their governments need not care about their debts and expenditures, because they can always pay the interest on all debts through direct government printing money. So the only constraint on how much money the government prints is inflation. As long as the demand and purpose created by printing money can be met by the existing labor force and equipment, and inflation can be kept in a controlled range, then the government of this country can support all its purposes and expenditures by printing money directly.</b></i></p><p>Seeing this, I think most people's first reaction is disapproval, and the Latin American crisis, Weimar, Germany, Zimbabwe, the European debt crisis and so on as counter-examples immediately come to mind. In fact, the core tenet of modern monetary theory is not to try to prove that governments can print money indefinitely without any consequences.<b>In the next paragraph, we will sort out the important views and logical frameworks of modern monetary theory for you to discuss.</b></p><p><b>II. Theoretical viewpoints</b></p><p><b>II.1 Tax-driven currency</b></p><p>Since the collapse of the Brighton Woods system and the decoupling of the dollar from gold in the 1970s, the exploration of the core value of fiat currency has never been a clear conclusion.<b>Aiming at the core attribute and value of money, modern monetary theory has established a whole set of theoretical system based on its unique explanation.</b></p><p><b>Why would anyone want to accept the government's legal tender?</b>People usually just accept it passively and think little about it. When the government is building roads, building aircraft carriers, when the central bank is buying Treasury Bond, and in quantitative easing, do they really pay currency from some account? The answer is clearly no.</p><p><b>So why can the government create money out of thin air like this?</b></p><p>Hyman Minsky once said, \"Everyone can create money, but the question is whether it will be accepted.\" You can create a \"currency\" denominated in dollars by writing \"10 yuan in arrears\" on a note, but the question is whether you can get others to accept it-for example, whether someone is willing to accept the IOU and sell you a pancake.</p><p><b>MMT believes that the core reason the government can do this is that all of us pay taxes to the government.</b>Note that in the vast majority of cases, when the government collects taxes, it only accepts its own currency, so that in order to avoid the punishment of tax evasion (such as going to prison, etc.), the people of a country must seek to obtain that government's currency to pay their taxes. The point here is,<b>Even if it is not easy to force people to use their fiat currency in private transactions, governments can still force people to use fiat currency to pay taxes when collecting taxes.</b>And this fact will naturally create a huge demand among the population for the country's fiat currency. All in all,<b>In order for the issued currency to be accepted, the government actually does not need to store precious metals or foreign currency, nor does it need redundant laws to guarantee it. It only needs to force people to meet their tax obligations in fiat currency.</b></p><p><b>We can then conclude that \"tax drives money\": if the ruler has the right to tax, it can create a demand for fiat money. Because it is easy for the government to \"make sure that people use fiat currency when they pay the government\".</b></p><p>A little derivation from the above discussion reveals that, from the point of view of money issuers, the government established a monetary system to allow resources to flow to the public sector, and the demand for money created by taxes (government printed paper) contributed to this.<b>It can be said that the government established taxes not only to increase fiscal revenue, but also to encourage people to sell their labor, resources and products for their printed paper (money). Most people believe that the government collects taxes only to generate revenue to cover fiscal expenditures. But from an MMT perspective, there is a very subtle difference between the purpose of the tax.</b></p><p>As we all know, the government will not spend all the \"required funds\", but the public's willingness to sell more labor, resources or products in order to get money may be exhausted (for similar views, refer to another article before WeChat official account, and there is no such terrible financial crisis). To be able to transfer resources consistently, governments can try to raise the price they pay (which, if they fail, triggers inflation), or increase taxes. But anyway, we have to remember,<b>In MMT's understanding, the main purpose of increasing taxes is not to generate revenue, but to stimulate demand for money.</b></p><p>In this way,<b>MMT self-consistently gives a theoretical framework for government money, taxation and inflation.</b>We can simply express it as that the government creates demand for its own printed money through taxation, and the ability to collect taxes determines the ability of the government to transfer resources, which further determines the credit of the government's currency, and the level of this credit determines the final demand of this currency, thus directly affecting the nominal inflation of this currency. If the public recognizes this currency, inflation can be controlled, otherwise it will enter a negative feedback spiral of rising inflation-further reduction of money and government credit.</p><p><b>This framework is actually present in reality</b>The credit of the US dollar is built on the world's leading comprehensive strength of the United States after World War II, the price settlement mechanism of almost all commodities, the existence of aircraft carriers, Tesla, Google and Coca-Cola, and even the ability to require all residents of the world, regardless of nationality, to fill in the w8ben form to file taxes with the US government when investing in US dollar assets. In response to the COVID-19 pandemic, the U.S. government has printed unprecedented amounts of money in nearly two years, which has made some people who don't know the system panic and shout that the credit of the dollar will be lost and the dollar will be turned into waste paper.<b>As everyone knows, the US dollar is waste paper, and it is the facts mentioned above that make waste paper have credit. If these capabilities in the United States have not changed, then the underlying credit of the dollar will not be destroyed.</b>Those who rushed to the conclusion that the dollar was about to lose their credit simply because the United States printed too much money are probably busy adjusting their expectations after the recent cycle.</p><p>However, although the Fed's printing of money will not shake the credibility of the dollar, nor will it let big inflation arrive and make the dollar waste paper, China's rise may shake these comparative advantages of the United States. From the highest perspective, the global drama in the next 5-10 years may be interpreted in this dimension. Let's consider this topic in other articles.</p><p>Incidentally, perhaps unlike many people's perception, it is easy to find that the monetary view under the MMT framework described above actually denies the monetary function of the hottest digital assets and Bitcoin (again, government and tax-driven currency). The space is limited, so we won't go into it. (Thinking of the pretentious edge of Fermat's last theorem page, we always know too much and have time to write too little.)</p><p><b>II.2 The Basic Framework of Modern Monetary Theory</b></p><p>Let's elaborate on the analysis logic of MMT.</p><p>First of all, we all know that in society, one party's financial assets will always correspond to the other party's financial liabilities. thereupon<b>We can divide the world very simply into three sectors: the domestic private sector, the domestic public sector, and the \"other national sectors\" composed of foreign governments, companies, and households.</b></p><p>Then if we add up the assets and liabilities of each department, the following identity will always hold:</p><p><i><b>Domestic Private Sector Balance + Domestic Government Sector Balance + Foreign Sector Balance =0</b></i></p><p>This is actually a<b>Accounting identity</b>, does not depend on any theoretical model. To give a potentially illuminating example, suppose that foreign sectors spend less than revenue and have a budget surplus of $50 billion, while domestic government sectors spend less than revenue and have a fiscal budget surplus of $20 billion, then the above identity tells us that the domestic private sector we care about most must have a budget deficit of $500+200= $70 billion in the same time period.</p><p>This may create a \"dilemma\" in which if one of the three sectors has a surplus, at least one of the other sectors has a deficit.<b>In other words, no matter how hard we try, in the same time period, it is impossible to have a great harmony in which all the sectors we think are most ideal have surpluses at the same time.</b></p><p>So by the time we got here, there seemed to be a vague thought in our minds —<b>Since there are always people who want to borrow money, then TMD let the government borrow it, and then everyone in the private sector of our country will have the surplus and assets we are most looking forward to!</b></p><p>If it were that simple, we would just need accounting and no MMT.</p><p>At the beginning of the article, we say that MMT are followers of Keynesian theory because they believe in the following conclusions, which are perpetuated by Keynesianism.</p><p><b>1. From the perspective of the overall economy, the causality of the private sector is that overall expenditure determines overall income (Keynesian economy paradox)</b></p><p>This conclusion is not intuitive, because as far as each of us is concerned, income always determines expenditure: for example, if you win the lottery of 5 million yuan, why don't you add more meat to Lanzhou beef noodles at night?</p><p>However, once we add up all individuals, we find that while individual households can definitively decide to spend less in order to save more money to cope with the expected crisis, if all households try to spend less, total consumption and national income will decline. At this point, companies will be forced to reduce output, lay off employees, and lower wages, which will lead to lower household incomes, which will lead to family members being forced to reduce spending further, and a brutal negative feedback loop begins.</p><p><b>This is Keynes's \"economy paradox\", that is, his most important lesson and explanation of the Great Depression-trying to save money by reducing total consumption will not only increase savings, but reduce income.</b></p><p><b>2. Social deficit expenditure determines the accumulation of financial wealth (savings).</b></p><p>Keynesians argue that only when a sector of the economy decides to spend more than it incomes through a deficit, the counterpart who lends money to it will accumulate net financial wealth in the form of deficit spender liabilities.<b>That is, this decision of deficit spending is what creates net financial wealth. Unless one party is willing to make deficit spending, no matter how much others want to accumulate financial wealth, they cannot do so.</b></p><p><b>3. The government cannot accurately grasp the deficit (tax revenue), and there is an \"Automatic Stabilizers\" effect</b></p><p>Instead of going too far into the fact that the government cannot grasp the deficit with precision (we can go deeper from the Chicago School and the Laffer curve, if we want), we will only talk about some more intuitive inferences.</p><p>It needs to be acknowledged that there are boundaries to the capabilities of government.<b>Even the tax revenue, which seems to be entirely its own, cannot be precisely controlled by the government.</b>It is true that the government can decide to spend more or to raise tax rates, but when government spending and tax rates change, other social variables, such as income, sales, wealth, etc., that is, the overall tax base of society will change accordingly. And these variables are not in the government's control.<b>Therefore, whether there is a deficit, equilibrium or surplus in the fiscal budget, it is not something that the government can decide independently.</b></p><p>Combining the above identities and discussions, assuming we don't consider the surpluses of foreign sectors for the time being, when a recession strikes, the domestic private sector will start to cut spending and increase savings. This would lead to a rise in the domestic private sector balance, which would directly lead to a decline in the domestic government sector balance in the identity. As a result, the government's budget deficit will spontaneously increase. This part of growth is not controlled by the government, but it plays a role in smoothing the fluctuations in the balance of various sectors of society in the face of cycles. Historical data also confirm this relationship —<b>That is, tax revenue grows rapidly during economic boom and falls rapidly during economic depression, making the government's fiscal budget a powerful automatic stabilizer. This is the \"automatic stabilizer\" effect.</b></p><p>Therefore,<b>The best domestic policy is to pursue full employment and price stability rather than a sustainable government deficit path or a manageable overall debt ceiling. Because the latter is the result of automatic stabilizers in most cases, it is not something that the government can decide autonomously.</b></p><p><b>4. Simple expansion of identities</b></p><p>For the convenience of our point of view, we rewrite the above important identities and introduce S (private sector savings), C (private sector consumption expenditure), I (private sector investment), T (government sector taxation), G (government sector expenditure), IM (domestic import), EX (domestic export), so we have</p><p><b>Domestic Private Sector Balance + Domestic Government Sector Balance + Foreign Sector Balance =0</b></p><p><b>S – C – I</b> <b>+</b> <b>T – G</b> <b>+</b> <b>IM – EX</b> <b>=0</b></p><p>At this point, we can basically draw the most important ideological conclusion of modern monetary theory:</p><p><b>If you have the tax revenue and the ability to create your own currency described in II.1, then when you are faced with a recession cycle or negative external shocks (like the subprime mortgage crisis or the COVID-19 crisis), you can better weather the crisis through the regulation of your own government department.</b></p><p>When the crisis arrives, II.2.1 tells us that because overall private sector spending determines overall revenue, the most important thing is to ensure that overall private sector spending does not decline, and especially to avoid falling into a negative feedback loop of simultaneous decline in spending/revenue. II.2.2 tells us that in order to avoid the panic caused by the collapse of social wealth, we need some sector of the economy to initiate deficit spending. Then combined,<b>The only one likely to undertake this deficit spending task is the government sector, which needs to transfer wealth to the private sector in order to repair the decline in overall spending.</b></p><p>The identity in II.2.4 further validates that, in order to achieve this, the domestic private sector balance is returned to the equilibrium level it should be,<b>Then we should minimize our government sector balance and our foreign sector balance (current account deficit from our national perspective).</b></p><p>But because<b>Exogenous uncertainty of exports</b>(If an economy as large as the United States, for example, tries to reduce imports, it could affect the incomes of other countries, and therefore its own exports to the rest of the world.)<b>The best way to deal with this is to reduce the balance of government departments.</b>It is worth emphasizing here that under the mainstream macroeconomic point of view, countries should try their best to pursue current account surplus, while modern monetary theorists have conducted more in-depth theoretical discussions on foreign sector surplus, and finally reached contrary conclusions. That is, when the government can freely control the surplus of its own government departments, the external current account surplus is not important, and this is actually the development path that the United States has actually taken since the 21st century.</p><p><b>Finally, II.1 and II.2.3 tell us that in the process of expanding government deficits to boost private sector spending, we need not consider whether the deficit is too large, because sovereign countries can issue money unlimited without affecting credit; There is no need to think about how the deficit will shrink in the future, because when the crisis passes and the economy returns to a growth cycle, automatic stabilizers will naturally bring the country's deficit back to equilibrium.</b></p><p><b>When we compare the above conclusions and ideas with the way the United States and Western countries responded to the impact of the COVID-19 epidemic this time, we can immediately understand why it is said that the mainstream Western economies have opened a new paradigm of modern monetary theory.</b></p><p>Take the United States as an example. In this COVID-19 crisis, the United States ignored the shackles of all government deficit paths and debt ceiling for the first time, opened the money printing machine to the limit, and launched several trillion-level government expenditure plans, which not only failed to set the ceiling for the size of the Fed's balance sheet, but also allowed the Fed to directly buy corporate high-yield bonds to guarantee the private sector's deficit investment; The United States abandoned the path of QE transmission through banks in the past, directly cut interest rates to the lower limit of interest rates, and at the same time carried out the unprecedented behavior of \"helicopter money\" and directly transferred money to people's personal accounts.<b>Don't care about flooding the mountain, but make sure that overall private sector spending does not fall with thunder.</b></p><p>It can be said that as far as the present situation is concerned, the paradigm of modern monetary theory has achieved very good practical results. Under the severe impact of the COVID-19 pandemic, the US economy has not only achieved a smooth transition, but is likely to resume growth in an extremely quick time (2021). It is no wonder that Yellen, the new US Treasury Secretary appointed in danger, will publicly state that the ceiling of government debt is not so important, as long as it is a sustainable path to ensure that the government's annual fiscal revenue can cover the interest of Treasury Bond.<b>It is expected that in the next 5-10 years, the paradigm of modern monetary theory will establish a firm place in the practice of central banks in Western countries.</b></p><p><b>II.3 The Boundary of Government Debt – Issues of Fiscal Sustainability Pathways</b></p><p><b>The inflation caused by excessive money printing and the sustainable path of government debt should be the two aspects that the \"traditional\" theory questioned the modern monetary theory most concentrated.</b></p><p>First of all, it should be clear that we don't think that modern monetary theory has a very scientific and perfect explanation and response to these questions, but its answers to these questions also have certain merits.</p><p>Let's quote a very intuitive macroeconomic conclusion:</p><p><i><b>When an economy's interest rate r is higher than its growth rate g, its debt ratio will keep growing. (It can be intuitively understood that the newly earned money (g) of the economy can't repay the interest (r) every year, so the debt ratio can only keep rising), so if it is always in the case of r> g, then the government has limited room to continue adding new debt.</b></i></p><p>[For more academic readers, look at James Galbraith's classical model in detail about this conclusion:</p><p>△ d = -s + d * [(R-G) / (1+ g)]</p><p>Where d is the initial ratio of debt to GDP, s is the ratio of fiscal surplus to GDP after subtracting net interest expenses, r is the real interest rate, and g is the real growth rate of GDP]</p><p><b>And we can intuitively see that when r <g, the ratio of debt to GDP is also negative, that is, the debt is gradually decreasing healthily.</b></p><p>So how to achieve it? One scenario that can be naturally controlled by the government is to keep the interest rate r as small as possible, so that g is more likely to be greater than r. As a result, in the nearly decade since the financial crisis, we have seen a significant decline in benchmark interest rates for all countries around the globe. After the COVID-19 crisis interrupted the rate hike process in the United States, we once again saw the benchmark interest rates in all developed countries drop to a position that is basically equal to zero. The European Union, Japan, Sweden, Switzerland and other countries have further opened up the attempt to negative interest rates. This has to be said to be a result of the acquisition of practice of the modern monetary theory paradigm.</p><p>So what if r has been reduced to such a low position, and the actual growth rate g still can't be greater than r? Friends, this is the most cutting-edge academic question still being discussed in modern monetary theory. As far as we know, the current MMT theory can't give a clear answer.</p><p>It must be noted here that, despite the constraints of the liquidity trap,<b>But r is controlled by the government, and there is no absolute lower limit.</b>For example, when 0 is not low enough, the Federal Reserve can announce that the benchmark interest rate will be lowered to-10% overnight. When we consider this absolutely insane gesture to stimulate all immediate consumption, we return to the fundamental difference between modern monetary theory and traditional macroeconomics, that is, the source of government credit-government organization and tax-driven money, the biggest cornerstone of modern monetary theory. It can be said that what we need to face at this time is no longer an economic problem in essence, but a problem in the sociological sense. Specifically, countries with political, technological and military foundations like the United States and the US dollar may not have any difficulties, but in some small countries, because people or other economies in the world lose trust in their currency and government, they will face the danger of losing both regime rule and the effectiveness of legal tender. However, in the theoretical framework of MMT, there is a solution to the fiscal sustainable path of government, but the consequences and constraints brought by it may need the auxiliary perspective of sociology to further improve and support. (A theoretical framework similar to behavioral economics needs to be supported by the introduction of psychological theories.)</p><p><b>II.4 The Boundary of Government Debt – Inflation</b></p><p>Finally, let's explore the biggest doubt that everyone intuitively has about modern monetary theory:<b>The problem of inflation.</b></p><p>As Friedman famously said: \"Inflation is a monetary phenomenon whenever and wherever it is\", how does modern monetary theory ensure that the country does not enter the vicious spiral of self-reinforcing inflation while proposing to lift government spending and debt ceiling to print money on a large scale if necessary?</p><p><b>In fact, modern monetary theory is very descriptive when it comes to answering questions related to inflation, and it can even be said that modern monetary theory itself is merely a description of how sovereign currencies work.</b>As mentioned above, it has a good theoretical and ideological framework to explain how sovereign states and their currencies work, but there are not enough scientific and quantitative tools to draw insurmountable boundaries for this way of working.</p><p>The discussion of inflation in modern monetary theory can be divided into<b>Two directions.</b></p><p><b>The first direction avoids directly answering the inflation question and instead negates the prevailing mainstream macro framework, arguing that the inflation-employment relationship revealed by the Phelps curve can entirely be avoided by government intervention.</b></p><p>The founder of this direction is the famous economist A. Lerner and his<b>\"Functional Finance Theory\"</b>。 In his theory, Lerner emphasized that the government should start with its function to the economy when formulating the fiscal budget, and should not add the restriction of fiscal balance of payments. This is simply a match between the abandonment of fiscal sustainability in modern monetary theory discussed in the previous section. Therefore, the subsequent researchers of modern monetary theory put forward<b>\"Employment Security/Final Employer\" Model</b>。</p><p>Considering that this is a brand-new framework, we will not go into depth here but instead describe the main logic of this model intuitively.</p><p>From the above,<b>According to the framework of modern monetary theory, we know that the government can issue its own currency indefinitely. So why not let the government act as the ultimate employer and promise to provide jobs for all qualified and willing citizens of the country?</b>In this way, the unemployment rate will be directly reduced to zero, and a well-off society will be directly realized.</p><p>In this theoretical framework,<b>All the unemployed in the country will be employed by the government as the final employer and will be offered a minimum wage equivalent to the employment guarantee.</b>The private sector can then select the best of this government-employed population by offering higher-than-employment-guaranteed wages.</p><p>Imagine that if our government implements this framework now, then all the unemployed people in the country can go to the local government to get a job, and the salary is 2,000 yuan/month paid by the government. The specific work can be local agricultural picking according to local conditions, or it can be uniformly deployed by infrastructure projects led by government expenditure, or simply become a take-out rider, and the government will pay this part of employment security salary through platform companies like Meituan.</p><p>It looks like,<b>Inflation does become less relevant under such a theoretical framework.</b>During the economic boom, private sector employers can hire workers from employment plans by providing workers with higher wages than the employment guarantee salary (2,000 yuan/month). For example, Meituan can provide 3,000 yuan/month salary to hire efficient riders in its own company. In a recession, the private sector can dismiss workers and return them to the government's final employer scheme for a guaranteed employment salary of at least 2,000 yuan/month. In this way, the Employment Guarantee salary will reduce inflationary pressures in times of boom and deflationary pressures in times of recession.</p><p><b>Therefore, the modern monetary theoretical framework can finally find an \"anchor\" of sovereign currency by setting up government guaranteed salary. Under this complete MMT framework, the marginal value of a sovereign currency is equal to the amount of labor it can employ. The government has achieved full employment through the program and can perfectly control inflation by adjusting the marginal labor value by adjusting the Job Guarantee salary.</b></p><p><b>But the problem with this Republic theory is also obvious — even leaving aside the exchange rate and inflation problems that MMT faces when government spending is excessive, as discussed in II.3, one important fact that we need to note is that this framework ignores the subjective initiative of all individuals and the incentive for employment.</b></p><p>For example, if a government-provided job requires 12 hours of hard work, an individual will automatically withdraw from the Employment Security Scheme if he thinks that only 2000 yuan is too little for 12 hours of labor. This will directly cause real unemployment to rise again.</p><p>For example, the employment security riders of the US Mission don't need to do too much, and they can receive a salary of 2,000 yuan/month by sending 3 orders a day. Then, the US Mission riders who originally needed to send 30 orders a day to receive a salary of 5,000 yuan/month in the market competition environment may be willing to choose to lie down to join the employment security plan, thus distorting the overall efficiency and demand of the society.</p><p>In addition, this Employment Security/Final Employer Scheme is actually a typical \"big government\" framework. In order to be effectively implemented, the government needs to have a high degree of monopoly of rights and resources. In response to this situation, Piketty makes an in-depth discussion in his new book Capital and Ideology. He points out the apocalyptic ideological dilemma faced by the framework of big government after the disintegration of the Soviet Union through the change of views between the left and the right in modern society.<b>Therefore, this employment security/final employer model may only exist in the paper utopia of some modern monetary theorists for a long time.</b></p><p>Since it is impossible to completely jump out of the mainstream monetarist theory in practice in the short term, modern monetary theory scholars also follow the mainstream framework<b>The second direction</b>Explained the inflation problem as much as possible.</p><p>In our opinion,<b>The academic significance of this part of the explanation is somewhat lacking, because the MMT theoretical framework never suggests a clear way to calculate the expenditure ceiling of sovereign governments.</b>So in this direction, the arguments of MMT supporters are mainly<b>Focus on practical experience</b>。 Noting that in the past 40 years or so, the global mainstream economies have basically been in an environment of extreme lack of inflation, and even after large-scale money printing, there are still no signs of rising inflation, they believe that considering the unknown factors such as oversupply in modern society and changes in production factors,<b>It is very difficult for a sovereign government to trigger inflation by raising the deficit and printing money.</b>However, the hyperinflation that has occurred in history, firstly, is not large in number, and secondly, it mostly occurs in developing countries with too fragile economic systems such as Zimbabwe and Brazil, and in most cases, it often occurs when the country is subjected to unusual domestic and foreign geopolitical or political shocks. Therefore,<b>It is not universal.</b></p><p>Although this explanation is vague and almost false, it would be unfair to blame modern monetary theorists on that basis,<b>After all, mainstream monetarist scholars have not explained well the effect of quantitative easing and how it is transmitted to the real economy.</b>For example, why did the huge amount of money issued by central banks around the world in response to the 2008 financial crisis never cause inflation to rise in these countries? In view of this question, the mainstream academic circles have never found a convincing theoretical framework to give an answer. On this point, the most confused people should be Abe and Haruhiko Kuroda. The Bank of Japan's money printing level has already far broken the fiscal deficit ceiling believed by traditional monetarism, and even reached the point of nationalizing the whole Japanese business community, but people still can't find any clues of rising inflation in Japan.</p><p>From this point of view,<b>This Covid crisis could be a litmus test for modern monetary theory</b>Because at least as of the second quarter, in the unprecedented wave of the largest water release in the world, we finally saw a little sign of inflation. But for now, this is the slightest sign that the prevailing expectation of the Fed and markets remains that these<b>Inflation is 'transitory'</b>At the end of the epidemic, the marginal normalization of monetary policy will fade by itself.</p><p><b>If the story really progresses like this, then in the spirit of science and practicality, inflation's shackles and criticism of modern monetary theory may be really ineffective. After all, at present, the government directly gives a generous employment guarantee salary by helicopter money without requiring people to find employment. This degree of water release has actually far exceeded the imagination of modern monetary theorists on paper before. If inflation is not visible under such circumstances, then traditional monetarists can indeed burn Friedman's theory of quantity of money to embrace a new era of macro.</b></p><p><b>III. Summary</b></p><p>This paper tries to sort out the paradigm of modern monetary theory, which is the most popular macro monetary theory in the world at present, and expounds the theoretical basis and important framework of modern monetary theory as popularly as possible, and discusses its limitations.</p><p><b>The conclusions of modern monetary theory shock those who have only been exposed to traditional monetary views. It challenges the orthodox view of government fiscal and fiscal budget deficits, the employment-inflation trade-off established by the Phillips curve, and the fight for current account surpluses.</b></p><p><b>However, it is essentially the orthodox continuation of Keynesianism, and its understanding of how the treasury and central bank of a sovereign country should coordinate their operations and their respective powers and responsibilities significantly goes beyond the limitations of classical monetarism.</b></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/7xkjnL08zcFJcRhUMIn7zw\">动物精神Animal...</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3cfac405d9968bb68cea6d74e9f4c711","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/7xkjnL08zcFJcRhUMIn7zw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172774847","content_text":"随着全球货币政策在零利率陷阱中越陷越深，叠加新冠疫情带来的全球大放水，有关现代货币理论（MMT）的探讨近来愈加兴起，且在传播过程中引起了非常大的争议。在本文中，我们会尝试在保持逻辑严谨性的前提下，用比较通俗易懂的方式来探究现代货币理论的基础框架、思想宗旨与实用性。\nI. 概述\n同大众的看法相反，当下为人所乐道的现代货币理论并不“现代”，或者说根本不新。事实上，现代货币理论脱胎于后凯恩斯学派，并认为自己才是凯恩斯理论最好的深入诠释与追随者。然而，现代货币理论的主要思想在凯恩斯之后的近60年时间中一直不受待见，甚至被边缘化，直到近些年才终于在国际政治与经济的讨论中有了一席之地。当然，这种转变也与目前主流宏观经济学遇到的困境息息相关，毕竟宏观经济学已经很多年没有拿到过诺奖了，需要结合实践去寻找新的方向。但无论如何，各界对现代货币理论的批评声始终不绝于耳，正如那句著名的评论所说：“The correct parts of MMT aren’t new and the new parts aren’t correct。”（有关现代货币理论，他们正确的地方并不新，而新的地方并不正确。”）\n如果用一句话来概括现代货币理论最主要的观点说了什么，那其实非常简单：\n对于拥有自己货币的国家来说，其政府无需在乎自己的负债与支出，因为他们永远可以通过政府直接印钱的方式来支付所有负债的利息。于是，对政府印多少钱的唯一束缚只有通胀。只要印钱创造出来的需求与目的可以被现有的劳动力与设备满足，使通胀保持在一个可控的范围，那么这个国家的政府便可以通过直接印钱来支撑自己的所有目的与支出。\n看到这里，我想大多数人的第一反应大抵都是不以为然，而拉美危机，魏玛德国，津巴布韦，欧债危机等等事件作为反例便立刻涌上心头。稍安勿躁，其实现代货币理论的核心宗旨并不是在尝试证明政府可以无限地印钱支出而不必承担任何后果。在下一段中，我们会梳理现代货币理论的重要观点与逻辑框架，供大家探讨。\nII. 理论观点\nII.1 税收驱动货币\n自二十世纪70年代布莱顿森林体系解体，美元与黄金脱钩以来，有关法定货币核心价值的探究便始终没有一个明确的结论。而针对货币的核心属性与价值，现代货币理论以其独到的解释为基础建立了一整套理论体系。\n为什么会有人愿意接受政府的法定货币？人们通常对此只是被动接受，而甚少思考。当政府在修路，在造航母，当央行在购买国债，在量化宽松的时候，他们是否真的从某个账户对外支付货币呢？答案显然是否定的。\n那么政府为什么可以这样凭空创造货币？\n海曼.明斯基曾说过，“每个人都可以创造货币，但问题在于其是否会被接纳。”你可以通过在一张纸条上写“欠款10元”来创造一种以元来计价的“货币”，但问题在于能否做到让其他人接受它 —— 例如，是否有人愿意接受这一张欠条，并且卖给你一个煎饼。\nMMT认为，政府能够做到这一点的核心原因在于我们所有人都要向政府纳税。注意到，绝大多数情况下，政府征税时都只接受自己印发的货币，所以，一国民众为了免受逃税的惩罚（如进监狱等），就必须设法获得该政府货币以支付税款。此处的重点在于，即便无法轻易地强制民众在私下交易时使用其发行的法定货币，政府依然可以在征税时迫使人们使用法定货币来支付税收。而这个事实将天然地在民众中创造出一个对该国法定货币的巨量需求。总而言之，为使所发行的货币被接受，政府其实既不需要储存贵金属或者外币，也不需要多余的法律来保证。它只需要强制民众用法定货币来履行纳税义务即可。\n于是我们可以得出“税收驱动货币”的结论：如果统治者有征税的权利，便能够创造对法定货币的需求。因为对政府而言，“确保人们在付钱给政府时使用法定货币”，这点是很容易做到的。\n在上述讨论的基础上稍作衍生就会发现，以货币发行者的角度来看，政府建立货币体系的目的在于让资源向公共部门流动，而税收创造的货币（政府印出来的纸张）需求则促成了这一点。可以说，政府设立税收并不单是为了增加财政收入，也是为了促使人们为获得其印刷出来的纸张（货币）而出卖劳动力，资源和产品。大多数人认为，政府征税仅是为了创收以弥补财政支出。但从MMT的角度来看，税收的目的则有非常微妙的区别。\n众所周知，政府并不会花光“所需资金”，但公众为了获得货币而出卖更多劳动力、资源或产品的意愿却可能耗尽（类似观点可以参考公众号之前的另外一篇文章，并没有那么可怕的金融危机）。为了能够持续转移资源，政府可以尝试提高支付的价格（如果失败，则会引发通胀），或者增加税收。但不管怎样，我们必须记住，在MMT的理解中，增加税收的主要目的不是创收，而是为了刺激货币需求。\n这样一来，MMT自洽地给出了一个政府货币、税收与通胀的理论框架。我们可以简单表述为，政府通过税收为自己印刷的货币创造需求，而征税的能力决定了政府资源转移的能力，也就进一步决定了该政府货币的信用，而这一信用的高低决定了这种货币的最终需求，从而直接影响着该货币的名义通胀。民众认可这种货币，通胀便可控，反之便会进入通胀上升——货币与政府信用进一步降低的负反馈螺旋。\n这个框架在现实中是实际存在的，美元的信用构建在二战后美国全球最领先的综合实力上，构建在几乎所有大宗商品的价格结算机制上，也构建在航空母舰、特斯拉、Google与可口可乐的存在上，甚至构建在要求全球所有居民，无论国籍，进行美元资产投资必须填写w8ben表格来向美国政府报税的能力上。为了应对新冠疫情，美国政府在近两年内印刷出了前所未有的钱，这让一些不了解这个体系的人甚感恐慌地喊着美元的信用会丢失，美元会变成废纸。殊不知美元本就是废纸，是上面所说的这些事实让废纸拥有了信用。如果美国的这些能力没有发生变化，那么美元的基础信用是不会被毁灭的。那些单纯地因为美国印了太多钱，便慌忙下结论喊着美元将要丢失自己信用的人，最近这一个周期过去，恐怕已经在忙着调整预期了。\n不过，虽然美联储印钱不会动摇美元的信用，也不会让大通胀到来并让美元成为废纸，但是中国的崛起却有可能动摇上述这些美国的相对优势。从最高的视角看，未来5-10年的全球大剧情也许就会在这个维度上演绎了，这个话题让我们考虑在其他文章中展开来讲吧。\n顺便提一句，可能与许多人的认知不同，我们很容易就会发现，上面叙述的MMT框架下的货币观点其实是否认现在最火热的数字资产与比特币的货币职能的（再次强调，政府与税收驱动货币）。篇幅有限，我们也不展开讲了。（想起费马大定理那个页面边缘的装逼，我们总是懂的太多，而有时间写下来的太少。）\nII.2 现代货币理论的基础框架\n让我们详细的阐述一下MMT的分析逻辑。\n首先我们都清楚，在社会中，一方的金融资产总会对应到另外一方的金融负债。于是我们可以把世界非常简单地划分为三个部门：本国私营部门，本国公共部门以及由外国政府、公司与家庭构成的“其他国家部门”。\n那么如果我们把各个部门的资产与负债加总，下面这条恒等式便会始终成立：\n本国私营部门结余 + 本国政府部门结余 + 国外部门结余 = 0\n这实际上是一个会计恒等式，不依赖于任何理论模型。举一个可能比较有启发的例子，假设国外部门支出小于收入，有500亿美元的预算盈余，同时本国政府部门支出小于收入，有200亿美元的财政预算盈余，那么上述恒等式告诉我们，在同一时间段内，我们最在乎的本国私营部门必须拥有500+200=700亿美元的预算赤字。\n这可能就造成了一个“困境”，在这三个部门中，如果一个部门出现盈余，那么至少有另外一个部门出现赤字。换句话说，无论我们怎么努力，在同一个时间段中，都不可能同时出现我们脑海中认为最理想的所有部门都盈余的天下大同的情况。\n所以到这里的时候，我们的脑海中似乎隐隐约约有一个想法呼之欲出——既然总有人要借钱，那么就TMD让政府借啊，然后我们作为本国私营部门的每个人就会有最期待的盈余和资产了啊！\n如果事情这么简单，我们就只需要会计，而不需要MMT了。\n在文章的起初，我们便说了MMT是凯恩斯理论的追随者，原因便是，他们相信下面这些由凯恩斯主义延续下来的结论。\n1.  从整体经济层面来看，私人部门的因果关系是，整体支出决定整体收入（凯恩斯节约悖论）\n这个结论不太直观，因为就我们每个个体而言，总是收入决定支出的：例如你中了500万的彩票，咋的晚上吃兰州牛肉面还不得多加份肉啊。\n然而，一旦我们把全部的个体加总就会发现，虽然个体家庭可以明确地决定减少支出，以便储蓄更多的钱来应对预期中的危机，但如果所有的家庭都试图去减少支出，总消费和国民收入将会下降。这时，公司将被迫减少产出，裁退员工，降低工资，从而导致家庭收入的降低，这将导致家庭成员被迫进一步减少支出，一个残酷的负反馈循环便开始了。\n这便是凯恩斯的“节约悖论”，即他对于大萧条最重要的教训及解释——试图通过降低总消费的方式存钱，不仅不会增加储蓄，反而会减少收入。\n2.  社会赤字开支决定金融财富的累积（储蓄）。\n凯恩斯主义者认为，只有当经济体中某个部门决定通过赤字的方式让支出多于收入时，借钱给他的对手方才会以赤字开支者负债的形式累积起金融财富净额。即赤字开支的这个决定才是创造出金融财富净额的原因。除非有一方愿意进行赤字支出，否则，无论其他人多么想累积金融财富，他们都无法做到这一点。\n3.  政府无法精确掌握赤字（税收收入），存在“自动稳定器”(Automatic Stabilizers)效应\n我们不过多展开政府无法精确掌握赤字这点（愿意的话，可以从芝加哥学派和Laffer curve出发展开到很深的程度），我们只谈一些比较直觉的推论。\n需要承认，政府的能力是有边界的。即便是对看似完全由自己决定的财政税收收入，政府也无法精确掌控。政府确实可以决定支出更多，也可以决定提高税率，但当政府支出与税率改变之后，其他的社会变量，例如收入，销售，财富等等，也就是社会的整体税基都会对应改变。而这些变量并不在政府的掌控之中。因此，财政预算无论出现赤字、均衡还是盈余，都并非政府可以自主决定的。\n结合上面的恒等式与探讨，假设我们暂时不考虑国外部门的结余，当衰退来临时，本国私营部门便会开始削减支出、增加储蓄。这会让本国私营部门结余上升，从而直接导致恒等式中的本国政府部门结余下降。如此一来，政府的财政预算赤字就会自发地增加。这部分增长并不由政府掌控，但却起到了平抑社会各部门结余在面对周期时所产生的波动的作用。过往的数据也确认了这一关系——即税收收入在经济繁荣时期迅速增长，在经济萧条时期迅速下跌，使得政府的财政预算变成了一个强大的自动稳定器。这便是“自动稳定器”效应。\n因此，最佳的国内政策是追求充分就业和物价稳定，而不是追求政府可持续赤字路径或者可控的整体债务上限。因为后者大多数情况下是自动稳定器的结果，并不是政府可以自主决定的。\n4.  恒等式的简单展开\n为了表述观点方便，我们将上面重要的恒等式进行改写，引入S（私人部门储蓄），C（私人部门消费支出），I（私人部门投资），T（政府部门税收），G（政府部门支出），IM（本国进口），EX（本国出口），于是有\n本国私营部门结余 + 本国政府部门结余 + 国外部门结余 = 0\nS – C – I + T – G + IM – EX = 0\n到这里，我们便基本可以得出现代货币理论最为重要的思想结论了：\n如果你拥有II.1中描述的税收与创造自己货币的能力，那么当你面对一个经济萧条周期或者负外部冲击时（类似次贷危机或者新冠危机），你可以通过本国政府部门的调控来更好地度过危机。\n当危机到来时，II.2.1告诉我们因为私人部门的整体支出决定整体收入，所以最重要的事情是保证私人部门的整体支出不下降，尤其是避免陷入支出/收入同时下降的负反馈循环。II.2.2则告诉我们，为了避免社会财富骤降引起的恐慌，我们需要经济体的某个部门来主动提供赤字支出。那么结合起来，唯一的可能承担这一赤字支出任务的便是政府部门，它需要将财富转移给私人部门，以此来修复整体支出的下降幅度。\nII.2.4的恒等式进一步验证了，为了做到这些，让本国私营部门结余回到应有的均衡水平，那么我们应当让本国政府部门结余与国外部门结余（以本国角度来看便是经常账户赤字）尽量减少。\n但因为出口的外生不确定性（例如美国这样庞大的经济体如果尝试减少进口，那么可能会影响到其他国家的收入，从而影响到自己对于世界其他国家的出口），最好的应对办法便是减少本国政府部门结余了。在这里值得强调一下，主流宏观经济学观点下，国家应当尽量追求经常账户盈余，而现代货币理论学者对国外部门结余进行了更多深入的理论探讨，最后得出了相悖的结论。也就是在政府可以自由掌控本国政府部门结余的情况下，对外的经常账户盈余并不重要，而这其实也正是21世纪以来，美国实际走过来的发展路径。\n最后，II.1与II.2.3告诉我们，在政府扩大赤字以提升私人部门支出这个过程时，我们无需考虑赤字是否过大，因为主权国家在不影响信用的情况下可以无限发行货币；也无需考虑未来赤字会如何缩减，因为当危机过去，经济恢复到增长周期的时候，自动稳定器自然会让国家的赤字缩小回归至均衡水平。\n当我们把上述的结论和思路与美国及西方国家本次应对新冠疫情冲击的方式进行对比，便能立刻明白为什么说现在西方主流经济体开启了现代货币理论的新范式。\n以美国为例，在本次新冠危机中，美国第一时间忽略了所有政府赤字路径和债务上限的束缚，把印钞机开到极限，发起了多个万亿级别的政府支出计划，不仅不为美联储资产负债表规模设置上限，并且允许美联储直接下场购买企业高收益债券，为私营部门赤字投资进行担保；美国摒弃了过往QE通过银行传导的路径，直接降息至利率下限，同时史无前例地执行“直升机撒钱”行为，直接打款至民众的个人账户。不在乎水漫金山，但一定要以雷霆之势确保私人部门的整体支出不下降。\n可以说，就目前的情况来看，现代货币理论的范式还是取得了非常良好的实践效果的。在新冠疫情这样剧烈的冲击下，美国经济不但实现了平稳的过渡，并且很可能在极快的时间内（2021年）恢复增长。这也难怪临危受命的美国新任财政部长耶伦会公开表明，政府债务的上限并没有那么重要，只要确保政府每年的财政收入可以覆盖国债的利息便是可持续路径了。预计在未来5-10年的时间内，现代货币理论的范式将在西方国家央行的实践中确立一个牢固的地位。\nII.3 政府负债的边界 – 财政可持续路径问题\n过度印钱引发的通胀与政府负债的可持续路径应该是“传统”理论对现代货币理论质疑最集中的两个方面。\n首先要明确的是，我们并不认为现代货币理论对这些质疑有非常科学完美的解释和回应，但是它对这些问题的回答也存在着一定的可取之处。\n我们先直接引用一个非常符合直觉的宏观经济学结论：\n当经济体的利率r高于其增长率g，它的负债率便会一直增长。（可以直觉地理解为，经济体每年新赚到的钱(g)无法偿还利息(r)，所以负债率只能一直上升），所以如果始终处于r > g的情况下，那么政府继续新增负债的空间就比较有限了。\n【对于学术一点的读者有关这个结论可以详细看一下James Galbraith的经典模型：\n△d = -s + d * [ (r -g) / (1 + g) ]\n其中d是负债对GDP的初始比率，s是减去净利息支出后的财政盈余对GDP的比率，r是实际利率，g是GDP的实际增长率】\n而我们可以很直观地看到当r < g时，负债对GDP的比率也是负值，也就是负债在健康地逐渐减少。\n那么如何实现呢？一个能让政府很自然的掌控的情形便是让利率r尽量地小，这样g不就更容易大于r了嘛。因此，在金融危机后的近十年时间中，我们看到了全球所有国家的基准利率显著地下降。在新冠危机打断了美国加息进程之后，我们又一次看到了所有发达国家的基准利率降低到了基本等于0的降无可降的位置。而欧盟，日本，瑞典，瑞士等国家则更进一步打开了对负利率的尝试。这不得不说是现代货币理论范式获得实践的一个结果。\n那么如果r已经降低到了这么低的位置，实际增长率g还是无法大于r怎么办呢？朋友们，这便是目前现代货币理论尚在探讨的最前沿的学术问题了，就我们所知，目前的MMT理论无法给出一个明确的答案。\n这里必须要说明的是，尽管有流动性陷阱的约束，但是r是由政府来掌控的，并不存在一个绝对的下限。比如当觉得0都不够低的时候，美联储是完全可以宣布把基准利率一夜之间降到-10%的。当考虑以这种绝对疯狂的姿态来刺激所有即时消费的情形时，我们便反而回到了现代货币理论同传统宏观经济学的根本区别上，即政府信用的来源——政府组织与税收驱动货币这个现代货币理论最大的基石。可以说，这时我们需要面对的本质上不再是经济学问题，而是社会学意义上的问题。具体而言，美国与美元这样有政治，科技与军事基础支撑的国家可能并不会出现什么困难，但在某些小国家，因民众或者世界其他经济体丧失对该国货币与政府的信任，他们将面临同时失去政权统治与法定货币效力的危险。但无论如何，在MMT的理论框架中，政府的财政可持续路径问题是有解决方式的，但其带来的后果与约束可能需要社会学的辅助视角来进一步完善与支撑。（类似行为经济学的理论框架需要引入心理学的理论来支撑。）\nII.4 政府负债的边界 – 通胀问题\n最后让我们来探讨一下所有人在直觉上对于现代货币理论的最大质疑：通货膨胀问题。\n如弗里德曼那句著名的话一样：“通货膨胀无论何时何地都是一种货币现象”，那么现代货币理论在提出必要情况下解除政府支出和债务上限大规模印钱的同时，又是如何确保国家不进入通货膨胀自我强化的恶性螺旋的呢？\n事实上，在回答与通胀有关的问题方面，现代货币理论是非常描述性的，甚至可以说，现代货币理论本身便仅仅是对于主权货币运行方式的描述。如上文所述，它有很好的理论与思想框架来解释主权国家及其货币如何运作，但是却没有足够科学与量化的手段来为这种运作方式划下不可逾越的边界。\n现代货币理论中对于通货膨胀问题的探讨大概分为两个方向。\n第一个方向避免了直接回答通胀问题，而是否定了现行的主流宏观框架，认为菲尔普斯曲线揭示的通胀与就业的关系完全可以通过政府的干预来避免。\n这个方向的奠基人便是著名的经济学家勒纳(A.Lerner)及其提出的“功能财政理论”。勒纳在其理论中强调了政府在制定财政预算时，应从其对经济的功能来着手，而不应该加入财政收支平衡的限制。这与上一小节中探讨的现代货币理论对于财政可持续路径的摒弃简直是天作之和，也因此，后续的现代货币理论研究者在勒纳的基础上提出了“就业保障/最终雇主”模式。\n考虑到这是一个崭新的框架，所以在这里我们不深入展开而是从直观上描述一下这种模式的主要逻辑。\n从上文中，根据现代货币理论的框架，我们知道了政府是可以无限发行本国货币的，那么为什么不让政府作为最终雇主并承诺为本国全部符合资格且有工作意愿的公民提供工作机会呢？这样失业率便会直接降低为0，小康社会也就直接实现了。\n在这个理论框架中，全国所有的失业人口会被政府作为最终雇主雇佣，并且提供等同于就业保障的最低薪资。而后私营部门可以通过提供高于就业保障的薪资来从这部分政府雇佣的人群中择优筛选劳动力进行雇佣。\n想象一下，如果现在我国政府执行这个框架，那么全国所有失业人口都可以去本地政府领取到一份工作，薪资为政府支付的2000元/月。具体工作可以是因地制宜的本地农业采摘，也可以由政府支出主导的基建项目统一调配，或者干脆成为外卖骑手，由政府把这部分就业保障薪资透过像美团这样的平台公司来发放。\n看起来，在这样的理论框架下，通胀确实变得不那么相关了。在经济繁荣期，私营部门的雇主可以通过为工人提供比就业保障薪资（2000元/月）更高的工资来从就业计划中雇佣工人，例如美团可以提供3000元/月的薪资来把效率高的骑手雇佣到自己公司内。而在经济衰退期，私人部门可以辞退工人，让他们返回政府的最终雇主计划以获取至少2000元/月的就业保障薪资。这样一来，就业保障薪资将在经济繁荣时降低通货膨胀的压力，并在经济衰退时降低通货紧缩的压力。\n于是，现代货币理论框架通过设立政府保障薪资终于得以找到一个主权货币的“锚”。在这套完整的MMT框架下，主权货币的边际价值便等于其可以雇佣的劳动力数量。政府通过计划实现了充分就业，并且可以通过调整就业保障薪资来调整边际劳动力价值来完美控制通胀。\n但是这套理想国理论的问题也显而易见——即便抛开汇率与通胀这类在II.3中讨论过的MMT在政府开支过大时所面临的问题不谈，我们依然需要注意的一个重要事实是，这套框架忽略了所有个体的主观能动性与就业的激励问题。\n比如政府提供的工作需要进行12小时的艰苦劳动，那么如果一个个体认为这12小时的劳动仅仅获得2000元的工资太少了，那么他便会自动从就业保障计划中退出。这将直接造成实际失业率重新上升。\n又比如美团的就业保障骑手不需要做太多事情，一天送3单就可以领取2000元/月的工资，那么本来在市场竞争环境下需要一天送30单才可以领取5000元/月工资的美团骑手可能便愿意选择躺平以加入就业保障计划，从而使社会的整体效率与需求被扭曲。\n另外这套就业保障/最终雇主计划其实是一种典型的“大政府”的框架。为了有效得到执行，政府需要拥有高度垄断的权利与资源。针对这种情形，Piketty在其新书Capital and Ideology中进行了深入的探讨，他通过对于近代社会左派与右派主张观点的变迁指出了大政府的框架在苏联解体后面临的末日般的意识形态困境。也因此，这套就业保障/最终雇主模式恐怕很长一段时间只能存在于部分现代货币理论学者的纸面理想国中了。\n既然短期无法在实践中彻底跳出主流货币主义理论的框架，现代货币理论学者们也在主流框架中沿着第二个方向尽可能地解释了通胀问题。\n在我们看来，这部分解释的学术意义多少有些乏善可陈，因为MMT的理论框架中始终没有提出一个明确的方法去计算出主权政府的可支出上限。因此在这个方向上，MMT支持者们的论据主要集中在实践经验上。注意到在过往的大概40年时间里，全球主流经济体基本上都处于极度缺乏通胀的环境中，甚至在大规模印钱后，依然没有看到通胀上升的迹象，所以他们认为，考虑到现代社会供给过于充分，生产要素变革等未知因素，主权政府提升赤字印钱是非常难以引发通胀的。而历史上出现过的恶性通胀，一是数量并不多，二是多发生在津巴布韦、巴西等自身经济体系过于脆弱的发展中国家，而且多数情况下往往发生于该国受到了不寻常的国内外地缘或政治冲击的时候，因此并不具有普遍性。\n尽管这种解释模糊而有点近乎耍赖，但如果基于这点而对现代货币理论学者们进行指责也有失公平，毕竟主流货币主义学者们对于量化宽松的效果以及其如何传导到实体经济的解释也并不出色。例如，为什么全球各国央行为了应对2008年金融危机而发行的天量货币始终没有导致这些国家的通胀上升？针对这一问题，主流学界始终没有找到令人信服的理论框架来给出回答。关于这一点，想来最困惑的人应当是安倍与黑田东彦，日本央行的印钱水平早已远远打破传统货币主义认为的财政赤字上限，甚至到了即将把整个日本企业界国有化的程度，但是人们却依然找不到日本通胀上升的蛛丝马迹。\n从这点来看，本次新冠危机可能是现代货币理论的一个试金石，因为起码截止二季度，在史无前例的全球最大放水浪潮中，我们终于看到了一点点通货膨胀起来了的迹象。但是目前，就是这一点点迹象，美联储与市场的主流预期依然是，这些通胀是“暂时性”的，在疫情结束，货币政策边际正常化后便会自行褪去。\n如果故事真的如此进展，那么本着科学实用的精神，通货膨胀对于现代货币理论的桎梏与批判可能真的无效了，毕竟政府目前在不要求人们就业的情况通过直升机撒钱的方式直接就给出了一个丰厚的就业保障薪资，这种放水程度其实已经远超现代货币理论学家们之前纸面上的想象。倘若在如此情况下都看不到通胀，那么传统货币主义学家们确实可以烧掉弗里德曼的货币数量论来拥抱宏观的新时代了。\nIII．小结\n本文尽可能地梳理了现代货币理论范式这一目前全球探讨与实践最为火热的宏观货币理论，尽可能通俗地阐述了现代货币理论的理论基础与重要框架，并对其局限性进行了探讨。\n现代货币理论的结论使那些只接触过传统货币观点的人感到震惊。它挑战了关于政府财政和财政预算赤字的正统观点，挑战了菲利普斯曲线确立的就业与通胀的权衡关系，也挑战了争取经常账户盈余的行为。\n但它本质上却是凯恩斯主义的正统延续，其对于一个主权国家财政部与中央银行该当如何协调运作与各自权责义务的理解显著超脱了经典货币主义的局限。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1901,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362442553,"gmtCreate":1614662487172,"gmtModify":1704773698898,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3502502252379822","authorIdStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/362442553","repostId":"1149461614","repostType":4,"repost":{"id":"1149461614","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":1614654493,"share":"https://ttm.financial/m/news/1149461614?lang=en_US&edition=fundamental","pubTime":"2021-03-02 11:08","market":"hk","language":"zh","title":"Involving real estate, antitrust, and foreign capital inflow! Understanding the key points of Guo Shuqing's speech in one article","url":"https://stock-news.laohu8.com/highlight/detail?id=1149461614","media":"老虎资讯综合","summary":"欧美发达国家的金融市场和实体经济严重背道而驰，很担心国外金融市场的泡沫问题哪一天会破灭，现在中国市场与外国市场高度相连，外国资本持续流入。3月2日， 国务院新闻办公室举行新闻发布会，请人民银行党委书记","content":"<p>The financial markets of developed countries in Europe and America are seriously opposed to the real economy, and they are worried that the bubble problem in foreign financial markets will burst one day. Now the Chinese market is highly connected with foreign markets, and foreign capital continues to flow in. On March 2nd, the Information Office of the State Council held a press conference, inviting Guo Shuqing, Secretary of the Party Committee of the People's Bank of China and Chairman of China Banking and Insurance Regulatory Commission, to introduce the situation of promoting the high-quality development of the banking and insurance industry and answer reporters' questions.</p><p><b>The key points are as follows:</b></p><p><b>The core problem in the real estate field is still a relatively large bubble</b></p><p>The core problem in the real estate field is that the bubble is relatively large, and the tendency of financial bubble is relatively strong. It is the biggest gray rhino in the financial system. Many people buy houses not for living, but for investment and speculation, which is very dangerous. However, in 2020, the growth rate of real estate loans was lower than the growth rate of various loans for the first time in eight years. This achievement was hard-won. I believe that the real estate problem can be gradually alleviated.</p><p><b>Taking risk prevention as the eternal theme of financial industry, strengthening anti-monopoly and preventing disorderly capital expansion</b></p><p>Guo Shuqing said that 2021 is the first year of the 14th Five-Year Plan. China Banking and Insurance Regulatory Commission will take risk prevention as the eternal theme of the financial industry, monitor and resolve all kinds of financial risks unrelentingly, strengthen the financial rule of law and improve the long-term mechanism. Maintain the market environment of public competition, strengthen anti-monopoly and prevent the disorderly expansion of capital, and ensure that financial innovation is carried out on the premise of prudence.</p><p><b>Decisive Achievements in Preventing and Resolving Financial Risks</b></p><p>At present, decisive achievements have been made in the battle to prevent and mitigate financial risks. The financial leverage ratio has dropped significantly, and the blind expansion of financial assets has been fundamentally reversed. From 2017 to 2020, the average annual growth rates of total assets of banking and insurance industries were 8.3% and 11.4% respectively, which was only roughly half of the average annual growth rate from 2009 to 2016. The proportion of interbank assets idled within the financial system has dropped significantly.</p><p><b>The financial leverage ratio decreased significantly, and the blind expansion of financial assets was fundamentally reversed</b></p><p>The financial leverage ratio has dropped significantly, and the blind expansion of financial assets has been fundamentally reversed. From 2017 to 2020, the average annual growth rates of total assets of banking and insurance industries were 8.3% and 11.4% respectively, which was roughly only half of the average annual growth rate from 2009 to 2016. The proportion of interbank assets idled within the financial system has dropped significantly.</p><p><b>The financial markets of developed countries in Europe and America are seriously opposed to the real economy</b></p><p>Since the outbreak, countries have understandably adopted proactive fiscal policies and extremely loose monetary policies. Now, some side effects are beginning to appear. For example, the financial markets of developed countries in Europe and America are seriously opposed to the real economy, and I am worried that this situation will be forced to adjust sooner or later. \"I'm very worried that the bubble problem in foreign financial markets will burst one day. Now the Chinese market is highly connected with foreign markets, and foreign capital continues to flow in. However, at present, the scale and speed of foreign capital inflows are still under control.</p><p><b>In 2020, 3,178 banking and insurance institutions were punished for violating laws and regulations, with a fine of 2.28 billion yuan confiscated</b></p><p>In 2020, the CBIRC disciplined 164 persons. Accelerate the completion of the shortcomings of the system, and complete the construction of 61 regulatory rules and regulations in 2020. Punch the chaos heavily, and maintain the high-pressure situation of accountability for cases. In 2020, 3,178 banking and insurance institutions that violated laws and regulations were punished, and 4,554 responsible personnel were punished, with a total fine and confiscation amount of 2.28 billion yuan. Promote the diversified resolution of financial disputes, and clear and pay consumers 17.7 billion yuan.</p><p><b>Shadow banking gets orderly dismantling, the scale drops by 20 trillion yuan compared with the peak</b></p><p>From 2017 to 2020, a total of 8.8 trillion yuan of non-performing loans were disposed of, exceeding the total of the previous 12 years. Shadow banking has been dismantled in an orderly manner, and its scale has dropped by 20 trillion yuan compared with the peak.</p><p><b>Since 2017, the accumulated disposal of non-performing loans is 8.8 trillion, exceeding the total of the previous 12 years</b></p><p>In recent years, the identification and disposal of non-performing assets in the banking industry have made great strides. In 2017 and 2020, a total of 8.8 trillion yuan of non-performing loans were disposed of, exceeding the sum of the previous 12 years. The bubble of real estate financialization has been contained. In 2020, the growth rate of real estate loans was lower than the growth rate of various loans for the first time in eight years.</p><p><b>The total investment of banking institutions in information technology reached 207.8 billion yuan in 2020</b></p><p>In 2020, the total investment of information technology funds by banking institutions and insurance institutions was 207.8 billion yuan and 35.1 billion yuan, respectively, representing a year-on-year increase of 20% and 27%. According to the reports of relevant international organizations, China's inclusive financial services have reached the world's advanced level, and electronic payment, digital credit and online insurance are in the leading position in the world.</p><p><b>The operating efficiency of four large commercial banks has approached the international advanced level</b></p><p>The corporate governance of banking and insurance institutions with Chinese characteristics has been gradually improved. At present, China's commercial banking system is constantly optimized, and the market competition is sufficient. The operating efficiency of four large commercial banks has approached the international advanced level, and they have achieved catch-up in labor productivity, cost-income ratio, profitability, scientific and technological innovation and so on. The capital adequacy level of large insurance companies is also comparable to that of peers in the United States, Europe and Japan.</p><p><b>Last year, the banking industry disposed of over 3 trillion non-performing loans throughout the year. The scale of disposal of non-performing loans this year and next may increase</b></p><p>After the outbreak of the epidemic, some enterprises' production activities are in an abnormal state, and repayment faces some difficulties, so the rise of non-performing loans is an inevitable trend. In 2020, the banking industry has begun to step up the disposal of non-performing loans, with the disposal of non-performing loans exceeding 3 trillion yuan in the whole year, an increase of 700 to 800 billion yuan over the previous year. The size of non-performing loans that may need to be disposed of will grow in 2021, and this trend will continue even into next year. However, we have the confidence and ability to dispose of non-performing assets properly. First, we should intensify our efforts, and second, we should strive for progress while maintaining stability and maintain the affordability of banks and the economic system.</p><p><b>New manufacturing loans of 2.2 trillion yuan in 2020 exceeded the total of the previous five years</b></p><p>In 2020, new manufacturing loans were 2.2 trillion yuan, exceeding the total of the previous five years; New loans to private enterprises amounted to 5.7 trillion yuan, an increase of 1.5 trillion yuan over the previous year; The health insurance compensation expenditure was 292.1 billion yuan, up 24.2% year-on-year, and the accumulated long-term health protection risk reserve of 1.57 trillion yuan.</p><p><b>Encourage the development of Internet banks but must implement unified management according to the laws and rules of finance</b></p><p>Regardless of any type of financial business, it must be managed in accordance with the corresponding rules and laws and regulations, without any exceptions. Internet banks, such as online merchant banks and Weizhong banks, are encouraged to develop, but they must be managed uniformly according to the laws and rules of finance. \"We don't think there are financial businesses that restrict them and are not suitable for their development,\" Guo Shuqing said. But doing any financial business should be regulated according to the same rules in the industry. It is believed that relevant institutions can achieve healthier development after adjusting according to the corresponding requirements.</p><p><b>Loan rates are expected to pick up this year</b></p><p>Because the whole market interest rate has rebounded this year, it is estimated that the loan interest rate will rebound and adjust, but the overall interest rate is still low; There won't be much change in terms of charges, and reduced fees generally won't be restored; By supporting financial restructuring, debt restructuring, enterprise restructuring, including debt-to-equity swap, many measures have been introduced, which will also reduce the burden on enterprises. Will continue to support the development of enterprises in many forms.</p><p><b>Comprehensive assessment of small and medium-sized banks and severe punishment for poor performance of duties and arbitrage of funds from banks</b></p><p>\"(Corporate governance supervision of small and medium-sized banks) we have been promoting in recent years,\" Guo Shuqing said. It is necessary to conduct evaluation, and at the same time, it is necessary to conduct penetrating monitoring, supervision and identification of shareholders. Some people who do not perform their duties well and even take funds from banks illegally should be severely punished.</p><p><b>Will the entry of foreign capital cause interference and damage to the financial market? Guo Shuqing: The impact is limited</b></p><p>Generally, foreign-funded institutions operate in China in strict accordance with Chinese laws. Although we encourage foreign investment, due to their own risk control, in terms of market share, whether it is total assets or the proportion of loans and deposits, the absolute amount is increasing, but the proportion is decreasing. For example, the proportion of foreign banks is now only 1%, which has a very limited impact on China's financial market; The proportion of foreign investment in insurance companies is slightly higher, around 6%, but the impact is limited. \"We continue to encourage foreign financial institutions to enter China to develop together,\" Guo said.</p><p><b>Fintechs need to meet capital adequacy requirements</b></p><p>If the financial business is carried out online, it is an Internet platform, whether they run a bank, a small loan company, or a consumer finance company, my answer is very simple. Yes, we require them to have sufficient capital like other financial institutions. We require Internet platforms to have the same capital adequacy ratio as long as they do the same financial business. However, considering historical reasons, they have been given a transition period. Some projects are until the end of this year, others until the end of next year, and they can even be studied for longer. But at most two years, all are back on track, and all institutions are subject to capital constraints.</p><p><b>\"Wealth Management Tong\" will have more new measures, and is studying and demonstrating planning</b></p><p>In the future development process, Hong Kong can provide support for mainland enterprises' listing financing and bond issuance financing. Whether it is foreign debt, US dollar debt, foreign currency debt, RMB, Hong Kong dollar and other forms, we support it. We also support banking and insurance institutions to go public in Hong Kong, and support more Hong Kong banking and insurance institutions to develop in the mainland. I hope we can continue this trend in the future.</p><p>Recently, we have formulated the development plan for the Greater Bay Area, in which the financial sector accounts for a large proportion, and there will be many new measures. Especially in financial management, for example, \"Wealth Management\" will have more new measures, which are being studied, demonstrated and planned, and will be gradually implemented. We believe that Hong Kong's economic growth rate will surely turn from negative to positive this year, and there will certainly be a good prospect.</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>Involving real estate, antitrust, and foreign capital inflow! Understanding the key points of Guo Shuqing's speech in one article</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\">\nInvolving real estate, antitrust, and foreign capital inflow! Understanding the key points of Guo Shuqing's speech in one article\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\">2021-03-02 11:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The financial markets of developed countries in Europe and America are seriously opposed to the real economy, and they are worried that the bubble problem in foreign financial markets will burst one day. Now the Chinese market is highly connected with foreign markets, and foreign capital continues to flow in. On March 2nd, the Information Office of the State Council held a press conference, inviting Guo Shuqing, Secretary of the Party Committee of the People's Bank of China and Chairman of China Banking and Insurance Regulatory Commission, to introduce the situation of promoting the high-quality development of the banking and insurance industry and answer reporters' questions.</p><p><b>The key points are as follows:</b></p><p><b>The core problem in the real estate field is still a relatively large bubble</b></p><p>The core problem in the real estate field is that the bubble is relatively large, and the tendency of financial bubble is relatively strong. It is the biggest gray rhino in the financial system. Many people buy houses not for living, but for investment and speculation, which is very dangerous. However, in 2020, the growth rate of real estate loans was lower than the growth rate of various loans for the first time in eight years. This achievement was hard-won. I believe that the real estate problem can be gradually alleviated.</p><p><b>Taking risk prevention as the eternal theme of financial industry, strengthening anti-monopoly and preventing disorderly capital expansion</b></p><p>Guo Shuqing said that 2021 is the first year of the 14th Five-Year Plan. China Banking and Insurance Regulatory Commission will take risk prevention as the eternal theme of the financial industry, monitor and resolve all kinds of financial risks unrelentingly, strengthen the financial rule of law and improve the long-term mechanism. Maintain the market environment of public competition, strengthen anti-monopoly and prevent the disorderly expansion of capital, and ensure that financial innovation is carried out on the premise of prudence.</p><p><b>Decisive Achievements in Preventing and Resolving Financial Risks</b></p><p>At present, decisive achievements have been made in the battle to prevent and mitigate financial risks. The financial leverage ratio has dropped significantly, and the blind expansion of financial assets has been fundamentally reversed. From 2017 to 2020, the average annual growth rates of total assets of banking and insurance industries were 8.3% and 11.4% respectively, which was only roughly half of the average annual growth rate from 2009 to 2016. The proportion of interbank assets idled within the financial system has dropped significantly.</p><p><b>The financial leverage ratio decreased significantly, and the blind expansion of financial assets was fundamentally reversed</b></p><p>The financial leverage ratio has dropped significantly, and the blind expansion of financial assets has been fundamentally reversed. From 2017 to 2020, the average annual growth rates of total assets of banking and insurance industries were 8.3% and 11.4% respectively, which was roughly only half of the average annual growth rate from 2009 to 2016. The proportion of interbank assets idled within the financial system has dropped significantly.</p><p><b>The financial markets of developed countries in Europe and America are seriously opposed to the real economy</b></p><p>Since the outbreak, countries have understandably adopted proactive fiscal policies and extremely loose monetary policies. Now, some side effects are beginning to appear. For example, the financial markets of developed countries in Europe and America are seriously opposed to the real economy, and I am worried that this situation will be forced to adjust sooner or later. \"I'm very worried that the bubble problem in foreign financial markets will burst one day. Now the Chinese market is highly connected with foreign markets, and foreign capital continues to flow in. However, at present, the scale and speed of foreign capital inflows are still under control.</p><p><b>In 2020, 3,178 banking and insurance institutions were punished for violating laws and regulations, with a fine of 2.28 billion yuan confiscated</b></p><p>In 2020, the CBIRC disciplined 164 persons. Accelerate the completion of the shortcomings of the system, and complete the construction of 61 regulatory rules and regulations in 2020. Punch the chaos heavily, and maintain the high-pressure situation of accountability for cases. In 2020, 3,178 banking and insurance institutions that violated laws and regulations were punished, and 4,554 responsible personnel were punished, with a total fine and confiscation amount of 2.28 billion yuan. Promote the diversified resolution of financial disputes, and clear and pay consumers 17.7 billion yuan.</p><p><b>Shadow banking gets orderly dismantling, the scale drops by 20 trillion yuan compared with the peak</b></p><p>From 2017 to 2020, a total of 8.8 trillion yuan of non-performing loans were disposed of, exceeding the total of the previous 12 years. Shadow banking has been dismantled in an orderly manner, and its scale has dropped by 20 trillion yuan compared with the peak.</p><p><b>Since 2017, the accumulated disposal of non-performing loans is 8.8 trillion, exceeding the total of the previous 12 years</b></p><p>In recent years, the identification and disposal of non-performing assets in the banking industry have made great strides. In 2017 and 2020, a total of 8.8 trillion yuan of non-performing loans were disposed of, exceeding the sum of the previous 12 years. The bubble of real estate financialization has been contained. In 2020, the growth rate of real estate loans was lower than the growth rate of various loans for the first time in eight years.</p><p><b>The total investment of banking institutions in information technology reached 207.8 billion yuan in 2020</b></p><p>In 2020, the total investment of information technology funds by banking institutions and insurance institutions was 207.8 billion yuan and 35.1 billion yuan, respectively, representing a year-on-year increase of 20% and 27%. According to the reports of relevant international organizations, China's inclusive financial services have reached the world's advanced level, and electronic payment, digital credit and online insurance are in the leading position in the world.</p><p><b>The operating efficiency of four large commercial banks has approached the international advanced level</b></p><p>The corporate governance of banking and insurance institutions with Chinese characteristics has been gradually improved. At present, China's commercial banking system is constantly optimized, and the market competition is sufficient. The operating efficiency of four large commercial banks has approached the international advanced level, and they have achieved catch-up in labor productivity, cost-income ratio, profitability, scientific and technological innovation and so on. The capital adequacy level of large insurance companies is also comparable to that of peers in the United States, Europe and Japan.</p><p><b>Last year, the banking industry disposed of over 3 trillion non-performing loans throughout the year. The scale of disposal of non-performing loans this year and next may increase</b></p><p>After the outbreak of the epidemic, some enterprises' production activities are in an abnormal state, and repayment faces some difficulties, so the rise of non-performing loans is an inevitable trend. In 2020, the banking industry has begun to step up the disposal of non-performing loans, with the disposal of non-performing loans exceeding 3 trillion yuan in the whole year, an increase of 700 to 800 billion yuan over the previous year. The size of non-performing loans that may need to be disposed of will grow in 2021, and this trend will continue even into next year. However, we have the confidence and ability to dispose of non-performing assets properly. First, we should intensify our efforts, and second, we should strive for progress while maintaining stability and maintain the affordability of banks and the economic system.</p><p><b>New manufacturing loans of 2.2 trillion yuan in 2020 exceeded the total of the previous five years</b></p><p>In 2020, new manufacturing loans were 2.2 trillion yuan, exceeding the total of the previous five years; New loans to private enterprises amounted to 5.7 trillion yuan, an increase of 1.5 trillion yuan over the previous year; The health insurance compensation expenditure was 292.1 billion yuan, up 24.2% year-on-year, and the accumulated long-term health protection risk reserve of 1.57 trillion yuan.</p><p><b>Encourage the development of Internet banks but must implement unified management according to the laws and rules of finance</b></p><p>Regardless of any type of financial business, it must be managed in accordance with the corresponding rules and laws and regulations, without any exceptions. Internet banks, such as online merchant banks and Weizhong banks, are encouraged to develop, but they must be managed uniformly according to the laws and rules of finance. \"We don't think there are financial businesses that restrict them and are not suitable for their development,\" Guo Shuqing said. But doing any financial business should be regulated according to the same rules in the industry. It is believed that relevant institutions can achieve healthier development after adjusting according to the corresponding requirements.</p><p><b>Loan rates are expected to pick up this year</b></p><p>Because the whole market interest rate has rebounded this year, it is estimated that the loan interest rate will rebound and adjust, but the overall interest rate is still low; There won't be much change in terms of charges, and reduced fees generally won't be restored; By supporting financial restructuring, debt restructuring, enterprise restructuring, including debt-to-equity swap, many measures have been introduced, which will also reduce the burden on enterprises. Will continue to support the development of enterprises in many forms.</p><p><b>Comprehensive assessment of small and medium-sized banks and severe punishment for poor performance of duties and arbitrage of funds from banks</b></p><p>\"(Corporate governance supervision of small and medium-sized banks) we have been promoting in recent years,\" Guo Shuqing said. It is necessary to conduct evaluation, and at the same time, it is necessary to conduct penetrating monitoring, supervision and identification of shareholders. Some people who do not perform their duties well and even take funds from banks illegally should be severely punished.</p><p><b>Will the entry of foreign capital cause interference and damage to the financial market? Guo Shuqing: The impact is limited</b></p><p>Generally, foreign-funded institutions operate in China in strict accordance with Chinese laws. Although we encourage foreign investment, due to their own risk control, in terms of market share, whether it is total assets or the proportion of loans and deposits, the absolute amount is increasing, but the proportion is decreasing. For example, the proportion of foreign banks is now only 1%, which has a very limited impact on China's financial market; The proportion of foreign investment in insurance companies is slightly higher, around 6%, but the impact is limited. \"We continue to encourage foreign financial institutions to enter China to develop together,\" Guo said.</p><p><b>Fintechs need to meet capital adequacy requirements</b></p><p>If the financial business is carried out online, it is an Internet platform, whether they run a bank, a small loan company, or a consumer finance company, my answer is very simple. Yes, we require them to have sufficient capital like other financial institutions. We require Internet platforms to have the same capital adequacy ratio as long as they do the same financial business. However, considering historical reasons, they have been given a transition period. Some projects are until the end of this year, others until the end of next year, and they can even be studied for longer. But at most two years, all are back on track, and all institutions are subject to capital constraints.</p><p><b>\"Wealth Management Tong\" will have more new measures, and is studying and demonstrating planning</b></p><p>In the future development process, Hong Kong can provide support for mainland enterprises' listing financing and bond issuance financing. Whether it is foreign debt, US dollar debt, foreign currency debt, RMB, Hong Kong dollar and other forms, we support it. We also support banking and insurance institutions to go public in Hong Kong, and support more Hong Kong banking and insurance institutions to develop in the mainland. I hope we can continue this trend in the future.</p><p>Recently, we have formulated the development plan for the Greater Bay Area, in which the financial sector accounts for a large proportion, and there will be many new measures. Especially in financial management, for example, \"Wealth Management\" will have more new measures, which are being studied, demonstrated and planned, and will be gradually implemented. We believe that Hong Kong's economic growth rate will surely turn from negative to positive this year, and there will certainly be a good prospect.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ca12846bf7d424dbceae42512d714062","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149461614","content_text":"欧美发达国家的金融市场和实体经济严重背道而驰，很担心国外金融市场的泡沫问题哪一天会破灭，现在中国市场与外国市场高度相连，外国资本持续流入。3月2日， 国务院新闻办公室举行新闻发布会，请人民银行党委书记、中国银保监会主席郭树清介绍推动银行业保险业高质量发展有关情况并答记者问。要点如下：房地产领域的核心问题还是泡沫比较大房地产领域的核心问题还是泡沫比较大，金融化泡沫化倾向比较强，是金融体系最大灰犀牛，很多人买房不是为了居住，而是为了投资投机，这是很危险的。但2020年房地产贷款增速8年来首次低于各项贷款增速，这个成绩来之不易，相信房地产问题可以逐步缓解。把防范风险作为金融业的永恒主题 强化反垄断和防止资本无序扩张郭树清表示，2021年是“十四五”开局之年，银保监会将把防范风险作为金融业的永恒主题，毫不松懈地监控和化解各类金融风险，强化金融法治，完善长效机制。维护公布竞争的市场环境，强化反垄断和防止资本无序扩张，确保金融创新在审慎前提下进行。防范化解金融风险攻坚战取得决定性成就当前防范化解金融风险攻坚战取得决定性成就。金融杠杆率明显下降，金融资产盲目扩张得到根本扭转，2017年至2020年，银行业和保险业总资产年均增速分别为8.3%和11.4%，大体只有2009年至2016年间年均增速的一半。金融体系内部空转的同业资产占比大幅度下降。金融杠杆率明显下降，金融资产盲目扩张得到根本扭转金融杠杆率明显下降，金融资产盲目扩张得到根本扭转。2017-2020年，银行业和保险业总资产年均增速分别为8.3%和11.4%，大体只有2009-2016年间年均增速的一半。金融体系内部空转的同业资产占比大幅度下降。欧美发达国家金融市场与实体经济严重背道而驰疫情发生以来，各国都采取了积极财政政策和极度宽松的货币政策，这都可以理解。现在看一些副作用开始显现，比如，欧美发达国家的金融市场和实体经济严重背道而驰，担心这一情况迟早会被迫调整。“很担心国外金融市场的泡沫问题哪一天会破灭，现在中国市场与外国市场高度相连，外国资本持续流入。不过，目前来看，外国资本流入的规模和速度还在可控范围内。2020年处罚违法违规银行保险机构3178家次 罚没金额22.8亿元2020年银保监系统共纪律处分164人。加快补齐制度短板，2020年完成61项监管规章制度建设。重拳治理乱象，保持案件出发问责高压态势，2020年处罚违法违规银行保险机构3178家次，处罚责任人员4554人次，罚没金额合计22.8亿元。推动金融纠纷多元化解，清退、赔付消费者177亿元。影子银行得到有序拆解 规模较峰值压降20万亿元2017年至2020年，累计处置不良贷款8.8万亿元，超过之前12年总和。影子银行得到有序拆解，规模较峰值压降20万亿元。2017年以来累积处置不良贷款8.8万亿 超之前12年总和近年来银行业不良资产认定和处置大步推进，2017年和2020年累计处置不良贷款8.8万亿元，超过之前12年总和。房地产金融化泡沫化势头得到遏制，2020年房地产贷款增速8年来首次低于各项贷款增速。2020年银行机构信息科技资金总投入达2078亿元2020年，银行机构和保险机构信息科技资金总投入分别为2078亿元和351亿元，同比增长20％和27%。根据有关国际组织报告，中国普惠金融服务达到世界先进水平，电子支付、数字信贷、线上保险居于全球领先地位。四家大型商业银行经营效率已接近国际先进水平中国特色银行保险机构公司治理逐步完善。目前，我国商业银行体系不断优化，市场竞争充分，四家大型商业银行经营效率已接近国际先进水平，在劳动生产率、成本收入比、盈利能力、科技创新等方面实现赶超。大型保险公司资本充足水平也与美国、欧洲、日本同业相当。去年银行业全年处置不良贷款超3万亿 今明两年不良贷款处置规模或还加大疫情发生后一些企业生产活动处于不正常状态，还款面临一些困难，所以不良贷款上升是必然趋势。2020年银行业已经开始加大不良贷款处置力度，全年处置不良贷款超3万亿，比上一年增加七八千亿。2021年可能需要处置的不良贷款规模还会增长，这一趋势甚至会延续到明年。但有信心有能力把不良资产处置处理好，一是要加大力度，二是要稳中求进，保持银行和经济体系的承受能力。2020年新增制造业贷款2.2万亿元 超过前5年总和2020年全年新增制造业贷款2.2万亿元，超过前5年总和；新增民营企业贷款5.7万亿元，比上年多增1.5万亿元；健康保险赔付支出2921亿元，同比增长24.2%，累积了1.57万亿元长期健康保障风险准备金。鼓励互联网银行发展 但必须按照金融的规律和规则实行统一管理不管任何业态的金融业务，都要按照相应规则规范和法律法规来管理，不能有任何例外。对于互联网银行比如网商银行、微众银行等，都鼓励其发展，但必须按照金融的规律和规则实行统一管理。“我们不认为有限制它们、不适合它们发展的金融业务。”郭树清表示，但做任何金融业务都要按照行业相同的规则进行监管。相信相关机构按照对应的要求调整后，能得到更健康的发展。预计今年贷款利率会有所回升因为今年整个市场利率回升，估计贷款利率会有回升和调整，但总体利率还是较低；收费方面不会有太大变化，降低的费用一般不会恢复；通过支持财务重组、债务重组、企业重组，包括债转股，还有很多举措出台，这也会降低企业负担。将以多种形式继续支持企业发展。对中小银行全面评估，对履职不太好、从银行套取资金的严厉惩处“（中小银行公司治理监管）我们这几年一直都在推进，”郭树清称，要进行评估，同时还要对股东进行穿透式监控、监管、识别，对一些履职不太好，甚至从银行违规套取资金的，要进行严厉的惩处。外资进入会不会对金融市场造成干扰和破坏？郭树清：影响有限外资机构在中国的经营总体上还是严格按照中国的法律来办事的。虽然我们鼓励外资，但由于他们自身风险控制的原因，在市场份额上，无论是总资产还是贷款、存款比重，绝对额是上升，但是比重是下降的。比如，外资银行的比例现在只有1%，对中国金融市场影响非常有限；保险公司外资占比稍高，在6%左右，但影响有限。“我们继续鼓励外资金融机构进入中国来共同发展。”郭树清说。金融科技公司需满足资本充足率要求如果金融业务是在网上开展，是互联网平台，他们办的银行也好，办的小贷公司也好，或者是消费金融公司也好，我的回答是很简单的，是的，我们要求他们必须和其他的金融机构一样，要有充足的资本。我们要求互联网平台只要做同样的金融业务，就要有同样的资本充足率。但是考虑历史的原因，给了他们一个过渡期，有的项目是到今年年底，有的是到明年年底，甚至可以研究再长一些。但是最多两年，都回到正轨上来，所有机构都要受资本约束的要求。“理财通”会有更多新举措，正在研究论证规划在今后的发展过程当中，香港可以为内地企业上市融资、发债融资提供支持，无论是外债、美元债、外币债种，还是人民币、港币等各种形式，我们都支持，我们也支持银行业、保险业机构到香港去上市，支持更多的香港银行业、保险业机构到内地发展。希望以后能够继续保持这个态势。最近，我们制定了大湾区发展规划，其中金融领域占了很大的比重，也会有很多的新举措。特别是在理财方面，比如“理财通”会有更多新举措，正在研究论证规划，都会逐步实施。我们认为，香港的经济增速今年一定会由负转正，一定会有一个很好的前景。","news_type":1,"symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":1665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362168003,"gmtCreate":1614608331202,"gmtModify":1704773000099,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3502502252379822","authorIdStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/362168003","repostId":"1165767350","repostType":4,"isVote":1,"tweetType":1,"viewCount":1726,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":330511364,"gmtCreate":1608647781658,"gmtModify":1704975721559,"author":{"id":"3502502252379822","authorId":"3502502252379822","name":"野生投资家","avatar":"https://static.tigerbbs.com/95b43328c8b231b9c00da7bc6969d49a","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3502502252379822","authorIdStr":"3502502252379822"},"themes":[],"htmlText":"Mark","listText":"Mark","text":"Mark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/330511364","repostId":"2093448306","repostType":2,"repost":{"id":"2093448306","kind":"news","weMediaInfo":{"introduction":"新浪ir新闻","home_visible":0,"media_name":"新浪官方","id":"1060974621","head_image":"https://static.tigerbbs.com/2af9a533edb87c6daf428b0c87ba8c8e"},"pubTimestamp":1608614436,"share":"https://ttm.financial/m/news/2093448306?lang=en_US&edition=fundamental","pubTime":"2020-12-22 13:20","market":"hk","language":"zh","title":"Talking about the 120 Hours of SMIC in Crisis","url":"https://stock-news.laohu8.com/highlight/detail?id=2093448306","media":"新浪官方","summary":"浅谈中芯国际陷入危机的120小时 来源：电子发烧友12月15日董事会表决通过蒋尚义委任，12月20日， 中芯国际 回应被美拉黑，仅5天的时间，120个小时，中芯国际度过了史上最难的一个寒冬。12月20日，中芯国际公告称，自2020年9月5日获悉可能被美国商务部列入贸易黑名单以来，一直努力与美国政府相关部门沟通，以期得到公平、公正的对待。","content":"<p>Original title: A Brief Talk<a href=\"https://laohu8.com/S/SMI\">SMIC</a>120 Hours in CrisisSource: Electronic Enthusiast</p><p>On December 15, the Board voted to approve the appointment of Jiang Shangyi.<a href=\"https://laohu8.com/S/688981\">SMIC</a>The response was blacked by the United States, only 5 days, 120 hours,<a href=\"https://laohu8.com/S/00981\">SMIC</a>Had the most difficult winter in history.</p><p>First 48 hours: High-level internal fighting, \"Jiang\" in and \"Meng\" out</p><p>No one expected that the SMIC crisis started with \"infighting\".</p><p>15 December 2020, prior to the appointment of SMIC<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Chief Executive Officer Jiang Shangyi is the Vice Chairman of the Board of Directors, a Type II Executive Director and a member of the Strategy Committee of the Company. According to the contract, he is granted an annual salary of US$670,000 (and an annual incentive). Previously, Jiang Shangyi served as an independent non-executive director of SMIC from 2016 to 2019. It was also mentioned in the announcement that the board of directors voted to approve this appointment, of which director Liang Mengsong abstained from voting without reason.</p><p>Subsequently, multiple channels on the Internet broke out that Liang Mengsong submitted his resignation at the board of directors, with the full text attached. On the morning of December 16th, SMIC issued an announcement about Liang Mengsong's possible resignation. The company has known Liang Mengsong's willingness to resign conditionally and is actively verifying Liang Mengsong's true wishes.</p><p>In the resignation letter exposed on the Internet, Liang Mengsong mentioned that he received a phone call from chairman Zhou Zixue on December 9th, only to learn that Jiang Shangyi was about to take up the position of vice chairman. \"I feel very shocked and puzzled because I don't know anything about it. I feel deeply that I am no longer respected and trusted,\" said Liang, who also said in his resignation letter that he had no intention of interfering with the company's personnel appointments, but just wanted to express his feelings.</p><p><img src=\"http://k.sinaimg.cn/n/spider20201222/780/w426h354/20201222/f187-kfnaptv0036158.jpg/w720fin.jpg\" tg-width=\"426\" tg-height=\"354\"></p><p>In the previous 30 years of experience in the semiconductor industry, Liang Mengsong worked for TSMC,<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Well-known enterprises have always been influential figures in the semiconductor circle. Meng Song Liang graduated from the Department of Electrical Engineering and Computer Science at the University of California, Berkeley with a doctorate degree. After graduation, he worked at the American Chip Company<a href=\"https://laohu8.com/S/AMD\">AMD</a>Worked for years.</p><p>Regarding the reason for Liang Mengsong's resignation, Liang Mengsong only stated in his resignation statement that because \"the chairman of SMIC invited Jiang Shangyi to return to SMIC as vice chairman without communicating with him in advance\", he thought that he was disrespected and that the company no longer needed him, so he resigned.</p><p>However, it seems to the industry that \"no communication in advance\" is obviously not the main reason. This also makes the outside world about the real reason for Liang Mengsong's resignation debate mixed.</p><p>Some people believe that the importance of Liang Mengsong has been greatly weakened because the development of advanced manufacturing processes has been hindered by US sanctions. Therefore, Jiang Shangyi was introduced as the vice chairman and Liang Mengsong was \"forced\" to go. Some people also believe that Liang Mengsong did not meet the expectations of SMIC management, and just left because of Jiang Shangyi's return, and Liang Mengsong had already planned to leave SMIC, so he did not pursue the matter of \"being resigned\".</p><p>Regardless of the internal reasons, it is true that Jiang Shangyi \"kicked away\" his former colleagues. Jiang Shangyi can also be regarded as a \"big cow\" in the chip industry. He worked in TSMC for 16 years, and he achieved the highest position of TSMC's COO. He single-handedly expanded TSMC's R&D team from more than 400 people to more than 7,000 people, and was once regarded as the successor of Zhang Zhongmou, the founder of TSMC.</p><p>Jiang Shangyi returned to SMIC this time to realize \"technical ideals\", especially in advanced packaging technology and Chiplet technology. In an exclusive interview with Voice, Jiang Shangyi said that he is obsessed with advanced packaging, small chips and other system integration technologies, and has two purposes to join the mainland semiconductor industry. The first is to pursue ideals and career goals; The second is to assist SMIC to do a good job in technology and become a world-class company.</p><p>After 48 hours: Black by Meila, SMIC helplessly continues to negotiate</p><p>On December 18, the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce officially announced the inclusion of Chinese semiconductor manufacturer SMIC in the entity list. According to the BIS announcement, SMIC's technology and materials needed to produce semiconductors at advanced technology nodes (10nm or below) will be denied provision.</p><p>This is not the first time that SMIC has fought against the United States, and the \"entity list\" of the United States has been premeditated for a long time.</p><p>On September 15th this year, the US restrictive measures on Huawei HiSilicon officially came into effect, and chip manufacturers such as SMIC will not be able to continue to use US technology or equipment to make chips for Huawei. SMIC's 14nm process production line announced full mass production earlier, and Huawei is one of its largest customers. However, due to the sanctions incident, there is a big vacancy in SMIC's 14nm production capacity, which can't be filled for a while.</p><p>On December 20, SMIC announced that since it learned on September 5, 2020 that it may be included in the trade blacklist by the U.S. Department of Commerce, it has been working hard to communicate with relevant departments of the U.S. government in order to get fair and equitable treatment. But unfortunately it is still included in the \"Entity List\" by the United States. In this regard, SMIC expressed its firm opposition and reiterated that since its establishment, SMIC has always abided by the principle of compliant operation and strictly abided by the laws and regulations of relevant countries and regions involved in production and business activities.</p><p>SMIC also pointed out the risks: after its preliminary assessment, this matter has no material adverse impact on SMIC's short-term operation and financial position, but it has a significant adverse impact on the research and development and capacity construction of advanced processes of 10nm and below. Therefore, SMIC will continue to communicate with relevant U.S. government departments and take all feasible measures as appropriate to actively seek solutions and strive to minimize adverse effects.</p><p>However, according to insiders, some production line equipment and materials used in 14nm and above processes are \"general-purpose\" equipment and materials, and can also be used in the production of 10nm and below processes.</p><p>That is to say, if the scope of US sanctions on SMIC includes all equipment and materials involving US technology that can be used to produce 10nm and below process chips, then the equipment and materials on these 14nm and above process production lines may also be forced to shut down.</p><p>Can \"de-beautifying\" SMIC still live?</p><p>In only 5 days and 120 hours, from \"internal fighting\" to \"being blackened by the United States\", SMIC spent the most difficult winter.</p><p>On the afternoon of December 18th, the day the United States released the \"Entity List\", Chinese Foreign Ministry spokesman Wang Wenbin expressed his views on the United States \"Entity List\" at a regular press conference, bluntly saying: \"This will be another strong evidence that the United States uses state power to suppress Chinese enterprises, and China firmly opposes this.\"</p><p>Wang Wenbin also pointed out that the politicization of economic and trade issues by the United States violates the principles of market economy and fair competition, which it has always advertised, and violates international trade rules. It not only harms the legitimate rights and interests of Chinese enterprises, but also does not serve the interests of American enterprises. It will seriously interfere with the normal scientific and technological exchanges and trade between the two countries and even the world, and cause damage to the global industrial chain, supply chain and value chain. \"We urge the United States to stop the wrongful behavior of unreasonably suppressing foreign enterprises, and China will continue to take necessary measures to safeguard the legitimate rights and interests of Chinese enterprises.\"</p><p>SMIC is a mess inside, and speculation about SMIC has never stopped.</p><p>Zhang Xiaorong, a scientific and technological expert and president of the Deep Science and Technology Research Institute, said: \"As soon as the blacklist comes out, SMIC may not last for a year.\" SMIC is a chip foundry enterprise. Objectively speaking, SMIC currently relies on foreign countries, especially the United States, for many lithography, raw materials, related technology patent authorizations, etc. needed for OEM chip production.</p><p>Zhang Xiaorong also pointed out that, specifically, in the manufacturing process of chips, the main links start from wafers, and there will be many steps such as lithography, etching, ion implantation, metal deposition, metal layer, interconnection, wafer testing and cutting, core packaging, grade testing and packaging. Accomplishing these steps requires a large number of advanced equipment, such as a lithography for photolithography, an etcher for etching, an ion implanter for ion implantation, and so on.</p><p>At present, in the field of semiconductor equipment, the United States accounts for 50% of the global market, then Japan accounts for 30%, and the United States and Japan monopolize about 80% of the share. The strengths of the United States are precipitation, CMP, gel homogenization and development, ion implantation and other equipment. At present, there is no substitute in advanced technology.</p><p>SMIC also saw the risks in this process, so it vigorously purchased related raw materials and semiconductor equipment in the first few months. Therefore, in the short term, there should be no problem for SMIC's survival. However, it is worth worrying that these devices are depreciated and materials will be consumed, so SMIC's reserves can only last for about one year.</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>Talking about the 120 Hours of SMIC in Crisis</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\">\nTalking about the 120 Hours of SMIC in Crisis\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/2af9a533edb87c6daf428b0c87ba8c8e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">新浪官方 </p>\n<p class=\"h-time smaller\">2020-12-22 13:20</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Original title: A Brief Talk<a href=\"https://laohu8.com/S/SMI\">SMIC</a>120 Hours in CrisisSource: Electronic Enthusiast</p><p>On December 15, the Board voted to approve the appointment of Jiang Shangyi.<a href=\"https://laohu8.com/S/688981\">SMIC</a>The response was blacked by the United States, only 5 days, 120 hours,<a href=\"https://laohu8.com/S/00981\">SMIC</a>Had the most difficult winter in history.</p><p>First 48 hours: High-level internal fighting, \"Jiang\" in and \"Meng\" out</p><p>No one expected that the SMIC crisis started with \"infighting\".</p><p>15 December 2020, prior to the appointment of SMIC<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Chief Executive Officer Jiang Shangyi is the Vice Chairman of the Board of Directors, a Type II Executive Director and a member of the Strategy Committee of the Company. According to the contract, he is granted an annual salary of US$670,000 (and an annual incentive). Previously, Jiang Shangyi served as an independent non-executive director of SMIC from 2016 to 2019. It was also mentioned in the announcement that the board of directors voted to approve this appointment, of which director Liang Mengsong abstained from voting without reason.</p><p>Subsequently, multiple channels on the Internet broke out that Liang Mengsong submitted his resignation at the board of directors, with the full text attached. On the morning of December 16th, SMIC issued an announcement about Liang Mengsong's possible resignation. The company has known Liang Mengsong's willingness to resign conditionally and is actively verifying Liang Mengsong's true wishes.</p><p>In the resignation letter exposed on the Internet, Liang Mengsong mentioned that he received a phone call from chairman Zhou Zixue on December 9th, only to learn that Jiang Shangyi was about to take up the position of vice chairman. \"I feel very shocked and puzzled because I don't know anything about it. I feel deeply that I am no longer respected and trusted,\" said Liang, who also said in his resignation letter that he had no intention of interfering with the company's personnel appointments, but just wanted to express his feelings.</p><p><img src=\"http://k.sinaimg.cn/n/spider20201222/780/w426h354/20201222/f187-kfnaptv0036158.jpg/w720fin.jpg\" tg-width=\"426\" tg-height=\"354\"></p><p>In the previous 30 years of experience in the semiconductor industry, Liang Mengsong worked for TSMC,<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>Well-known enterprises have always been influential figures in the semiconductor circle. Meng Song Liang graduated from the Department of Electrical Engineering and Computer Science at the University of California, Berkeley with a doctorate degree. After graduation, he worked at the American Chip Company<a href=\"https://laohu8.com/S/AMD\">AMD</a>Worked for years.</p><p>Regarding the reason for Liang Mengsong's resignation, Liang Mengsong only stated in his resignation statement that because \"the chairman of SMIC invited Jiang Shangyi to return to SMIC as vice chairman without communicating with him in advance\", he thought that he was disrespected and that the company no longer needed him, so he resigned.</p><p>However, it seems to the industry that \"no communication in advance\" is obviously not the main reason. This also makes the outside world about the real reason for Liang Mengsong's resignation debate mixed.</p><p>Some people believe that the importance of Liang Mengsong has been greatly weakened because the development of advanced manufacturing processes has been hindered by US sanctions. Therefore, Jiang Shangyi was introduced as the vice chairman and Liang Mengsong was \"forced\" to go. Some people also believe that Liang Mengsong did not meet the expectations of SMIC management, and just left because of Jiang Shangyi's return, and Liang Mengsong had already planned to leave SMIC, so he did not pursue the matter of \"being resigned\".</p><p>Regardless of the internal reasons, it is true that Jiang Shangyi \"kicked away\" his former colleagues. Jiang Shangyi can also be regarded as a \"big cow\" in the chip industry. He worked in TSMC for 16 years, and he achieved the highest position of TSMC's COO. He single-handedly expanded TSMC's R&D team from more than 400 people to more than 7,000 people, and was once regarded as the successor of Zhang Zhongmou, the founder of TSMC.</p><p>Jiang Shangyi returned to SMIC this time to realize \"technical ideals\", especially in advanced packaging technology and Chiplet technology. In an exclusive interview with Voice, Jiang Shangyi said that he is obsessed with advanced packaging, small chips and other system integration technologies, and has two purposes to join the mainland semiconductor industry. The first is to pursue ideals and career goals; The second is to assist SMIC to do a good job in technology and become a world-class company.</p><p>After 48 hours: Black by Meila, SMIC helplessly continues to negotiate</p><p>On December 18, the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce officially announced the inclusion of Chinese semiconductor manufacturer SMIC in the entity list. According to the BIS announcement, SMIC's technology and materials needed to produce semiconductors at advanced technology nodes (10nm or below) will be denied provision.</p><p>This is not the first time that SMIC has fought against the United States, and the \"entity list\" of the United States has been premeditated for a long time.</p><p>On September 15th this year, the US restrictive measures on Huawei HiSilicon officially came into effect, and chip manufacturers such as SMIC will not be able to continue to use US technology or equipment to make chips for Huawei. SMIC's 14nm process production line announced full mass production earlier, and Huawei is one of its largest customers. However, due to the sanctions incident, there is a big vacancy in SMIC's 14nm production capacity, which can't be filled for a while.</p><p>On December 20, SMIC announced that since it learned on September 5, 2020 that it may be included in the trade blacklist by the U.S. Department of Commerce, it has been working hard to communicate with relevant departments of the U.S. government in order to get fair and equitable treatment. But unfortunately it is still included in the \"Entity List\" by the United States. In this regard, SMIC expressed its firm opposition and reiterated that since its establishment, SMIC has always abided by the principle of compliant operation and strictly abided by the laws and regulations of relevant countries and regions involved in production and business activities.</p><p>SMIC also pointed out the risks: after its preliminary assessment, this matter has no material adverse impact on SMIC's short-term operation and financial position, but it has a significant adverse impact on the research and development and capacity construction of advanced processes of 10nm and below. Therefore, SMIC will continue to communicate with relevant U.S. government departments and take all feasible measures as appropriate to actively seek solutions and strive to minimize adverse effects.</p><p>However, according to insiders, some production line equipment and materials used in 14nm and above processes are \"general-purpose\" equipment and materials, and can also be used in the production of 10nm and below processes.</p><p>That is to say, if the scope of US sanctions on SMIC includes all equipment and materials involving US technology that can be used to produce 10nm and below process chips, then the equipment and materials on these 14nm and above process production lines may also be forced to shut down.</p><p>Can \"de-beautifying\" SMIC still live?</p><p>In only 5 days and 120 hours, from \"internal fighting\" to \"being blackened by the United States\", SMIC spent the most difficult winter.</p><p>On the afternoon of December 18th, the day the United States released the \"Entity List\", Chinese Foreign Ministry spokesman Wang Wenbin expressed his views on the United States \"Entity List\" at a regular press conference, bluntly saying: \"This will be another strong evidence that the United States uses state power to suppress Chinese enterprises, and China firmly opposes this.\"</p><p>Wang Wenbin also pointed out that the politicization of economic and trade issues by the United States violates the principles of market economy and fair competition, which it has always advertised, and violates international trade rules. It not only harms the legitimate rights and interests of Chinese enterprises, but also does not serve the interests of American enterprises. It will seriously interfere with the normal scientific and technological exchanges and trade between the two countries and even the world, and cause damage to the global industrial chain, supply chain and value chain. \"We urge the United States to stop the wrongful behavior of unreasonably suppressing foreign enterprises, and China will continue to take necessary measures to safeguard the legitimate rights and interests of Chinese enterprises.\"</p><p>SMIC is a mess inside, and speculation about SMIC has never stopped.</p><p>Zhang Xiaorong, a scientific and technological expert and president of the Deep Science and Technology Research Institute, said: \"As soon as the blacklist comes out, SMIC may not last for a year.\" SMIC is a chip foundry enterprise. Objectively speaking, SMIC currently relies on foreign countries, especially the United States, for many lithography, raw materials, related technology patent authorizations, etc. needed for OEM chip production.</p><p>Zhang Xiaorong also pointed out that, specifically, in the manufacturing process of chips, the main links start from wafers, and there will be many steps such as lithography, etching, ion implantation, metal deposition, metal layer, interconnection, wafer testing and cutting, core packaging, grade testing and packaging. Accomplishing these steps requires a large number of advanced equipment, such as a lithography for photolithography, an etcher for etching, an ion implanter for ion implantation, and so on.</p><p>At present, in the field of semiconductor equipment, the United States accounts for 50% of the global market, then Japan accounts for 30%, and the United States and Japan monopolize about 80% of the share. The strengths of the United States are precipitation, CMP, gel homogenization and development, ion implantation and other equipment. At present, there is no substitute in advanced technology.</p><p>SMIC also saw the risks in this process, so it vigorously purchased related raw materials and semiconductor equipment in the first few months. Therefore, in the short term, there should be no problem for SMIC's survival. However, it is worth worrying that these devices are depreciated and materials will be consumed, so SMIC's reserves can only last for about one year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/51fb9fb4bb9a78041d2403ab1f31481b","relate_stocks":{"688981":"中芯国际","SMI":"VanEck HIP Sustainable Muni ETF","00981":"中芯国际"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2093448306","content_text":"原标题：浅谈中芯国际陷入危机的120小时 来源：电子发烧友12月15日董事会表决通过蒋尚义委任，12月20日， 中芯国际 回应被美拉黑，仅5天的时间，120个小时，中芯国际度过了史上最难的一个寒冬。前48小时：高层内斗，“蒋”进“孟”出谁都没有料到，中芯危机是从“内斗”开始的。2020年12月15日，中芯国际委任前台积电执行长蒋尚义为公司董事会副董事长、第二类执行董事及战略委员会成员，根据合约给与其年薪67万美元（及年度激励）的待遇。此前2016至2019年间蒋尚义曾担任过中芯国际的独立非执行董事一职。在公告中还提到，董事会表决通过了这一委任，其中董事梁孟松无理由投弃权票。随后，网上多渠道爆出梁孟松在董事会上提出辞呈，并附全文。12月16日早间，中芯国际发布了关于梁孟松可能辞任的公告，公司已知悉梁孟松其有条件辞任的意愿，正在积极核实梁孟松的真实意愿。在网络曝光的辞职信中，梁孟松提到自己是在12月9日接到董事长周子学的电话，才得知蒋尚义即将出任副董事长一职。梁孟松说：“我感到十分错愕与不解，因为我对此事毫无所悉。我深深的感到自己已经不再被尊重与被信任。”同时在这份辞职信中他还表示自己无意干涉公司的人事任命，只是想表达出自己的感受。在此前的30多年半导体行业经历中，梁孟松分别就职过台积电、三星等知名企业，一直是半导体圈的风云人物。梁孟松毕业于美国加州大学伯克利分校电机工程及电脑科学系并取得博士学位。毕业后他曾在美国芯片公司AMD工作数年。对于梁孟松辞职的原因，梁孟松在辞职声明只是表示因为“中芯国际董事长邀请蒋尚义重回中芯国际担任副董事长一事没有提前与他沟通”，使其认为不被尊重，认为公司已不再需要他，故而提出辞职。但业内看来，“没有提前沟通”显然并不是最主要的原因。这也使得外界对于梁孟松辞职的真实原因争论不一。有观点认为，因为美国制裁导致先进制程发展受阻，梁孟松的重要性被大幅削弱，因此“卸磨杀驴”，引入蒋尚义来做副董事长，“逼”走梁孟松。也有观点认为，梁孟松并没有达到中芯国际管理层的预期，正好借蒋尚义回归一事离职，而梁孟松也早有离开中芯国际的打算，因此并未再追究“被离职”一事。无论内因如何，蒋尚义“踢走”了前同事不假。蒋尚义在芯片行业也算得上是“大牛”，他曾在台积电供职16年之久，最高做到了台积电COO职务，一手将台积电的研发团队从400多人扩大到了7000多人，还曾一度被认为是台积电创始人张忠谋的接班人。这次回归中芯国际，蒋尚义是为了实现“技术上的理想”，特别是在先进封装技术与小芯片技术（Chiplet）上。在接受问芯Voice专访时，蒋尚义表示，自己醉心于先进封装、小芯片等系统整合的技术，加入大陆半导体产业有两个目的，第一是追求理想与事业的目标；第二是协助中芯国际把技术做好，成为世界一流的公司。后48小时：被美拉黑，中芯无奈继续协商12月18日，美国商务部工业和安全局（BIS）正式宣布将中国半导体制造企业中芯国际（SMIC）列入实体清单。根据BIS的公告，中芯国际在先进技术节点（10nm或以下）生产半导体所需的技术和材料将被拒绝提供。这并非中芯第一次与美方交手，美国的“实体清单”预谋已久。今年9月15日，美方对华为海思限制措施正式生效，中芯国际等芯片厂商将无法继续利用美方技术或设备为华为代工芯片。中芯国际的14nm工艺制程产线早前宣布全面量产，而华为正是其最大客户之一，但受制裁事件影响，中芯国际14nm产能出现了很大的空缺，且一时间无法被填补。12月20日，中芯国际公告称，自2020年9月5日获悉可能被美国商务部列入贸易黑名单以来，一直努力与美国政府相关部门沟通，以期得到公平、公正的对待。但很遗憾仍然被美国列入了“实体清单”。对此，中芯国际表示坚决反对，并再次重申，中芯国际自成立以来一贯恪守合规运营的原则，严格遵守生产经营活动所涉及相关国家和地区的法律法规。中芯国际还指出风险所在：经其初步评估，该事项对中芯国际短期内运营及财务状况无重大不利影响，但对10nm及以下先进工艺的研发及产能建设有重大不利影响。因此，中芯国际将持续与美国政府相关部门进行沟通，并视情况采取一切可行措施，积极寻求解决方案，力争将不利影响降到最低。但据内部人士透露，部分运用于14nm及以上工艺制程的产线设备及材料，属于“通用型”设备和材料，也可以被用于10nm及以下制程工艺的生产。也就是说，如果美方对中芯国际的制裁范围，包括了所有涉及美方技术的，可被用于生产10nm及以下制程工艺芯片的设备及材料，那么这些14nm及以上工艺制程产线上的设备及材料，也有被迫停摆的可能。“去美化”中芯还能活吗？仅5天的时间，120个小时，从“内斗”到“被美拉黑”，中芯国际度过了最难的一个寒冬。12月18日下午，美国发布“实体清单”的当天，中国外交部发言人汪文斌在例行记者会上对美国的“实体清单”发表看法，直言：“这将是美国动用国家力量打压中国企业的又一力证，中方对此坚决反对。”汪文斌还指出，美方将经贸问题政治化，违背其一贯标榜的市场经济和公平竞争原则，违反国际贸易规则，不仅损害中国企业的合法权益，也不符合美国企业的利益，将严重干扰两国乃至全球正常的科技交流和贸易往来，对全球产业链、供应链、价值链造成破坏。“我们敦促美方停止无理打压外国企业的错误行为，中方将继续采取必要措施，维护中国企业的正当权益。”中芯内部一团糟，外界对中芯的猜测也从未停息。科技专家、深度科技研究院院长张孝荣表示：“黑名单一出，中芯国际恐怕撑不过一年。”中芯国际是一家芯片代工企业，从客观来讲，中芯国际目前继续代工芯片生产所需要的光刻机、原材料、相关的技术专利授权等等很多都依赖外国特别是美国。张孝荣还指出，具体而言，芯片的制造过程中，主要环节从晶圆开始，会有光刻，蚀刻、离子注入、金属沉积、金属层、互连、晶圆测试与切割、核心封装、等级测试、包装等诸多步骤。完成这些步骤，需要大量的先进设备，比如光刻用光刻机，蚀刻用蚀刻机，离子注入用离子注入机等等。目前在半导体设备领域，美国占了全球50%的市场，然后日本又占了30%，美日垄断了80%左右的份额。美国的强项在沉淀、CMP、匀胶显影、离子注入等等设备，目前在先进工艺上没有替代品。中芯国际在这个过程中也看到了风险，于是在前几个月大力采购相关原材料和半导体设备。因此短期来看，中芯国际生存应该是没有问题。但是值得忧虑的是，这些设备都有折旧，材料也会消耗，因此中芯国际的储备大概只能支撑一年。","news_type":1,"symbols_score_info":{"688981":0.9,"00981":0.9,"SMI":0.9}},"isVote":1,"tweetType":1,"viewCount":2477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}