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2021-08-19

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Investment bank Benchmark lowered its target price for Vipshop (VIPS.N) to $25.

2021-08-14

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2021-08-09

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Is Alibaba's culture rotten to the core?

2021-08-04

$Nano Dimension Ltd.(NNDM)$Gogogo

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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021081918253379e3efb5&s=b\">新浪财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/76824cd4c5b97eaacdaab63d96995a28","relate_stocks":{"VIPS":"唯品会"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2021081918253379e3efb5&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2160376667","content_text":"投行Benchmark：将唯品会(VIPS.N)目标价下调至25美元。","news_type":1,"symbols_score_info":{"VIPS":1}},"isVote":1,"tweetType":1,"viewCount":5381,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897532124,"gmtCreate":1628938856468,"gmtModify":1676529897051,"author":{"id":"3564909256585570","authorId":"3564909256585570","name":"Fengjie","avatar":"https://static.tigerbbs.com/45987ca4f2ac62a210c20544200c49f9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564909256585570","authorIdStr":"3564909256585570"},"themes":[],"title":"","htmlText":"Gogogogo","listText":"Gogogogo","text":"Gogogogo","images":[{"img":"https://static.tigerbbs.com/722afb27ca24a7480184c0866655bf3c","width":"750","height":"2275"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/897532124","isVote":1,"tweetType":1,"viewCount":5204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":898421797,"gmtCreate":1628518247719,"gmtModify":1703507458751,"author":{"id":"3564909256585570","authorId":"3564909256585570","name":"Fengjie","avatar":"https://static.tigerbbs.com/45987ca4f2ac62a210c20544200c49f9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564909256585570","authorIdStr":"3564909256585570"},"themes":[],"title":"","htmlText":"Gogogo&nbsp;","listText":"Gogogo&nbsp;","text":"Gogogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/898421797","repostId":"1113831198","repostType":4,"repost":{"id":"1113831198","kind":"news","pubTimestamp":1628510766,"share":"https://ttm.financial/m/news/1113831198?lang=en_US&edition=fundamental","pubTime":"2021-08-09 20:06","market":"us","language":"zh","title":"Is Alibaba's culture rotten to the core?","url":"https://stock-news.laohu8.com/highlight/detail?id=1113831198","media":" 丫丫港股圈","summary":"26年前，杭州明珠电视台在马路上做了一个小测试，他们请人假装偷井盖，看看有多少人会见义勇为，对这种违法行为say no。\n最后，通过测试的只有一个人，就是马云。\n4年之后的1999年，热心群众马云带领","content":"<p>Twenty-six years ago, Hangzhou Pearl TV conducted a small test on the street. They asked people to pretend to steal manhole covers to see how many people would act bravely and say no to such illegal behavior.</p><p><b>In the end, only one person passed the test, and that was Jack Ma.</b></p><p>Four years later, in 1999, enthusiastic citizen Jack Ma led his eighteen entrepreneurs to found Alibaba, which subsequently overcame numerous obstacles to become the largest retail platform in China. The values of this group of \"enthusiastic people\" have also been refined into the Six Meridians Divine Sword, which can be summarized in one sentence:<b>A group of compassionate and righteous people getting together to do something valuable and meaningful.</b></p><p>In 2021, after the Bund financial scandal, the Jiang Fan sex scandal, and the Alibaba P8 mistress scandal, Alibaba's scandals finally reached their peak:<b>In the early hours of August 8, a trending topic erupted online: Wang Chengwen, head of the merchant operations team of Alibaba Taoxianda North China, was suspected of assaulting a female subordinate after a merchant dinner.</b></p><p><img src=\"https://static.tigerbbs.com/98917611752bc204eb925b2013ced756\" tg-width=\"550\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p>What's even more frightening is that after the incident, the parties involved reported it to higher levels.<b>From BU leader Jiu Rong, HR head Yue Er, Taoxianda LKA head Forrest Gump, and even Lao Ding and Ding Dong at the BG level, none of them realized the seriousness of the problem. Instead, they repeatedly covered it up and tried to suppress the matter.</b></p><p><b>These are hardly people with feelings or righteousness; they are clearly a group of indifferent and numb people.</b></p><p><img src=\"https://static.tigerbbs.com/852987e1c2b4efdf9d84be0b249d0c7e\" tg-width=\"547\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p><b>Today's Alibaba is no longer the Alibaba of yesteryear, even in the capital market.</b></p><p>Since the Bund Financial Summit on October 24 last year, Alibaba's stock price has fallen by nearly 40% from its high. During this period, Alibaba's market value evaporated by 2 trillion yuan, and Ant Group's employees may never hear the voice of financial freedom again.</p><p><img src=\"https://static.tigerbbs.com/a7f49871c8fb6cffc29a0039ad2023fe\" tg-width=\"750\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><b>The stock price plummeted, and performance was the main reason.</b></p><p>According to its semi-annual report released in 2020, Alibaba's revenue increased by 33% year-on-year, but at the same time, operating profit and net profit fell by 11.1% and 7.7% respectively. The decline in operating profit was mainly due to two aspects:</p><p><b>First, gross profit margin declined.</b>Gross profit margin dropped from 45% in the first half of 2020 to less than 40%;</p><p><b>Second, sales expenses have surged.</b>Revenue growth was only 33% year-on-year, but sales expenses nearly doubled.</p><p><img src=\"https://static.tigerbbs.com/fdb5a377e28019c722858cef4710c4d9\" tg-width=\"727\" tg-height=\"571\" referrerpolicy=\"no-referrer\"></p><p><b>The reason for the decline in gross profit margin and the surge in sales expenses is also obvious: the new retail business.</b></p><p>Breaking down Alibaba's business, we can find that half of the 50 billion yuan increase in revenue came from other parts of its retail business, namely Sun Art Retail, Tmall Supermarket, and Hema.<b>Of course, this also includes Taoxianda, which got into trouble this time.</b></p><p>However, despite the growth, the new retail business model is heavy and has low profits.<b>To expand, we also need to discuss business and drink with merchants.</b>As a result, Alibaba's revenue increased but its profits did not, its gross profit margin declined, and its sales expenses were extremely high.</p><p><img src=\"https://static.tigerbbs.com/d30fe75d0a715b7c600cfca8457f1cb1\" tg-width=\"728\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p><b>This was also a last resort for Alibaba.</b>Currently, China's total retail sales reach 40 trillion yuan, a portion of which is in sectors such as automobiles, catering, and fresh food. There is not much room left for online e-commerce, and if it wants to grow, it can only enter other sectors.</p><p>Alibaba's other businesses, such as local services, Cainiao Logistics, and even cloud computing, are not actually growing well and cannot make a significant contribution to Alibaba's growth rate.</p><p>To grow, we can only continue to rely on new retail.</p><p>As a result, some voices in the market say that Alibaba's forced female employees to accompany them to drinks this time, and the fact that senior executive Forrest Gump tacitly approved or even condoned it after the incident, is because Alibaba is under great pressure to expand its business, and if it does not do so, the business cannot be negotiated.</p><p>The drinking incident occurred in order to achieve growth.</p><p><b>But I want to ask, could it be the other way around, that Alibaba's business growth is so poor because its culture is rotten?</b></p><p>It's not that there haven't been any booms in recent years, but Alibaba's new businesses haven't had much of an easy time.</p><p>In the food delivery sector, Ele.me has long been dominated by Meituan.</p><p>Meituan and Pinduoduo are making great strides in group buying. This year, Meituan and Pinduoduo can reach a scale of about 50 million orders per day, while Hema is always a step behind.</p><p>In terms of investment, the stock prices of Pinduoduo, SEA, and Bilibili, all invested in by Tencent, hit new highs last year, while companies invested in by Alibaba, such as Xiami Music, Suning.com, and Youku, are all declining.</p><p>We cannot know whether specific cultures have affected our business, but what we do see is...</p><p>In terms of internal management, from last year's Jiang Fan and Zhang Dayi incidents to the criticized icebreaker event, to the recent Alibaba P8 mistress incident involving job applicants, and then to this intolerable drinking incident, Alibaba seems to have problems from the top to the bottom.</p><p><b>In terms of performance,</b>The old business relies heavily on e-commerce and is also experiencing sluggish growth; Among new businesses, new retail increases revenue but not profit, and even cloud computing growth cannot reach the core growth rate.</p><p><b>Performance is average.</b>Management has run into problems again. What else does Alibaba have besides its glorious history?</p><p>Of course, there are also times. Times have not abandoned Alibaba yet, and e-commerce is still Alibaba's cash cow. However, if the times also abandon Alibaba, then Alibaba may not be far from Yahoo and Nokia.</p><p><b>epilogue</b></p><p>As is well known, Jack Ma is a martial arts fan and particularly admires Jin Yong. Therefore, there is a \"nickname\" culture within Alibaba. The first thing he does when he joins Alibaba is to give himself a nickname. Jack Ma himself is nicknamed \"Feng Qingyang,\" which comes from the movie \"The Smiling, Proud Wanderer,\" because he is an excellent teacher.</p><p><img src=\"https://static.tigerbbs.com/6daf534be1922669ed020b90bfddf847\" tg-width=\"630\" tg-height=\"255\" referrerpolicy=\"no-referrer\"></p><p><b>But I wonder if Jack Ma has seen clearly that Jin Yong's novels include not only martial arts but also the martial arts world.</b></p><p>For example, the Quanzhen Sect was once at its peak. Its founder, Wang Chongyang, rose up against the Jin Dynasty and upheld chivalry and justice, earning it the reputation of \"the authentic martial arts of the world\".</p><p>However, in the later stages, the Quanzhen Sect expanded its membership too quickly, causing its numbers to increase unprecedentedly. In addition, Zhao Zhijing and Yin Zhiping failed to manage effectively, resulting in a crooked top and bottom, and the uneven quality of its members. As a result, the Quanzhen Sect began to decline and eventually decline.</p><p>Similar stories of rise and fall have also occurred in major gangs such as the Beggars' Sect.</p><p>it takes years to build a reputation and minutes to ruin it.</p><p>Hopefully, Alibaba will still be the Alibaba of yesteryear.</p>","source":"lsy1568959956107","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is Alibaba's culture rotten to the core?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs Alibaba's culture rotten to the core?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 丫丫港股圈</strong><span class=\"h-time small\">2021-08-09 20:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Twenty-six years ago, Hangzhou Pearl TV conducted a small test on the street. They asked people to pretend to steal manhole covers to see how many people would act bravely and say no to such illegal behavior.</p><p><b>In the end, only one person passed the test, and that was Jack Ma.</b></p><p>Four years later, in 1999, enthusiastic citizen Jack Ma led his eighteen entrepreneurs to found Alibaba, which subsequently overcame numerous obstacles to become the largest retail platform in China. The values of this group of \"enthusiastic people\" have also been refined into the Six Meridians Divine Sword, which can be summarized in one sentence:<b>A group of compassionate and righteous people getting together to do something valuable and meaningful.</b></p><p>In 2021, after the Bund financial scandal, the Jiang Fan sex scandal, and the Alibaba P8 mistress scandal, Alibaba's scandals finally reached their peak:<b>In the early hours of August 8, a trending topic erupted online: Wang Chengwen, head of the merchant operations team of Alibaba Taoxianda North China, was suspected of assaulting a female subordinate after a merchant dinner.</b></p><p><img src=\"https://static.tigerbbs.com/98917611752bc204eb925b2013ced756\" tg-width=\"550\" tg-height=\"637\" referrerpolicy=\"no-referrer\"></p><p>What's even more frightening is that after the incident, the parties involved reported it to higher levels.<b>From BU leader Jiu Rong, HR head Yue Er, Taoxianda LKA head Forrest Gump, and even Lao Ding and Ding Dong at the BG level, none of them realized the seriousness of the problem. Instead, they repeatedly covered it up and tried to suppress the matter.</b></p><p><b>These are hardly people with feelings or righteousness; they are clearly a group of indifferent and numb people.</b></p><p><img src=\"https://static.tigerbbs.com/852987e1c2b4efdf9d84be0b249d0c7e\" tg-width=\"547\" tg-height=\"465\" referrerpolicy=\"no-referrer\"></p><p><b>Today's Alibaba is no longer the Alibaba of yesteryear, even in the capital market.</b></p><p>Since the Bund Financial Summit on October 24 last year, Alibaba's stock price has fallen by nearly 40% from its high. During this period, Alibaba's market value evaporated by 2 trillion yuan, and Ant Group's employees may never hear the voice of financial freedom again.</p><p><img src=\"https://static.tigerbbs.com/a7f49871c8fb6cffc29a0039ad2023fe\" tg-width=\"750\" tg-height=\"499\" referrerpolicy=\"no-referrer\"></p><p><b>The stock price plummeted, and performance was the main reason.</b></p><p>According to its semi-annual report released in 2020, Alibaba's revenue increased by 33% year-on-year, but at the same time, operating profit and net profit fell by 11.1% and 7.7% respectively. The decline in operating profit was mainly due to two aspects:</p><p><b>First, gross profit margin declined.</b>Gross profit margin dropped from 45% in the first half of 2020 to less than 40%;</p><p><b>Second, sales expenses have surged.</b>Revenue growth was only 33% year-on-year, but sales expenses nearly doubled.</p><p><img src=\"https://static.tigerbbs.com/fdb5a377e28019c722858cef4710c4d9\" tg-width=\"727\" tg-height=\"571\" referrerpolicy=\"no-referrer\"></p><p><b>The reason for the decline in gross profit margin and the surge in sales expenses is also obvious: the new retail business.</b></p><p>Breaking down Alibaba's business, we can find that half of the 50 billion yuan increase in revenue came from other parts of its retail business, namely Sun Art Retail, Tmall Supermarket, and Hema.<b>Of course, this also includes Taoxianda, which got into trouble this time.</b></p><p>However, despite the growth, the new retail business model is heavy and has low profits.<b>To expand, we also need to discuss business and drink with merchants.</b>As a result, Alibaba's revenue increased but its profits did not, its gross profit margin declined, and its sales expenses were extremely high.</p><p><img src=\"https://static.tigerbbs.com/d30fe75d0a715b7c600cfca8457f1cb1\" tg-width=\"728\" tg-height=\"643\" referrerpolicy=\"no-referrer\"></p><p><b>This was also a last resort for Alibaba.</b>Currently, China's total retail sales reach 40 trillion yuan, a portion of which is in sectors such as automobiles, catering, and fresh food. There is not much room left for online e-commerce, and if it wants to grow, it can only enter other sectors.</p><p>Alibaba's other businesses, such as local services, Cainiao Logistics, and even cloud computing, are not actually growing well and cannot make a significant contribution to Alibaba's growth rate.</p><p>To grow, we can only continue to rely on new retail.</p><p>As a result, some voices in the market say that Alibaba's forced female employees to accompany them to drinks this time, and the fact that senior executive Forrest Gump tacitly approved or even condoned it after the incident, is because Alibaba is under great pressure to expand its business, and if it does not do so, the business cannot be negotiated.</p><p>The drinking incident occurred in order to achieve growth.</p><p><b>But I want to ask, could it be the other way around, that Alibaba's business growth is so poor because its culture is rotten?</b></p><p>It's not that there haven't been any booms in recent years, but Alibaba's new businesses haven't had much of an easy time.</p><p>In the food delivery sector, Ele.me has long been dominated by Meituan.</p><p>Meituan and Pinduoduo are making great strides in group buying. This year, Meituan and Pinduoduo can reach a scale of about 50 million orders per day, while Hema is always a step behind.</p><p>In terms of investment, the stock prices of Pinduoduo, SEA, and Bilibili, all invested in by Tencent, hit new highs last year, while companies invested in by Alibaba, such as Xiami Music, Suning.com, and Youku, are all declining.</p><p>We cannot know whether specific cultures have affected our business, but what we do see is...</p><p>In terms of internal management, from last year's Jiang Fan and Zhang Dayi incidents to the criticized icebreaker event, to the recent Alibaba P8 mistress incident involving job applicants, and then to this intolerable drinking incident, Alibaba seems to have problems from the top to the bottom.</p><p><b>In terms of performance,</b>The old business relies heavily on e-commerce and is also experiencing sluggish growth; Among new businesses, new retail increases revenue but not profit, and even cloud computing growth cannot reach the core growth rate.</p><p><b>Performance is average.</b>Management has run into problems again. What else does Alibaba have besides its glorious history?</p><p>Of course, there are also times. Times have not abandoned Alibaba yet, and e-commerce is still Alibaba's cash cow. However, if the times also abandon Alibaba, then Alibaba may not be far from Yahoo and Nokia.</p><p><b>epilogue</b></p><p>As is well known, Jack Ma is a martial arts fan and particularly admires Jin Yong. Therefore, there is a \"nickname\" culture within Alibaba. The first thing he does when he joins Alibaba is to give himself a nickname. Jack Ma himself is nicknamed \"Feng Qingyang,\" which comes from the movie \"The Smiling, Proud Wanderer,\" because he is an excellent teacher.</p><p><img src=\"https://static.tigerbbs.com/6daf534be1922669ed020b90bfddf847\" tg-width=\"630\" tg-height=\"255\" referrerpolicy=\"no-referrer\"></p><p><b>But I wonder if Jack Ma has seen clearly that Jin Yong's novels include not only martial arts but also the martial arts world.</b></p><p>For example, the Quanzhen Sect was once at its peak. Its founder, Wang Chongyang, rose up against the Jin Dynasty and upheld chivalry and justice, earning it the reputation of \"the authentic martial arts of the world\".</p><p>However, in the later stages, the Quanzhen Sect expanded its membership too quickly, causing its numbers to increase unprecedentedly. In addition, Zhao Zhijing and Yin Zhiping failed to manage effectively, resulting in a crooked top and bottom, and the uneven quality of its members. As a result, the Quanzhen Sect began to decline and eventually decline.</p><p>Similar stories of rise and fall have also occurred in major gangs such as the Beggars' Sect.</p><p>it takes years to build a reputation and minutes to ruin it.</p><p>Hopefully, Alibaba will still be the Alibaba of yesteryear.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/xK0KaAUqcA__RSAp-Fwq0Q\"> 丫丫港股圈</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b6144783fb942d6493c55cf38d87bfdd","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"source_url":"https://mp.weixin.qq.com/s/xK0KaAUqcA__RSAp-Fwq0Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113831198","content_text":"26年前，杭州明珠电视台在马路上做了一个小测试，他们请人假装偷井盖，看看有多少人会见义勇为，对这种违法行为say no。\n最后，通过测试的只有一个人，就是马云。\n4年之后的1999年，热心群众马云带领他的十八罗汉，成立阿里巴巴，随后一路披荆斩棘，成为全中国最大的零售平台。这群\"热心人\"的价值观，也被沉淀为六脉神剑，一句话总结就是：一群有情有义的人，在一起做一件有价值有意义的事。\n时间来到了2021年，在经历了外滩金融事件、蒋凡桃色事件、阿里P8包养事件后，阿里的丑闻终于到达了顶峰：8月8日凌晨，全网爆发热搜，阿里巴巴淘鲜达华北区商家运营组组长王成文，涉嫌在一次商家饭局后，侵犯女下属。\n\n更可怕的是，出事后当事人一层层向上举报，从BU领导九戎、HR负责人悦尔、淘鲜达LKA负责人阿甘，甚至BG层面的老鼎和丁冬，没有一人意识到问题的严重性，反而是三番四次包庇，试图把事情压下来。\n这哪里是有情有义的人，明明是一群冷漠麻木的人。\n\n今日的阿里早已不是当年的阿里，即使放在资本市场上，也是如此。\n自去年10月24日外滩金融峰会以来，阿里的股价已经从高位回调接近40%。期间阿里的市值蒸发了2万亿，蚂蚁的员工也许再也无法听到财务自由的声音。\n\n股价暴跌，业绩才是主因。\n根据2020年发布的半年报，阿里营收同比增长33%，但是与此同时，经营利润和净利润分别下跌11.1%和7.7%。经营利润的下跌，主要来自两个方面：\n第一，毛利率下跌。毛利率从2020年上半年的45%，下降到不足40%；\n第二，销售费用激增。营收增速同比只有33%，销售费用却增长了接近一倍。\n\n毛利率下降和销售费用激增的原因也很明显：新零售业务。\n拆分阿里的业务，我们可以发现，营收增加的500亿，有一半来自于零售业务中的其他部分，也就是高鑫零售、天猫超市、盒马这部分。当然，也包括这一次出事的淘鲜达。\n但是增长归增长，新零售业务模式重，利润低，要拓展还要和商户谈生意、喝酒，于是导致阿里增收不增利，毛利率下降，销售费用还奇高。\n\n这也是阿里的无奈之举。目前中国的社会零售总额40万亿，其中有一部分是汽车、餐饮、生鲜等领域，留给线上电商的空间已经不大，要增长就只能切入其他领域。\n而阿里的其他业务，比如说本地生活，比如说菜鸟物流，甚至说云计算，其实在增速上都不好看，也没法对阿里的增速做出什么太大的贡献。\n要增长，只能继续依靠新零售。\n于是，市场上有声音说，这一次阿里强制女员工陪酒，高层阿甘在出事后默认甚至纵容，是因为阿里拓展业务压力大，不这样做，业务就谈不下来。\n为了增长，所以才有陪酒事件。\n但是我想问，会不会刚好反过来，是因为阿里的文化烂了，业务上增长才如此不堪呢？\n这几年不是没有风口，但是阿里这几年的新业务，基本就没怎么好过。\n外卖领域，饿了么长期被美团压着打；\n社团团购，美团、拼多多高歌猛进，今年美团、多多大约可以达到5000万单/日的规模，而盒马总是慢一拍；\n投资方面，腾讯投资的拼多多、SEA、B站股价都在去年创新高，阿里投资的公司如虾米音乐、苏宁易购、优酷，一个个的都在走下坡。\n具体文化有没有影响业务，我们也无法得知，不过我们看到的是。\n内部管理上，从去年的蒋凡张大奕，到令人诟病的破冰活动，到前阵子阿里P8包养应聘者，再到这次让人忍无可忍的陪酒事件，阿里仿佛从高层到低层，都有问题。\n业绩上，老业务严重依赖电商，同时还增长乏力；新业务里面，新零售增收不增利，就连云计算增速也够不着核心增速。\n业绩一般，管理又出了问题，现在的阿里除了光辉的历史，还有什么？\n当然，还有时代，时代还没有抛弃阿里，电商还是阿里的现金牛。但是，假如时代也抛弃阿里，那么阿里离雅虎、诺基亚，也许并不遥远。\n结语\n众所周知，马云是一个武侠迷，特别崇拜金庸，所以阿里内部也有\"花名\"文化，阿里入职第一件事，就是给自己起一个花名。马云自己的花名是\"风清扬\"，出自《笑傲江湖》，因为他是一个优秀的老师。\n\n但是不知道马云有没有看清楚，金庸笔下的，除了武侠，还有江湖。\n比如说全真教，曾经盛极一时，创始人王重阳奋起抗金，加之教旨行侠仗义，被誉为\"天下武学正宗\"。\n然而到了后期，全真教扩招太快，人数空前膨胀，加之赵志敬、尹志平管理不力，上梁不正下梁歪，教徒素质参差不齐，全真教开始腐朽，最终走向衰落。\n同样从兴到衰的故事，在丐帮等大帮派里，也发生过。\n it takes years to build a reputation and minutes to ruin it.\n希望阿里还是当年的阿里。","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":4789,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890991720,"gmtCreate":1628073303560,"gmtModify":1703500685462,"author":{"id":"3564909256585570","authorId":"3564909256585570","name":"Fengjie","avatar":"https://static.tigerbbs.com/45987ca4f2ac62a210c20544200c49f9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564909256585570","authorIdStr":"3564909256585570"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/NNDM\">$Nano Dimension Ltd.(NNDM)$</a>Gogogo","listText":"<a href=\"https://laohu8.com/S/NNDM\">$Nano Dimension Ltd.(NNDM)$</a>Gogogo","text":"$Nano Dimension 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09:08","market":"us","language":"zh","title":"With a whopping $50 billion investment, will Intel finally gain the key to victory?","url":"https://stock-news.laohu8.com/highlight/detail?id=1110672156","media":"半导体行业观察","summary":"入职不到六个月， 英特尔公司首席执行官Pat Gelsinger重振这家芯片制造商命运的方法正在浮现：那就是迅速行动，并携带大额支票簿。\n当 Gelsinger 在 2 月份接替Bob Swan担任英","content":"<p>Less than six months into the job,<a href=\"https://laohu8.com/S/INTC\">Intel</a>CEO Pat Gelsinger's method for reviving the chipmaker's fortunes is emerging: act quickly and carry a large checkbook.</p><p>When Gelsinger succeeded Bob Swan as Intel CEO in February, the chip giant was suffering from years of process delays, and a major concern for analysts and investors was whether the company would abandon chip manufacturing and focus on design. This approach is suitable for competitors Nvidia and<a href=\"https://laohu8.com/S/AMD\">AMD</a>This brought huge returns, giving them the ability to erode Intel's market share.</p><p>Mr. Gelsinger's answer was actually a strong \"no\". He promised that Intel would not only manufacture its own semiconductors, but also become a so-called contract manufacturer, manufacturing chips for others—he would undertake a financial commitment of more than $50 billion if Intel's exploratory negotiations to acquire chip manufacturing expert GlobalFoundries were successful. According to a Wall Street Journal report on Thursday, Intel is considering an acquisition of GlobalFoundries valued at approximately $30 billion.</p><p>If it goes through, it would be Intel's largest acquisition ever, almost double their largest deal to date. In 2015, Intel spent approximately $16.7 billion to acquire microprocessor manufacturer Altera Corp.</p><p>Just over a month after assuming Intel's top job, Gelsinger pledged that Intel would invest $20 billion in its chip factory in Arizona. Less than two months later, he added another $3.5 billion in expansion plans in New Mexico. Intel's CEO has stated that further financial commitments are in the works both in the United States and overseas.</p><p>Since joining, Mr. Gelsinger has vowed that Intel's best days are just around the corner. However, he also emphasized that the company needs to restore its reputation for reliable performance and act quickly to bring back engineering talent to fulfill this promise.</p><p>Sometimes, Mr. Gelsinger is outspoken about past mistakes. Intel had previously tried to become a third-party chipmaker, but with little success. “Our initial efforts were somewhat weak,” he said, adding, “We didn’t really leave ourselves behind.”</p><p>Wedbush Securities analyst Matt Bryson said that acquiring GlobalFoundries could give Intel the key to success. “Because in the past, one of the concerns people had about Intel was that they didn’t really know how to act as a foundry,” he said. “GlobalFoundries will provide them with a broader and more mature range of production capacity.”</p><p>Earlier on Friday, Intel shares rose 1.51%.</p><p>The global chip shortage has rarely brought the previously almost unknown semiconductor production into the spotlight. The demand for laptops has skyrocketed, and new ways of working have increased the demand for cloud computing services and the data centers running on them. One of the chips in surging demand is the introduction of new 5G phones, which has increased the squeeze on manufacturing capacity, chip companies say. Due to a lack of chips, automakers have had to idle their factories, so the prices of some electronic products are rising.</p><p>The shortage has become a topic of conversation in Washington, D.C., and other global capitals. President Biden has pledged approximately $50 billion to boost domestic chip manufacturing. Europe has also made a similar commitment.</p><p>Intel is betting that the chip boom will continue.</p><p>Mr. Gelsinger has stated that by 2025, the wafer foundry business, which manufactures chips for others, should become a market worth hundreds of billions of dollars. He has already won over customers, including his own competitors, to use his wafer foundry business, such as Qualcomm and Amazon.com.</p><p>Intel is racing to grow and protect the business.</p><p>Taiwan Semiconductor Manufacturing Co., Ltd., the world's largest contract chipmaker, said in April that it would invest $100 billion over the next three years to increase production capacity to cope with surging demand.  <a href=\"https://laohu8.com/S/SSNLF\">Samsung Electronics</a>The company plans to spend approximately $116 billion by 2030 to diversify and increase its semiconductor output, and it is considering investing $17 billion to build a new chip manufacturing plant in the United States.</p><p>Counterpoint Research Indicates,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Last year, it accounted for approximately 59% of the global third-party chip manufacturing market.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It accounts for 14%.</p><p>Although Intel is catching up, Mr. Gelsinger is turning to TSMC and Samsung to help manufacture components for the most advanced chips that they cannot produce internally.</p><p>Stacy Rasgon, an analyst at Sanford Bernstein & Co., doubts whether the acquisition of GlobalFoundries will help Intel turn a profit. “This is a huge sum of money for marginal players in the industry,” he said, calling such a deal “a distraction for Intel.”</p><p>Strengthening Intel's chip manufacturing division is only part of Mr. Gelsinger's plan. Another is to ensure that the company continuously designs cutting-edge chips to amaze customers. “We have a lot of work to do,” Mr. Gelsinger said earlier this 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>With a whopping $50 billion investment, will Intel finally gain the key to victory?</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\">\nWith a whopping $50 billion investment, will Intel finally gain the key to victory?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1099700132\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/705285f8deea4d7b8e48df7848a67868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">半导体行业观察 </p>\n<p class=\"h-time smaller\">2021-07-17 09:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Less than six months into the job,<a href=\"https://laohu8.com/S/INTC\">Intel</a>CEO Pat Gelsinger's method for reviving the chipmaker's fortunes is emerging: act quickly and carry a large checkbook.</p><p>When Gelsinger succeeded Bob Swan as Intel CEO in February, the chip giant was suffering from years of process delays, and a major concern for analysts and investors was whether the company would abandon chip manufacturing and focus on design. This approach is suitable for competitors Nvidia and<a href=\"https://laohu8.com/S/AMD\">AMD</a>This brought huge returns, giving them the ability to erode Intel's market share.</p><p>Mr. Gelsinger's answer was actually a strong \"no\". He promised that Intel would not only manufacture its own semiconductors, but also become a so-called contract manufacturer, manufacturing chips for others—he would undertake a financial commitment of more than $50 billion if Intel's exploratory negotiations to acquire chip manufacturing expert GlobalFoundries were successful. According to a Wall Street Journal report on Thursday, Intel is considering an acquisition of GlobalFoundries valued at approximately $30 billion.</p><p>If it goes through, it would be Intel's largest acquisition ever, almost double their largest deal to date. In 2015, Intel spent approximately $16.7 billion to acquire microprocessor manufacturer Altera Corp.</p><p>Just over a month after assuming Intel's top job, Gelsinger pledged that Intel would invest $20 billion in its chip factory in Arizona. Less than two months later, he added another $3.5 billion in expansion plans in New Mexico. Intel's CEO has stated that further financial commitments are in the works both in the United States and overseas.</p><p>Since joining, Mr. Gelsinger has vowed that Intel's best days are just around the corner. However, he also emphasized that the company needs to restore its reputation for reliable performance and act quickly to bring back engineering talent to fulfill this promise.</p><p>Sometimes, Mr. Gelsinger is outspoken about past mistakes. Intel had previously tried to become a third-party chipmaker, but with little success. “Our initial efforts were somewhat weak,” he said, adding, “We didn’t really leave ourselves behind.”</p><p>Wedbush Securities analyst Matt Bryson said that acquiring GlobalFoundries could give Intel the key to success. “Because in the past, one of the concerns people had about Intel was that they didn’t really know how to act as a foundry,” he said. “GlobalFoundries will provide them with a broader and more mature range of production capacity.”</p><p>Earlier on Friday, Intel shares rose 1.51%.</p><p>The global chip shortage has rarely brought the previously almost unknown semiconductor production into the spotlight. The demand for laptops has skyrocketed, and new ways of working have increased the demand for cloud computing services and the data centers running on them. One of the chips in surging demand is the introduction of new 5G phones, which has increased the squeeze on manufacturing capacity, chip companies say. Due to a lack of chips, automakers have had to idle their factories, so the prices of some electronic products are rising.</p><p>The shortage has become a topic of conversation in Washington, D.C., and other global capitals. President Biden has pledged approximately $50 billion to boost domestic chip manufacturing. Europe has also made a similar commitment.</p><p>Intel is betting that the chip boom will continue.</p><p>Mr. Gelsinger has stated that by 2025, the wafer foundry business, which manufactures chips for others, should become a market worth hundreds of billions of dollars. He has already won over customers, including his own competitors, to use his wafer foundry business, such as Qualcomm and Amazon.com.</p><p>Intel is racing to grow and protect the business.</p><p>Taiwan Semiconductor Manufacturing Co., Ltd., the world's largest contract chipmaker, said in April that it would invest $100 billion over the next three years to increase production capacity to cope with surging demand.  <a href=\"https://laohu8.com/S/SSNLF\">Samsung Electronics</a>The company plans to spend approximately $116 billion by 2030 to diversify and increase its semiconductor output, and it is considering investing $17 billion to build a new chip manufacturing plant in the United States.</p><p>Counterpoint Research Indicates,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Last year, it accounted for approximately 59% of the global third-party chip manufacturing market.<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>It accounts for 14%.</p><p>Although Intel is catching up, Mr. Gelsinger is turning to TSMC and Samsung to help manufacture components for the most advanced chips that they cannot produce internally.</p><p>Stacy Rasgon, an analyst at Sanford Bernstein & Co., doubts whether the acquisition of GlobalFoundries will help Intel turn a profit. “This is a huge sum of money for marginal players in the industry,” he said, calling such a deal “a distraction for Intel.”</p><p>Strengthening Intel's chip manufacturing division is only part of Mr. Gelsinger's plan. Another is to ensure that the company continuously designs cutting-edge chips to amaze customers. “We have a lot of work to do,” Mr. Gelsinger said earlier this year.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c74be4c2a08964ef2daf32217f693b44","relate_stocks":{"03086":"华夏纳指","INTC":"英特尔","09086":"华夏纳指-U"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110672156","content_text":"入职不到六个月， 英特尔公司首席执行官Pat Gelsinger重振这家芯片制造商命运的方法正在浮现：那就是迅速行动，并携带大额支票簿。\n当 Gelsinger 在 2 月份接替Bob Swan担任英特尔CEO时，这家芯片巨头正在遭受工艺多年延误的影响，分析师和投资者的一个重大关注点是该公司是否会放弃芯片生产并专注于设计。这种方法为竞争对手Nvidia 和AMD带来了巨额回报，让他们有能力蚕食英特尔的市场份额。\nGelsinger 先生的回答实际上是一个强有力的“不”。他承诺英特尔不仅要制造自己的半导体，还要成为所谓的代工厂，为他人制造芯片——如果英特尔收购芯片制造专家 GlobalFoundries 的探索性谈判达成，他将承担超过 500 亿美元的财务承诺。据《华尔街日报》周四报道称，英特尔正在考虑对GlobalFoundries 发起估值约为 300 亿美元的收购。\n如果成行，这将是英特尔有史以来最大的一笔收购，几乎是他们迄今为止最大一笔交易的两倍。在 2015 年，英特尔曾斥资约167 亿美元收购微处理器制造商Altera Corp.。\nGelsinger 在担任英特尔最高职位仅一个多月后，他就承诺英特尔将在亚利桑那州的芯片工厂投资 200 亿美元。不到两个月后，他又在新墨西哥增加了 35 亿美元的扩张计划。英特尔首席执行官曾表示，更多的财务承诺在美国和海外都在筹划中。\nGelsinger 先生自加入以来就发誓，英特尔最好的日子就在眼前。但他也强调公司需要恢复其可靠性能的声誉，并迅速采取行动，带回工程人才以兑现这一承诺。\n有时，Gelsinger 先生对过去的失误直言不讳。英特尔之前曾尝试成为第三方芯片制造商，但收效甚微。“我们最初的努力有些薄弱，”他说，并补充道，“我们并没有真正把自己抛在后面。”\nWedbush Securities 分析师Matt Bryson)表示，收购 GlobalFoundries可以让英特尔获得成功的诀窍。“因为在过去，大家对英特尔的担忧之一是他们并不真正知道如何充当代工厂，”他说。“GlobalFoundries 将为他们提供一系列更广泛、更成熟的产能。”\n周五早些时候，英特尔股价上涨了 1.51%。\n全球芯片短缺已经很少把以前几乎默默无闻的半导体生产推到聚光灯前。对笔记本电脑的需求猛增，新的工作方式增加了对云计算服务和运行在它们上面的数据中心的需求。一个在需求激增的芯片是进入新的5G手机增加了对制造能力的挤压，芯片公司说。由于缺乏芯片，汽车制造商不得不闲置工厂，因此一些电子产品的价格正在上涨。\n短缺已成为华盛顿特区和其他全球首都的话题。拜登总统已承诺斥资约 500 亿美元促进国内芯片制造。欧洲也表示了类似的承诺。\n英特尔押注芯片热潮将持续下去。\nGelsinger 先生曾表示，到2025年，为别人生产芯片的晶圆代工业务应该会成为一个千亿美元的市场，他已经拉拢包括自己竞争对手在内的客户使用他们的晶圆代工业务，当中包括 高通公司 和Amazon.com公司。\n英特尔正在竞相发展和保护该业务。\n世界上最大的合同芯片制造商台湾半导体制造有限公司在四月表示，公司将在未来三年内投入千亿美元，提高生产能力以应对激增的需求。 三星电子公司 计划到2030年花费约1160亿美元，多样化并提高其半导体输出，并且它正在考虑在美国投资170亿美元建立一个新的芯片制造工厂。\nCounterpoint Research 表示，台积电去年占据全球第三方芯片制造市场约 59% 的份额，三星占 14%。\n尽管英特尔正在追赶，但Gelsinger 先生正在求助于台积电和三星，以帮助制造其内部无法生产的最尖端芯片的部件。\nSanford Bernstein & Co. 的分析师 Stacy Rasgon 怀疑收购 GlobalFoundries 是否有助于英特尔的扭亏为盈。“对于该行业的边缘参与者来说，这是一笔巨款，”他说，称这样的交易“让英特尔分心”。\n加强英特尔的芯片生产部门只是 Gelsinger 先生计划的一部分。另一个是确保公司不断设计尖端芯片来让客户惊叹。“我们有很多工作要做，”Gelsinger 先生今年早些时候说。","news_type":1,"symbols_score_info":{"03086":0.9,"INTC":0.9,"09086":0.9}},"isVote":1,"tweetType":1,"viewCount":4529,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":179239170,"gmtCreate":1626530196090,"gmtModify":1703761495718,"author":{"id":"3564909256585570","authorId":"3564909256585570","name":"Fengjie","avatar":"https://static.tigerbbs.com/45987ca4f2ac62a210c20544200c49f9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564909256585570","authorIdStr":"3564909256585570"},"themes":[],"title":"","htmlText":"Gogogo&nbsp;","listText":"Gogogo&nbsp;","text":"Gogogo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/179239170","repostId":"1119821926","repostType":4,"isVote":1,"tweetType":1,"viewCount":4720,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147220494,"gmtCreate":1626360170218,"gmtModify":1703758701470,"author":{"id":"3564909256585570","authorId":"3564909256585570","name":"Fengjie","avatar":"https://static.tigerbbs.com/45987ca4f2ac62a210c20544200c49f9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564909256585570","authorIdStr":"3564909256585570"},"themes":[],"title":"","htmlText":"Hao&nbsp;","listText":"Hao&nbsp;","text":"Hao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147220494","repostId":"1198312362","repostType":4,"repost":{"id":"1198312362","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":1626358810,"share":"https://ttm.financial/m/news/1198312362?lang=en_US&edition=fundamental","pubTime":"2021-07-15 22:20","market":"us","language":"zh","title":"AMC Cinemas rose more than 10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1198312362","media":"老虎资讯综合","summary":"周四，AMC院线涨超10%，此前连跌四个交易日。","content":"<p>Thursday,<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It rose more than 10%, after falling for four consecutive trading days.</p><p><img src=\"https://static.tigerbbs.com/087d82cb0bf74303d22cde74c22348a9\" tg-width=\"840\" tg-height=\"470\" 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>AMC Cinemas rose more than 10%</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\">\nAMC Cinemas rose more than 10%\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\">2021-07-15 22:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Thursday,<a href=\"https://laohu8.com/S/AMC\">AMC Cinemas</a>It rose more than 10%, after falling for four consecutive trading days.</p><p><img src=\"https://static.tigerbbs.com/087d82cb0bf74303d22cde74c22348a9\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8192c8eaeb6611e7fdd25666e604395c","relate_stocks":{"AMC":"AMC院线"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198312362","content_text":"周四，AMC院线涨超10%，此前连跌四个交易日。","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":4730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144191544,"gmtCreate":1626270786288,"gmtModify":1703756782581,"author":{"id":"3564909256585570","authorId":"3564909256585570","name":"Fengjie","avatar":"https://static.tigerbbs.com/45987ca4f2ac62a210c20544200c49f9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564909256585570","authorIdStr":"3564909256585570"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/144191544","repostId":"2151519705","repostType":4,"repost":{"id":"2151519705","kind":"highlight","pubTimestamp":1626267651,"share":"https://ttm.financial/m/news/2151519705?lang=en_US&edition=fundamental","pubTime":"2021-07-14 21:00","market":"fut","language":"zh","title":"Media reports indicate Saudi Arabia and the UAE have reached a production agreement.","url":"https://stock-news.laohu8.com/highlight/detail?id=2151519705","media":"华尔街见闻","summary":"OPEC+代表表示，阿联酋已经化解了主要产油国们的僵局，并达成了一项折衷协议，重新制定了石油产量。","content":"<p>According to Bloomberg, on July 14, OPEC+ representatives stated that Saudi Arabia and the UAE had reached a compromise on an oil production agreement.</p><p>The UAE has agreed to a plan to raise baseline production, setting a new oil production baseline of 3.65 million barrels per day starting in May 2022, up from the current 3.17 million barrels per day, thus resolving the OPEC deadlock.</p><p>OPEC+ representatives also stated that OPEC+ will soon determine the date for a new meeting, and its agreement will be extended until the end of 2022.</p><p>Following the announcement, oil prices showed a clear downward trend followed by a rebound.</p><p><img src=\"https://static.tigerbbs.com/f19df3b1315c539cccb4d7e94f4eae71\" tg-width=\"500\" tg-height=\"262\" referrerpolicy=\"no-referrer\"></p><p>Brent crude oil fell briefly, dropping as much as 1% intraday, before rebounding quickly. As of 20:13 Beijing time, it was trading at $76.42 per barrel.</p><p><img src=\"https://static.tigerbbs.com/65074f62cc44e2b6efbdaf019b4b5f31\" tg-width=\"929\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>Wall Street Insights previously mentioned that as oil prices continue to rise, major oil-producing countries such as Saudi Arabia and the UAE have not yet resolved their differences, and OPEC+ canceled its oil production policy meeting originally scheduled for last Monday.</p><p>The breakdown of OPEC+ negotiations means that current production limits will remain in place until August, potentially leading to more severe supply shortages.</p><p>Last week, OPEC and its allies were forced to abandon a preliminary agreement to temporarily increase production due to last-minute objections from the UAE.</p><p>If the new compromise is approved at the new meeting, it could increase oil production, even though some member states have largely set supply levels for August.</p><p>Ed Morse, head of commodity research at Citigroup, pointed out that oil prices will continue to fluctuate. Even if OPEC decides to increase production in August, this oil will not reach refineries for supply until after the peak demand period ends in August.</p>","source":"wallstreetcn_api","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>Media reports indicate Saudi Arabia and the UAE have reached a production agreement.</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\">\nMedia reports indicate Saudi Arabia and the UAE have reached a production agreement.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-14 21:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>According to Bloomberg, on July 14, OPEC+ representatives stated that Saudi Arabia and the UAE had reached a compromise on an oil production agreement.</p><p>The UAE has agreed to a plan to raise baseline production, setting a new oil production baseline of 3.65 million barrels per day starting in May 2022, up from the current 3.17 million barrels per day, thus resolving the OPEC deadlock.</p><p>OPEC+ representatives also stated that OPEC+ will soon determine the date for a new meeting, and its agreement will be extended until the end of 2022.</p><p>Following the announcement, oil prices showed a clear downward trend followed by a rebound.</p><p><img src=\"https://static.tigerbbs.com/f19df3b1315c539cccb4d7e94f4eae71\" tg-width=\"500\" tg-height=\"262\" referrerpolicy=\"no-referrer\"></p><p>Brent crude oil fell briefly, dropping as much as 1% intraday, before rebounding quickly. As of 20:13 Beijing time, it was trading at $76.42 per barrel.</p><p><img src=\"https://static.tigerbbs.com/65074f62cc44e2b6efbdaf019b4b5f31\" tg-width=\"929\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p>Wall Street Insights previously mentioned that as oil prices continue to rise, major oil-producing countries such as Saudi Arabia and the UAE have not yet resolved their differences, and OPEC+ canceled its oil production policy meeting originally scheduled for last Monday.</p><p>The breakdown of OPEC+ negotiations means that current production limits will remain in place until August, potentially leading to more severe supply shortages.</p><p>Last week, OPEC and its allies were forced to abandon a preliminary agreement to temporarily increase production due to last-minute objections from the UAE.</p><p>If the new compromise is approved at the new meeting, it could increase oil production, even though some member states have largely set supply levels for August.</p><p>Ed Morse, head of commodity research at Citigroup, pointed out that oil prices will continue to fluctuate. Even if OPEC decides to increase production in August, this oil will not reach refineries for supply until after the peak demand period ends in August.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3635405\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/80c13588f559343a96ce06d72d3cf4d5","relate_stocks":{"USO":"美国原油ETF","SCO":"二倍做空彭博原油指数ETF","DUG":"二倍做空石油与天然气ETF(ProShares)","UCO":"二倍做多彭博原油ETF","DDG":"ProShares做空石油与天然气ETF","DWT":"三倍做空原油ETN"},"source_url":"https://wallstreetcn.com/articles/3635405","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151519705","content_text":"据彭博报道，7月14日，OPEC+代表表示，沙特和阿联酋就石油生产协议已经达成妥协。\n阿联酋同意提高基线产量的计划，从2022年5月开始，把新的石油产量基线定在365万桶/日，高于目前的317万桶/日，就此化解了OPEC僵局。\nOPEC+代表还表示，OPEC+将很快确定举办新会议的日期，其协议将延长至2022年底。\n消息公布后，油价出现了一个明显的下跌又反弹的趋势。\n\n布伦特原油短线下挫，日内跌幅一度达1%，后又迅速反弹。截至北京时间20:13，报76.42美元/桶。\n\n华尔街见闻此前提及，随着油价不断攀升，沙特和阿联酋等主要产油国仍未化解分歧，OPEC+取消了原定上周一举行的产油政策会议。\nOPEC+谈判的破裂意味着目前的产量限制将维持到8月份，可能会导致更严重的供应短缺。\n上周，由于阿联酋最后一刻提出反对，OPEC及其盟友被迫放弃了一项临时增产的初步协议。\n如果新的折衷方案在新的会议上获得批准，可能会提高石油产量，尽管一些成员国已经基本确定了8月份的供应量。\n花旗集团商品研究主管Ed Morse指出，油价将继续波动。即使OPEC决定在8月提高产量，这些石油也要在8月份的需求高峰期结束后才能到达炼油厂进入供应环节。","news_type":1,"symbols_score_info":{"DUG":0.9,"UWTIF":0.9,"DWT":0.9,"UCO":0.9,"CLmain":0.9,"BZmain":0.9,"DDG":0.9,"USO":0.9,"QMmain":0.9,"SCO":0.9,"DWTIF":0.9}},"isVote":1,"tweetType":1,"viewCount":4612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148400986,"gmtCreate":1625997393245,"gmtModify":1703751785093,"author":{"id":"3564909256585570","authorId":"3564909256585570","name":"Fengjie","avatar":"https://static.tigerbbs.com/45987ca4f2ac62a210c20544200c49f9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564909256585570","authorIdStr":"3564909256585570"},"themes":[],"title":"","htmlText":"Gogogo","listText":"Gogogo","text":"Gogogo","images":[{"img":"https://static.tigerbbs.com/44b8da1347515de53455268b61129869","width":"750","height":"2316"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/148400986","isVote":1,"tweetType":1,"viewCount":1849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":140290985,"gmtCreate":1625659144547,"gmtModify":1703745794335,"author":{"id":"3564909256585570","authorId":"3564909256585570","name":"Fengjie","avatar":"https://static.tigerbbs.com/45987ca4f2ac62a210c20544200c49f9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564909256585570","authorIdStr":"3564909256585570"},"themes":[],"title":"","htmlText":"Gogogog","listText":"Gogogog","text":"Gogogog","images":[{"img":"https://static.tigerbbs.com/20bc4e07a0c4fb397b28ff11f263d4b9","width":"750","height":"2496"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140290985","isVote":1,"tweetType":1,"viewCount":1830,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":140207565,"gmtCreate":1625659106857,"gmtModify":1703745794011,"author":{"id":"3564909256585570","authorId":"3564909256585570","name":"Fengjie","avatar":"https://static.tigerbbs.com/45987ca4f2ac62a210c20544200c49f9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564909256585570","authorIdStr":"3564909256585570"},"themes":[],"title":"","htmlText":"Gogogo","listText":"Gogogo","text":"Gogogo","images":[{"img":"https://static.tigerbbs.com/ff2e749b121b225e60c1718f19c551ab","width":"750","height":"2496"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/140207565","isVote":1,"tweetType":1,"viewCount":1774,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":154812458,"gmtCreate":1625496861374,"gmtModify":1703742721228,"author":{"id":"3564909256585570","authorId":"3564909256585570","name":"Fengjie","avatar":"https://static.tigerbbs.com/45987ca4f2ac62a210c20544200c49f9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564909256585570","authorIdStr":"3564909256585570"},"themes":[],"title":"","htmlText":"Huat","listText":"Huat","text":"Huat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/154812458","repostId":"1185149852","repostType":4,"repost":{"id":"1185149852","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":1625484548,"share":"https://ttm.financial/m/news/1185149852?lang=en_US&edition=fundamental","pubTime":"2021-07-05 19:29","market":"us","language":"zh","title":"Cryptocurrencies fell across the board, with Bitcoin dropping below $34,000 per coin.","url":"https://stock-news.laohu8.com/highlight/detail?id=1185149852","media":"老虎资讯综合","summary":"周一，主要加密货币大幅下挫。截至发稿，比特币失守34000美元/枚，日内跌幅达4.27%。以太坊短线走低60美元，现报2239美元/枚。","content":"<p>Major cryptocurrencies fell sharply on Monday. As of press time, Bitcoin had fallen below $34,000 per coin, representing an intraday drop of 4.27%. Ethereum fell $60 in the short term and is currently trading at $2,239 per coin.</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>Cryptocurrencies fell across the board, with Bitcoin dropping below $34,000 per coin.</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\">\nCryptocurrencies fell across the board, with Bitcoin dropping below $34,000 per coin.\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\">2021-07-05 19:29</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Major cryptocurrencies fell sharply on Monday. As of press time, Bitcoin had fallen below $34,000 per coin, representing an intraday drop of 4.27%. Ethereum fell $60 in the short term and is currently trading at $2,239 per coin.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2b6ee35d5e3953381b46896042cc8e62","relate_stocks":{"EZBC":"比特币ETF-Franklin","IBIT":"比特币ETF-iShares","BITB":"比特币ETF-Bitwise","HODL":"比特币ETF-VanEck","BTCO":"比特币ETF-Invesco Galaxy","BTCW":"比特币ETF-Wisdom Tree","DEFI":"比特币期货ETF-Hashdex","FBTC":"比特币ETF-Fidelity","BRRR":"比特币ETF-CoinShares","GBTC":"比特币ETF-Grayscale","ARKB":"比特币ETF-21Shares"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185149852","content_text":"周一，主要加密货币大幅下挫。截至发稿，比特币失守34000美元/枚，日内跌幅达4.27%。以太坊短线走低60美元，现报2239美元/枚。","news_type":1,"symbols_score_info":{"ARKB":1,"HODL":1,"BITB":1,"BTCW":1,"EZBC":1,"BTCmain":0.9,"IBIT":1,"DEFI":1,"BRRR":1,"BTCO":1,"GBTC":0.9,"FBTC":1}},"isVote":1,"tweetType":1,"viewCount":1574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":158354020,"gmtCreate":1625131620660,"gmtModify":1703736773989,"author":{"id":"3564909256585570","authorId":"3564909256585570","name":"Fengjie","avatar":"https://static.tigerbbs.com/45987ca4f2ac62a210c20544200c49f9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564909256585570","authorIdStr":"3564909256585570"},"themes":[],"title":"","htmlText":"Gogogo","listText":"Gogogo","text":"Gogogo","images":[{"img":"https://static.tigerbbs.com/98a01130124d990f8b78506bed08b4be","width":"750","height":"2376"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/158354020","isVote":1,"tweetType":1,"viewCount":1893,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":153778317,"gmtCreate":1625054511739,"gmtModify":1703734940155,"author":{"id":"3564909256585570","authorId":"3564909256585570","name":"Fengjie","avatar":"https://static.tigerbbs.com/45987ca4f2ac62a210c20544200c49f9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3564909256585570","authorIdStr":"3564909256585570"},"themes":[],"title":"","htmlText":"<a 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19:55","market":"us","language":"zh","title":"February IPO Report: 40 Chinese Companies Achieve IPOs, Kuaishou Leads the Way","url":"https://stock-news.laohu8.com/highlight/detail?id=1142479766","media":" 超越J曲线","summary":"核心发现\n2021年2月，共计40家中国企业在A股、港股以及美股成功IPO，全球市场IPO数量规模同比上升\nVC/PE机构IPO渗透率达75%，IPO账面退出回报规模高达2,387亿元，其中快手贡献近","content":"<p>Core Findings</p><p>In February 2021, total<b>40 Chinese companies</b>Successful IPOs on the A-share, Hong Kong, and US stocks, and the number and scale of IPOs in the global market.<b>Year-on-year increase</b></p><p>The IPO penetration rate of VC/PE institutions reached 75%, and the IPO exit return reached 238.7 billion yuan, of which<b>Kuaishou contributed nearly 90%</b>The average book return doubled year-on-year.</p><p>The top ten IPO projects in terms of fundraising scale all raised over 1.5 billion yuan, and the top ten IPO projects by market capitalization on the same day all raised over 10 billion yuan.<b>Kuaishou</b>With a market capitalization of RMB 1,028.684 billion on that day<b>Top of the list</b></p><p>Part One:<b>Analysis of Chinese Enterprises' IPO Market</b></p><p>In February 2021, a total of 40 Chinese companies successfully IPOed on the A-share market, Hong Kong stock market, and US stock market, raising a total of 72.4 billion yuan. The top 5 companies in terms of IPO fundraising this month are Kuaishou, Zhaoyan New Drug, Chongqing Bank, Xintong Medical, and Shengyi Electronics; The industries concentrated in IPOs are cultural media, healthcare, and manufacturing; The IPOs are concentrated in Guangdong, Zhejiang, and Beijing. (See Figure 1)</p><p><img src=\"https://static.tigerbbs.com/39accd93f8eac7bc807e0937eacbe03f\" tg-width=\"1080\" tg-height=\"949\" referrerpolicy=\"no-referrer\"></p><p>Figure 1 February 2021 IPO Overview</p><p><b>▼ The number and scale of IPOs by Chinese companies in the global market increased year-on-</b></p><p>In February 2021, a total of 40 Chinese companies successfully IPOed on the A-share market, the Hong Kong stock market, and the US stock market. The number of IPOs increased by 33.33% year-on-year and decreased by 24.53% month-on-month. The total amount raised was 72.4 billion yuan, with the IPO size increasing by 1.38 times year-on-year and 64.55% month-on-month. A-share market – This month, mainland China became the market with the most IPOs in the global capital market, accounting for 70% of the global IPOs this month; Hong Kong Stock Market – Hong Kong became the market with the largest IPO fundraising scale in the global capital market this month, accounting for 64% of the global IPO scale this month. The largest fundraising project this month is Kuaishou (01024.HK). US Stock Market – Five Chinese companies went public in the US this month. (See Figure 2, Table 1)</p><p><img src=\"https://static.tigerbbs.com/6e62b771fb951da394af5988ba60f758\" tg-width=\"1080\" tg-height=\"675\" referrerpolicy=\"no-referrer\"></p><p>Figure 2. Scale and number of IPOs by Chinese companies in the global market, February 2020-February 2021</p><p><img src=\"https://static.tigerbbs.com/ebb9965680100d28eb3be89d70568a24\" tg-width=\"626\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p>Table 1. Statistics on the number and scale of IPOs by trading board in February 2021</p><p><b>▼ The pace of IPOs in the A-share market has slowed down.</b></p><p>In February 2021, a total of 28 Chinese companies went public on the Shanghai and Shenzhen stock exchanges, with the number of IPOs increasing by 27.27% year-on-year and decreasing by 15.15% month-on-month. The total amount raised was 22.9 billion yuan, with the IPO scale decreasing by 13.26% year-on-year and 6.91% month-on-month. This month, the Shenzhen Stock Exchange's ChiNext board saw 10 IPOs, making it the board with the most IPOs in the A-share market; The Shanghai Stock Exchange's main board raised 9.292 billion yuan, making it the board with the highest IPO scale in the A-share market. It is worth noting that IPO reviews have become stricter, and the pace of issuance has slowed down significantly. On February 5, the China Securities Regulatory Commission (CSRC) issued the \"Guidelines for the Application of Regulatory Rules - On the Disclosure of Information on Shareholders of Companies Applying for Initial Public Offerings,\" which focuses on strengthening the supervision of shareholders of companies planning to go public.</p><p>This month, the China Securities Regulatory Commission (CSRC) approved 18 IPO registrations on the Science and Technology Innovation Board (STAR Market), suspended the review of 1 company (for other matters), and terminated the review of 9 companies. As of January, the total number of companies listed on the STAR Market has reached 232. (See Figure 3, Table 2)</p><p><img src=\"https://static.tigerbbs.com/da9ced3c942bcb50f77ecca983cbebe5\" tg-width=\"1080\" tg-height=\"779\" referrerpolicy=\"no-referrer\"></p><p>Figure 3. Scale and number of IPOs by Chinese companies in the A-share market from February 2020 to February 2021</p><p><img src=\"https://static.tigerbbs.com/5828c23260920495a759501b6f41848a\" tg-width=\"1080\" tg-height=\"554\" referrerpolicy=\"no-referrer\"></p><p>Table 2. Top 5 Chinese companies raising funds in the A-share market in February 2021</p><p><b>▼ Hong Kong IPO healthcare stocks performed exceptionally well.</b></p><p>In February 2021, seven Chinese companies went public in Hong Kong, all of which were listed on the main board of the Hong Kong Stock Exchange. Healthcare companies occupied five seats, an increase of five IPOs compared to the same period last year. The total amount raised was 46 billion yuan, a 4.68-fold increase in the IPO size compared to the previous period. Among them, Kuaishou, the much-anticipated \"first short video stock,\" has an absolute advantage with a fundraising scale of 35.056 billion yuan. In addition, medical and health companies have performed well, and Joinn Laboratories has become the fourth \"A+H\" CRO company in China. (See Figure 4 and Table 3)</p><p><img src=\"https://static.tigerbbs.com/8f0d133f2bbb3c93b52bf3b782c2f517\" tg-width=\"1080\" tg-height=\"741\" referrerpolicy=\"no-referrer\"></p><p>Figure 4. Scale and number of IPOs by Chinese companies in the Hong Kong stock market from February 2020 to February 2021</p><p><img src=\"https://static.tigerbbs.com/6a23407b9881485d5751ccf300494e91\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>Table 3 Top 5 Chinese Enterprises Raising Funds in the Hong Kong Stock Market in February 2021</p><p><b>▼ The IPO boom for Chinese companies in the US stock market continues.</b></p><p>In February 2021, a total of 5 Chinese companies went public in the US capital market, a decrease of 2 companies compared to the previous month; The total amount raised was 3.5 billion yuan, with the IPO scale decreasing by 7.89% year-on-year and 68.75% month-on-month. Overall, although the number and scale of IPOs have declined, popular companies such as Tuhu Auto Service, Dingdong Maicai, and Waterdrop Crowdfunding have all announced their IPOs in the United States, indicating that the wave of Chinese companies going public in the US continues. (See Figure 5, Table 4)</p><p><img src=\"https://static.tigerbbs.com/4339da3fe0354ee326992dbb44604653\" tg-width=\"1080\" tg-height=\"790\" referrerpolicy=\"no-referrer\"></p><p>Figure 5. Scale and number of IPOs by Chinese companies in the US stock market from February 2020 to February 2021</p><p><img src=\"https://static.tigerbbs.com/9904ca0e01974f23d093920123ba9a03\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"></p><p>Table 4. Top 5 Chinese companies raising funds in the US stock market in February 2021</p><p>Part Two<b>Analysis of IPO Exit of Chinese Enterprises</b></p><p><b>▼ IPO penetration rate of VC/PE institutions up to 75%</b></p><p>In February 2021, a total of 30 Chinese companies with VC/PE backgrounds went public, with an IPO penetration rate of 75% for VC/PE institutions. Except for the Nasdaq Stock Exchange, the VC/PE penetration rate of other trading boards was above 70%. This month, the paper exit returns of VC/PE institutions' IPOs reached RMB 238.7 billion, up 7.32 times year-on-year and 5.69 times month-on-month. Among them, Kuaishou's paper exit returns reached RMB 207.8 billion, accounting for 87.07% of the total. The average book return increased significantly, up 1.11 times year-on-year and 3.51 times quarter-on-quarter. Among them, Kuaishou (01024.HK) had an average book return as high as 56 times. (See Table 5, Figure 6, and Table 6)</p><p><img src=\"https://static.tigerbbs.com/c9eac763cc8b95cfd6801b5db4f73986\" tg-width=\"691\" tg-height=\"347\" referrerpolicy=\"no-referrer\"></p><p>Table 5 Analysis of IPO Trading Sector Exits in February 2021</p><p><img src=\"https://static.tigerbbs.com/eb58910f2ef5d6d71844386251406b5b\" tg-width=\"1080\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>Figure 6 Book Returns on IPO Exits of VC/PE Institutions, February 2020-February 2021</p><p><img src=\"https://static.tigerbbs.com/3803648ed4c05fdcd2172cbb3a3bda7e\" tg-width=\"1080\" tg-height=\"2597\" referrerpolicy=\"no-referrer\"></p><p>Table 6 List of IPOs of VC/PE Institutional Background Companies in February 2021</p><p>Part Three<b>Industry and Geographical Analysis of Chinese</b></p><p><b>▼ Cultural media stocks topped the list in terms of IPO scale.</b></p><p>In February 2021, cultural media, healthcare, and manufacturing companies ranked among the top three in IPO fundraising, accounting for 80.68% of the total fundraising amount in various industries. Among them, manufacturing companies had 11 IPOs this month, making them the industry with the most IPOs this month. Due to Kuaishou's outstanding performance, cultural and media companies became the industry with the largest IPO scale this month, while healthcare companies ranked second in both the number and scale of IPOs. (See Figure 7, Table 7)</p><p><img src=\"https://static.tigerbbs.com/01a624dafe1350caa3f25dc53785bb74\" tg-width=\"1080\" tg-height=\"582\" referrerpolicy=\"no-referrer\"></p><p>Figure 7. Industry distribution of IPO projects in February 2021</p><p><img src=\"https://static.tigerbbs.com/c05ec9ff112e4a365ab3fee238bccaa5\" tg-width=\"546\" tg-height=\"327\" referrerpolicy=\"no-referrer\"></p><p>Table 7 Statistics on Key Industry Segments of IPOs in February 2021</p><p><b>▼ The most profitable IPO in Beijing</b></p><p>In February 2021, Beijing, Guangdong, and Zhejiang each had 7 Chinese companies IPO, ranking first in the number of IPOs. The scale of Chinese IPOs in Beijing reached 44.652 billion yuan, accounting for 62% of the total IPO fundraising this month, ranking first. Guangdong and Zhejiang ranked second and third respectively. (See Figure 8, Table 8)</p><p><img src=\"https://static.tigerbbs.com/bcbf13dc5b0f3f951d5dbbe905c2af41\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\"></p><p>Figure 8. Regional distribution of the number of Chinese IPOs and fundraising scale in February 2021</p><p>Note: The sum of the IPO number distribution ratio (left) and the size ratio (right) is not \"1\" due to rounding.</p><p><img src=\"https://static.tigerbbs.com/0f370ab700283b8dcf85c7aeeb4241f4\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>Table 8. Regional distribution of the number of Chinese IPOs and fundraising scale in February 2021</p><p>PART IV<b>Key IPO Cases of Chinese Enterprises</b></p><p>In February 2021, the top ten IPO projects in terms of fundraising scale all exceeded 1.5 billion yuan, accounting for 78% of the total fundraising in February. Among them, medical and health companies occupied four seats. The top ten IPO projects by market capitalization on IPO day were all over 10 billion yuan, with Kuaishou topping the list with a market capitalization of 1,028.684 billion yuan.</p><p><b>▼ Top 10 Chinese companies by IPO size and market capitalization on the same day</b></p><p>The table below shows the top 10 Chinese companies by IPO fundraising scale in February 2021. (See Table 9, Table 10)</p><p><img src=\"https://static.tigerbbs.com/2e615d797ba8663f9dcfc7a425773af0\" tg-width=\"685\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>Table 9 Top 10 Chinese companies by IPO size in February 2021</p><p><img src=\"https://static.tigerbbs.com/cb4703c62ca12a960d5f8e902d7c5c04\" tg-width=\"673\" tg-height=\"522\" referrerpolicy=\"no-referrer\"></p><p>Table 10 Top 10 Chinese Enterprises by Market Capitalization on IPO Day in February 2021</p><p><b>▼ Key case: Kuaishou</b></p><p><img src=\"https://static.tigerbbs.com/7090938aa3ed0526f56032e19311bd1b\" tg-width=\"663\" tg-height=\"176\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a280eff01eaaf2e14a751768b00fc39c\" tg-width=\"1080\" tg-height=\"1984\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/b169f2bf98fe220a146c325327e4eced\" tg-width=\"1080\" tg-height=\"2093\" referrerpolicy=\"no-referrer\"></p><p>Part Five<b>Review of policy hotspots</b></p><p>On February 5, Pi Liuyi, deputy director of the Marketing Department of the China Securities Regulatory Commission (CSRC), said that merging the Shenzhen Stock Exchange's main board and SME board is an important measure to comprehensively deepen capital market reform. As an important part of my country's multi-tiered capital market system, the Shenzhen Stock Exchange's main board and SME board have played a positive role in expanding direct financing, serving the real economy, and supporting SMEs.</p><p>On February 5, the China Securities Regulatory Commission (CSRC) issued the \"Guidelines for the Application of Regulatory Rules - On the Disclosure of Shareholder Information of Companies Applying for Initial Public Offerings (IPOs),\" requiring issuers applying for initial public offerings of shares or depositary receipts to fully complete their shareholder information disclosure and other related work in accordance with these guidelines.</p><p>I. Issuers shall disclose shareholder information truthfully, accurately, and completely. If there are any situations such as nominee shareholding in the issuer's history, the shares shall be terminated in accordance with the law before submitting the application, and the reasons for the formation, evolution, termination process, and whether there are any disputes or potential disputes shall be disclosed in the prospectus.</p><p>II. When submitting the application materials, the issuer shall issue a special commitment explaining whether the issuer's shareholders have any of the following circumstances and disclose the commitment to the public: (i) Entities prohibited by laws and regulations from holding shares directly or indirectly hold the issuer's shares; (ii) The intermediaries in this offering, or their principals, senior managers, and handlers, directly or indirectly hold shares in the issuer; (iii) Improper transfer of benefits using the issuer's equity.</p><p>III. If an issuer adds new shareholders within 12 months prior to submitting its application, it shall fully disclose in the prospectus the basic information of the new shareholders, the reasons for their investment, the investment price and the pricing basis, whether the new shareholders have any related party relationship with other shareholders, directors, supervisors and senior management of the issuer, whether the new shareholders have any related party relationship with the intermediary agency and its responsible persons, senior management and handlers in this issuance, and whether the new shareholders have any nominee shareholding situation.</p><p>The aforementioned newly added shareholders shall promise that their newly added shares shall not be transferred within 36 months from the date of acquisition.</p><p>IV. If the transaction price of the issuer's individual shareholders' shares is obviously abnormal, the intermediary shall verify the shareholder's basic information, shareholding background, and other information, and explain whether the circumstances described in items 1 and 2 of these guidelines exist. The issuer shall explain the basic information of the natural person shareholder.</p><p>V. If the issuer's shareholders have a two-tier equity structure or more and are companies or limited partnerships with no actual business operations, and the shareholder's investment transaction price is obviously abnormal, the intermediary shall verify the shareholder at each level to the ultimate holder and explain whether the situations in items 1 and 2 of these guidelines exist. If the ultimate holder is a natural person, the issuer shall explain the basic information of the natural person.</p><p>VI. If private equity funds or other financial products hold shares in the issuer, the issuer shall disclose the status of the financial products being included in the regulatory framework.</p><p>VII. Issuers and their shareholders shall provide intermediaries with true, accurate and complete information in a timely manner, actively and fully cooperate with intermediaries in conducting due diligence, and fulfill their information disclosure obligations in accordance with the law.</p><p>8. Sponsoring institutions, securities service institutions and other intermediaries shall diligently perform their duties and verify the shareholder information disclosed by the issuer in accordance with the requirements of this guideline. Intermediary agencies should not simply base their verification opinions on commitments made by relevant institutions or individuals. They should conduct a comprehensive and in-depth verification of objective evidence, including but not limited to shareholder investment agreements, transaction consideration, sources of funds, and payment methods, to ensure that the documents they issue are true, accurate, and complete.</p><p>IX. Shareholders who increase their shares through call bidding or continuous bidding during the period when the issuer is listed on the National Equities Exchange and Quotations (NEEQ) or on overseas stock exchanges, as well as shareholders who acquire the issuer's shares through inheritance, enforcement of court judgments or arbitration awards, implementation of national laws and policies, or under the leadership of provincial or higher-level people's governments, may apply for exemption from the verification and share lock-up requirements of these guidelines.</p><p>10. If an issuer's shareholders are suspected of illegal shareholding or have obviously abnormal shareholding transaction prices, the China Securities Regulatory Commission (CSRC) and stock exchanges may require the relevant shareholders to report their basic information and shareholding background, and solicit opinions from relevant departments on anti-money laundering management and anti-corruption requirements to jointly strengthen supervision.</p><p>XI. This guideline shall come into effect on the date of its issuance. Enterprises whose applications have been accepted before the date of publication are not subject to the share lock-up requirements in item 3 of these guidelines.</p>","source":"lsy1594800555959","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>February IPO Report: 40 Chinese Companies Achieve IPOs, Kuaishou Leads the Way</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\">\nFebruary IPO Report: 40 Chinese Companies Achieve IPOs, Kuaishou Leads the Way\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\"> 超越J曲线</strong><span class=\"h-time small\">2021-03-09 19:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Core Findings</p><p>In February 2021, total<b>40 Chinese companies</b>Successful IPOs on the A-share, Hong Kong, and US stocks, and the number and scale of IPOs in the global market.<b>Year-on-year increase</b></p><p>The IPO penetration rate of VC/PE institutions reached 75%, and the IPO exit return reached 238.7 billion yuan, of which<b>Kuaishou contributed nearly 90%</b>The average book return doubled year-on-year.</p><p>The top ten IPO projects in terms of fundraising scale all raised over 1.5 billion yuan, and the top ten IPO projects by market capitalization on the same day all raised over 10 billion yuan.<b>Kuaishou</b>With a market capitalization of RMB 1,028.684 billion on that day<b>Top of the list</b></p><p>Part One:<b>Analysis of Chinese Enterprises' IPO Market</b></p><p>In February 2021, a total of 40 Chinese companies successfully IPOed on the A-share market, Hong Kong stock market, and US stock market, raising a total of 72.4 billion yuan. The top 5 companies in terms of IPO fundraising this month are Kuaishou, Zhaoyan New Drug, Chongqing Bank, Xintong Medical, and Shengyi Electronics; The industries concentrated in IPOs are cultural media, healthcare, and manufacturing; The IPOs are concentrated in Guangdong, Zhejiang, and Beijing. (See Figure 1)</p><p><img src=\"https://static.tigerbbs.com/39accd93f8eac7bc807e0937eacbe03f\" tg-width=\"1080\" tg-height=\"949\" referrerpolicy=\"no-referrer\"></p><p>Figure 1 February 2021 IPO Overview</p><p><b>▼ The number and scale of IPOs by Chinese companies in the global market increased year-on-</b></p><p>In February 2021, a total of 40 Chinese companies successfully IPOed on the A-share market, the Hong Kong stock market, and the US stock market. The number of IPOs increased by 33.33% year-on-year and decreased by 24.53% month-on-month. The total amount raised was 72.4 billion yuan, with the IPO size increasing by 1.38 times year-on-year and 64.55% month-on-month. A-share market – This month, mainland China became the market with the most IPOs in the global capital market, accounting for 70% of the global IPOs this month; Hong Kong Stock Market – Hong Kong became the market with the largest IPO fundraising scale in the global capital market this month, accounting for 64% of the global IPO scale this month. The largest fundraising project this month is Kuaishou (01024.HK). US Stock Market – Five Chinese companies went public in the US this month. (See Figure 2, Table 1)</p><p><img src=\"https://static.tigerbbs.com/6e62b771fb951da394af5988ba60f758\" tg-width=\"1080\" tg-height=\"675\" referrerpolicy=\"no-referrer\"></p><p>Figure 2. Scale and number of IPOs by Chinese companies in the global market, February 2020-February 2021</p><p><img src=\"https://static.tigerbbs.com/ebb9965680100d28eb3be89d70568a24\" tg-width=\"626\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p>Table 1. Statistics on the number and scale of IPOs by trading board in February 2021</p><p><b>▼ The pace of IPOs in the A-share market has slowed down.</b></p><p>In February 2021, a total of 28 Chinese companies went public on the Shanghai and Shenzhen stock exchanges, with the number of IPOs increasing by 27.27% year-on-year and decreasing by 15.15% month-on-month. The total amount raised was 22.9 billion yuan, with the IPO scale decreasing by 13.26% year-on-year and 6.91% month-on-month. This month, the Shenzhen Stock Exchange's ChiNext board saw 10 IPOs, making it the board with the most IPOs in the A-share market; The Shanghai Stock Exchange's main board raised 9.292 billion yuan, making it the board with the highest IPO scale in the A-share market. It is worth noting that IPO reviews have become stricter, and the pace of issuance has slowed down significantly. On February 5, the China Securities Regulatory Commission (CSRC) issued the \"Guidelines for the Application of Regulatory Rules - On the Disclosure of Information on Shareholders of Companies Applying for Initial Public Offerings,\" which focuses on strengthening the supervision of shareholders of companies planning to go public.</p><p>This month, the China Securities Regulatory Commission (CSRC) approved 18 IPO registrations on the Science and Technology Innovation Board (STAR Market), suspended the review of 1 company (for other matters), and terminated the review of 9 companies. As of January, the total number of companies listed on the STAR Market has reached 232. (See Figure 3, Table 2)</p><p><img src=\"https://static.tigerbbs.com/da9ced3c942bcb50f77ecca983cbebe5\" tg-width=\"1080\" tg-height=\"779\" referrerpolicy=\"no-referrer\"></p><p>Figure 3. Scale and number of IPOs by Chinese companies in the A-share market from February 2020 to February 2021</p><p><img src=\"https://static.tigerbbs.com/5828c23260920495a759501b6f41848a\" tg-width=\"1080\" tg-height=\"554\" referrerpolicy=\"no-referrer\"></p><p>Table 2. Top 5 Chinese companies raising funds in the A-share market in February 2021</p><p><b>▼ Hong Kong IPO healthcare stocks performed exceptionally well.</b></p><p>In February 2021, seven Chinese companies went public in Hong Kong, all of which were listed on the main board of the Hong Kong Stock Exchange. Healthcare companies occupied five seats, an increase of five IPOs compared to the same period last year. The total amount raised was 46 billion yuan, a 4.68-fold increase in the IPO size compared to the previous period. Among them, Kuaishou, the much-anticipated \"first short video stock,\" has an absolute advantage with a fundraising scale of 35.056 billion yuan. In addition, medical and health companies have performed well, and Joinn Laboratories has become the fourth \"A+H\" CRO company in China. (See Figure 4 and Table 3)</p><p><img src=\"https://static.tigerbbs.com/8f0d133f2bbb3c93b52bf3b782c2f517\" tg-width=\"1080\" tg-height=\"741\" referrerpolicy=\"no-referrer\"></p><p>Figure 4. Scale and number of IPOs by Chinese companies in the Hong Kong stock market from February 2020 to February 2021</p><p><img src=\"https://static.tigerbbs.com/6a23407b9881485d5751ccf300494e91\" tg-width=\"1080\" tg-height=\"573\" referrerpolicy=\"no-referrer\"></p><p>Table 3 Top 5 Chinese Enterprises Raising Funds in the Hong Kong Stock Market in February 2021</p><p><b>▼ The IPO boom for Chinese companies in the US stock market continues.</b></p><p>In February 2021, a total of 5 Chinese companies went public in the US capital market, a decrease of 2 companies compared to the previous month; The total amount raised was 3.5 billion yuan, with the IPO scale decreasing by 7.89% year-on-year and 68.75% month-on-month. Overall, although the number and scale of IPOs have declined, popular companies such as Tuhu Auto Service, Dingdong Maicai, and Waterdrop Crowdfunding have all announced their IPOs in the United States, indicating that the wave of Chinese companies going public in the US continues. (See Figure 5, Table 4)</p><p><img src=\"https://static.tigerbbs.com/4339da3fe0354ee326992dbb44604653\" tg-width=\"1080\" tg-height=\"790\" referrerpolicy=\"no-referrer\"></p><p>Figure 5. Scale and number of IPOs by Chinese companies in the US stock market from February 2020 to February 2021</p><p><img src=\"https://static.tigerbbs.com/9904ca0e01974f23d093920123ba9a03\" tg-width=\"1080\" tg-height=\"574\" referrerpolicy=\"no-referrer\"></p><p>Table 4. Top 5 Chinese companies raising funds in the US stock market in February 2021</p><p>Part Two<b>Analysis of IPO Exit of Chinese Enterprises</b></p><p><b>▼ IPO penetration rate of VC/PE institutions up to 75%</b></p><p>In February 2021, a total of 30 Chinese companies with VC/PE backgrounds went public, with an IPO penetration rate of 75% for VC/PE institutions. Except for the Nasdaq Stock Exchange, the VC/PE penetration rate of other trading boards was above 70%. This month, the paper exit returns of VC/PE institutions' IPOs reached RMB 238.7 billion, up 7.32 times year-on-year and 5.69 times month-on-month. Among them, Kuaishou's paper exit returns reached RMB 207.8 billion, accounting for 87.07% of the total. The average book return increased significantly, up 1.11 times year-on-year and 3.51 times quarter-on-quarter. Among them, Kuaishou (01024.HK) had an average book return as high as 56 times. (See Table 5, Figure 6, and Table 6)</p><p><img src=\"https://static.tigerbbs.com/c9eac763cc8b95cfd6801b5db4f73986\" tg-width=\"691\" tg-height=\"347\" referrerpolicy=\"no-referrer\"></p><p>Table 5 Analysis of IPO Trading Sector Exits in February 2021</p><p><img src=\"https://static.tigerbbs.com/eb58910f2ef5d6d71844386251406b5b\" tg-width=\"1080\" tg-height=\"746\" referrerpolicy=\"no-referrer\"></p><p>Figure 6 Book Returns on IPO Exits of VC/PE Institutions, February 2020-February 2021</p><p><img src=\"https://static.tigerbbs.com/3803648ed4c05fdcd2172cbb3a3bda7e\" tg-width=\"1080\" tg-height=\"2597\" referrerpolicy=\"no-referrer\"></p><p>Table 6 List of IPOs of VC/PE Institutional Background Companies in February 2021</p><p>Part Three<b>Industry and Geographical Analysis of Chinese</b></p><p><b>▼ Cultural media stocks topped the list in terms of IPO scale.</b></p><p>In February 2021, cultural media, healthcare, and manufacturing companies ranked among the top three in IPO fundraising, accounting for 80.68% of the total fundraising amount in various industries. Among them, manufacturing companies had 11 IPOs this month, making them the industry with the most IPOs this month. Due to Kuaishou's outstanding performance, cultural and media companies became the industry with the largest IPO scale this month, while healthcare companies ranked second in both the number and scale of IPOs. (See Figure 7, Table 7)</p><p><img src=\"https://static.tigerbbs.com/01a624dafe1350caa3f25dc53785bb74\" tg-width=\"1080\" tg-height=\"582\" referrerpolicy=\"no-referrer\"></p><p>Figure 7. Industry distribution of IPO projects in February 2021</p><p><img src=\"https://static.tigerbbs.com/c05ec9ff112e4a365ab3fee238bccaa5\" tg-width=\"546\" tg-height=\"327\" referrerpolicy=\"no-referrer\"></p><p>Table 7 Statistics on Key Industry Segments of IPOs in February 2021</p><p><b>▼ The most profitable IPO in Beijing</b></p><p>In February 2021, Beijing, Guangdong, and Zhejiang each had 7 Chinese companies IPO, ranking first in the number of IPOs. The scale of Chinese IPOs in Beijing reached 44.652 billion yuan, accounting for 62% of the total IPO fundraising this month, ranking first. Guangdong and Zhejiang ranked second and third respectively. (See Figure 8, Table 8)</p><p><img src=\"https://static.tigerbbs.com/bcbf13dc5b0f3f951d5dbbe905c2af41\" tg-width=\"1080\" tg-height=\"542\" referrerpolicy=\"no-referrer\"></p><p>Figure 8. Regional distribution of the number of Chinese IPOs and fundraising scale in February 2021</p><p>Note: The sum of the IPO number distribution ratio (left) and the size ratio (right) is not \"1\" due to rounding.</p><p><img src=\"https://static.tigerbbs.com/0f370ab700283b8dcf85c7aeeb4241f4\" tg-width=\"1080\" tg-height=\"810\" referrerpolicy=\"no-referrer\"></p><p>Table 8. Regional distribution of the number of Chinese IPOs and fundraising scale in February 2021</p><p>PART IV<b>Key IPO Cases of Chinese Enterprises</b></p><p>In February 2021, the top ten IPO projects in terms of fundraising scale all exceeded 1.5 billion yuan, accounting for 78% of the total fundraising in February. Among them, medical and health companies occupied four seats. The top ten IPO projects by market capitalization on IPO day were all over 10 billion yuan, with Kuaishou topping the list with a market capitalization of 1,028.684 billion yuan.</p><p><b>▼ Top 10 Chinese companies by IPO size and market capitalization on the same day</b></p><p>The table below shows the top 10 Chinese companies by IPO fundraising scale in February 2021. (See Table 9, Table 10)</p><p><img src=\"https://static.tigerbbs.com/2e615d797ba8663f9dcfc7a425773af0\" tg-width=\"685\" tg-height=\"520\" referrerpolicy=\"no-referrer\"></p><p>Table 9 Top 10 Chinese companies by IPO size in February 2021</p><p><img src=\"https://static.tigerbbs.com/cb4703c62ca12a960d5f8e902d7c5c04\" tg-width=\"673\" tg-height=\"522\" referrerpolicy=\"no-referrer\"></p><p>Table 10 Top 10 Chinese Enterprises by Market Capitalization on IPO Day in February 2021</p><p><b>▼ Key case: Kuaishou</b></p><p><img src=\"https://static.tigerbbs.com/7090938aa3ed0526f56032e19311bd1b\" tg-width=\"663\" tg-height=\"176\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/a280eff01eaaf2e14a751768b00fc39c\" tg-width=\"1080\" tg-height=\"1984\" referrerpolicy=\"no-referrer\"></p><p><img src=\"https://static.tigerbbs.com/b169f2bf98fe220a146c325327e4eced\" tg-width=\"1080\" tg-height=\"2093\" referrerpolicy=\"no-referrer\"></p><p>Part Five<b>Review of policy hotspots</b></p><p>On February 5, Pi Liuyi, deputy director of the Marketing Department of the China Securities Regulatory Commission (CSRC), said that merging the Shenzhen Stock Exchange's main board and SME board is an important measure to comprehensively deepen capital market reform. As an important part of my country's multi-tiered capital market system, the Shenzhen Stock Exchange's main board and SME board have played a positive role in expanding direct financing, serving the real economy, and supporting SMEs.</p><p>On February 5, the China Securities Regulatory Commission (CSRC) issued the \"Guidelines for the Application of Regulatory Rules - On the Disclosure of Shareholder Information of Companies Applying for Initial Public Offerings (IPOs),\" requiring issuers applying for initial public offerings of shares or depositary receipts to fully complete their shareholder information disclosure and other related work in accordance with these guidelines.</p><p>I. Issuers shall disclose shareholder information truthfully, accurately, and completely. If there are any situations such as nominee shareholding in the issuer's history, the shares shall be terminated in accordance with the law before submitting the application, and the reasons for the formation, evolution, termination process, and whether there are any disputes or potential disputes shall be disclosed in the prospectus.</p><p>II. When submitting the application materials, the issuer shall issue a special commitment explaining whether the issuer's shareholders have any of the following circumstances and disclose the commitment to the public: (i) Entities prohibited by laws and regulations from holding shares directly or indirectly hold the issuer's shares; (ii) The intermediaries in this offering, or their principals, senior managers, and handlers, directly or indirectly hold shares in the issuer; (iii) Improper transfer of benefits using the issuer's equity.</p><p>III. If an issuer adds new shareholders within 12 months prior to submitting its application, it shall fully disclose in the prospectus the basic information of the new shareholders, the reasons for their investment, the investment price and the pricing basis, whether the new shareholders have any related party relationship with other shareholders, directors, supervisors and senior management of the issuer, whether the new shareholders have any related party relationship with the intermediary agency and its responsible persons, senior management and handlers in this issuance, and whether the new shareholders have any nominee shareholding situation.</p><p>The aforementioned newly added shareholders shall promise that their newly added shares shall not be transferred within 36 months from the date of acquisition.</p><p>IV. If the transaction price of the issuer's individual shareholders' shares is obviously abnormal, the intermediary shall verify the shareholder's basic information, shareholding background, and other information, and explain whether the circumstances described in items 1 and 2 of these guidelines exist. The issuer shall explain the basic information of the natural person shareholder.</p><p>V. If the issuer's shareholders have a two-tier equity structure or more and are companies or limited partnerships with no actual business operations, and the shareholder's investment transaction price is obviously abnormal, the intermediary shall verify the shareholder at each level to the ultimate holder and explain whether the situations in items 1 and 2 of these guidelines exist. If the ultimate holder is a natural person, the issuer shall explain the basic information of the natural person.</p><p>VI. If private equity funds or other financial products hold shares in the issuer, the issuer shall disclose the status of the financial products being included in the regulatory framework.</p><p>VII. Issuers and their shareholders shall provide intermediaries with true, accurate and complete information in a timely manner, actively and fully cooperate with intermediaries in conducting due diligence, and fulfill their information disclosure obligations in accordance with the law.</p><p>8. Sponsoring institutions, securities service institutions and other intermediaries shall diligently perform their duties and verify the shareholder information disclosed by the issuer in accordance with the requirements of this guideline. Intermediary agencies should not simply base their verification opinions on commitments made by relevant institutions or individuals. They should conduct a comprehensive and in-depth verification of objective evidence, including but not limited to shareholder investment agreements, transaction consideration, sources of funds, and payment methods, to ensure that the documents they issue are true, accurate, and complete.</p><p>IX. Shareholders who increase their shares through call bidding or continuous bidding during the period when the issuer is listed on the National Equities Exchange and Quotations (NEEQ) or on overseas stock exchanges, as well as shareholders who acquire the issuer's shares through inheritance, enforcement of court judgments or arbitration awards, implementation of national laws and policies, or under the leadership of provincial or higher-level people's governments, may apply for exemption from the verification and share lock-up requirements of these guidelines.</p><p>10. If an issuer's shareholders are suspected of illegal shareholding or have obviously abnormal shareholding transaction prices, the China Securities Regulatory Commission (CSRC) and stock exchanges may require the relevant shareholders to report their basic information and shareholding background, and solicit opinions from relevant departments on anti-money laundering management and anti-corruption requirements to jointly strengthen supervision.</p><p>XI. This guideline shall come into effect on the date of its issuance. Enterprises whose applications have been accepted before the date of publication are not subject to the share lock-up requirements in item 3 of these guidelines.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/yIY65zLo481W1wFVNfXI0A\"> 超越J曲线</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a05003ea47bd73f11bd992a9431f6d4","relate_stocks":{"06127":"昭衍新药","01024":"快手-W"},"source_url":"https://mp.weixin.qq.com/s/yIY65zLo481W1wFVNfXI0A","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142479766","content_text":"核心发现\n2021年2月，共计40家中国企业在A股、港股以及美股成功IPO，全球市场IPO数量规模同比上升\nVC/PE机构IPO渗透率达75%，IPO账面退出回报规模高达2,387亿元，其中快手贡献近九成，平均账面回报率同比翻倍\n募资规模前十大IPO项目均在15亿元以上，当日市值前十大IPO项目均在100亿元以上，快手以10,286.84亿元当日市值位居榜首\n第一部分：中国企业IPO分市场分析\n2021年2月，共计有40家中国企业在A股、港股以及美股成功IPO，募资总额724亿元；本月IPO募资规模TOP5企业依次为快手、昭衍新药、重庆银行、心通医疗、生益电子；IPO集中行业为文化传媒、医疗健康、制造业；IPO集中地域为广东、浙江、北京。（见图1）\n\n图1 2021年2月IPO概览\n▼全球市场中企IPO数量规模同比上升\n2021年2月，共计40家中国企业在A股、港股以及美股成功IPO， IPO数量同比上升33.33%，环比下降24.53%；募资总额724亿元，IPO规模同比上升1.38倍，环比上升64.55%。A股市场—本月内地成为全球资本市场中IPO数量最多市场，占本月全球IPO数量的70%；港股市场—本月香港成为全球资本市场中IPO募资规模最高的市场，占本月全球IPO规模的64%，现本月最大募资项目—快手（01024.HK）；美股市场—本月共有5家中国企业赴美挂牌上市。（见图2、表1）\n\n图2 2020年2月-2021年2月全球市场中企IPO规模及数量\n\n表1 2021年2月各交易板块IPO数量及规模统计\n▼A股市场新股发行节奏放缓\n2021年2月，共计28家中国企业在沪深两市IPO，IPO数量同比上升27.27%，环比下降15.15%；募资金额共计229亿元，IPO规模同比下降13.26%，环比下降6.91%。本月深交所创业板IPO数量10家，成为A股市场IPO数量最多板块；上交所主板募资规模92.92亿元，成为A股市场IPO规模最高的板块。值得关注的是，IPO审核趋严，发行节奏明显放缓，2月5日证监会发布《监管规则适用指引——关于申请首发上市企业股东信息披露》，着力加强了对拟IPO企业股东的监管。\n本月中国证券监督管理委员会审核通过科创板IPO注册18家，中止（其他事项）审核1家，终止审核9家，截至1月，科创板上市企业数量累计达到232家。（见图3、表2）\n\n图3 2020年2月-2021年2月A股市场中企IPO规模及数量\n\n表2 2021年2月中企A股市场募资TOP5\n▼港股市场IPO医疗健康股表现抢眼\n2021年2月，有7家中国企业在香港IPO，均在港交所主板上市，医疗健康类企业占据5席，IPO数量较去年同期增加5家；募资金额共计460亿元，IPO规模环比上升4.68倍。其中，备受关注的“短视频第一股”快手以350.56亿元募资规模占据绝对优势，除此之外，医疗健康类企业表现亮眼，昭衍新药成为国内第4家“A+H”CRO企业。(见图4、表3)\n\n图4 2020年2月-2021年2月港股市场中企IPO规模及数量\n\n表3 2021年2月中企港股市场募资TOP5\n▼美股市场中企IPO热潮依旧\n2021年2月，共5家中企在美国资本市场IPO，IPO数量较上月减少2家；募资金额共计35亿元，IPO规模同比下降7.89%，环比下降68.75%。整体看来，IPO数量规模虽有所回落，但途虎养车、叮咚买菜和水滴筹等热门企业均有赴美上市IPO消息传出，中企赴美IPO热潮依旧。（见图5、表4）\n\n图5 2020年2月-2021年2月美股市场中企IPO规模及数量\n\n表4 2021年2月中企美股市场募资TOP5\n第二部分中国企业IPO退出分析\n▼VC/PE机构IPO渗透率高达75%\n2021年2月，共30家具有VC/PE背景的中企实现上市，VC/PE机构IPO渗透率为75%，除纳斯达克交易所外，其他交易板块VC/PE渗透率均在70%以上。本月VC/PE机构IPO账面退出回报规模高达2,387亿元，同比上升7.32倍，环比上升5.69倍，其中，快手账面退出回报规模达2,078亿元，占整体的87.07%。平均账面回报率大幅上涨，同比上升1.11倍，环比上升3.51倍，其中，快手（01024.HK）平均账面回报率高达56倍。（见表5、图6、表6）\n\n表5 2021年2月IPO交易板块退出分析\n\n图6 2020年2月-2021年2月VC/PE机构IPO退出账面回报\n\n表6 2021年2月VC/PE机构背景企业IPO一览表\n第三部分中国企业IPO行业及地域分析\n▼文化传媒股IPO规模拔得头筹\n2021年2月，文化传媒、医疗健康、制造业类公司IPO募资位居前三，占据各行业募资总额的80.68%，其中，本月制造业类公司共有11家企业IPO，是本月IPO数量最多的行业；文化传媒类公司由于快手的突出表现，成为本月IPO规模最大行业，医疗健康类公司IPO数量规模均位居第二。（见图7、表7）\n\n图7 2021年2月IPO项目行业分布\n\n表7 2021年2月IPO重点行业细分领域统计\n▼北京地区IPO最吸金\n2021年2月，北京、广东、浙江三地中企IPO数量均为7家，IPO数量位于首位；北京地区中企IPO规模达446.52亿元，占本月IPO募资总额的62%，位居首位，广东、浙江分别排名第二和第三。（见图8、表8）\n\n图8 2021年2月中企IPO数量及募资规模地区分布\n注：IPO数量分布比例（左）以及规模比例（右）相加总和均不为“1”系四舍五入所致\n\n表8 2021年2月中企IPO数量及募资规模地区分布表\n第四部分中国企业IPO重点案例\n2021年2月，募资规模前十大IPO项目均在15亿元以上，占2月整体募资78%，其中，医疗健康类企业占据四席。IPO当日市值前十大IPO项目均在100亿元以上，快手以10,286.84亿元当日市值位居榜首。\n▼中企IPO规模及当日市值TOP10\n下表为2021年2月中企IPO募资规模TOP10。（见表9、表10）\n\n表9 2021年2月中企IPO规模TOP10\n\n表10 2021年2月中企IPO当日市值TOP10\n▼重点案例：快手\n\n\n\n第五部分政策热点回顾\n2月5日，证监会市场部副主任皮六一表示，合并深交所主板和中小板是全面深化资本市场改革的一项重要举措，作为我国多层次资本市场体系的重要组成部分，深交所主板和中小板在扩大直接融资、服务实体经济，支持中小企业方面发挥了积极作用。\n2月5日，中国证监会发布《监管规则适用指引—关于申请首发上市企业股东信息披露》要求申请首次公开发行股票或存托凭证的发行人应当按照本指引，充分做好股东信息披露等相关工作。\n一、发行人应当真实、准确、完整地披露股东信息，发行人历史沿革中存在股份代持等情形的，应当在提交申请前依法解除，并在招股说明书中披露形成原因、演变情况、解除过程、是否存在纠纷或潜在纠纷等。\n二、发行人在提交申报材料时应当出具专项承诺，说明发行人股东是否存在以下情形，并将该承诺对外披露：（一）法律法规规定禁止持股的主体直接或间接持有发行人股份；（二）本次发行的中介机构或其负责人、高级管理人员、经办人员直接或间接持有发行人股份；（三）以发行人股权进行不当利益输送。\n三、发行人提交申请前12个月内新增股东的，应当在招股说明书中充分披露新增股东的基本情况、入股原因、入股价格及定价依据，新股东与发行人其他股东、董事、监事、高级管理人员是否存在关联关系，新股东与本次发行的中介机构及其负责人、高级管理人员、经办人员是否存在关联关系，新增股东是否存在股份代持情形。\n上述新增股东应当承诺所持新增股份自取得之日起36个月内不得转让。\n四、发行人的自然人股东入股交易价格明显异常的，中介机构应当核查该股东基本情况、入股背景等信息，说明是否存在本指引第一项、第二项的情形。发行人应当说明该自然人股东基本情况。\n五、发行人股东的股权架构为两层以上且为无实际经营业务的公司或有限合伙企业的，如该股东入股交易价格明显异常，中介机构应当对该股东层层穿透核查到最终持有人，说明是否存在本指引第一项、第二项的情形。最终持有人为自然人的，发行人应当说明自然人基本情况。\n六、私募投资基金等金融产品持有发行人股份的，发行人应当披露金融产品纳入监管情况。\n七、发行人及其股东应当及时向中介机构提供真实、准确、完整的资料，积极和全面配合中介机构开展尽职调查，依法履行信息披露义务。\n八、保荐机构、证券服务机构等中介机构应当勤勉尽责，依照本指引要求对发行人披露的股东信息进行核查。中介机构发表核查意见不能简单以相关机构或者个人承诺作为依据，应当全面深入核查包括但不限于股东入股协议、交易对价、资金来源、支付方式等客观证据，保证所出具的文件真实、准确、完整。\n九、发行人在全国中小企业股份转让系统挂牌、境外证券交易所上市交易期间通过集合竞价、连续竞价交易方式增加的股东，以及因继承、执行法院判决或仲裁裁决、执行国家法规政策要求或由省级及以上人民政府主导取得发行人股份的股东，可以申请豁免本指引的核查和股份锁定要求。\n十、发行人股东存在涉嫌违规入股、入股交易价格明显异常等情形的，证监会和证券交易所可以要求相关股东报告其基本情况、入股背景等，并就反洗钱管理、反腐败要求等方面征求有关部门意见，共同加强监管。\n十一、本指引自发布之日起实施。发布之日前已受理的企业不适用本指引第三项的股份锁定要求。","news_type":1,"symbols_score_info":{"01024":0.9,"06127":0.9}},"isVote":1,"tweetType":1,"viewCount":1117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193784980,"gmtCreate":1620821076740,"gmtModify":1704348879394,"author":{"id":"3564909256585570","authorId":"3564909256585570","name":"Fengjie","avatar":"https://static.tigerbbs.com/45987ca4f2ac62a210c20544200c49f9","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3564909256585570","idStr":"3564909256585570"},"themes":[],"title":"","htmlText":"<a 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