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kennynyap

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2021-07-31

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2021-08-11

Good luck...

@小虎综合资讯:Unity Software Q2淨虧損1.48億美元，不及市場預期

2021-07-27

https://www.laohu8.com/m/news/1109053454?lang=zh_cn&invite=2JZFA1

Chinese Concept Stocks Exit from the US Market, Could This Happen?

2021-07-26

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2021-07-26

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2021-07-16

Happy go lucky...

The GEM index fell 3%, and CATL once fell 7%

2021-07-14

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Zhang Wensong, former senior vice president of Didi, joins Hillhouse as operating partner

2021-07-09

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2021-09-13

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2021-07-31

Good stock

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[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9911479811","isVote":1,"tweetType":1,"viewCount":2350,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888513087,"gmtCreate":1631506471049,"gmtModify":1676530560791,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"???Good&nbsp;","listText":"???Good&nbsp;","text":"???Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/888513087","repostId":"2167263309","repostType":2,"isVote":1,"tweetType":1,"viewCount":3024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892338353,"gmtCreate":1628638603972,"gmtModify":1676529802484,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good luck...&nbsp;","listText":"Good luck...&nbsp;","text":"Good luck...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/892338353","repostId":"892339120","repostType":1,"repost":{"id":892339120,"gmtCreate":1628638403356,"gmtModify":1676529802334,"author":{"id":"3527667586584720","authorId":"3527667586584720","name":"小虎综合资讯","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667586584720","authorIdStr":"3527667586584720"},"themes":[],"title":"Unity Software Q2淨虧損1.48億美元，不及市場預期","htmlText":"8月10日美股盤後，遊戲引擎開發商Unity Software發佈2021年第二季度業績。財報顯示，第二季度營收2.74億美元，市場預期2.42億美元；第二季度淨虧損1.48億美元，市場預期淨虧損1.03億美元；第二季度每股虧損0.53美元，市場預期0.35美元。 2021 年第二季度財務摘要 收入爲 2.736 億美元，同比增長 48%。 創建解決方案、運營解決方案以及戰略合作伙伴和其他收入分別爲 7240 萬美元、1.829 億美元和 1830 萬美元，同比分別增長了 31%、63% 和 9%。 運營虧損爲 1.492 億美元，佔收入的 55%，而 2020 年第二季度的運營虧損爲 2480 萬美元，佔收入的 13%。 非 GAAP 運營虧損爲 320 萬美元，佔收入的 1%，而 2020 年第二季度的非 GAAP 運營虧損爲 870 萬美元，佔收入的 5%。 每股基本和攤薄淨虧損爲 0.53 美元，而 2020 年第二季度的基本和攤薄每股淨虧損爲 0.21 美元。 2020 年第二季度基本和攤薄的非 GAAP 每股淨虧損爲 0.02 美元，而基本和攤薄的非 GAAP 每股淨虧損爲 0.09 美元。 截至 2021 年 6 月 30 日的過去 12 個月中，888 位客戶的收入均超過 100,000 美元，去年同期爲 716 位。 截至 2021 年 6 月 30 日，以美元爲基礎的淨擴張率爲 142%，去年同期爲 142%。 2021 年第二季度經營活動中使用的現金淨額爲 2670 萬美元，而去年同期經營活動提供的現金淨額爲 1660 萬美元。2021 年第二季度的自由現金流爲（3350 萬美元），而去年同期爲 490 萬美元。截至 2021 年 6 月 30 日，現金、現金等價物和受限現金爲 10 億美元，而截至 2020 年 6 月 30 日爲 5 億美元。 Un","listText":"8月10日美股盤後，遊戲引擎開發商Unity Software發佈2021年第二季度業績。財報顯示，第二季度營收2.74億美元，市場預期2.42億美元；第二季度淨虧損1.48億美元，市場預期淨虧損1.03億美元；第二季度每股虧損0.53美元，市場預期0.35美元。 2021 年第二季度財務摘要 收入爲 2.736 億美元，同比增長 48%。 創建解決方案、運營解決方案以及戰略合作伙伴和其他收入分別爲 7240 萬美元、1.829 億美元和 1830 萬美元，同比分別增長了 31%、63% 和 9%。 運營虧損爲 1.492 億美元，佔收入的 55%，而 2020 年第二季度的運營虧損爲 2480 萬美元，佔收入的 13%。 非 GAAP 運營虧損爲 320 萬美元，佔收入的 1%，而 2020 年第二季度的非 GAAP 運營虧損爲 870 萬美元，佔收入的 5%。 每股基本和攤薄淨虧損爲 0.53 美元，而 2020 年第二季度的基本和攤薄每股淨虧損爲 0.21 美元。 2020 年第二季度基本和攤薄的非 GAAP 每股淨虧損爲 0.02 美元，而基本和攤薄的非 GAAP 每股淨虧損爲 0.09 美元。 截至 2021 年 6 月 30 日的過去 12 個月中，888 位客戶的收入均超過 100,000 美元，去年同期爲 716 位。 截至 2021 年 6 月 30 日，以美元爲基礎的淨擴張率爲 142%，去年同期爲 142%。 2021 年第二季度經營活動中使用的現金淨額爲 2670 萬美元，而去年同期經營活動提供的現金淨額爲 1660 萬美元。2021 年第二季度的自由現金流爲（3350 萬美元），而去年同期爲 490 萬美元。截至 2021 年 6 月 30 日，現金、現金等價物和受限現金爲 10 億美元，而截至 2020 年 6 月 30 日爲 5 億美元。 Un","text":"8月10日美股盤後，遊戲引擎開發商Unity Software發佈2021年第二季度業績。財報顯示，第二季度營收2.74億美元，市場預期2.42億美元；第二季度淨虧損1.48億美元，市場預期淨虧損1.03億美元；第二季度每股虧損0.53美元，市場預期0.35美元。 2021 年第二季度財務摘要 收入爲 2.736 億美元，同比增長 48%。 創建解決方案、運營解決方案以及戰略合作伙伴和其他收入分別爲 7240 萬美元、1.829 億美元和 1830 萬美元，同比分別增長了 31%、63% 和 9%。 運營虧損爲 1.492 億美元，佔收入的 55%，而 2020 年第二季度的運營虧損爲 2480 萬美元，佔收入的 13%。 非 GAAP 運營虧損爲 320 萬美元，佔收入的 1%，而 2020 年第二季度的非 GAAP 運營虧損爲 870 萬美元，佔收入的 5%。 每股基本和攤薄淨虧損爲 0.53 美元，而 2020 年第二季度的基本和攤薄每股淨虧損爲 0.21 美元。 2020 年第二季度基本和攤薄的非 GAAP 每股淨虧損爲 0.02 美元，而基本和攤薄的非 GAAP 每股淨虧損爲 0.09 美元。 截至 2021 年 6 月 30 日的過去 12 個月中，888 位客戶的收入均超過 100,000 美元，去年同期爲 716 位。 截至 2021 年 6 月 30 日，以美元爲基礎的淨擴張率爲 142%，去年同期爲 142%。 2021 年第二季度經營活動中使用的現金淨額爲 2670 萬美元，而去年同期經營活動提供的現金淨額爲 1660 萬美元。2021 年第二季度的自由現金流爲（3350 萬美元），而去年同期爲 490 萬美元。截至 2021 年 6 月 30 日，現金、現金等價物和受限現金爲 10 億美元，而截至 2020 年 6 月 30 日爲 5 億美元。 Un","images":[{"img":"https://static.tigerbbs.com/9edbb1f3bf5bbbedf8aec0225770f69e","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/fba214677fe2af43d468c0249bde4f7f","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/165b5a226956c8909b871f6bacce0c73","width":"-1","height":"-1"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/892339120","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891634344,"gmtCreate":1628385518888,"gmtModify":1703505576640,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good luck..&nbsp;","listText":"Good luck..&nbsp;","text":"Good luck..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891634344","repostId":"891831377","repostType":1,"repost":{"id":891831377,"gmtCreate":1628376635099,"gmtModify":1703505425974,"author":{"id":"3579667199980202","authorId":"3579667199980202","name":"rayhky","avatar":"https://static.tigerbbs.com/d1f6b9f52c6107c86caad286e97f3943","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579667199980202","authorIdStr":"3579667199980202"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CEMI\">$Chembio Diagnostics(CEMI)$</a>[噴血]&nbsp;[噴血]&nbsp;[噴血]&nbsp;","listText":"<a href=\"https://laohu8.com/S/CEMI\">$Chembio Diagnostics(CEMI)$</a>[噴血]&nbsp;[噴血]&nbsp;[噴血]&nbsp;","text":"$Chembio Diagnostics(CEMI)$[噴血] [噴血] [噴血]","images":[{"img":"https://static.tigerbbs.com/5059457c99f24e6a4dd6a723358476af","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891831377","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3238,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806443804,"gmtCreate":1627690960108,"gmtModify":1703494671227,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good stock&nbsp;","listText":"Good stock&nbsp;","text":"Good stock","images":[{"img":"https://static.tigerbbs.com/3d0307caf2eef39622fd36b89a3ede19","width":"1440","height":"4161"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/806443804","isVote":1,"tweetType":1,"viewCount":2823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":806508499,"gmtCreate":1627662730311,"gmtModify":1703494423956,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/806508499","repostId":"1198370900","repostType":4,"repost":{"id":"1198370900","kind":"news","weMediaInfo":{"introduction":"凤凰网港股官方账号，专注让专业更简单","home_visible":1,"media_name":"凤凰网港股","id":"56","head_image":"https://community-static.tradeup.com/news/63f98f2e899d607a12011e4ecf9c0ac7"},"pubTimestamp":1627658786,"share":"https://ttm.financial/m/news/1198370900?lang=en_US&edition=fundamental","pubTime":"2021-07-30 23:26","market":"sh","language":"zh","title":"Behind \"buying a house with tickets\", is the big change in the property market really coming?","url":"https://stock-news.laohu8.com/highlight/detail?id=1198370900","media":"凤凰网港股","summary":"2021年春节过后，原本平静的武汉楼市突然躁动起来。\n短短两个月的时间里，武汉光谷关山大道的中建大公馆、金地格林东郡、泛悦城等楼盘，从2万元/平方米左右的价格，涨到了3、4万元/平方米。\n而房价飞涨的","content":"<p><b>After the Spring Festival in 2021, the originally calm Wuhan property market suddenly became restless.</b></p><p>In just two months, the prices of China Construction Grand Mansion, Gemdale Green East County, Fanyue City and other properties on Guanshan Avenue in Optics Valley, Wuhan have risen from about 20,000 yuan/square meter to 30,000 yuan/square meter.</p><p>Behind the soaring house prices are investors from Shenzhen, Xuzhou, Zaozhuang and other places, taking advantage of Wuhan's relatively loose settlement policy and purchase restriction policy to \"speculate in real estate\" crazily.</p><p>At that time, Wuhan locals who suffered deeply told the media, \"I hate these foreign real estate speculators. When can the government strictly restrict purchases?\"</p><p>The people of Wuhan did not wait long. Three months later, on July 28th, Wuhan Housing Authority issued a draft for comments on strengthening the management of house purchase qualification. After the draft was released, the topic of \"Wuhan will implement buying a house with room tickets\" quickly caused heated discussion on the Internet.</p><p>Is Wuhan going to enter the era of \"buying a house with room tickets\"? Some people support this news, some people question it, and some people worry that \"real estate speculation\" will become \"real estate speculation ticket\".</p><p>However, no matter how you interpret it, the signal of \"tightening\" of the property market released by Wuhan is clear. In fact, Wuhan is not the only city that is \"tightening\" the property market policy.</p><p>Ifeng.com \"Eye of the Storm\" found that since 2021, local governments including Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou have issued stricter regulatory policies for the real estate market.</p><p>As the off-campus education and training industry ushers in subversive changes, many people can't help but ask:<b>Is the big change in China's property market coming?</b></p><p>Bai Wenxi, vice chairman of China Enterprise Capital Alliance and chief economist of IPG China, told Phoenix. com \"Eye of the Storm\": \"These policies will increase and enhance the difficulty and cost of buying houses for investment demand in the short term, thus suppressing the overheating of the property market to some extent. However, in the long run, if the actual market supply and demand relationship does not change, and the population, land and financial policies that affect housing prices do not change significantly, it will be difficult to have a substantial impact on housing prices.\"</p><p><img src=\"https://static.tigerbbs.com/93c9284d07634672a560d0f50a2e3314\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p><b>01. What exactly is Wuhan's \"buying a house with tickets\"?</b></p><p>What does Wuhan's policy of \"buying a house with room ticket\", which has caused heated discussion on the Internet, stipulate in the end?</p><p>On July 28th, in order to adhere to the positioning of \"housing for living, not speculation\" and further strengthen the management of house purchase qualification in Wuhan, Wuhan Housing Authority issued the Notice of Municipal Housing Security and Housing Authority on Strengthening the Management of House Purchase Qualification (Draft for Comment), and publicly solicited opinions.</p><p><img src=\"https://static.tigerbbs.com/8db8d8c23e8cca1ee4ca8d5d15731bf9\" tg-width=\"1007\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>According to the draft, in the application for house purchase qualification, intended buyers who meet the purchase restriction area can apply for house purchase qualification through the official platform or through developers and intermediaries.</p><p>The housing management departments of each district shall complete the house purchase qualification identification within 48 hours from the time of application, and feed back the identification results to the applicants. The house purchase qualification identification results shall be valid within 60 days from the date of issuance.</p><p>The \"Draft for Comments\" also requires that after the completion of the purchase registration, the results of the purchase qualification will be locked immediately, and the purchase registration will not be carried out again during the lockdown period. After the sale is opened, the purchase qualification result will be automatically unlocked.</p><p>Bai Wenxi told Phoenix Network's Eye of the Storm: \"The relevant idea of 'buying a house with tickets' in Wuhan is still in the stage of soliciting opinions. This is a proposed system design to strengthen the control of the property market and base on the qualification access of buyers.\"</p><p>Then, after the policy of \"buying a house with room ticket\" is introduced, what impact will it have on Wuhan's property market?</p><p>Zhuge Housing Search Data Research Center told Phoenix Network's Eye of the Storm: \"The policy of buying a house with tickets is a new patch policy of the previous policy, and it is also a supplement and improvement of the purchase restriction policy. To some extent, it can curb market chaos, play a positive role in regulating real estate market transactions, and effectively crack down on some developers who create false hot sales scenes, and to some extent, it can curb the phenomenon of real estate speculation.\"</p><p>Zhu Xiaohong, president of China Luxury House Research Institute, told Phoenix Network's Eye of the Storm: \"Buying a house with tickets is similar to the housing intervention in Hong Kong and South Korea. It is good to crack down on real estate speculation and control the excessive consumption of housing products, but to prevent 'using room tickets for personal gain' and 'buying and selling room tickets', we must ensure that the room tickets are given to the right person.\"</p><p>Bai Wenxi also expressed similar concerns. He said: \"On the surface, room tickets will control demand and crack down on real estate speculation, but in fact, they are carried out by suppressing demand and not increasing supply. If used improperly, it may aggravate the contradiction between supply and demand, lead to power corruption, and aggravate all kinds of disguised real estate speculation and underground real estate speculation.\"</p><p><b>02. Local governments have intensively introduced policies, and the signal of \"tightening\" is obvious</b></p><p>In fact, Wuhan's policy adjustment of house purchase qualification may have started as early as 2020.</p><p>In January last year, Wuhan implemented the whole process of commercial housing qualification verification online. Intended buyers can apply for qualification and inquire about the results through official website of Wuhan Housing Authority. If they pass the audit, they can get the audit information such as number and QR code. This information is valid for purchasing a house within 60 days, and they need to apply again after expiration.</p><p>It can be seen that as early as 2020, Wuhan has set up the prototype of the mechanism of \"buying a house with room tickets\". This draft for comments is also a supplement and improvement to the first-in-charge policy.</p><p>In addition to Wuhan, first-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen, second-and third-tier cities such as Jiaxing, Foshan and Wuxi, and central departments such as the Ministry of Housing and Urban-Rural Development have successively issued a series of policies to strengthen supervision of the real estate market.</p><p>On January 5th, in an interview with the media, Wang Menghui, Minister of Housing and Urban-Rural Development, reiterated the policy principles of adhering to housing for living without speculation and implementing the long-term mechanism of real estate, saying that in 2021, housing for living without speculation will remain the main policy tone and will not change, while the long-term mechanism will continue to be implemented and improved.</p><p>For example, Shanghai also made it clear in January that it would continue to implement the property tax pilot. At the same time, Shanghai also stipulates that in response to the phenomenon of \"fake divorce, real house purchase\", if a couple divorces, if either party purchases commercial housing within 3 years from the date of divorce, the number of housing units owned by them will be calculated according to the total number of households before divorce. Adjust the period of VAT levy and exemption. Increase the value-added tax exemption period for individual sales of housing from 2 years to 5 years.</p><p>In March, Xi' an also issued a new purchase restriction policy, stipulating that buyers who cheat or avoid the purchase restriction policy by \"holding on behalf\" will be included in the list of untrustworthy people who buy houses in our city, and are not allowed to buy houses within 5 years</p><p>In June, the Ministry of Finance, the Ministry of Natural Resources, the State Administration of Taxation and the People's Bank of China jointly issued a notice that four government non-tax revenues, including the income from the transfer of state-owned land use rights, would be transferred to the tax authorities for collection, which once caused heated discussions.</p><p>On July 23rd, eight departments, including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission and the Ministry of Public Security, jointly issued a notice on continuous rectification and standardization of the order of the real estate market, which comprehensively standardized the order of the real estate market from four aspects: real estate development, housing sale, housing leasing and property services.</p><p>On July 30, the CBIRC held a system-wide 2021 mid-year work symposium and a symposium on discipline inspection and supervision (TV and telephone). The meeting emphasized that it is necessary to strictly implement the requirements of \"three lines and four files\" and the concentration of real estate loans, and prevent bank insurance funds from bypassing and illegally flowing into the real estate market.</p><p>According to the incomplete statistics of Fenghuang Wang's \"Eye of the Storm\", since January this year, local governments and relevant central departments have issued more than 40 supervision and control policies for the real estate market and its derivative services. The number and density are relatively rare in recent years.</p><p>Bai Wenxi told Phoenix Network's Eye of the Storm: \"There are three reasons for the current adjustment of real estate policy: the first is to prevent financial risks caused by real estate; The second is to reduce the total cost of economic operation represented by real estate under the internal circulation mode; The third is to reduce the pressure of living costs to enhance the willingness to have children and maintain the sustainable development of the population.\"</p><p><img src=\"https://static.tigerbbs.com/8a08ad922ffa471f7aea8f0400a29bb4\" tg-width=\"1080\" tg-height=\"1230\" referrerpolicy=\"no-referrer\"></p><p><b>03. Real estate companies \"no longer in the limelight\" share price pullback/retracement sharply</b></p><p>Policy changes also directly affect listed companies in the real estate industry.</p><p>Benefiting from the rapid development of China's real estate market in recent years, a large number of giant listed real estate companies have been born in China, and real estate enterprises were once regarded as a symbol of \"no bad money\".</p><p>Wang Jianlin, chairman of Wanda, has died<a href=\"https://laohu8.com/S/BEKE\">Shell</a>Chairman Zuo Hui and other real estate tycoons have ascended the throne of \"the richest man\".</p><p>However, with the state beginning to regulate the \"overheated\" real estate market and the introduction of a series of strict regulatory policies, these listed real estate companies have also encountered the problem of \"turning around in a disaster\", and problems such as capital chain break, income decline, stock price decline and high debt have also followed.</p><p>In August last year, the Ministry of Housing and Urban-Rural Development and the People's Bank of China held a symposium on key real estate enterprises in Beijing, clarifying the fund monitoring and financing management rules of key real estate enterprises, which are the \"three red lines\" that have been rumored many times in the industry before.</p><p>According to the incomplete statistics of Fenghuang Wang's \"Eye of the Storm\", more than half of the 40 leading real estate companies listed in Hong Kong stocks and A shares have their share prices exceeding 30% from the highest point of pullback/retracement within 52 weeks.</p><p><img src=\"https://static.tigerbbs.com/face4ce6faa97c257718c9108ee3c3b8\" tg-width=\"1080\" tg-height=\"1003\" referrerpolicy=\"no-referrer\"></p><p>In fact, in the collective \"big dive\" of A-shares on Monday and Tuesday, out of worries about the policy supervision of the real estate market, A-share real estate stocks also plummeted collectively.<a href=\"https://laohu8.com/S/000718\">Suning Global</a>、<a href=\"https://laohu8.com/S/600773\">Tibet Chengtou</a>It once fell by more than 10%.</p><p><img src=\"https://static.tigerbbs.com/0dfca5e8a01f143057cf5d1f41a95b53\" tg-width=\"324\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>04. Is the big change in the property market coming?</b></p><p>Wuhan's policy of \"buying a house with room tickets\" also reminds many people of \"food stamps\" and \"meat stamps\" in the era of planned economy. So, does \"buying a house with room tickets\" really mean returning to the era of planned economy? Will other cities follow up?</p><p><img src=\"https://static.tigerbbs.com/cb31adddcc3e0bf4814fad90b355b71b\" tg-width=\"1080\" tg-height=\"219\" referrerpolicy=\"no-referrer\"></p><p>Bai Wenxi said that it has been nearly 30 years since China bid farewell to the ticket era, and the launch of Wuhan's \"room ticket\" touched and brought back people's memory of the era of insufficient supply and tickets everywhere in the planned economy era. As one of the industries with the highest public attention, real estate, which is still brewing, will probably be pushed into the \"hot search\".</p><p>Bai Wenxi believes that the room ticket itself is based on the system design of compressing demand by access control, thus changing the supply and demand relationship of the property market to prevent the property market from overheating. However, the regulation and control of the property market logically needs to start from both ends of supply and demand. While limiting and suppressing demand with quantitative tools and price tools, it is also necessary to balance the relationship between supply and demand by increasing market supply.</p><p>\"Therefore, if we really want to stabilize the relationship between supply and demand in the property market, we should try to reduce and eliminate all kinds of control measures at both ends of supply and demand, guide the allocation of resources and factors with the price mechanism, and reconstruct the relationship between supply and demand, let alone restore the tickets of the planned economy era.\" Bai Wenxi told Phoenix Network's Eye of the Storm.</p><p><img src=\"https://static.tigerbbs.com/b5109cefd2de75f41c0a1a0f3da6acbb\" tg-width=\"720\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Whether it is the policy of \"buying a house with room ticket\" issued by Wuhan this time, a series of regulatory policies on the real estate market issued by local governments this year, or the rumored \"real estate tax\" about to be introduced, do these mean that China's property market will usher in a big change?</p><p>Zhuge Housing Search Data Research Center told Phoenix Network's Eye of the Storm: \"The introduction of real estate tax may usher in another reshuffle of the real estate market.\"</p><p>\"From the current real estate policy adjustment, adhering to housing for living and not speculation is the main tone of China's real estate market. Under this principle, first of all, it is necessary to suppress the excessive rise of housing prices through policy regulation and promote the market to gradually return to the rational stage; Secondly, constantly improve and standardize the real estate market system, and timely crack down on some speculation on housing prices and policy loopholes to promote the healthy development of the real estate market; Third, tilt limited resources to just-needed groups to provide a more stable real estate environment for buyers. \"</p><p>Zhuge Housing Data Research Center believes that with the introduction of these policies, the interests of the real just-needed groups are guaranteed, and the mentality of buying houses is gradually rational, which plays a certain role in inhibiting the excessive rise of house prices. In the long run, housing prices in first-tier cities will tend to run smoothly after strict policy control.</p><p>Bai Wenxi believes that if the real estate tax is really introduced soon, it does mean that the real estate market will usher in a big change. However, in fact, the real estate tax has not been submitted for deliberation according to the legislative procedure, and it will not be introduced soon, and there is no timetable.</p><p>Bai Wenxi said that if these policies don't start with the expansion of the supply side, but only take measures such as quantitative tools to control the access of the demand side, such as room tickets, and price tools to control the demand side, such as mortgage ratio and interest rate, the result may just stop boiling, or even rise.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Behind \"buying a house with tickets\", is the big change in the property market really coming?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBehind \"buying a house with tickets\", is the big change in the property market really coming?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/56\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/63f98f2e899d607a12011e4ecf9c0ac7);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">凤凰网港股 </p>\n<p class=\"h-time smaller\">2021-07-30 23:26</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><b>After the Spring Festival in 2021, the originally calm Wuhan property market suddenly became restless.</b></p><p>In just two months, the prices of China Construction Grand Mansion, Gemdale Green East County, Fanyue City and other properties on Guanshan Avenue in Optics Valley, Wuhan have risen from about 20,000 yuan/square meter to 30,000 yuan/square meter.</p><p>Behind the soaring house prices are investors from Shenzhen, Xuzhou, Zaozhuang and other places, taking advantage of Wuhan's relatively loose settlement policy and purchase restriction policy to \"speculate in real estate\" crazily.</p><p>At that time, Wuhan locals who suffered deeply told the media, \"I hate these foreign real estate speculators. When can the government strictly restrict purchases?\"</p><p>The people of Wuhan did not wait long. Three months later, on July 28th, Wuhan Housing Authority issued a draft for comments on strengthening the management of house purchase qualification. After the draft was released, the topic of \"Wuhan will implement buying a house with room tickets\" quickly caused heated discussion on the Internet.</p><p>Is Wuhan going to enter the era of \"buying a house with room tickets\"? Some people support this news, some people question it, and some people worry that \"real estate speculation\" will become \"real estate speculation ticket\".</p><p>However, no matter how you interpret it, the signal of \"tightening\" of the property market released by Wuhan is clear. In fact, Wuhan is not the only city that is \"tightening\" the property market policy.</p><p>Ifeng.com \"Eye of the Storm\" found that since 2021, local governments including Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou have issued stricter regulatory policies for the real estate market.</p><p>As the off-campus education and training industry ushers in subversive changes, many people can't help but ask:<b>Is the big change in China's property market coming?</b></p><p>Bai Wenxi, vice chairman of China Enterprise Capital Alliance and chief economist of IPG China, told Phoenix. com \"Eye of the Storm\": \"These policies will increase and enhance the difficulty and cost of buying houses for investment demand in the short term, thus suppressing the overheating of the property market to some extent. However, in the long run, if the actual market supply and demand relationship does not change, and the population, land and financial policies that affect housing prices do not change significantly, it will be difficult to have a substantial impact on housing prices.\"</p><p><img src=\"https://static.tigerbbs.com/93c9284d07634672a560d0f50a2e3314\" tg-width=\"1080\" tg-height=\"443\" referrerpolicy=\"no-referrer\"></p><p><b>01. What exactly is Wuhan's \"buying a house with tickets\"?</b></p><p>What does Wuhan's policy of \"buying a house with room ticket\", which has caused heated discussion on the Internet, stipulate in the end?</p><p>On July 28th, in order to adhere to the positioning of \"housing for living, not speculation\" and further strengthen the management of house purchase qualification in Wuhan, Wuhan Housing Authority issued the Notice of Municipal Housing Security and Housing Authority on Strengthening the Management of House Purchase Qualification (Draft for Comment), and publicly solicited opinions.</p><p><img src=\"https://static.tigerbbs.com/8db8d8c23e8cca1ee4ca8d5d15731bf9\" tg-width=\"1007\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>According to the draft, in the application for house purchase qualification, intended buyers who meet the purchase restriction area can apply for house purchase qualification through the official platform or through developers and intermediaries.</p><p>The housing management departments of each district shall complete the house purchase qualification identification within 48 hours from the time of application, and feed back the identification results to the applicants. The house purchase qualification identification results shall be valid within 60 days from the date of issuance.</p><p>The \"Draft for Comments\" also requires that after the completion of the purchase registration, the results of the purchase qualification will be locked immediately, and the purchase registration will not be carried out again during the lockdown period. After the sale is opened, the purchase qualification result will be automatically unlocked.</p><p>Bai Wenxi told Phoenix Network's Eye of the Storm: \"The relevant idea of 'buying a house with tickets' in Wuhan is still in the stage of soliciting opinions. This is a proposed system design to strengthen the control of the property market and base on the qualification access of buyers.\"</p><p>Then, after the policy of \"buying a house with room ticket\" is introduced, what impact will it have on Wuhan's property market?</p><p>Zhuge Housing Search Data Research Center told Phoenix Network's Eye of the Storm: \"The policy of buying a house with tickets is a new patch policy of the previous policy, and it is also a supplement and improvement of the purchase restriction policy. To some extent, it can curb market chaos, play a positive role in regulating real estate market transactions, and effectively crack down on some developers who create false hot sales scenes, and to some extent, it can curb the phenomenon of real estate speculation.\"</p><p>Zhu Xiaohong, president of China Luxury House Research Institute, told Phoenix Network's Eye of the Storm: \"Buying a house with tickets is similar to the housing intervention in Hong Kong and South Korea. It is good to crack down on real estate speculation and control the excessive consumption of housing products, but to prevent 'using room tickets for personal gain' and 'buying and selling room tickets', we must ensure that the room tickets are given to the right person.\"</p><p>Bai Wenxi also expressed similar concerns. He said: \"On the surface, room tickets will control demand and crack down on real estate speculation, but in fact, they are carried out by suppressing demand and not increasing supply. If used improperly, it may aggravate the contradiction between supply and demand, lead to power corruption, and aggravate all kinds of disguised real estate speculation and underground real estate speculation.\"</p><p><b>02. Local governments have intensively introduced policies, and the signal of \"tightening\" is obvious</b></p><p>In fact, Wuhan's policy adjustment of house purchase qualification may have started as early as 2020.</p><p>In January last year, Wuhan implemented the whole process of commercial housing qualification verification online. Intended buyers can apply for qualification and inquire about the results through official website of Wuhan Housing Authority. If they pass the audit, they can get the audit information such as number and QR code. This information is valid for purchasing a house within 60 days, and they need to apply again after expiration.</p><p>It can be seen that as early as 2020, Wuhan has set up the prototype of the mechanism of \"buying a house with room tickets\". This draft for comments is also a supplement and improvement to the first-in-charge policy.</p><p>In addition to Wuhan, first-tier cities such as Beijing, Shanghai, Guangzhou and Shenzhen, second-and third-tier cities such as Jiaxing, Foshan and Wuxi, and central departments such as the Ministry of Housing and Urban-Rural Development have successively issued a series of policies to strengthen supervision of the real estate market.</p><p>On January 5th, in an interview with the media, Wang Menghui, Minister of Housing and Urban-Rural Development, reiterated the policy principles of adhering to housing for living without speculation and implementing the long-term mechanism of real estate, saying that in 2021, housing for living without speculation will remain the main policy tone and will not change, while the long-term mechanism will continue to be implemented and improved.</p><p>For example, Shanghai also made it clear in January that it would continue to implement the property tax pilot. At the same time, Shanghai also stipulates that in response to the phenomenon of \"fake divorce, real house purchase\", if a couple divorces, if either party purchases commercial housing within 3 years from the date of divorce, the number of housing units owned by them will be calculated according to the total number of households before divorce. Adjust the period of VAT levy and exemption. Increase the value-added tax exemption period for individual sales of housing from 2 years to 5 years.</p><p>In March, Xi' an also issued a new purchase restriction policy, stipulating that buyers who cheat or avoid the purchase restriction policy by \"holding on behalf\" will be included in the list of untrustworthy people who buy houses in our city, and are not allowed to buy houses within 5 years</p><p>In June, the Ministry of Finance, the Ministry of Natural Resources, the State Administration of Taxation and the People's Bank of China jointly issued a notice that four government non-tax revenues, including the income from the transfer of state-owned land use rights, would be transferred to the tax authorities for collection, which once caused heated discussions.</p><p>On July 23rd, eight departments, including the Ministry of Housing and Urban-Rural Development, the National Development and Reform Commission and the Ministry of Public Security, jointly issued a notice on continuous rectification and standardization of the order of the real estate market, which comprehensively standardized the order of the real estate market from four aspects: real estate development, housing sale, housing leasing and property services.</p><p>On July 30, the CBIRC held a system-wide 2021 mid-year work symposium and a symposium on discipline inspection and supervision (TV and telephone). The meeting emphasized that it is necessary to strictly implement the requirements of \"three lines and four files\" and the concentration of real estate loans, and prevent bank insurance funds from bypassing and illegally flowing into the real estate market.</p><p>According to the incomplete statistics of Fenghuang Wang's \"Eye of the Storm\", since January this year, local governments and relevant central departments have issued more than 40 supervision and control policies for the real estate market and its derivative services. The number and density are relatively rare in recent years.</p><p>Bai Wenxi told Phoenix Network's Eye of the Storm: \"There are three reasons for the current adjustment of real estate policy: the first is to prevent financial risks caused by real estate; The second is to reduce the total cost of economic operation represented by real estate under the internal circulation mode; The third is to reduce the pressure of living costs to enhance the willingness to have children and maintain the sustainable development of the population.\"</p><p><img src=\"https://static.tigerbbs.com/8a08ad922ffa471f7aea8f0400a29bb4\" tg-width=\"1080\" tg-height=\"1230\" referrerpolicy=\"no-referrer\"></p><p><b>03. Real estate companies \"no longer in the limelight\" share price pullback/retracement sharply</b></p><p>Policy changes also directly affect listed companies in the real estate industry.</p><p>Benefiting from the rapid development of China's real estate market in recent years, a large number of giant listed real estate companies have been born in China, and real estate enterprises were once regarded as a symbol of \"no bad money\".</p><p>Wang Jianlin, chairman of Wanda, has died<a href=\"https://laohu8.com/S/BEKE\">Shell</a>Chairman Zuo Hui and other real estate tycoons have ascended the throne of \"the richest man\".</p><p>However, with the state beginning to regulate the \"overheated\" real estate market and the introduction of a series of strict regulatory policies, these listed real estate companies have also encountered the problem of \"turning around in a disaster\", and problems such as capital chain break, income decline, stock price decline and high debt have also followed.</p><p>In August last year, the Ministry of Housing and Urban-Rural Development and the People's Bank of China held a symposium on key real estate enterprises in Beijing, clarifying the fund monitoring and financing management rules of key real estate enterprises, which are the \"three red lines\" that have been rumored many times in the industry before.</p><p>According to the incomplete statistics of Fenghuang Wang's \"Eye of the Storm\", more than half of the 40 leading real estate companies listed in Hong Kong stocks and A shares have their share prices exceeding 30% from the highest point of pullback/retracement within 52 weeks.</p><p><img src=\"https://static.tigerbbs.com/face4ce6faa97c257718c9108ee3c3b8\" tg-width=\"1080\" tg-height=\"1003\" referrerpolicy=\"no-referrer\"></p><p>In fact, in the collective \"big dive\" of A-shares on Monday and Tuesday, out of worries about the policy supervision of the real estate market, A-share real estate stocks also plummeted collectively.<a href=\"https://laohu8.com/S/000718\">Suning Global</a>、<a href=\"https://laohu8.com/S/600773\">Tibet Chengtou</a>It once fell by more than 10%.</p><p><img src=\"https://static.tigerbbs.com/0dfca5e8a01f143057cf5d1f41a95b53\" tg-width=\"324\" tg-height=\"459\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>04. Is the big change in the property market coming?</b></p><p>Wuhan's policy of \"buying a house with room tickets\" also reminds many people of \"food stamps\" and \"meat stamps\" in the era of planned economy. So, does \"buying a house with room tickets\" really mean returning to the era of planned economy? Will other cities follow up?</p><p><img src=\"https://static.tigerbbs.com/cb31adddcc3e0bf4814fad90b355b71b\" tg-width=\"1080\" tg-height=\"219\" referrerpolicy=\"no-referrer\"></p><p>Bai Wenxi said that it has been nearly 30 years since China bid farewell to the ticket era, and the launch of Wuhan's \"room ticket\" touched and brought back people's memory of the era of insufficient supply and tickets everywhere in the planned economy era. As one of the industries with the highest public attention, real estate, which is still brewing, will probably be pushed into the \"hot search\".</p><p>Bai Wenxi believes that the room ticket itself is based on the system design of compressing demand by access control, thus changing the supply and demand relationship of the property market to prevent the property market from overheating. However, the regulation and control of the property market logically needs to start from both ends of supply and demand. While limiting and suppressing demand with quantitative tools and price tools, it is also necessary to balance the relationship between supply and demand by increasing market supply.</p><p>\"Therefore, if we really want to stabilize the relationship between supply and demand in the property market, we should try to reduce and eliminate all kinds of control measures at both ends of supply and demand, guide the allocation of resources and factors with the price mechanism, and reconstruct the relationship between supply and demand, let alone restore the tickets of the planned economy era.\" Bai Wenxi told Phoenix Network's Eye of the Storm.</p><p><img src=\"https://static.tigerbbs.com/b5109cefd2de75f41c0a1a0f3da6acbb\" tg-width=\"720\" tg-height=\"434\" referrerpolicy=\"no-referrer\"></p><p>Whether it is the policy of \"buying a house with room ticket\" issued by Wuhan this time, a series of regulatory policies on the real estate market issued by local governments this year, or the rumored \"real estate tax\" about to be introduced, do these mean that China's property market will usher in a big change?</p><p>Zhuge Housing Search Data Research Center told Phoenix Network's Eye of the Storm: \"The introduction of real estate tax may usher in another reshuffle of the real estate market.\"</p><p>\"From the current real estate policy adjustment, adhering to housing for living and not speculation is the main tone of China's real estate market. Under this principle, first of all, it is necessary to suppress the excessive rise of housing prices through policy regulation and promote the market to gradually return to the rational stage; Secondly, constantly improve and standardize the real estate market system, and timely crack down on some speculation on housing prices and policy loopholes to promote the healthy development of the real estate market; Third, tilt limited resources to just-needed groups to provide a more stable real estate environment for buyers. \"</p><p>Zhuge Housing Data Research Center believes that with the introduction of these policies, the interests of the real just-needed groups are guaranteed, and the mentality of buying houses is gradually rational, which plays a certain role in inhibiting the excessive rise of house prices. In the long run, housing prices in first-tier cities will tend to run smoothly after strict policy control.</p><p>Bai Wenxi believes that if the real estate tax is really introduced soon, it does mean that the real estate market will usher in a big change. However, in fact, the real estate tax has not been submitted for deliberation according to the legislative procedure, and it will not be introduced soon, and there is no timetable.</p><p>Bai Wenxi said that if these policies don't start with the expansion of the supply side, but only take measures such as quantitative tools to control the access of the demand side, such as room tickets, and price tools to control the demand side, such as mortgage ratio and interest rate, the result may just stop boiling, or even rise.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c3c5822c22b6cfd1d0ae2625b7bc085e","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198370900","content_text":"2021年春节过后，原本平静的武汉楼市突然躁动起来。\n短短两个月的时间里，武汉光谷关山大道的中建大公馆、金地格林东郡、泛悦城等楼盘，从2万元/平方米左右的价格，涨到了3、4万元/平方米。\n而房价飞涨的背后，是来自深圳、徐州、枣庄等地的投资客们，利用武汉市相对宽松的落户政策和限购政策，疯狂“炒房”。\n当时，深受其害的武汉当地人对媒体表示：“恨死了这些外地炒房客，政府啥时候能严格限购啊？”\n武汉人民并未等太久。3个月后，7月28日，武汉市房管局发布了关于加强购房资格管理的征求意见稿。意见稿发布后，“武汉将实施凭房票买房”的话题也迅速在网络上引起热议。\n武汉要进入“凭房票买房”时代了？对这个消息，有人支持，有人质疑，还有人担心“炒房”会变成“炒房票”。\n不过，无论如何解读，武汉释放出的楼市“收紧”的信号则是明确的。实际上，正在“收紧”楼市政策的不止武汉一个城市。\n凤凰网《风暴眼》发现，进入2021年以来，包括北京、上海、广州、深圳、杭州等在内的地方政府，都发布了针对房地产市场的更为严格的监管政策。\n随着校外教培行业迎来颠覆式的大变革，很多人也不禁发问：中国楼市的大变革，也要来了吗？\n中国企业资本联盟副理事长、IPG中国首席经济学家柏文喜对凤凰网《风暴眼》表示：“这些政策在短期内会加大和提升投资性需求的购房难度与成本，从而从一定程度上抑制楼市过热问题。但长期来看，如果实际的市场供求关系不改变，影响房价的人口、土地、金融政策不作大的改变，则很难对房价产生实质性影响。”\n\n01、武汉的“凭票买房”，到底是什么？\n在网上引起热议的武汉“凭房票买房”的政策，到底规定了哪些内容呢？\n7月28日，为坚持“房住不炒”定位，进一步加强武汉市购房资格管理工作，武汉市房管局发布《市住房保障房管局关于加强购房资格管理工作的通知（征求意见稿）》，并公开征求意见。\n\n根据意见稿，在购房资格申请上，符合限购区域购买住房的意向购房人可通过官方平台或者通过开发商和中介机构申请购房资格。\n各区房管部门在申请之时起48个小时内完成购房资格认定，并将认定结果反馈给申请人，购房资格认定结果自出具之日起60日内有效。\n《征求意见稿》还要求，购房登记完成后，购房资格认定结果即时锁定，锁定期间不得再次进行购房登记。开盘销售后，购房资格认定结果自动解除锁定。\n柏文喜对凤凰网《风暴眼》表示：“武汉‘凭票买房’的相关设想目前尚处于征求意见阶段，这是为加强楼市管控、立足于购房者资格准入提出的拟意中的制度设计。”\n那么，“凭房票购房”的政策出台后，会对武汉的楼市造成哪些影响呢？\n诸葛找房数据研究中心对凤凰网《风暴眼》表示：“凭票买房政策，是前期政策的一个打补丁新政，也是对限购政策的补充完善，一定程度上可以遏制市场乱象，对规范房地产市场交易有着积极作用，较有力地打击了部分制造虚假热售场面的开发商，一定程度上可以抑制炒房现象。”\n中国豪宅研究院院长朱晓红对凤凰网《风暴眼》表示：“凭票买房与香港、韩国的住房干预有异曲同工之处。对打击炒房，控制过度消费住房产品有好处，但要防止‘以房票谋私’和‘房票买卖’，一定要确保房票给对人。”\n柏文喜也表达了类似的担忧，他表示：“房票表面上会控制需求和打击炒房，但实际上是通过压抑需求和不增加供给进行的，如果运用不当，可能反而会加剧供求矛盾，引发权力腐败、加剧各类变相炒房和地下炒房等行为。”\n02、地方政府密集出台政策，“收紧”信号明显\n实际上，武汉市对于购房资格的政策调整，可能早在2020年就已经开始了。\n去年1月，武汉实行了商品房资格核查全程网办，意向购房者可通过武汉市房管局官网申请资格并查询结果，如果通过审核，即可获取编号和二维码等审核资料信息，该资料60日内购房有效，过期需重新申请。\n可以看出，早在2020年武汉市就已搭建出“凭房票买房”的机制雏形。而此次的征求意见稿，也是对先关政策的补充和完善。\n而除了武汉外，北上广深等一线城市，嘉兴、佛山、无锡等二三线城市，以及住建部等中央部门，也都陆续发布了一系列政策来对房地产市场加强监管。\n1月5日，住建部部长王蒙徽在接受媒体采访时，重申了坚持房住不炒，落实房地产长效机制等政策原则，表示2021年房住不炒仍然作为政策主基调不改变，同时长效机制不断落实完善的信号。\n例如，上海市也在1月份明确继续实施房产税试点。同时，上海市还针对“假离婚，真购房”现象，规定：夫妻离异的，任何一方自夫妻离异之日起3年内购买商品住房的，其拥有住房套数按离异前家庭总套数计算。调整增值税征免年限。将个人对外销售住房增值税征免年限从2年提高至5年。\n3月，西安也发布限购新政，规定购房人骗取或通过“代持”方式规避限购政策的，其本人及“代持人”将列入我市购房失信人员名册，5年内不得购房\n6月，财政部、自然资源部、税务总局、人民银行联合发布通知，国有土地使用权出让收入等四项政府非税收入将划转税务部门征收，一度引起热议。\n7月23日，住建部、发改委、公安部等八部门共同发布关于持续整治规范房地产市场秩序的通知，从房地产开发、房屋买卖、住房租赁以及物业服务四个方面切入，对房地产市场秩序进行全面规范。\n7月30日，银保监会召开全系统2021年年中工作座谈会暨纪检监察工作（电视电话）座谈会。会议强调，要严格执行“三线四档”和房地产贷款集中度要求，防止银行保险资金绕道违规流入房地产市场。\n据凤凰网《风暴眼》不完全统计，从今年1月至今，各地政府和中央相关部门共发布了超过40项针对房地产市场以及其衍生服务的监管和调控政策。数量之多，密度之大，在近年来都是比较罕见的。\n柏文喜对凤凰网《风暴眼》表示：“目前针对房地产政策的调整的原因有三个：第一是防范房地产引发的金融风险问题；第二是内循环模式下需要降低以房地产为代表的经济运行总成本；第三是提升生育意愿和保持人口可持续发展需要降低居住成本压力。”\n\n03、地产公司“风头不再” 股价大幅回撤\n政策的变化，也直接影响到了地产行业的上市公司身上。\n受益于中国房地产市场近年来的快速发展，中国也诞生了一大批巨无霸类的地产上市公司，地产企业也一度被视为“不差钱”的象征。\n万达董事长王健林、已经去世的贝壳董事长左晖等地产大亨们，都曾登上过“首富”的宝座。\n然而随着国家开始对“过热”的房地产市场进行调控，以及一系列严格的监管政策的出台，这些地产上市公司也纷纷遭遇了“船大难掉头”的难题，资金链断裂、收入下滑、股价下跌、高额负债等问题也随之而来。\n去年8月，住房城乡建设部、人民银行在北京召开重点房地产企业座谈会，明确了重点房地产企业资金监测和融资管理规则，也就是此前业内多次传闻的“三条红线”。\n据凤凰网《风暴眼》不完全统计，在港股和A股上市的40家头部地产公司中，有一半以上的公司股价在52周内距最高点回撤超过30%。\n\n事实上，就在本周一、周二的A股集体“大跳水”中，出于对房地产市场政策监管的担忧情绪，A股地产股也集体大跌，苏宁环球、西藏城投一度跌超10%。\n\n04、楼市的大变革，要来了吗\n武汉“凭房票买房”政策，也让很多人联想到了计划经济时代的“粮票”、“肉票”。那么，“凭房票购房”，是否真的意味着回到计划经济时代？是否又会引发其他城市跟进？\n\n柏文喜表示，中国告别票证时代已近三十年了，而武汉“房票”的推出触碰和勾起了了人们对计划经济年代供给不足、处处票证的时代记忆，房地产作为公众关注度最高的行业之一，尚在酝酿之中的武汉“房票”事件大概率会被推上“热搜”。\n柏文喜认为，房票本身是立足于以准入管制来压缩需求，进而改变楼市供求关系以防止楼市过热的制度设计。但是楼市调控逻辑上需要从供求两端着手，在以数量工具与价格工具限制与压抑需求的同时，还要通过增加市场供给来平衡供求关系。\n“因此，真正要平抑楼市供求关系的话，则要尽量减少和消除供求两端的各类管制措施，以价格机制引导资源和要素配置并重构供求关系，更不能恢复计划经济时代的票证。”柏文喜对凤凰网《风暴眼》表示。\n\n无论是武汉市此次出台的“凭房票买房”的政策，还是今年以来各地政府出台的一系列对房地产市场的监管政策，抑或是传闻中即将出台的“房地产税”，这些是否意味着中国楼市将迎来一次大变革呢？\n诸葛找房数据研究中心对凤凰网《风暴眼》表示：“房地产税的出台，或将迎来房地产市场的又一次洗牌。”\n“从目前房地产政策调整来看，坚持房住不炒是我国房地产市场的主基调。在此原则之下，首先需通过政策调控抑制房价上涨过快，促进市场逐渐回归理性阶段；其次，不断完善和规范房地产市场体系，对一些炒作房价、钻政策空子的行为及时进行打击，促进房地产市场健康发展；第三，将有限的资源向刚需群体倾斜，为购房者提供一个更为稳定的房地产环境。”\n诸葛找房数据研究中心认为，随着这些政策出台，真正的刚需群体利益得到保障，购房心态也逐渐理性，对房价过快上涨起到一定的抑制作用。长期来看，一线城市房价在经过严格的政策调控后，房价将趋于平稳运行。\n柏文喜认为，如果房产税真的很快出台，确实意味着房地产市场将迎来一次大变革，但是事实上房地产税按照立法程序尚未提交审议，是不会很快出台，也没有时间表的。\n柏文喜表示，这些政策如果不是从扩大供给端入手，而是仅仅采取控制需求端准入的数量工具如房票、控制需求端的价格工具如按揭成数与利率等措施，结果可能只是扬汤止沸，甚至越调越涨。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803090756,"gmtCreate":1627395375275,"gmtModify":1703489130404,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"https://www.laohu8.com/m/news/1109053454?lang=zh_cn&amp;invite=2JZFA1","listText":"https://www.laohu8.com/m/news/1109053454?lang=zh_cn&amp;invite=2JZFA1","text":"https://www.laohu8.com/m/news/1109053454?lang=zh_cn&invite=2JZFA1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803090756","repostId":"1120859674","repostType":4,"repost":{"id":"1120859674","kind":"news","weMediaInfo":{"introduction":"秦朔朋友圈是由中国著名媒体人、财经观察家秦朔牵头创立的一个新媒体与专业服务品牌，包括微信公众号、微博、视频节目、音频节目等。内容聚焦于经济、金融和商业领域，关注重点为全球和中国财经商业热点、企业家精神、创新与发明创造、商业文明探索等。","home_visible":1,"media_name":"秦朔朋友圈","id":"60","head_image":"https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e"},"pubTimestamp":1627352185,"share":"https://ttm.financial/m/news/1120859674?lang=en_US&edition=fundamental","pubTime":"2021-07-27 10:16","market":"us","language":"zh","title":"Chinese Concept Stocks Exit from the US Market, Could This Happen?","url":"https://stock-news.laohu8.com/highlight/detail?id=1120859674","media":"秦朔朋友圈","summary":"谁都不希望坏事发生，但如果发生，也不至于措手不及。","content":"<p>Text/Jia Ming</p><p>On July 23rd, a document issued by the CPC Central Office entitled \"Opinions on Further Reducing the Burden of Homework and Off-campus Training for Students in Compulsory Education\" circulated on the Internet. The \"Opinions\" include measures such as \"capitalization\" operation of education and training institutions, and all discipline training institutions are prohibited from listing for financing. Overseas listed education stocks have fallen in response. For example, the share price of New Oriental on the Hong Kong Stock Exchange was once \"halved\" (New Oriental S, closed down 40.61% on the 23rd and 47.02% on the 26th; New Oriental Online closed down 28.07% and 33.45% on the 23rd and 26th respectively; New Oriental closed down 54.22% on the 23rd in the US stock market). On the 23rd, Gaotu fell 63.26% in the US stock market, and TAL fell more than 70%.</p><p>The official has officially announced the document on the evening of July 24th, and many media have forwarded it in full. Interested readers can look for it.</p><p>Today's article does not analyze Circular No.40 of the Central Office, but wants to explore two issues.</p><p>First, why do so many Chinese companies choose to go public in the United States?</p><p>Second, considering Sino-US relations, Ruixing's fraud, Didi's removal from the shelves and other events, what is the future fate of these Chinese stocks listed overseas?</p><p><b>Main reasons</b></p><p>Chinese companies are more enthusiastic about listing on US stock exchanges than any other non-US company, even after the apparent chill in US-China relations.</p><p>In 2019, 32 companies went public in the United States, compared to 34 in 2020, and in the first half of 2021, 37 companies completed listing in the United States. According to wind data, as of July 2021, there were 286 Chinese companies listed in the United States — including those registered in offshore centers such as Hong Kong, China or the Cayman Islands, but most of their revenue and profits came from mainland China — in fact, most Chinese companies listed in the United States basically adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised its audit requirements for Chinese companies listed in the United States. The overall environment for Chinese companies to go public in the United States is not good, so why do Chinese companies still resolutely choose to go public in the United States?</p><p>Several well-known reasons are;</p><p>First, the capital market construction in the United States is relatively early, and the financing system and laws and regulations are relatively more mature and perfect. From the perspective of the overall financing environment, the United States is generally optimistic about Internet companies and high-tech companies. If the same stock is listed in the United States, it is relatively easy to obtain a higher valuation and raise more funds.</p><p>Second, and more importantly, the US capital market adopts a registration system, and there is no profit threshold for companies to be listed. As long as your company's business grows rapidly and occupies a large market share, it can go public even if it loses money. China adopts the audit system, and the necessary condition for applying for A-share listing is to make profits for three consecutive years.</p><p>Internet businesses are growing fast, so they are always very short of money. Some Internet companies, perhaps only a few years after their establishment, have become unicorns with a valuation of more than one billion. At this time, facing the pressure of investors to realize cash and further development, they have to prepare to go public for large-scale fundraising. However, most companies may have just begun to make profits at this time, or even not yet, so they can't meet the conditions of making profits for three consecutive years, and they can't go public for financing in the A-share market. If you wait for two or three years before going public to raise funds, you may not only miss the best development opportunity, but also fail to raise funds, and it is unknown whether the enterprise can survive. Therefore, we can only go abroad.</p><p>Third, the length of China's listing approval cycle is uncertain. When the listing approval is suspended and the company wants to go public, the whole process may take three or four years. Time is money, and many enterprises can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons for Chinese companies to go public in the United States. But beyond that, here are a few reasons that shouldn't be overlooked.</p><p><img src=\"https://static.tigerbbs.com/24b35bd20e43d6773e8057d5090c82e8\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Reason of origin</b></p><p>We often say now that Chinese Internet companies are doing very well. We usually call around 2000 the first year of China's Internet. But we can't forget that in the early days of the development of the Internet, few people could understand this format, so it was impossible for these enterprises to get bank loans.</p><p>In fact, it is difficult to get bank loans not only in the initial stage of the Internet, but also in the initial stage of all enterprises. Because of the strict loan approval procedures and natural risk aversion, commercial banks would rather earn less loan interest than lend money to stable enterprises.</p><p>Banks are not institutions that invest in start-ups. Investing in start-ups should be something that angel investors and venture capital institutions do. At that time, there was no venture capital (VC) and private equity (PE) in China. These Internet companies can't find money in China, but they need money for development. What should they do? Only overseas capital can be introduced.</p><p>You know, in the early days of our reform and opening up, we also exchanged domestic markets for overseas capital and technology. Therefore, as Deng Gong said, it doesn't matter if it is black cat or white cat, if it can catch mice, it is a good cat. Capital is neutral, regardless of whether it is good or bad. If only geography is used as the classification basis, it is certainly possible. But if you want to make a value judgment, it is more important to look at the specific things that these capitals are used for, rather than the origins of these capitals.</p><p>Therefore, many Internet giants in China (in order to avoid unnecessary trouble, I won't give examples here) were Sino-foreign joint ventures at the beginning of their establishment. This begs another question: the question of the legitimacy of the VIE architecture.</p><p>Variable Interest Entity Structure, referred to as VIE Structure, usually referred to as \"Agreement Control\", refers to a listed Entity registered overseas by a proposed listed company, which is separated from the mainland business operating Entity, and the overseas listed Entity controls the domestic business operating Entity through an agreement, and transfers its income and profits to the overseas company. VIE architecture has derived many different forms, but the essence is the same, so it will not be expanded here.</p><p>Because China's laws have strict restrictions on the industry access of overseas funds in \"information transmission, software and information technology services\", overseas capital is not allowed to directly invest in telecommunications and Internet-related enterprises. Of course, companies in these industries are not allowed to directly raise funds or go public overseas. Therefore, these enterprises adopt VIE architecture to bypass supervision.</p><p>Of course, regulation knows this form. The reason why it is not completely forbidden is that on the one hand, this structure is not \"obviously illegal\", and on the other hand, it is certainly a kind of regulatory wisdom.</p><p>However, if this kind of enterprise is listed in China, it still has to strictly follow the regulatory requirements of listing. Then the legality of this VIE structure becomes a problem, so it can't be listed directly in China.</p><p>This means that the roots of some Internet companies are crooked from the day they were born. If the root is not crooked, you can't survive, and if you survive, you will leave a bad background-\"lack of money-introduce foreign capital-become a joint venture-adopt a VIE structure-the legality of domestic listing is problematic-overseas listing\".</p><p>It is much better now. China's multi-level capital market construction is becoming more and more perfect, and there are more RMB venture capital and private placement. The problem of not finding money in China has been greatly alleviated.</p><p>Wang Xiaobo said in \"The Silent Majority\" that it is too easy to make value judgments. If we are a male rabbit, we naturally know that the big bad wolf is bad and the female rabbit is good. But the rabbit doesn't know how to memorize the multiplication table. Figuring out the above background is a bit like a multiplication table. No matter what kind of value evaluation we make on Internet companies going public overseas-how to evaluate it is our freedom-at least our judgment is based on the complete ins and outs of things.</p><p><img src=\"https://static.tigerbbs.com/1f4d1b82e56c3a630026ec35cf9663d6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Other reasons</b></p><p>There are also two reasons, respectively, the free circulation of capital and the pursuit of different rights of the same share.</p><p>As mentioned earlier, because many enterprises are funded by international private equity funds and venture capital companies, and China implements foreign exchange control and lists at home, it will be troublesome for venture capital funds to make profits and have exchange risks, so they also have the incentive to encourage business owners to list abroad. Some business owners have the ambition of being multinational enterprises and are willing to go public in the United States, which is not only conducive to expanding the popularity of enterprises, but also conducive to the global layout of fund-raising and assets of enterprises, achieving multiple goals with one stone.</p><p>To be more verbose, private equity and venture capital eat the bowl of rice with high risk and high return. As long as they can make money in compliance with the law, it can't be said that there is anything wrong with people making a profit and exiting after the company goes public. Of course, if you violate the law and discipline, you must be held accountable according to law.</p><p>Some people may ask that when listed in Hong Kong, capital can also flow freely. Listed company entrepreneurs and early investors can easily convert Hong Kong dollars raised by listing into US dollars or any other currency. This leads to another reason, \"the same shares have the same rights\" and \"the same shares have different rights\".</p><p>Companies listed in mainland China should strictly abide by the regulations of same shares and same rights, that is, how many shares you own in the company will have as many voting rights when voting on major events. This is the reason why many companies don't want to go public, and are afraid that they will not own many shares after listing, which will lead to the company founders being speechless on the board of directors or even being kicked out. This is also the reason for the previously popular \"barbarian\" malicious takeovers, as long as someone else holds more shares than you, even if you are the founder, you will be kicked out.</p><p>Before 2018, listing in Hong Kong was also a requirement of the same shares and rights. In 2018, the Hong Kong Stock Exchange introduced a reform that allows technology companies and companies in the life sciences to adopt an American-style structure of same shares with different rights. Since then, more and more Chinese companies have chosen to list in Hong Kong, or in both Hong Kong, China and New York, USA.</p><p>Not that equal shares and equal rights are bad. Everything has pros and cons. Founders with the same shares and rights are required to be cautious about listing, because they may be overlooked or even kicked out of the decision-making level after listing. However, cautious listing may slow down the development of enterprises and miss the golden development period.</p><p>Going public in the United States provides an option of different rights for the same shares, which means that even if you hold less than 50% of the equity of the company, even if you only hold 10% or even less, you can still maintain control of the company. Although it is convenient for enterprises to go public and raise funds, it can easily lead to the problem of \"insider control\". As the actual controller of an enterprise is not the largest shareholder, when there is a conflict between the interests of shareholders and the interests of operators, the actual controller will easily pretend to be public for personal gain, enrich his own pockets, or adopt some risky business behaviors. In some countries, identical rights are considered to be one of the root causes of corporate governance problems.</p><p><img src=\"https://static.tigerbbs.com/c43b7c0037505392758b59f3788cc488\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Crisis of trust</b></p><p>The previous article basically explains why Chinese enterprises are more willing to go public in the United States. There are various reasons, including regulatory system and business operation. Generally speaking, it is a very normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the escalation of the Sino-US trade conflict, the United States has successively sanctioned Chinese companies, some of which are Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some companies that have already listed are not sanctioned, the risks brought by changes in international relations between the two countries are increasing. In 2020, Luckin's financial fraud aggravated the trust crisis of Chinese concept stocks.</p><p>The Trump administration took the opportunity to sign the Foreign Company Accountability Act before the end of its term, threatening to delist Chinese listed companies from American stock exchanges if China fails to allow the U.S. Public Company Accounting Oversight Board (PCAOB) to obtain audit working papers for three consecutive years.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting time could be advanced by one year.</p><p>The immediate reason for the U.S. threatening to delist Chinese companies is to protect U.S. investors from losses caused by accounting fraud similar to that of Luckin last year. To be honest, this actually seems quite reasonable. Financial fraud is a crime. Not only the United States, but we believe that the capital market of any country should crack down on financial fraud.</p><p>But here are a few questions.</p><p>First, China and the United States have been negotiating on the issue of audit papers, but why are they suddenly turning their faces now?</p><p>In 2009, China issued a law requiring enterprises to \"store the working papers and other files formed by securities companies and securities service institutions that provide related securities services in China in the process of issuing and listing securities overseas\".</p><p>In 2013, PCAOB of China and the United States signed a memorandum of understanding on cooperation, and provided PCAOB with audit working papers of four enterprises.</p><p>From 2016 to 2019, the regulatory authorities of both sides have also made some cooperative attempts on how to effectively inspect. When the relationship is good, there is business and quantity, but when the relationship is bad, it is a bit of turning your face and denying people.</p><p>Second, whether providing accounting papers is an effective form of combating financial fraud.</p><p>For example, in 2002, the Securities Act of 1933 and the Securities Exchange Act of 1934 were greatly revised in response to the financial fraud incident of Enron Company, forming the Public Company Accounting Reform and Investor Protection Act of 2002, or Sarbanes-Oxley Act for short, which made many new provisions in corporate governance, Accounting professional supervision and securities market supervision. In fact, this is conducive to protecting both listed companies and investors, which is a good thing.</p><p>But the U.S. Public Company Accounting Oversight Board established after Sarbanes-Oxley Act can already review the audit papers of listed companies, but then there are accounting problems with WorldCom, Southern Health Care, Freddie Mac, AIG and Lehman Brothers. However, most serious accounting fraud incidents are often found by professional short-selling organizations by using \"private unannounced visits\" to investigate the company's business flow on the spot, and audit companies will not use these means.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not necessarily be able to discover these financial frauds by auditing working papers. In other words, audit papers may help to combat financial fraud, but they are not an essential method and are not always 100 percent effective.</p><p>Third, the important target of the Foreign Company Accountability Act is Chinese stock companies, but it is not the first day that the United States knows that Chinese listed companies adopt VIE structure. If the United States thinks that there is a problem with the VIE structure, it can directly ban the listing of Chinese stocks.</p><p>When the relationship between the two countries is friendly, the audit paper is not a very important issue. The two countries can negotiate and solve it, and cooperate in supervision because of mutual trust. Now this mutual trust is gone.</p><p><img src=\"https://static.tigerbbs.com/69e2b71cb10ca93f5741a9e9b49df382\" tg-width=\"550\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Prepare for a rainy day</b></p><p>We hope that Sino-US relations can return to friendship in the new competitive relationship. But if the gap between the two countries gets wider and wider, then Chinese companies listed in the United States really need to be prepared.</p><p>For China and the United States, the delisting of Chinese companies from the U.S. market does not seem to be an unbearable price.</p><p>As far as the United States is concerned, although the volatility of Chinese stocks is relatively large, the overall performance of Chinese stocks is better than that of most American listed companies, and the losses caused by financial fraud of Chinese enterprises are far smaller than those of American companies such as Enron and Lehman.</p><p>If Chinese stocks are delisted, American investors will lose a better investment target. However, after the delisting of Chinese stocks, they can go to Hong Kong stocks and A shares to be listed. If American investors are still optimistic about Chinese enterprises, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the interconnection mechanism.</p><p>As far as China is concerned, China is a country with high savings and a net exporter of capital, so it is not necessary to list in the United States to raise funds. China's own capital market is also gradually improving, and the registration system is also being piloted on the Science and Technology Innovation Board. It is likely that it will be fully rolled out in the near future. In the future, the convenience of Chinese enterprises listing in China will be greatly improved. Although the valuation of listing in A shares or Hong Kong stocks is likely to shrink, this is not an unacceptable challenge for the whole country.</p><p>Therefore, if Chinese enterprises delist in the United States, it is not an unacceptable event for both countries, then their fate will be more influenced by international relations and historical processes. At this time, what enterprises should do is to take precautions and prevent problems before they happen.</p><p>No one wants bad things to happen, but if they do, they will not be caught off guard.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chinese Concept Stocks Exit from the US Market, Could This Happen?</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\">\nChinese Concept Stocks Exit from the US Market, Could This Happen?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/60\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">秦朔朋友圈 </p>\n<p class=\"h-time smaller\">2021-07-27 10:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Text/Jia Ming</p><p>On July 23rd, a document issued by the CPC Central Office entitled \"Opinions on Further Reducing the Burden of Homework and Off-campus Training for Students in Compulsory Education\" circulated on the Internet. The \"Opinions\" include measures such as \"capitalization\" operation of education and training institutions, and all discipline training institutions are prohibited from listing for financing. Overseas listed education stocks have fallen in response. For example, the share price of New Oriental on the Hong Kong Stock Exchange was once \"halved\" (New Oriental S, closed down 40.61% on the 23rd and 47.02% on the 26th; New Oriental Online closed down 28.07% and 33.45% on the 23rd and 26th respectively; New Oriental closed down 54.22% on the 23rd in the US stock market). On the 23rd, Gaotu fell 63.26% in the US stock market, and TAL fell more than 70%.</p><p>The official has officially announced the document on the evening of July 24th, and many media have forwarded it in full. Interested readers can look for it.</p><p>Today's article does not analyze Circular No.40 of the Central Office, but wants to explore two issues.</p><p>First, why do so many Chinese companies choose to go public in the United States?</p><p>Second, considering Sino-US relations, Ruixing's fraud, Didi's removal from the shelves and other events, what is the future fate of these Chinese stocks listed overseas?</p><p><b>Main reasons</b></p><p>Chinese companies are more enthusiastic about listing on US stock exchanges than any other non-US company, even after the apparent chill in US-China relations.</p><p>In 2019, 32 companies went public in the United States, compared to 34 in 2020, and in the first half of 2021, 37 companies completed listing in the United States. According to wind data, as of July 2021, there were 286 Chinese companies listed in the United States — including those registered in offshore centers such as Hong Kong, China or the Cayman Islands, but most of their revenue and profits came from mainland China — in fact, most Chinese companies listed in the United States basically adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised its audit requirements for Chinese companies listed in the United States. The overall environment for Chinese companies to go public in the United States is not good, so why do Chinese companies still resolutely choose to go public in the United States?</p><p>Several well-known reasons are;</p><p>First, the capital market construction in the United States is relatively early, and the financing system and laws and regulations are relatively more mature and perfect. From the perspective of the overall financing environment, the United States is generally optimistic about Internet companies and high-tech companies. If the same stock is listed in the United States, it is relatively easy to obtain a higher valuation and raise more funds.</p><p>Second, and more importantly, the US capital market adopts a registration system, and there is no profit threshold for companies to be listed. As long as your company's business grows rapidly and occupies a large market share, it can go public even if it loses money. China adopts the audit system, and the necessary condition for applying for A-share listing is to make profits for three consecutive years.</p><p>Internet businesses are growing fast, so they are always very short of money. Some Internet companies, perhaps only a few years after their establishment, have become unicorns with a valuation of more than one billion. At this time, facing the pressure of investors to realize cash and further development, they have to prepare to go public for large-scale fundraising. However, most companies may have just begun to make profits at this time, or even not yet, so they can't meet the conditions of making profits for three consecutive years, and they can't go public for financing in the A-share market. If you wait for two or three years before going public to raise funds, you may not only miss the best development opportunity, but also fail to raise funds, and it is unknown whether the enterprise can survive. Therefore, we can only go abroad.</p><p>Third, the length of China's listing approval cycle is uncertain. When the listing approval is suspended and the company wants to go public, the whole process may take three or four years. Time is money, and many enterprises can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons for Chinese companies to go public in the United States. But beyond that, here are a few reasons that shouldn't be overlooked.</p><p><img src=\"https://static.tigerbbs.com/24b35bd20e43d6773e8057d5090c82e8\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Reason of origin</b></p><p>We often say now that Chinese Internet companies are doing very well. We usually call around 2000 the first year of China's Internet. But we can't forget that in the early days of the development of the Internet, few people could understand this format, so it was impossible for these enterprises to get bank loans.</p><p>In fact, it is difficult to get bank loans not only in the initial stage of the Internet, but also in the initial stage of all enterprises. Because of the strict loan approval procedures and natural risk aversion, commercial banks would rather earn less loan interest than lend money to stable enterprises.</p><p>Banks are not institutions that invest in start-ups. Investing in start-ups should be something that angel investors and venture capital institutions do. At that time, there was no venture capital (VC) and private equity (PE) in China. These Internet companies can't find money in China, but they need money for development. What should they do? Only overseas capital can be introduced.</p><p>You know, in the early days of our reform and opening up, we also exchanged domestic markets for overseas capital and technology. Therefore, as Deng Gong said, it doesn't matter if it is black cat or white cat, if it can catch mice, it is a good cat. Capital is neutral, regardless of whether it is good or bad. If only geography is used as the classification basis, it is certainly possible. But if you want to make a value judgment, it is more important to look at the specific things that these capitals are used for, rather than the origins of these capitals.</p><p>Therefore, many Internet giants in China (in order to avoid unnecessary trouble, I won't give examples here) were Sino-foreign joint ventures at the beginning of their establishment. This begs another question: the question of the legitimacy of the VIE architecture.</p><p>Variable Interest Entity Structure, referred to as VIE Structure, usually referred to as \"Agreement Control\", refers to a listed Entity registered overseas by a proposed listed company, which is separated from the mainland business operating Entity, and the overseas listed Entity controls the domestic business operating Entity through an agreement, and transfers its income and profits to the overseas company. VIE architecture has derived many different forms, but the essence is the same, so it will not be expanded here.</p><p>Because China's laws have strict restrictions on the industry access of overseas funds in \"information transmission, software and information technology services\", overseas capital is not allowed to directly invest in telecommunications and Internet-related enterprises. Of course, companies in these industries are not allowed to directly raise funds or go public overseas. Therefore, these enterprises adopt VIE architecture to bypass supervision.</p><p>Of course, regulation knows this form. The reason why it is not completely forbidden is that on the one hand, this structure is not \"obviously illegal\", and on the other hand, it is certainly a kind of regulatory wisdom.</p><p>However, if this kind of enterprise is listed in China, it still has to strictly follow the regulatory requirements of listing. Then the legality of this VIE structure becomes a problem, so it can't be listed directly in China.</p><p>This means that the roots of some Internet companies are crooked from the day they were born. If the root is not crooked, you can't survive, and if you survive, you will leave a bad background-\"lack of money-introduce foreign capital-become a joint venture-adopt a VIE structure-the legality of domestic listing is problematic-overseas listing\".</p><p>It is much better now. China's multi-level capital market construction is becoming more and more perfect, and there are more RMB venture capital and private placement. The problem of not finding money in China has been greatly alleviated.</p><p>Wang Xiaobo said in \"The Silent Majority\" that it is too easy to make value judgments. If we are a male rabbit, we naturally know that the big bad wolf is bad and the female rabbit is good. But the rabbit doesn't know how to memorize the multiplication table. Figuring out the above background is a bit like a multiplication table. No matter what kind of value evaluation we make on Internet companies going public overseas-how to evaluate it is our freedom-at least our judgment is based on the complete ins and outs of things.</p><p><img src=\"https://static.tigerbbs.com/1f4d1b82e56c3a630026ec35cf9663d6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Other reasons</b></p><p>There are also two reasons, respectively, the free circulation of capital and the pursuit of different rights of the same share.</p><p>As mentioned earlier, because many enterprises are funded by international private equity funds and venture capital companies, and China implements foreign exchange control and lists at home, it will be troublesome for venture capital funds to make profits and have exchange risks, so they also have the incentive to encourage business owners to list abroad. Some business owners have the ambition of being multinational enterprises and are willing to go public in the United States, which is not only conducive to expanding the popularity of enterprises, but also conducive to the global layout of fund-raising and assets of enterprises, achieving multiple goals with one stone.</p><p>To be more verbose, private equity and venture capital eat the bowl of rice with high risk and high return. As long as they can make money in compliance with the law, it can't be said that there is anything wrong with people making a profit and exiting after the company goes public. Of course, if you violate the law and discipline, you must be held accountable according to law.</p><p>Some people may ask that when listed in Hong Kong, capital can also flow freely. Listed company entrepreneurs and early investors can easily convert Hong Kong dollars raised by listing into US dollars or any other currency. This leads to another reason, \"the same shares have the same rights\" and \"the same shares have different rights\".</p><p>Companies listed in mainland China should strictly abide by the regulations of same shares and same rights, that is, how many shares you own in the company will have as many voting rights when voting on major events. This is the reason why many companies don't want to go public, and are afraid that they will not own many shares after listing, which will lead to the company founders being speechless on the board of directors or even being kicked out. This is also the reason for the previously popular \"barbarian\" malicious takeovers, as long as someone else holds more shares than you, even if you are the founder, you will be kicked out.</p><p>Before 2018, listing in Hong Kong was also a requirement of the same shares and rights. In 2018, the Hong Kong Stock Exchange introduced a reform that allows technology companies and companies in the life sciences to adopt an American-style structure of same shares with different rights. Since then, more and more Chinese companies have chosen to list in Hong Kong, or in both Hong Kong, China and New York, USA.</p><p>Not that equal shares and equal rights are bad. Everything has pros and cons. Founders with the same shares and rights are required to be cautious about listing, because they may be overlooked or even kicked out of the decision-making level after listing. However, cautious listing may slow down the development of enterprises and miss the golden development period.</p><p>Going public in the United States provides an option of different rights for the same shares, which means that even if you hold less than 50% of the equity of the company, even if you only hold 10% or even less, you can still maintain control of the company. Although it is convenient for enterprises to go public and raise funds, it can easily lead to the problem of \"insider control\". As the actual controller of an enterprise is not the largest shareholder, when there is a conflict between the interests of shareholders and the interests of operators, the actual controller will easily pretend to be public for personal gain, enrich his own pockets, or adopt some risky business behaviors. In some countries, identical rights are considered to be one of the root causes of corporate governance problems.</p><p><img src=\"https://static.tigerbbs.com/c43b7c0037505392758b59f3788cc488\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Crisis of trust</b></p><p>The previous article basically explains why Chinese enterprises are more willing to go public in the United States. There are various reasons, including regulatory system and business operation. Generally speaking, it is a very normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the escalation of the Sino-US trade conflict, the United States has successively sanctioned Chinese companies, some of which are Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some companies that have already listed are not sanctioned, the risks brought by changes in international relations between the two countries are increasing. In 2020, Luckin's financial fraud aggravated the trust crisis of Chinese concept stocks.</p><p>The Trump administration took the opportunity to sign the Foreign Company Accountability Act before the end of its term, threatening to delist Chinese listed companies from American stock exchanges if China fails to allow the U.S. Public Company Accounting Oversight Board (PCAOB) to obtain audit working papers for three consecutive years.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting time could be advanced by one year.</p><p>The immediate reason for the U.S. threatening to delist Chinese companies is to protect U.S. investors from losses caused by accounting fraud similar to that of Luckin last year. To be honest, this actually seems quite reasonable. Financial fraud is a crime. Not only the United States, but we believe that the capital market of any country should crack down on financial fraud.</p><p>But here are a few questions.</p><p>First, China and the United States have been negotiating on the issue of audit papers, but why are they suddenly turning their faces now?</p><p>In 2009, China issued a law requiring enterprises to \"store the working papers and other files formed by securities companies and securities service institutions that provide related securities services in China in the process of issuing and listing securities overseas\".</p><p>In 2013, PCAOB of China and the United States signed a memorandum of understanding on cooperation, and provided PCAOB with audit working papers of four enterprises.</p><p>From 2016 to 2019, the regulatory authorities of both sides have also made some cooperative attempts on how to effectively inspect. When the relationship is good, there is business and quantity, but when the relationship is bad, it is a bit of turning your face and denying people.</p><p>Second, whether providing accounting papers is an effective form of combating financial fraud.</p><p>For example, in 2002, the Securities Act of 1933 and the Securities Exchange Act of 1934 were greatly revised in response to the financial fraud incident of Enron Company, forming the Public Company Accounting Reform and Investor Protection Act of 2002, or Sarbanes-Oxley Act for short, which made many new provisions in corporate governance, Accounting professional supervision and securities market supervision. In fact, this is conducive to protecting both listed companies and investors, which is a good thing.</p><p>But the U.S. Public Company Accounting Oversight Board established after Sarbanes-Oxley Act can already review the audit papers of listed companies, but then there are accounting problems with WorldCom, Southern Health Care, Freddie Mac, AIG and Lehman Brothers. However, most serious accounting fraud incidents are often found by professional short-selling organizations by using \"private unannounced visits\" to investigate the company's business flow on the spot, and audit companies will not use these means.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not necessarily be able to discover these financial frauds by auditing working papers. In other words, audit papers may help to combat financial fraud, but they are not an essential method and are not always 100 percent effective.</p><p>Third, the important target of the Foreign Company Accountability Act is Chinese stock companies, but it is not the first day that the United States knows that Chinese listed companies adopt VIE structure. If the United States thinks that there is a problem with the VIE structure, it can directly ban the listing of Chinese stocks.</p><p>When the relationship between the two countries is friendly, the audit paper is not a very important issue. The two countries can negotiate and solve it, and cooperate in supervision because of mutual trust. Now this mutual trust is gone.</p><p><img src=\"https://static.tigerbbs.com/69e2b71cb10ca93f5741a9e9b49df382\" tg-width=\"550\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Prepare for a rainy day</b></p><p>We hope that Sino-US relations can return to friendship in the new competitive relationship. But if the gap between the two countries gets wider and wider, then Chinese companies listed in the United States really need to be prepared.</p><p>For China and the United States, the delisting of Chinese companies from the U.S. market does not seem to be an unbearable price.</p><p>As far as the United States is concerned, although the volatility of Chinese stocks is relatively large, the overall performance of Chinese stocks is better than that of most American listed companies, and the losses caused by financial fraud of Chinese enterprises are far smaller than those of American companies such as Enron and Lehman.</p><p>If Chinese stocks are delisted, American investors will lose a better investment target. However, after the delisting of Chinese stocks, they can go to Hong Kong stocks and A shares to be listed. If American investors are still optimistic about Chinese enterprises, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the interconnection mechanism.</p><p>As far as China is concerned, China is a country with high savings and a net exporter of capital, so it is not necessary to list in the United States to raise funds. China's own capital market is also gradually improving, and the registration system is also being piloted on the Science and Technology Innovation Board. It is likely that it will be fully rolled out in the near future. In the future, the convenience of Chinese enterprises listing in China will be greatly improved. Although the valuation of listing in A shares or Hong Kong stocks is likely to shrink, this is not an unacceptable challenge for the whole country.</p><p>Therefore, if Chinese enterprises delist in the United States, it is not an unacceptable event for both countries, then their fate will be more influenced by international relations and historical processes. At this time, what enterprises should do is to take precautions and prevent problems before they happen.</p><p>No one wants bad things to happen, but if they do, they will not be caught off guard.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ab6f6a5034baf0d08c9227da13ca9733","relate_stocks":{"513050":"中概互联网ETF易方达"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120859674","content_text":"文/贾铭\n7月23日，一份名为《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》的中办发文件在网络流传。《意见》包含，严禁教育培训机构“资本化”运作，学科类培训机构一律不得上市融资等措施，海外上市的教育类股票应声而跌。比如，新东方在港交所的股价一度“腰斩”（新东方S，23号收跌40.61%，26号再收跌47.02%；新东方在线23号和26号分别收跌28.07%、33.45%；新东方在美股收盘跌幅23号为54.22%），23号，高途在美股跌幅达63.26%，好未来跌幅更是超过70%。\n官方已经于7月24日晚正式公布该文件，多家媒体有全文转发，感兴趣的读者可以找来看。\n今天这篇文章，并不分析中办的40号文，而是想探讨两个问题。\n第一，为什么这么多中国企业选择在美上市？\n第二，考虑到中美关系、瑞幸造假、滴滴下架等事件，在海外上市的这些中概股，未来命运如何？\n主要原因\n中国企业在美国的证券交易所上市的热情，差不多超过其他任何非美国的企业，即使在中美关系明显遇冷之后，依然如此。\n2019年，有32家企业赴美上市，2020年为34家，2021年上半年，已完成赴美上市的企业有37家。据wind数据，截至2021年7月，共有286家中国企业在美国上市——包括那些注册在中国香港或者开曼群岛等离岸中心，但大部分收入和利润来自中国内地的企业——事实上，大部分在美国上市的中国企业，基本都采取了这种上市方式。\n2018年以来，美国在打压中国科技企业的同时，提高了对赴美上市中国企业的审计要求，中企赴美上市的整体环境并不佳，那为什么中国企业仍毅然选择赴美上市呢？\n众所周知的几个原因是：\n第一，美国的资本市场建设比较早，融资体系和法律法规相对来讲更加成熟和完善。从总体融资环境看，美国对于互联网公司、高科技公司普遍看好，同样的一只股票，在美国上市，相对容易获得更高的估值，募集更多的资金。\n第二，更重要的是，美国资本市场采取注册制，对于拟上市公司不设盈利门槛。只要你的公司业务高速增长，占据很大的市场份额，即便亏损也能上市。我国采取审核制，申请A股上市的必要条件是连续三年盈利。\n互联网企业成长很快，所以总是非常缺钱。有的互联网企业，或许仅仅创立几年，就成为了估值超过十亿的独角兽，这时候面临投资人变现的压力和进一步发展的压力，就要准备上市做大规模筹资了，但是多数企业这时候可能才刚刚开始盈利，甚至还没有盈利，所以达不到连续三年盈利的条件，也就无法在A股市场上市融资。要是等两三年后再去上市筹资，不仅可能错过最好的发展时机，融不到资，企业能不能活下去都成了未知数。所以，只能去国外。\n第三，我国的上市审批周期长短不定，遇到上市审批暂停，企业想上市，整个流程长的话可能要三四年。时间就是金钱，很多企业等不起。\n以上三个原因，尤其是第二和第三，应该是中国企业赴美上市最主要的两个原因。但除此之外，还有以下几个原因不应该被忽视。\n\n出身原因\n我们现在经常说，中国的互联网企业做的很好。我们又通常把2000年前后，称为中国的互联网元年。但我们不能忘记，在互联网发展初期，没有几个人能看得懂这种业态，所以这些企业不可能拿到银行贷款。\n其实不仅仅是互联网初创期，所有企业初创期，都很难拿到银行贷款。由于商业银行严格的贷款审批手续和天生的风险厌恶属性，它宁愿少赚点贷款利息，也更愿意把钱贷给四平八稳的企业。\n银行本来就不是给初创企业投资的机构，给初创企业投资，应该是天使投资人和风投机构干的事儿，而我国那时候没有什么风险投资（VC）和私募股权（PE）。这些互联网企业在国内找不到钱，但发展又需要钱，怎么办？只能引进境外资本。\n要知道，我们的改革开放早期，也是用境内的市场换境外的资本和技术。所以还是邓公说的好，管它黑猫白猫，能抓老鼠就是好猫。资本本是中性，无所谓好坏，如果只是用地域作为分类依据，当然是可以的。但如果要做价值判断，更重要的是要看这些资本被用来做的具体的事情，而不是这些资本的出身。\n所以，我国的很多互联网巨头（为了避免不必要的麻烦，这里就不举例了），在设立之初，就是中外合资企业。这又引出了另一个问题：VIE架构的合法性问题。\n可变利益实体架构（Variable Interest Entity），简称VIE架构，通常被称为“协议控制”，是指拟上市公司在境外注册的上市实体，与内地业务经营主体分离，由境外上市实体透过协议方式控制境内业务经营主体，并把收入和利润转移到境外公司。VIE架构又衍生出很多不同的形式，但本质是一样的，这里不展开。\n因为我国法律对境外资金在“信息传输、软件和信息技术服务业”的行业准入有严格限制，不允许境外资本直接投资电信、互联网相关企业。当然也不允许这些行业的公司直接在海外集资或者上市。所以，这些企业采取VIE架构绕开监管。\n监管当然知道这种形式，之所以没有完全禁绝，一方面是这种架构并不“明显违法”，另一方面当然也是一种监管智慧。\n但这种企业在境内上市的话，还是要严格按照上市的监管要求，那这种VIE架构的合法性就成了问题，所以不能直接境内上市。\n这就意味着，一部分互联网企业从诞生的那天起，根就是歪的。根不歪就活不下来，活下来了又留下了不好的出身——“缺钱-引进外资-变成合资企业-采取VIE架构-境内上市的合法性有问题-境外上市”。\n现在好多了，我国的多层次资本市场建设越来越完善，人民币风投和私募也多了，在国内找不到钱的问题，得到了很大的缓解。\n王小波在《沉默的大多数》中说，做价值判断太容易了，如果我们是一只公兔子，我们天然就知道大灰狼坏，母兔子好。但兔子不知道怎么背九九乘法表。搞清楚上面这个背景，就有点九九乘法表的意思，无论我们对互联网企业去境外上市做出何种价值评价——如何评价是我们的自由——但起码我们的评判是基于事情完整的来龙去脉做出来的。\n\n其他原因\n还有两个原因分别是，资本的自由流通和同股不同权的追求。\n如前所述，由于很多企业的资金来源包括国际私募基金和风险投资公司，而中国又实行外汇管制，在境内上市，风投资金获利退出会很麻烦，有汇兑风险，所以他们也有动力鼓励企业所有者在境外上市。有的企业所有者有做跨国企业的雄心，也愿意在美国上市，这既有利于拓展企业的知名度，又有利于企业募资和资产的全球布局，一举多得。\n又得啰嗦一点，私募和风投吃的就是高风险高收益这碗饭，只要他们能遵纪守法地赚钱，就不能说人家在企业上市后获利退出有什么不对。当然，如果违法乱纪，那必然是要依法追责的。\n有人可能会问，在香港上市，资本也可以自由流动啊。上市公司创业者与早期投资者可以轻松地将上市筹集的港元兑换成美元或其他任何货币。这就到了另一个原因，“同股同权”和“同股不同权”。\n在我国内地上市的公司要严格遵守同股同权的条例，即你拥有该公司多少股份，在重大事件投票时就拥有多少的投票权，这就是很多公司不想上市的原因，害怕上市之后拥有的股份不多，导致公司创始人在董事会说不上话甚至会被踢出局。这也是之前流行的“野蛮人”恶意收购的原因，只要别人持有比你更多的股份，哪怕你是创始人，也会被踢出局。\n在2018年以前，在香港上市，也是同股同权的要求。2018年，港交所推出了一项改革，允许科技企业和生命科学领域里的企业采用美国式的同股不同权的结构。此后，越来越多的中国企业选择在香港上市，或者在中国香港和美国纽约两地同时挂牌。\n不是说同股同权不好。凡事都是有利有弊。同股同权要求持股不多的创始人谨慎上市，因为上市后可能被架空甚至踢出决策层，但谨慎上市又可能拖慢企业发展的速度，错过黄金发展期。\n赴美上市提供了一个同股不同权的选项，这就意味着，即使持有企业小于50%的股权，哪怕只持有10%甚至更低，也可以保持对企业的控制权。虽然方便了企业上市融资，但这很容易导致“内部人控制”问题。由于企业的实际控制人并不是最大的股东，那股东利益与经营者利益存在冲突的时候，实控人就容易假公济私，中饱私囊，或者采取一些风险比较大的经营行为。在一些国家，同股不同权被认为是企业治理问题的根源之一。\n\n信任危机\n前文基本解释了中国企业为啥更愿意去美国上市，有各种原因，有监管制度上的，有企业经营上的，总体而言，是一种很正常的趋利避害的商业行为。\n但中美贸易冲突升级以后，美国接连制裁中国的企业，有一些就是在美上市的中国企业。这增大了在美上市的风险，已经上市的部分企业，即使没有被制裁，因两国国际关系变动而带来的风险也在变大。2020年，瑞幸财务造假，更加剧了中概股的信任危机。\n特朗普政府趁机在任期结束之前签署《外国公司问责法案》，威胁说，如果中国方面连续三年不能够让美国上市公司会计监督委员会（PCAOB）获得审计工作底稿，中国的上市企业将会被美国证券交易所摘牌。\n2021年6月22日，美国参议院又通过了另一项提案，提出退市时间可以提前一年。\n美国威胁要让中国企业退市的直接理由是保护美国投资者免受类似于去年瑞幸咖啡那样的会计造假带来的损失。说实话，这看起来其实挺有道理。财务造假是犯罪，不仅美国，我们相信任何一个国家的资本市场都要打击财务造假。\n但这里有几个问题。\n第一，中美双方一直在就审计底稿的问题进行磋商，但为啥现在突然翻脸。\n2009年，我国出台法律，要求企业“在境外发行证券与上市过程中，提供相关证券服务的证券公司、证券服务机构在境内形成的工作底稿等档案应当存放在境内”。\n2013年，我国和美国的PCAOB签署了一份合作谅解备忘录，并向PCAOB提供了4家企业的审计工作底稿。\n2016年到2019年，双方监管部门也一直就如何来有效地检查，有过一些合作尝试。关系好的时候有商有量，关系不好的时候就有点翻脸不认人的意思。\n第二，提供会计底稿是不是打击财务造假的一种有效形式。\n美国的证券市场监管法规一直在不断升级，比如2002年针对安然公司财务造假事件对《1933年证券法》《1934年证券交易法》做出大幅修订，形成了《2002年上市公司会计改革和投资者保护法案》（Public Company Accounting Reform and Investor Protection Act of 2002），简称《萨班斯-奥克斯利法案》，在公司治理、会计职业监管、证券市场监管等方面作出了许多新的规定。这事实上既有利于保护上市公司，也有利于保护投资者，是好事儿。\n但《萨班斯-奥克斯利法案》之后建立的美国上市公司会计监督委员会已经可以审阅上市公司的审计底稿了，可之后又出现了世通、南方保健、房地美、美国国际集团和雷曼兄弟的会计问题。而大多数比较严重的会计造假事件，往往是由专业的卖空机构，通过使用“私服暗访”实地调查公司业务流量等技巧手段发现问题的，审计公司不会使用这些手段。\n美国上市公司会计监督委员会（PCAOB）不一定能通过审计工作底稿来发现这些财务造假。换言之，审计底稿或许有助于打击财务造假，但并不是一种必不可少的方式，也不总是百分百有效。\n第三，《外国公司问责法案》的重要目标就是中概股公司，但美国不是第一天知道中国上市公司采用VIE架构。如果美国认为VIE架构有问题，那直接禁止中概股上市即可。\n两国在关系友好的时候，审计底稿并不是一个很重要的问题，两国可以协商解决，合作监管，因为互相信任。现在这种互信没有了。\n\n未雨绸缪\n我们希望中美关系可以在新的竞争关系中复归友好。但如果两国的隔阂越来越大，那在美上市的中国企业，确实需要做好两手准备。\n对中美两国来讲，中国企业从美国市场退市，似乎都不是难以承受的代价。\n对美国来讲，尽管中概股的波动比较大，但中概股的整体表现优于大部分美国上市公司股票，中国企业财务造假带来的损失，也远小于安然、雷曼这些美国公司。\n如果中概股退市，美国投资者会失去一个比较好的投资标的。但中概股退市后可以去港股和A股上市，如果美国投资者依旧看好中国企业，可以继续在香港地区通过合格境外投资者机制（QFII）或者互联互通机制买进，进行投资。\n对中国来讲，我国是一个高储蓄国家和资本净出口国，并非一定要在美国上市募资。我国自己的资本市场也在逐渐完善，注册制也在科创板试点，很可能不久后的未来就会全面铺开，未来中国企业在国内上市的便利度会大幅度提升，虽然在A股或者港股上市，估值很可能有缩水，但这对整个国家来讲，并不是什么不可接受的挑战。\n所以，如果中国企业在美退市，对两国来讲并不是什么不可接受的事件，那它们的命运就更多地受国际关系和历史进程的影响。这时候，企业应该做的就是未雨绸缪，防患于未然。\n谁都不希望坏事发生，但如果发生，也不至于措手不及。","news_type":1,"symbols_score_info":{"513050":0.9}},"isVote":1,"tweetType":1,"viewCount":2680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177439614,"gmtCreate":1627256829938,"gmtModify":1703485981261,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good job..&nbsp;","listText":"Good job..&nbsp;","text":"Good job..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177439614","repostId":"2154493126","repostType":4,"isVote":1,"tweetType":1,"viewCount":3009,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177490977,"gmtCreate":1627256418699,"gmtModify":1703485966492,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good job","listText":"Good job","text":"Good job","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177490977","repostId":"1120328956","repostType":4,"isVote":1,"tweetType":1,"viewCount":3374,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177512928,"gmtCreate":1627251558764,"gmtModify":1703485862230,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good stock&nbsp;","listText":"Good stock&nbsp;","text":"Good stock","images":[{"img":"https://static.tigerbbs.com/f11b7c0aa3e55ac73dec2755b20654b9","width":"1440","height":"3042"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/177512928","isVote":1,"tweetType":1,"viewCount":3503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":175217696,"gmtCreate":1627034317215,"gmtModify":1703482888469,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175217696","repostId":"2153983357","repostType":4,"isVote":1,"tweetType":1,"viewCount":1315,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175214322,"gmtCreate":1627034184066,"gmtModify":1703482887484,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good...&nbsp;","listText":"Good...&nbsp;","text":"Good...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175214322","repostId":"2153013296","repostType":4,"repost":{"id":"2153013296","kind":"highlight","pubTimestamp":1627022196,"share":"https://ttm.financial/m/news/2153013296?lang=en_US&edition=fundamental","pubTime":"2021-07-23 14:36","market":"us","language":"zh","title":"With new forces in power, is FF91 competitive?","url":"https://stock-news.laohu8.com/highlight/detail?id=2153013296","media":"华尔街见闻","summary":"曾经从来没有把FF“认真”对待过，因为贾老板的关系，总觉得FF想要坚持下去非常困难。但当FF破除万难，真正开始上市时，我们就对其开始真正的好奇。\n特别是当中国新造车势力飞速发展了5年之后，无论是电池、","content":"<p>I have never taken FF \"seriously\" before. Because of Boss Jia's relationship, I always feel that it is very difficult for FF to persist. But when FF beat all odds and really started going public, we began to be really curious about it.</p><p>Especially after five years of rapid development of China's new car manufacturing forces, whether it is battery, autonomous driving or<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Cockpit and other fields have made long-term progress. Can FF continue to lead? Therefore, we analyzed FF from the aspects of technology, model planning, production and manufacturing, and competitiveness of FF91.</p><p>No one can say whether Jia Yueting will succeed in the end, but what we have to do is make our best choice in this complicated era.</p><p><h2><b>What technology does FF have?</b></h2>FF does have its own unique points in technology, but a lot of the leading places have been overtaken from now on.</p><p>FF has developed several proprietary systems and technologies in the areas of vehicle engineering, development and design. As of December 31, 2020, FF had filed more than 880 patent applications and approximately 550 patents granted worldwide, including approximately 150 in the United States and approximately 380 in China, with more than 700 trademark registrations worldwide.</p><p>FF's patented technologies cover batteries, UI/UX, powertrains, ADAS, bodywork, hardware/software platforms, and chassis. Key patents include an inverter assembly for FF, a fully immersed battery for vehicle energy storage systems, a patented battery pack design, integrated drive and motor assemblies, a method and apparatus to generate current commands for internal permanent magnet (\"IPM\") motors, and a seamless vehicle admission system.</p><p><img src=\"https://static.tigerbbs.com/b3294ad71b2b4dddc8fd1502dc5bb14a\" tg-width=\"1586\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>VPA pure electric platform</b></p><p>The VPA is a flexible and adaptable skateboard-like platform featuring a monocoque vehicle construction with a one-piece chassis and body. The platform directly houses key components of an electric vehicle, including all-wheel steering, suspension system, brakes, wheels, electric propulsion system, electronic control unit, and high-voltage battery, among others. Each of these component systems is designed in-house or integrated into FF vehicles in an effort to optimize performance, efficient packaging, and functional integration.</p><p><b>Electrical/Electronic (\"E/E\") Architecture</b></p><p>FF91 employs a domain-centric E/E architecture. The Domain Centralized E/E architecture will integrate the domain functions of five core high-performance Domain Control Units (\"DCUs\"), which manage, compute, and process control for propulsion, chassis, autonomous driving, body, and IoV (Vehicle on the Internet – Connected Infotainment System).</p><p>The E/E architecture of FF Variable Platform Architecture is designed to support the power and communication requirements necessary for seamless integration with advanced autonomous systems. All DCUs of FF will support OTA updates and data collection.</p><p><b>Battery</b></p><p>FF's proprietary technology in batteries includes systems for high-density energy storage, battery pack cooling, safety, modularity, efficiency, and electronic management. FF's patented'string'battery design and integration achieves the industry's largest battery pack weight energy density of 187 Wh/kg (without coolant). Each string includes 6 battery modules, each of which can be adapted to create a 900 volt string.</p><p>Together with the VPA, the string battery design enables a variety of wheelbase variable ranges. The advanced cooling system in the battery pack consists of FF's patented battery immersion technology, which can improve battery safety, extend battery life, and increase energy density. The FF 91 will be able to charge from 20% to 80% in about 25 minutes.</p><p><b>ladder wave inverter</b></p><p>The inverter in the FF EV powertrain controls the high-voltage current throughout the vehicle and powers the electric motor, generating torque while driving and sending energy into the battery pack when braking. Key technical advantages of the FF design include the ability to drive small physical packages with large currents with high efficiency and low cost (low inverter losses provide 98% inverter efficiency) using patented parallel IGBT technology and the ability to achieve high torque accuracy with fast transient response.</p><p>Inverters can achieve high reliability due to joint bonding in high current paths. The monitoring system is integrated into the inverter to provide greater security. Designed to deliver high power in a compact and lightweight package, the patented FF Echelon inverter has high reliability and durability, and can support multiple motor configurations.</p><p><b>Integrated motor drive unit</b></p><p>The motor uses hairpin windings to achieve a high copper fill factor and lower losses, resulting in increased torque and power density. The electric drive unit is fully integrated with the inverter, gearbox and control unit to create a compact yet efficient design.</p><p>FF designed drive units with low noise and low vibration can greatly improve the driving experience. Depending on the power requirements of each model, the motors can be used individually or in two or three motor configurations. The combination of a lot of power and a lot of torque promises to deliver a lot of power.</p><p><b>Internet, Autonomous Driving and Intelligence (\"I.A.I\")</b></p><p>FF uses a dual-chip computing system and runs the Android Automotive operating system. FF's I.A.I system is built on an enhanced Android Automotive codebase and upgraded with each version of the Google platform. FF's vehicles are designed with software OTA capabilities that allow the software and applications in the vehicle to be updated and upgraded wirelessly to provide continuous enhancements. Vehicles will always be connected to FF's information cloud.</p><p>From the technical point of view, FF does have a certain leading position in pure electric platform, electronic and electrical architecture, trapezoidal wave inverter and motor drive unit. However, in terms of battery, Internet and autonomous driving, FF not only has no advantages, but even lags behind many new car-making forces.</p><p><h2>How does FF develop in China?</h2>China is undoubtedly the top priority of FF's future development. As the largest market in the world and the most competitive market in the new energy industry, whoever can win China will get the key to the golden age. Apparently, Jia Yueting also thought of it.</p><p>It is understood that FF entered into a non-binding memorandum of understanding in September 2020 with a Tier 1 city in China, whose affiliated entities are the subscribers of the Private Placement, pursuant to which FF intends to establish a joint venture company (the \"JV Company\") in that city. It is understood that this city is Zhuhai City, Guangdong Province.</p><p>The joint venture is expected to be managed and controlled by FF. While the proposed strategic partnership is conditional on FF receiving no less than $500 million in funding through private placement and or business combination.</p><p><img src=\"https://static.tigerbbs.com/2f5c9bf67733fba6db1152cf03bb6e8d\" tg-width=\"2185\" tg-height=\"708\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Seeing Hefei's success, Zhuhai obviously doesn't want to fall behind. It is understood that in December 2020, the joint venture company was initially established as a wholly-owned subsidiary of FF, mainly engaged in the manufacturing of FF's high-end Internet intelligent electric vehicles, with a target total annual production capacity of 250,000 vehicles, which will be realized in two phases in the second quarter of 2025 and the fourth quarter of 2026. Combined with the regulation signed by FF and Geely, it is not excluded that the three parties cooperate together.</p><p>However, just yesterday, it was reported that Zhuhai SASAC terminated its stake in FF. \"Zhuhai State-owned Assets Supervision and Administration Commission did not terminate its shareholding in FF, but it was unable to complete the investment due to foreign exchange reasons, and its investment quota has been transferred to relevant investment institutions.\" A person close to FF said that the new relevant investment institutions had completed the signing of the investment agreement and completed the payment within the specified time.</p><p>From the perspective of dealers, FF intends to establish<a href=\"https://laohu8.com/S/300959\">Online and offline</a>Marketing, sales and after-sales channels, including self-operated stores, partner stores and showrooms, and online web platforms. FF plans to distribute its vehicles in certain key markets through its direct stores, while establishing a distribution model of direct sales and partner-owned stores and showrooms in other markets. This is the same as many new car forces at present.</p><p>Judging from the distribution situation, FF and many Chinese car dealership giants are currently involved, including<a href=\"https://laohu8.com/S/03836\">Harmony Car</a>, Topyoung, Huachi Fuwei and Haipai, among other car dealer groups, signed memorandums of understanding.</p><p>From the perspective of production, manufacturing, sales and after-sales, FF has indeed paved the way best, especially the cooperation with Geely and Zhuhai State-owned Assets Supervision and Administration Commission, which can also be regarded as the best start to enter the Chinese market. But ultimately, it still depends on the product and sales volume.</p><p><h2>Is the FF91 competitive?</h2>Unfortunately, FF91 has certain attraction, but it is far from the price of $180,000, and it has no absolute dominance in the face of market competition.</p><p>As FF's flagship model, the FF91 reaches a 3,200mm wheelbase and is designed to be either E-Class/Executive/Full-Size or F-Class/Full-Size<a href=\"https://laohu8.com/S/DLX\">luxury</a>High-performance luxury electric vehicles in the car segment. FF aims to launch FF 91 within twelve months of the business combination.</p><p>Features a proprietary VPA pure electric platform with a multi-motor configuration and an all-wheel drive system. With three electric motors (one at the front and two at the rear), the range-topping configuration (FF 91 Futurist) is capable of 850~1,050 bhp and 12,510 Nm of torque.</p><p><img src=\"https://static.tigerbbs.com/6d839767adcdd293c5469925527fb035\" tg-width=\"1631\" tg-height=\"371\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>This allows the FF91 to complete 100 km acceleration in 2.4s as well as rear-wheel steering. Not only that, but the all-wheel drive structure enables the FF 91 Futurist to perform torque vectoring at the rear to enhance vehicle dynamics and stability, and its all-wheel drive system provides better traction control as well as precise power distribution, improving vehicle handling in emergency situations.</p><p>In terms of power system, FF91 is indeed among the best new energy vehicles that can be bought at present, but in terms of battery technology, FF91 is not ahead.</p><p>Capable of a maximum 130 kWh battery system, the FF 91 can achieve an estimated driving range of up to 378 miles (608 km) on the EPA cycle and more than 700 km on the NEDC cycle. The FF 91 can also be charged at speeds of up to 200 kW.</p><p>Such data does not have a strong advantage in the upcoming market<a href=\"https://laohu8.com/S/NIO\">Nio</a>The 100 kWh battery on ET7 can achieve NEDC 700 kilometers, while the FF91's battery life of 130 million hours and 700 kilometers is not ahead. Besides, with<a href=\"https://laohu8.com/S/300750\">CATL</a>As technology continues to advance, this number is constantly being rewritten. Whether it's charging speed or battery capacity, the FF91 doesn't have an advantage at this point.</p><p>In terms of the most critical autonomous driving of new energy vehicles, FF91 did not give a satisfactory answer.</p><p>Officials said that FF's Level 3 autonomous driving readiness system will provide multiple ADAS functions through FF's own application portfolio and industry partners.</p><p><img src=\"https://static.tigerbbs.com/93ada2cb6b0fd8b4bb456d34aced99c0\" tg-width=\"1616\" tg-height=\"937\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>From the hardware point of view, FF 91 will be equipped with 12 cameras, 5 radar sensors, lidar and 12 ultrasonic sensors. According to the official statement, FF's autonomous driving system will provide a number of highway autonomous driving and parking functions to realize automatic valet parking (\"AVP\"). Once the autonomous driving software solution is validated and released, the FF 91 can drive itself.</p><p>However, this achievement is not as good as the Chinese car that sells for less than 500,000 yuan.</p><p>It should be known that Nio has installed 33 high-performance perception hardware on ET7, including 11 8-megapixel cameras, 1 ultra-long-range high-precision lidar, 5 millimeter wave radars, 12 ultrasonic radars, 2 high-precision positioning units, 1 vehicle-road collaborative perception and 1 enhanced driver perception (DMS), which can be said to have completely abused FF91.</p><p>The lower price XPeng P5 is equipped with a more powerful perception system. Not only that, FF91 has almost handed over a blank paper in the research and development of autonomous driving. By the way, Geely Xingyue L, which was just listed the day before yesterday, has been equipped with AVP technology, and the highest configuration of the car is less than 190,000 yuan.</p><p><h2>FF Model Planning?</h2>After FF91, FF did not stop the next step in research and development. After FF91, FF81 and FF71 with lower positioning were successively introduced. And Nio,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Like the new car manufacturing forces, it will gradually decline after holding high and tall, and both the brand value and sales volume will be required.</p><p><img src=\"https://static.tigerbbs.com/620d8b87aa98c7164c815a3b264eb743\" tg-width=\"1604\" tg-height=\"942\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>FF81</b></p><p>The second model in FF's plan, the FF 81 Futurist is targeted at a starting price of $95,000 and is positioned for the high-end mass market of the D-or E-Class (with a 3,000mm wheelbase). Competing with Tesla's Model S and Model X, Nio ES8 similar vehicles. FF has completed the design of FF 81 and conducted a second virtual evaluation cycle for the design and engineering of FF 81.</p><p>However, the FF 81 is now in the engineering phase, and pre-series production is expected to begin 18 months after the FF 91's launch. The FF 81 features FF's proprietary VPA design that allows for up to 60% FF 91 universal component carryover In addition, components developed for the FF 81 can be brought back to the FF 91 series. The large number of common parts shared across models creates economies of scale and reduces costs.</p><p>The FF 81 program features high-performance computing and next-generation connectivity, an open ecosystem with a voice-first user interface and third-party applications. It also features integrated autonomous driving capabilities and associated hardware features, including a camera, radar, ultrasonic sensors, and optional lidar.</p><p><b>FF 71</b></p><p>FF's planned third passenger car, the FF 71 Series, is expected to be a more compact connected EV with a target starting price of $65,000. Targeting the C-or D-Class mass market (with a 2,850mm wheelbase). Positioned to compete with the Tesla Model 3 and Model Y, BMW 3 Series and similar vehicles.</p><p>The FF 71 is designed to integrate full connectivity and advanced technology into smaller vehicle sizes. Since FF is currently focused on the research and development of the FF 91 and FF 81, FF does not expect the design research and development of the FF 71 to begin until 2022, and plans to launch the FF 71 Futurist configuration in 2024, provided adequate funding is available in a timely manner.</p><p>However, the price of the Model 3 starts from $34,000, and the Model S starts from $77,000. Not to mention the price of the ES8 in China is less than 500,000 yuan. Neither FF91, FF81 or FF71 has any price advantage. The price difference of unified models is more than double. Although FF can reduce costs through future increments, Teslas are constantly doing the same thing. How can Jia Yueting, who has been silent for two years, ensure that FF will be faster than the new forces?</p><p><h2>How does FF manufacture production?</h2>The first thing that can be determined is that FF will adopt an asset-light structure, which means that it will not build its own automobile manufacturing plant.</p><p>FF plans to build the FF 91 series of cars at its manufacturing facility in Hanford, California, with an annual capacity of 10,000 units. It is understood that once funding is secured for the listing, FF will initiate the refurbishment and construction of the manufacturing facility in Hanford, which will be completed within a nine-month period.</p><p>Not only the bodywork, FF intends to manufacture here the core electrification components essential to the production of the FF 91, including the inverter, electric motor, battery module and complete battery pack. In addition to these components, FF will perform similar operations at the Hanford manufacturing facility to conventional vehicle manufacturing facilities, such as body assembly, paint jobs, final vehicle assembly, and off-line testing of the FF 91.</p><p><img src=\"https://static.tigerbbs.com/239f35cdbab707f7819dcad6fe881013\" tg-width=\"1334\" tg-height=\"750\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Not only this one manufacturing site, FF plans to expand its production operations in Hanford or leverage its contract manufacturing partners in South Korea as needed. For the FF 81, as well as the FF71, FF plans to outsource direct vehicle production to its contract manufacturing partners in South Korea.</p><p>Because FF believes this is in line with its asset-light, flexible manufacturing strategy, not only that outsourcing can reduce capital investment and speed up its time to market for the launch of the FF 81.</p><p>On September 1, 2020, FF signed a non-binding memorandum of understanding with South Korea's Myoung Shin Myeongshin Group to build FF vehicles outside of FF's own manufacturing capabilities. The reason FF chose it was also due to the advantage of benefiting from Korea's very low or no import and export tariffs to the main target market.</p><p><img src=\"https://static.tigerbbs.com/58acf0a3bd26f33d956634865e772068\" tg-width=\"1640\" tg-height=\"908\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The factory of Mingxin Group is actually the former<a href=\"https://laohu8.com/S/GM\">General Motors</a>Factory, with a capacity of 270,000 vehicles per year. According to the MoU, Myoung Shin is expected to retain production capacity for the FF 81 and FF 91 body components, as well as full vehicle production capacity for the FF71.</p><p>In China, FF has targeted Geely. In December 2020, FF signed a non-binding memorandum of understanding with Zhejiang Geely Holding Group Co., Ltd., which is also the subscriber of this private placement, and the two parties intend to carry out strategic cooperation in various fields such as engineering, technology, supply chain and contract manufacturing.</p><p>Therefore, if FF wants to obtain production qualification through joint ventures in China, the answer is Geely.</p><p>Therefore, from the technical point of view, FF has its own uniqueness, but it has stagnated due to the shortage of funds under the torrent of time, which also makes the new car forces quickly follow up and even surpass. It is not easy for FF to start again now. Cost, technology and manufacturing have solved the first step of financing, and every step after that is difficult.</p><p>FF has arguably only taken the first step. Although everything is difficult at the beginning, FF's challenge has just begun, and every step after that may kill it in the cradle. Therefore, for FF, the road is obstructive and long, and it is necessary to catch up with easy-to-normal thinking and efforts, otherwise the gap will be wider and wider.</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>With new forces in power, is FF91 competitive?</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 new forces in power, is FF91 competitive?\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\">2021-07-23 14:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>I have never taken FF \"seriously\" before. Because of Boss Jia's relationship, I always feel that it is very difficult for FF to persist. But when FF beat all odds and really started going public, we began to be really curious about it.</p><p>Especially after five years of rapid development of China's new car manufacturing forces, whether it is battery, autonomous driving or<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Cockpit and other fields have made long-term progress. Can FF continue to lead? Therefore, we analyzed FF from the aspects of technology, model planning, production and manufacturing, and competitiveness of FF91.</p><p>No one can say whether Jia Yueting will succeed in the end, but what we have to do is make our best choice in this complicated era.</p><p><h2><b>What technology does FF have?</b></h2>FF does have its own unique points in technology, but a lot of the leading places have been overtaken from now on.</p><p>FF has developed several proprietary systems and technologies in the areas of vehicle engineering, development and design. As of December 31, 2020, FF had filed more than 880 patent applications and approximately 550 patents granted worldwide, including approximately 150 in the United States and approximately 380 in China, with more than 700 trademark registrations worldwide.</p><p>FF's patented technologies cover batteries, UI/UX, powertrains, ADAS, bodywork, hardware/software platforms, and chassis. Key patents include an inverter assembly for FF, a fully immersed battery for vehicle energy storage systems, a patented battery pack design, integrated drive and motor assemblies, a method and apparatus to generate current commands for internal permanent magnet (\"IPM\") motors, and a seamless vehicle admission system.</p><p><img src=\"https://static.tigerbbs.com/b3294ad71b2b4dddc8fd1502dc5bb14a\" tg-width=\"1586\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>VPA pure electric platform</b></p><p>The VPA is a flexible and adaptable skateboard-like platform featuring a monocoque vehicle construction with a one-piece chassis and body. The platform directly houses key components of an electric vehicle, including all-wheel steering, suspension system, brakes, wheels, electric propulsion system, electronic control unit, and high-voltage battery, among others. Each of these component systems is designed in-house or integrated into FF vehicles in an effort to optimize performance, efficient packaging, and functional integration.</p><p><b>Electrical/Electronic (\"E/E\") Architecture</b></p><p>FF91 employs a domain-centric E/E architecture. The Domain Centralized E/E architecture will integrate the domain functions of five core high-performance Domain Control Units (\"DCUs\"), which manage, compute, and process control for propulsion, chassis, autonomous driving, body, and IoV (Vehicle on the Internet – Connected Infotainment System).</p><p>The E/E architecture of FF Variable Platform Architecture is designed to support the power and communication requirements necessary for seamless integration with advanced autonomous systems. All DCUs of FF will support OTA updates and data collection.</p><p><b>Battery</b></p><p>FF's proprietary technology in batteries includes systems for high-density energy storage, battery pack cooling, safety, modularity, efficiency, and electronic management. FF's patented'string'battery design and integration achieves the industry's largest battery pack weight energy density of 187 Wh/kg (without coolant). Each string includes 6 battery modules, each of which can be adapted to create a 900 volt string.</p><p>Together with the VPA, the string battery design enables a variety of wheelbase variable ranges. The advanced cooling system in the battery pack consists of FF's patented battery immersion technology, which can improve battery safety, extend battery life, and increase energy density. The FF 91 will be able to charge from 20% to 80% in about 25 minutes.</p><p><b>ladder wave inverter</b></p><p>The inverter in the FF EV powertrain controls the high-voltage current throughout the vehicle and powers the electric motor, generating torque while driving and sending energy into the battery pack when braking. Key technical advantages of the FF design include the ability to drive small physical packages with large currents with high efficiency and low cost (low inverter losses provide 98% inverter efficiency) using patented parallel IGBT technology and the ability to achieve high torque accuracy with fast transient response.</p><p>Inverters can achieve high reliability due to joint bonding in high current paths. The monitoring system is integrated into the inverter to provide greater security. Designed to deliver high power in a compact and lightweight package, the patented FF Echelon inverter has high reliability and durability, and can support multiple motor configurations.</p><p><b>Integrated motor drive unit</b></p><p>The motor uses hairpin windings to achieve a high copper fill factor and lower losses, resulting in increased torque and power density. The electric drive unit is fully integrated with the inverter, gearbox and control unit to create a compact yet efficient design.</p><p>FF designed drive units with low noise and low vibration can greatly improve the driving experience. Depending on the power requirements of each model, the motors can be used individually or in two or three motor configurations. The combination of a lot of power and a lot of torque promises to deliver a lot of power.</p><p><b>Internet, Autonomous Driving and Intelligence (\"I.A.I\")</b></p><p>FF uses a dual-chip computing system and runs the Android Automotive operating system. FF's I.A.I system is built on an enhanced Android Automotive codebase and upgraded with each version of the Google platform. FF's vehicles are designed with software OTA capabilities that allow the software and applications in the vehicle to be updated and upgraded wirelessly to provide continuous enhancements. Vehicles will always be connected to FF's information cloud.</p><p>From the technical point of view, FF does have a certain leading position in pure electric platform, electronic and electrical architecture, trapezoidal wave inverter and motor drive unit. However, in terms of battery, Internet and autonomous driving, FF not only has no advantages, but even lags behind many new car-making forces.</p><p><h2>How does FF develop in China?</h2>China is undoubtedly the top priority of FF's future development. As the largest market in the world and the most competitive market in the new energy industry, whoever can win China will get the key to the golden age. Apparently, Jia Yueting also thought of it.</p><p>It is understood that FF entered into a non-binding memorandum of understanding in September 2020 with a Tier 1 city in China, whose affiliated entities are the subscribers of the Private Placement, pursuant to which FF intends to establish a joint venture company (the \"JV Company\") in that city. It is understood that this city is Zhuhai City, Guangdong Province.</p><p>The joint venture is expected to be managed and controlled by FF. While the proposed strategic partnership is conditional on FF receiving no less than $500 million in funding through private placement and or business combination.</p><p><img src=\"https://static.tigerbbs.com/2f5c9bf67733fba6db1152cf03bb6e8d\" tg-width=\"2185\" tg-height=\"708\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Seeing Hefei's success, Zhuhai obviously doesn't want to fall behind. It is understood that in December 2020, the joint venture company was initially established as a wholly-owned subsidiary of FF, mainly engaged in the manufacturing of FF's high-end Internet intelligent electric vehicles, with a target total annual production capacity of 250,000 vehicles, which will be realized in two phases in the second quarter of 2025 and the fourth quarter of 2026. Combined with the regulation signed by FF and Geely, it is not excluded that the three parties cooperate together.</p><p>However, just yesterday, it was reported that Zhuhai SASAC terminated its stake in FF. \"Zhuhai State-owned Assets Supervision and Administration Commission did not terminate its shareholding in FF, but it was unable to complete the investment due to foreign exchange reasons, and its investment quota has been transferred to relevant investment institutions.\" A person close to FF said that the new relevant investment institutions had completed the signing of the investment agreement and completed the payment within the specified time.</p><p>From the perspective of dealers, FF intends to establish<a href=\"https://laohu8.com/S/300959\">Online and offline</a>Marketing, sales and after-sales channels, including self-operated stores, partner stores and showrooms, and online web platforms. FF plans to distribute its vehicles in certain key markets through its direct stores, while establishing a distribution model of direct sales and partner-owned stores and showrooms in other markets. This is the same as many new car forces at present.</p><p>Judging from the distribution situation, FF and many Chinese car dealership giants are currently involved, including<a href=\"https://laohu8.com/S/03836\">Harmony Car</a>, Topyoung, Huachi Fuwei and Haipai, among other car dealer groups, signed memorandums of understanding.</p><p>From the perspective of production, manufacturing, sales and after-sales, FF has indeed paved the way best, especially the cooperation with Geely and Zhuhai State-owned Assets Supervision and Administration Commission, which can also be regarded as the best start to enter the Chinese market. But ultimately, it still depends on the product and sales volume.</p><p><h2>Is the FF91 competitive?</h2>Unfortunately, FF91 has certain attraction, but it is far from the price of $180,000, and it has no absolute dominance in the face of market competition.</p><p>As FF's flagship model, the FF91 reaches a 3,200mm wheelbase and is designed to be either E-Class/Executive/Full-Size or F-Class/Full-Size<a href=\"https://laohu8.com/S/DLX\">luxury</a>High-performance luxury electric vehicles in the car segment. FF aims to launch FF 91 within twelve months of the business combination.</p><p>Features a proprietary VPA pure electric platform with a multi-motor configuration and an all-wheel drive system. With three electric motors (one at the front and two at the rear), the range-topping configuration (FF 91 Futurist) is capable of 850~1,050 bhp and 12,510 Nm of torque.</p><p><img src=\"https://static.tigerbbs.com/6d839767adcdd293c5469925527fb035\" tg-width=\"1631\" tg-height=\"371\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>This allows the FF91 to complete 100 km acceleration in 2.4s as well as rear-wheel steering. Not only that, but the all-wheel drive structure enables the FF 91 Futurist to perform torque vectoring at the rear to enhance vehicle dynamics and stability, and its all-wheel drive system provides better traction control as well as precise power distribution, improving vehicle handling in emergency situations.</p><p>In terms of power system, FF91 is indeed among the best new energy vehicles that can be bought at present, but in terms of battery technology, FF91 is not ahead.</p><p>Capable of a maximum 130 kWh battery system, the FF 91 can achieve an estimated driving range of up to 378 miles (608 km) on the EPA cycle and more than 700 km on the NEDC cycle. The FF 91 can also be charged at speeds of up to 200 kW.</p><p>Such data does not have a strong advantage in the upcoming market<a href=\"https://laohu8.com/S/NIO\">Nio</a>The 100 kWh battery on ET7 can achieve NEDC 700 kilometers, while the FF91's battery life of 130 million hours and 700 kilometers is not ahead. Besides, with<a href=\"https://laohu8.com/S/300750\">CATL</a>As technology continues to advance, this number is constantly being rewritten. Whether it's charging speed or battery capacity, the FF91 doesn't have an advantage at this point.</p><p>In terms of the most critical autonomous driving of new energy vehicles, FF91 did not give a satisfactory answer.</p><p>Officials said that FF's Level 3 autonomous driving readiness system will provide multiple ADAS functions through FF's own application portfolio and industry partners.</p><p><img src=\"https://static.tigerbbs.com/93ada2cb6b0fd8b4bb456d34aced99c0\" tg-width=\"1616\" tg-height=\"937\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>From the hardware point of view, FF 91 will be equipped with 12 cameras, 5 radar sensors, lidar and 12 ultrasonic sensors. According to the official statement, FF's autonomous driving system will provide a number of highway autonomous driving and parking functions to realize automatic valet parking (\"AVP\"). Once the autonomous driving software solution is validated and released, the FF 91 can drive itself.</p><p>However, this achievement is not as good as the Chinese car that sells for less than 500,000 yuan.</p><p>It should be known that Nio has installed 33 high-performance perception hardware on ET7, including 11 8-megapixel cameras, 1 ultra-long-range high-precision lidar, 5 millimeter wave radars, 12 ultrasonic radars, 2 high-precision positioning units, 1 vehicle-road collaborative perception and 1 enhanced driver perception (DMS), which can be said to have completely abused FF91.</p><p>The lower price XPeng P5 is equipped with a more powerful perception system. Not only that, FF91 has almost handed over a blank paper in the research and development of autonomous driving. By the way, Geely Xingyue L, which was just listed the day before yesterday, has been equipped with AVP technology, and the highest configuration of the car is less than 190,000 yuan.</p><p><h2>FF Model Planning?</h2>After FF91, FF did not stop the next step in research and development. After FF91, FF81 and FF71 with lower positioning were successively introduced. And Nio,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Like the new car manufacturing forces, it will gradually decline after holding high and tall, and both the brand value and sales volume will be required.</p><p><img src=\"https://static.tigerbbs.com/620d8b87aa98c7164c815a3b264eb743\" tg-width=\"1604\" tg-height=\"942\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>FF81</b></p><p>The second model in FF's plan, the FF 81 Futurist is targeted at a starting price of $95,000 and is positioned for the high-end mass market of the D-or E-Class (with a 3,000mm wheelbase). Competing with Tesla's Model S and Model X, Nio ES8 similar vehicles. FF has completed the design of FF 81 and conducted a second virtual evaluation cycle for the design and engineering of FF 81.</p><p>However, the FF 81 is now in the engineering phase, and pre-series production is expected to begin 18 months after the FF 91's launch. The FF 81 features FF's proprietary VPA design that allows for up to 60% FF 91 universal component carryover In addition, components developed for the FF 81 can be brought back to the FF 91 series. The large number of common parts shared across models creates economies of scale and reduces costs.</p><p>The FF 81 program features high-performance computing and next-generation connectivity, an open ecosystem with a voice-first user interface and third-party applications. It also features integrated autonomous driving capabilities and associated hardware features, including a camera, radar, ultrasonic sensors, and optional lidar.</p><p><b>FF 71</b></p><p>FF's planned third passenger car, the FF 71 Series, is expected to be a more compact connected EV with a target starting price of $65,000. Targeting the C-or D-Class mass market (with a 2,850mm wheelbase). Positioned to compete with the Tesla Model 3 and Model Y, BMW 3 Series and similar vehicles.</p><p>The FF 71 is designed to integrate full connectivity and advanced technology into smaller vehicle sizes. Since FF is currently focused on the research and development of the FF 91 and FF 81, FF does not expect the design research and development of the FF 71 to begin until 2022, and plans to launch the FF 71 Futurist configuration in 2024, provided adequate funding is available in a timely manner.</p><p>However, the price of the Model 3 starts from $34,000, and the Model S starts from $77,000. Not to mention the price of the ES8 in China is less than 500,000 yuan. Neither FF91, FF81 or FF71 has any price advantage. The price difference of unified models is more than double. Although FF can reduce costs through future increments, Teslas are constantly doing the same thing. How can Jia Yueting, who has been silent for two years, ensure that FF will be faster than the new forces?</p><p><h2>How does FF manufacture production?</h2>The first thing that can be determined is that FF will adopt an asset-light structure, which means that it will not build its own automobile manufacturing plant.</p><p>FF plans to build the FF 91 series of cars at its manufacturing facility in Hanford, California, with an annual capacity of 10,000 units. It is understood that once funding is secured for the listing, FF will initiate the refurbishment and construction of the manufacturing facility in Hanford, which will be completed within a nine-month period.</p><p>Not only the bodywork, FF intends to manufacture here the core electrification components essential to the production of the FF 91, including the inverter, electric motor, battery module and complete battery pack. In addition to these components, FF will perform similar operations at the Hanford manufacturing facility to conventional vehicle manufacturing facilities, such as body assembly, paint jobs, final vehicle assembly, and off-line testing of the FF 91.</p><p><img src=\"https://static.tigerbbs.com/239f35cdbab707f7819dcad6fe881013\" tg-width=\"1334\" tg-height=\"750\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Not only this one manufacturing site, FF plans to expand its production operations in Hanford or leverage its contract manufacturing partners in South Korea as needed. For the FF 81, as well as the FF71, FF plans to outsource direct vehicle production to its contract manufacturing partners in South Korea.</p><p>Because FF believes this is in line with its asset-light, flexible manufacturing strategy, not only that outsourcing can reduce capital investment and speed up its time to market for the launch of the FF 81.</p><p>On September 1, 2020, FF signed a non-binding memorandum of understanding with South Korea's Myoung Shin Myeongshin Group to build FF vehicles outside of FF's own manufacturing capabilities. The reason FF chose it was also due to the advantage of benefiting from Korea's very low or no import and export tariffs to the main target market.</p><p><img src=\"https://static.tigerbbs.com/58acf0a3bd26f33d956634865e772068\" tg-width=\"1640\" tg-height=\"908\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>The factory of Mingxin Group is actually the former<a href=\"https://laohu8.com/S/GM\">General Motors</a>Factory, with a capacity of 270,000 vehicles per year. According to the MoU, Myoung Shin is expected to retain production capacity for the FF 81 and FF 91 body components, as well as full vehicle production capacity for the FF71.</p><p>In China, FF has targeted Geely. In December 2020, FF signed a non-binding memorandum of understanding with Zhejiang Geely Holding Group Co., Ltd., which is also the subscriber of this private placement, and the two parties intend to carry out strategic cooperation in various fields such as engineering, technology, supply chain and contract manufacturing.</p><p>Therefore, if FF wants to obtain production qualification through joint ventures in China, the answer is Geely.</p><p>Therefore, from the technical point of view, FF has its own uniqueness, but it has stagnated due to the shortage of funds under the torrent of time, which also makes the new car forces quickly follow up and even surpass. It is not easy for FF to start again now. Cost, technology and manufacturing have solved the first step of financing, and every step after that is difficult.</p><p>FF has arguably only taken the first step. Although everything is difficult at the beginning, FF's challenge has just begun, and every step after that may kill it in the cradle. Therefore, for FF, the road is obstructive and long, and it is necessary to catch up with easy-to-normal thinking and efforts, otherwise the gap will be wider and wider.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636161\">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/565d059507b20700fb12fbd9ad9ba4fb","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3636161","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153013296","content_text":"曾经从来没有把FF“认真”对待过，因为贾老板的关系，总觉得FF想要坚持下去非常困难。但当FF破除万难，真正开始上市时，我们就对其开始真正的好奇。\n特别是当中国新造车势力飞速发展了5年之后，无论是电池、自动驾驶还是智能座舱等等领域都有了长远的进步，FF是否还能够继续领先？所以我们从技术、车型规划、生产制造、FF91的竞争力等方面对FF进行了分析。\n没有人能够定论贾跃亭最终是否能够成功，但我们要做的就是在这个纷繁复杂的时代做出自己最正确的选择。\nFF有什么技术？\nFF确实在技术上有自己独特的地方，但从现在来看很多领先的地方都已经被超过。\nFF在车辆工程、开发和设计领域开发了多项专有系统和技术。截至2020年12月31日，FF已提交超过880项专利申请，全球授权专利约550项，其中美国授权约150项，中国授权约380项，全球商标注册量超过700项。\nFF的专利技术涵盖电池、UI/UX、动力总成、ADAS、车身、硬件/软件平台和底盘。关键专利包括 FF 的逆变器组件、用于车辆储能系统的全浸没式电池、获得专利的电池组设计、集成驱动和电机组件、为内部永磁 (“IPM”) 电机生成电流命令的方法和装置以及无缝车辆准入系统。\n\nVPA纯电平台\nVPA是一种灵活且适应性强的类似滑板的平台，采用一体式底盘和车身的单体壳车辆结构。 该平台直接容纳电动汽车的关键部件，包括全轮转向、悬架系统、制动器、车轮、电力推进系统、电子控制单元和高压电池等。 这些组件系统中的每一个都经过内部设计或集成到FF 车辆中，以期努力优化性能、高效包装和功能集成。\n电气/电子（“E/E”）架构\nFF91采用以域为中心的 E/E 架构。域集中式 E/E 架构将整合五个核心高性能域控制单元 (“DCU”) 的域功能，这些单元管理、计算和过程控制，用于推进、底盘、自动驾驶、车身和 IoV（互联网上的车辆 – 连接的信息娱乐系统）。\nFF可变平台架构的 E/E 架构旨在支持与先进自主系统无缝集成所必需的电力和通信要求。 FF的所有DCU都将支持OTA更新和数据收集。\n电池\nFF在电池方面的专有技术包括用于高密度能量存储、电池组冷却、安全性、模块化、效率和电子管理的系统。 FF 获得专利的“串式”电池设计和集成实现了业界最大的电池组重量能量密度，达到187 Wh/kg（不含冷却剂）。每个串包括 6 个电池模块，每个模块都可以适应创建900伏的串。\n与VPA 一起，串电池设计可实现各种轴距可变范围。电池组中先进的冷却系统由 FF 的专利电池浸没技术组成，可以提高电池安全性、延长电池寿命并增加能量密度。FF 91将能够在大约25分钟内从20%充电到80%。\n梯型波逆变器\nFF电动汽车动力系统中的逆变器控制着整个车辆的高压电流，并为电动机提供动力，在行驶时产生扭矩，并在制动时将能量输送到电池组中。FF设计的主要技术优势包括能够利用获得专利的并联 IGBT 技术以高效率和低成本（低逆变器损耗提供 98% 的逆变器效率）驱动大电流的小型物理封装，并可以实现高扭矩具有快速瞬态响应的准确性。\n由于大电流路径中的接头键合，逆变器可以实现高可靠性。监控系统集成到逆变器中，以提供更高的安全性。获得专利的FF Echelon逆变器旨在在紧凑轻巧的封装中提供高功率，具有高可靠性和耐用性，并且可以支持多种电机配置。\n集成电机驱动单元\n电机使用发夹式绕组以实现高铜填充因子和更低的损耗，从而提高扭矩和功率密度。电驱动单元与逆变器、变速箱和控制单元完全集成，以创造紧凑而高效的设计。\nFF设计的驱动单元具有低噪音和低振动，可以极大地改善驾驶体验。根据每种型号的功率要求，电机可以单独使用，也可以在两个或三个电机配置中使用。大功率与大扭矩的结合，有望提供强大的动力。\n互联网、自动驾驶和智能（“I.A.I”）\nFF采用双芯片计算系统，运行Android Automotive操作系统。FF的I.A.I系统建立在增强的Android Automotive代码库上，并随着Google 平台的每个版本进行升级。FF的车辆设计有软件OTA功能，允许以无线方式更新和升级车辆中的软件和应用程序，以提供持续的增强。车辆将始终连接到FF的信息云。\n从技术层面来看，纯电平台、电子电气架构、梯形波逆变器、电机驱动单元上，FF确实拥有一定的领先性，但是在电池、互联网以及自动驾驶方面，FF不仅没有优势，甚至是落后于很多造车新势力。\nFF在中国如何发展？\n中国毫无疑问是FF未来必须发展的重中之重。作为全世界最大，也是新能源行业竞争最激烈的市场，谁能够赢下中国，谁就能够获得开启黄金时代的钥匙。显然贾跃亭也想到如此了。\n据了解FF在2020年9月与中国一级城市（其关联实体为私募的认购方）签署了一份不具约束力的谅解备忘录，FF 拟根据该备忘录在该城市成立一家合资公司（“合资公司”）。而据了解这一城市就是广东省珠海市。\n该合资企业预计将由FF管理和控制。而拟议的战略合作伙伴关系的条件是，FF将通过私募和或业务合并获得不少于5亿美元的资金。\n\n看到合肥的成功，珠海显然并不想落后。据了解2020年12月，合资公司初步成立为FF全资子公司，主要从事FF高端互联网智能电动汽车的制造，目标年总产能为25万辆，2025年第二季度和2026年第四季度分两个阶段实现。结合FF和吉利签署的调控来看，不排除是三方共同合作。\n然而就在昨天有消息称，珠海国资委终止入股FF。“珠海国资委并非终止入股FF，而是因外汇原因导致无法完成此次投资，其拥有的投资额度目前已转让给相关投资机构。”一位接近FF的知情人士表示，新的相关投资机构已完成了投资协议签订，并已经在规定时间内完成打款。\n而从经销商层面来看，FF拟在中国建立线上线下营销、销售和售后渠道，包括自营店、合作店和展厅以及在线网络平台。FF计划通过其直营店在某些重点市场分销其车辆，同时在其他市场建立直销和合作伙伴拥有的门店和展厅的分销模式。这一点和目前很多新造车势力都一样。\n从分销情况来看，目前FF和中国很多汽车经销商巨头都有所涉猎，包括和谐汽车、Topyoung、华驰富威和海派等汽车经销商集团签署了谅解备忘录。\n从生产、制造、销售、售后端来看，FF确实已经最好了铺垫，特别是和吉利以及珠海国资委的合作，也可以被看作是进入中国市场最好的开端。但是最终还是要看产品以及销量。\nFF91有竞争力吗？\n很可惜的是FF91具有一定的吸引力，但是却远远不值18万美元的价格，面对市场的竞争也没有绝对的统治力。\n作为FF的旗舰车型，FF91轴距达到3,200毫米，旨在成为E级/行政/全尺寸或F级/全尺寸豪华车细分市场中的高性能豪华电动车。FF的目标是在业务合并结束后的十二个月内推出 FF 91。\n采用专有的VPA纯电平台，采用多电机配置和全轮驱动系统。配备三台电动机（一台在前，两台在后），顶级配置 (FF 91 Futurist) 能够达到850 ~1,050匹马力和 12,510 Nm 的扭矩。\n\n这使得FF91能够在2.4s内完成百公里加速以及后轮转向。不仅如此，全轮驾驶结构能够使FF 91 Futurist能够在后部进行扭矩矢量控制，以增强车辆动态和稳定性，其全轮驱动系统提供更好的牵引力控制以及精确的动力分配，改善紧急情况下的车辆操控性。\n从动力系统上来说，FF91确实是目前能够买到的新能源车中位列前茅，但是在电池技术上，FF91却并没有领先。\nFF 91最大能够搭载130千瓦时的电池系统，在 EPA 循环中的估计行驶里程可达 378 英里（608公里），在 NEDC 循环中可达到超过700公里。FF 91还可以以高达 200千瓦的速度充电。\n这样的数据并没有很强的优势，在即将上市的蔚来ET7上100千瓦时的电池就能够做到NEDC 700公里，而FF91 130千万时700公里的续航并不领先。况且随着宁德时代的技术不断进步，这一数字也正在不断被改写。无论是充电速度还是电池容量，FF91在这一点上并没有占到优势。\n而在新能源车最关键的自动驾驶方面，FF91也没有给出满意的答卷。\n官方表示FF的Level 3自动驾驶就绪系统将通过FF自身以及行业合作伙伴的应用组合提供多种 ADAS 功能。\n\n从硬件上来看FF 91将配备12个摄像头、5个雷达传感器、激光雷达和12个超声波传感器，根据官方表示FF 的自动驾驶系统将提供多项高速公路自动驾驶和停车功能，实现自动代客泊车（“AVP”）。一旦自动驾驶软件解决方案得到验证和发布，FF 91就可以自动驾驶。\n然而这样的成绩还不及中国售价不到50万元的车。\n要知道蔚来给ET7安上了33个高性能感知硬件，包括11个800万像素摄像头、1个超远距离高精度激光雷达、5个毫米波雷达、12个超声波雷达、2个高精度定位单元、1个车路协同感知和1个增强主驾感知（DMS），可以说是完虐了FF91。\n而在更低的价格小鹏P5上都搭载了更强大的感知系统。不仅如此在自动驾驶的研发上FF91目前几乎是交出了一份白卷，对了，就在前天刚刚上市的吉利星越L上就已经搭载了AVP技术，而款车的最高配还不及19万元。\nFF车型规划？\n在FF91之后，FF并没有停止下一步的研发。在FF91之后相继推出定位更加低的FF81以及FF71。和蔚来、特斯拉等新造车势力一样，高举高大后逐渐向下，品牌价值和销量都要。\n\nFF81\n作为FF计划的第二款车型，FF 81 Futurist 的目标起价为 95,000美元，定位于D级或E级（轴距为3,000毫米）的高端大众市场。与特斯拉 Model S和Model X、蔚来ES8类似车辆竞争。FF已完成FF 81的设计，并对FF 81的设计和工程进行了第二次虚拟评估循环。\n然而FF 81现在还处于工程阶段，预计将在FF 91推出18个月后开始预批量生产。FF 81采用FF专有VPA设计，可实现高达60%的FF 91 通用部件结转此外，为FF 81开发的部件可以带回FF 91系列。跨车型共享的大量通用零件创造了规模经济并降低成本。\nFF 81计划具有高性能计算和下一代连接，具有语音优先的用户界面和第三方应用程序的开放生态系统。它还具有集成的自动驾驶功能和相关的硬件功能，包括摄像头、雷达、超声波传感器和可选的激光雷达。\nFF 71\nFF计划的第三款乘用车FF 71系列预计将是一款更紧凑的互联电动汽车，目标起价为 65,000 美元。瞄准C级或D级大众市场（轴距为2,850毫米）。定位于与特斯拉Model 3 和Model Y、宝马3 系列和类似车辆竞争。\nFF 71 旨在将全连接性和先进技术集成到更小的车辆尺寸中。由于FF目前专注于FF 91和FF 81的研发，FF预计FF 71的设计研发要到2022年才会开始，并计划在2024年推出FF 71 Futurist配置，前提是及时获得足够的资金方式。\n然而Model 3的价格从3.4万美元起步，Model S从7.7万美元起步，更不用说ES8中国不到50万人民币的售价，无论是FF91、FF81还是FF71都没有任何的价格优势。统一级别的车型价格相差一倍以上，虽然FF能够通过未来的增量降低成本，但是特斯拉们也在不断做着同样的事情，沉默了2年的贾跃亭如何保证FF会比新势力们更快呢？\nFF如何制造生产？\n首先能够确定的是FF将采用轻资产的结构，也就是说自己并不会建造属于自己的汽车制造工厂。\nFF计划在其位于加利福尼亚州汉福德的制造工厂生产FF 91 系列汽车，年产能为10,000 辆。据了解一旦上市获得资金，FF将启动对汉福德的制造工厂的翻新和建设，并且将在9个月的时间内完成。\n不仅是车身，FF还打算在此制造对FF 91生产至关重要的核心电气化部件，包括逆变器、电动机、电池模块和完整的电池组。除了这些部件外，FF还将在汉福德制造工厂进行与传统车辆制造设施类似的操作，例如车身组装、喷漆作业、最终车辆组装以及FF 91的下线测试。\n\n不仅是这一个制造基地，FF计划可以根据需要扩大在汉福德的生产业务或利用其在韩国的合同制造合作伙伴。对于 FF 81以及FF71，FF 计划将直接汽车生产外包给其在韩国的合同制造合作伙伴。\n因为 FF 认为这符合其轻资产、灵活的制造战略，不仅如此外包还可以减少资本投资并加快其推出 FF 81的上市时间。\n2020年9月1日，FF与韩国Myoung Shin明信集团签署了一项非约束性谅解备忘录，以在FF自身制造能力之外制造 FF车辆。FF选择其的原因也有由于受益于韩国对主要目标市场的进出口关税非常低或没有关税的优势。\n\n明信集团的工厂其实就是前通用汽车工厂，每年可生产270,000辆汽车。根据谅解备忘录，Myoung Shin预计将保留 FF 81和FF 91车身部件的生产能力，以及FF71的整车生产能力。\n而在国内FF将目标锁定在了吉利。2020年12 月，FF与浙江吉利控股集团有限公司签署了一份不具约束力的谅解备忘录，浙江吉利控股集团有限公司也是本次定向增发的认购方，双方拟进行战略合作在工程、技术、供应链和合同制造等各个领域。\n所以如果FF想要在中国通过合资企业的方式获得生产资质，答案不出意外的话就是吉利。\n所以从技术层面来看，FF有自己的独到之处，但是在时间的洪流下因为资金的短缺而停滞不前，这也让新造车势力快速跟进乃至超越。现在的FF想要重新再来并不轻松，成本、技术、制造，解决了融资的第一步，之后的每一步都处处艰难。\nFF可以说只迈出了第一步。虽说万事开头难，但是FF的挑战才刚刚开始，之后的每一步都有可能将其扼杀在摇篮里。所以对于FF来说，道阻且长，必须要用易于常态的思维和努力去追赶，不然这样的差距将越拉越大。","news_type":1,"symbols_score_info":{"FFIE":0.9}},"isVote":1,"tweetType":1,"viewCount":876,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175114721,"gmtCreate":1627013732263,"gmtModify":1703482454557,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/175114721","repostId":"2153018596","repostType":4,"isVote":1,"tweetType":1,"viewCount":1175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":172968794,"gmtCreate":1626927985918,"gmtModify":1703480772308,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good..&nbsp;","listText":"Good..&nbsp;","text":"Good..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/172968794","repostId":"1178013689","repostType":4,"repost":{"id":"1178013689","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":1626927689,"share":"https://ttm.financial/m/news/1178013689?lang=en_US&edition=fundamental","pubTime":"2021-07-22 12:21","market":"us","language":"zh","title":"Zhuhai State-owned Assets Terminated Shareholding in Faraday Future","url":"https://stock-news.laohu8.com/highlight/detail?id=1178013689","media":"老虎资讯综合","summary":"此前市场流传消息称，珠海市国资委统筹珠海市属国资企业格力集团和华发集团投资FF。","content":"<p>According to a document submitted by Faraday Future to the Securities and Exchange Commission on July 15th, the cornerstone investors originally scheduled to contribute $175 million will not take a stake in FF. The investor is a \"certain first-tier city\". Many parties have confirmed that the city is Zhuhai City, Guangdong Province. Previously, it was circulated in the market that Zhuhai State-owned Assets Supervision and Administration Commission coordinated Zhuhai state-owned enterprises Gree Group and Huafa Group to invest in FF. A person with a state-owned background told Caixin that the aforementioned state-owned company only contacted and communicated with FF, and had no actual action.</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>Zhuhai State-owned Assets Terminated Shareholding in Faraday Future</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\">\nZhuhai State-owned Assets Terminated Shareholding in Faraday Future\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\">2021-07-22 12:21</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>According to a document submitted by Faraday Future to the Securities and Exchange Commission on July 15th, the cornerstone investors originally scheduled to contribute $175 million will not take a stake in FF. The investor is a \"certain first-tier city\". Many parties have confirmed that the city is Zhuhai City, Guangdong Province. Previously, it was circulated in the market that Zhuhai State-owned Assets Supervision and Administration Commission coordinated Zhuhai state-owned enterprises Gree Group and Huafa Group to invest in FF. A person with a state-owned background told Caixin that the aforementioned state-owned company only contacted and communicated with FF, and had no actual action.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c3f2700a400fb9feedc15375b2091536","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178013689","content_text":"法拉第未来在7月15日向美国证监会提交的一份文件显示，原定出资1.75亿美元的基石投资人将不会入股FF。该投资人为“某一线城市”。多方确认，该城市即广东省珠海市。此前市场流传消息称，珠海市国资委统筹珠海市属国资企业格力集团和华发集团投资FF。一名国资背景人士告诉财新，前述国资公司只是与FF接触沟通，没有实际行动。","news_type":1,"symbols_score_info":{"PSAC":0.9}},"isVote":1,"tweetType":1,"viewCount":1089,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":170810446,"gmtCreate":1626418714985,"gmtModify":1703759796748,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Happy go lucky...&nbsp;","listText":"Happy go lucky...&nbsp;","text":"Happy go lucky...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/170810446","repostId":"1144882319","repostType":4,"repost":{"id":"1144882319","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":1626418173,"share":"https://ttm.financial/m/news/1144882319?lang=en_US&edition=fundamental","pubTime":"2021-07-16 14:49","market":"sh","language":"zh","title":"The GEM index fell 3%, and CATL once fell 7%","url":"https://stock-news.laohu8.com/highlight/detail?id=1144882319","media":"老虎资讯综合","summary":"7月16日，创业板指跌3%，深证成指跌超1%，宁德时代一度跌7%，比亚迪跌近6%，迈瑞医疗跌超5%。","content":"<p>On July 16th, the GEM index fell by 3%, and the Shenzhen Component Index fell by more than 1%.<a href=\"https://laohu8.com/S/300750\">CATL</a>Once down 7%,<a href=\"https://laohu8.com/S/002594\">BYD</a>dropped nearly 6%,<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>It fell by more than 5%.</p><p><img src=\"https://static.tigerbbs.com/b0247b226d247c573b0b3fe9441723cb\" 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>The GEM index fell 3%, and CATL once fell 7%</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\">\nThe GEM index fell 3%, and CATL once fell 7%\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\">2021-07-16 14:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 16th, the GEM index fell by 3%, and the Shenzhen Component Index fell by more than 1%.<a href=\"https://laohu8.com/S/300750\">CATL</a>Once down 7%,<a href=\"https://laohu8.com/S/002594\">BYD</a>dropped nearly 6%,<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>It fell by more than 5%.</p><p><img src=\"https://static.tigerbbs.com/b0247b226d247c573b0b3fe9441723cb\" 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/c7da52addfd52fb216bcf87283f43750","relate_stocks":{"300750":"宁德时代","399001":"深证成指","399006":"创业板指"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144882319","content_text":"7月16日，创业板指跌3%，深证成指跌超1%，宁德时代一度跌7%，比亚迪跌近6%，迈瑞医疗跌超5%。","news_type":1,"symbols_score_info":{"300750":0.9,"399001":0.9,"399006":0.9}},"isVote":1,"tweetType":1,"viewCount":1209,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144028951,"gmtCreate":1626255109573,"gmtModify":1703756429900,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good stock&nbsp;","listText":"Good stock&nbsp;","text":"Good stock","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/144028951","repostId":"1106707372","repostType":4,"repost":{"id":"1106707372","kind":"news","weMediaInfo":{"introduction":"晚一点，好一点。这是《财经》杂志与小晚团队联合推出的新品牌。全部一手采访，没有二手信息。做你最信任的商业新闻媒体。","home_visible":1,"media_name":"晚点LatePost","id":"1026578596","head_image":"https://static.tigerbbs.com/c6daaa6faf674b18bd5facc8daca7d3d"},"pubTimestamp":1626254933,"share":"https://ttm.financial/m/news/1106707372?lang=en_US&edition=fundamental","pubTime":"2021-07-14 17:28","market":"us","language":"zh","title":"Zhang Wensong, former senior vice president of Didi, joins Hillhouse as operating partner","url":"https://stock-news.laohu8.com/highlight/detail?id=1106707372","media":"晚点LatePost","summary":"《晚点 LatePost》独家获悉，原滴滴高级副总裁章文嵩已加入高瓴集团（以下简称高瓴）担任运营合伙人，主要负责技术方向的布局和技术人才的引进。\n章文嵩于 2016 年从加入滴滴，曾先后负责基础平台、","content":"<p>LatePost learned exclusively that Zhang Wensong, the former senior vice president of Didi, has joined Hillhouse Group (hereinafter referred to as Hillhouse) as an operating partner, mainly responsible for the layout of technical direction and the introduction of technical talents.</p><p>Zhang Wensong joined Didi in 2016 and was responsible for basic platform, intelligent transportation and Didi Cloud. Before joining Didi, he also worked at Alibaba for nearly seven years, responsible for Alibaba Cloud-related work.</p><p>Zhang Wensong also has entrepreneurial experience. He and his friends once launched a video website called Biku.com, which can send photos and upload videos online. But the project ran aground because of insufficient experience and capital.</p><p>Two people close to Zhang Wensong evaluated that Zhang Wensong was good at technology and a gentle manager. His technical expertise and entrepreneurial experience allow him to more accurately judge entrepreneurial projects and directions.</p><p>Investment institutions have always favored the departing executives of large companies with business trading experience. For example, Fu Junhua, the former senior vice president of Didi, joined Legend Capital after leaving in 2019; Former Meituan Chief Operating Officer (COO) Gan Jiawei joined Hillhouse in 2017 as an operating partner, among others.</p><p>After joining Gaochun, Gan Jiawei was sent to Donghai Group (SEA), a Singapore-based gaming and e-commerce company, for six months, and used his verified experience in Alibaba and Meituan to help SEA promote retail, local push and other businesses.</p><p>An investor commented that compared with those with only investment experience, executives of large companies with business background not only have advantages in discovering high-quality projects, but also can better help the operation and development of invested enterprises.</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>Zhang Wensong, former senior vice president of Didi, joins Hillhouse as operating partner</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\">\nZhang Wensong, former senior vice president of Didi, joins Hillhouse as operating partner\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1026578596\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c6daaa6faf674b18bd5facc8daca7d3d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">晚点LatePost </p>\n<p class=\"h-time smaller\">2021-07-14 17:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>LatePost learned exclusively that Zhang Wensong, the former senior vice president of Didi, has joined Hillhouse Group (hereinafter referred to as Hillhouse) as an operating partner, mainly responsible for the layout of technical direction and the introduction of technical talents.</p><p>Zhang Wensong joined Didi in 2016 and was responsible for basic platform, intelligent transportation and Didi Cloud. Before joining Didi, he also worked at Alibaba for nearly seven years, responsible for Alibaba Cloud-related work.</p><p>Zhang Wensong also has entrepreneurial experience. He and his friends once launched a video website called Biku.com, which can send photos and upload videos online. But the project ran aground because of insufficient experience and capital.</p><p>Two people close to Zhang Wensong evaluated that Zhang Wensong was good at technology and a gentle manager. His technical expertise and entrepreneurial experience allow him to more accurately judge entrepreneurial projects and directions.</p><p>Investment institutions have always favored the departing executives of large companies with business trading experience. For example, Fu Junhua, the former senior vice president of Didi, joined Legend Capital after leaving in 2019; Former Meituan Chief Operating Officer (COO) Gan Jiawei joined Hillhouse in 2017 as an operating partner, among others.</p><p>After joining Gaochun, Gan Jiawei was sent to Donghai Group (SEA), a Singapore-based gaming and e-commerce company, for six months, and used his verified experience in Alibaba and Meituan to help SEA promote retail, local push and other businesses.</p><p>An investor commented that compared with those with only investment experience, executives of large companies with business background not only have advantages in discovering high-quality projects, but also can better help the operation and development of invested enterprises.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/da9cc51cff9b2007a504b4a87c072500","relate_stocks":{"DIDI":"滴滴(已退市)"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106707372","content_text":"《晚点 LatePost》独家获悉，原滴滴高级副总裁章文嵩已加入高瓴集团（以下简称高瓴）担任运营合伙人，主要负责技术方向的布局和技术人才的引进。\n章文嵩于 2016 年从加入滴滴，曾先后负责基础平台、智慧交通、滴滴云等工作。在加入滴滴前，他还曾在阿里巴巴近七年，负责阿里云相关工作。\n章文嵩还有过创业经验。他和朋友曾推出了一个名为比酷网的视频网站，可以在线发照、上传视频等。但项目因为经验和资本不足而搁浅。\n两位接近章文嵩的人评价，章文嵩擅长技术，是一个温和的管理者。他在技术方面的专长和创业的经历能让其对创业项目和方向有更准确的判断。\n投资机构向来青睐有业务操盘经验的大公司离职高管。典型如前滴滴高级副总裁付军华在 2019 年离职后加入君联资本；前美团首席运营官（COO）干嘉伟于 2017 年加入高瓴，担任运营合伙人等。\n干嘉伟加入高瓴后，还曾被派到总部位于新加坡的游戏和电商公司冬海集团（SEA）待了 6 个月，用他在阿里巴巴和美团验证过的经验帮助 SEA 推动零售、地推等业务。\n一位投资人评价，比起只有投资经验的人，业务出身的大公司高管不仅在发现优质项目上有优势，还能更好地帮助被投企业的运营和发展。","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141384507,"gmtCreate":1625839075909,"gmtModify":1703749601206,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583014476138305","authorIdStr":"3583014476138305"},"themes":[],"htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/141384507","repostId":"1164526375","repostType":4,"isVote":1,"tweetType":1,"viewCount":965,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":806508499,"gmtCreate":1627662730311,"gmtModify":1703494423956,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/806508499","repostId":"1198370900","repostType":4,"isVote":1,"tweetType":1,"viewCount":3539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":892338353,"gmtCreate":1628638603972,"gmtModify":1676529802484,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"htmlText":"Good luck...&nbsp;","listText":"Good luck...&nbsp;","text":"Good luck...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/892338353","repostId":"892339120","repostType":1,"repost":{"id":892339120,"gmtCreate":1628638403356,"gmtModify":1676529802334,"author":{"id":"3527667586584720","authorId":"3527667586584720","name":"小虎综合资讯","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3527667586584720","idStr":"3527667586584720"},"themes":[],"title":"Unity Software Q2淨虧損1.48億美元，不及市場預期","htmlText":"8月10日美股盤後，遊戲引擎開發商Unity Software發佈2021年第二季度業績。財報顯示，第二季度營收2.74億美元，市場預期2.42億美元；第二季度淨虧損1.48億美元，市場預期淨虧損1.03億美元；第二季度每股虧損0.53美元，市場預期0.35美元。 2021 年第二季度財務摘要 收入爲 2.736 億美元，同比增長 48%。 創建解決方案、運營解決方案以及戰略合作伙伴和其他收入分別爲 7240 萬美元、1.829 億美元和 1830 萬美元，同比分別增長了 31%、63% 和 9%。 運營虧損爲 1.492 億美元，佔收入的 55%，而 2020 年第二季度的運營虧損爲 2480 萬美元，佔收入的 13%。 非 GAAP 運營虧損爲 320 萬美元，佔收入的 1%，而 2020 年第二季度的非 GAAP 運營虧損爲 870 萬美元，佔收入的 5%。 每股基本和攤薄淨虧損爲 0.53 美元，而 2020 年第二季度的基本和攤薄每股淨虧損爲 0.21 美元。 2020 年第二季度基本和攤薄的非 GAAP 每股淨虧損爲 0.02 美元，而基本和攤薄的非 GAAP 每股淨虧損爲 0.09 美元。 截至 2021 年 6 月 30 日的過去 12 個月中，888 位客戶的收入均超過 100,000 美元，去年同期爲 716 位。 截至 2021 年 6 月 30 日，以美元爲基礎的淨擴張率爲 142%，去年同期爲 142%。 2021 年第二季度經營活動中使用的現金淨額爲 2670 萬美元，而去年同期經營活動提供的現金淨額爲 1660 萬美元。2021 年第二季度的自由現金流爲（3350 萬美元），而去年同期爲 490 萬美元。截至 2021 年 6 月 30 日，現金、現金等價物和受限現金爲 10 億美元，而截至 2020 年 6 月 30 日爲 5 億美元。 Un","listText":"8月10日美股盤後，遊戲引擎開發商Unity Software發佈2021年第二季度業績。財報顯示，第二季度營收2.74億美元，市場預期2.42億美元；第二季度淨虧損1.48億美元，市場預期淨虧損1.03億美元；第二季度每股虧損0.53美元，市場預期0.35美元。 2021 年第二季度財務摘要 收入爲 2.736 億美元，同比增長 48%。 創建解決方案、運營解決方案以及戰略合作伙伴和其他收入分別爲 7240 萬美元、1.829 億美元和 1830 萬美元，同比分別增長了 31%、63% 和 9%。 運營虧損爲 1.492 億美元，佔收入的 55%，而 2020 年第二季度的運營虧損爲 2480 萬美元，佔收入的 13%。 非 GAAP 運營虧損爲 320 萬美元，佔收入的 1%，而 2020 年第二季度的非 GAAP 運營虧損爲 870 萬美元，佔收入的 5%。 每股基本和攤薄淨虧損爲 0.53 美元，而 2020 年第二季度的基本和攤薄每股淨虧損爲 0.21 美元。 2020 年第二季度基本和攤薄的非 GAAP 每股淨虧損爲 0.02 美元，而基本和攤薄的非 GAAP 每股淨虧損爲 0.09 美元。 截至 2021 年 6 月 30 日的過去 12 個月中，888 位客戶的收入均超過 100,000 美元，去年同期爲 716 位。 截至 2021 年 6 月 30 日，以美元爲基礎的淨擴張率爲 142%，去年同期爲 142%。 2021 年第二季度經營活動中使用的現金淨額爲 2670 萬美元，而去年同期經營活動提供的現金淨額爲 1660 萬美元。2021 年第二季度的自由現金流爲（3350 萬美元），而去年同期爲 490 萬美元。截至 2021 年 6 月 30 日，現金、現金等價物和受限現金爲 10 億美元，而截至 2020 年 6 月 30 日爲 5 億美元。 Un","text":"8月10日美股盤後，遊戲引擎開發商Unity Software發佈2021年第二季度業績。財報顯示，第二季度營收2.74億美元，市場預期2.42億美元；第二季度淨虧損1.48億美元，市場預期淨虧損1.03億美元；第二季度每股虧損0.53美元，市場預期0.35美元。 2021 年第二季度財務摘要 收入爲 2.736 億美元，同比增長 48%。 創建解決方案、運營解決方案以及戰略合作伙伴和其他收入分別爲 7240 萬美元、1.829 億美元和 1830 萬美元，同比分別增長了 31%、63% 和 9%。 運營虧損爲 1.492 億美元，佔收入的 55%，而 2020 年第二季度的運營虧損爲 2480 萬美元，佔收入的 13%。 非 GAAP 運營虧損爲 320 萬美元，佔收入的 1%，而 2020 年第二季度的非 GAAP 運營虧損爲 870 萬美元，佔收入的 5%。 每股基本和攤薄淨虧損爲 0.53 美元，而 2020 年第二季度的基本和攤薄每股淨虧損爲 0.21 美元。 2020 年第二季度基本和攤薄的非 GAAP 每股淨虧損爲 0.02 美元，而基本和攤薄的非 GAAP 每股淨虧損爲 0.09 美元。 截至 2021 年 6 月 30 日的過去 12 個月中，888 位客戶的收入均超過 100,000 美元，去年同期爲 716 位。 截至 2021 年 6 月 30 日，以美元爲基礎的淨擴張率爲 142%，去年同期爲 142%。 2021 年第二季度經營活動中使用的現金淨額爲 2670 萬美元，而去年同期經營活動提供的現金淨額爲 1660 萬美元。2021 年第二季度的自由現金流爲（3350 萬美元），而去年同期爲 490 萬美元。截至 2021 年 6 月 30 日，現金、現金等價物和受限現金爲 10 億美元，而截至 2020 年 6 月 30 日爲 5 億美元。 Un","images":[{"img":"https://static.tigerbbs.com/9edbb1f3bf5bbbedf8aec0225770f69e","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/fba214677fe2af43d468c0249bde4f7f","width":"-1","height":"-1"},{"img":"https://static.tigerbbs.com/165b5a226956c8909b871f6bacce0c73","width":"-1","height":"-1"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/892339120","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":3149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803090756,"gmtCreate":1627395375275,"gmtModify":1703489130404,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"htmlText":"https://www.laohu8.com/m/news/1109053454?lang=zh_cn&amp;invite=2JZFA1","listText":"https://www.laohu8.com/m/news/1109053454?lang=zh_cn&amp;invite=2JZFA1","text":"https://www.laohu8.com/m/news/1109053454?lang=zh_cn&invite=2JZFA1","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/803090756","repostId":"1120859674","repostType":4,"repost":{"id":"1120859674","kind":"news","weMediaInfo":{"introduction":"秦朔朋友圈是由中国著名媒体人、财经观察家秦朔牵头创立的一个新媒体与专业服务品牌，包括微信公众号、微博、视频节目、音频节目等。内容聚焦于经济、金融和商业领域，关注重点为全球和中国财经商业热点、企业家精神、创新与发明创造、商业文明探索等。","home_visible":1,"media_name":"秦朔朋友圈","id":"60","head_image":"https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e"},"pubTimestamp":1627352185,"share":"https://ttm.financial/m/news/1120859674?lang=en_US&edition=fundamental","pubTime":"2021-07-27 10:16","market":"us","language":"zh","title":"Chinese Concept Stocks Exit from the US Market, Could This Happen?","url":"https://stock-news.laohu8.com/highlight/detail?id=1120859674","media":"秦朔朋友圈","summary":"谁都不希望坏事发生，但如果发生，也不至于措手不及。","content":"<p>Text/Jia Ming</p><p>On July 23rd, a document issued by the CPC Central Office entitled \"Opinions on Further Reducing the Burden of Homework and Off-campus Training for Students in Compulsory Education\" circulated on the Internet. The \"Opinions\" include measures such as \"capitalization\" operation of education and training institutions, and all discipline training institutions are prohibited from listing for financing. Overseas listed education stocks have fallen in response. For example, the share price of New Oriental on the Hong Kong Stock Exchange was once \"halved\" (New Oriental S, closed down 40.61% on the 23rd and 47.02% on the 26th; New Oriental Online closed down 28.07% and 33.45% on the 23rd and 26th respectively; New Oriental closed down 54.22% on the 23rd in the US stock market). On the 23rd, Gaotu fell 63.26% in the US stock market, and TAL fell more than 70%.</p><p>The official has officially announced the document on the evening of July 24th, and many media have forwarded it in full. Interested readers can look for it.</p><p>Today's article does not analyze Circular No.40 of the Central Office, but wants to explore two issues.</p><p>First, why do so many Chinese companies choose to go public in the United States?</p><p>Second, considering Sino-US relations, Ruixing's fraud, Didi's removal from the shelves and other events, what is the future fate of these Chinese stocks listed overseas?</p><p><b>Main reasons</b></p><p>Chinese companies are more enthusiastic about listing on US stock exchanges than any other non-US company, even after the apparent chill in US-China relations.</p><p>In 2019, 32 companies went public in the United States, compared to 34 in 2020, and in the first half of 2021, 37 companies completed listing in the United States. According to wind data, as of July 2021, there were 286 Chinese companies listed in the United States — including those registered in offshore centers such as Hong Kong, China or the Cayman Islands, but most of their revenue and profits came from mainland China — in fact, most Chinese companies listed in the United States basically adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised its audit requirements for Chinese companies listed in the United States. The overall environment for Chinese companies to go public in the United States is not good, so why do Chinese companies still resolutely choose to go public in the United States?</p><p>Several well-known reasons are;</p><p>First, the capital market construction in the United States is relatively early, and the financing system and laws and regulations are relatively more mature and perfect. From the perspective of the overall financing environment, the United States is generally optimistic about Internet companies and high-tech companies. If the same stock is listed in the United States, it is relatively easy to obtain a higher valuation and raise more funds.</p><p>Second, and more importantly, the US capital market adopts a registration system, and there is no profit threshold for companies to be listed. As long as your company's business grows rapidly and occupies a large market share, it can go public even if it loses money. China adopts the audit system, and the necessary condition for applying for A-share listing is to make profits for three consecutive years.</p><p>Internet businesses are growing fast, so they are always very short of money. Some Internet companies, perhaps only a few years after their establishment, have become unicorns with a valuation of more than one billion. At this time, facing the pressure of investors to realize cash and further development, they have to prepare to go public for large-scale fundraising. However, most companies may have just begun to make profits at this time, or even not yet, so they can't meet the conditions of making profits for three consecutive years, and they can't go public for financing in the A-share market. If you wait for two or three years before going public to raise funds, you may not only miss the best development opportunity, but also fail to raise funds, and it is unknown whether the enterprise can survive. Therefore, we can only go abroad.</p><p>Third, the length of China's listing approval cycle is uncertain. When the listing approval is suspended and the company wants to go public, the whole process may take three or four years. Time is money, and many enterprises can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons for Chinese companies to go public in the United States. But beyond that, here are a few reasons that shouldn't be overlooked.</p><p><img src=\"https://static.tigerbbs.com/24b35bd20e43d6773e8057d5090c82e8\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Reason of origin</b></p><p>We often say now that Chinese Internet companies are doing very well. We usually call around 2000 the first year of China's Internet. But we can't forget that in the early days of the development of the Internet, few people could understand this format, so it was impossible for these enterprises to get bank loans.</p><p>In fact, it is difficult to get bank loans not only in the initial stage of the Internet, but also in the initial stage of all enterprises. Because of the strict loan approval procedures and natural risk aversion, commercial banks would rather earn less loan interest than lend money to stable enterprises.</p><p>Banks are not institutions that invest in start-ups. Investing in start-ups should be something that angel investors and venture capital institutions do. At that time, there was no venture capital (VC) and private equity (PE) in China. These Internet companies can't find money in China, but they need money for development. What should they do? Only overseas capital can be introduced.</p><p>You know, in the early days of our reform and opening up, we also exchanged domestic markets for overseas capital and technology. Therefore, as Deng Gong said, it doesn't matter if it is black cat or white cat, if it can catch mice, it is a good cat. Capital is neutral, regardless of whether it is good or bad. If only geography is used as the classification basis, it is certainly possible. But if you want to make a value judgment, it is more important to look at the specific things that these capitals are used for, rather than the origins of these capitals.</p><p>Therefore, many Internet giants in China (in order to avoid unnecessary trouble, I won't give examples here) were Sino-foreign joint ventures at the beginning of their establishment. This begs another question: the question of the legitimacy of the VIE architecture.</p><p>Variable Interest Entity Structure, referred to as VIE Structure, usually referred to as \"Agreement Control\", refers to a listed Entity registered overseas by a proposed listed company, which is separated from the mainland business operating Entity, and the overseas listed Entity controls the domestic business operating Entity through an agreement, and transfers its income and profits to the overseas company. VIE architecture has derived many different forms, but the essence is the same, so it will not be expanded here.</p><p>Because China's laws have strict restrictions on the industry access of overseas funds in \"information transmission, software and information technology services\", overseas capital is not allowed to directly invest in telecommunications and Internet-related enterprises. Of course, companies in these industries are not allowed to directly raise funds or go public overseas. Therefore, these enterprises adopt VIE architecture to bypass supervision.</p><p>Of course, regulation knows this form. The reason why it is not completely forbidden is that on the one hand, this structure is not \"obviously illegal\", and on the other hand, it is certainly a kind of regulatory wisdom.</p><p>However, if this kind of enterprise is listed in China, it still has to strictly follow the regulatory requirements of listing. Then the legality of this VIE structure becomes a problem, so it can't be listed directly in China.</p><p>This means that the roots of some Internet companies are crooked from the day they were born. If the root is not crooked, you can't survive, and if you survive, you will leave a bad background-\"lack of money-introduce foreign capital-become a joint venture-adopt a VIE structure-the legality of domestic listing is problematic-overseas listing\".</p><p>It is much better now. China's multi-level capital market construction is becoming more and more perfect, and there are more RMB venture capital and private placement. The problem of not finding money in China has been greatly alleviated.</p><p>Wang Xiaobo said in \"The Silent Majority\" that it is too easy to make value judgments. If we are a male rabbit, we naturally know that the big bad wolf is bad and the female rabbit is good. But the rabbit doesn't know how to memorize the multiplication table. Figuring out the above background is a bit like a multiplication table. No matter what kind of value evaluation we make on Internet companies going public overseas-how to evaluate it is our freedom-at least our judgment is based on the complete ins and outs of things.</p><p><img src=\"https://static.tigerbbs.com/1f4d1b82e56c3a630026ec35cf9663d6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Other reasons</b></p><p>There are also two reasons, respectively, the free circulation of capital and the pursuit of different rights of the same share.</p><p>As mentioned earlier, because many enterprises are funded by international private equity funds and venture capital companies, and China implements foreign exchange control and lists at home, it will be troublesome for venture capital funds to make profits and have exchange risks, so they also have the incentive to encourage business owners to list abroad. Some business owners have the ambition of being multinational enterprises and are willing to go public in the United States, which is not only conducive to expanding the popularity of enterprises, but also conducive to the global layout of fund-raising and assets of enterprises, achieving multiple goals with one stone.</p><p>To be more verbose, private equity and venture capital eat the bowl of rice with high risk and high return. As long as they can make money in compliance with the law, it can't be said that there is anything wrong with people making a profit and exiting after the company goes public. Of course, if you violate the law and discipline, you must be held accountable according to law.</p><p>Some people may ask that when listed in Hong Kong, capital can also flow freely. Listed company entrepreneurs and early investors can easily convert Hong Kong dollars raised by listing into US dollars or any other currency. This leads to another reason, \"the same shares have the same rights\" and \"the same shares have different rights\".</p><p>Companies listed in mainland China should strictly abide by the regulations of same shares and same rights, that is, how many shares you own in the company will have as many voting rights when voting on major events. This is the reason why many companies don't want to go public, and are afraid that they will not own many shares after listing, which will lead to the company founders being speechless on the board of directors or even being kicked out. This is also the reason for the previously popular \"barbarian\" malicious takeovers, as long as someone else holds more shares than you, even if you are the founder, you will be kicked out.</p><p>Before 2018, listing in Hong Kong was also a requirement of the same shares and rights. In 2018, the Hong Kong Stock Exchange introduced a reform that allows technology companies and companies in the life sciences to adopt an American-style structure of same shares with different rights. Since then, more and more Chinese companies have chosen to list in Hong Kong, or in both Hong Kong, China and New York, USA.</p><p>Not that equal shares and equal rights are bad. Everything has pros and cons. Founders with the same shares and rights are required to be cautious about listing, because they may be overlooked or even kicked out of the decision-making level after listing. However, cautious listing may slow down the development of enterprises and miss the golden development period.</p><p>Going public in the United States provides an option of different rights for the same shares, which means that even if you hold less than 50% of the equity of the company, even if you only hold 10% or even less, you can still maintain control of the company. Although it is convenient for enterprises to go public and raise funds, it can easily lead to the problem of \"insider control\". As the actual controller of an enterprise is not the largest shareholder, when there is a conflict between the interests of shareholders and the interests of operators, the actual controller will easily pretend to be public for personal gain, enrich his own pockets, or adopt some risky business behaviors. In some countries, identical rights are considered to be one of the root causes of corporate governance problems.</p><p><img src=\"https://static.tigerbbs.com/c43b7c0037505392758b59f3788cc488\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Crisis of trust</b></p><p>The previous article basically explains why Chinese enterprises are more willing to go public in the United States. There are various reasons, including regulatory system and business operation. Generally speaking, it is a very normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the escalation of the Sino-US trade conflict, the United States has successively sanctioned Chinese companies, some of which are Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some companies that have already listed are not sanctioned, the risks brought by changes in international relations between the two countries are increasing. In 2020, Luckin's financial fraud aggravated the trust crisis of Chinese concept stocks.</p><p>The Trump administration took the opportunity to sign the Foreign Company Accountability Act before the end of its term, threatening to delist Chinese listed companies from American stock exchanges if China fails to allow the U.S. Public Company Accounting Oversight Board (PCAOB) to obtain audit working papers for three consecutive years.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting time could be advanced by one year.</p><p>The immediate reason for the U.S. threatening to delist Chinese companies is to protect U.S. investors from losses caused by accounting fraud similar to that of Luckin last year. To be honest, this actually seems quite reasonable. Financial fraud is a crime. Not only the United States, but we believe that the capital market of any country should crack down on financial fraud.</p><p>But here are a few questions.</p><p>First, China and the United States have been negotiating on the issue of audit papers, but why are they suddenly turning their faces now?</p><p>In 2009, China issued a law requiring enterprises to \"store the working papers and other files formed by securities companies and securities service institutions that provide related securities services in China in the process of issuing and listing securities overseas\".</p><p>In 2013, PCAOB of China and the United States signed a memorandum of understanding on cooperation, and provided PCAOB with audit working papers of four enterprises.</p><p>From 2016 to 2019, the regulatory authorities of both sides have also made some cooperative attempts on how to effectively inspect. When the relationship is good, there is business and quantity, but when the relationship is bad, it is a bit of turning your face and denying people.</p><p>Second, whether providing accounting papers is an effective form of combating financial fraud.</p><p>For example, in 2002, the Securities Act of 1933 and the Securities Exchange Act of 1934 were greatly revised in response to the financial fraud incident of Enron Company, forming the Public Company Accounting Reform and Investor Protection Act of 2002, or Sarbanes-Oxley Act for short, which made many new provisions in corporate governance, Accounting professional supervision and securities market supervision. In fact, this is conducive to protecting both listed companies and investors, which is a good thing.</p><p>But the U.S. Public Company Accounting Oversight Board established after Sarbanes-Oxley Act can already review the audit papers of listed companies, but then there are accounting problems with WorldCom, Southern Health Care, Freddie Mac, AIG and Lehman Brothers. However, most serious accounting fraud incidents are often found by professional short-selling organizations by using \"private unannounced visits\" to investigate the company's business flow on the spot, and audit companies will not use these means.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not necessarily be able to discover these financial frauds by auditing working papers. In other words, audit papers may help to combat financial fraud, but they are not an essential method and are not always 100 percent effective.</p><p>Third, the important target of the Foreign Company Accountability Act is Chinese stock companies, but it is not the first day that the United States knows that Chinese listed companies adopt VIE structure. If the United States thinks that there is a problem with the VIE structure, it can directly ban the listing of Chinese stocks.</p><p>When the relationship between the two countries is friendly, the audit paper is not a very important issue. The two countries can negotiate and solve it, and cooperate in supervision because of mutual trust. Now this mutual trust is gone.</p><p><img src=\"https://static.tigerbbs.com/69e2b71cb10ca93f5741a9e9b49df382\" tg-width=\"550\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Prepare for a rainy day</b></p><p>We hope that Sino-US relations can return to friendship in the new competitive relationship. But if the gap between the two countries gets wider and wider, then Chinese companies listed in the United States really need to be prepared.</p><p>For China and the United States, the delisting of Chinese companies from the U.S. market does not seem to be an unbearable price.</p><p>As far as the United States is concerned, although the volatility of Chinese stocks is relatively large, the overall performance of Chinese stocks is better than that of most American listed companies, and the losses caused by financial fraud of Chinese enterprises are far smaller than those of American companies such as Enron and Lehman.</p><p>If Chinese stocks are delisted, American investors will lose a better investment target. However, after the delisting of Chinese stocks, they can go to Hong Kong stocks and A shares to be listed. If American investors are still optimistic about Chinese enterprises, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the interconnection mechanism.</p><p>As far as China is concerned, China is a country with high savings and a net exporter of capital, so it is not necessary to list in the United States to raise funds. China's own capital market is also gradually improving, and the registration system is also being piloted on the Science and Technology Innovation Board. It is likely that it will be fully rolled out in the near future. In the future, the convenience of Chinese enterprises listing in China will be greatly improved. Although the valuation of listing in A shares or Hong Kong stocks is likely to shrink, this is not an unacceptable challenge for the whole country.</p><p>Therefore, if Chinese enterprises delist in the United States, it is not an unacceptable event for both countries, then their fate will be more influenced by international relations and historical processes. At this time, what enterprises should do is to take precautions and prevent problems before they happen.</p><p>No one wants bad things to happen, but if they do, they will not be caught off guard.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chinese Concept Stocks Exit from the US Market, Could This Happen?</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\">\nChinese Concept Stocks Exit from the US Market, Could This Happen?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/60\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/707686f07ebc41778130c729f4eea24e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">秦朔朋友圈 </p>\n<p class=\"h-time smaller\">2021-07-27 10:16</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Text/Jia Ming</p><p>On July 23rd, a document issued by the CPC Central Office entitled \"Opinions on Further Reducing the Burden of Homework and Off-campus Training for Students in Compulsory Education\" circulated on the Internet. The \"Opinions\" include measures such as \"capitalization\" operation of education and training institutions, and all discipline training institutions are prohibited from listing for financing. Overseas listed education stocks have fallen in response. For example, the share price of New Oriental on the Hong Kong Stock Exchange was once \"halved\" (New Oriental S, closed down 40.61% on the 23rd and 47.02% on the 26th; New Oriental Online closed down 28.07% and 33.45% on the 23rd and 26th respectively; New Oriental closed down 54.22% on the 23rd in the US stock market). On the 23rd, Gaotu fell 63.26% in the US stock market, and TAL fell more than 70%.</p><p>The official has officially announced the document on the evening of July 24th, and many media have forwarded it in full. Interested readers can look for it.</p><p>Today's article does not analyze Circular No.40 of the Central Office, but wants to explore two issues.</p><p>First, why do so many Chinese companies choose to go public in the United States?</p><p>Second, considering Sino-US relations, Ruixing's fraud, Didi's removal from the shelves and other events, what is the future fate of these Chinese stocks listed overseas?</p><p><b>Main reasons</b></p><p>Chinese companies are more enthusiastic about listing on US stock exchanges than any other non-US company, even after the apparent chill in US-China relations.</p><p>In 2019, 32 companies went public in the United States, compared to 34 in 2020, and in the first half of 2021, 37 companies completed listing in the United States. According to wind data, as of July 2021, there were 286 Chinese companies listed in the United States — including those registered in offshore centers such as Hong Kong, China or the Cayman Islands, but most of their revenue and profits came from mainland China — in fact, most Chinese companies listed in the United States basically adopted this listing method.</p><p>Since 2018, while suppressing Chinese technology companies, the United States has raised its audit requirements for Chinese companies listed in the United States. The overall environment for Chinese companies to go public in the United States is not good, so why do Chinese companies still resolutely choose to go public in the United States?</p><p>Several well-known reasons are;</p><p>First, the capital market construction in the United States is relatively early, and the financing system and laws and regulations are relatively more mature and perfect. From the perspective of the overall financing environment, the United States is generally optimistic about Internet companies and high-tech companies. If the same stock is listed in the United States, it is relatively easy to obtain a higher valuation and raise more funds.</p><p>Second, and more importantly, the US capital market adopts a registration system, and there is no profit threshold for companies to be listed. As long as your company's business grows rapidly and occupies a large market share, it can go public even if it loses money. China adopts the audit system, and the necessary condition for applying for A-share listing is to make profits for three consecutive years.</p><p>Internet businesses are growing fast, so they are always very short of money. Some Internet companies, perhaps only a few years after their establishment, have become unicorns with a valuation of more than one billion. At this time, facing the pressure of investors to realize cash and further development, they have to prepare to go public for large-scale fundraising. However, most companies may have just begun to make profits at this time, or even not yet, so they can't meet the conditions of making profits for three consecutive years, and they can't go public for financing in the A-share market. If you wait for two or three years before going public to raise funds, you may not only miss the best development opportunity, but also fail to raise funds, and it is unknown whether the enterprise can survive. Therefore, we can only go abroad.</p><p>Third, the length of China's listing approval cycle is uncertain. When the listing approval is suspended and the company wants to go public, the whole process may take three or four years. Time is money, and many enterprises can't afford to wait.</p><p>The above three reasons, especially the second and third, should be the two main reasons for Chinese companies to go public in the United States. But beyond that, here are a few reasons that shouldn't be overlooked.</p><p><img src=\"https://static.tigerbbs.com/24b35bd20e43d6773e8057d5090c82e8\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Reason of origin</b></p><p>We often say now that Chinese Internet companies are doing very well. We usually call around 2000 the first year of China's Internet. But we can't forget that in the early days of the development of the Internet, few people could understand this format, so it was impossible for these enterprises to get bank loans.</p><p>In fact, it is difficult to get bank loans not only in the initial stage of the Internet, but also in the initial stage of all enterprises. Because of the strict loan approval procedures and natural risk aversion, commercial banks would rather earn less loan interest than lend money to stable enterprises.</p><p>Banks are not institutions that invest in start-ups. Investing in start-ups should be something that angel investors and venture capital institutions do. At that time, there was no venture capital (VC) and private equity (PE) in China. These Internet companies can't find money in China, but they need money for development. What should they do? Only overseas capital can be introduced.</p><p>You know, in the early days of our reform and opening up, we also exchanged domestic markets for overseas capital and technology. Therefore, as Deng Gong said, it doesn't matter if it is black cat or white cat, if it can catch mice, it is a good cat. Capital is neutral, regardless of whether it is good or bad. If only geography is used as the classification basis, it is certainly possible. But if you want to make a value judgment, it is more important to look at the specific things that these capitals are used for, rather than the origins of these capitals.</p><p>Therefore, many Internet giants in China (in order to avoid unnecessary trouble, I won't give examples here) were Sino-foreign joint ventures at the beginning of their establishment. This begs another question: the question of the legitimacy of the VIE architecture.</p><p>Variable Interest Entity Structure, referred to as VIE Structure, usually referred to as \"Agreement Control\", refers to a listed Entity registered overseas by a proposed listed company, which is separated from the mainland business operating Entity, and the overseas listed Entity controls the domestic business operating Entity through an agreement, and transfers its income and profits to the overseas company. VIE architecture has derived many different forms, but the essence is the same, so it will not be expanded here.</p><p>Because China's laws have strict restrictions on the industry access of overseas funds in \"information transmission, software and information technology services\", overseas capital is not allowed to directly invest in telecommunications and Internet-related enterprises. Of course, companies in these industries are not allowed to directly raise funds or go public overseas. Therefore, these enterprises adopt VIE architecture to bypass supervision.</p><p>Of course, regulation knows this form. The reason why it is not completely forbidden is that on the one hand, this structure is not \"obviously illegal\", and on the other hand, it is certainly a kind of regulatory wisdom.</p><p>However, if this kind of enterprise is listed in China, it still has to strictly follow the regulatory requirements of listing. Then the legality of this VIE structure becomes a problem, so it can't be listed directly in China.</p><p>This means that the roots of some Internet companies are crooked from the day they were born. If the root is not crooked, you can't survive, and if you survive, you will leave a bad background-\"lack of money-introduce foreign capital-become a joint venture-adopt a VIE structure-the legality of domestic listing is problematic-overseas listing\".</p><p>It is much better now. China's multi-level capital market construction is becoming more and more perfect, and there are more RMB venture capital and private placement. The problem of not finding money in China has been greatly alleviated.</p><p>Wang Xiaobo said in \"The Silent Majority\" that it is too easy to make value judgments. If we are a male rabbit, we naturally know that the big bad wolf is bad and the female rabbit is good. But the rabbit doesn't know how to memorize the multiplication table. Figuring out the above background is a bit like a multiplication table. No matter what kind of value evaluation we make on Internet companies going public overseas-how to evaluate it is our freedom-at least our judgment is based on the complete ins and outs of things.</p><p><img src=\"https://static.tigerbbs.com/1f4d1b82e56c3a630026ec35cf9663d6\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Other reasons</b></p><p>There are also two reasons, respectively, the free circulation of capital and the pursuit of different rights of the same share.</p><p>As mentioned earlier, because many enterprises are funded by international private equity funds and venture capital companies, and China implements foreign exchange control and lists at home, it will be troublesome for venture capital funds to make profits and have exchange risks, so they also have the incentive to encourage business owners to list abroad. Some business owners have the ambition of being multinational enterprises and are willing to go public in the United States, which is not only conducive to expanding the popularity of enterprises, but also conducive to the global layout of fund-raising and assets of enterprises, achieving multiple goals with one stone.</p><p>To be more verbose, private equity and venture capital eat the bowl of rice with high risk and high return. As long as they can make money in compliance with the law, it can't be said that there is anything wrong with people making a profit and exiting after the company goes public. Of course, if you violate the law and discipline, you must be held accountable according to law.</p><p>Some people may ask that when listed in Hong Kong, capital can also flow freely. Listed company entrepreneurs and early investors can easily convert Hong Kong dollars raised by listing into US dollars or any other currency. This leads to another reason, \"the same shares have the same rights\" and \"the same shares have different rights\".</p><p>Companies listed in mainland China should strictly abide by the regulations of same shares and same rights, that is, how many shares you own in the company will have as many voting rights when voting on major events. This is the reason why many companies don't want to go public, and are afraid that they will not own many shares after listing, which will lead to the company founders being speechless on the board of directors or even being kicked out. This is also the reason for the previously popular \"barbarian\" malicious takeovers, as long as someone else holds more shares than you, even if you are the founder, you will be kicked out.</p><p>Before 2018, listing in Hong Kong was also a requirement of the same shares and rights. In 2018, the Hong Kong Stock Exchange introduced a reform that allows technology companies and companies in the life sciences to adopt an American-style structure of same shares with different rights. Since then, more and more Chinese companies have chosen to list in Hong Kong, or in both Hong Kong, China and New York, USA.</p><p>Not that equal shares and equal rights are bad. Everything has pros and cons. Founders with the same shares and rights are required to be cautious about listing, because they may be overlooked or even kicked out of the decision-making level after listing. However, cautious listing may slow down the development of enterprises and miss the golden development period.</p><p>Going public in the United States provides an option of different rights for the same shares, which means that even if you hold less than 50% of the equity of the company, even if you only hold 10% or even less, you can still maintain control of the company. Although it is convenient for enterprises to go public and raise funds, it can easily lead to the problem of \"insider control\". As the actual controller of an enterprise is not the largest shareholder, when there is a conflict between the interests of shareholders and the interests of operators, the actual controller will easily pretend to be public for personal gain, enrich his own pockets, or adopt some risky business behaviors. In some countries, identical rights are considered to be one of the root causes of corporate governance problems.</p><p><img src=\"https://static.tigerbbs.com/c43b7c0037505392758b59f3788cc488\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Crisis of trust</b></p><p>The previous article basically explains why Chinese enterprises are more willing to go public in the United States. There are various reasons, including regulatory system and business operation. Generally speaking, it is a very normal business behavior of seeking advantages and avoiding disadvantages.</p><p>However, after the escalation of the Sino-US trade conflict, the United States has successively sanctioned Chinese companies, some of which are Chinese companies listed in the United States. This increases the risk of listing in the United States. Even if some companies that have already listed are not sanctioned, the risks brought by changes in international relations between the two countries are increasing. In 2020, Luckin's financial fraud aggravated the trust crisis of Chinese concept stocks.</p><p>The Trump administration took the opportunity to sign the Foreign Company Accountability Act before the end of its term, threatening to delist Chinese listed companies from American stock exchanges if China fails to allow the U.S. Public Company Accounting Oversight Board (PCAOB) to obtain audit working papers for three consecutive years.</p><p>On June 22, 2021, the U.S. Senate passed another proposal, proposing that the delisting time could be advanced by one year.</p><p>The immediate reason for the U.S. threatening to delist Chinese companies is to protect U.S. investors from losses caused by accounting fraud similar to that of Luckin last year. To be honest, this actually seems quite reasonable. Financial fraud is a crime. Not only the United States, but we believe that the capital market of any country should crack down on financial fraud.</p><p>But here are a few questions.</p><p>First, China and the United States have been negotiating on the issue of audit papers, but why are they suddenly turning their faces now?</p><p>In 2009, China issued a law requiring enterprises to \"store the working papers and other files formed by securities companies and securities service institutions that provide related securities services in China in the process of issuing and listing securities overseas\".</p><p>In 2013, PCAOB of China and the United States signed a memorandum of understanding on cooperation, and provided PCAOB with audit working papers of four enterprises.</p><p>From 2016 to 2019, the regulatory authorities of both sides have also made some cooperative attempts on how to effectively inspect. When the relationship is good, there is business and quantity, but when the relationship is bad, it is a bit of turning your face and denying people.</p><p>Second, whether providing accounting papers is an effective form of combating financial fraud.</p><p>For example, in 2002, the Securities Act of 1933 and the Securities Exchange Act of 1934 were greatly revised in response to the financial fraud incident of Enron Company, forming the Public Company Accounting Reform and Investor Protection Act of 2002, or Sarbanes-Oxley Act for short, which made many new provisions in corporate governance, Accounting professional supervision and securities market supervision. In fact, this is conducive to protecting both listed companies and investors, which is a good thing.</p><p>But the U.S. Public Company Accounting Oversight Board established after Sarbanes-Oxley Act can already review the audit papers of listed companies, but then there are accounting problems with WorldCom, Southern Health Care, Freddie Mac, AIG and Lehman Brothers. However, most serious accounting fraud incidents are often found by professional short-selling organizations by using \"private unannounced visits\" to investigate the company's business flow on the spot, and audit companies will not use these means.</p><p>The U.S. Public Company Accounting Oversight Board (PCAOB) may not necessarily be able to discover these financial frauds by auditing working papers. In other words, audit papers may help to combat financial fraud, but they are not an essential method and are not always 100 percent effective.</p><p>Third, the important target of the Foreign Company Accountability Act is Chinese stock companies, but it is not the first day that the United States knows that Chinese listed companies adopt VIE structure. If the United States thinks that there is a problem with the VIE structure, it can directly ban the listing of Chinese stocks.</p><p>When the relationship between the two countries is friendly, the audit paper is not a very important issue. The two countries can negotiate and solve it, and cooperate in supervision because of mutual trust. Now this mutual trust is gone.</p><p><img src=\"https://static.tigerbbs.com/69e2b71cb10ca93f5741a9e9b49df382\" tg-width=\"550\" tg-height=\"428\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><b>Prepare for a rainy day</b></p><p>We hope that Sino-US relations can return to friendship in the new competitive relationship. But if the gap between the two countries gets wider and wider, then Chinese companies listed in the United States really need to be prepared.</p><p>For China and the United States, the delisting of Chinese companies from the U.S. market does not seem to be an unbearable price.</p><p>As far as the United States is concerned, although the volatility of Chinese stocks is relatively large, the overall performance of Chinese stocks is better than that of most American listed companies, and the losses caused by financial fraud of Chinese enterprises are far smaller than those of American companies such as Enron and Lehman.</p><p>If Chinese stocks are delisted, American investors will lose a better investment target. However, after the delisting of Chinese stocks, they can go to Hong Kong stocks and A shares to be listed. If American investors are still optimistic about Chinese enterprises, they can continue to buy and invest in Hong Kong through the Qualified Foreign Investor Mechanism (QFII) or the interconnection mechanism.</p><p>As far as China is concerned, China is a country with high savings and a net exporter of capital, so it is not necessary to list in the United States to raise funds. China's own capital market is also gradually improving, and the registration system is also being piloted on the Science and Technology Innovation Board. It is likely that it will be fully rolled out in the near future. In the future, the convenience of Chinese enterprises listing in China will be greatly improved. Although the valuation of listing in A shares or Hong Kong stocks is likely to shrink, this is not an unacceptable challenge for the whole country.</p><p>Therefore, if Chinese enterprises delist in the United States, it is not an unacceptable event for both countries, then their fate will be more influenced by international relations and historical processes. At this time, what enterprises should do is to take precautions and prevent problems before they happen.</p><p>No one wants bad things to happen, but if they do, they will not be caught off guard.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ab6f6a5034baf0d08c9227da13ca9733","relate_stocks":{"513050":"中概互联网ETF易方达"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120859674","content_text":"文/贾铭\n7月23日，一份名为《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》的中办发文件在网络流传。《意见》包含，严禁教育培训机构“资本化”运作，学科类培训机构一律不得上市融资等措施，海外上市的教育类股票应声而跌。比如，新东方在港交所的股价一度“腰斩”（新东方S，23号收跌40.61%，26号再收跌47.02%；新东方在线23号和26号分别收跌28.07%、33.45%；新东方在美股收盘跌幅23号为54.22%），23号，高途在美股跌幅达63.26%，好未来跌幅更是超过70%。\n官方已经于7月24日晚正式公布该文件，多家媒体有全文转发，感兴趣的读者可以找来看。\n今天这篇文章，并不分析中办的40号文，而是想探讨两个问题。\n第一，为什么这么多中国企业选择在美上市？\n第二，考虑到中美关系、瑞幸造假、滴滴下架等事件，在海外上市的这些中概股，未来命运如何？\n主要原因\n中国企业在美国的证券交易所上市的热情，差不多超过其他任何非美国的企业，即使在中美关系明显遇冷之后，依然如此。\n2019年，有32家企业赴美上市，2020年为34家，2021年上半年，已完成赴美上市的企业有37家。据wind数据，截至2021年7月，共有286家中国企业在美国上市——包括那些注册在中国香港或者开曼群岛等离岸中心，但大部分收入和利润来自中国内地的企业——事实上，大部分在美国上市的中国企业，基本都采取了这种上市方式。\n2018年以来，美国在打压中国科技企业的同时，提高了对赴美上市中国企业的审计要求，中企赴美上市的整体环境并不佳，那为什么中国企业仍毅然选择赴美上市呢？\n众所周知的几个原因是：\n第一，美国的资本市场建设比较早，融资体系和法律法规相对来讲更加成熟和完善。从总体融资环境看，美国对于互联网公司、高科技公司普遍看好，同样的一只股票，在美国上市，相对容易获得更高的估值，募集更多的资金。\n第二，更重要的是，美国资本市场采取注册制，对于拟上市公司不设盈利门槛。只要你的公司业务高速增长，占据很大的市场份额，即便亏损也能上市。我国采取审核制，申请A股上市的必要条件是连续三年盈利。\n互联网企业成长很快，所以总是非常缺钱。有的互联网企业，或许仅仅创立几年，就成为了估值超过十亿的独角兽，这时候面临投资人变现的压力和进一步发展的压力，就要准备上市做大规模筹资了，但是多数企业这时候可能才刚刚开始盈利，甚至还没有盈利，所以达不到连续三年盈利的条件，也就无法在A股市场上市融资。要是等两三年后再去上市筹资，不仅可能错过最好的发展时机，融不到资，企业能不能活下去都成了未知数。所以，只能去国外。\n第三，我国的上市审批周期长短不定，遇到上市审批暂停，企业想上市，整个流程长的话可能要三四年。时间就是金钱，很多企业等不起。\n以上三个原因，尤其是第二和第三，应该是中国企业赴美上市最主要的两个原因。但除此之外，还有以下几个原因不应该被忽视。\n\n出身原因\n我们现在经常说，中国的互联网企业做的很好。我们又通常把2000年前后，称为中国的互联网元年。但我们不能忘记，在互联网发展初期，没有几个人能看得懂这种业态，所以这些企业不可能拿到银行贷款。\n其实不仅仅是互联网初创期，所有企业初创期，都很难拿到银行贷款。由于商业银行严格的贷款审批手续和天生的风险厌恶属性，它宁愿少赚点贷款利息，也更愿意把钱贷给四平八稳的企业。\n银行本来就不是给初创企业投资的机构，给初创企业投资，应该是天使投资人和风投机构干的事儿，而我国那时候没有什么风险投资（VC）和私募股权（PE）。这些互联网企业在国内找不到钱，但发展又需要钱，怎么办？只能引进境外资本。\n要知道，我们的改革开放早期，也是用境内的市场换境外的资本和技术。所以还是邓公说的好，管它黑猫白猫，能抓老鼠就是好猫。资本本是中性，无所谓好坏，如果只是用地域作为分类依据，当然是可以的。但如果要做价值判断，更重要的是要看这些资本被用来做的具体的事情，而不是这些资本的出身。\n所以，我国的很多互联网巨头（为了避免不必要的麻烦，这里就不举例了），在设立之初，就是中外合资企业。这又引出了另一个问题：VIE架构的合法性问题。\n可变利益实体架构（Variable Interest Entity），简称VIE架构，通常被称为“协议控制”，是指拟上市公司在境外注册的上市实体，与内地业务经营主体分离，由境外上市实体透过协议方式控制境内业务经营主体，并把收入和利润转移到境外公司。VIE架构又衍生出很多不同的形式，但本质是一样的，这里不展开。\n因为我国法律对境外资金在“信息传输、软件和信息技术服务业”的行业准入有严格限制，不允许境外资本直接投资电信、互联网相关企业。当然也不允许这些行业的公司直接在海外集资或者上市。所以，这些企业采取VIE架构绕开监管。\n监管当然知道这种形式，之所以没有完全禁绝，一方面是这种架构并不“明显违法”，另一方面当然也是一种监管智慧。\n但这种企业在境内上市的话，还是要严格按照上市的监管要求，那这种VIE架构的合法性就成了问题，所以不能直接境内上市。\n这就意味着，一部分互联网企业从诞生的那天起，根就是歪的。根不歪就活不下来，活下来了又留下了不好的出身——“缺钱-引进外资-变成合资企业-采取VIE架构-境内上市的合法性有问题-境外上市”。\n现在好多了，我国的多层次资本市场建设越来越完善，人民币风投和私募也多了，在国内找不到钱的问题，得到了很大的缓解。\n王小波在《沉默的大多数》中说，做价值判断太容易了，如果我们是一只公兔子，我们天然就知道大灰狼坏，母兔子好。但兔子不知道怎么背九九乘法表。搞清楚上面这个背景，就有点九九乘法表的意思，无论我们对互联网企业去境外上市做出何种价值评价——如何评价是我们的自由——但起码我们的评判是基于事情完整的来龙去脉做出来的。\n\n其他原因\n还有两个原因分别是，资本的自由流通和同股不同权的追求。\n如前所述，由于很多企业的资金来源包括国际私募基金和风险投资公司，而中国又实行外汇管制，在境内上市，风投资金获利退出会很麻烦，有汇兑风险，所以他们也有动力鼓励企业所有者在境外上市。有的企业所有者有做跨国企业的雄心，也愿意在美国上市，这既有利于拓展企业的知名度，又有利于企业募资和资产的全球布局，一举多得。\n又得啰嗦一点，私募和风投吃的就是高风险高收益这碗饭，只要他们能遵纪守法地赚钱，就不能说人家在企业上市后获利退出有什么不对。当然，如果违法乱纪，那必然是要依法追责的。\n有人可能会问，在香港上市，资本也可以自由流动啊。上市公司创业者与早期投资者可以轻松地将上市筹集的港元兑换成美元或其他任何货币。这就到了另一个原因，“同股同权”和“同股不同权”。\n在我国内地上市的公司要严格遵守同股同权的条例，即你拥有该公司多少股份，在重大事件投票时就拥有多少的投票权，这就是很多公司不想上市的原因，害怕上市之后拥有的股份不多，导致公司创始人在董事会说不上话甚至会被踢出局。这也是之前流行的“野蛮人”恶意收购的原因，只要别人持有比你更多的股份，哪怕你是创始人，也会被踢出局。\n在2018年以前，在香港上市，也是同股同权的要求。2018年，港交所推出了一项改革，允许科技企业和生命科学领域里的企业采用美国式的同股不同权的结构。此后，越来越多的中国企业选择在香港上市，或者在中国香港和美国纽约两地同时挂牌。\n不是说同股同权不好。凡事都是有利有弊。同股同权要求持股不多的创始人谨慎上市，因为上市后可能被架空甚至踢出决策层，但谨慎上市又可能拖慢企业发展的速度，错过黄金发展期。\n赴美上市提供了一个同股不同权的选项，这就意味着，即使持有企业小于50%的股权，哪怕只持有10%甚至更低，也可以保持对企业的控制权。虽然方便了企业上市融资，但这很容易导致“内部人控制”问题。由于企业的实际控制人并不是最大的股东，那股东利益与经营者利益存在冲突的时候，实控人就容易假公济私，中饱私囊，或者采取一些风险比较大的经营行为。在一些国家，同股不同权被认为是企业治理问题的根源之一。\n\n信任危机\n前文基本解释了中国企业为啥更愿意去美国上市，有各种原因，有监管制度上的，有企业经营上的，总体而言，是一种很正常的趋利避害的商业行为。\n但中美贸易冲突升级以后，美国接连制裁中国的企业，有一些就是在美上市的中国企业。这增大了在美上市的风险，已经上市的部分企业，即使没有被制裁，因两国国际关系变动而带来的风险也在变大。2020年，瑞幸财务造假，更加剧了中概股的信任危机。\n特朗普政府趁机在任期结束之前签署《外国公司问责法案》，威胁说，如果中国方面连续三年不能够让美国上市公司会计监督委员会（PCAOB）获得审计工作底稿，中国的上市企业将会被美国证券交易所摘牌。\n2021年6月22日，美国参议院又通过了另一项提案，提出退市时间可以提前一年。\n美国威胁要让中国企业退市的直接理由是保护美国投资者免受类似于去年瑞幸咖啡那样的会计造假带来的损失。说实话，这看起来其实挺有道理。财务造假是犯罪，不仅美国，我们相信任何一个国家的资本市场都要打击财务造假。\n但这里有几个问题。\n第一，中美双方一直在就审计底稿的问题进行磋商，但为啥现在突然翻脸。\n2009年，我国出台法律，要求企业“在境外发行证券与上市过程中，提供相关证券服务的证券公司、证券服务机构在境内形成的工作底稿等档案应当存放在境内”。\n2013年，我国和美国的PCAOB签署了一份合作谅解备忘录，并向PCAOB提供了4家企业的审计工作底稿。\n2016年到2019年，双方监管部门也一直就如何来有效地检查，有过一些合作尝试。关系好的时候有商有量，关系不好的时候就有点翻脸不认人的意思。\n第二，提供会计底稿是不是打击财务造假的一种有效形式。\n美国的证券市场监管法规一直在不断升级，比如2002年针对安然公司财务造假事件对《1933年证券法》《1934年证券交易法》做出大幅修订，形成了《2002年上市公司会计改革和投资者保护法案》（Public Company Accounting Reform and Investor Protection Act of 2002），简称《萨班斯-奥克斯利法案》，在公司治理、会计职业监管、证券市场监管等方面作出了许多新的规定。这事实上既有利于保护上市公司，也有利于保护投资者，是好事儿。\n但《萨班斯-奥克斯利法案》之后建立的美国上市公司会计监督委员会已经可以审阅上市公司的审计底稿了，可之后又出现了世通、南方保健、房地美、美国国际集团和雷曼兄弟的会计问题。而大多数比较严重的会计造假事件，往往是由专业的卖空机构，通过使用“私服暗访”实地调查公司业务流量等技巧手段发现问题的，审计公司不会使用这些手段。\n美国上市公司会计监督委员会（PCAOB）不一定能通过审计工作底稿来发现这些财务造假。换言之，审计底稿或许有助于打击财务造假，但并不是一种必不可少的方式，也不总是百分百有效。\n第三，《外国公司问责法案》的重要目标就是中概股公司，但美国不是第一天知道中国上市公司采用VIE架构。如果美国认为VIE架构有问题，那直接禁止中概股上市即可。\n两国在关系友好的时候，审计底稿并不是一个很重要的问题，两国可以协商解决，合作监管，因为互相信任。现在这种互信没有了。\n\n未雨绸缪\n我们希望中美关系可以在新的竞争关系中复归友好。但如果两国的隔阂越来越大，那在美上市的中国企业，确实需要做好两手准备。\n对中美两国来讲，中国企业从美国市场退市，似乎都不是难以承受的代价。\n对美国来讲，尽管中概股的波动比较大，但中概股的整体表现优于大部分美国上市公司股票，中国企业财务造假带来的损失，也远小于安然、雷曼这些美国公司。\n如果中概股退市，美国投资者会失去一个比较好的投资标的。但中概股退市后可以去港股和A股上市，如果美国投资者依旧看好中国企业，可以继续在香港地区通过合格境外投资者机制（QFII）或者互联互通机制买进，进行投资。\n对中国来讲，我国是一个高储蓄国家和资本净出口国，并非一定要在美国上市募资。我国自己的资本市场也在逐渐完善，注册制也在科创板试点，很可能不久后的未来就会全面铺开，未来中国企业在国内上市的便利度会大幅度提升，虽然在A股或者港股上市，估值很可能有缩水，但这对整个国家来讲，并不是什么不可接受的挑战。\n所以，如果中国企业在美退市，对两国来讲并不是什么不可接受的事件，那它们的命运就更多地受国际关系和历史进程的影响。这时候，企业应该做的就是未雨绸缪，防患于未然。\n谁都不希望坏事发生，但如果发生，也不至于措手不及。","news_type":1,"symbols_score_info":{"513050":0.9}},"isVote":1,"tweetType":1,"viewCount":2680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177490977,"gmtCreate":1627256418699,"gmtModify":1703485966492,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"htmlText":"Good job","listText":"Good job","text":"Good job","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177490977","repostId":"1120328956","repostType":4,"isVote":1,"tweetType":1,"viewCount":3374,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177512928,"gmtCreate":1627251558764,"gmtModify":1703485862230,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"htmlText":"Good stock&nbsp;","listText":"Good stock&nbsp;","text":"Good stock","images":[{"img":"https://static.tigerbbs.com/f11b7c0aa3e55ac73dec2755b20654b9","width":"1440","height":"3042"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/177512928","isVote":1,"tweetType":1,"viewCount":3503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":170810446,"gmtCreate":1626418714985,"gmtModify":1703759796748,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"htmlText":"Happy go lucky...&nbsp;","listText":"Happy go lucky...&nbsp;","text":"Happy go lucky...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/170810446","repostId":"1144882319","repostType":4,"repost":{"id":"1144882319","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":1626418173,"share":"https://ttm.financial/m/news/1144882319?lang=en_US&edition=fundamental","pubTime":"2021-07-16 14:49","market":"sh","language":"zh","title":"The GEM index fell 3%, and CATL once fell 7%","url":"https://stock-news.laohu8.com/highlight/detail?id=1144882319","media":"老虎资讯综合","summary":"7月16日，创业板指跌3%，深证成指跌超1%，宁德时代一度跌7%，比亚迪跌近6%，迈瑞医疗跌超5%。","content":"<p>On July 16th, the GEM index fell by 3%, and the Shenzhen Component Index fell by more than 1%.<a href=\"https://laohu8.com/S/300750\">CATL</a>Once down 7%,<a href=\"https://laohu8.com/S/002594\">BYD</a>dropped nearly 6%,<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>It fell by more than 5%.</p><p><img src=\"https://static.tigerbbs.com/b0247b226d247c573b0b3fe9441723cb\" 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>The GEM index fell 3%, and CATL once fell 7%</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; 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#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\">\nThe GEM index fell 3%, and CATL once fell 7%\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\">2021-07-16 14:49</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 16th, the GEM index fell by 3%, and the Shenzhen Component Index fell by more than 1%.<a href=\"https://laohu8.com/S/300750\">CATL</a>Once down 7%,<a href=\"https://laohu8.com/S/002594\">BYD</a>dropped nearly 6%,<a href=\"https://laohu8.com/S/300760\">Mindray Medical</a>It fell by more than 5%.</p><p><img src=\"https://static.tigerbbs.com/b0247b226d247c573b0b3fe9441723cb\" 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/c7da52addfd52fb216bcf87283f43750","relate_stocks":{"300750":"宁德时代","399001":"深证成指","399006":"创业板指"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144882319","content_text":"7月16日，创业板指跌3%，深证成指跌超1%，宁德时代一度跌7%，比亚迪跌近6%，迈瑞医疗跌超5%。","news_type":1,"symbols_score_info":{"300750":0.9,"399001":0.9,"399006":0.9}},"isVote":1,"tweetType":1,"viewCount":1209,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144028951,"gmtCreate":1626255109573,"gmtModify":1703756429900,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"htmlText":"Good stock&nbsp;","listText":"Good stock&nbsp;","text":"Good stock","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/144028951","repostId":"1106707372","repostType":4,"repost":{"id":"1106707372","kind":"news","weMediaInfo":{"introduction":"晚一点，好一点。这是《财经》杂志与小晚团队联合推出的新品牌。全部一手采访，没有二手信息。做你最信任的商业新闻媒体。","home_visible":1,"media_name":"晚点LatePost","id":"1026578596","head_image":"https://static.tigerbbs.com/c6daaa6faf674b18bd5facc8daca7d3d"},"pubTimestamp":1626254933,"share":"https://ttm.financial/m/news/1106707372?lang=en_US&edition=fundamental","pubTime":"2021-07-14 17:28","market":"us","language":"zh","title":"Zhang Wensong, former senior vice president of Didi, joins Hillhouse as operating partner","url":"https://stock-news.laohu8.com/highlight/detail?id=1106707372","media":"晚点LatePost","summary":"《晚点 LatePost》独家获悉，原滴滴高级副总裁章文嵩已加入高瓴集团（以下简称高瓴）担任运营合伙人，主要负责技术方向的布局和技术人才的引进。\n章文嵩于 2016 年从加入滴滴，曾先后负责基础平台、","content":"<p>LatePost learned exclusively that Zhang Wensong, the former senior vice president of Didi, has joined Hillhouse Group (hereinafter referred to as Hillhouse) as an operating partner, mainly responsible for the layout of technical direction and the introduction of technical talents.</p><p>Zhang Wensong joined Didi in 2016 and was responsible for basic platform, intelligent transportation and Didi Cloud. Before joining Didi, he also worked at Alibaba for nearly seven years, responsible for Alibaba Cloud-related work.</p><p>Zhang Wensong also has entrepreneurial experience. He and his friends once launched a video website called Biku.com, which can send photos and upload videos online. But the project ran aground because of insufficient experience and capital.</p><p>Two people close to Zhang Wensong evaluated that Zhang Wensong was good at technology and a gentle manager. His technical expertise and entrepreneurial experience allow him to more accurately judge entrepreneurial projects and directions.</p><p>Investment institutions have always favored the departing executives of large companies with business trading experience. For example, Fu Junhua, the former senior vice president of Didi, joined Legend Capital after leaving in 2019; Former Meituan Chief Operating Officer (COO) Gan Jiawei joined Hillhouse in 2017 as an operating partner, among others.</p><p>After joining Gaochun, Gan Jiawei was sent to Donghai Group (SEA), a Singapore-based gaming and e-commerce company, for six months, and used his verified experience in Alibaba and Meituan to help SEA promote retail, local push and other businesses.</p><p>An investor commented that compared with those with only investment experience, executives of large companies with business background not only have advantages in discovering high-quality projects, but also can better help the operation and development of invested enterprises.</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>Zhang Wensong, former senior vice president of Didi, joins Hillhouse as operating partner</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\">\nZhang Wensong, former senior vice president of Didi, joins Hillhouse as operating partner\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1026578596\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/c6daaa6faf674b18bd5facc8daca7d3d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">晚点LatePost </p>\n<p class=\"h-time smaller\">2021-07-14 17:28</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>LatePost learned exclusively that Zhang Wensong, the former senior vice president of Didi, has joined Hillhouse Group (hereinafter referred to as Hillhouse) as an operating partner, mainly responsible for the layout of technical direction and the introduction of technical talents.</p><p>Zhang Wensong joined Didi in 2016 and was responsible for basic platform, intelligent transportation and Didi Cloud. Before joining Didi, he also worked at Alibaba for nearly seven years, responsible for Alibaba Cloud-related work.</p><p>Zhang Wensong also has entrepreneurial experience. He and his friends once launched a video website called Biku.com, which can send photos and upload videos online. But the project ran aground because of insufficient experience and capital.</p><p>Two people close to Zhang Wensong evaluated that Zhang Wensong was good at technology and a gentle manager. His technical expertise and entrepreneurial experience allow him to more accurately judge entrepreneurial projects and directions.</p><p>Investment institutions have always favored the departing executives of large companies with business trading experience. For example, Fu Junhua, the former senior vice president of Didi, joined Legend Capital after leaving in 2019; Former Meituan Chief Operating Officer (COO) Gan Jiawei joined Hillhouse in 2017 as an operating partner, among others.</p><p>After joining Gaochun, Gan Jiawei was sent to Donghai Group (SEA), a Singapore-based gaming and e-commerce company, for six months, and used his verified experience in Alibaba and Meituan to help SEA promote retail, local push and other businesses.</p><p>An investor commented that compared with those with only investment experience, executives of large companies with business background not only have advantages in discovering high-quality projects, but also can better help the operation and development of invested enterprises.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/da9cc51cff9b2007a504b4a87c072500","relate_stocks":{"DIDI":"滴滴(已退市)"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106707372","content_text":"《晚点 LatePost》独家获悉，原滴滴高级副总裁章文嵩已加入高瓴集团（以下简称高瓴）担任运营合伙人，主要负责技术方向的布局和技术人才的引进。\n章文嵩于 2016 年从加入滴滴，曾先后负责基础平台、智慧交通、滴滴云等工作。在加入滴滴前，他还曾在阿里巴巴近七年，负责阿里云相关工作。\n章文嵩还有过创业经验。他和朋友曾推出了一个名为比酷网的视频网站，可以在线发照、上传视频等。但项目因为经验和资本不足而搁浅。\n两位接近章文嵩的人评价，章文嵩擅长技术，是一个温和的管理者。他在技术方面的专长和创业的经历能让其对创业项目和方向有更准确的判断。\n投资机构向来青睐有业务操盘经验的大公司离职高管。典型如前滴滴高级副总裁付军华在 2019 年离职后加入君联资本；前美团首席运营官（COO）干嘉伟于 2017 年加入高瓴，担任运营合伙人等。\n干嘉伟加入高瓴后，还曾被派到总部位于新加坡的游戏和电商公司冬海集团（SEA）待了 6 个月，用他在阿里巴巴和美团验证过的经验帮助 SEA 推动零售、地推等业务。\n一位投资人评价，比起只有投资经验的人，业务出身的大公司高管不仅在发现优质项目上有优势，还能更好地帮助被投企业的运营和发展。","news_type":1,"symbols_score_info":{"DIDI":0.9}},"isVote":1,"tweetType":1,"viewCount":836,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":141384507,"gmtCreate":1625839075909,"gmtModify":1703749601206,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"htmlText":"Good luck&nbsp;","listText":"Good luck&nbsp;","text":"Good luck","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/141384507","repostId":"1164526375","repostType":4,"isVote":1,"tweetType":1,"viewCount":965,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888513087,"gmtCreate":1631506471049,"gmtModify":1676530560791,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"htmlText":"???Good&nbsp;","listText":"???Good&nbsp;","text":"???Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/888513087","repostId":"2167263309","repostType":2,"isVote":1,"tweetType":1,"viewCount":3024,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806443804,"gmtCreate":1627690960108,"gmtModify":1703494671227,"author":{"id":"3583014476138305","authorId":"3583014476138305","name":"kennynyap","avatar":"https://static.tigerbbs.com/d77d238160cfd0c03fc07e1389d1bca8","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583014476138305","idStr":"3583014476138305"},"themes":[],"htmlText":"Good stock&nbsp;","listText":"Good stock&nbsp;","text":"Good stock","images":[{"img":"https://static.tigerbbs.com/3d0307caf2eef39622fd36b89a3ede19","width":"1440","height":"4161"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/806443804","isVote":1,"tweetType":1,"viewCount":2823,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}