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云中梧桐

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- 云中梧桐云中梧桐
  ·2023-03-23
  [微笑]
  Sorry, this post has been deleted
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- 云中梧桐云中梧桐
  ·2023-03-06
  [微笑]
  This week's preview | U.S. non-farm and Powell's monetary policy testimony is coming! JD.COM, Sea and More to Release Earnings
  本周（3.6-3.10）重磅财经事件及数据如下：经济数据方面，本周将发布多个重要经济数据，其中，美国ADP就业人数、中国通胀数据、美国当周初请失业金人数、美国非农就业人口及失业率等将陆续公布。财经事件
  This week's preview | U.S. non-farm and Powell's monetary policy testimony is coming! JD.COM, Sea and More to Release Earnings
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- 云中梧桐云中梧桐
  ·2023-02-22
  [微笑]
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- 云中梧桐云中梧桐
  ·2023-02-20
  [开心]
  The "unsolved mystery" of India's richest man being attacked by short sellers: How did Hindenburg short Adani?
  在新加坡运用了单一股票期货或许是兴登堡做空阿达尼的“谜底”。要想在印度做空一家公司并不容易，而兴登堡几乎没有透露有关其押注规模以及使用的衍生品和参考证券种类的具体信息，这不禁让市场对于其如何能让阿达尼
  The "unsolved mystery" of India's richest man being attacked by short sellers: How did Hindenburg short Adani?
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- 云中梧桐云中梧桐
  ·2023-02-18
  [微笑]
  Where did the people who made the big deal on China's Internet go?
  他，有什么特别的？他的失联，为什么值得特别关注？
  Where did the people who made the big deal on China's Internet go?
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- 云中梧桐云中梧桐
  ·2023-02-16
  [微笑]
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- 云中梧桐云中梧桐
  ·2023-02-16
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- 云中梧桐云中梧桐
  ·2022-11-10
  $纳斯达克(.IXIC)$
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JD.COM, Sea and More to Release Earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1128373353","media":"老虎资讯综合","summary":"本周（3.6-3.10）重磅财经事件及数据如下：经济数据方面，本周将发布多个重要经济数据，其中，美国ADP就业人数、中国通胀数据、美国当周初请失业金人数、美国非农就业人口及失业率等将陆续公布。财经事件","content":"<p><html><head></head><body>This week's (3.6-3.10) blockbuster financial events and data are as follows:</p><p>In terms of economic data, a number of important economic data will be released this week, among which ADP employment in the United States, inflation data in China, initial unemployment claims in the United States that week, non-farm payrolls and unemployment rate in the United States will be released one after another. In terms of financial events, Powell will give semi-annual monetary policy testimony in the Senate and House of Representatives on Tuesday and Wednesday respectively, and the Federal Reserve will release the Beige Book on economic conditions. In terms of financial reports, Ctrip, Sea, China Unicom, Yixian E-commerce, JD.COM, JD.COM Logistics, ZTE and Oracle will release financial reports one after another.<img src=\"https://static.tigerbbs.com/bab17450ccf7887b75282b47453c9066\" tg-width=\"2059\" tg-height=\"1458\" referrerpolicy=\"no-referrer\"/><b>Monday, March 6 KEYWORDS: US factory order monthly rate, Lordstown Motors, Ctrip earnings</b><img src=\"https://static.tigerbbs.com/58464a035078da01287fc5da7977e623\" tg-width=\"950\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>On Monday, in terms of economic data, investors can pay attention to the monthly rate of U.S. factory orders.</p><p>In terms of financial report,<a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors</a>Will report earnings before the U.S. stock market, and<a href=\"https://laohu8.com/S/TCOM\">Ctrip</a>Will announce earnings after the U.S. stock market.</p><p><b>Tuesday, March 7 KEYWORDS: Powell delivers monetary policy testimony, Sea earnings</b></p><p><img src=\"https://static.tigerbbs.com/01a4219e07795ae584912828a498456c\" tg-width=\"955\" tg-height=\"1182\" referrerpolicy=\"no-referrer\"/></p><p>On Tuesday, economic data will release China's trade balance and the monthly rate of wholesale sales in the United States.</p><p>In terms of financial events, Powell will give semi-annual monetary policy testimony in the Senate and House of Representatives on Tuesday and Wednesday respectively. The testimony is usually divided into two parts. The first part is Powell's prepared statement, and the second part is a question-and-answer session with the committee.</p><p>During the question and answer session, Powell will certainly be asked about inflation, and the possibility of tightening by the Federal Reserve sending the U.S. economy into a recession. If Powell indicates another 50 basis point rate hike is unlikely in the near future, the dollar could come under selling pressure and open the door for further gains in gold. According to the Fed Watch tool in CME group, the market expects a 50 basis point chance of rate hike at the next meeting to be close to 30%, and if Powell is not so \"hawkish\", then there may still be downside in the U.S. Treasury Bond yield and the U.S. dollar.</p><p>Powell, on the other hand, may choose to avoid committing to the scale of the next rate hike and reiterate that the Fed will still rely on data. In this case, the market trend may remain volatile until the February non-farm payrolls report is released. In Powell's testimony, its comments on the anti-inflation process and economic growth prospects were also important.</p><p>In terms of financial report,<a href=\"https://laohu8.com/S/SE\">Sea</a>Will announce earnings before the U.S. stock market.</p><p><b>Wednesday, March 8th KEYWORDS: U.S. ADP employment, Powell delivers monetary policy testimony, China Unicom earnings</b></p><p><img src=\"https://static.tigerbbs.com/8340ee1c8a929f4a8d5b86610d4152d2\" tg-width=\"951\" tg-height=\"1322\" referrerpolicy=\"no-referrer\"/></p><p>On Wednesday, in terms of economic data, investors can pay attention to the number of ADP employment in the United States. At present, the market expectation is 168,000, higher than the previous value of 106,000.</p><p>In terms of financial events, Federal Reserve Chairman Powell will deliver semi-annual monetary policy testimony in the House of Representatives.</p><p>In terms of financial report,<a href=\"https://laohu8.com/S/00762\">China Unicom</a>as well as<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>Will release earnings reports separately, and separately<a href=\"https://laohu8.com/S/FFIE\">Faraday Future Intelligent Electric Inc.</a>It will also announce its earnings report after the U.S. stock market.</p><p><b>Thursday, March 9th KEYWORDS: China CPI, U.S. Unemployment Claims for the Week, Federal Reserve Beige Book, JD.COM Earnings</b></p><p><img src=\"https://static.tigerbbs.com/c49159c19ef5f8586206c44574300846\" tg-width=\"950\" tg-height=\"958\" referrerpolicy=\"no-referrer\"/></p><p>On Thursday, in terms of economic data, investors can pay attention to the number of initial unemployment claims in the United States that week. Since the beginning of January this year, the number of initial unemployment claims has been lower than 200,000, which to some extent shows that the American job market is still strong. For the Fed, as it seeks to control inflation, it is also looking for signs of a cooling labor market, which also suggests that the Fed may not like the signals sent by the claims data. Strong employment data will undoubtedly increase the possibility of the Fed's rate hike. At present, the interest rate futures market has officially priced the peak Fed interest rate to rise to 5.5%.</p><p>In addition, China's inflation data will also be released today. At the same time, investors can pay attention to China's financial data, which will be released from time to time from 9th to 15th of every month.</p><p>In terms of financial events, the Federal Reserve will publish the Beige Book of Economic Conditions, from which investors can gain a deeper understanding of the US economy, so it needs to be paid attention to.</p><p>In terms of financial report,<a href=\"https://laohu8.com/S/09618\">JD Group-SW</a>、<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>Will report earnings, in addition to<a href=\"https://laohu8.com/S/ORCL\">Oracle</a>Earnings will also be announced after the U.S. stock market.</p><p>For JD.COM's financial report, the market is looking forward to JD.COM's management's view on the \"tens of billions of subsidies\" war. Morgan Stanley believes that JD.com's 10 billion yuan subsidy plan and its profit margin in 2023 may be the next share price catalyst. The bank believes that the market has overestimated the incremental costs associated with the 10 billion yuan subsidy. The bank believes that management's favorable moves on profit margins may push the share price upward. The bank maintains an \"overweight\" rating with a $74 price target.</p><p><b>Friday, March 10th Keywords: U.S. non-farm payrolls, U.S. unemployment rate, ZTE/Fog Core Technology earnings</b></p><p><img src=\"https://static.tigerbbs.com/0cdbea3d6406e540d8fc538b4154463e\" tg-width=\"951\" tg-height=\"1087\" referrerpolicy=\"no-referrer\"/></p><p>On Friday, in terms of economic data, the United States will release non-agricultural products in February, and the market expects the growth rate to fall back to 200,000. Non-farm payroll data has always been the focus of market attention, and it is also the \"number one enemy\" of the Federal Reserve to stop tightening. The explosive growth rate of non-farm payrolls in January and the unexpected decline in the number of initial unemployment claims last week all reveal that the U.S. labor market is still strong. Investors will use the data to gauge how resilient the U.S. labor market is and exactly how rate hike the Federal Reserve's March meeting will be.</p><p>In terms of financial report,<a href=\"https://laohu8.com/S/00763\">ZTE</a>、<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>Will release earnings.</p><p></body></html></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>This week's preview | U.S. non-farm and Powell's monetary policy testimony is coming! JD.COM, Sea and More to Release Earnings</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\">\nThis week's preview | U.S. non-farm and Powell's monetary policy testimony is coming! JD.COM, Sea and More to Release Earnings\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\">2023-03-06 07:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>This week's (3.6-3.10) blockbuster financial events and data are as follows:</p><p>In terms of economic data, a number of important economic data will be released this week, among which ADP employment in the United States, inflation data in China, initial unemployment claims in the United States that week, non-farm payrolls and unemployment rate in the United States will be released one after another. In terms of financial events, Powell will give semi-annual monetary policy testimony in the Senate and House of Representatives on Tuesday and Wednesday respectively, and the Federal Reserve will release the Beige Book on economic conditions. In terms of financial reports, Ctrip, Sea, China Unicom, Yixian E-commerce, JD.COM, JD.COM Logistics, ZTE and Oracle will release financial reports one after another.<img src=\"https://static.tigerbbs.com/bab17450ccf7887b75282b47453c9066\" tg-width=\"2059\" tg-height=\"1458\" referrerpolicy=\"no-referrer\"/><b>Monday, March 6 KEYWORDS: US factory order monthly rate, Lordstown Motors, Ctrip earnings</b><img src=\"https://static.tigerbbs.com/58464a035078da01287fc5da7977e623\" tg-width=\"950\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>On Monday, in terms of economic data, investors can pay attention to the monthly rate of U.S. factory orders.</p><p>In terms of financial report,<a href=\"https://laohu8.com/S/RIDE\">Lordstown Motors</a>Will report earnings before the U.S. stock market, and<a href=\"https://laohu8.com/S/TCOM\">Ctrip</a>Will announce earnings after the U.S. stock market.</p><p><b>Tuesday, March 7 KEYWORDS: Powell delivers monetary policy testimony, Sea earnings</b></p><p><img src=\"https://static.tigerbbs.com/01a4219e07795ae584912828a498456c\" tg-width=\"955\" tg-height=\"1182\" referrerpolicy=\"no-referrer\"/></p><p>On Tuesday, economic data will release China's trade balance and the monthly rate of wholesale sales in the United States.</p><p>In terms of financial events, Powell will give semi-annual monetary policy testimony in the Senate and House of Representatives on Tuesday and Wednesday respectively. The testimony is usually divided into two parts. The first part is Powell's prepared statement, and the second part is a question-and-answer session with the committee.</p><p>During the question and answer session, Powell will certainly be asked about inflation, and the possibility of tightening by the Federal Reserve sending the U.S. economy into a recession. If Powell indicates another 50 basis point rate hike is unlikely in the near future, the dollar could come under selling pressure and open the door for further gains in gold. According to the Fed Watch tool in CME group, the market expects a 50 basis point chance of rate hike at the next meeting to be close to 30%, and if Powell is not so \"hawkish\", then there may still be downside in the U.S. Treasury Bond yield and the U.S. dollar.</p><p>Powell, on the other hand, may choose to avoid committing to the scale of the next rate hike and reiterate that the Fed will still rely on data. In this case, the market trend may remain volatile until the February non-farm payrolls report is released. In Powell's testimony, its comments on the anti-inflation process and economic growth prospects were also important.</p><p>In terms of financial report,<a href=\"https://laohu8.com/S/SE\">Sea</a>Will announce earnings before the U.S. stock market.</p><p><b>Wednesday, March 8th KEYWORDS: U.S. ADP employment, Powell delivers monetary policy testimony, China Unicom earnings</b></p><p><img src=\"https://static.tigerbbs.com/8340ee1c8a929f4a8d5b86610d4152d2\" tg-width=\"951\" tg-height=\"1322\" referrerpolicy=\"no-referrer\"/></p><p>On Wednesday, in terms of economic data, investors can pay attention to the number of ADP employment in the United States. At present, the market expectation is 168,000, higher than the previous value of 106,000.</p><p>In terms of financial events, Federal Reserve Chairman Powell will deliver semi-annual monetary policy testimony in the House of Representatives.</p><p>In terms of financial report,<a href=\"https://laohu8.com/S/00762\">China Unicom</a>as well as<a href=\"https://laohu8.com/S/YSG\">Yixian E-commerce</a>Will release earnings reports separately, and separately<a href=\"https://laohu8.com/S/FFIE\">Faraday Future Intelligent Electric Inc.</a>It will also announce its earnings report after the U.S. stock market.</p><p><b>Thursday, March 9th KEYWORDS: China CPI, U.S. Unemployment Claims for the Week, Federal Reserve Beige Book, JD.COM Earnings</b></p><p><img src=\"https://static.tigerbbs.com/c49159c19ef5f8586206c44574300846\" tg-width=\"950\" tg-height=\"958\" referrerpolicy=\"no-referrer\"/></p><p>On Thursday, in terms of economic data, investors can pay attention to the number of initial unemployment claims in the United States that week. Since the beginning of January this year, the number of initial unemployment claims has been lower than 200,000, which to some extent shows that the American job market is still strong. For the Fed, as it seeks to control inflation, it is also looking for signs of a cooling labor market, which also suggests that the Fed may not like the signals sent by the claims data. Strong employment data will undoubtedly increase the possibility of the Fed's rate hike. At present, the interest rate futures market has officially priced the peak Fed interest rate to rise to 5.5%.</p><p>In addition, China's inflation data will also be released today. At the same time, investors can pay attention to China's financial data, which will be released from time to time from 9th to 15th of every month.</p><p>In terms of financial events, the Federal Reserve will publish the Beige Book of Economic Conditions, from which investors can gain a deeper understanding of the US economy, so it needs to be paid attention to.</p><p>In terms of financial report,<a href=\"https://laohu8.com/S/09618\">JD Group-SW</a>、<a href=\"https://laohu8.com/S/02618\">JD Logistics</a>Will report earnings, in addition to<a href=\"https://laohu8.com/S/ORCL\">Oracle</a>Earnings will also be announced after the U.S. stock market.</p><p>For JD.COM's financial report, the market is looking forward to JD.COM's management's view on the \"tens of billions of subsidies\" war. Morgan Stanley believes that JD.com's 10 billion yuan subsidy plan and its profit margin in 2023 may be the next share price catalyst. The bank believes that the market has overestimated the incremental costs associated with the 10 billion yuan subsidy. The bank believes that management's favorable moves on profit margins may push the share price upward. The bank maintains an \"overweight\" rating with a $74 price target.</p><p><b>Friday, March 10th Keywords: U.S. non-farm payrolls, U.S. unemployment rate, ZTE/Fog Core Technology earnings</b></p><p><img src=\"https://static.tigerbbs.com/0cdbea3d6406e540d8fc538b4154463e\" tg-width=\"951\" tg-height=\"1087\" referrerpolicy=\"no-referrer\"/></p><p>On Friday, in terms of economic data, the United States will release non-agricultural products in February, and the market expects the growth rate to fall back to 200,000. Non-farm payroll data has always been the focus of market attention, and it is also the \"number one enemy\" of the Federal Reserve to stop tightening. The explosive growth rate of non-farm payrolls in January and the unexpected decline in the number of initial unemployment claims last week all reveal that the U.S. labor market is still strong. Investors will use the data to gauge how resilient the U.S. labor market is and exactly how rate hike the Federal Reserve's March meeting will be.</p><p>In terms of financial report,<a href=\"https://laohu8.com/S/00763\">ZTE</a>、<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>Will release earnings.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d256e82db1d71c864259845ce1d069bf","relate_stocks":{"DJX":"1/100道琼斯","IE00BGV7N243.SGD":"FSSA Global Emerging Markets Focus I Acc SGD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","GDX":"黄金矿业ETF-VanEck","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","BK1591":"就地过年概念","BK1502":"双十一",".IXIC":"NASDAQ Composite","BK4581":"高盛持仓","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD",".DJI":"道琼斯","JD":"京东","SPY":"标普500ETF","UDOW":"三倍做多道指30ETF-ProShares","09618":"京东集团-SW"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128373353","content_text":"本周（3.6-3.10）重磅财经事件及数据如下：经济数据方面，本周将发布多个重要经济数据，其中，美国ADP就业人数、中国通胀数据、美国当周初请失业金人数、美国非农就业人口及失业率等将陆续公布。财经事件方面，鲍威尔在周二和周三将分别于参、众两院发表半年度货币政策证词，此外美联储将公布经济状况褐皮书。财报方面，携程网、Sea、中国联通、逸仙电商、京东、京东物流、中兴通讯以及甲骨文等将陆续发布财报。3月6日 周一关键词：美国工厂订单月率、Lordstown Motors、携程网财报周一，经济数据方面，投资者可关注美国工厂订单月率。财报方面，Lordstown Motors将于美股盘前公布财报，而携程网将于美股盘后公布财报。3月7日 周二关键词：鲍威尔发表货币政策证词、Sea财报周二，经济数据方面将公布中国贸易帐，以及美国批发销售月率等数据。财经事件方面，鲍威尔在周二和周三将分别于参、众两院发表半年度货币政策证词，证词通常分为两部分，第一部分是鲍威尔准备好的陈述，第二部分是与委员会的问答环节。在问答环节，鲍威尔肯定会被问及通胀问题，以及美联储收紧政策导致美国经济陷入衰退的可能性。如果鲍威尔表示在不久的将来不太可能再次加息50个基点，美元可能面临抛售压力，并为黄金的进一步上涨打开大门。根据芝商所的美联储观察工具，市场预期下一次会议加息50个基点的可能性接近30%，如果鲍威尔没有那么“鹰”，那么美国国债收益率和美元或仍有下行空间。另一方面，鲍威尔可能选择避免承诺下一次加息的规模，并重申美联储仍将依赖于数据。这种情况下，在2月非农就业报告公布之前，市场走势可能仍将震荡。在鲍威尔的证词中，其对反通胀进程和经济增长前景的评论也很重要。财报方面，Sea将于美股盘前公布财报。3月8日 周三关键词：美国ADP就业人数、鲍威尔发表货币政策证词、中国联通财报周三，经济数据方面，投资者可关注美国ADP就业人数，目前市场预期为16.8万，高于10.6万的前值。财经事件方面，美联储主席鲍威尔将在众议院发表半年度货币政策证词。财报方面，中国联通以及逸仙电商将分别发布财报，另外Faraday Future Intelligent Electric Inc.也将于美股盘后公布财报。3月9日 周四关键词：中国CPI、美国当周初请失业金、美联储褐皮书、京东财报周四，经济数据方面，投资者可关注美国当周初请失业金人数，自今年1月初以来，初请失业金人数便一直低于20万人，这在一定程度体现了美国就业市场依然强劲。对于美联储来说，在寻求控制通货膨胀的同时，也在寻找劳动力市场降温的迹象，这也说明美联储可能不喜欢初请失业金数据发出的信号。强劲的就业数据无疑将加大美联储加息的可能，目前利率期货市场已正式定价美联储利率峰值将升至5.5%。另外，中国通胀数据也将于今日公布。同时，投资者可关注中国金融数据，该系列数据将于每月9日-15日不定时发布。财经事件方面，美联储将公布经济状况褐皮书，投资者可以从中对美国经济有更深的了解，因此也需引起重视。财报方面，京东集团-SW、京东物流将公布财报，此外甲骨文在美股盘后也将公布财报。对于京东财报，市场在期待京东管理层对“百亿补贴”大战的观点。大摩认为，京东推出的100亿元补贴计划以及2023年的利润率或为下一个股价催化剂。该行认为，市场已高估与100亿元补贴有关的增量费用。该行认为，管理层对利润率的利好举措或推动股价上行。该行维持“增持”评级与74美元目标价。3月10日 周五关键词：美国非农就业人口、美国失业率、中兴通讯/雾芯科技财报周五，经济数据方面，美国将公布2月非农，市场预期增幅回落至20万。 非农就业数据一直是市场关注的焦点，也是美联储停止紧缩的“头号敌人”，1月非农爆炸性的增长幅度以及上周的初请失业金人数意外下滑，都无不揭示着美国劳动力市场依旧坚挺。投资者将通过这些数据来判断美国劳动力市场的坚韧程度以及美联储3月会议的加息幅度到底如何。财报方面，中兴通讯、雾芯科技将发布财报。","news_type":1,"symbols_score_info":{".DJI":0.9,"UDOW":0.9,"MNQmain":0.9,"JD":0.9,"MGCmain":0.9,"GDX":0.9,"GCmain":0.9,".IXIC":0.9,"SImain":0.9,"SPY":0.9,"DJX":0.9,"09618":0.9,"NQmain":0.9}},"isVote":1,"tweetType":1,"viewCount":3593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":624987125,"gmtCreate":1677027749368,"gmtModify":1677027749368,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570100124824816","idStr":"3570100124824816"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/624987125","repostId":"1163512053","repostType":2,"isVote":1,"tweetType":1,"viewCount":3819,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":625775545,"gmtCreate":1676886999088,"gmtModify":1676886999088,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570100124824816","idStr":"3570100124824816"},"themes":[],"title":"","htmlText":"[开心]&nbsp;","listText":"[开心]&nbsp;","text":"[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/625775545","repostId":"1150914566","repostType":2,"repost":{"id":"1150914566","kind":"news","pubTimestamp":1676884353,"share":"https://ttm.financial/m/news/1150914566?lang=en_US&edition=fundamental","pubTime":"2023-02-20 17:12","market":"other","language":"zh","title":"The \"unsolved mystery\" of India's richest man being attacked by short sellers: How did Hindenburg short Adani?","url":"https://stock-news.laohu8.com/highlight/detail?id=1150914566","media":"华尔街见闻","summary":"在新加坡运用了单一股票期货或许是兴登堡做空阿达尼的“谜底”。要想在印度做空一家公司并不容易，而兴登堡几乎没有透露有关其押注规模以及使用的衍生品和参考证券种类的具体信息，这不禁让市场对于其如何能让阿达尼","content":"<p><html><head></head><body><b>The use of single stock futures in Singapore may be the \"answer\" to Hindenburg's short Adani.</b>It is not easy to short a company in India, and Hindenburg has revealed little specifics about the size of its bets and the kinds of derivatives and reference securities it uses, leaving the market curious about how it can shrink Adani's total market value by more than $100 billion in a week.</p><p>On February 17th, the media quoted investors familiar with the way the company operates as saying,<b>Hindenburg may have used the help of single stock futures and the Bank of Singapore to carry out his short-selling scheme</b>。</p><p>according to<b>Indian securities rules require institutional investors to disclose their short positions in advance, and there are other restrictions and requirements for foreign investors</b>This makes it difficult for investors to quietly build positions.</p><p>At the same time, Adani Group's companies have very little free float in the stock market, which becomes another problem for short selling, and India does not allow so-called \"naked short selling\", in which investors can bet that stocks will fall without first borrowing the underlying security.</p><p>Gabriel Grego, hedge fund manager at Quintessential Capital, said:</p><p>\"I briefly watched Adani last summer, and the big reason I decided not to investigate further was because it was difficult to short India.\" Offshore derivatives trading in Singapore</p><p>Investors who want to short Indian companies can use the country's main stock index, the Nifty 50, of which Adani Enterprises is one of the largest constituents, three hedge funds said in media interviews.</p><p>According to the analysis, Hindenburg's bet should include a significant portion of derivatives trading linked to Indian stocks.</p><p>It is the choice of short sellers to go to Singapore for such trades. In Singapore, a trade called single stock futures (SSF) can be created, that is, futures contracts with a single stock as the underlying. These equity derivatives give investors access to the price movements of the underlying stock.</p><p>Take Hindenburg, for example, which can use Adani Enterprises' weight in the Indian index to trade.</p><p>The disadvantage of such instruments is that the market is very little liquid, which means that bets tend to be relatively small. Short sellers typically use other derivatives such as credit default swaps to increase their stakes, but the analysis notes that this is not possible in Hindenburg's case because the group does not appear in the CDS index.</p><p>Soren Aandahl, chief investment officer at Blue Orca Capital, an activist short investor in the US, said:</p><p>\"Shorting Indian stocks has to be traded in overseas markets, which is a complicated requirement of the Indian system and you can't go short directly.\" Looking for a partner to help its investigation</p><p>Media analysis believes that Hindenburg tends to cooperate with other shorts when releasing short-selling survey reports.<b>Although Hindenburg has repeatedly declined to say whether the company cooperated with other Adani investors in the investigation, the disclaimer in the short-selling report suggests that it may have multiple collaborators</b>。</p><p>At the same time, why Hindenburg turned his attention to Adani and spent two years conducting an in-depth investigation is also the focus of market discussion.</p><p>The media quoted two people with knowledge of the process as saying that Hindenburg had sought the help of an external analyst focused on Indian companies to investigate Adani. The analyst led a team of five Hindenburg employees to conduct the investigation, and the team decided to issue a short-selling report on the eve of Adani's planned sale of $2.4 billion of shares last month.</p><p></body></html></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>The \"unsolved mystery\" of India's richest man being attacked by short sellers: How did Hindenburg short Adani?</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; 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}\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 \"unsolved mystery\" of India's richest man being attacked by short sellers: How did Hindenburg short Adani?\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\">2023-02-20 17:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>The use of single stock futures in Singapore may be the \"answer\" to Hindenburg's short Adani.</b>It is not easy to short a company in India, and Hindenburg has revealed little specifics about the size of its bets and the kinds of derivatives and reference securities it uses, leaving the market curious about how it can shrink Adani's total market value by more than $100 billion in a week.</p><p>On February 17th, the media quoted investors familiar with the way the company operates as saying,<b>Hindenburg may have used the help of single stock futures and the Bank of Singapore to carry out his short-selling scheme</b>。</p><p>according to<b>Indian securities rules require institutional investors to disclose their short positions in advance, and there are other restrictions and requirements for foreign investors</b>This makes it difficult for investors to quietly build positions.</p><p>At the same time, Adani Group's companies have very little free float in the stock market, which becomes another problem for short selling, and India does not allow so-called \"naked short selling\", in which investors can bet that stocks will fall without first borrowing the underlying security.</p><p>Gabriel Grego, hedge fund manager at Quintessential Capital, said:</p><p>\"I briefly watched Adani last summer, and the big reason I decided not to investigate further was because it was difficult to short India.\" Offshore derivatives trading in Singapore</p><p>Investors who want to short Indian companies can use the country's main stock index, the Nifty 50, of which Adani Enterprises is one of the largest constituents, three hedge funds said in media interviews.</p><p>According to the analysis, Hindenburg's bet should include a significant portion of derivatives trading linked to Indian stocks.</p><p>It is the choice of short sellers to go to Singapore for such trades. In Singapore, a trade called single stock futures (SSF) can be created, that is, futures contracts with a single stock as the underlying. These equity derivatives give investors access to the price movements of the underlying stock.</p><p>Take Hindenburg, for example, which can use Adani Enterprises' weight in the Indian index to trade.</p><p>The disadvantage of such instruments is that the market is very little liquid, which means that bets tend to be relatively small. Short sellers typically use other derivatives such as credit default swaps to increase their stakes, but the analysis notes that this is not possible in Hindenburg's case because the group does not appear in the CDS index.</p><p>Soren Aandahl, chief investment officer at Blue Orca Capital, an activist short investor in the US, said:</p><p>\"Shorting Indian stocks has to be traded in overseas markets, which is a complicated requirement of the Indian system and you can't go short directly.\" Looking for a partner to help its investigation</p><p>Media analysis believes that Hindenburg tends to cooperate with other shorts when releasing short-selling survey reports.<b>Although Hindenburg has repeatedly declined to say whether the company cooperated with other Adani investors in the investigation, the disclaimer in the short-selling report suggests that it may have multiple collaborators</b>。</p><p>At the same time, why Hindenburg turned his attention to Adani and spent two years conducting an in-depth investigation is also the focus of market discussion.</p><p>The media quoted two people with knowledge of the process as saying that Hindenburg had sought the help of an external analyst focused on Indian companies to investigate Adani. The analyst led a team of five Hindenburg employees to conduct the investigation, and the team decided to issue a short-selling report on the eve of Adani's planned sale of $2.4 billion of shares last month.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3682319\">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/80649335d6dae03eb8ec03694c71b6e0","relate_stocks":{},"source_url":"https://wallstreetcn.com/articles/3682319","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150914566","content_text":"在新加坡运用了单一股票期货或许是兴登堡做空阿达尼的“谜底”。要想在印度做空一家公司并不容易，而兴登堡几乎没有透露有关其押注规模以及使用的衍生品和参考证券种类的具体信息，这不禁让市场对于其如何能让阿达尼总市值在一周内缩水超过 1000 亿美元感到好奇。2月17日，媒体援引熟悉该公司运作方式的投资者话称，兴登堡或许运用了单一股票期货和新加坡银行的帮助来开展他的做空计划。根据印度证券规则要求机构投资者提前披露其空头头寸，针对外国投资者还有其他限制和要求，这就使得投资者很难悄悄建仓。与此同时，阿达尼集团的公司在股市上的自由流通量很小，这成为了做空的另一个问题，且印度不允许所谓的“裸卖空”，即投资者无需先借入标的证券就可以押注股票会下跌。Quintessential Capital 的对冲基金经理Gabriel Grego表示：“去年夏天，我曾短暂关注过阿达尼，我决定不进一步调查的重要原因便是在印度做空很困难。 ”新加坡进行的离岸衍生品交易三家对冲基金接受媒体采访时表示，想要做空印度公司的投资者可以使用印度的主要股票指数 Nifty 50，而Adani Enterprises 是其中最大的成分股之一。分析认为，兴登堡的押注中应该包含相当大一部分的以印度股票挂钩的衍生品交易。而去新加坡进行该类交易是卖空者们的选择，在新加坡可以创建一种称为单一股票期货（SSF）的交易，即以单一股票为标的的期货合约。这些股票衍生品使投资者能够接触到相关股票的价格变动。以兴登堡为例，其可以运用 Adani Enterprises 在印度指数中的权重值，进行交易。这类工具的缺点是市场流动性很小，这意味着押注往往相对较小。做空者通常会使用信用违约互换等其他衍生品来增加赌注，但分析指出，这在 兴登堡的案例中是不可能的，因为该集团未出现在 CDS 指数中。美国激进空头投资机构 Blue Orca Capital 的首席投资官Soren Aandahl 表示：“做空印度股票必须在海外市场进行交易，这是印度系统的复杂要求，你无法直接做空。”寻找帮助其调查的伙伴媒体分析认为，兴登堡在发布做空调查报告时，倾向于与其他空头合作。尽管兴登堡一再拒绝透露该公司是否与阿达尼的其他投资者合作进行调查，但做空报告中的免责声明里暗示其可能有多个合作者。与此同时，为何兴登堡会将目光转向阿达尼，且不惜花费两年时间进行深度调查也是市场讨论的焦点。媒体援引两名了解该过程的人士表示，兴登堡曾寻求一位专注于印度公司的外部分析师的帮助来调查阿达尼，这位分析师领导了兴登堡的5名员工组成的团队进行了这项调查，且该团队决定在阿达尼上个月计划出售24亿美元的股票前夕发布做空报告。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":3556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":625703874,"gmtCreate":1676729787600,"gmtModify":1676729787600,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570100124824816","idStr":"3570100124824816"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/625703874","repostId":"1117714701","repostType":2,"repost":{"id":"1117714701","kind":"news","weMediaInfo":{"introduction":"华商人物与企业新媒体第一殿堂。","home_visible":1,"media_name":"华商韬略","id":"27","head_image":"https://static.tigerbbs.com/08f34cc62ee54134a6a68fe6538c26f8"},"pubTimestamp":1676637724,"share":"https://ttm.financial/m/news/1117714701?lang=en_US&edition=fundamental","pubTime":"2023-02-17 20:42","market":"hk","language":"zh","title":"Where did the people who made the big deal on China's Internet go?","url":"https://stock-news.laohu8.com/highlight/detail?id=1117714701","media":"华商韬略","summary":"他，有什么特别的？他的失联，为什么值得特别关注？","content":"<p><html><head></head><body>Author: Huashang Taolue</p><p>Yesterday evening, the news that Bao Fan, founder and chairman of Huaxing Capital, lost contact caused widespread concern and even strong shock in the financial and economic circles, especially in the financial circles and the new Internet economy.</p><p>What's so special about him? His loss of contact, why deserves special attention?</p><p><img src=\"https://static.tigerbbs.com/20298e6c23a6ba6b725c6619e18480d3\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>On Valentine's Day, 2015, big news broke out from the Chinese business community: Didi and Kuaidi jointly announced that the two companies would achieve a strategic merger.</p><p>The market was shocked as soon as the news came out. A few days ago, the two companies were still fighting to the death. Later disclosures show that as early as January of that year, the two sides had begun negotiations, but the process was challenging and the confidentiality was done well enough.</p><p>It was Bao Fan and his Huaxing Capital who led this transaction.</p><p>According to Bao Fan's recollection, the negotiations between the two sides were full of gunpowder at the beginning. \"In the past, the generals were fighting to the death. Suddenly, they sat at the same table. They were so rejected that they didn't even want to meet.\"</p><p>In the end, the core negotiations between the two sides lasted for 13 hours, while Bao Fan continued to mediate in the confrontation: \"What is the ultimate goal of this battle now, and what is the pattern we want to form?\"</p><p>\"We have to tell them in a rational way that we can't fight for the sake of fighting... We must not 'and mud'. We should try our best to pull both sides to the midline, and we should explain clearly that this midline is reasonable. Neither party can be wronged.\"</p><p>This is just one of Baufan's many success stories.</p><p>Tencent cooperated with JD.COM, Youku merged with Tudou, 58 merged with Ganji, Meituan merged with Dianping, Maoyan merged with Weiying, Meituan acquired mobike, and Momo acquired Tantan. In these big cooperations and transactions, Bao Fan is a vital person, and his Huaxing Capital continues to participate in them with the core role and identity of exclusive financial adviser.</p><p>These big cases that shocked the rivers and lakes were only a small part of Bao Fan and Huaxing's business.</p><p>From the listing of Dangdang, JD.COM, Meituan, Weibo and iQiyi in the early years, to WuXi AppTec, Shell (Chain Home), Nio, Nanwei Medical, Huaxi Bio, Xinmai Medical, Minimally Invasive Xintong, Bilibili, Bubble Mart, Kuaishou big projects in recent years... Bao Fan and Huaxing Capital have all played an important role.</p><p>Since 2013, China Renaissance has been ranked first among China's investment banks in financing M&A services for China's new economy companies. Therefore, Bao Fan is known as the king of financial services in China's new economy.</p><p>Some people also say that the big deal of China's new Internet economy has been wrapped up by Bao Fan.</p><p>In recent years, with the development of its investment banking and investment business, Huaxing Capital has become a winner-take-all in the financial service business of the new economy. It not only deeply binds the new economic giants to eat to the end, but also plugs them from the depth of the industrial chain to the end.</p><p>For example, Jingdong. From JD.COM's financing and listing, Huaxing has eaten to JD.COM's core business entities such as JD.COM Health and JD.COM Logistics, and has acted as a financial consultant, an investment, and a listing sponsor and underwriter.</p><p>Like seashells. Huaxing first held 3.8% of Shell shares before IPO with multiple rounds of investment of more than 3 billion yuan, becoming its fifth largest shareholder, and served as financial advisor in its multiple rounds of financing, and then served as a joint lead underwriter when it went public in the United States. In the early investment alone, Huaxing's book floating profit exceeded 10 billion yuan.</p><p>Like Aauto Quicker. Huaxing not only participated in Aauto Quicker with its new economy fund, but also acted as a financial consultant in Aauto Quicker's financing, and joined Morgan Stanley and Bank of America as the joint sponsor of Aauto Quicker's listing in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/9c380b1d3fd3ec6a5d40877fc656bbab\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>Bao Fan was born in Shanghai in 1970. His grandfather was an executive at Zhejiang Bank before the founding of New China, and his parents were diplomats.</p><p>Bao Fan, a teenager, was taken by his elders to eat Western food, open his eyes, and listen to the former stock market situation and the legend of bank tycoons in Shanghai. Although he couldn't understand it, Bao Fan had already vaguely felt that the profession of banker was very mysterious and fun.</p><p>Rebellion is synonymous with young Bao Fan. Because his parents have been away for many years, and he has been boarding at school since childhood, he has developed an unrestrained character, and he has to face bullying on campus alone, which stimulates him to practice mixed martial arts wildly, which not only makes fighting the main theme of life, but also pulls a group of brothers and becomes the \"boss\" on campus.</p><p>However, none of these delayed his study, and he was still admitted to Fudan University with excellent grades.</p><p>Soon, as long as Bao Fan mediated the disputes in the school, most of them could turn enmity into friendship. Nowadays, Bao Fan can handle so many business mergers and acquisitions with entangled interests and sharp contradictions one by one, perhaps because of his early experience of \"being a boss\".</p><p>In Huaxing, Bao Fan's title is not Bao Zong and Bao Dong, but: Boss.</p><p><img src=\"https://static.tigerbbs.com/eb5cba80fd3923a8dbeed6b175e23370\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>After graduating from Fudan University and the Norwegian School of Management, Bao Fan joined Morgan Stanley, a top investment bank, in 1993, fulfilling his childhood dream.</p><p>A few years after graduating from college, he worked with the world's top bosses all day long, negotiating billions or even tens of billions of dollars in business. This job brought Bao Fan excitement and glory, far exceeding the pleasure of making money.</p><p>Novartis Pharmaceuticals M&A, China Unicom, AsiaInfo Technology overseas listing, Bao Fan all participated in the whole process. Within a few years of working, he has served as a financial consultant for many multinational companies, but he is restless and begins to ask himself questions. After all, he still doesn't like a stable job, and he needs greater stimulation, such as starting a business.</p><p>In 2000, when AsiaInfo went public, Bao Fan felt that he was very angry with this entrepreneurial team, and he immediately joined AsiaInfo as the chief strategy officer.</p><p>AsiaInfo can be called the \"originator\" of China's Internet companies, and its backbone network projects such as China Mobile, China Unicom and Telecom are all built by it, and it is known as the \"chief architect of China's Internet\". Here, Bao Fan engaged in management and strategy, and fought fiercely with many high-tech peers.</p><p>With the deepening of his work, he made another major discovery: these high-tech enterprises have grown rapidly in recent years, with great demand for financing and mergers and acquisitions, but they are quite unfamiliar with the capital market.</p><p>This made his eyes shine: Isn't this an entrepreneurial opportunity?!</p><p><img src=\"https://static.tigerbbs.com/2ed7d0bf766821d25024cbbe20e9ae97\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>In 2004, Bao Fan recruited a Tsinghua girl as an analyst and secretary in the international club outside Jianguomen, and Huaxing Capital of two people opened in this way.</p><p>This year, the domestic capital market accelerated its development, and foreign giants such as Credit Suisse, Deutsche Bank, Goldman Sachs and Merrill Lynch were all trying to cut into the Chinese market.</p><p>How can Huaxing, which is weak, have a place?</p><p>Bao Fan sees an opportunity: China's start-ups and private economy are on the rise, and small financing and small mergers and acquisitions are constant, but big investment banks basically look down on these.</p><p>This makes Bao Fan finally define an \"investment bank + investment\" model that locks in the new economy:</p><p>Instead of taking the scale route, we should take the route of professionalism, precision and deep cultivation, lock in the high-tech new economy, and be both financial consultant and small-scale equity investment.</p><p>At that time, most emerging entrepreneurs were \"confused\" in the face of capital: they couldn't tell the development direction, financing needs, core competitiveness, their own value, and knew nothing about law, finance, strategy, etc. When raising money, it either can't convince investors, or it becomes a vassal in the face of capital.</p><p>Bao Fan's plan was to leave these troubles to Huaxing.</p><p>To find investors, Huaxing helps to get it done; To negotiate with investors, Huaxing helps to get it done; I don't know how to value or how to write the financing agreement. Huaxing can do it all, and it can \"leave us to do things that hurt our feelings\"; One-stop solution.</p><p>When encountering a particularly good enterprise, Bao Fan will symbolically follow the investment, do it together, lose it together and win it together.</p><p>With the rapid development of the new Internet economy, Huaxing quickly got on the right track and launched its sign. In 2006 and 2007 alone, it completed tens of billions of private placement financing for Zhengtu Network, 21st Century Real Estate, Qihoo, Dangdang and other enterprises in one breath, and won the crown of \"the most active small and medium-sized investment bank\" and \"the best new investment bank of the year\" in one fell swoop.</p><p>In the future, people will call this \"small but beautiful\" business model \"boutique investment bank\".</p><p>On this basis, Bao Fan began to further strengthen the investment bank and expand its business to listing sponsorship and underwriting. The market has gradually erupted with such demand.</p><p>On the surface, the business of investment banking is fiercely competitive, fair and reasonable. In fact, the chain of disdain created by nationalities and countries is everywhere.</p><p>In 2010, Dangdang was successfully listed on the New York Stock Exchange, soaring by 86.94%. However, Li Guoqing, as the biggest beneficiary, was furious and scolded \"Da Mo Nu\" in Weibo. The reason is that before the listing, Dangdang's underwriter Morgan Stanley forced him to sell at a discount to the issue price. Dangdang raised a lot of less money, and Li Guoqing became the biggest victim.</p><p>As the financial consultant of this project, Bao Fan realized in his early years that the financial industry has a strong national character.</p><p>For example, in big investment banks, Chinese with exquisite mathematics and diligent work act as bottom-level financial \"migrant workers\"; Indians occupy middle management positions; At the top, it will always be Jews and Anglo-Saxons. Chinese companies listed overseas, on the surface of the scenery is infinite, but in fact suffered all kinds of unfair treatment.</p><p>Dangdang's encounter made his experience even more painful.</p><p>American investors are also biased against Chinese companies. They are too lazy to understand the business model, and always want you to find out the analogy: no matter whether you are Ali, Ctrip, Sina or Baidu, no matter how much you are in China, when listed in the United States, you have to find a company that \"benchmarks\" with the American market. Otherwise, American investors will not understand it and suspect that your company is tricky.</p><p>This made Bao Fan begin to reflect: How can the Chinese break through and win a place on Wall Street?</p><p>His answer is that we must break the listing monopoly of European and American investment banks.</p><p>Although he was not convinced, Huaxing Capital had no chance of winning when he participated at that time, but Bao Fan still made up his mind: even if he lost money with him, he would participate.</p><p>This was also the truth he realized in the fight: \"When you are knocked down, you must never back down. You must fight back immediately.\"</p><p>Since 2012, Huaxing has begun to concentrate on becoming a real investment bank, and has successively obtained brokerage licenses in Hong Kong, China and the United States. Since then, Chinese enterprises have gone public in the United States, escorted by Chinese people's own investment banks.</p><p>This time, Bao Fan once again made the right bet.</p><p>In June 2013, Huaxing, which had just obtained the US brokerage license, completed the first IPO: it became the only local deputy underwriter of Lanting Jishi, the first cross-border e-commerce stock listed on the New York Stock Exchange.</p><p>This is the first time that a Chinese investment bank has underwritten an IPO of U.S. stocks.</p><p>He had won this big order because of Bao Fan's personal connections. He and Guo Quji, chairman of Lanting Jishi, have been \"friends\" for many years: when Guo Quji was the chief strategy officer of Google China, it was Bao Fan who \"encouraged\" him to go to the sea.</p><p>But later, when more and more Chinese enterprises went to the United States, Huaxing quickly became a dark horse in the market by perfectly keeping pace with the market rhythm and first-mover advantage. By 2018, it was the seventh largest underwriter on Wall Street.</p><p><img src=\"https://static.tigerbbs.com/59bf3b8c01164edc1497fc767fc6b48b\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>▲ Bao Fan at the 2018 Top Ten Economic People of the Year Award Ceremony</p><p>In that year, the shell with a market value of more than 70 billion US dollars was listed on the NYSE, and Huaxing served as the lead underwriter; With a market value of more than $40 billion, Fog Core Technology is listed on the New York Stock Exchange, and China Renaissance has become its underwriter together with Citigroup.</p><p>In addition to its success in the US stock market, Huaxing is also making great progress in the Hong Kong market: Meituan is listed in Hong Kong, and Huaxing is the exclusive financial adviser/joint global coordinator; JD is listed in Hong Kong, and China Renaissance is the joint global coordinator, joint bookrunner and joint lead manager; Aauto Quicker listed, Huaxing is a joint sponsor...</p><p>As early as June 30, 2020, Huaxing had helped clients successfully complete more than 980 transactions including initial public offerings, mergers and acquisitions and private placement financing, with a total transaction amount of over US$146 billion, making it the first in China's new economy at that time in terms of scale.</p><p><img src=\"https://static.tigerbbs.com/3e628ffa6dbc249571eaaca53c99e6c4\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>Cooperation with JD.COM is another model of Huaxing's operation.</p><p>As early as 2006, Bao Fan met Liu Qiangdong, and decided that he was capable, loyal and successful. However, Huaxing missed several rounds of financing in JD.COM. Bao Fan is the kind of person who will not give up until he reaches the Yellow River:</p><p>\"I don't believe in this evil. We must do something for JD.COM.\"</p><p>In 2011, in JD.COM's C round of financing, Liu Qiangdong finally found Bao Fan and asked for $1 billion. Bao Fan's first feeling was that Liu Qiangdong was crazy. In 2009, Shanda went public in the United States, and the financing amount was just that.</p><p>Bao Fan gritted his teeth and accepted such a big move that ordinary people couldn't catch.</p><p>It just so happened that Yuri, an old friend of Huaxing Capital and the founder of Russian Digital Sky Technology (DST), came to China, and Bao Fan took this \"Russian local tyrant\" to visit JD.COM, and it was $500 million.</p><p>Tiger Fund and SoftBank immediately followed suit and collected an unprecedented $1.5 billion. With this key battle in the history of JD.COM, Bao Fan has been deeply bundled with JD.COM since then. Since then, Huaxing has set a record for the largest financing of Chinese stocks at that time from the joint lead underwriter of JD.COM's $2.05 billion IPO, and has been listed healthily in JD.COM.</p><p>Many enterprises are willing to be bundled with Huaxing, which is inseparable from Huaxing's professional ability. Since its establishment, Bao Fan has put the building of a top professional team at the forefront of the company's development, and constantly offers high salaries to find and dig people. As early as 2017, Huaxing's per capita salary had reached RMB 1.2 million.</p><p>The elite team is the characteristic sign of Huaxing. The greater advantage that is different from other players is inseparable from Bao Fan's efforts outside his profession:</p><p>\"If an enterprise chooses Huaxing, we will use all Huaxing's resources to support him, and we will never give up when he is in the most difficult time. If we make friends, then we will stick knives and treat each other sincerely.\"</p><p>Bao Fan said that Huaxing did many projects in his early years, and didn't even have a contract. He shook hands and got it done. \"Frankly speaking, others can do what we do. Why are you willing to cooperate with us?\"</p><p>He believes that the most important thing is to \"treat each other with sincerity\".</p><p>\"Huaxing has been relatively DIAO since the first day it was founded. My personality is like this. I don't want to eat this food either. If you are willing to cooperate, cooperate, but you should be happy to cooperate together. Not only will we make a deal, but after the deal, we will still be friends. This is true cooperation.\"</p><p>Bao Fan is a financial expert, but his profession is only means and technology. What he really pursues and sticks to is human nature and human feelings.</p><p>He said, \"Favors are like bank accounts. Others are withdrawing money for you, always withdrawing money, and one day the money will be withdrawn, so you have to help others and keep saving money, so that you can get more and more money.\"</p><p>Therefore, he believes that in doing business, \"don't just look at interests, but emphasize feelings.\"</p><p>\"First, don't do anything too full. If you can let others, let others. If you can earn 10 yuan, you will earn 5 yuan and leave 5 yuan for others. Second, you should repay your kindness. You should help others before others help you, and you don't necessarily expect a return.\"</p><p>\"We have admitted the mistakes in business judgment, and we can learn a lot of lessons. What I am most afraid of is that people are unreliable and make mistakes in moral character. The core of investment banking trading is brand, and one thing can completely end you.\"</p><p>Huaxing's corporate culture is also full of \"loyalty\". When it comes to interests, Bao Fan has always been generous and indifferent. Once he has a deep relationship with Bao Fan, some people are even willing to \"send\" money to him.</p><p>When the merger and acquisition case between Guangguang and Huayou failed, Huaxing was almost busy in vain. Bao Fan didn't care about it, but Wang Changtian, chairman of Guangguang Media, remembered it. Later, when Guangguang Media went public, Wang Changtian pulled Bao Fan into a stake, which made him earn more than 30 times.</p><p>Wang Changtian's evaluation of Bao Fan was, \"He is a person you are willing to give him money. Do you think he should earn money?\"</p><p>For many entrepreneurs, Bao Fan has sincere pity. He said: \"It is not easy for private entrepreneurs in China. I can especially understand their dilemma of survival in the cracks. These people are not simple, and I admire and respect them.\"</p><p>These spirit of doing things have made Huaxing's investment business grow rapidly in recent years, and it has become a famous pole in the field of new economic investment.</p><p>As of June 30, 2020, the AUM of private equity investment funds under Huaxing amounted to approximately RMB39 billion, with an average IRR of 33%, and successful cases such as Meituan, WuXi AppTec, Minglue Data, Lianjia, Focus Media, Nanwei Medical, Bloomage Bio, Xinmai Medical, MicroPort Xintong, Bubble Mart, Kuaishou and Didi have been invested.</p><p>On September 10, 2020, Huaxing New Economy Fund, a subsidiary of Huaxing, also announced that it had completed the third phase of fund-raising in US dollars, with a total fund-raising amount of over 600 million US dollars. After the completion of this fund-raising, its single investment amount can reach 50 million US dollars.</p><p>In 2016, Bao Fan also \"saved the country through a curve\". With the help of the cooperation clauses on the financial industry in the economic and trade cooperation agreement between the mainland and Hong Kong, he broke through the control of private securities in the mainland. He established Huajing Securities in Shanghai with a Hong Kong-funded background, with four licenses: securities brokerage, securities investment consulting, securities underwriting and sponsorship, and securities asset management, and stepped into the mainland securities business.</p><p>Under the new round of reform of the mainland securities industry, Huaxing's development in the mainland has also begun to make great strides.</p><p>In June 2020, Huajing Securities added two new businesses, namely self-operated securities and consignment sales of financial products, and became a fully licensed securities firm. In December 2020, Huajing Securities officially changed its name to \"Huaxing Securities\". In the classification evaluation in 2020, Huaxing Securities was upgraded by two levels in a row, from Class BB to Class A in the previous year.</p><p>Since 2020, China's economy has increasingly shown two distinctive characteristics, or it is increasingly driven and led by two major trends. One is the new economic development supported by scientific and technological innovation; The other is the reform and development of the capital market with the development of the new economy as the core. The science and technology innovation board, the registration system and the comprehensive registration system have pushed China's capital market into a new era.</p><p>This is also regarded as the core engine of China's economic transformation and upgrading.</p><p>On the one hand, there are new economic investment and overseas investment banks with high barriers, and on the other hand, there are fully licensed securities firms in the mainland capital market. Huaxing Capital, which is deeply cultivated in the three core value points of new economic financial services, can be said to have caught up with a good time and made full preparations.</p><p>In recent years, in addition to practicing, Bao Fan is also an advocate of China's new economy. \"China's future must be the future of the new economy, and the new economy is the only direction worth gambling on in the future\".</p><p><img src=\"https://static.tigerbbs.com/7a6231d4cfff6006bbc54bf9488788ac\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>On the evening of February 16, 2023, Caixin broke the news that Bao Fan was suspected of losing contact.</p><p>Shortly thereafter, China Renaissance Capital Holdings announced on the HKEx: \"The Board has learned that the Company is temporarily unable to get in touch with Bao Fan (the chairman of the board of directors, executive director, CEO and controlling shareholder of the Company).\"</p><p><img src=\"https://static.tigerbbs.com/6cbdafd5f77e3ffa41a2d7701faf7d3c\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>As soon as the news came out, the industry was shocked.</p><p>Because this will affect the future and fate of many people, and even become a weather vane event of the new economy.</p><p>First of all, China Renaissance Capital Holdings will inevitably be greatly affected, or even suffer heavy losses.</p><p>In 2018, Bao Fan, who has made many entrepreneurs go public, also listed Huaxing Capital in Hong Kong as \"Huaxing Capital Holdings\" (01911), but its share price performance after listing can only be described as deeply disappointing.</p><p>On the day of listing, Huaxing fell sharply below the issue price of HK$31.8 and closed at HK$22.5. Since then, its share price has continued to decline, reaching as low as HK$5.82 in September 2022, less than 1/5 of the issue price.</p><p>Even if Bao Fan increased his holdings many times, it would not help. Some investors who once had high hopes for it couldn't help but leave messages of hate and disgust in the stock bar: old thousands of shares, specializing in harvesting the secondary market, garbage, cheap, mud can't help the wall...</p><p>As of February 15, 2023, its share price remained below HK$10.</p><p>The weakness of the stock price reflects the practical challenges that China Renaissance is facing, including but not limited to: the challenges of the company's team and management, the changes of the whole economic environment, and the lack of confidence of investors in some things outside China Renaissance's business.</p><p>In terms of team and management, a former employee of Huaxing once said that up to now, Huaxing has still not gotten rid of its dependence on Bao Fan's personal outstanding ability. Huaxing still lacks strength in talent competition, and often can only follow international banks to find people.</p><p>In terms of economic environment, in recent years, the development of the new economy dominated by the Internet has entered turmoil. From the perspective of investment and investment banking, it is even a period of sharp recession, while artificial intelligence and other developments are still being invested, which also makes Huaxing, which is dominated by the new economy, encounter the problem of industry trough.</p><p>In terms of investor confidence, what is incredible about Huaxing Capital is that it always stages the drama of \"super\" repurchase: on the day of listing, the company spent HK$ 4,010 to repurchase 200 shares at a repurchase price of HK$ 20.05; Since then, no less than five times, Huaxing Capital has solemnly announced the repurchase, and the repurchase amounts are:</p><p>100 shares.</p><p>According to the company's information disclosure, at present, Bao Fan still holds 48.81% shares of Huaxing. He is not only the founder, the largest shareholder, but also the most important pioneer of big business. If something happens to him, it can be seen that Huaxing may be affected.</p><p>What's even more worrying is that in September 2022, Jungle, president of China Renaissance Capital and former chairman and CEO of ICBC International, has been taken away by relevant departments, and the matters involved may include the business dealings with China Renaissance Capital when he worked for ICBC International.</p><p>According to public information, Jungle was the chairman and chief executive officer of ICBC International Holdings Co., Ltd. in 2016, and in 2017, he approved a loan of US$200 million for Huaxing Capital. In July 2020, after the listing of China Renaissance Capital Holdings, Jungle was invited to serve as the president of China Renaissance Capital Holdings Group and the chairman of China Renaissance Securities (Hong Kong), and his annual salary was as high as tens of millions.</p><p>This morning (17th), Huaxing Capital Holdings, which announced Bao Fan's loss of contact, fell sharply at the opening of the Hong Kong stock market, with a decline of 28.2% as of the close.</p><p><img src=\"https://static.tigerbbs.com/3701bcd91c712ac1411484a88c893b8a\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>In 2022, Bao Fan once said in an exclusive interview with Tencent's Deep Web that at the turning point of the times, many things can't be seen clearly, but we still have to continue to see them. Investing is finding certainty in uncertainty.</p><p>As one of the important standard bearers of the new economy, Bao Fan's accident will bring uncertainty beyond Huaxing Capital itself.</p><p>The new Internet economy has been a hot spot for wealth-making in the past 10 years, and it is regarded as the sunniest hot spot for wealth-making. When certain companies, certain things behind the sunshine are revealed, the entire industry will undoubtedly suffer.</p><p></body></html></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>Where did the people who made the big deal on China's Internet go?</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\">\nWhere did the people who made the big deal on China's Internet go?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/27\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/08f34cc62ee54134a6a68fe6538c26f8);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华商韬略 </p>\n<p class=\"h-time smaller\">2023-02-17 20:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Huashang Taolue</p><p>Yesterday evening, the news that Bao Fan, founder and chairman of Huaxing Capital, lost contact caused widespread concern and even strong shock in the financial and economic circles, especially in the financial circles and the new Internet economy.</p><p>What's so special about him? His loss of contact, why deserves special attention?</p><p><img src=\"https://static.tigerbbs.com/20298e6c23a6ba6b725c6619e18480d3\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>On Valentine's Day, 2015, big news broke out from the Chinese business community: Didi and Kuaidi jointly announced that the two companies would achieve a strategic merger.</p><p>The market was shocked as soon as the news came out. A few days ago, the two companies were still fighting to the death. Later disclosures show that as early as January of that year, the two sides had begun negotiations, but the process was challenging and the confidentiality was done well enough.</p><p>It was Bao Fan and his Huaxing Capital who led this transaction.</p><p>According to Bao Fan's recollection, the negotiations between the two sides were full of gunpowder at the beginning. \"In the past, the generals were fighting to the death. Suddenly, they sat at the same table. They were so rejected that they didn't even want to meet.\"</p><p>In the end, the core negotiations between the two sides lasted for 13 hours, while Bao Fan continued to mediate in the confrontation: \"What is the ultimate goal of this battle now, and what is the pattern we want to form?\"</p><p>\"We have to tell them in a rational way that we can't fight for the sake of fighting... We must not 'and mud'. We should try our best to pull both sides to the midline, and we should explain clearly that this midline is reasonable. Neither party can be wronged.\"</p><p>This is just one of Baufan's many success stories.</p><p>Tencent cooperated with JD.COM, Youku merged with Tudou, 58 merged with Ganji, Meituan merged with Dianping, Maoyan merged with Weiying, Meituan acquired mobike, and Momo acquired Tantan. In these big cooperations and transactions, Bao Fan is a vital person, and his Huaxing Capital continues to participate in them with the core role and identity of exclusive financial adviser.</p><p>These big cases that shocked the rivers and lakes were only a small part of Bao Fan and Huaxing's business.</p><p>From the listing of Dangdang, JD.COM, Meituan, Weibo and iQiyi in the early years, to WuXi AppTec, Shell (Chain Home), Nio, Nanwei Medical, Huaxi Bio, Xinmai Medical, Minimally Invasive Xintong, Bilibili, Bubble Mart, Kuaishou big projects in recent years... Bao Fan and Huaxing Capital have all played an important role.</p><p>Since 2013, China Renaissance has been ranked first among China's investment banks in financing M&A services for China's new economy companies. Therefore, Bao Fan is known as the king of financial services in China's new economy.</p><p>Some people also say that the big deal of China's new Internet economy has been wrapped up by Bao Fan.</p><p>In recent years, with the development of its investment banking and investment business, Huaxing Capital has become a winner-take-all in the financial service business of the new economy. It not only deeply binds the new economic giants to eat to the end, but also plugs them from the depth of the industrial chain to the end.</p><p>For example, Jingdong. From JD.COM's financing and listing, Huaxing has eaten to JD.COM's core business entities such as JD.COM Health and JD.COM Logistics, and has acted as a financial consultant, an investment, and a listing sponsor and underwriter.</p><p>Like seashells. Huaxing first held 3.8% of Shell shares before IPO with multiple rounds of investment of more than 3 billion yuan, becoming its fifth largest shareholder, and served as financial advisor in its multiple rounds of financing, and then served as a joint lead underwriter when it went public in the United States. In the early investment alone, Huaxing's book floating profit exceeded 10 billion yuan.</p><p>Like Aauto Quicker. Huaxing not only participated in Aauto Quicker with its new economy fund, but also acted as a financial consultant in Aauto Quicker's financing, and joined Morgan Stanley and Bank of America as the joint sponsor of Aauto Quicker's listing in Hong Kong.</p><p><img src=\"https://static.tigerbbs.com/9c380b1d3fd3ec6a5d40877fc656bbab\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>Bao Fan was born in Shanghai in 1970. His grandfather was an executive at Zhejiang Bank before the founding of New China, and his parents were diplomats.</p><p>Bao Fan, a teenager, was taken by his elders to eat Western food, open his eyes, and listen to the former stock market situation and the legend of bank tycoons in Shanghai. Although he couldn't understand it, Bao Fan had already vaguely felt that the profession of banker was very mysterious and fun.</p><p>Rebellion is synonymous with young Bao Fan. Because his parents have been away for many years, and he has been boarding at school since childhood, he has developed an unrestrained character, and he has to face bullying on campus alone, which stimulates him to practice mixed martial arts wildly, which not only makes fighting the main theme of life, but also pulls a group of brothers and becomes the \"boss\" on campus.</p><p>However, none of these delayed his study, and he was still admitted to Fudan University with excellent grades.</p><p>Soon, as long as Bao Fan mediated the disputes in the school, most of them could turn enmity into friendship. Nowadays, Bao Fan can handle so many business mergers and acquisitions with entangled interests and sharp contradictions one by one, perhaps because of his early experience of \"being a boss\".</p><p>In Huaxing, Bao Fan's title is not Bao Zong and Bao Dong, but: Boss.</p><p><img src=\"https://static.tigerbbs.com/eb5cba80fd3923a8dbeed6b175e23370\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>After graduating from Fudan University and the Norwegian School of Management, Bao Fan joined Morgan Stanley, a top investment bank, in 1993, fulfilling his childhood dream.</p><p>A few years after graduating from college, he worked with the world's top bosses all day long, negotiating billions or even tens of billions of dollars in business. This job brought Bao Fan excitement and glory, far exceeding the pleasure of making money.</p><p>Novartis Pharmaceuticals M&A, China Unicom, AsiaInfo Technology overseas listing, Bao Fan all participated in the whole process. Within a few years of working, he has served as a financial consultant for many multinational companies, but he is restless and begins to ask himself questions. After all, he still doesn't like a stable job, and he needs greater stimulation, such as starting a business.</p><p>In 2000, when AsiaInfo went public, Bao Fan felt that he was very angry with this entrepreneurial team, and he immediately joined AsiaInfo as the chief strategy officer.</p><p>AsiaInfo can be called the \"originator\" of China's Internet companies, and its backbone network projects such as China Mobile, China Unicom and Telecom are all built by it, and it is known as the \"chief architect of China's Internet\". Here, Bao Fan engaged in management and strategy, and fought fiercely with many high-tech peers.</p><p>With the deepening of his work, he made another major discovery: these high-tech enterprises have grown rapidly in recent years, with great demand for financing and mergers and acquisitions, but they are quite unfamiliar with the capital market.</p><p>This made his eyes shine: Isn't this an entrepreneurial opportunity?!</p><p><img src=\"https://static.tigerbbs.com/2ed7d0bf766821d25024cbbe20e9ae97\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>In 2004, Bao Fan recruited a Tsinghua girl as an analyst and secretary in the international club outside Jianguomen, and Huaxing Capital of two people opened in this way.</p><p>This year, the domestic capital market accelerated its development, and foreign giants such as Credit Suisse, Deutsche Bank, Goldman Sachs and Merrill Lynch were all trying to cut into the Chinese market.</p><p>How can Huaxing, which is weak, have a place?</p><p>Bao Fan sees an opportunity: China's start-ups and private economy are on the rise, and small financing and small mergers and acquisitions are constant, but big investment banks basically look down on these.</p><p>This makes Bao Fan finally define an \"investment bank + investment\" model that locks in the new economy:</p><p>Instead of taking the scale route, we should take the route of professionalism, precision and deep cultivation, lock in the high-tech new economy, and be both financial consultant and small-scale equity investment.</p><p>At that time, most emerging entrepreneurs were \"confused\" in the face of capital: they couldn't tell the development direction, financing needs, core competitiveness, their own value, and knew nothing about law, finance, strategy, etc. When raising money, it either can't convince investors, or it becomes a vassal in the face of capital.</p><p>Bao Fan's plan was to leave these troubles to Huaxing.</p><p>To find investors, Huaxing helps to get it done; To negotiate with investors, Huaxing helps to get it done; I don't know how to value or how to write the financing agreement. Huaxing can do it all, and it can \"leave us to do things that hurt our feelings\"; One-stop solution.</p><p>When encountering a particularly good enterprise, Bao Fan will symbolically follow the investment, do it together, lose it together and win it together.</p><p>With the rapid development of the new Internet economy, Huaxing quickly got on the right track and launched its sign. In 2006 and 2007 alone, it completed tens of billions of private placement financing for Zhengtu Network, 21st Century Real Estate, Qihoo, Dangdang and other enterprises in one breath, and won the crown of \"the most active small and medium-sized investment bank\" and \"the best new investment bank of the year\" in one fell swoop.</p><p>In the future, people will call this \"small but beautiful\" business model \"boutique investment bank\".</p><p>On this basis, Bao Fan began to further strengthen the investment bank and expand its business to listing sponsorship and underwriting. The market has gradually erupted with such demand.</p><p>On the surface, the business of investment banking is fiercely competitive, fair and reasonable. In fact, the chain of disdain created by nationalities and countries is everywhere.</p><p>In 2010, Dangdang was successfully listed on the New York Stock Exchange, soaring by 86.94%. However, Li Guoqing, as the biggest beneficiary, was furious and scolded \"Da Mo Nu\" in Weibo. The reason is that before the listing, Dangdang's underwriter Morgan Stanley forced him to sell at a discount to the issue price. Dangdang raised a lot of less money, and Li Guoqing became the biggest victim.</p><p>As the financial consultant of this project, Bao Fan realized in his early years that the financial industry has a strong national character.</p><p>For example, in big investment banks, Chinese with exquisite mathematics and diligent work act as bottom-level financial \"migrant workers\"; Indians occupy middle management positions; At the top, it will always be Jews and Anglo-Saxons. Chinese companies listed overseas, on the surface of the scenery is infinite, but in fact suffered all kinds of unfair treatment.</p><p>Dangdang's encounter made his experience even more painful.</p><p>American investors are also biased against Chinese companies. They are too lazy to understand the business model, and always want you to find out the analogy: no matter whether you are Ali, Ctrip, Sina or Baidu, no matter how much you are in China, when listed in the United States, you have to find a company that \"benchmarks\" with the American market. Otherwise, American investors will not understand it and suspect that your company is tricky.</p><p>This made Bao Fan begin to reflect: How can the Chinese break through and win a place on Wall Street?</p><p>His answer is that we must break the listing monopoly of European and American investment banks.</p><p>Although he was not convinced, Huaxing Capital had no chance of winning when he participated at that time, but Bao Fan still made up his mind: even if he lost money with him, he would participate.</p><p>This was also the truth he realized in the fight: \"When you are knocked down, you must never back down. You must fight back immediately.\"</p><p>Since 2012, Huaxing has begun to concentrate on becoming a real investment bank, and has successively obtained brokerage licenses in Hong Kong, China and the United States. Since then, Chinese enterprises have gone public in the United States, escorted by Chinese people's own investment banks.</p><p>This time, Bao Fan once again made the right bet.</p><p>In June 2013, Huaxing, which had just obtained the US brokerage license, completed the first IPO: it became the only local deputy underwriter of Lanting Jishi, the first cross-border e-commerce stock listed on the New York Stock Exchange.</p><p>This is the first time that a Chinese investment bank has underwritten an IPO of U.S. stocks.</p><p>He had won this big order because of Bao Fan's personal connections. He and Guo Quji, chairman of Lanting Jishi, have been \"friends\" for many years: when Guo Quji was the chief strategy officer of Google China, it was Bao Fan who \"encouraged\" him to go to the sea.</p><p>But later, when more and more Chinese enterprises went to the United States, Huaxing quickly became a dark horse in the market by perfectly keeping pace with the market rhythm and first-mover advantage. By 2018, it was the seventh largest underwriter on Wall Street.</p><p><img src=\"https://static.tigerbbs.com/59bf3b8c01164edc1497fc767fc6b48b\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>▲ Bao Fan at the 2018 Top Ten Economic People of the Year Award Ceremony</p><p>In that year, the shell with a market value of more than 70 billion US dollars was listed on the NYSE, and Huaxing served as the lead underwriter; With a market value of more than $40 billion, Fog Core Technology is listed on the New York Stock Exchange, and China Renaissance has become its underwriter together with Citigroup.</p><p>In addition to its success in the US stock market, Huaxing is also making great progress in the Hong Kong market: Meituan is listed in Hong Kong, and Huaxing is the exclusive financial adviser/joint global coordinator; JD is listed in Hong Kong, and China Renaissance is the joint global coordinator, joint bookrunner and joint lead manager; Aauto Quicker listed, Huaxing is a joint sponsor...</p><p>As early as June 30, 2020, Huaxing had helped clients successfully complete more than 980 transactions including initial public offerings, mergers and acquisitions and private placement financing, with a total transaction amount of over US$146 billion, making it the first in China's new economy at that time in terms of scale.</p><p><img src=\"https://static.tigerbbs.com/3e628ffa6dbc249571eaaca53c99e6c4\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>Cooperation with JD.COM is another model of Huaxing's operation.</p><p>As early as 2006, Bao Fan met Liu Qiangdong, and decided that he was capable, loyal and successful. However, Huaxing missed several rounds of financing in JD.COM. Bao Fan is the kind of person who will not give up until he reaches the Yellow River:</p><p>\"I don't believe in this evil. We must do something for JD.COM.\"</p><p>In 2011, in JD.COM's C round of financing, Liu Qiangdong finally found Bao Fan and asked for $1 billion. Bao Fan's first feeling was that Liu Qiangdong was crazy. In 2009, Shanda went public in the United States, and the financing amount was just that.</p><p>Bao Fan gritted his teeth and accepted such a big move that ordinary people couldn't catch.</p><p>It just so happened that Yuri, an old friend of Huaxing Capital and the founder of Russian Digital Sky Technology (DST), came to China, and Bao Fan took this \"Russian local tyrant\" to visit JD.COM, and it was $500 million.</p><p>Tiger Fund and SoftBank immediately followed suit and collected an unprecedented $1.5 billion. With this key battle in the history of JD.COM, Bao Fan has been deeply bundled with JD.COM since then. Since then, Huaxing has set a record for the largest financing of Chinese stocks at that time from the joint lead underwriter of JD.COM's $2.05 billion IPO, and has been listed healthily in JD.COM.</p><p>Many enterprises are willing to be bundled with Huaxing, which is inseparable from Huaxing's professional ability. Since its establishment, Bao Fan has put the building of a top professional team at the forefront of the company's development, and constantly offers high salaries to find and dig people. As early as 2017, Huaxing's per capita salary had reached RMB 1.2 million.</p><p>The elite team is the characteristic sign of Huaxing. The greater advantage that is different from other players is inseparable from Bao Fan's efforts outside his profession:</p><p>\"If an enterprise chooses Huaxing, we will use all Huaxing's resources to support him, and we will never give up when he is in the most difficult time. If we make friends, then we will stick knives and treat each other sincerely.\"</p><p>Bao Fan said that Huaxing did many projects in his early years, and didn't even have a contract. He shook hands and got it done. \"Frankly speaking, others can do what we do. Why are you willing to cooperate with us?\"</p><p>He believes that the most important thing is to \"treat each other with sincerity\".</p><p>\"Huaxing has been relatively DIAO since the first day it was founded. My personality is like this. I don't want to eat this food either. If you are willing to cooperate, cooperate, but you should be happy to cooperate together. Not only will we make a deal, but after the deal, we will still be friends. This is true cooperation.\"</p><p>Bao Fan is a financial expert, but his profession is only means and technology. What he really pursues and sticks to is human nature and human feelings.</p><p>He said, \"Favors are like bank accounts. Others are withdrawing money for you, always withdrawing money, and one day the money will be withdrawn, so you have to help others and keep saving money, so that you can get more and more money.\"</p><p>Therefore, he believes that in doing business, \"don't just look at interests, but emphasize feelings.\"</p><p>\"First, don't do anything too full. If you can let others, let others. If you can earn 10 yuan, you will earn 5 yuan and leave 5 yuan for others. Second, you should repay your kindness. You should help others before others help you, and you don't necessarily expect a return.\"</p><p>\"We have admitted the mistakes in business judgment, and we can learn a lot of lessons. What I am most afraid of is that people are unreliable and make mistakes in moral character. The core of investment banking trading is brand, and one thing can completely end you.\"</p><p>Huaxing's corporate culture is also full of \"loyalty\". When it comes to interests, Bao Fan has always been generous and indifferent. Once he has a deep relationship with Bao Fan, some people are even willing to \"send\" money to him.</p><p>When the merger and acquisition case between Guangguang and Huayou failed, Huaxing was almost busy in vain. Bao Fan didn't care about it, but Wang Changtian, chairman of Guangguang Media, remembered it. Later, when Guangguang Media went public, Wang Changtian pulled Bao Fan into a stake, which made him earn more than 30 times.</p><p>Wang Changtian's evaluation of Bao Fan was, \"He is a person you are willing to give him money. Do you think he should earn money?\"</p><p>For many entrepreneurs, Bao Fan has sincere pity. He said: \"It is not easy for private entrepreneurs in China. I can especially understand their dilemma of survival in the cracks. These people are not simple, and I admire and respect them.\"</p><p>These spirit of doing things have made Huaxing's investment business grow rapidly in recent years, and it has become a famous pole in the field of new economic investment.</p><p>As of June 30, 2020, the AUM of private equity investment funds under Huaxing amounted to approximately RMB39 billion, with an average IRR of 33%, and successful cases such as Meituan, WuXi AppTec, Minglue Data, Lianjia, Focus Media, Nanwei Medical, Bloomage Bio, Xinmai Medical, MicroPort Xintong, Bubble Mart, Kuaishou and Didi have been invested.</p><p>On September 10, 2020, Huaxing New Economy Fund, a subsidiary of Huaxing, also announced that it had completed the third phase of fund-raising in US dollars, with a total fund-raising amount of over 600 million US dollars. After the completion of this fund-raising, its single investment amount can reach 50 million US dollars.</p><p>In 2016, Bao Fan also \"saved the country through a curve\". With the help of the cooperation clauses on the financial industry in the economic and trade cooperation agreement between the mainland and Hong Kong, he broke through the control of private securities in the mainland. He established Huajing Securities in Shanghai with a Hong Kong-funded background, with four licenses: securities brokerage, securities investment consulting, securities underwriting and sponsorship, and securities asset management, and stepped into the mainland securities business.</p><p>Under the new round of reform of the mainland securities industry, Huaxing's development in the mainland has also begun to make great strides.</p><p>In June 2020, Huajing Securities added two new businesses, namely self-operated securities and consignment sales of financial products, and became a fully licensed securities firm. In December 2020, Huajing Securities officially changed its name to \"Huaxing Securities\". In the classification evaluation in 2020, Huaxing Securities was upgraded by two levels in a row, from Class BB to Class A in the previous year.</p><p>Since 2020, China's economy has increasingly shown two distinctive characteristics, or it is increasingly driven and led by two major trends. One is the new economic development supported by scientific and technological innovation; The other is the reform and development of the capital market with the development of the new economy as the core. The science and technology innovation board, the registration system and the comprehensive registration system have pushed China's capital market into a new era.</p><p>This is also regarded as the core engine of China's economic transformation and upgrading.</p><p>On the one hand, there are new economic investment and overseas investment banks with high barriers, and on the other hand, there are fully licensed securities firms in the mainland capital market. Huaxing Capital, which is deeply cultivated in the three core value points of new economic financial services, can be said to have caught up with a good time and made full preparations.</p><p>In recent years, in addition to practicing, Bao Fan is also an advocate of China's new economy. \"China's future must be the future of the new economy, and the new economy is the only direction worth gambling on in the future\".</p><p><img src=\"https://static.tigerbbs.com/7a6231d4cfff6006bbc54bf9488788ac\" tg-width=\"550\" tg-height=\"110\" referrerpolicy=\"no-referrer\"/></p><p>On the evening of February 16, 2023, Caixin broke the news that Bao Fan was suspected of losing contact.</p><p>Shortly thereafter, China Renaissance Capital Holdings announced on the HKEx: \"The Board has learned that the Company is temporarily unable to get in touch with Bao Fan (the chairman of the board of directors, executive director, CEO and controlling shareholder of the Company).\"</p><p><img src=\"https://static.tigerbbs.com/6cbdafd5f77e3ffa41a2d7701faf7d3c\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\"/></p><p>As soon as the news came out, the industry was shocked.</p><p>Because this will affect the future and fate of many people, and even become a weather vane event of the new economy.</p><p>First of all, China Renaissance Capital Holdings will inevitably be greatly affected, or even suffer heavy losses.</p><p>In 2018, Bao Fan, who has made many entrepreneurs go public, also listed Huaxing Capital in Hong Kong as \"Huaxing Capital Holdings\" (01911), but its share price performance after listing can only be described as deeply disappointing.</p><p>On the day of listing, Huaxing fell sharply below the issue price of HK$31.8 and closed at HK$22.5. Since then, its share price has continued to decline, reaching as low as HK$5.82 in September 2022, less than 1/5 of the issue price.</p><p>Even if Bao Fan increased his holdings many times, it would not help. Some investors who once had high hopes for it couldn't help but leave messages of hate and disgust in the stock bar: old thousands of shares, specializing in harvesting the secondary market, garbage, cheap, mud can't help the wall...</p><p>As of February 15, 2023, its share price remained below HK$10.</p><p>The weakness of the stock price reflects the practical challenges that China Renaissance is facing, including but not limited to: the challenges of the company's team and management, the changes of the whole economic environment, and the lack of confidence of investors in some things outside China Renaissance's business.</p><p>In terms of team and management, a former employee of Huaxing once said that up to now, Huaxing has still not gotten rid of its dependence on Bao Fan's personal outstanding ability. Huaxing still lacks strength in talent competition, and often can only follow international banks to find people.</p><p>In terms of economic environment, in recent years, the development of the new economy dominated by the Internet has entered turmoil. From the perspective of investment and investment banking, it is even a period of sharp recession, while artificial intelligence and other developments are still being invested, which also makes Huaxing, which is dominated by the new economy, encounter the problem of industry trough.</p><p>In terms of investor confidence, what is incredible about Huaxing Capital is that it always stages the drama of \"super\" repurchase: on the day of listing, the company spent HK$ 4,010 to repurchase 200 shares at a repurchase price of HK$ 20.05; Since then, no less than five times, Huaxing Capital has solemnly announced the repurchase, and the repurchase amounts are:</p><p>100 shares.</p><p>According to the company's information disclosure, at present, Bao Fan still holds 48.81% shares of Huaxing. He is not only the founder, the largest shareholder, but also the most important pioneer of big business. If something happens to him, it can be seen that Huaxing may be affected.</p><p>What's even more worrying is that in September 2022, Jungle, president of China Renaissance Capital and former chairman and CEO of ICBC International, has been taken away by relevant departments, and the matters involved may include the business dealings with China Renaissance Capital when he worked for ICBC International.</p><p>According to public information, Jungle was the chairman and chief executive officer of ICBC International Holdings Co., Ltd. in 2016, and in 2017, he approved a loan of US$200 million for Huaxing Capital. In July 2020, after the listing of China Renaissance Capital Holdings, Jungle was invited to serve as the president of China Renaissance Capital Holdings Group and the chairman of China Renaissance Securities (Hong Kong), and his annual salary was as high as tens of millions.</p><p>This morning (17th), Huaxing Capital Holdings, which announced Bao Fan's loss of contact, fell sharply at the opening of the Hong Kong stock market, with a decline of 28.2% as of the close.</p><p><img src=\"https://static.tigerbbs.com/3701bcd91c712ac1411484a88c893b8a\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p>In 2022, Bao Fan once said in an exclusive interview with Tencent's Deep Web that at the turning point of the times, many things can't be seen clearly, but we still have to continue to see them. Investing is finding certainty in uncertainty.</p><p>As one of the important standard bearers of the new economy, Bao Fan's accident will bring uncertainty beyond Huaxing Capital itself.</p><p>The new Internet economy has been a hot spot for wealth-making in the past 10 years, and it is regarded as the sunniest hot spot for wealth-making. When certain companies, certain things behind the sunshine are revealed, the entire industry will undoubtedly suffer.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9211839191cf55d29dbe0ea606ea36f8","relate_stocks":{"01911":"华兴资本控股"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117714701","content_text":"作 者丨华商韬略昨日晚间，华兴资本创始人、董事长包凡失联的消息，在财经界，尤其是金融界与互联网新经济领域引起广泛关注，甚至是强烈震动。他，有什么特别的？他的失联，为什么值得特别关注？2015年情人节，中国商界传出大消息：滴滴与快的共同宣布，两家企业将实现战略合并。消息一出，市场震惊。此前几天，两家公司还在殊死博弈。日后披露信息显示，早在当年1月，双方就已开始了谈判，只不过过程充满挑战，且保密工作做得足够好。主导这场交易的正是包凡，和他的华兴资本。据包凡回忆，双方的谈判一开始充满火药味，“以前将过军，你死我活的，突然坐到同一张桌子上，他们排斥到见面都不想见。”最终，双方的核心谈判进行了整整13个小时，包凡则在对峙中不断调停：“现在打这一仗，最终目的是什么，想要形成的格局是什么？”“得用理性的方式告诉他们，不能为了打仗而打仗……绝不能‘和稀泥‘，我们尽量把双方往中线上拉，而且我们要解释清楚，这条中线是合理的。不能让任何一方受委屈。”这只是包凡众多成功案例中的一个。腾讯与京东合作、优酷与土豆合并、58与赶集合并，美团与大众点评合并、猫眼和微影合并、美团收购摩拜、陌陌收购探探，这些大合作、大交易中，包凡都是至关重要的人，他旗下的华兴资本则以独家财务顾问的核心角色和身份，持续参与其中。这些轰动江湖的大案子，只是包凡和华兴业务的一小部分。从早年的当当、京东、美团、微博、爱奇艺上市，到最近几年的药明康德、贝壳（链家）、蔚来、南微医学、华熙生物、心脉医疗、微创心通、哔哩哔哩、泡泡玛特、快手大项目……包凡和华兴资本都扮演了重要角色。2013年至今，在为中国新经济公司运作的融资并购服务中，华兴资本一直位列中国投行第一。包凡也因此被誉为：中国新经济领域的金融服务之王。也有人说，中国互联网新经济的大买卖，被包凡包圆了。这些年，伴随其投行、投资业务的发展，华兴资本在新经济的金融服务生意里赢家通吃。既深度捆绑新经济巨头一家吃到底，也从产业链纵深一竿子插到底。比如京东。华兴从京东融资、上市一直吃到京东健康，京东物流等京东旗下核心事业体，而且在其中既当财务顾问，也做投资，还当上市保荐人与承销商。比如贝壳。华兴先是以超过30亿的多轮投资，累计持有贝壳股份至IPO前的3.8%，成为其第五大股东，并在其多轮融资担任财务顾问，然后又在其赴美国上市之际担任了联席主承销商。仅是早期的投资，华兴就账面浮盈超过百亿之巨。比如快手。华兴既以旗下的新经济基金参投了快手，也在快手的融资中担当财务顾问，并与摩根士丹利、美银一起做了快手在港上市的联席保荐人。1970年，包凡在上海出生。他的祖父是新中国成立前的浙江银行高管，父母则是外交官。十几岁的包凡，就被长辈们带着吃西餐、开眼界，顺便旁听上海昔日股市风云和银行大亨传奇。虽然听不太懂，但包凡已经隐约感觉到，银行家这个职业很神秘、很好玩。叛逆是少年包凡的代名词。由于父母长年在外，自小在校寄宿，他养成了无拘无束的性格，又要独自面对校园霸凌，这刺激他狂练综合格斗，不但把打架斗殴过成了生活主旋律，还拉上一帮兄弟，当上了校园“老大”。不过，这些都没能耽误他的学习，他依然以优异成绩考入复旦大学。很快，学校里的纠纷只要找包凡调停，大都能化干戈为玉帛。如今，包凡能将那么多利益纠缠、矛盾尖锐的商业并购一一搞定，或许正是源于他早年“当老大”的经验。在华兴，包凡的称呼不是包总、包董，而是：老大。先后在复旦和挪威管理学院毕业后，包凡于1993年入职顶级投行摩根士丹利，圆了儿时的梦想。大学毕业没几年，就成天跟全世界最顶尖的大佬合作，谈的都是几十亿乃至上百亿美元的生意，这份工作带给包凡的兴奋与荣耀，远超赚钱的快感。诺华制药并购，中国联通、亚信科技海外上市，包凡都全程参与。参加工作没几年，他已担任多家跨国企业的财务顾问，但不安分的他却开始不断自我设问，自己终究还是不喜欢稳定的工作，他需要更大的刺激，比如创业。2000年，运作亚信上市时，包凡觉得自己与这个创业团队很投脾气，他随即加盟亚信，担任首席战略官。亚信堪称中国互联网公司的“鼻祖”，移动、联通、电信等骨干网络工程全由其承建，有“中国互联网的总建筑师”之称。在这里，包凡搞管理、定战略，跟不少高科技同行打得火热。随着工作深入，他又有了重大发现：这些高科技企业近年来飞速成长，融资、并购需求极大，却对资本市场相当陌生。这让他眼前一亮：这不就是创业机会吗？！2004年，包凡在建国门外的国际俱乐部，招了个清华女生兼任分析师和秘书，两个人的华兴资本，就这样开了张。这一年，国内资本市场加速发展，瑞士信贷、德意志银行、高盛、美林证券等国外巨头都在想方设法切入中国市场。势单力薄的华兴，如何才能有一席之地？包凡看到了一个机会：中国创业企业、民营经济正在崛起，小融资、小并购不断，但大投行对这些基本看不上。这让包凡最终明确出一个锁定新经济的“投行+投资”模式：不走规模路线，而是走专业精细和深耕路线，锁定高科技新经济，既做财务顾问，又做小规模参股投资。当年，新兴创业者在资本面前大都“蒙圈”：既说不清发展方向、融资需求、核心竞争力，也认不清自身价值，对法律、财务、战略等更是一无所知。融资时，要么说服不了投资人，要么在资本面前沦为附庸。包凡的算盘是，这些麻烦，交给华兴就好。要找投资人，华兴帮忙搞定；要跟投资人谈判，华兴帮忙搞定；不知道该怎么估值，不知道融资协议怎么写，华兴统统能搞定，而且可以“伤感情的事，留我们来做”；一条龙全套解决。遇到特别好的企业，包凡还会象征性跟投，一起做，一起输，一起赢。借助互联网新经济的快速发展，华兴很快走上正轨，打响招牌。仅是06、07两年，它就一口气为征途网络、21世纪不动产、奇虎、当当网等企业完成上百亿私募融资，一举斩获“最活跃中小型投行”、“年度最佳新型投行”等桂冠。日后，人们将这种“小而美”的商业模式称为“精品投行”。在此基础上，包凡开始进一步把投行做实，将业务拓展到上市保荐与承销。市场，也逐渐爆发出这样的需求。投行这门生意，表面看竞争激烈、公平合理，实际上，民族、国别造就的鄙视链无处不在。2010年，当当网在纽交所成功上市，暴涨86.94%，但作为最大受益者的李国庆却大发雷霆，与“大摩女”在微博展开对骂。原因是，上市前，当当的承销商摩根士丹利强制要求他对发行价打折贱卖，当当少募了很多钱，李国庆成为了最大受害者。作为这一项目的财务顾问方，包凡早年就体会到，金融业具有强烈的民族性。比如，在大投行，数学精湛、工作勤奋的华人，充当着底层金融“民工”；印度人占据着中层管理职位；最高层，则永远是犹太人和盎格鲁-撒克逊人。中国公司海外上市，表面风光无限，实则遭受着各种不公平待遇。当当的遭遇，让他这种体会变得更加痛彻。美国投资人对中国企业也充满偏见。他们懒得理解商业模式，总希望你找出类比对象：不管你是阿里、携程还是新浪、百度，甭管你在中国多牛，在美国上市就统统要找到与美国市场“对标”的公司，否则，美国投资人就看不懂，就怀疑你公司有猫腻。这让包凡开始了反思：中国人要如何突破，在华尔街去赢得一席之地？他的答案是，一定要打破欧美投行的上市垄断权。虽然不服气，但当时的华兴资本参与进去并无胜算，可包凡还是下定决心：即便陪跑赔钱，也要参与。这也是他在格斗中悟出来的道理：“被打倒时，你绝不能退缩，必须马上打回去。”从2012年开始，华兴开始集中精力成为真正的投行，先后拿到中国香港、美国的券商牌照。从此——中国企业赴美上市，有了中国人自己的投资银行护航。这一次，包凡再次押对了。2013年6月，刚刚拿到美国券商牌照的华兴，就完成了IPO第一股：成为跨境电商第一股兰亭集势在纽交所上市的唯一的本土副承销商。这是第一次由中国投行承销美股IPO。拿下这笔大单，多少是因为包凡的个人关系。他与兰亭集势董事长郭去疾是多年的“好友”：当年，郭去疾在谷歌中国当首席战略官时，就是包凡“鼓动”他下的海。但后来，当越来越多中国企业赴美，华兴则是靠着完美踏准市场节奏以及先发优势，快速成为了市场的一匹黑马，到2018年时，它已是华尔街第七大承销商。▲包凡在2018十大经济年度人物颁奖典礼现场当年市值超过700亿美元的贝壳在纽交所上市，华兴担任主承销商；市值超过400亿美金雾芯科技在纽交所上市，华兴资本与花旗一起成为其承销商。除了在美股市场旗开得胜，华兴在香港市场同样高歌猛进：美团在港上市，华兴是独家财务顾问/联席全球协调人；京东在港上市，华兴资本是联席全球协调人、联席账簿管理人及联席牵头经办人；快手上市，华兴是联席保荐人……早在2020年6月30日，华兴已帮助客户成功完成包括首次公开募股、并购和私募融资等超过980宗交易，交易总额逾1460亿美元，规模上，成为当时中国新经济领域的第一。与京东合作，是华兴资本运作的又一典范。早在2006年，包凡就结识了刘强东，认定他能力强、讲义气、会成事。但京东的数轮融资，华兴都失之交臂。包凡是那种不到黄河心不死的人：“我就不信这邪，我们一定要为京东做点啥。”2011年，京东C轮融资，刘强东终于找到包凡，开口要10亿美元。包凡第一感觉是：刘强东疯了。2009年盛大赴美上市，融资额也不过如此。这种一般人接不住的大招，包凡咬牙接了。正好，华兴资本的老朋友、俄罗斯数字天空技术（DST）创始人尤里来到中国，包凡带着这位“俄罗斯土豪”逛京东，一砸就是5亿美元。老虎基金、软银马上跟风凑了破天荒的15亿美元。凭借这场京东史上关键之战，包凡自此与京东深度捆绑。此后，华兴从京东20.5亿美元IPO的联席主承销商，创出当时中概股最大规模融资纪录，一直做到后面的京东健康上市。众多企业都愿意和华兴捆绑，离不开华兴的专业能力。从创立开始，包凡就将构建顶尖专业团队放在公司发展首位，不断开出高薪找人，挖人。早在2017年，华兴的人均薪酬就已高达120万人民币。精英团队是华兴的特色招牌。而区别于其他业者的更大优势，离不开包凡在专业之外的功夫：“如果一个企业选择了华兴，我们会启用华兴所有的资源去支持他，在他最困难的时候，我们也会不离不弃。咱们交上朋友了，那就两肋插刀、肝胆相照。”包凡说，华兴早年做了很多项目，连合同都没有，握个手搞定了，“坦率讲我们干的事别人也能干，为什么大家愿意跟我们合作？”他认为，最重要的就是“肝胆相照”。“华兴从创立第一天起就比较DIAO，我的性格就是这样，我也不差这口饭吃，你愿意合作就合作，但在一起合作要开心，不仅做成买卖，做完买卖大家还是朋友，这才是真正的合作。”包凡是一个金融专家，但专业只是手段和技术，他真正追求和死守的，还是人性与人情。他说：“人情这东西就像银行账户，别人帮你是在取钱，总是取钱，总有一天钱会取光，所以你要帮别人，不断存钱，钱才能越来越多。”因此他认为，做生意，“不要只看利益，要重感情。”“第一，什么事情都别做太满，能让别人就让别人。你能赚10块钱，你就赚5块，留5块钱给别人。第二，要知恩图报，别人没帮你之前你就先帮别人，不一定指望回报。”“商业上的判断失误我们认了，能吸取很多经验教训。我最怕的就是人不靠谱，犯道德品质上的错误，投资银行买卖的核心就是品牌，一件事就能让你彻底完蛋。”华兴的企业文化中，也充满着“江湖义气”。在利益问题上，包凡向来大气不计较，一旦跟包凡有了深交，有人甚至愿意“送”钱给他。当年光线与华友的并购案落空，华兴几乎白忙一场，包凡对此毫不在意，光线传媒董事长王长田却记住了这事。后来光线传媒上市，王长田拉着包凡入股，让他最高赚到30多倍。王长田对包凡的评价则是：“他是一个你愿意给他钱的人，你觉得他挣钱是应该的。”对于很多企业家，包凡有发自内心的怜惜。他说：“中国的民营企业家很不容易。我特别能够理解他们夹缝中求生存的困境。这些人很不简单，我很佩服、尊重他们。”这些做事做人精神，让华兴的投资业务近年来快速成长，成为新经济投资领域的著名一极。截至2020年6月30日，华兴旗下的私募股权投资基金资产管理规模达约人民币390亿元，平均IRR达33%，并投出了美团、药明康德、明略数据、链家、分众传媒、南微医学、华熙生物、心脉医疗、微创心通、泡泡玛特、快手、滴滴等成功案例。2020年9月10日，华兴旗下“华兴新经济基金”还宣布，已完成第三期美元基金募资，总募资额超6亿美元，完成此次募资后，其单笔投资金额可达5000万美元。2016年，包凡还“曲线救国”，借助内地与香港经贸合作协定中关于金融业的合作条款，突破内地对民营证券的管制，以港资背景在上海成立了华菁证券，拥有证券经纪、证券投资咨询、证券承销与保荐、证券资产管理四张牌照，踏入内地证券业务。内地证券业新一轮改革之下，华兴资本在内地的发展也开始大步前进。2020年6月，华菁证券新增了证券自营、代销金融产品两项业务，成为全牌照券商。2020年12月，华菁证券正式更名为“华兴证券”。在2020年的分类评价中，华兴证券还连升两级，从上年的BB类升至A类。从2020年开始，中国经济越来越呈现出两大显著特征，或者说越来越靠两大趋势推动和引领。一个是以科技创新为支持的新经济发展；另一个是以推动新经济发展为核心的资本市场变革与发展，科创板、注册制、全面注册制推动中国资本市场走入崭新的时代。这也被认为是中国经济转型升级的核心引擎。一手是已经壁垒高筑的新经济投资与海外投行，一手是在内地资本市场的全牌照券商，在新经济金融服务三大核心价值点深耕的华兴资本，可谓赶上了好时候，也做足了准备。这些年，除了躬身实践，包凡更是中国新经济的鼓吹者，“中国的未来一定是新经济的未来，新经济是未来唯一值得赌的方向”。2023年2月16日晚，《财新》传出包凡疑似失联的消息。此后不久，华兴资本控股在港交所公告：“董事会得悉本公司暂时无法与包凡（本公司董事会主席、执行董事、首席执行官和控股股东）取得联系。”消息一出，业界震惊。因为，这将关系不少人的前途命运，甚至会成为新经济的一个风向标事件。首先是，华兴资本控股将不可避免的受到重大影响，甚至是遭遇重创。2018年，成就了众多企业家上市之路的包凡，也将华兴资本以“华兴资本控股”（01911）在港上市，但其上市之后的股价表现却只能用令人深感失望来形容。上市当日，华兴就大幅跌破31.8港元的发行价，收盘于22.5港元。此后，其股价更一路持续走低，最低至2022年9月的5.82港元，不足发行价的1/5。即便包凡多次增持，也无济于事。曾经对其寄予厚望的一些投资者，因此忍不住在股吧留言憎恨与厌恶：老千股、专门收割二级市场，垃圾、贱得可以，烂泥扶不上墙……截至2023年2月15日，其股价依然在10港元的下方。股价的疲弱，反应了华兴资本正在面临的实际挑战，它包括但不限于：公司团队与管理的挑战，以及整个经济大环境的变迁，以及投资人对华兴资本业务之外的一些事情也缺乏信心。在团队与管理方面，一位华兴前职员就曾表示，到目前，华兴依然没有摆脱对包凡的个人突出能力的依赖，华兴在人才竞争上还缺少力量，常常只能跟在国际大行后面找人。在经济大环境方面，最近几年互联网为主的新经济发展进入动荡，从投资与投行角度而言，甚至是大幅衰退期，而人工智能等发展尚在投入之中，这也让以新经济为主的华兴遇到行业低谷的问题。投资人信心方面，华兴资本让人匪夷所思的是，动不动就上演“超级”回购的戏码：上市当日，公司花4010港元回购200股，回购价为20.05港元；此后不低于5次，华兴资本都曾郑重其事地公告回购，回购数额都是：100股。根据公司信息披露，目前，包凡还持有华兴48.81%股份。既是创始人，还是最大股东，更是最重要的大业务先锋，如果他出事，华兴可能受到的影响也可见一斑。更让人担心的是，2022年9月，华兴资本总裁、工银国际前董事长兼行政总裁丛林已被有关部门带走，而其涉及之事，或许就包括任职工银国际时与华兴资本的业务往来。根据公开消息，丛林2016年任工银国际控股有限公司董事长兼行政总裁，2017年曾为华兴资本批下一笔2亿美元的贷款。2020年7月，华兴资本控股上市后，丛林应邀出任了华兴资本控股集团总裁兼任华兴证券（香港）董事长，而其年薪则高达千万级。今日（17日）上午，公告了包凡失联的华兴资本控股，在港股市场开盘大跌，截至收盘跌幅达28.2%。2022年，包凡曾经在接受腾讯《深网》的专访中说，在时代的转折点上，很多事情看不清楚，但还是要继续去看。投资就是在不确定中找确定。作为新经济重要旗手之一的包凡出事，所带来的不确定性，也会超出华兴资本本身。互联网新经济是过去10多年的造富热土，并且被认为是最阳光的一片造富热土。当某些公司，某些事情阳光背后的东西被显现出来，整个行业无疑都会受到影响。","news_type":1,"symbols_score_info":{"01911":0.9}},"isVote":1,"tweetType":1,"viewCount":3706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":625289077,"gmtCreate":1676508887201,"gmtModify":1676508887201,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570100124824816","idStr":"3570100124824816"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/625289077","repostId":"1124094165","repostType":2,"isVote":1,"tweetType":1,"viewCount":3691,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":625280494,"gmtCreate":1676508761120,"gmtModify":1676508761120,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570100124824816","idStr":"3570100124824816"},"themes":[],"title":"","htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/625280494","repostId":"1124094165","repostType":2,"isVote":1,"tweetType":1,"viewCount":3278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":664218967,"gmtCreate":1668059961960,"gmtModify":1676538006491,"author":{"id":"3570100124824816","authorId":"3570100124824816","name":"云中梧桐","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3570100124824816","idStr":"3570100124824816"},"themes":[],"title":"","htmlText":"<a 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