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erinwong
erinwong
·
2024-04-27
Thanks for sharing!!
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erinwong
erinwong
·
2023-03-31
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@Jason Brown:
Three questions to ask yourself
Three questions to ask yourself
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erinwong
erinwong
·
2022-09-20
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這四個國家,開始限制俄羅斯公民入境
@中国基金报:
來源:央視新聞客戶端當地時間9月19日,波蘭內務與行政部長卡明斯基簽署文件,開始收緊對俄羅斯公民入境該國的限制。根據新措施要求,出於旅遊、文化、體育或商業目的的俄羅斯公民將不能從歐盟以外的地方入境波蘭。此外,從9月26日起,這些限制措施將適用於所有入境點,包括空中和海上。本月8日,波蘭、立陶宛、拉脫維亞和愛沙尼亞四國總理簽署了一項協議,以“保護公共政策和內部安全以及整個申根區的安全”爲由,拒絕以“旅遊、文化、體育或商業”爲旅行目的的俄羅斯公民通過其邊境進入歐盟和申根區。據悉,波羅的海三國也於19日開始對俄羅斯公民實施相同的入境限制措施。
這四個國家,開始限制俄羅斯公民入境
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erinwong
erinwong
·
2022-09-19
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Hong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba down over 2%
9月19日讯,港股延续上周跌势,三大指数再度低开,恒指跌0.35%,国指跌0.48%,恒生科技指数跌0.79%。盘面上,大型科技股继续走弱,阿里巴巴跌2%,网易、京东跌超1%,美团、腾讯、百度、快手均
Hong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba down over 2%
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erinwong
erinwong
·
2022-08-28
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CICC: China and the US signed an audit and regulatory cooperation agreement; how should the subsequent impact be interpreted?
如果取得实质性进展,或将有助于缓解多数公司退市的尾部风险和市场短期压力。
CICC: China and the US signed an audit and regulatory cooperation agreement; how should the subsequent impact be interpreted?
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erinwong
erinwong
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2022-06-14
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Sorry, this post has been deleted
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erinwong
erinwong
·
2022-05-29
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Robin Li wants to turn crisis into opportunity, but Baidu still lacks a sharp product knife.
百度想再次成为一家伟大的企业。
Robin Li wants to turn crisis into opportunity, but Baidu still lacks a sharp product knife.
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erinwong
erinwong
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2022-05-29
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Sorry, this post has been deleted
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erinwong
erinwong
·
2022-05-29
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Twenty years ago, Zhou Hongyi's punch was not only directed at Robin Li.
战斗力爆表的老周几乎以一己之力撑起了中国互联网的上半场。
Twenty years ago, Zhou Hongyi's punch was not only directed at Robin Li.
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erinwong
erinwong
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2022-05-09
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","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9910386214","repostId":"1156625778","repostType":4,"repost":{"id":"1156625778","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1663550362,"share":"https://ttm.financial/m/news/1156625778?lang=en_US&edition=fundamental","pubTime":"2022-09-19 09:19","market":"sh","language":"zh","title":"Hong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba down over 2%","url":"https://stock-news.laohu8.com/highlight/detail?id=1156625778","media":"老虎资讯综合","summary":"9月19日讯,港股延续上周跌势,三大指数再度低开,恒指跌0.35%,国指跌0.48%,恒生科技指数跌0.79%。盘面上,大型科技股继续走弱,阿里巴巴跌2%,网易、京东跌超1%,美团、腾讯、百度、快手均","content":"<p><html><head></head><body>September 19 - Hong Kong stocks continued last week's decline, with the three major indices open low again. The Hang Seng Index fell 0.35%, the Hang Seng Index fell 0.48%, and the Hang Seng Tech Index fell 0.79%.</p><p>On the market, major technology stocks continued to weaken.<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Down 2%,<a href=\"https://laohu8.com/S/09999\">NetEase</a>、<a href=\"https://laohu8.com/S/09618\">JD.com</a>Meituan fell by more than 1%.<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/09888\">Baidu</a>Both Kuaishou and Kuaishou declined; Auto stocks continued their downward trend, with new energy stocks leading the decline.<a href=\"https://laohu8.com/S/09866\">Nio</a>It fell more than 5%.<a href=\"https://laohu8.com/S/02015\">Li Auto</a>It fell nearly 4%. Sporting goods, insurance, gas, power, and dairy stocks generally declined. On the other hand, luxury goods stocks<a href=\"https://laohu8.com/S/01929\">Chow Tai Fook</a>It opened 4.4% higher, with some biopharmaceutical and building materials and cement stocks rising.<a href=\"https://laohu8.com/S/600585\">conch cement</a>、<a href=\"https://laohu8.com/S/03323\">China Building Materials</a>Both opened higher.<img src=\"https://static.tigerbbs.com/da3ba802395fbdf5b86bf2e848c2e369\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></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>Hong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba down over 2%</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\">\nHong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba down over 2%\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\">2022-09-19 09:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>September 19 - Hong Kong stocks continued last week's decline, with the three major indices open low again. The Hang Seng Index fell 0.35%, the Hang Seng Index fell 0.48%, and the Hang Seng Tech Index fell 0.79%.</p><p>On the market, major technology stocks continued to weaken.<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Down 2%,<a href=\"https://laohu8.com/S/09999\">NetEase</a>、<a href=\"https://laohu8.com/S/09618\">JD.com</a>Meituan fell by more than 1%.<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/09888\">Baidu</a>Both Kuaishou and Kuaishou declined; Auto stocks continued their downward trend, with new energy stocks leading the decline.<a href=\"https://laohu8.com/S/09866\">Nio</a>It fell more than 5%.<a href=\"https://laohu8.com/S/02015\">Li Auto</a>It fell nearly 4%. Sporting goods, insurance, gas, power, and dairy stocks generally declined. On the other hand, luxury goods stocks<a href=\"https://laohu8.com/S/01929\">Chow Tai Fook</a>It opened 4.4% higher, with some biopharmaceutical and building materials and cement stocks rising.<a href=\"https://laohu8.com/S/600585\">conch cement</a>、<a href=\"https://laohu8.com/S/03323\">China Building Materials</a>Both opened higher.<img src=\"https://static.tigerbbs.com/da3ba802395fbdf5b86bf2e848c2e369\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"BK4524":"宅经济概念","BK4554":"元宇宙及AR概念","BK4581":"高盛持仓","BK4527":"明星科技股","BABA":"阿里巴巴","BK4526":"热门中概股","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4575":"芯片概念","BK4558":"双十一","QNETCN":"纳斯达克中美互联网老虎指数","HSI":"恒生指数","BK4505":"高瓴资本持仓","BK4535":"淡马锡持仓","BK4504":"桥水持仓","BK4538":"云计算","09988":"阿里巴巴-W","BK4548":"巴美列捷福持仓","BK4565":"NFT概念"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156625778","content_text":"9月19日讯,港股延续上周跌势,三大指数再度低开,恒指跌0.35%,国指跌0.48%,恒生科技指数跌0.79%。盘面上,大型科技股继续走弱,阿里巴巴跌2%,网易、京东跌超1%,美团、腾讯、百度、快手均下跌;汽车股跌势不止,新能源股领衔下跌,蔚来跌超5%,理想汽车跌近4%。体育用品股、保险股、燃气股、电力股、乳制品股普遍走低。另一方面,奢侈品股周大福开涨4.4%,生物医药股、建材水泥股部分上涨,海螺水泥、中国建材均高开。","news_type":1,"symbols_score_info":{"BABA":0.9,"HSImain":0.9,"QNETCN":0.9,"HSI":0.9,"09988":0.9,"MHImain":0.9,"MCHmain":0.9}},"isVote":1,"tweetType":1,"viewCount":4692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9994277853,"gmtCreate":1661653406273,"gmtModify":1676536555306,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"title":"","htmlText":"Good ","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9994277853","repostId":"1133824414","repostType":2,"repost":{"id":"1133824414","kind":"news","weMediaInfo":{"introduction":"图文并茂讲解中金深度研究报告","home_visible":1,"media_name":"中金点睛","id":"1012212489","head_image":"https://static.tigerbbs.com/6b16ed39660b4e0c835afdaf1c94aa75"},"pubTimestamp":1661574905,"share":"https://ttm.financial/m/news/1133824414?lang=en_US&edition=fundamental","pubTime":"2022-08-27 12:35","market":"sh","language":"zh","title":"CICC: China and the US signed an audit and regulatory cooperation agreement; how should the subsequent impact be interpreted?","url":"https://stock-news.laohu8.com/highlight/detail?id=1133824414","media":"中金点睛","summary":"如果取得实质性进展,或将有助于缓解多数公司退市的尾部风险和市场短期压力。","content":"<p><html><head></head><body>Authors: Liu Gang, Kou Yue, Zhang Weihan, et al.</p><p>On the evening of August 26, Beijing time, the China Securities Regulatory Commission (CSRC) announced on its website that the CSRC, the Ministry of Finance, and U.S. regulatory agencies signed an audit cooperation agreement[1]. The announcement stated that the cooperation agreement is based on the laws and regulations of both countries, respects international practices, and adheres to the principles of reciprocity and mutual benefit. It makes clear provisions for both parties to cooperate in regulatory inspections and investigations of relevant accounting firms, forming a cooperation framework that complies with the laws and regulatory requirements of both parties. Correspondingly, the U.S. Public Company Accounting Oversight Board (PCAOB) and the U.S. Securities and Exchange Commission (SEC) also issued relevant statements[2][3].</p><p>Overall, we believe that the signing of the audit and regulatory cooperation agreement between China and the United States is the first breakthrough since the SEC's inclusion of Chinese companies listed in the US in the \"delisting risk list\" in early March this year, based on the details of the Foreign Company Accountability Act, which triggered a series of fluctuations.<b>This is the first step in addressing the long-standing regulatory risks plaguing Chinese concept stocks.</b>This lays the foundation for further regulatory cooperation between China and the United States in the future. Looking ahead, the focus will be on how the regulatory agencies of both countries will proceed in detail, and the consistency of the requirements of both China and the United States still needs to be monitored in this process.<b>If substantial progress is made, it may help alleviate the tail risks of delisting for most companies and short-term market pressures.</b>The medium-term trend of Chinese concept stocks and the Hong Kong stock market will still depend more on the recovery of fundamentals.</p><p>Based on the latest regulatory trends, we further analyze the potential impact of this agreement, its future evolution, and the prospects of the Chinese concept stock market.</p><p><b>The ins and outs of the Chinese concept stock issue: long-standing, widely influential, and ongoing negotiations.</b></p><p>The problems with Chinese concept stocks have a long history. The current turmoil in Chinese concept stocks can be traced back to the signing of the Foreign Company Accountability Act by then-President Trump at the end of 2020. At the end of 2021, the U.S. Securities and Exchange Commission (SEC) further issued detailed implementation rules for the act, and in March of this year, it officially began to gradually include companies that did not meet its requirements in the so-called \"preliminary identification list,\" entering the actual implementation phase. To date, more than 150 Chinese companies listed in the US have made the list[4].</p><p>A core component of the bill requires foreign companies' accounting firms to submit audit working papers; if they fail to provide them for three consecutive years, they may face the risk of delisting. In addition, the bill requires foreign companies to disclose their relationships with foreign governments and prove that they are not owned or controlled by foreign governments. Therefore, since the implementation of this bill, regulatory uncertainty has become one of the important factors suppressing the performance of Chinese concept stocks and Hong Kong-listed technology stocks.</p><p>However, consultations between China and the United States have been ongoing in response to this external uncertainty. For example, after the SEC included the first batch of Chinese concept stocks in the “preliminary identification list” on March 10, the China Securities Regulatory Commission issued an announcement in the early hours of March 11 stating that it was “willing to resolve relevant issues through regulatory cooperation”[5]. On March 16, Vice Premier Liu He chaired a meeting of the Financial Stability and Development Committee, stating that the regulatory agencies of China and the United States have maintained good communication[6] and have made positive progress. They are working to form specific cooperation plans, and China will continue to support various companies to list overseas. Furthermore, China is also promoting the revision of some supporting policies and regulations to adapt to the new external environment. For example, in December 2021 and April 2022, the State Council and the China Securities Regulatory Commission (CSRC) successively solicited opinions on drafting the \"Regulations of the State Council on the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comments)\" and revising the \"Regulations on Strengthening the Management of Confidentiality and Files Related to Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comments),\" increasing the coverage of domestic enterprises listing in Hong Kong and the United States, providing institutional guarantees for cross-border regulatory cooperation, and leaving some room for cooperation between Chinese and American regulators. Therefore, it can be seen that regulatory cooperation between China and the United States is also a general direction.</p><p>Chart: Overview of Overseas Chinese Stock Market Performance and Major Events Since 2020</p><p><img src=\"https://static.tigerbbs.com/b1ad838ac0bc148dfa2ed35a07c05033\" tg-width=\"1080\" tg-height=\"473\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Sources: Bloomberg, China Securities Regulatory Commission, U.S. Securities and Exchange Commission, Hong Kong Stock Exchange, CICC Research Department</p><p>Chart: Since 2020, Chinese concept stocks have faced increasing uncertainty in the external regulatory environment.</p><p><img src=\"https://static.tigerbbs.com/d563c8e97908433339870d8830d1ee54\" tg-width=\"1080\" tg-height=\"264\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: China Securities Regulatory Commission, U.S. Securities and Exchange Commission, Hong Kong Stock Exchange, CICC</p><p><b>The main contents of the China-US Audit and Supervision Cooperation Agreement include: determining operational procedures and methods, and providing procedures for handling sensitive information.</b></p><p>This cooperation agreement mainly makes specific arrangements for audit working papers and regulatory cooperation issues that are troubling whether Chinese concept stocks can continue to list in the United States. Refer to the announcement of the China Securities</p><p>1) Main Contents: Specific arrangements were made for both parties to conduct routine inspections and law enforcement investigations in cooperation with relevant accounting firms, and important matters such as the purpose, scope, form, use of information, and protection of specific data were agreed upon;</p><p>2) Scope of cooperation: Includes assisting the other party in conducting inspections and investigations of relevant firms. The scope of assistance provided by China also includes some Hong Kong firms that provide audit services to Chinese companies listed in the US and whose audit working papers are stored in mainland China;</p><p>3) Cooperation method: Both parties will communicate and coordinate in advance on the inspection and investigation activity plan. The US side must obtain audit working papers and other documents through the Chinese regulatory authorities and conduct interviews and inquiries with relevant personnel of the accounting firm with the participation and assistance of the Chinese side.</p><p>In addition, this cooperation agreement also points out the following issues that the market is concerned about or may cause confusion regarding the content of audit working papers, regulatory forms, and sensitive information:</p><p>1) Working paper content: The main function of the audit working paper is to record whether the auditor has dutifully verified the accuracy of the company's financial information such as income and expenditure in accordance with auditing standards. Therefore, it generally does not include sensitive information such as state secrets, personal privacy or underlying company data.</p><p>2) Targets of supervision: The direct targets of audit supervision are accounting firms, not the listed companies they audit;</p><p>3) Regulatory model: The regulatory agency in the listing location selects a select number of accounting firms for inspection each year, and does not need to inspect all audit projects of US-listed companies every year;</p><p>4) Sensitive Information Processing: Clear agreements are made regarding the processing and use of sensitive information that may be involved, and special processing procedures are set up for specific data such as personal information, providing a feasible path for both parties to fulfill their statutory regulatory responsibilities while protecting the security of relevant information.</p><p>It is not difficult to see that this cooperation agreement makes relevant arrangements in all aspects and links related to audit and supervision operations. At the same time, there are special ways to handle some sensitive information that may be involved. Therefore, although it remains to be seen whether the subsequent progress will be smooth, this cooperation agreement at least provides an operational foundation and takes the first step towards subsequent regulatory cooperation between the two parties.</p><p><b>The significance of the signing of the cooperation agreement between China and the United States: Taking the first step in regulatory cooperation; This may alleviate market pressure and the risk of delisting for most companies, and maintain smooth cross-border financing channels.</b></p><p>Based on the current market environment and the specific content of the agreement, we believe that this cooperation agreement is of great significance in resolving the long-standing regulatory risks that have plagued Chinese concept stocks, and lays the foundation for further regulatory cooperation in the future. If substantial progress is ultimately made, it will help alleviate market pressure and the risk of delisting for some companies, and help protect investors' rights and interests; In the medium to long term, this will help maintain smooth cross-border financing channels for Chinese enterprises and promote overseas financing for innovative enterprises. In fact, cross-border regulatory cooperation is in line with international practice, and the US PCAOB has signed similar audit regulatory cooperation agreements with several countries, including France, Belgium, and Germany. Specifically,</p><p>► First, the signing of the cooperation agreement makes it possible to carry out further cooperation and ultimately resolve the regulatory issues of Chinese concept stocks, especially the special handling of sensitive information.</p><p>► Secondly, it may alleviate short-term market pressure and the tail risk of some companies being delisted. As we analyzed in \"Tracking Chinese Concept Stocks: Future Outlook and Possible Evolution\", although the final deadline required by the Foreign Company Accountability Law is the 2024 earnings season (concentrated in March to May), considering the many procedures involved in the actual implementation process, the actual time may be much earlier, such as around November 2023, so there is not enough time. If the signing of this cooperation agreement ultimately makes substantial progress, it will at least greatly alleviate market concerns and the tail risk of delisting for a significant portion of the company.</p><p>► Furthermore, retaining Chinese concept stocks listed in the US through regulatory cooperation is of positive significance for protecting investors' interests and maintaining cross-border financing channels for Chinese companies, especially for overseas financing for innovative companies. In fact, the US stock market has always been an important financing channel for Chinese companies, especially innovative companies. Since 2010, a total of 345 Chinese concept stocks have gone public in the US, raising $76.4 billion in initial public offerings. Even though 13 Chinese concept stocks have gone public in the United States this year.</p><p><b>Further developments: The consistency of the requirements of the US and China still needs to be monitored; The extent and scope to which working papers can be provided is key.</b></p><p>Based on the signing of this cooperation agreement, the focus will be on how the regulatory agencies of the two countries will specifically advance audit cooperation. In this process, it is still necessary to pay attention to the consistency of the requirements of both China and the United States. For example, whether the United States' criteria for determining the methods and scope of review are consistent with the methods acceptable to China.</p><p>In fact, in its latest statement, the PCAOB said that while the signing of the cooperation agreement between China and the United States is important, it is only the first step in regulatory cooperation. In the specific implementation process, the US side needs to decide for itself which companies and content it wishes to review. Previously, both PCAOB and SEC officials in the United States had stated that they needed full draft authority and would not accept partially abridged versions[7]. Therefore, the extent and scope to which audit working papers can ultimately be provided will remain key to subsequent regulatory cooperation between the two parties.</p><p>Chart: Statements from the China Securities Regulatory Commission and the US PCAOB regarding the cooperation agreement</p><p><img src=\"https://static.tigerbbs.com/4bf00c6b75b35665fcc057442bff99cd\" tg-width=\"1080\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Sources: China Securities Regulatory Commission, U.S. Securities and Exchange Commission, PCAOB, CICC Research Department</p><p><b>Future options for Chinese concept stocks: State-owned enterprises will be delisted, and most Chinese private stocks will have room for choice; Returning to Hong Kong stocks remains an inevitable trend.</b></p><p>Aside from state-owned enterprises and a few companies that may ultimately fail to meet the requirements, the advancement of Sino-US regulatory cooperation will play a positive role in alleviating the delisting risks of most Chinese concept stocks. Therefore, the main future paths for Chinese concept stocks are as follows:</p><p>1) Delisting of state-owned enterprises is the baseline scenario: According to the requirements of the Foreign Company Accountability Law, foreign companies are required to disclose their relationship with foreign governments and prove that they are not owned or controlled by the government. Therefore, state-owned enterprises will basically choose to delist. In fact, five state-owned enterprises, including Sinopec and PetroChina, announced on August 12 that they would initiate their delisting in the United States, which was largely in line with expectations (\"Chinese Concept Stock Tracking: The Meaning and Impact of State-owned Enterprises' Delisting in the United States\").</p><p>2) Most Chinese private stocks are expected to reduce or even avoid the risk of delisting: If an agreement is finally reached, most companies can open access to audit working papers to the PCAOB under the premise of complying with the new confidentiality rules, thus maintaining their listing in the United States. However, it cannot be ruled out that some companies may be unable to meet some regulatory requirements due to the involvement of sensitive information and then choose to withdraw. The subsequent regulatory progress and details are worth paying attention to.</p><p>However, regardless of whether they are ultimately delisted in the US or not, choosing to list in Hong Kong will be the main option for Chinese concept stocks to hedge against external risks. Currently, 26 companies have returned to the Hong Kong Stock Exchange through secondary listings or dual primary listings (17 of which are secondary listings and 9 are primary listings). Looking ahead, with the external environment still facing significant uncertainties, we expect more eligible Chinese concept companies to return to the Hong Kong stock market.</p><p><b>In terms of the return method, adopting or switching to a major listing will become the mainstream.</b>Compared to a secondary listing, which serves as a \"projection\" for overseas listed entities, choosing to return to Hong Kong through a dual primary listing method can ensure that the listing status in Hong Kong is not affected by the overseas listing status, and can also be included in the Hong Kong Stock Connect program (\"Chinese Concept Stock Tracking: What Does Switching to a Primary Listing Mean?\"). In fact, we have noticed that more and more companies (XPeng Automotive, Beike) are choosing to return to the Hong Kong Stock Exchange through dual primary listing, and companies such as Zai Lab, Bilibili and Alibaba have also applied for or completed the conversion of secondary listing to primary listing status. We estimate that if the aforementioned companies become primarily listed and included in the Shanghai-Hong Kong Stock Connect, they are expected to bring in HK$45 billion in capital inflows.</p><p>For Hong Kong stocks, the return and delisting of Chinese concept stocks may have short-term liquidity disruptions, but in the long run, it will help optimize the structure of Hong Kong stocks and enhance their attractiveness. We expect that the return of a large number of Chinese concept stocks and the transfer of their shares to Hong Kong stock trading will indeed have a certain impact on the already limited liquidity of Hong Kong stocks. Currently, the average proportion of major Chinese concept companies that have returned to Hong Kong trading in Hong Kong has reached about 20% (such as Alibaba's 20%). We estimate that the new financing and share conversion transactions of the 27 potential returning companies could bring in HK$27.7 billion in liquidity annually (equivalent to 9.1% of the total amount raised by Hong Kong main board IPOs in 2021). Of course, adopting an introductory listing method (without raising new financing, such as Nio and Beike) can alleviate the aforementioned pressure. In the medium to long term, we believe that the return of more Chinese companies listed in the US will help further optimize the structure of the Hong Kong stock market, attract capital accumulation, and thus form a positive feedback loop for high-quality companies and capital, further consolidating the Hong Kong stock market's position as a regional financial center and a bridgehead for China's \"new economy\".</p><p>Chart: Number of Chinese Concept Stocks Listing in the US and Fundraising Amount</p><p><img src=\"https://static.tigerbbs.com/144d8b967ed427e4daa458d83a227b0b\" tg-width=\"737\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research Department</p><p>Chart: Market Size of Chinese Concept Stocks in the United</p><p><img src=\"https://static.tigerbbs.com/2a9f11135d2beb26272c5668def3defe\" tg-width=\"709\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research Department</p><p>Chart: Since the listing system reform in 2018, 26 Chinese concept stocks in the United States have returned to the Hong Kong stock market through secondary listings and dual primary listings.</p><p><img src=\"https://static.tigerbbs.com/f52e8f76ba1afba52a3254685bd27dce\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research Department</p><p>Note: Data is current as of August 25, 2022; Valuation based on Bloomberg consensus expectations</p><p>Chart: The proportion of Chinese concept stocks listing in Hong Kong is showing an upward trend, but the main trading volume is still in the United States.</p><p><img src=\"https://static.tigerbbs.com/7d2d1be7b756231a69908d5549be32c9\" tg-width=\"710\" tg-height=\"435\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research Department</p><p>Chart: Currently, the average proportion of major Chinese concept companies that have returned to China trading in Hong Kong is around 20%, with Alibaba at 20% and JD.com at 21%.</p><p><img src=\"https://static.tigerbbs.com/de285dce2713c3c7440e3d7576acfb27\" tg-width=\"695\" tg-height=\"420\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research Department</p><p>Chart: New financing and share conversion transactions for 27 potential returning companies could bring in HK$27.7 billion in liquidity annually.</p><p><img src=\"https://static.tigerbbs.com/9815f0ef8056c01bd91d075ca32e6585\" tg-width=\"727\" tg-height=\"445\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research Department</p><p>Chart: Even though 27 Chinese concept stocks concentrated their listings in Hong Kong in 2022 and 2023, the scale of new financing is still within a relatively reasonable historical range.</p><p><img src=\"https://static.tigerbbs.com/d120db1e728a7b213dfbea08a2087752\" tg-width=\"736\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research Department</p><p>Chart: Calculation of potential passive funds if a secondarily listed company is included in the Hong Kong Stock Connect qualification list.</p><p><img src=\"https://static.tigerbbs.com/dca49dc0dc20fa89c448c0ce2c1552e8\" tg-width=\"1080\" tg-height=\"513\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Note: Data as of August 25, 2022</p><p>Source: HKEX, Wind, CICC Research Department</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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The announcement stated that the cooperation agreement is based on the laws and regulations of both countries, respects international practices, and adheres to the principles of reciprocity and mutual benefit. It makes clear provisions for both parties to cooperate in regulatory inspections and investigations of relevant accounting firms, forming a cooperation framework that complies with the laws and regulatory requirements of both parties. Correspondingly, the U.S. Public Company Accounting Oversight Board (PCAOB) and the U.S. Securities and Exchange Commission (SEC) also issued relevant statements[2][3].</p><p>Overall, we believe that the signing of the audit and regulatory cooperation agreement between China and the United States is the first breakthrough since the SEC's inclusion of Chinese companies listed in the US in the \"delisting risk list\" in early March this year, based on the details of the Foreign Company Accountability Act, which triggered a series of fluctuations.<b>This is the first step in addressing the long-standing regulatory risks plaguing Chinese concept stocks.</b>This lays the foundation for further regulatory cooperation between China and the United States in the future. Looking ahead, the focus will be on how the regulatory agencies of both countries will proceed in detail, and the consistency of the requirements of both China and the United States still needs to be monitored in this process.<b>If substantial progress is made, it may help alleviate the tail risks of delisting for most companies and short-term market pressures.</b>The medium-term trend of Chinese concept stocks and the Hong Kong stock market will still depend more on the recovery of fundamentals.</p><p>Based on the latest regulatory trends, we further analyze the potential impact of this agreement, its future evolution, and the prospects of the Chinese concept stock market.</p><p><b>The ins and outs of the Chinese concept stock issue: long-standing, widely influential, and ongoing negotiations.</b></p><p>The problems with Chinese concept stocks have a long history. The current turmoil in Chinese concept stocks can be traced back to the signing of the Foreign Company Accountability Act by then-President Trump at the end of 2020. At the end of 2021, the U.S. Securities and Exchange Commission (SEC) further issued detailed implementation rules for the act, and in March of this year, it officially began to gradually include companies that did not meet its requirements in the so-called \"preliminary identification list,\" entering the actual implementation phase. To date, more than 150 Chinese companies listed in the US have made the list[4].</p><p>A core component of the bill requires foreign companies' accounting firms to submit audit working papers; if they fail to provide them for three consecutive years, they may face the risk of delisting. In addition, the bill requires foreign companies to disclose their relationships with foreign governments and prove that they are not owned or controlled by foreign governments. Therefore, since the implementation of this bill, regulatory uncertainty has become one of the important factors suppressing the performance of Chinese concept stocks and Hong Kong-listed technology stocks.</p><p>However, consultations between China and the United States have been ongoing in response to this external uncertainty. For example, after the SEC included the first batch of Chinese concept stocks in the “preliminary identification list” on March 10, the China Securities Regulatory Commission issued an announcement in the early hours of March 11 stating that it was “willing to resolve relevant issues through regulatory cooperation”[5]. On March 16, Vice Premier Liu He chaired a meeting of the Financial Stability and Development Committee, stating that the regulatory agencies of China and the United States have maintained good communication[6] and have made positive progress. They are working to form specific cooperation plans, and China will continue to support various companies to list overseas. Furthermore, China is also promoting the revision of some supporting policies and regulations to adapt to the new external environment. For example, in December 2021 and April 2022, the State Council and the China Securities Regulatory Commission (CSRC) successively solicited opinions on drafting the \"Regulations of the State Council on the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comments)\" and revising the \"Regulations on Strengthening the Management of Confidentiality and Files Related to Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comments),\" increasing the coverage of domestic enterprises listing in Hong Kong and the United States, providing institutional guarantees for cross-border regulatory cooperation, and leaving some room for cooperation between Chinese and American regulators. Therefore, it can be seen that regulatory cooperation between China and the United States is also a general direction.</p><p>Chart: Overview of Overseas Chinese Stock Market Performance and Major Events Since 2020</p><p><img src=\"https://static.tigerbbs.com/b1ad838ac0bc148dfa2ed35a07c05033\" tg-width=\"1080\" tg-height=\"473\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Sources: Bloomberg, China Securities Regulatory Commission, U.S. Securities and Exchange Commission, Hong Kong Stock Exchange, CICC Research Department</p><p>Chart: Since 2020, Chinese concept stocks have faced increasing uncertainty in the external regulatory environment.</p><p><img src=\"https://static.tigerbbs.com/d563c8e97908433339870d8830d1ee54\" tg-width=\"1080\" tg-height=\"264\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: China Securities Regulatory Commission, U.S. Securities and Exchange Commission, Hong Kong Stock Exchange, CICC</p><p><b>The main contents of the China-US Audit and Supervision Cooperation Agreement include: determining operational procedures and methods, and providing procedures for handling sensitive information.</b></p><p>This cooperation agreement mainly makes specific arrangements for audit working papers and regulatory cooperation issues that are troubling whether Chinese concept stocks can continue to list in the United States. Refer to the announcement of the China Securities</p><p>1) Main Contents: Specific arrangements were made for both parties to conduct routine inspections and law enforcement investigations in cooperation with relevant accounting firms, and important matters such as the purpose, scope, form, use of information, and protection of specific data were agreed upon;</p><p>2) Scope of cooperation: Includes assisting the other party in conducting inspections and investigations of relevant firms. The scope of assistance provided by China also includes some Hong Kong firms that provide audit services to Chinese companies listed in the US and whose audit working papers are stored in mainland China;</p><p>3) Cooperation method: Both parties will communicate and coordinate in advance on the inspection and investigation activity plan. The US side must obtain audit working papers and other documents through the Chinese regulatory authorities and conduct interviews and inquiries with relevant personnel of the accounting firm with the participation and assistance of the Chinese side.</p><p>In addition, this cooperation agreement also points out the following issues that the market is concerned about or may cause confusion regarding the content of audit working papers, regulatory forms, and sensitive information:</p><p>1) Working paper content: The main function of the audit working paper is to record whether the auditor has dutifully verified the accuracy of the company's financial information such as income and expenditure in accordance with auditing standards. Therefore, it generally does not include sensitive information such as state secrets, personal privacy or underlying company data.</p><p>2) Targets of supervision: The direct targets of audit supervision are accounting firms, not the listed companies they audit;</p><p>3) Regulatory model: The regulatory agency in the listing location selects a select number of accounting firms for inspection each year, and does not need to inspect all audit projects of US-listed companies every year;</p><p>4) Sensitive Information Processing: Clear agreements are made regarding the processing and use of sensitive information that may be involved, and special processing procedures are set up for specific data such as personal information, providing a feasible path for both parties to fulfill their statutory regulatory responsibilities while protecting the security of relevant information.</p><p>It is not difficult to see that this cooperation agreement makes relevant arrangements in all aspects and links related to audit and supervision operations. At the same time, there are special ways to handle some sensitive information that may be involved. Therefore, although it remains to be seen whether the subsequent progress will be smooth, this cooperation agreement at least provides an operational foundation and takes the first step towards subsequent regulatory cooperation between the two parties.</p><p><b>The significance of the signing of the cooperation agreement between China and the United States: Taking the first step in regulatory cooperation; This may alleviate market pressure and the risk of delisting for most companies, and maintain smooth cross-border financing channels.</b></p><p>Based on the current market environment and the specific content of the agreement, we believe that this cooperation agreement is of great significance in resolving the long-standing regulatory risks that have plagued Chinese concept stocks, and lays the foundation for further regulatory cooperation in the future. If substantial progress is ultimately made, it will help alleviate market pressure and the risk of delisting for some companies, and help protect investors' rights and interests; In the medium to long term, this will help maintain smooth cross-border financing channels for Chinese enterprises and promote overseas financing for innovative enterprises. In fact, cross-border regulatory cooperation is in line with international practice, and the US PCAOB has signed similar audit regulatory cooperation agreements with several countries, including France, Belgium, and Germany. Specifically,</p><p>► First, the signing of the cooperation agreement makes it possible to carry out further cooperation and ultimately resolve the regulatory issues of Chinese concept stocks, especially the special handling of sensitive information.</p><p>► Secondly, it may alleviate short-term market pressure and the tail risk of some companies being delisted. As we analyzed in \"Tracking Chinese Concept Stocks: Future Outlook and Possible Evolution\", although the final deadline required by the Foreign Company Accountability Law is the 2024 earnings season (concentrated in March to May), considering the many procedures involved in the actual implementation process, the actual time may be much earlier, such as around November 2023, so there is not enough time. If the signing of this cooperation agreement ultimately makes substantial progress, it will at least greatly alleviate market concerns and the tail risk of delisting for a significant portion of the company.</p><p>► Furthermore, retaining Chinese concept stocks listed in the US through regulatory cooperation is of positive significance for protecting investors' interests and maintaining cross-border financing channels for Chinese companies, especially for overseas financing for innovative companies. In fact, the US stock market has always been an important financing channel for Chinese companies, especially innovative companies. Since 2010, a total of 345 Chinese concept stocks have gone public in the US, raising $76.4 billion in initial public offerings. Even though 13 Chinese concept stocks have gone public in the United States this year.</p><p><b>Further developments: The consistency of the requirements of the US and China still needs to be monitored; The extent and scope to which working papers can be provided is key.</b></p><p>Based on the signing of this cooperation agreement, the focus will be on how the regulatory agencies of the two countries will specifically advance audit cooperation. In this process, it is still necessary to pay attention to the consistency of the requirements of both China and the United States. For example, whether the United States' criteria for determining the methods and scope of review are consistent with the methods acceptable to China.</p><p>In fact, in its latest statement, the PCAOB said that while the signing of the cooperation agreement between China and the United States is important, it is only the first step in regulatory cooperation. In the specific implementation process, the US side needs to decide for itself which companies and content it wishes to review. Previously, both PCAOB and SEC officials in the United States had stated that they needed full draft authority and would not accept partially abridged versions[7]. Therefore, the extent and scope to which audit working papers can ultimately be provided will remain key to subsequent regulatory cooperation between the two parties.</p><p>Chart: Statements from the China Securities Regulatory Commission and the US PCAOB regarding the cooperation agreement</p><p><img src=\"https://static.tigerbbs.com/4bf00c6b75b35665fcc057442bff99cd\" tg-width=\"1080\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Sources: China Securities Regulatory Commission, U.S. Securities and Exchange Commission, PCAOB, CICC Research Department</p><p><b>Future options for Chinese concept stocks: State-owned enterprises will be delisted, and most Chinese private stocks will have room for choice; Returning to Hong Kong stocks remains an inevitable trend.</b></p><p>Aside from state-owned enterprises and a few companies that may ultimately fail to meet the requirements, the advancement of Sino-US regulatory cooperation will play a positive role in alleviating the delisting risks of most Chinese concept stocks. Therefore, the main future paths for Chinese concept stocks are as follows:</p><p>1) Delisting of state-owned enterprises is the baseline scenario: According to the requirements of the Foreign Company Accountability Law, foreign companies are required to disclose their relationship with foreign governments and prove that they are not owned or controlled by the government. Therefore, state-owned enterprises will basically choose to delist. In fact, five state-owned enterprises, including Sinopec and PetroChina, announced on August 12 that they would initiate their delisting in the United States, which was largely in line with expectations (\"Chinese Concept Stock Tracking: The Meaning and Impact of State-owned Enterprises' Delisting in the United States\").</p><p>2) Most Chinese private stocks are expected to reduce or even avoid the risk of delisting: If an agreement is finally reached, most companies can open access to audit working papers to the PCAOB under the premise of complying with the new confidentiality rules, thus maintaining their listing in the United States. However, it cannot be ruled out that some companies may be unable to meet some regulatory requirements due to the involvement of sensitive information and then choose to withdraw. The subsequent regulatory progress and details are worth paying attention to.</p><p>However, regardless of whether they are ultimately delisted in the US or not, choosing to list in Hong Kong will be the main option for Chinese concept stocks to hedge against external risks. Currently, 26 companies have returned to the Hong Kong Stock Exchange through secondary listings or dual primary listings (17 of which are secondary listings and 9 are primary listings). Looking ahead, with the external environment still facing significant uncertainties, we expect more eligible Chinese concept companies to return to the Hong Kong stock market.</p><p><b>In terms of the return method, adopting or switching to a major listing will become the mainstream.</b>Compared to a secondary listing, which serves as a \"projection\" for overseas listed entities, choosing to return to Hong Kong through a dual primary listing method can ensure that the listing status in Hong Kong is not affected by the overseas listing status, and can also be included in the Hong Kong Stock Connect program (\"Chinese Concept Stock Tracking: What Does Switching to a Primary Listing Mean?\"). In fact, we have noticed that more and more companies (XPeng Automotive, Beike) are choosing to return to the Hong Kong Stock Exchange through dual primary listing, and companies such as Zai Lab, Bilibili and Alibaba have also applied for or completed the conversion of secondary listing to primary listing status. We estimate that if the aforementioned companies become primarily listed and included in the Shanghai-Hong Kong Stock Connect, they are expected to bring in HK$45 billion in capital inflows.</p><p>For Hong Kong stocks, the return and delisting of Chinese concept stocks may have short-term liquidity disruptions, but in the long run, it will help optimize the structure of Hong Kong stocks and enhance their attractiveness. We expect that the return of a large number of Chinese concept stocks and the transfer of their shares to Hong Kong stock trading will indeed have a certain impact on the already limited liquidity of Hong Kong stocks. Currently, the average proportion of major Chinese concept companies that have returned to Hong Kong trading in Hong Kong has reached about 20% (such as Alibaba's 20%). We estimate that the new financing and share conversion transactions of the 27 potential returning companies could bring in HK$27.7 billion in liquidity annually (equivalent to 9.1% of the total amount raised by Hong Kong main board IPOs in 2021). Of course, adopting an introductory listing method (without raising new financing, such as Nio and Beike) can alleviate the aforementioned pressure. In the medium to long term, we believe that the return of more Chinese companies listed in the US will help further optimize the structure of the Hong Kong stock market, attract capital accumulation, and thus form a positive feedback loop for high-quality companies and capital, further consolidating the Hong Kong stock market's position as a regional financial center and a bridgehead for China's \"new economy\".</p><p>Chart: Number of Chinese Concept Stocks Listing in the US and Fundraising Amount</p><p><img src=\"https://static.tigerbbs.com/144d8b967ed427e4daa458d83a227b0b\" tg-width=\"737\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research Department</p><p>Chart: Market Size of Chinese Concept Stocks in the United</p><p><img src=\"https://static.tigerbbs.com/2a9f11135d2beb26272c5668def3defe\" tg-width=\"709\" tg-height=\"415\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Wind, CICC Research Department</p><p>Chart: Since the listing system reform in 2018, 26 Chinese concept stocks in the United States have returned to the Hong Kong stock market through secondary listings and dual primary listings.</p><p><img src=\"https://static.tigerbbs.com/f52e8f76ba1afba52a3254685bd27dce\" tg-width=\"1080\" tg-height=\"715\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research Department</p><p>Note: Data is current as of August 25, 2022; Valuation based on Bloomberg consensus expectations</p><p>Chart: The proportion of Chinese concept stocks listing in Hong Kong is showing an upward trend, but the main trading volume is still in the United States.</p><p><img src=\"https://static.tigerbbs.com/7d2d1be7b756231a69908d5549be32c9\" tg-width=\"710\" tg-height=\"435\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research Department</p><p>Chart: Currently, the average proportion of major Chinese concept companies that have returned to China trading in Hong Kong is around 20%, with Alibaba at 20% and JD.com at 21%.</p><p><img src=\"https://static.tigerbbs.com/de285dce2713c3c7440e3d7576acfb27\" tg-width=\"695\" tg-height=\"420\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research Department</p><p>Chart: New financing and share conversion transactions for 27 potential returning companies could bring in HK$27.7 billion in liquidity annually.</p><p><img src=\"https://static.tigerbbs.com/9815f0ef8056c01bd91d075ca32e6585\" tg-width=\"727\" tg-height=\"445\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research Department</p><p>Chart: Even though 27 Chinese concept stocks concentrated their listings in Hong Kong in 2022 and 2023, the scale of new financing is still within a relatively reasonable historical range.</p><p><img src=\"https://static.tigerbbs.com/d120db1e728a7b213dfbea08a2087752\" tg-width=\"736\" tg-height=\"444\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: Bloomberg, Wind, CICC Research Department</p><p>Chart: Calculation of potential passive funds if a secondarily listed company is included in the Hong Kong Stock Connect qualification list.</p><p><img src=\"https://static.tigerbbs.com/dca49dc0dc20fa89c448c0ce2c1552e8\" tg-width=\"1080\" tg-height=\"513\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Note: Data as of August 25, 2022</p><p>Source: HKEX, Wind, CICC Research Department</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8c16c8e006d32178191cb5241b3224fc","relate_stocks":{"KWEB":"中国海外互联网ETF-KraneShares","CQQQ":"中国科技指数ETF-Guggenheim"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133824414","content_text":"作者:刘刚 寇玥 张巍瀚等北京时间8月26日晚,中国证监会网站发布公告,中国证监会、财政部与美国监管机构签署审计合作协议[1]。公告表示,合作协议依据两国法律法规,尊重国际通行做法,按照对等互利原则,就双方对相关会计师事务所合作开展监管检查和调查活动做出了明确约定,形成符合双方法规和监管要求的合作框架。相应的,美国公众公司会计监督委员会(PCAOB)和美国证监会(SEC)也发表了相关声明[2][3]。整体来看,我们认为中美签署审计监管合作协议,是继今年3月初SEC依据《外国公司问责法》细则将在美上市中概股公司纳入“退市风险名单”引发一系列波动以来取得的首个突破性进展,是解决困扰中概股由来已久监管风险的第一步,为接下来中美双方监管开展进一步合作打下基础。往前看,后续两国监管机构如何具体推进将是重点,这一过程中仍需要关注中美双方要求的一致性。如果取得实质性进展,或将有助于缓解多数公司退市的尾部风险和市场短期压力,而后续中概股和港股市场的中期走势仍将更多取决于基本面的修复情况。基于最新的监管动向,我们进一步对此次协议签署的可能影响、未来的演变路径、中概股市场的前景做出分析。中概股问题的来龙去脉:由来已久、影响广泛、持续协商中概股问题由来已久。此轮中概股风波最早可以追溯到2020年底时任总统特朗普签署《外国公司问责法》。2021年底,美国证监会SEC进一步出台了该法案的实施细则,并于今年3月开始正式将不符合其要求的公司逐步列入所谓“初步识别名单”,进入实际执行阶段。截至目前,已经有总计超过150家中概股公司上榜[4]。该法案的一个核心内容,是要求外国公司的会计事务所提交审计底稿,若连续三年无法提供,或将面临退市风险。此外,该法案还要求外国公司披露其与外国政府之间的关系并证明没有被外国政府所有或控制。因此这一法案实施以来,监管不确定性就成为压制中概股和港股上市科技股表现的重要因素之一。不过针对这一外部不确定性,中美双方协商也一直在进行。例如,3月10日SEC将首批中概股列入“初步识别名单”后,中国证监会3月11日凌晨发布公告表示“愿通过监管合作解决相关问题”[5]。3月16日,国务院副总理刘鹤主持金融委会议表示,中美双方监管机构保持了良好沟通[6],已取得积极进展,正在致力于形成具体合作方案,中方继续支持各类企业到境外上市。不仅如此,中方也在推进修改一些配套政策法规以适应新的外部环境。例如2021年12月和2022年4月,国务院和证监会先后对起草《国务院关于境内企业境外发行证券和上市的管理规定(征求意见稿)》与修订《关于加强境内企业境外发行证券和上市相关保密和档案管理工作的规定(征求意见稿)》征求意见,增加对赴中国香港和美国上市的境内企业的覆盖,为跨境监管合作提供制度保障,这也为中美监管双方合作留出了一定空间。因此可以看出,中美监管合作也是大方向。图表:2020年以来海外中资股市场表现及主要事件梳理资料来源:Bloomberg,中国证监会,美国证监会,港交所,中金公司研究部图表:2020年以来,中概股面临的外部监管环境不确定性持续增加资料来源:中国证监会,美国证监会,港交所,中金公司研究部中美审计监管合作协议的主要内容:确定操作流程与方式,提供敏感信息处理程序此次合作协议主要针对困扰中概股能否继续在美上市的审计底稿和监管合作问题做出了具体安排。参照证监会公告:1) 主要内容:就双方对相关会计师事务所合作开展日常检查与执法调查做出了具体安排,约定了合作目的、合作范围、合作形式、信息使用、特定数据保护等重要事项;2) 合作范围:包括协助对方开展对相关事务所的检查和调查。其中,中方提供协助的范围也涉及部分为中概股提供审计服务、且审计底稿存放在内地的香港事务所;3) 协作方式:双方将提前就检查和调查活动计划进行沟通协调,美方须通过中方监管部门获取审计底稿等文件,在中方参与和协助下对会计师事务所相关人员开展访谈和问询。此外,此次合作协议还指出了以下关于审计底稿内容、监管形式和敏感信息等市场较为关注或者可能混淆的问题:1) 底稿内容:审计工作底稿的主要功能是记载审计师是否依照审计准则尽职尽责地验证企业收入支出等财务信息准确性,因此一般并不包括国家秘密、个人隐私或企业底层数据等敏感信息。2) 监管对象:审计监管的直接对象是会计师事务所,而非其审计的上市公司;3) 监管形式:上市地监管机构每年抽选部分会计师事务所进行检查,无须每年检查全部在美上市公司审计项目;4) 敏感信息处理:对可能涉及敏感信息的处理和使用做出了明确约定,针对个人信息等特定数据设置了专门处理程序,为双方履行法定监管职责的同时保护相关信息安全提供了可行路径。不难看出,此次合作协议在涉及审计监管操作的各个方面和环节都做了相关安排。同时,对于可能涉及到的一些敏感信息有专门处理的方式。因此,虽然后续具体进展是否顺利还有待观察,但这一合作协议至少为后续双方监管合作提供了操作基础、迈出了第一步。中美签署合作协议的意义:迈出监管合作的第一步;或缓解市场压力和多数公司退市风险、维持跨境融资渠道畅通结合当前的市场环境和协议具体内容,我们认为,此次合作协议对于解决困扰中概股由来已久的监管风险具有重要意义,为后续进一步开展监管合作打下基础。如果最终取得实质性进展,将有助于缓解市场压力和部分公司的退市尾部风险,有助于保护投资者权益;中长期有助于维持中国企业跨境融资渠道畅通、促进创新企业海外融资。实际上,跨境监管合作也符合国际惯例,美国PCAOB与法国、比利时、德国等多个国家也都签署了类似的审计监管合作协议。具体来看,► 首先,合作协议的签署为后续开展进一步合作并最终解决中概股监管问题提供了可能,尤其是涉及到敏感信息的专门处理方式。► 其次,或缓解短期市场压力和部分公司退市的尾部风险。如我们在《中概股追踪:未来出路与可能演变》分析,尽管《外国公司问责法》要求的最终截止日是2024年的财报季(集中在3~5月),但考虑到实际执行过程所涉及到的很多流程,实际时间可能要早很多,例如提前到2023年11月前后,因此时间并不充裕。此次合作协议的签署,如果最终取得实质性进展,至少可以在很大程度上缓解市场的担忧情绪和相当一部分公司退市的尾部风险。► 再次,通过监管合作保留中概股在美上市,对保护投资者利益、维持中国企业跨境融资渠道,特别是创新类企业海外融资都有积极意义。实际上,美股市场一直是中资企业、尤其是创新类企业的重要融资渠道,2010年以来累计345家中概股赴美上市,首发募资金额764亿美元。即便今年以来仍有13家中概股赴美上市。后续进展:仍需关注美方与中方要求的一致性;多大程度和范围内能够提供底稿是关键在签署这一合作协议的基础上,后续两国监管机构如何就具体推进审计合作将是重点。在这一过程中,仍需要关注中美双方要求的一致性,例如,美方对于审查方式和审查范围的认定标准,是否与中方可以接受的方式一致。实际上,在最新声明中,PCAOB表示中美签署合作协议固然重要、但只是监管合作的第一步。在具体执行过程中,美方需要自行决定希望审查的公司和内容。此前,美方不论是PCAOB还是SEC官员也都表示,需要全面底稿权限而不接受部分删节的版本[7]。因此,最终在多大程度和范围内能够提供审计底稿,仍将是后续双方监管合作的关键。图表:中国证监会与美国PCAOB对于合作协议的相关表述资料来源:中国证监会,美国证监会,PCAOB,中金公司研究部中概股的未来选择:国企退市、多数中资民营股将有选择空间;回归港股仍是大势所趋除了国企和个别可能最终无法满足要求的企业,中美监管合作的推进,对于缓解多数中概股的退市风险将起到积极作用,因此未来中概股的出路主要有以下几种:1) 国企退市是基准情形:根据《外国公司问责法》要求,外国公司需披露其与外国政府之间的关系并证明其没有被政府所有或控制,因此国企基本都将选择退市。实际上,中国石化、中国石油等5家国企于8月12日宣布启动美国退市,也正是出于此项考虑,基本符合预期(《中概股追踪:国企在美退市的含义与影响》)。2) 多数中资民营股有望降低甚至或避免退市风险:若最终达成一致,多数企业可在符合保密新规的前提下向PCAOB开放审计底稿访问权限,因此可以维持在美上市。但是,仍不排除部分企业会由于涉及敏感信息而无法满足一些监管要求,继而选择退,后续监管进展和细节值得关注。但无论最终在美退市与否,选择赴港上市都将是中概股对冲外部风险的主要选择。目前已有26家公司通过二次上市或双重主要上市回归港股(其中17家为二次上市,9家为主要上市)。往前看,在外部环境依然面临较大变数情况下,我们预计更多符合条件的中概股公司回归港股。回归方式上,采用或转为主要上市将成为主流。相比作为海外上市主体“投影”的二次上市,选择双重主要上市方式回港可以使在港上市地位不受海外上市状况影响,同时还可纳入港股通范围(《中概股追踪:转成主要上市意味着什么?》)。实际上,我们注意到越来越多的公司(小鹏汽车、贝壳)选择双重主要上市回归港股,且再鼎医药、哔哩哔哩和阿里巴巴等公司也已经申请或完成了二次上市向主要上市地位的转换。我们测算,上述公司如果转为主要上市并纳入沪港通后,有望带来450亿港元的资金流入。对港股而言,中概股回港和退市或对港股短期有流动性扰动,但长期有助于优化港股结构并强化吸引力。我们预计大量中概股回归和股份转到港股交易,的确将会对港股本就不非常充裕的流动性造成一定影响,目前已经回归的主要中概股公司在港交易的比例平均已达20%左右(如阿里巴巴20%)。我们测算,27家潜在回归公司新增融资和股份转换交易可能带来每年277亿港元的流动性吸收(相当于2021年全年港股主板IPO募资金额的9.1%)。当然,采用介绍上市方式(不新增融资,例如蔚来和贝壳)可以减轻上述压力。中长期看,我们认为更多中概股公司的回归有助于进一步优化港股市场结构,吸引资金沉淀,进而形成优质公司和资金的正反馈,进一步巩固港股市场作为区域金融中心以及中国“新经济桥头堡”的地位。图表:中概股赴美上市数量及募资金额资料来源:Wind,中金公司研究部图表:美国中概股市场规模资料来源:Wind,中金公司研究部图表:2018年上市制度改革以来,已有26支美国中概股通过二次上市和双重主要上市回归港股资料来源:Bloomberg,Wind,中金公司研究部注:数据截止至2022年8月25日;估值基于Bloomberg一致预期图表:赴港上市中概股在香港部分的占比呈现上升趋势,但主要成交仍还在美国资料来源:Bloomberg,Wind,中金公司研究部图表:目前已经回归的主要中概股公司在港交易的比例平均在20%左右,其中阿里巴巴20%、京东为21%资料来源:Bloomberg,Wind,中金公司研究部图表:27家潜在回归公司新增融资和股份转换交易可能带来每年277亿港元的流动性吸收资料来源:Bloomberg,Wind,中金公司研究部图表:即便27家中概股集中在2022年和2023年赴港上市,新增融资规模也仍在历史较合理的范围内资料来源:Bloomberg,Wind,中金公司研究部图表:若二次上市公司被纳入港股通合资格标的,可能带来的潜在被动资金测算注:数据截止至2022年8月25日资料来源:港交所,Wind,中金公司研究部","news_type":1,"symbols_score_info":{"KWEB":0.9,"CQQQ":0.9}},"isVote":1,"tweetType":1,"viewCount":5198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9052208599,"gmtCreate":1655173161611,"gmtModify":1676535575748,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"title":"","htmlText":"Good ","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9052208599","repostId":"2243761984","repostType":4,"isVote":1,"tweetType":1,"viewCount":4941,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9024176922,"gmtCreate":1653832261566,"gmtModify":1676535348262,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"title":"","htmlText":"Good ","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9024176922","repostId":"1179976673","repostType":4,"repost":{"id":"1179976673","kind":"news","pubTimestamp":1653708677,"share":"https://ttm.financial/m/news/1179976673?lang=en_US&edition=fundamental","pubTime":"2022-05-28 11:31","market":"hk","language":"zh","title":"Robin Li wants to turn crisis into opportunity, but Baidu still lacks a sharp product knife.","url":"https://stock-news.laohu8.com/highlight/detail?id=1179976673","media":"36氪","summary":"百度想再次成为一家伟大的企业。","content":"<p><html><head></head><body>Author: Li Anqi</p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Life isn't easy either. According to Baidu's recently released Q1 2022 financial report, it suffered a net loss of 885 million yuan (including a loss of 3 billion yuan from long-term investments), compared to a net profit of 25.653 billion yuan in the same period last year.</p><p>How will a company allocate its tight resources amidst the pandemic?</p><p>Spending cuts are the most common and expected means. Baidu cut its sales and administrative expenses by 11% – consistent with the impression of \"contraction\" left by its continuous layoffs over the past period.</p><p>Surprisingly, Baidu's R&D investment not only did not decrease this quarter, but also increased by 10% year-on-year; From another perspective, the R&D expenses of 5.134 billion yuan this quarter are equivalent to 24% of its core revenue—which is consistent with the repeated public statements and actions of Baidu founder Robin Li. This founder, who has a technical background, once said: \"When I have 1 yuan, I will invest it in technology.\" One hundred million will be invested in technology; Even with 10 billion, it will still be invested in technology.</p><p>“Crisis and opportunity are always two sides of the same coin. When there are difficulties in the market, innovative solutions to solve those difficulties are necessary. In business history, many great companies, groundbreaking innovative products, services, and business models emerged during times of economic hardship,” Robin Li said in an internal letter.</p><p>Already behind<a href=\"https://laohu8.com/S/00700\">Tencent</a>Given Alibaba's current status, it's no exaggeration to say that Baidu is an underdog. But this large company, which missed out on the mobile era and failed to recover after its reputation was damaged, is trying to stabilize its advertising base while increasing its investment in opening up new markets.</p><p>As Baidu's core business and cash cow, its online marketing business only declined by 4% year-on-year this quarter, which is already remarkable—Tencent's advertising revenue declined by 16% year-on-year in the same period this year. Baidu's non-online marketing (including Baidu)<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Revenue from cloud and other AI businesses increased by 35% year-on-year. Although its cloud business base is small and its market ranking is lower than that of Alibaba, Tencent and Huawei, it is still impressive - Tencent's business segment grew by 10% year-on-year.</p><p>Coupled with the general rise in Chinese concept stocks on the night of the earnings release (Tencent ADR rose 3.4%),<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>(Up 9.5%), Baidu's closing price rose by more than 14% on May 26. The market seems to be voting in favor of Baidu.</p><p>One of the new businesses that Baidu is trying to invest in is cloud computing. Recently, Shen Dou, Executive Vice President of Baidu Group, has been transferred from head of mobile ecosystem business to head of intelligent cloud business. Within Baidu, intelligent cloud is regarded as the second growth curve, and Baidu clearly hopes to use a promising future to drive the performance of its cloud business.</p><p>Another business that Baidu is trying to increase its investment in is the automotive sector, including businesses such as autonomous taxis (Robotaxi)—which requires a lot of R&D spending, but is unlikely to yield results in the short term. The company most likely to be effective in the short term is Jidu Auto, which directly manufactures cars and is a joint venture with Geely. This business was mentioned multiple times by Robin Li during the earnings call. \"We are very excited about Jidu and hope to integrate our AI capabilities into it,\" Robin Li called it \"a machine with four wheels.\"<a href=\"https://laohu8.com/S/300024\">Robot</a>。”</p><p>Baidu's shift in focus is now being applied to various movements.<a href=\"https://laohu8.com/S/KRKR\">36Kr</a>As recently exclusively reported, Baidu has just incorporated Baidu Maps into its automotive business segment.</p><p>While Baidu's determination to invest in research and development and try to open up new fields even in difficult times is certainly commendable, the risk that Baidu once proposed \"All-in AI\" and failed to see operating returns for a long time should not be forgotten.<b>How can we create a highly successful, practical product with long-term technological investment that is difficult to see returns? This is the most real and urgent challenge Baidu faces when talking about its technological dreams.</b></p><p>Three major adjustments to the advertising base</p><p>Previously, at its Q4 2021 earnings call, Baidu stated that if the pandemic did not worsen after the first quarter of 2022, its advertising business would reach its lowest point. However, during this earnings call, Baidu abandoned its predictions for a turning point in its advertising business. \"Things may improve in the second quarter, but there is still a lot of uncertainty,\" Robin Li said.</p><p>This has a connotation of \"lying flat\". However, according to 36Kr, Baidu has already adjusted and reformed its advertising business in three aspects: content system, sales system, and organizational structure.</p><p>The most recent reform on the content side was in April 2021. At that time, Shen Dou, head of Baidu's mobile ecosystem business, proposed the \"X+Y strategy\" for the mobile ecosystem, which is to comprehensively upgrade to service-oriented and personalized. In addition to the layout of traffic entry points such as Baidu App, Baidu Cloud, and Baidu Maps, the company will deeply cultivate vertical industries such as health, e-commerce, and video, so that users can get a complete information search + service experience in Baidu's mobile ecosystem.</p><p>Taking Baidu App as an example, Baidu App is no longer just a simple search tool, but more like a comprehensive platform that uses \"search\" as a fulcrum to leverage local life services. Users can check express deliveries, book hotels, book movie tickets, etc.</p><p>Changes in content have also yielded certain results. Financial reports show that in March 2022, Baidu App's MAU increased by 13% year-on-year to 632 million, with daily logged-in users accounting for 83%.</p><p>Regarding the sales system, in March of this year, Baidu made a comprehensive adjustment to the sales system of its mobile ecosystem: the previous KA (Key Account) sales model was adjusted to be distinguished by customer type, with a focus on establishing several major industries such as mass consumption, big health, content consumption, and business services.</p><p>Baidu hopes to generate diversified revenue from memberships, tips, transactions, and merchant orders in addition to advertising through cloud storage, e-commerce, and lifestyle services. However, there has not been much progress in the reform of the sales system so far.</p><p>Following changes on both the content and sales sides, Baidu directly underwent a major reshuffle of its senior management: on May 5, Shen Dou officially switched careers to become the head of the intelligent cloud business. He has a more important task: to shoulder the growth of the second growth curve business, intelligent cloud. The mobile ecosystem business is headed by He Junjie, the newly appointed senior vice president of Baidu Group.</p><p>It is evident that after the completion of the content sales system reform, the long-term direction of Baidu's mobile ecosystem has stabilized. As for whether it will make money and how to stabilize its core business, that is up to He Junjie. He has helped Baidu successfully operate several investment and acquisition projects. As a manager with a background in finance, it remains to be seen whether He Junjie will exercise greater control over cost investment in the future.</p><p>Looking back, we can see that Baidu's search business transformation always seemed to be accompanied by shadows: the second half of the PC era coincided with the rapid expansion of the mobile internet, and after Baidu came to its senses in its mobile ecosystem business, short video platforms had already made a full-scale invasion. In addition, in the face of the pandemic, its mobile ecosystem strategy has always lacked an opportunity to be fully implemented and demonstrated. Since Shen Dou took over as the number one position in the core business, the potential of this business has been explored for several years. It's hard to imagine any significant growth in this business.</p><p>Baidu stated that it has also been testing the waters in various ways during the pandemic, launching new products such as Ask a Question. But clearly, they can't afford to make a splash right now.</p><p><b>B2B challenges that require continuous irrigation</b></p><p>If Baidu has a \"stability-seeking\" attitude towards its advertising core, then it clearly has high hopes for a second growth curve.</p><p>Undeniably, AI business has become an indispensable part of Baidu's financial reports, especially Baidu Smart Cloud business. In the first quarter, Baidu's AI Cloud business revenue grew by 3.9 billion yuan, a year-on-year increase of 45%, a slowdown compared to the 60%-70% growth rate in previous quarters.</p><p>“Many of our clients are large enterprises or government agencies, and they are very willing to communicate face-to-face. Without the opportunity to meet in person, many things cannot be advanced.” Robin Li frankly admitted the challenges that the pandemic has brought to the smart cloud business at the earnings conference.</p><p>It is understood that Baidu AI Cloud is mainly implemented in manufacturing, water, energy, transportation, finance and government affairs. In the field of intelligent transportation, Baidu's ACE intelligent transportation solution has been adopted in 41 cities, with contract values exceeding 10 million yuan in each city.</p><p>In the industrial manufacturing sector, Baidu Vice President Li Shuo previously told 36Kr that Baidu's artificial intelligence technology can help power and water companies automatically monitor energy consumption, automatically adjust specific workshops and production lines, and help companies improve production efficiency.</p><p>However, Baidu AI Cloud is still operating at a loss. Compared to Alibaba's focus on e-commerce retail and Tencent's focus on entertainment and gaming, it is difficult to have a very universal methodology for AI technology to empower traditional sectors such as industry and energy. The intelligent manufacturing transformation of these traditional sectors varies in level and demand, requiring a longer wait.</p><p>Currently, Baidu is still in the process of working on multiple projects and setting benchmarks. Baidu AI Cloud needs to extract as much experience as possible from projects and replicate it more quickly in large-scale industry sectors in order to escape its current unprofitable situation.</p><p><b>Automotive products face a major test</b></p><p>Compared To the B2B challenges that require continuous nurturing, the automotive business is likely To be a major public test that Baidu is about To face.</p><p>It is understood that the ROBO-01, the first concept car of Baidu's automotive brand Jidu Auto, will be unveiled in early June. Jidu Auto CEO Xia Yiping also announced the latest progress in car manufacturing on Weibo: Jidu has started body mold casting for its first mass-produced vehicle, officially moving from model design to the preparation stage for mass production and manufacturing of the entire vehicle.</p><p>At the earnings call, Robin Li stated that Jidu Auto expects to begin accepting orders next year, targeting the passenger vehicle market priced at 200,000 yuan. Jidu will also release a second model in the second half of this year. According to sources who told 36Kr, Robin Li's OKR even clearly states the pre-order targets that Jidu Auto aims to achieve this year.</p><p>It is foreseeable that Baidu is making every effort to implement Jidu. According to 36Kr, Baidu has established a dedicated integration innovation department to support Jidu's work, including facilitating and...<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>Cooperation with chip suppliers, etc.</p><p>For Baidu, the shadow of the \"Wei Zexi incident\" lingered in its history of To C communication, and its C-end products were limited To a small number of Xiaodu smart speakers. Although the brand building, technology and products, and sales channels of automobiles are all operated independently by Jidu Auto, the shadows are more or less present.</p><p>Whether Jidu and Baidu can use product strength to impress consumers, build a new image, and bring new benefits is crucial. The former needs To survive among a host of emerging car manufacturers, while Baidu needs To use Jidu's products To leverage more OEMs and strive for a larger automotive B2B market.</p><p>Currently, in addition to providing its intelligent driving solutions to Jidu, Baidu is also seeking more cooperation. With<a href=\"https://laohu8.com/S/002594\">BYD</a>Automakers such as Dongfeng Voyah have reached cooperation agreements with Baidu. It is understood that Baidu's intelligent driving solution ASD and in-vehicle infotainment system Xiaodu in-vehicle OS have received a total of about 10 billion yuan in designated and signed projects, compared to 8 billion yuan in the previous quarter.</p><p>In the field of autonomous driving, Baidu's autonomous driving travel service platform Apollo Go provided 196,000 rides in the first quarter. Currently, Baidu's autonomous vehicles are providing unmanned passenger services in Beijing and conducting unmanned road tests in Chongqing. The investment is substantial, but as a business limited by technology and urban traffic regulations, its commercialization is still lukewarm.</p><p>Jidu Auto is currently the sharp knife that Baidu is most likely to use. However, with \"Wei, Xiaoli\" surrounding the company and Xiaomi's Lei Jun entering the car manufacturing market, the window of opportunity and opportunities for Jidu to make mistakes are running out.</p><p></body></html></p>","source":"36k","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>Robin Li wants to turn crisis into opportunity, but Baidu still lacks a sharp product knife.</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\">\nRobin Li wants to turn crisis into opportunity, but Baidu still lacks a sharp product knife.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">36氪</strong><span class=\"h-time small\">2022-05-28 11:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Author: Li Anqi</p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Life isn't easy either. According to Baidu's recently released Q1 2022 financial report, it suffered a net loss of 885 million yuan (including a loss of 3 billion yuan from long-term investments), compared to a net profit of 25.653 billion yuan in the same period last year.</p><p>How will a company allocate its tight resources amidst the pandemic?</p><p>Spending cuts are the most common and expected means. Baidu cut its sales and administrative expenses by 11% – consistent with the impression of \"contraction\" left by its continuous layoffs over the past period.</p><p>Surprisingly, Baidu's R&D investment not only did not decrease this quarter, but also increased by 10% year-on-year; From another perspective, the R&D expenses of 5.134 billion yuan this quarter are equivalent to 24% of its core revenue—which is consistent with the repeated public statements and actions of Baidu founder Robin Li. This founder, who has a technical background, once said: \"When I have 1 yuan, I will invest it in technology.\" One hundred million will be invested in technology; Even with 10 billion, it will still be invested in technology.</p><p>“Crisis and opportunity are always two sides of the same coin. When there are difficulties in the market, innovative solutions to solve those difficulties are necessary. In business history, many great companies, groundbreaking innovative products, services, and business models emerged during times of economic hardship,” Robin Li said in an internal letter.</p><p>Already behind<a href=\"https://laohu8.com/S/00700\">Tencent</a>Given Alibaba's current status, it's no exaggeration to say that Baidu is an underdog. But this large company, which missed out on the mobile era and failed to recover after its reputation was damaged, is trying to stabilize its advertising base while increasing its investment in opening up new markets.</p><p>As Baidu's core business and cash cow, its online marketing business only declined by 4% year-on-year this quarter, which is already remarkable—Tencent's advertising revenue declined by 16% year-on-year in the same period this year. Baidu's non-online marketing (including Baidu)<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Revenue from cloud and other AI businesses increased by 35% year-on-year. Although its cloud business base is small and its market ranking is lower than that of Alibaba, Tencent and Huawei, it is still impressive - Tencent's business segment grew by 10% year-on-year.</p><p>Coupled with the general rise in Chinese concept stocks on the night of the earnings release (Tencent ADR rose 3.4%),<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>(Up 9.5%), Baidu's closing price rose by more than 14% on May 26. The market seems to be voting in favor of Baidu.</p><p>One of the new businesses that Baidu is trying to invest in is cloud computing. Recently, Shen Dou, Executive Vice President of Baidu Group, has been transferred from head of mobile ecosystem business to head of intelligent cloud business. Within Baidu, intelligent cloud is regarded as the second growth curve, and Baidu clearly hopes to use a promising future to drive the performance of its cloud business.</p><p>Another business that Baidu is trying to increase its investment in is the automotive sector, including businesses such as autonomous taxis (Robotaxi)—which requires a lot of R&D spending, but is unlikely to yield results in the short term. The company most likely to be effective in the short term is Jidu Auto, which directly manufactures cars and is a joint venture with Geely. This business was mentioned multiple times by Robin Li during the earnings call. \"We are very excited about Jidu and hope to integrate our AI capabilities into it,\" Robin Li called it \"a machine with four wheels.\"<a href=\"https://laohu8.com/S/300024\">Robot</a>。”</p><p>Baidu's shift in focus is now being applied to various movements.<a href=\"https://laohu8.com/S/KRKR\">36Kr</a>As recently exclusively reported, Baidu has just incorporated Baidu Maps into its automotive business segment.</p><p>While Baidu's determination to invest in research and development and try to open up new fields even in difficult times is certainly commendable, the risk that Baidu once proposed \"All-in AI\" and failed to see operating returns for a long time should not be forgotten.<b>How can we create a highly successful, practical product with long-term technological investment that is difficult to see returns? This is the most real and urgent challenge Baidu faces when talking about its technological dreams.</b></p><p>Three major adjustments to the advertising base</p><p>Previously, at its Q4 2021 earnings call, Baidu stated that if the pandemic did not worsen after the first quarter of 2022, its advertising business would reach its lowest point. However, during this earnings call, Baidu abandoned its predictions for a turning point in its advertising business. \"Things may improve in the second quarter, but there is still a lot of uncertainty,\" Robin Li said.</p><p>This has a connotation of \"lying flat\". However, according to 36Kr, Baidu has already adjusted and reformed its advertising business in three aspects: content system, sales system, and organizational structure.</p><p>The most recent reform on the content side was in April 2021. At that time, Shen Dou, head of Baidu's mobile ecosystem business, proposed the \"X+Y strategy\" for the mobile ecosystem, which is to comprehensively upgrade to service-oriented and personalized. In addition to the layout of traffic entry points such as Baidu App, Baidu Cloud, and Baidu Maps, the company will deeply cultivate vertical industries such as health, e-commerce, and video, so that users can get a complete information search + service experience in Baidu's mobile ecosystem.</p><p>Taking Baidu App as an example, Baidu App is no longer just a simple search tool, but more like a comprehensive platform that uses \"search\" as a fulcrum to leverage local life services. Users can check express deliveries, book hotels, book movie tickets, etc.</p><p>Changes in content have also yielded certain results. Financial reports show that in March 2022, Baidu App's MAU increased by 13% year-on-year to 632 million, with daily logged-in users accounting for 83%.</p><p>Regarding the sales system, in March of this year, Baidu made a comprehensive adjustment to the sales system of its mobile ecosystem: the previous KA (Key Account) sales model was adjusted to be distinguished by customer type, with a focus on establishing several major industries such as mass consumption, big health, content consumption, and business services.</p><p>Baidu hopes to generate diversified revenue from memberships, tips, transactions, and merchant orders in addition to advertising through cloud storage, e-commerce, and lifestyle services. However, there has not been much progress in the reform of the sales system so far.</p><p>Following changes on both the content and sales sides, Baidu directly underwent a major reshuffle of its senior management: on May 5, Shen Dou officially switched careers to become the head of the intelligent cloud business. He has a more important task: to shoulder the growth of the second growth curve business, intelligent cloud. The mobile ecosystem business is headed by He Junjie, the newly appointed senior vice president of Baidu Group.</p><p>It is evident that after the completion of the content sales system reform, the long-term direction of Baidu's mobile ecosystem has stabilized. As for whether it will make money and how to stabilize its core business, that is up to He Junjie. He has helped Baidu successfully operate several investment and acquisition projects. As a manager with a background in finance, it remains to be seen whether He Junjie will exercise greater control over cost investment in the future.</p><p>Looking back, we can see that Baidu's search business transformation always seemed to be accompanied by shadows: the second half of the PC era coincided with the rapid expansion of the mobile internet, and after Baidu came to its senses in its mobile ecosystem business, short video platforms had already made a full-scale invasion. In addition, in the face of the pandemic, its mobile ecosystem strategy has always lacked an opportunity to be fully implemented and demonstrated. Since Shen Dou took over as the number one position in the core business, the potential of this business has been explored for several years. It's hard to imagine any significant growth in this business.</p><p>Baidu stated that it has also been testing the waters in various ways during the pandemic, launching new products such as Ask a Question. But clearly, they can't afford to make a splash right now.</p><p><b>B2B challenges that require continuous irrigation</b></p><p>If Baidu has a \"stability-seeking\" attitude towards its advertising core, then it clearly has high hopes for a second growth curve.</p><p>Undeniably, AI business has become an indispensable part of Baidu's financial reports, especially Baidu Smart Cloud business. In the first quarter, Baidu's AI Cloud business revenue grew by 3.9 billion yuan, a year-on-year increase of 45%, a slowdown compared to the 60%-70% growth rate in previous quarters.</p><p>“Many of our clients are large enterprises or government agencies, and they are very willing to communicate face-to-face. Without the opportunity to meet in person, many things cannot be advanced.” Robin Li frankly admitted the challenges that the pandemic has brought to the smart cloud business at the earnings conference.</p><p>It is understood that Baidu AI Cloud is mainly implemented in manufacturing, water, energy, transportation, finance and government affairs. In the field of intelligent transportation, Baidu's ACE intelligent transportation solution has been adopted in 41 cities, with contract values exceeding 10 million yuan in each city.</p><p>In the industrial manufacturing sector, Baidu Vice President Li Shuo previously told 36Kr that Baidu's artificial intelligence technology can help power and water companies automatically monitor energy consumption, automatically adjust specific workshops and production lines, and help companies improve production efficiency.</p><p>However, Baidu AI Cloud is still operating at a loss. Compared to Alibaba's focus on e-commerce retail and Tencent's focus on entertainment and gaming, it is difficult to have a very universal methodology for AI technology to empower traditional sectors such as industry and energy. The intelligent manufacturing transformation of these traditional sectors varies in level and demand, requiring a longer wait.</p><p>Currently, Baidu is still in the process of working on multiple projects and setting benchmarks. Baidu AI Cloud needs to extract as much experience as possible from projects and replicate it more quickly in large-scale industry sectors in order to escape its current unprofitable situation.</p><p><b>Automotive products face a major test</b></p><p>Compared To the B2B challenges that require continuous nurturing, the automotive business is likely To be a major public test that Baidu is about To face.</p><p>It is understood that the ROBO-01, the first concept car of Baidu's automotive brand Jidu Auto, will be unveiled in early June. Jidu Auto CEO Xia Yiping also announced the latest progress in car manufacturing on Weibo: Jidu has started body mold casting for its first mass-produced vehicle, officially moving from model design to the preparation stage for mass production and manufacturing of the entire vehicle.</p><p>At the earnings call, Robin Li stated that Jidu Auto expects to begin accepting orders next year, targeting the passenger vehicle market priced at 200,000 yuan. Jidu will also release a second model in the second half of this year. According to sources who told 36Kr, Robin Li's OKR even clearly states the pre-order targets that Jidu Auto aims to achieve this year.</p><p>It is foreseeable that Baidu is making every effort to implement Jidu. According to 36Kr, Baidu has established a dedicated integration innovation department to support Jidu's work, including facilitating and...<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>Cooperation with chip suppliers, etc.</p><p>For Baidu, the shadow of the \"Wei Zexi incident\" lingered in its history of To C communication, and its C-end products were limited To a small number of Xiaodu smart speakers. Although the brand building, technology and products, and sales channels of automobiles are all operated independently by Jidu Auto, the shadows are more or less present.</p><p>Whether Jidu and Baidu can use product strength to impress consumers, build a new image, and bring new benefits is crucial. The former needs To survive among a host of emerging car manufacturers, while Baidu needs To use Jidu's products To leverage more OEMs and strive for a larger automotive B2B market.</p><p>Currently, in addition to providing its intelligent driving solutions to Jidu, Baidu is also seeking more cooperation. With<a href=\"https://laohu8.com/S/002594\">BYD</a>Automakers such as Dongfeng Voyah have reached cooperation agreements with Baidu. It is understood that Baidu's intelligent driving solution ASD and in-vehicle infotainment system Xiaodu in-vehicle OS have received a total of about 10 billion yuan in designated and signed projects, compared to 8 billion yuan in the previous quarter.</p><p>In the field of autonomous driving, Baidu's autonomous driving travel service platform Apollo Go provided 196,000 rides in the first quarter. Currently, Baidu's autonomous vehicles are providing unmanned passenger services in Beijing and conducting unmanned road tests in Chongqing. The investment is substantial, but as a business limited by technology and urban traffic regulations, its commercialization is still lukewarm.</p><p>Jidu Auto is currently the sharp knife that Baidu is most likely to use. However, with \"Wei, Xiaoli\" surrounding the company and Xiaomi's Lei Jun entering the car manufacturing market, the window of opportunity and opportunities for Jidu to make mistakes are running out.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://36kr.com/p/1759069616563456\">36氪</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/696b32447d1c181a7397c96ba125d7bd","relate_stocks":{"BIDU":"百度","09888":"百度集团-W"},"source_url":"https://36kr.com/p/1759069616563456","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179976673","content_text":"作者:李安琪百度的日子也不好过。根据百度刚发布的2022年一季度财报,它净亏损8.85亿元(计入长期投资亏损30亿),而上年同期是净利润256.53亿元。疫情围困之际,一家公司会将如何调配捉襟见肘的资源?缩减开支是最常见、最意料之中的手段。百度在销售及管理费用上缩减了11%的开支——这与它过去一段时间持续裁员、给大家留下的“收缩”印象相符。但出人意表的是,百度的研发投入本季度不仅没有缩减,还同比上涨了10%;换个视角看,本季51.34亿元的研发费用,更是相当于其核心营收的24%——这跟百度创始人李彦宏的多次公开表态言行一致。这位技术出身的创始人曾说过:有1块钱的时候,会投进技术里;有1个亿,会投进技术里;有100个亿,还是会投进技术里。“危和机从来都是一体两面。市场存在困难,就一定同时需要解决困难的创新方案。在商业历史上,很多伟大的公司、划时代的创新产品、服务和商业模式,都是在经济困难时期出现的。”李彦宏在内部信中如此说道。在已经落后腾讯、阿里一个身位的今天,说百度是underdog也并不过分。但这家错失移动时代、名誉受损后也未能恢复的大公司,正试图一边稳住广告基本盘,一边加注开辟新的市场。作为百度基本盘、现金牛的在线营销业务,本季仅同比下降4%,已属不易——腾讯今年同期广告业务收入同比下降 16%。而百度非在线营销(包括百度智能云和其他AI业务)收入则同比增长35%,虽然考虑其云业务基数较小、市场排名低于阿里腾讯华为,但也堪称亮眼——腾讯该业务板块同比增速为10%。再叠加上财报发布当晚中概股普涨(腾讯ADR涨3.4%、拼多多涨9.5%),5月26日百度收盘涨幅超14%。市场似乎正对百度投下赞同票。百度试图加注的新业务之一,正是云业务。近期,百度集团执行副总裁沈抖已经从移动生态业务掌门人,调整为智能云业务负责人。在百度内部,智能云被视为第二增长曲线,百度显然希望用一名大将来带动云业务业绩。百度试图加注的另一项业务,则是汽车板块,包括自动驾驶出租车(Robotaxi)等业务——这需要大量的研发费用,但却短期难以见效。最可能在短期有效果的,是直接造车、跟吉利合资的集度汽车。该业务在财报会中被李彦宏多次提及。“我们对集度充满了兴奋,希望将我们的 AI 能力等都整合到集度中去。”李彦宏称之为“一台有四个轮子的机器人。”百度的这种重心挪移正体现在各种动作上,36氪近期曾独家报道,百度刚把百度地图划入汽车业务板块。即便在艰难时刻也要加注研发、试图开辟新领域的决心固然值得期许,但是百度曾提出“All-in AI”并久久难见经营收益,这种风险也不该被忘记。如何在长期难见收益的技术投入中,做出能“爆”的落地产品?这是百度谈技术梦想时,最真实也最迫切的挑战。广告基本盘的三次大调整此前2021年四季度财报会上,百度曾表示如果2022年一季度后疫情不再恶化,广告业务将迎来最低点。然而此次财报会中,百度已经放弃了对广告业务转折点的预测。“第二季度或许有所好转,但是现在不确定性还是挺多的。”李彦宏表示。这颇有“躺平”的意味。不过据36氪了解,目前百度已经对广告业务的内容体系、销售体系和组织架构三方面进行了调整与改革。内容侧最近一次的改革,是在2021年4月。彼时百度移动生态业务负责人沈抖提出了移动生态“X+Y战略”,即全面向服务化和人格化升级,在百度App、百度网盘、百度地图等流量入口的布局之上,深耕健康、电商、视频等垂直行业,让用户在百度的移动生态中获得完整的信息搜索+服务体验。以百度App为例,当下百度App已经不再是单纯的搜索工具,更像是一个以“搜索”为支点来撬动本地生活服务的综合平台,用户可以查快递、订酒店、订电影票等。内容端的变革也带来一定成效。财报数据显示,2022年3月百度App的MAU同比增长13%,达到6.32亿,日登录用户占比达到83%。而销售体系方面,今年3月百度对移动生态的销售体系进行全面调整:将以往KA(大客户)的销售模式调整为以客户类型为区分,重点设立涵盖大众消费类、大健康类、内容消费类、商务服务类等几大行业。百度希望除广告业务之外,还可以通过网盘、电商、生活服务等业务,实现会员、打赏、交易、商单等多元化收入。不过该销售体系变革成果目前还没有太多进展。而在内容和销售两侧变动之后,百度直接进行高层人事大调整:5月5日沈抖正式切换赛道,成为智能云业务负责人,他有更加重要的任务:扛起第二增长曲线业务智能云的增长。而移动生态业务则是由新晋百度集团资深副总裁何俊杰担任。可见,在内容销售体系都变革完成之后,百度移动生态方面的长期方向已经趋于稳定,至于接下来赚不赚钱,怎么稳住基本盘,则是交给何俊杰。他曾帮助百度成功操作多个投资收购项目——何俊杰作为一位财务线出身的管理者,接下来是否会在成本投入上做更多把控,值得继续观察。回顾过往会发现,百度的搜索业务转型似乎总伴随着阴霾:PC时代下半场遇上移动互联网高速扩张,等百度在移动生态业务上回过神之后,短视频平台已经全方位入侵。加之在疫情面前,其移动生态战略也始终缺乏一个可以酣畅施展、大展拳脚的机会。自沈抖出任基本盘业务一号位的几年中,对该业务的潜力挖掘已经进行数年。很难想象这块业务还能有什么大的增长。百度表示:疫情中百度也在多方试水,推出问一问等新产品。但显然,目前还扑腾不起水花。需持续浇灌的To B难题如果说,百度对其广告基本盘抱有“求稳”心态,那么对第二增长曲线显然给予了厚望。不可否认,AI业务已经成为百度财报中无法忽视的一部分,尤其是百度智能云业务。一季度百度智能云业务增速营收39亿,同比增长45%,较之过往季度60%-70%的增速有所放缓。“很多客户都是大企业或政府机构,他们非常愿意面对面沟通,如果没有办法见面,很多事情都没有办法推进。”李彦宏在财报会上坦诚了疫情对智能云业务带来的挑战。据了解,百度智能云主要在制造业、水务、能源、交通、金融和政务等领域落地。在智能交通领域,百度ACE智能交通解决方案已经被41个城市采用,城市合同金额均超过千万元。在工业制造领域,此前百度副总裁李硕告诉36氪,百度的人工智能技术能够帮助电力、水务公司自动监测能源使用的消耗情况、对具体车间和产线进行自动调节,帮助企业提升生产效率。但百度智能云目前仍处于亏损状态。较之阿里锚定的电商零售、腾讯锚定的文娱游戏领域,AI技术赋能工业、能源等传统领域很难有一套非常通用的方法论,这些传统领域的智能制造转型,水平参差需求各异,需要更漫长的等待。目前百度也还处于多方奔走、立标杆项目状态。百度智能云需要从项目中最大程度抽取经验,更快地复制到大规模行业赛道,才有可能摆脱不盈利的现状。汽车产品面临大考比起需要持续浇灌的To B难题,汽车业务恐怕是百度即将面临的公众大考。据了解,百度旗下汽车品牌集度汽车的首款车型概念车ROBO-01将会在6月初亮相。集度汽车CEO夏一平也在微博上公布了最新造车进展:集度首款量产车启动车身模具铸造,正式从车型设计迈向整车量产制造的准备阶段。财报会上,李彦宏表示:集度汽车预计明年开始接受订单,目标是 20万元的乘用车市场,今年下半年集度还会发布第二款车型。据消息人士对36氪透露,李彦宏的OKR中甚至明确写下了今年集度汽车要实现的预订单目标。可以预想,百度内部正在全力推进集度的落地。据36氪了解,百度内部专门成立了一个融通创新部门来支持集度的工作,包括疏通和英伟达等芯片供应商的合作。对百度来说,其To C传播史上曾有挥之不去的“魏则西事件”阴影,C端的产品也只有为数不多的小度智能音箱。虽然汽车的品牌构建、技术产品、销售渠道都由集度汽车独立运营,但阴霾或多或少相伴。能否用产品力来打动消费者,建立新形象,带来新效益点,对集度和百度来说至关重要。前者需要在一众造车新势力中存活下去,百度则需要用集度的产品撬动更多主机厂,争取更大的汽车To B市场。目前,百度的智能驾驶方案除了向集度提供之外,也还在寻求更多的合作。随着比亚迪、东风岚图等车企与百度达成合作,据了解百度的智能驾驶方案ASD 和车载信息娱乐系统小度车载 OS获得的定点和签约项目金额累计100 亿左右,上个季度该数据为80亿。在自动驾驶方面,百度自动驾驶出行服务平台萝卜快跑一季度提供了19.6万次乘车服务。目前百度的自动驾驶车辆正在北京提供无人化载人服务、在重庆进行无人化路测。投入不小,但作为一个受限于技术和城市交通法规的业务,其商业化仍处于不温不火的状态。集度汽车是目前百度最可能刺出的那一把尖刀。但是在“蔚小理”环伺、小米雷军下场造车的当下,留给集度的时间窗口、犯错机会已经不多。","news_type":1,"symbols_score_info":{"09888":0.9,"BIDU":0.9}},"isVote":1,"tweetType":1,"viewCount":4513,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9024178092,"gmtCreate":1653832126416,"gmtModify":1676535348236,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"title":"","htmlText":"Good ","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9024178092","repostId":"1111383178","repostType":4,"isVote":1,"tweetType":1,"viewCount":5188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9024173998,"gmtCreate":1653831853514,"gmtModify":1676535348188,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"title":"","htmlText":"Good ","listText":"Good ","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9024173998","repostId":"1166522242","repostType":4,"repost":{"id":"1166522242","kind":"news","pubTimestamp":1653794272,"share":"https://ttm.financial/m/news/1166522242?lang=en_US&edition=fundamental","pubTime":"2022-05-29 11:17","market":"hk","language":"zh","title":"Twenty years ago, Zhou Hongyi's punch was not only directed at Robin Li.","url":"https://stock-news.laohu8.com/highlight/detail?id=1166522242","media":"酷玩实验室","summary":"战斗力爆表的老周几乎以一己之力撑起了中国互联网的上半场。","content":"<p><html><head></head><body>In September 2003, Robin Li, then 35 years old, sued Zhou Hongyi for unfair competition. At that time, neither of the two big shots was well-known. Not only did they come to the lawsuit in person, but they also argued heatedly in court over the final compensation of 5,150 yuan.</p><p>The presiding female judge asked Zhou Hongyi, \"Baidu accused you of deleting their content. Did you do it?\" Robin Li quickly replied, \"He definitely did it.\" Zhou Hongyi laughed and said, \"I did it, but he did it first. He did all the bad things I did!\"</p><p>Emerging from the courtroom, Zhou Hongyi, full of martial virtue, pointed at Robin Li's nose and provoked him: \"If you're not convinced, let's fight.\" Back then, Robin Li wasn't the Robin who later asked \"What's your problem?\" indifferently even after being doused with mineral water, or the man who would smash his phone and shout \"I'm fucking quitting\" when arguing with investors. How could he tolerate Lao Zhou's kind of anger?</p><p><img src=\"https://static.tigerbbs.com/9458e7193c265ddb95138cc0c3594489\" tg-width=\"500\" tg-height=\"311\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Robin Li immediately responded, taking off his coat and preparing to make his move. Unfortunately, the two who were fighting were quickly pulled apart by the crowd, and there was no clear winner. But if someone around me had opened the market to bet on winning or losing, I would definitely have been willing to pay 200 yuan to support Lao Zhou. For no other reason than that Shaolin is the birthplace of all kung fu in the world. I believe that the martial arts culture of Zhumadian, Henan is far superior to that of Yangquan, Shanxi. Moreover, Lao Zhou had already learned to skillfully use nunchucks to open ladles for his classmates when he was studying in the gifted class at Xi'an Jiaotong University.</p><p>Compared to Zhou Hongyi's many subsequent lawsuits, this lawsuit pales in comparison. But this was just the beginning. From then on, Lao Zhou, with his extraordinary fighting spirit, almost single-handedly supported the first half of the Chinese internet.</p><p>He once fought simultaneously with BAT (Baidu, Alibaba, Tencent) and was not inferior on either front: he forced Jack Ma to publicly state that Alibaba would permanently ban Zhou Hongyi; This angered Ma Huateng so much that he smashed a cup in his office; He posted 42 Weibo posts in one day criticizing Lei Jun and challenging him to a fight at Chaoyang Park, which angered even the good-natured Mr. Lei so much that he wanted to \"see him in court\". Some people jokingly say that in those years, Lao Zhou criticized every aspect of the Chinese internet that could breathe. If you haven't been scolded, don't be complacent; it just means you're not doing well.</p><p><img src=\"https://static.tigerbbs.com/9ba00a872cf356e5ee629746f983f58c\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>This personality trait made it difficult for Zhou Hongyi to wear a white shirt, fasten his belt, and become a mature and steady model student like Lei Jun and Ma Huateng. If one cannot uphold the principles, one can only extraordinary things. In recent years, as large companies have rapidly expanded their market share and the interests of various parties have solidified, 360 has gradually become a second-tier brand in the internet industry.</p><p>However, there is one thing that Lao Zhou is generally more comfortable with than the big shots now: 360 is not included among the Chinese concept stocks that are currently in dire straits. Old Zhou made a glorious return to the A-share market as early as 2017. Back when Zhou Hongyi was privatized and delisted from Nasdaq, he incurred a cost of about 60 billion RMB. Upon returning to the A-share market, he directly surpassed JD.com with 20 consecutive daily price limits, and his market value once broke through 400 billion RMB, approaching Baidu.</p><p>Just as 360 made a respectable comeback back then, Chinese concept stocks are now falling just as poorly in the United States.</p><p>In an interview back then, Zhou Hongyi said meaningfully: 360's return was to solve the \"identity issue\" and to practice a 2B and 2G development path.</p><p>It's hard to say whether this choice is right or wrong. In 2021, three of 360's four main businesses declined, but government and enterprise security-related products bucked the trend and increased by 71%. Embarrassingly, the less than 1.4 billion yuan in revenue generated still accounted for only a little over one-tenth of 360's total revenue.</p><p>Old Zhou himself definitely felt that this path was the right one.</p><p>Look at Nezha Auto, which invested 2 billion yuan in 360 last October, hasn't it also been doing B2B and 2G business for a long time?</p><p>When Zhou Hongyi was young, he was like a character from Water Margin. He shouted and shouted for many years, and after finally obtaining the right to exploit Fang La, he embarked on a completely different path from other internet companies.</p><p>This approach is particularly unique in today's internet industry, which is radiating negative energy.</p><p><b>01</b></p><p>The last time Chinese concept stocks collectively considered leaving the United States was during the A-share bull market in early 2015.</p><p>When people think of the A-share market in 2015, their first thought is the stock market crash, but those who were in it, especially those who invested in stocks in the first half of that year, were certainly completely unaware of it.</p><p>At the beginning of that year, the A-share market, which had been dry for seven years, received a long-awaited boost. With the spring breeze of capital market reform, the Shanghai Composite Index soared, rising to over 5,000 points in just six months. Thinking about the market that frequently defended 3000 points this year, you can see how successful the A-share market was back then.</p><p>Meanwhile, the sharp fluctuations in US stocks in 2014 led to a significant correction in the market capitalization of Chinese concept stocks in the United States. Seeing that they could not get a share of the domestic capital feast, Chinese concept stocks began to consider returning to China. According to a Wall Street Journal report in April 2015:</p><p>Companies such as Baofeng Player, Langma Information, 263 Network, and Venustech have all completed their return to the A-share market. Focus Media also tentatively planned to list on the A-share market through a backdoor listing in June of that year, with a valuation of 46 billion to 50 billion yuan. Therefore, unlike Chinese concept stocks that are now being forced to reconsider due to US audit drafts, the essence of returning to the A-share market back then was that everyone could \"arbitrage across markets\"—taking advantage of the large market capitalization difference between the A-share and US markets.</p><p>360 also announced the launch of its privatization strategy on June 17 of that year.</p><p>From today's perspective, this timing is undoubtedly very delicate, because the A-share market crash began on June 15: in just four weeks, the Shanghai Composite Index plummeted by 1,800 points, leveraged funds were liquidated, individual stock prices were halved, and 1,400 listed companies were suspended from trading. Investors who experienced it firsthand will surely remember how devastating it was at that time.</p><p><img src=\"https://static.tigerbbs.com/08942a0b5218ec6e3541f44f109c82ee\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>However, the A-share market crash did not change Zhou Hongyi's determination to continue. A month later, 360's privatization transaction was completed and it was officially delisted from the NYSE.</p><p>This raised questions among many people at the time. Some media professionals wrote that for 360, returning to the A-share market for arbitrage may not be the most important thing. What is more important is that a leader said, \"I think it's better for you to come back.\"</p><p>Since returning to the A-share market, Zhou Hongyi has always considered himself a member of the \"national team\". In a 2019 interview with China Entrepreneur Magazine, the reporter asked Zhou:</p><p>You have repeatedly mentioned the concept of \"big security,\" which also includes national security. Will national-level strategies be outsourced to private companies?</p><p>Zhou Hongyi said yes. After 360's return, the identity issue was resolved. We were originally a US-listed company, with most of our shareholders being US investors; After being delisted, it has now become a purely domestic private company.</p><p>\"After resolving the identity issue, we now have a lot of cooperation with the country. For example, 360 now maintains the security of about 70% of the country's ministries, 80% of banks, and many large state-owned enterprises.\" Indeed, 360 has been aligning itself with national interests over the years. 360 also handles the cybersecurity of major foreign affairs and political events, including the 19th CPC National Congress, the BRICS Summit, and the Belt and Road Summit.</p><p>The price for obtaining this was that Zhou Hongyi spent two years between 2015 and 2017 completing a backdoor listing on the A-share market. The past two years have consumed a lot of his energy. He failed to make mobile phones, his \"all-in video\" strategy failed, and his overseas expansion plans were shelved.</p><p>In recent years, he has followed almost every trend in the internet industry, but in review, there have been few wins and many failures. Only Nezha Auto's sales, which it invested in last year, are constantly increasing. But the logic is the same: Nezha's sales have surpassed Wei Xiaoli several times, but why can't we see it within the Fifth Ring Road?</p><p>Who is driving Nezha Auto?</p><p>\"Traffic police are driving, driving schools are driving, but very few people are driving.\" Nezha Auto, whose pre-Series D funding almost all came from local industrial funds, has been doing B2B and 2G business for a long time.</p><p>Zhou Hongyi, the CEO of a major Chinese internet company, is perhaps the most proactive in his attitude towards the government, which is determined not only by his business but also by his personal experience.</p><p>To date, Zhou Hongyi has been arrested by the police two and a half times. Once, at Xi'an Jiaotong University, I used nunchucks to open a ladle for a classmate; One time, he started his own business while pursuing his master's degree, freeloading from the computer lab at school. Later, something was stolen from the computer lab and he was mistaken for a thief. The first time it didn't hurt or itch, but the second time I felt lingering fear.</p><p>That half-time occurred during the \"3Q War,\" when Shenzhen police came to the Beijing company to arrest people. Zhou Hongyi learned of the news on his way to work and fled to Hong Kong with his passport.</p><p>When Zhou Hongyi was in his second year of high school, the teacher once asked everyone to talk about their ideals at a class meeting. When Zhou Hongyi went up to give a speech, he said, \"We are born to be arrogant.\" During his university years, he hung a calligraphy piece above his bed that read \"Kill one person in ten steps\".</p><p>Some media outlets have compared him to Cao Cao or a ruthless hero, but some fearless people with this temperament always have a scale in their hearts. For example, regarding the question, \"Why have internet companies succeeded today?\", Zhou Hongyi's answer is:</p><p>\"Everyone thinks it's because they're smart, capable, and able to defeat their competitors. But in reality, I think the success of these companies is still driven by the great era. Without the background of China's reform and opening up, without China's demographic dividend, and without the country's internet policies, such success would not have happened.\" Entrepreneurs who said this in the past were easily branded as \"cynical.\" But ask yourself, which of the CEOs of major internet companies in the past two years doesn't want to understand policy like Zhou Hongyi, and which one doesn't want to reach a tacit understanding with necessary regulation like Zhou Hongyi?</p><p><img src=\"https://static.tigerbbs.com/2d5aba501e44c431245bb3c672f93d5a\" tg-width=\"550\" tg-height=\"351\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>02</b></p><p>Over the past forty years of China's reform and opening up, professions such as the college entrance examination, starting a business, speculating in real estate, and the internet have all played the role of a carp from a poor family leaping over the dragon gate. Each generation has its own success story to tell. If Zhou Hongyi were to tell this story, he would most likely say it like this:</p><p>In 2003, I greatly admired one of the youngest bureau-level cadres in the Xinhua News Agency system at the time. I asked him if he thought he could become a member of the XX Bureau. Can you make tens of millions? If you can't, why don't you join me in the internet industry?</p><p>This bureau-level official later resigned and went to Yahoo with Zhou Hongyi.</p><p>Circumstances are stronger than people. Today, why don't you try tricking your civil servant friends into resigning and coming to work online? No matter how much you say that the salary is higher and the work atmosphere is more free, can it compare to the word \"stability\"?</p><p>Why are internet companies that have successfully rung the bell in the United States so wealthy over the past 20 years?</p><p>The reason is simple: the United States is the world's currency, and listing on the stock exchange in the US can raise more money. Raise American money to develop China's internet, while allowing American capital to share in the dividends of China's development. This operating logic has brought in a total of $300 billion from the United States over the past 20 years.</p><p>However, in the past, it was possible to raise money from the United States to generate money, but now it is not possible to raise money to develop high technology and touch the US market. As Nio CEO Li Bin said in 2019, even if Nio fails, it will still raise tens of billions of dollars to develop China's auto industry chain. Therefore, the United States is about to begin auditing the working papers, and the valuations of Chinese concept stocks have collectively plummeted, with the risk of being delisted.</p><p>At the same time, the business of bringing US dollars back to China for \"involution\" has become difficult. Internet companies such as education and training and community group buying have been subject to varying degrees of regulation, and the internet industry has officially entered a winter.</p><p>Chinese companies listed in the US are facing internal and external difficulties and have been complaining about the pain recently. A few days ago, many internet users shared an article on WeChat Moments that satirized young people's lack of understanding of economics:</p><p>\"What is the Chinese economy? They don't understand or care. The only things they care about are chips and so-called cutting-edge technologies. As for food, clothing, housing, and transportation, they're all too vulgar and unimportant. Of course, if their takeout order is ten minutes late, they'll curse, and they'll curse the delivery driver more harshly than anyone else.\" Young people may indeed not understand the Chinese economy as well as the big shots, but who, young people or entrepreneurs, is actually bearing the cost of reform?</p><p>Zhang Meng, director of the film \"The Piano of Steel,\" which depicts laid-off workers during the economic reform in Northeast China, said in an interview:</p><p>“We usually think that when an era changes, the lower classes are all fighting back. But that’s not the case. Instead, they become a group of people who digest the times.”<img src=\"https://static.tigerbbs.com/2e38dba8a57f7b5d2c7c2cb01bc89378\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>This statement is equally applicable today.</p><p>Some people can still \"optimize their organization\" and \"graduate en masse\" after complaining of pain, but the price young people pay is the most basic physiological needs of Maslow's five major needs: unemployment, layoffs, homelessness, and wasting the best years of their youth on bitterness, disappointment, and not being able to afford a decent bouquet of roses for their girlfriends on May 20th.</p><p>To arrogantly believe that young people cannot understand the pain suffered by the internet, and to crudely mock today's youth with a binary opposition, is as ridiculous as believing that only the factory directors suffered from the collapse of state-owned enterprises in Northeast China. This is another kind of arrogance:</p><p>An arrogance that uses experience, knowledge, and so-called consensus to restrain young people and encourage everyone to return to their old ways and continue their rapid growth.</p><p>But why are young people feeling pain now and still unwilling to go back to their old ways? Even when they can't afford to eat, they're still willing to advocate for Huawei, chips, and hard technologies?</p><p>More young people still believe that reform is for a better tomorrow.</p><p>Wouldn't it be better for them to believe that the old path of using the internet and capital to double the economic predicament of vegetable vendors and housing prices would be easier to solve?</p><p><b>03</b></p><p>Recently, Professor Lan Xiaohuan, author of the bestselling book \"Being Inside,\" who lives in Shanghai, posted a Weibo post titled \"Positive Energy Full of Negative Energy.\" He said that if you know how cruel the economy and competition are, you won't exaggerate the role of emotions too much.</p><p>Confidence may be more important than gold, but it is far less important than the power of \"always having to keep living\". Every boss who collapses in a crisis has many eyes on his business, so when the economic machines start roaring again, whether you are optimistic or pessimistic, you have to jump back on or be thrown off. If you learn more about the economic stories of the various major wars of the 20th century, and the stories of economic reconstruction after major disasters, you may understand that whether it is heartbreaking or deeply resentful, the world will never look back. Emotions don't solve problems. Reforms and pandemic control are not intended to stand against young people, nor are they intended to stand against entrepreneurs. If anyone still thinks that way, their understanding is too poor.</p><p>Yan Xuetong, Dean of the Institute of Contemporary International Relations at Tsinghua University, wrote an article last June analyzing the strategic competition between China and the United States, putting forward a particularly objective and simple viewpoint:</p><p>Neither China nor the United States has much experience in engaging in strategic competition in the cyber field, and both may encounter setbacks by formulating wrong strategies in practice. This means that whoever can adjust their strategy and correct their mistakes in time will win the competition.</p><p>Have you felt wronged? Sometimes there are grievances. But should we simply and emotionally understand some things as our opposites? This is a kind of wisdom.</p><p>In today's internet industry, where negative energy exudes, Zhou Hongyi's leadership in 360's return to the A-share market and Didi's recent official announcement that it will delist from the New York Stock Exchange are like two opposite allegories.</p><p>Speaking of which, Zhou Hongyi certainly doesn't want to be \"the kind of boss who falls in a crisis\".</p><p>In 2003, besides fighting with Robin Li outside the courtroom, the Red Cannon also caught the SARS outbreak.</p><p>Zhou Hongyi said that when SARS struck, no one dared to fly anymore. But his first thought was that no one dared to fly, which meant no one was doing business anymore:</p><p>\"This is a great opportunity for me to go all over the country to promote products and seize market share.\"</p><p>So Lao Zhou put on a gas mask and frequently flew all over the country to meet with agents. Back then, every time an Air China plane landed, a familiar piece of music would play. Zhou Hongyi said that every time he heard this song afterward, he would think of the situation back then.</p><p>I've been wondering what ideas Zhou Hongyi would come up with if he were in a city where he was currently under lockdown when he was young, unable to fly or leave.</p><p>Someone like the red-clad cannon, who can cause such trouble, probably wouldn't want to lie on a 1.8-meter-tall bed all day wallowing in self-pity.</p><p></body></html></p>","source":"lsy1572425666524","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>Twenty years ago, Zhou Hongyi's punch was not only directed at Robin Li.</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\">\nTwenty years ago, Zhou Hongyi's punch was not only directed at Robin Li.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">酷玩实验室</strong><span class=\"h-time small\">2022-05-29 11:17</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>In September 2003, Robin Li, then 35 years old, sued Zhou Hongyi for unfair competition. At that time, neither of the two big shots was well-known. Not only did they come to the lawsuit in person, but they also argued heatedly in court over the final compensation of 5,150 yuan.</p><p>The presiding female judge asked Zhou Hongyi, \"Baidu accused you of deleting their content. Did you do it?\" Robin Li quickly replied, \"He definitely did it.\" Zhou Hongyi laughed and said, \"I did it, but he did it first. He did all the bad things I did!\"</p><p>Emerging from the courtroom, Zhou Hongyi, full of martial virtue, pointed at Robin Li's nose and provoked him: \"If you're not convinced, let's fight.\" Back then, Robin Li wasn't the Robin who later asked \"What's your problem?\" indifferently even after being doused with mineral water, or the man who would smash his phone and shout \"I'm fucking quitting\" when arguing with investors. How could he tolerate Lao Zhou's kind of anger?</p><p><img src=\"https://static.tigerbbs.com/9458e7193c265ddb95138cc0c3594489\" tg-width=\"500\" tg-height=\"311\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Robin Li immediately responded, taking off his coat and preparing to make his move. Unfortunately, the two who were fighting were quickly pulled apart by the crowd, and there was no clear winner. But if someone around me had opened the market to bet on winning or losing, I would definitely have been willing to pay 200 yuan to support Lao Zhou. For no other reason than that Shaolin is the birthplace of all kung fu in the world. I believe that the martial arts culture of Zhumadian, Henan is far superior to that of Yangquan, Shanxi. Moreover, Lao Zhou had already learned to skillfully use nunchucks to open ladles for his classmates when he was studying in the gifted class at Xi'an Jiaotong University.</p><p>Compared to Zhou Hongyi's many subsequent lawsuits, this lawsuit pales in comparison. But this was just the beginning. From then on, Lao Zhou, with his extraordinary fighting spirit, almost single-handedly supported the first half of the Chinese internet.</p><p>He once fought simultaneously with BAT (Baidu, Alibaba, Tencent) and was not inferior on either front: he forced Jack Ma to publicly state that Alibaba would permanently ban Zhou Hongyi; This angered Ma Huateng so much that he smashed a cup in his office; He posted 42 Weibo posts in one day criticizing Lei Jun and challenging him to a fight at Chaoyang Park, which angered even the good-natured Mr. Lei so much that he wanted to \"see him in court\". Some people jokingly say that in those years, Lao Zhou criticized every aspect of the Chinese internet that could breathe. If you haven't been scolded, don't be complacent; it just means you're not doing well.</p><p><img src=\"https://static.tigerbbs.com/9ba00a872cf356e5ee629746f983f58c\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>This personality trait made it difficult for Zhou Hongyi to wear a white shirt, fasten his belt, and become a mature and steady model student like Lei Jun and Ma Huateng. If one cannot uphold the principles, one can only extraordinary things. In recent years, as large companies have rapidly expanded their market share and the interests of various parties have solidified, 360 has gradually become a second-tier brand in the internet industry.</p><p>However, there is one thing that Lao Zhou is generally more comfortable with than the big shots now: 360 is not included among the Chinese concept stocks that are currently in dire straits. Old Zhou made a glorious return to the A-share market as early as 2017. Back when Zhou Hongyi was privatized and delisted from Nasdaq, he incurred a cost of about 60 billion RMB. Upon returning to the A-share market, he directly surpassed JD.com with 20 consecutive daily price limits, and his market value once broke through 400 billion RMB, approaching Baidu.</p><p>Just as 360 made a respectable comeback back then, Chinese concept stocks are now falling just as poorly in the United States.</p><p>In an interview back then, Zhou Hongyi said meaningfully: 360's return was to solve the \"identity issue\" and to practice a 2B and 2G development path.</p><p>It's hard to say whether this choice is right or wrong. In 2021, three of 360's four main businesses declined, but government and enterprise security-related products bucked the trend and increased by 71%. Embarrassingly, the less than 1.4 billion yuan in revenue generated still accounted for only a little over one-tenth of 360's total revenue.</p><p>Old Zhou himself definitely felt that this path was the right one.</p><p>Look at Nezha Auto, which invested 2 billion yuan in 360 last October, hasn't it also been doing B2B and 2G business for a long time?</p><p>When Zhou Hongyi was young, he was like a character from Water Margin. He shouted and shouted for many years, and after finally obtaining the right to exploit Fang La, he embarked on a completely different path from other internet companies.</p><p>This approach is particularly unique in today's internet industry, which is radiating negative energy.</p><p><b>01</b></p><p>The last time Chinese concept stocks collectively considered leaving the United States was during the A-share bull market in early 2015.</p><p>When people think of the A-share market in 2015, their first thought is the stock market crash, but those who were in it, especially those who invested in stocks in the first half of that year, were certainly completely unaware of it.</p><p>At the beginning of that year, the A-share market, which had been dry for seven years, received a long-awaited boost. With the spring breeze of capital market reform, the Shanghai Composite Index soared, rising to over 5,000 points in just six months. Thinking about the market that frequently defended 3000 points this year, you can see how successful the A-share market was back then.</p><p>Meanwhile, the sharp fluctuations in US stocks in 2014 led to a significant correction in the market capitalization of Chinese concept stocks in the United States. Seeing that they could not get a share of the domestic capital feast, Chinese concept stocks began to consider returning to China. According to a Wall Street Journal report in April 2015:</p><p>Companies such as Baofeng Player, Langma Information, 263 Network, and Venustech have all completed their return to the A-share market. Focus Media also tentatively planned to list on the A-share market through a backdoor listing in June of that year, with a valuation of 46 billion to 50 billion yuan. Therefore, unlike Chinese concept stocks that are now being forced to reconsider due to US audit drafts, the essence of returning to the A-share market back then was that everyone could \"arbitrage across markets\"—taking advantage of the large market capitalization difference between the A-share and US markets.</p><p>360 also announced the launch of its privatization strategy on June 17 of that year.</p><p>From today's perspective, this timing is undoubtedly very delicate, because the A-share market crash began on June 15: in just four weeks, the Shanghai Composite Index plummeted by 1,800 points, leveraged funds were liquidated, individual stock prices were halved, and 1,400 listed companies were suspended from trading. Investors who experienced it firsthand will surely remember how devastating it was at that time.</p><p><img src=\"https://static.tigerbbs.com/08942a0b5218ec6e3541f44f109c82ee\" tg-width=\"550\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>However, the A-share market crash did not change Zhou Hongyi's determination to continue. A month later, 360's privatization transaction was completed and it was officially delisted from the NYSE.</p><p>This raised questions among many people at the time. Some media professionals wrote that for 360, returning to the A-share market for arbitrage may not be the most important thing. What is more important is that a leader said, \"I think it's better for you to come back.\"</p><p>Since returning to the A-share market, Zhou Hongyi has always considered himself a member of the \"national team\". In a 2019 interview with China Entrepreneur Magazine, the reporter asked Zhou:</p><p>You have repeatedly mentioned the concept of \"big security,\" which also includes national security. Will national-level strategies be outsourced to private companies?</p><p>Zhou Hongyi said yes. After 360's return, the identity issue was resolved. We were originally a US-listed company, with most of our shareholders being US investors; After being delisted, it has now become a purely domestic private company.</p><p>\"After resolving the identity issue, we now have a lot of cooperation with the country. For example, 360 now maintains the security of about 70% of the country's ministries, 80% of banks, and many large state-owned enterprises.\" Indeed, 360 has been aligning itself with national interests over the years. 360 also handles the cybersecurity of major foreign affairs and political events, including the 19th CPC National Congress, the BRICS Summit, and the Belt and Road Summit.</p><p>The price for obtaining this was that Zhou Hongyi spent two years between 2015 and 2017 completing a backdoor listing on the A-share market. The past two years have consumed a lot of his energy. He failed to make mobile phones, his \"all-in video\" strategy failed, and his overseas expansion plans were shelved.</p><p>In recent years, he has followed almost every trend in the internet industry, but in review, there have been few wins and many failures. Only Nezha Auto's sales, which it invested in last year, are constantly increasing. But the logic is the same: Nezha's sales have surpassed Wei Xiaoli several times, but why can't we see it within the Fifth Ring Road?</p><p>Who is driving Nezha Auto?</p><p>\"Traffic police are driving, driving schools are driving, but very few people are driving.\" Nezha Auto, whose pre-Series D funding almost all came from local industrial funds, has been doing B2B and 2G business for a long time.</p><p>Zhou Hongyi, the CEO of a major Chinese internet company, is perhaps the most proactive in his attitude towards the government, which is determined not only by his business but also by his personal experience.</p><p>To date, Zhou Hongyi has been arrested by the police two and a half times. Once, at Xi'an Jiaotong University, I used nunchucks to open a ladle for a classmate; One time, he started his own business while pursuing his master's degree, freeloading from the computer lab at school. Later, something was stolen from the computer lab and he was mistaken for a thief. The first time it didn't hurt or itch, but the second time I felt lingering fear.</p><p>That half-time occurred during the \"3Q War,\" when Shenzhen police came to the Beijing company to arrest people. Zhou Hongyi learned of the news on his way to work and fled to Hong Kong with his passport.</p><p>When Zhou Hongyi was in his second year of high school, the teacher once asked everyone to talk about their ideals at a class meeting. When Zhou Hongyi went up to give a speech, he said, \"We are born to be arrogant.\" During his university years, he hung a calligraphy piece above his bed that read \"Kill one person in ten steps\".</p><p>Some media outlets have compared him to Cao Cao or a ruthless hero, but some fearless people with this temperament always have a scale in their hearts. For example, regarding the question, \"Why have internet companies succeeded today?\", Zhou Hongyi's answer is:</p><p>\"Everyone thinks it's because they're smart, capable, and able to defeat their competitors. But in reality, I think the success of these companies is still driven by the great era. Without the background of China's reform and opening up, without China's demographic dividend, and without the country's internet policies, such success would not have happened.\" Entrepreneurs who said this in the past were easily branded as \"cynical.\" But ask yourself, which of the CEOs of major internet companies in the past two years doesn't want to understand policy like Zhou Hongyi, and which one doesn't want to reach a tacit understanding with necessary regulation like Zhou Hongyi?</p><p><img src=\"https://static.tigerbbs.com/2d5aba501e44c431245bb3c672f93d5a\" tg-width=\"550\" tg-height=\"351\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p><b>02</b></p><p>Over the past forty years of China's reform and opening up, professions such as the college entrance examination, starting a business, speculating in real estate, and the internet have all played the role of a carp from a poor family leaping over the dragon gate. Each generation has its own success story to tell. If Zhou Hongyi were to tell this story, he would most likely say it like this:</p><p>In 2003, I greatly admired one of the youngest bureau-level cadres in the Xinhua News Agency system at the time. I asked him if he thought he could become a member of the XX Bureau. Can you make tens of millions? If you can't, why don't you join me in the internet industry?</p><p>This bureau-level official later resigned and went to Yahoo with Zhou Hongyi.</p><p>Circumstances are stronger than people. Today, why don't you try tricking your civil servant friends into resigning and coming to work online? No matter how much you say that the salary is higher and the work atmosphere is more free, can it compare to the word \"stability\"?</p><p>Why are internet companies that have successfully rung the bell in the United States so wealthy over the past 20 years?</p><p>The reason is simple: the United States is the world's currency, and listing on the stock exchange in the US can raise more money. Raise American money to develop China's internet, while allowing American capital to share in the dividends of China's development. This operating logic has brought in a total of $300 billion from the United States over the past 20 years.</p><p>However, in the past, it was possible to raise money from the United States to generate money, but now it is not possible to raise money to develop high technology and touch the US market. As Nio CEO Li Bin said in 2019, even if Nio fails, it will still raise tens of billions of dollars to develop China's auto industry chain. Therefore, the United States is about to begin auditing the working papers, and the valuations of Chinese concept stocks have collectively plummeted, with the risk of being delisted.</p><p>At the same time, the business of bringing US dollars back to China for \"involution\" has become difficult. Internet companies such as education and training and community group buying have been subject to varying degrees of regulation, and the internet industry has officially entered a winter.</p><p>Chinese companies listed in the US are facing internal and external difficulties and have been complaining about the pain recently. A few days ago, many internet users shared an article on WeChat Moments that satirized young people's lack of understanding of economics:</p><p>\"What is the Chinese economy? They don't understand or care. The only things they care about are chips and so-called cutting-edge technologies. As for food, clothing, housing, and transportation, they're all too vulgar and unimportant. Of course, if their takeout order is ten minutes late, they'll curse, and they'll curse the delivery driver more harshly than anyone else.\" Young people may indeed not understand the Chinese economy as well as the big shots, but who, young people or entrepreneurs, is actually bearing the cost of reform?</p><p>Zhang Meng, director of the film \"The Piano of Steel,\" which depicts laid-off workers during the economic reform in Northeast China, said in an interview:</p><p>“We usually think that when an era changes, the lower classes are all fighting back. But that’s not the case. Instead, they become a group of people who digest the times.”<img src=\"https://static.tigerbbs.com/2e38dba8a57f7b5d2c7c2cb01bc89378\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>This statement is equally applicable today.</p><p>Some people can still \"optimize their organization\" and \"graduate en masse\" after complaining of pain, but the price young people pay is the most basic physiological needs of Maslow's five major needs: unemployment, layoffs, homelessness, and wasting the best years of their youth on bitterness, disappointment, and not being able to afford a decent bouquet of roses for their girlfriends on May 20th.</p><p>To arrogantly believe that young people cannot understand the pain suffered by the internet, and to crudely mock today's youth with a binary opposition, is as ridiculous as believing that only the factory directors suffered from the collapse of state-owned enterprises in Northeast China. This is another kind of arrogance:</p><p>An arrogance that uses experience, knowledge, and so-called consensus to restrain young people and encourage everyone to return to their old ways and continue their rapid growth.</p><p>But why are young people feeling pain now and still unwilling to go back to their old ways? Even when they can't afford to eat, they're still willing to advocate for Huawei, chips, and hard technologies?</p><p>More young people still believe that reform is for a better tomorrow.</p><p>Wouldn't it be better for them to believe that the old path of using the internet and capital to double the economic predicament of vegetable vendors and housing prices would be easier to solve?</p><p><b>03</b></p><p>Recently, Professor Lan Xiaohuan, author of the bestselling book \"Being Inside,\" who lives in Shanghai, posted a Weibo post titled \"Positive Energy Full of Negative Energy.\" He said that if you know how cruel the economy and competition are, you won't exaggerate the role of emotions too much.</p><p>Confidence may be more important than gold, but it is far less important than the power of \"always having to keep living\". Every boss who collapses in a crisis has many eyes on his business, so when the economic machines start roaring again, whether you are optimistic or pessimistic, you have to jump back on or be thrown off. If you learn more about the economic stories of the various major wars of the 20th century, and the stories of economic reconstruction after major disasters, you may understand that whether it is heartbreaking or deeply resentful, the world will never look back. Emotions don't solve problems. Reforms and pandemic control are not intended to stand against young people, nor are they intended to stand against entrepreneurs. If anyone still thinks that way, their understanding is too poor.</p><p>Yan Xuetong, Dean of the Institute of Contemporary International Relations at Tsinghua University, wrote an article last June analyzing the strategic competition between China and the United States, putting forward a particularly objective and simple viewpoint:</p><p>Neither China nor the United States has much experience in engaging in strategic competition in the cyber field, and both may encounter setbacks by formulating wrong strategies in practice. This means that whoever can adjust their strategy and correct their mistakes in time will win the competition.</p><p>Have you felt wronged? Sometimes there are grievances. But should we simply and emotionally understand some things as our opposites? This is a kind of wisdom.</p><p>In today's internet industry, where negative energy exudes, Zhou Hongyi's leadership in 360's return to the A-share market and Didi's recent official announcement that it will delist from the New York Stock Exchange are like two opposite allegories.</p><p>Speaking of which, Zhou Hongyi certainly doesn't want to be \"the kind of boss who falls in a crisis\".</p><p>In 2003, besides fighting with Robin Li outside the courtroom, the Red Cannon also caught the SARS outbreak.</p><p>Zhou Hongyi said that when SARS struck, no one dared to fly anymore. But his first thought was that no one dared to fly, which meant no one was doing business anymore:</p><p>\"This is a great opportunity for me to go all over the country to promote products and seize market share.\"</p><p>So Lao Zhou put on a gas mask and frequently flew all over the country to meet with agents. Back then, every time an Air China plane landed, a familiar piece of music would play. Zhou Hongyi said that every time he heard this song afterward, he would think of the situation back then.</p><p>I've been wondering what ideas Zhou Hongyi would come up with if he were in a city where he was currently under lockdown when he was young, unable to fly or leave.</p><p>Someone like the red-clad cannon, who can cause such trouble, probably wouldn't want to lie on a 1.8-meter-tall bed all day wallowing in self-pity.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"http://finance.sina.com.cn/tech/csj/2022-05-29/doc-imizirau5390021.shtml\">酷玩实验室</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7df7ff13157e853757d80338ca07a782","relate_stocks":{"601360":"三六零","QFIN":"奇富科技"},"source_url":"http://finance.sina.com.cn/tech/csj/2022-05-29/doc-imizirau5390021.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1166522242","content_text":"2003年9月,时年35岁的李彦宏把周鸿祎告上法庭,起诉对方不正当竞争。那时两位大佬都还没什么名气,打官司不仅亲自来,为最终5150块钱的赔偿,还在法庭上吵得面红耳赤。主审女法官问周鸿祎:“百度指责你删掉他们的东西,你干了没有?”李彦宏听完抢答:“他肯定干了。”周鸿祎笑着说:“我干了,但是是他先干的。我干的所有坏事儿,他都干了!”从法庭出来,周鸿祎武德充沛,指着李彦宏鼻子挑衅:不服咱俩打一架。当时李彦宏还不是后来那个被矿泉水浇头也只不咸不淡问一句“What's your problem?”的Robin,和投资人吵架动辄摔手机喊“我他妈不做了”的男人,哪里能受老周这种气?李彦宏当即应战,脱下外套就准备动手。很可惜,扭打在一起的二人很快被众人拉开,没分出胜负。但假如当时周围有人开盘赌输赢的话,我肯定愿意掏200块支持老周。不为别的,天下功夫出少林,我相信河南驻马店的武术文化比山西阳泉不知道高到哪里去了,况且老周早在西安交通大学读少年班时,就已经学会熟练地拿双节棍给同学开瓢了。这场官司跟后来周鸿祎很多场官司相比,只能说是小巫见大巫。但这是一个开始,从此之后,战斗力爆表的老周几乎以一己之力撑起了中国互联网的上半场。他曾经一度跟BAT同时开战且每条战线都不落下风:把马云逼得公开表示阿里将永久封杀周鸿祎;把马化腾气得在办公室摔杯子;一天连发42条微博怼雷军并约战朝阳公园,把好脾气的雷总气得也要“法庭见”。有人戏称,那几年中国互联网凡是会喘气都被老周骂过。如果你没被骂,那也别得意,只能说明你混得不行。这样一种性格,导致了后来周鸿祎很难像雷军、马化腾一样,穿上白衬衫,系起腰带,做个成熟稳重的模范生。不能守正,只能出奇。这些年大厂跑马圈地,各方利益固化后,360也逐渐沦为了互联网中的二线厂牌。但有一件事现在老周普遍比大佬们舒服,那就是正陷入水深火热的中概股中,不包括360。老周早在2017年就风风光光回A股了。当年从纳斯达克私有化退市,周鸿祎付出了约600亿人民币的成本,回到大A直接20个涨停板脚踏京东,市值一度冲破4000亿逼近百度。当年360回来的有多体面,现在中概股在美国跌得就有多寒酸。周鸿祎当年接受采访,曾意味深长地说:360回来是为了解决“身份问题”,并践行了一条2B、2G的发展路线。很难说这个选择到底是对还是错。2021年,360四大主营业务中有三块都在下降,但政企安全相关产品却逆势大增了71%,尴尬的是创造出的不到14亿收入依然只占360总收入的十分之一多点。老周自己肯定觉得这条路没错。你看去年10月三六零20亿投的哪吒汽车,不也长期做的是2B、2G生意吗?周鸿祎年轻时像水浒里走出来的人物,喊打喊杀很多年,最终拿到征方腊的权利后,走上了一条和其他互联网公司完全不一样的路子。这条路子,在整个互联网圈散发着负能量的今天,显得尤为特别。01中概股上一次集体考虑离开美国,还要从2015年初A股大牛市说起。现在提起2015年A股,大家第一反应是股灾,但身处其中,尤其是那年上半年炒股的股民,肯定是毫无察觉的。那年初,干涸7年之久的大A迎来了久违的活水,伴随资本市场改革春风,上证指数高歌猛进,半年就涨到了5000点以上。想想今年动辄保卫3000点的行情,就知道当时的大A有多风光了。与此同时,2014年美股剧烈波动导致中概股在美国的市值大幅回调,眼看着国内的资本盛宴无法分一杯羹,中概股纷纷打起了回国的主意。根据华尔街见闻在2015年4月的报道:暴风影音、朗玛信息、二六三网络、启明星辰等公司都已经完成回归A股之路。分众传媒也初定将于当年6月在A股借壳上市,公司估值为460亿-500亿元。所以跟现在面临美国审计底稿被迫考虑回来的中概股不同,当年回归大A的本质是大家可以“跨市场套利”——利用A股和美国两个市场较大的市值差套利。360,也是在这年6月17日宣布启动私有化战略的。站在今天来看,这个时间点无疑非常微妙,因为A股股灾从6月15号就已经开始了:短短4个星期上证指数狂跌1800点,杠杆资金爆仓、个股股价腰斩、1400家上市公司停牌,亲历过的股民一定还记得当时有多惨烈。但A股股灾并没有改变周鸿祎继续的决心。一个月之后,360私有化交易完成,正式从纽交所摘牌。这引起当时很多人的疑惑。有媒体人写,对360来说回A股套利可能不是最重要的,更重要的是某位领导说那句话,“我觉得你们还是回来的好。”回归A股后周鸿祎一直以“国家队”自居。2019年接受《中国企业家杂志》采访,记者问周:你曾多次提及“大安全”概念,而这其中也包括国家安全。目前国家级战略会交给民营公司做吗?周鸿祎说,会。360回归以后,解决了身份问题。我们原来是美国上市公司,大部分股东都是美国投资人;退市以后,现在变成一家纯内资的民营公司。“解决身份问题以后,我们现在跟国家有很多合作,像现在国家大概70%的部委、80%的银行,还有很多大的国企的安全都是360来维护的。”事实也的确如此,这些年360一直在和国家利益保持一致。包括十九大、金砖会议、一带一路峰会这些重大外事政治活动的网上安全,也都是360来承担的。获得这些的代价,是周鸿祎从2015年到2017年之间,拿出了两年时间来完成A股借壳上市。这两年耗费了他大量的精力,做手机失败了,“all in视频”失败了,出海计划也搁浅了。这几年他又追了互联网几乎每一个风口,但盘点下来,总体取胜的不多,失败的不少。只有去年投的哪吒汽车销量在不停地涨,可逻辑一样,哪吒销量都已经几次冲过蔚小理了,但五环内怎么就是看不着呢?哪吒汽车谁在开?“交警在开,驾校在开,但很少有个人在开。”D轮前融资几乎都来自地方产业基金的哪吒汽车,很长一段时间,做的也都是2B、2G的生意。中国互联网大厂CEO对待政府的态度,周鸿祎可能是最积极的,这不仅是由业务决定的,也是由周鸿祎个人经历决定的。到目前为止,周鸿祎一共被警察抓过两回半。一回是在西安交通大学拿双节棍给同学开瓢;一回是读研时创业,在学校到处蹭机房,后来机房丢了东西他被当成小偷。前一回不痛不痒,后一回心有余悸。那半回则是在“3Q大战”期间,深圳公安来北京公司抓人,周鸿祎上班路上得知消息,拿着护照就逃去了香港。周鸿祎读高二时,有次班会老师让大家谈一谈理想,周鸿祎上去演讲张口就是“人生来就可以狂妄”;大学时他在床头上挂了幅书法作品,写的是“十步杀一人”。有媒体曾把他比作曹操、枭雄,但这个性情中有一些天不怕地不怕的人心中却始终有杆秤。比如关于“发展到今天,互联网公司为什么成功?”这个问题,周鸿祎的答案是:“大家都觉得是因为聪明、能干,能把竞争对手打败。但实际上这些公司的成功,我认为还是要归功于大时代的带动,没有国家改革开放的背景,没有中国的人口红利,没有国家对互联网的政策,这种成功不可能出现。”过去说这种话的企业家很容易被粗暴地扣上“犬儒”的帽子,但试问这两年那些大的互联网公司CEO,有哪个现在不想和周鸿祎一样懂政策,有哪个不想和老周一样能和必要监管达成一种心领神会的默契呢?02中国改革开放四十多年,高考、下海、炒房、互联网等职业先后扮演过寒门子弟鲤鱼跃龙门的角色,一代人有一代人的成功故事可讲,这个故事如果让周鸿祎来讲,他大概率会这么讲:2003年,我很欣赏一位当时新华社系统最年轻的司局级干部,我问他你觉得你能做到XX局委员吗?你能赚几千万吗?如果不能,不如来跟我干互联网吧。这位司局级干部后来真就辞职跟周鸿祎去了雅虎。形势比人强,今天你再忽悠身边公务员朋友辞职,来你互联网上班试试?你就再怎么说工资更高,工作氛围更自由,能抵得过“稳定”俩字吗?过去20年,成功在美国敲钟的互联网企业,为什么会这么有钱?原因很简单,因为美国是世界货币,在美国上市能融到更多的钱。融美国人的钱,来发展中国的互联网,同时让美国资本分享中国的发展红利。这条运行逻辑,在过去20年累计从美国搬来了3000亿美元。但是过去融美国的钱进来生钱可以,现在融钱来发展高科技动了美国蛋糕就不行,正如蔚来汽车CEO李斌2019年所说的,即使蔚来失败了,那也是融了百亿美元来发展中国汽车产业链。所以美国要开始审计底稿,中概股估值集体跪了,还有被退市的风险。与此同时,拿着美元回国内“内卷”的生意也不好做了,教培、社区团购等互联网公司先后受到了不同程度的监管,互联网行业正式入冬。中概股企业内外交困,最近一直在喊疼,前几天有很多互联网人在朋友圈转发一篇讽刺年轻人不懂经济的文章:“什么叫中国经济?他们不懂,也不关心,他们唯一关心的中国经济就是芯片和所谓的硬核科技,至于衣食住行,都太俗不可耐了,不重要,当然,如果他们叫的外卖晚了十分钟,他们可是会骂娘的,骂起外卖小哥来比谁都狠。”年轻人可能确实不如大佬们懂中国经济,但是年轻人和企业家,到底是谁在承担改革的代价呢?反映东北经济改革中下岗工人的电影《钢的琴》导演张猛,在一次采访中说过:“我们通常想,在一个时代变革时,底层大众人民都是抗争的。但其实不是,他们反倒变成了替这个时代消化的一拨人。”这句话放在今天同样适用。有些人喊疼后还可以“组织优化”、“集体毕业”,年轻人付出的代价却是马斯洛五大需求最基本的生理需求:是失业、被裁、没住处,是把最好的青春年华消磨在苦闷、失意和在520给女朋友买不起一束体面的玫瑰花上。高高在上地认为互联网遭受的痛苦年轻人体会不到,粗暴地以二元对立来嘲讽现在年轻人不行了,就像认为当年东北国企倒闭疼的只有厂长一样可笑,这是另一种傲慢:一种用经验、阅历和所谓共识来约束年轻人,鼓励大伙一起回到老路上继续狂飙下去的傲慢。但为什么现在年轻人感到疼,也依然不愿回到老路上去?面包吃不上了,还依然愿意为华为、芯片和硬科技呐喊?更多年轻人还是相信,改革是为了明天会更好。难不成要他们相信互联网携资本以令菜贩、房价再涨一倍经济困境就迎刃而解的老路会更好吗?03最近,身居上海的畅销书《置身事内》作者兰小欢教授发了一条“饱含负能量的正能量”微博,他说知道经济和竞争有多残酷,就不会过多夸大情绪的作用了。信心可能比黄金重要,但远没有“总得继续活着”的力量重要。每个在危机中倒下去的老板背后都有很多双眼睛在盯着他的生意,所以当经济机器再次开始轰鸣的时候,不管乐观还是悲观,你都得再次跳上去,或者被甩下来。多了解些二十世纪各种大战期间的经济故事,多了解些大灾大难后经济的重建故事,可能就会明白,锥心疼也好,刻骨恨也罢,世界都不会回头看一眼。情绪并不能解决问题。改革、疫情管控不是为了站在年轻人的对立面,当然也不是为了站到企业家的对立面,如果谁到现在还这么想,那就是悟性就太差了。清华大学当代国际关系研究院院长阎学通去年6月写过一篇分析中美战略竞争的文章,提出了一个特别客观朴素的观点:中美双方在网络领域开展战略竞争的经验都不多,在实践中都可能制定错误战略而遭遇挫折。这就意味着双方谁能及时调整战略、纠正错误,谁就能赢得这场竞争。有没有委屈?有时候也有委屈。但该不该把一些事情简单情绪化地理解为自己的对立面?这是一种智慧。在整个互联网圈散发着负能量的今天,周鸿祎当年主导的360回A股上市和最近滴滴官宣将从纽交所退市,像是两个相反的寓言。说起来,周鸿祎肯定是不愿意“在危机中倒下的那种老板”。2003年,红衣大炮除了跟李彦宏在法庭外面打了一架之外,其实还赶上了非典。周鸿祎说当时“非典”袭来,已经没有人敢坐飞机了。但他率先想到的却是没有人敢坐飞机,那就是意味着现在没人做生意了:“这正是我去全国各地推销产品、抢占市场的大好机会。”于是老周戴上防毒面具,频繁地坐飞机到全国各地去见代理商。当年国航飞机每次落地,都会响起一首熟悉的乐曲。周鸿祎说后来每次听见这首曲子,都会想起当年的情形。我一直在想,假如周鸿祎年轻时赶上了现在被封控在哪个城市,坐不了飞机也出不来,会想出些什么点子呢?红衣大炮这么能折腾的人,应该不愿意整天躺在一米八的小床上自怨自艾吧。","news_type":1,"symbols_score_info":{"601360":0.9,"QFIN":0.9}},"isVote":1,"tweetType":1,"viewCount":5242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9062534713,"gmtCreate":1652077007632,"gmtModify":1676535025452,"author":{"id":"3586317757274365","authorId":"3586317757274365","name":"erinwong","avatar":"https://static.tigerbbs.com/81d91362bde32a7f8e54e43970de4e7b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3586317757274365","idStr":"3586317757274365"},"themes":[],"title":"","htmlText":"Goods 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