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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
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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
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2022-09-19
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Hong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba's drop 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's drop over 2%
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erinwong
erinwong
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2022-08-28
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CICC: China and the United States signed an audit supervision cooperation agreement, how to interpret the follow-up impact
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 United States signed an audit supervision cooperation agreement, how to interpret the follow-up impact
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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
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2022-05-29
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Li Yanhong wants to turn crisis into opportunity, but Baidu still lacks a product sharp knife
百度想再次成为一家伟大的企业。
Li Yanhong wants to turn crisis into opportunity, but Baidu still lacks a product sharp knife
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erinwong
erinwong
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2022-05-29
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erinwong
erinwong
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2022-05-29
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Twenty years ago, Zhou Hongyi's punch was not only swung 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 swung 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":"us","language":"zh","title":"Hong Kong stocks open | Hang Seng Index open low 0.35%, Alibaba's drop 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>On September 19th, Hong Kong stocks continued last week's decline, and the three major indexes were open low again. The Hang Seng Index fell by 0.35%, the H-Share Index fell by 0.48%, and the Hang Seng Technology Index fell by 0.79%.</p><p>On the disk, big tech stocks continue 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\">Jingdong</a>Fell more than 1%, Meituan,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/09888\">Baidu</a>and Aauto Quicker all fell; Auto stocks kept falling, with new energy stocks leading the decline,<a href=\"https://laohu8.com/S/09866\">Nio</a>fell by more than 5%,<a href=\"https://laohu8.com/S/02015\">Li Auto</a>It fell nearly 4%. Sporting goods stocks, insurance stocks, gas stocks, power stocks, dairy stocks were generally lower. Luxury stocks, on the other hand<a href=\"https://laohu8.com/S/01929\">Chow Tai Fook</a>Opened 4.4%, biomedical stocks, building materials and cement stocks partially rose,<a href=\"https://laohu8.com/S/600585\">Conch Cement</a>、<a href=\"https://laohu8.com/S/03323\">China Building Materials</a>Both open 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's drop 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's drop 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>On September 19th, Hong Kong stocks continued last week's decline, and the three major indexes were open low again. The Hang Seng Index fell by 0.35%, the H-Share Index fell by 0.48%, and the Hang Seng Technology Index fell by 0.79%.</p><p>On the disk, big tech stocks continue 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\">Jingdong</a>Fell more than 1%, Meituan,<a href=\"https://laohu8.com/S/00700\">Tencent</a>、<a href=\"https://laohu8.com/S/09888\">Baidu</a>and Aauto Quicker all fell; Auto stocks kept falling, with new energy stocks leading the decline,<a href=\"https://laohu8.com/S/09866\">Nio</a>fell by more than 5%,<a href=\"https://laohu8.com/S/02015\">Li Auto</a>It fell nearly 4%. Sporting goods stocks, insurance stocks, gas stocks, power stocks, dairy stocks were generally lower. Luxury stocks, on the other hand<a href=\"https://laohu8.com/S/01929\">Chow Tai Fook</a>Opened 4.4%, biomedical stocks, building materials and cement stocks partially rose,<a href=\"https://laohu8.com/S/600585\">Conch Cement</a>、<a href=\"https://laohu8.com/S/03323\">China Building Materials</a>Both open 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":{"QNETCN":"纳斯达克中美互联网老虎指数","BK4527":"明星科技股","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","BK4535":"淡马锡持仓","BK4538":"云计算","BK4504":"桥水持仓","BK4505":"高瓴资本持仓","BABA":"阿里巴巴","BK4548":"巴美列捷福持仓","BK4565":"NFT概念","BK4581":"高盛持仓","09988":"阿里巴巴-W","HSI":"恒生指数","BK4524":"宅经济概念","BK4554":"元宇宙及AR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":{"HSI":0.9,"MCHmain":0.9,"BABA":0.9,"QNETCN":0.9,"HSImain":0.9,"MHImain":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":3133,"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":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"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 United States signed an audit supervision cooperation agreement, how to interpret the follow-up impact","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>Author: Liu Gang, Kou Yue, Zhang Weihan, etc.</p><p>On the evening of August 26th, Beijing time, the website of China Securities Regulatory Commission announced that China Securities Regulatory Commission, Ministry of Finance and US regulatory agencies signed an audit cooperation agreement [1]. According to the announcement, the cooperation agreement is based on the laws and regulations of the two countries, respects international common practices, and makes a clear agreement on the cooperation between the two parties in regulatory inspection and investigation activities of relevant accounting firms in accordance with the principle of reciprocity and mutual benefit, forming a cooperation framework that meets the laws and regulations and regulatory requirements of both parties. Accordingly, 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>On the whole, we believe that the signing of the audit supervision cooperation agreement between China and the United States is the first breakthrough since the SEC included Chinese stock companies listed in the United States in the \"delisting risk list\" in early March this year according to the rules of the Foreign Company Accountability Act, which caused a series of fluctuations.<b>Is the first step to solve the long-standing regulatory risks plaguing China concept stocks</b>To lay the foundation for further cooperation in supervision between China and the United States. Looking ahead, how to make specific progress by the follow-up regulatory agencies of the two countries will be the key point. In this process, we still need to pay attention to the consistency of the requirements of China and the United States.<b>If substantial progress is made, it may help to alleviate the tail risk and short-term market pressure of most companies' delisting.</b>The medium-term trend of subsequent Chinese stocks and Hong Kong stock markets will still depend more on the repair of fundamentals.</p><p>Based on the latest regulatory trends, we further analyze the possible impact of the signing of this agreement, the future evolution path and the prospects of the Chinese concept stock market.</p><p><b>The Ins and Outs of China Stock Issue: Long-standing, Widespread Influence and Continuous Negotiation</b></p><p>The problem of Chinese stocks has a long history. This round of Chinese stock turmoil 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 introduced the implementation rules of the Act, and in March this year, it began to officially add companies that do not meet its requirements to the so-called \"preliminary identification list\" gradually, entering the actual implementation stage. Up to now, a total of more than 150 Chinese stock companies have been listed [4].</p><p>A core element of the bill is to require accounting firms of foreign companies to submit audit 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 to 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 that suppress the performance of Chinese stocks and Hong Kong listed technology stocks.</p><p>However, in response to this external uncertainty, negotiations between China and the United States have also been ongoing. For example, after the SEC included the first batch of Chinese concept stocks in the \"preliminary identification list\" on March 10th, the China Securities Regulatory Commission issued an announcement in the early morning of March 11th, stating that it was \"willing to solve related problems through regulatory cooperation\" [5]. On March 16, Liu He, Vice Premier of the State Council, chaired the meeting of the Financial Committee, and said that the regulatory agencies of China and the United States had maintained good communication [6], made positive progress, and were working to form specific cooperation plans. China continued to support various enterprises to list overseas. Not only that, but China is also pushing ahead with the amendment 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 CSRC successively solicited opinions on the drafting of the Regulations of the State Council on the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment) and the revision of the Regulations on Strengthening the Management of Confidentiality and Archives Related to Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment), increasing the coverage of domestic enterprises listed in Hong Kong, China and the United States, and providing institutional guarantee for cross-border regulatory cooperation, which also left some room for cooperation between China and the United States. Therefore, it can be seen that Sino-US regulatory cooperation is also the general direction.</p><p>Chart: Market Performance and Major Events of Overseas Chinese Stocks 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>Source: Bloomberg, China Securities Regulatory Commission, U.S. Securities Regulatory Commission, HKEx, CICC Research</p><p>Chart: Since 2020, the uncertainty of external regulatory environment faced by Chinese concept stocks has continued to increase</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 Regulatory Commission, HKEx, CICC Research Department</p><p><b>The main contents of the Sino-US Audit Supervision Cooperation Agreement: Determining the operating process and methods, providing procedures for handling sensitive information</b></p><p>This cooperation agreement mainly makes specific arrangements for the audit draft and regulatory cooperation issues that plague whether Chinese stocks can continue to be listed in the United States. Referring to the announcement of the CSRC:</p><p>1) Main content: the two parties have made specific arrangements for the daily inspection and law enforcement investigation of relevant accounting firms, and agreed on important matters such as the purpose, scope, form of cooperation, information use and specific data protection of cooperation;</p><p>2) Scope of cooperation: including assisting the other party in carrying out inspection and investigation of relevant firms. Among them, the scope of assistance provided by the Chinese side also involves some Hong Kong firms that provide audit services for Chinese concept stocks and whose audit papers are deposited in the Mainland;</p><p>3) Cooperation mode: The two sides will communicate and coordinate the inspection and investigation activity plan in advance. The United States must obtain audit papers and other documents through the Chinese regulatory authorities, and conduct interviews and inquiries with relevant personnel of accounting firms with the participation and assistance of the Chinese side.</p><p>In addition, the cooperation agreement also points out the following issues that the market is more concerned about or may be confused about the content of audit papers, regulatory forms and sensitive information:</p><p>1) Content of the draft: The main function of the audit working draft is to record whether the auditor has dutifully verified the accuracy of financial information such as enterprise income and expenditure in accordance with the audit standards, so it generally does not include sensitive information such as state secrets, personal privacy or underlying data of the enterprise.</p><p>2) Supervision object: the direct object of audit supervision is the accounting firm, not the listed company audited by it;</p><p>3) Form of supervision: the regulatory agency of the listing place selects some accounting firms for inspection every year, and it is not necessary to inspect all audit projects of listed companies in the United States every year;</p><p>4) Sensitive information processing: A clear agreement has been made on the processing and use of sensitive information, and special processing procedures have been set up for specific data such as personal information, which provides a feasible path for both parties to perform their statutory supervision duties while protecting the security of relevant information.</p><p>It is not difficult to see that this cooperation agreement has made relevant arrangements in all aspects and links involving audit supervision operation. 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 follow-up specific progress will be smooth, this cooperation agreement at least provides the operational basis and takes the first step for the follow-up regulatory cooperation between the two parties.</p><p><b>Significance of Sino-US Cooperation Agreement: Taking the First Step in Regulatory Cooperation; Or alleviate market pressure and the risk of delisting of most companies, and maintain smooth cross-border financing channels</b></p><p>Combined with the current market environment and the specific contents of the agreement, we believe that this cooperation agreement is of great significance to solve the long-standing regulatory risks plaguing Chinese stocks, and lay the foundation for further regulatory cooperation in the future. If substantial progress is finally made, it will help alleviate the market pressure and the tail risk of delisting of some companies, and help protect the rights and interests of investors; In the medium and long term, it will help to maintain the smooth cross-border financing channels of Chinese enterprises and promote overseas financing of innovative enterprises. In fact, cross-border supervision cooperation is also in line with international practice. PCAOB in the United States has signed similar audit supervision cooperation agreements with France, Belgium, Germany and other countries. Specifically,</p><p>► First of all, the signing of the cooperation agreement provides the possibility for further cooperation and finally solving the supervision problems of Chinese stocks, especially the special handling methods involving sensitive information.</p><p>► Secondly, it may alleviate the short-term market pressure and the tail risk of some companies delisting. As analyzed in \"Tracking China Concept Stocks: Future Outlet and Possible Evolution\", although the final deadline required by the Foreign Company Accountability Law is the financial reporting season of 2024 (concentrated from March to May), considering the many processes involved in the actual implementation process, the actual time may be much earlier, for example, it is advanced to around November 2023, so there is not enough time. The signing of this cooperation agreement, if substantial progress is finally made, can at least alleviate the market worries and the tail risk of a considerable number of companies delisting to a large extent.</p><p>► Thirdly, keeping Chinese stocks listed in the United States through regulatory cooperation is of positive significance to protect the interests of investors and maintain cross-border financing channels for Chinese enterprises, especially overseas financing for innovative enterprises. In fact, the US stock market has always been an important financing channel for Chinese-funded enterprises, especially innovative enterprises. Since 2010, a total of 345 Chinese stocks have been listed in the United States, with an initial fund-raising amount of 76.4 billion US dollars. Even this year, there are still 13 Chinese stocks listed in the United States.</p><p><b>Follow-up progress: We still need to pay attention to the consistency of the requirements of the United States and China; The extent and extent to which the manuscript is available is key</b></p><p>On the basis of signing this cooperation agreement, how to promote audit cooperation by the regulatory agencies of the two countries will be the focus. In this process, we still need to pay attention to the consistency of the requirements of China and the United States. For example, whether the criteria for determining the methods and scope of review by the United States are consistent with the methods acceptable to China.</p><p>In fact, in its latest statement, PCAOB said that the signing of a cooperation agreement between China and the United States is important, but it is only the first step in regulatory cooperation. In the specific implementation process, the U.S. side needs to decide on its own the company and content it wants to review. Previously, both PCAOB and SEC officials in the United States also said that they needed full draft authority and did not accept partially abridged versions [7]. Therefore, the final extent and scope to which the audit papers can be provided will still be the key to the subsequent regulatory cooperation between the two parties.</p><p>Chart: Statements of cooperation agreement between China Securities Regulatory Commission and PCAOB of the United States</p><p><img src=\"https://static.tigerbbs.com/4bf00c6b75b35665fcc057442bff99cd\" tg-width=\"1080\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: CSRC, U.S. Securities and Exchange Commission, PCAOB, CICC Research</p><p><b>The future choice of Chinese stocks: state-owned enterprises will be delisted, and most Chinese private stocks will have room for choice; Return to Hong Kong stocks is still the general trend</b></p><p>In addition to state-owned enterprises and individual enterprises that may not be able to meet the requirements in the end, the promotion of Sino-US regulatory cooperation will play a positive role in alleviating the delisting risk of most Chinese stocks. Therefore, the main outlets for Chinese stocks in the future are as follows:</p><p>1) Delisting of state-owned enterprises is the benchmark situation: according to the requirements of the Foreign Company Accountability Law, foreign companies need to disclose their relationship with foreign governments and prove that they are not owned or controlled by the government, so state-owned enterprises will basically choose to delist. In fact, five state-owned enterprises, including Sinopec and PetroChina, announced the launch of delisting in the United States on August 12th. It is precisely for this consideration that it is basically in line with expectations (\"Tracking of China Stock Concept: The Meaning and Impact of Delisting of State-owned Enterprises 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 enterprises can open access to audit papers to PCAOB on the premise of complying with the new confidentiality regulations, so they can maintain their listing in the United States. However, it is not ruled out that some enterprises will not be able to meet some regulatory requirements due to sensitive information involved, and then choose to retire. The follow-up regulatory progress and details deserve attention.</p><p>However, whether it is finally delisted in the United States or not, choosing to go public in Hong Kong will be the main choice for Chinese stocks to hedge external risks. At present, 26 companies have returned to Hong Kong stocks through secondary listings or dual primary listings (17 of them are secondary listings and 9 are primary listings). Looking ahead, we expect more eligible Chinese stock companies to return to Hong Kong stocks under the circumstances that the external environment is still facing large variables.</p><p><b>In terms of regression mode, adopting or converting to major listing will become the mainstream.</b>Compared with the secondary listing, which is the \"projection\" of overseas listed entities, choosing the dual main listing method to return to Hong Kong can make the listing status in Hong Kong unaffected by the overseas listing status, and at the same time, it can be included in the scope of Hong Kong Stock Connect (\"China Stock Tracking: What does it mean to convert into a main listing?\"). In fact, we have noticed that more and more companies (XPeng Automobile and Shell) have chosen to return to Hong Kong stocks with dual primary listings, and companies such as Zai Lab, Bilibili and Alibaba's have also applied for or completed the conversion of secondary listings to primary listing status. We estimate that if the above-mentioned companies turn into major listings and are included in Shanghai-Hong Kong Stock Connect, they are expected to bring in a capital inflow of HK$45 billion.</p><p>For Hong Kong stocks, the return and delisting of Chinese stocks may have liquidity disturbance to Hong Kong stocks in the short term, but it will help to optimize the structure of Hong Kong stocks and strengthen their attractiveness in the long term. We expect that the return of a large number of Chinese stocks and the transfer of shares to Hong Kong stocks will indeed have a certain impact on the liquidity of Hong Kong's equity capital, which is not very abundant. At present, the average proportion of major Chinese stocks that have returned in Hong Kong has reached about 20% (such as Alibaba's 20%). We estimate that the new financing and share conversion transactions of 27 potential returning companies may bring liquidity absorption of HK$27.7 billion per year (equivalent to 9.1% of the IPO fund raised on the main board of Hong Kong stocks in 2021). Of course, adopting an introductory listing method (without new financing, such as Nio and Shell) can alleviate the above pressure. In the medium and long term, we believe that the return of more Chinese stock companies will help to further optimize the structure of the Hong Kong stock market, attract capital precipitation, and then form positive feedback of high-quality companies and funds, further consolidating the position of the Hong Kong stock market as a regional financial center and China's \"new economic bridgehead\".</p><p>Chart: Number of Chinese stocks listed in the United States and amount of fundraising</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</p><p>Chart: Size of U.S. China Stock Market</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</p><p>Chart: Since the reform of the listing system in 2018, 26 U.S. Chinese conceptual stocks have returned to Hong Kong stocks through secondary listing and dual primary listing</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</p><p>Note: Data as of August 25, 2022; Valuation based on Bloomberg consensus estimates</p><p>Chart: The proportion of Chinese stocks listed in Hong Kong in Hong Kong is on the rise, but the main transactions are 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</p><p>Chart: At present, the average proportion of major Chinese stock companies that have returned to Hong Kong is about 20%, of which Alibaba is 20% and JD.COM is 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</p><p>Chart: New financing and share conversion transactions of 27 potential returning companies may bring HK$27.7 billion in annual liquidity absorption</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</p><p>Chart: Even if 27 Chinese concept stocks are concentrated in listing in Hong Kong in 2022 and 2023, the scale of new financing is still within the historically reasonable 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</p><p>Chart: Calculation of potential passive funds that may be brought by secondary listed companies if they are included in the qualifying targets of Hong Kong stocks</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</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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According to the announcement, the cooperation agreement is based on the laws and regulations of the two countries, respects international common practices, and makes a clear agreement on the cooperation between the two parties in regulatory inspection and investigation activities of relevant accounting firms in accordance with the principle of reciprocity and mutual benefit, forming a cooperation framework that meets the laws and regulations and regulatory requirements of both parties. Accordingly, 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>On the whole, we believe that the signing of the audit supervision cooperation agreement between China and the United States is the first breakthrough since the SEC included Chinese stock companies listed in the United States in the \"delisting risk list\" in early March this year according to the rules of the Foreign Company Accountability Act, which caused a series of fluctuations.<b>Is the first step to solve the long-standing regulatory risks plaguing China concept stocks</b>To lay the foundation for further cooperation in supervision between China and the United States. Looking ahead, how to make specific progress by the follow-up regulatory agencies of the two countries will be the key point. In this process, we still need to pay attention to the consistency of the requirements of China and the United States.<b>If substantial progress is made, it may help to alleviate the tail risk and short-term market pressure of most companies' delisting.</b>The medium-term trend of subsequent Chinese stocks and Hong Kong stock markets will still depend more on the repair of fundamentals.</p><p>Based on the latest regulatory trends, we further analyze the possible impact of the signing of this agreement, the future evolution path and the prospects of the Chinese concept stock market.</p><p><b>The Ins and Outs of China Stock Issue: Long-standing, Widespread Influence and Continuous Negotiation</b></p><p>The problem of Chinese stocks has a long history. This round of Chinese stock turmoil 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 introduced the implementation rules of the Act, and in March this year, it began to officially add companies that do not meet its requirements to the so-called \"preliminary identification list\" gradually, entering the actual implementation stage. Up to now, a total of more than 150 Chinese stock companies have been listed [4].</p><p>A core element of the bill is to require accounting firms of foreign companies to submit audit 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 to 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 that suppress the performance of Chinese stocks and Hong Kong listed technology stocks.</p><p>However, in response to this external uncertainty, negotiations between China and the United States have also been ongoing. For example, after the SEC included the first batch of Chinese concept stocks in the \"preliminary identification list\" on March 10th, the China Securities Regulatory Commission issued an announcement in the early morning of March 11th, stating that it was \"willing to solve related problems through regulatory cooperation\" [5]. On March 16, Liu He, Vice Premier of the State Council, chaired the meeting of the Financial Committee, and said that the regulatory agencies of China and the United States had maintained good communication [6], made positive progress, and were working to form specific cooperation plans. China continued to support various enterprises to list overseas. Not only that, but China is also pushing ahead with the amendment 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 CSRC successively solicited opinions on the drafting of the Regulations of the State Council on the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment) and the revision of the Regulations on Strengthening the Management of Confidentiality and Archives Related to Overseas Issuance and Listing of Securities by Domestic Enterprises (Draft for Comment), increasing the coverage of domestic enterprises listed in Hong Kong, China and the United States, and providing institutional guarantee for cross-border regulatory cooperation, which also left some room for cooperation between China and the United States. Therefore, it can be seen that Sino-US regulatory cooperation is also the general direction.</p><p>Chart: Market Performance and Major Events of Overseas Chinese Stocks 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>Source: Bloomberg, China Securities Regulatory Commission, U.S. Securities Regulatory Commission, HKEx, CICC Research</p><p>Chart: Since 2020, the uncertainty of external regulatory environment faced by Chinese concept stocks has continued to increase</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 Regulatory Commission, HKEx, CICC Research Department</p><p><b>The main contents of the Sino-US Audit Supervision Cooperation Agreement: Determining the operating process and methods, providing procedures for handling sensitive information</b></p><p>This cooperation agreement mainly makes specific arrangements for the audit draft and regulatory cooperation issues that plague whether Chinese stocks can continue to be listed in the United States. Referring to the announcement of the CSRC:</p><p>1) Main content: the two parties have made specific arrangements for the daily inspection and law enforcement investigation of relevant accounting firms, and agreed on important matters such as the purpose, scope, form of cooperation, information use and specific data protection of cooperation;</p><p>2) Scope of cooperation: including assisting the other party in carrying out inspection and investigation of relevant firms. Among them, the scope of assistance provided by the Chinese side also involves some Hong Kong firms that provide audit services for Chinese concept stocks and whose audit papers are deposited in the Mainland;</p><p>3) Cooperation mode: The two sides will communicate and coordinate the inspection and investigation activity plan in advance. The United States must obtain audit papers and other documents through the Chinese regulatory authorities, and conduct interviews and inquiries with relevant personnel of accounting firms with the participation and assistance of the Chinese side.</p><p>In addition, the cooperation agreement also points out the following issues that the market is more concerned about or may be confused about the content of audit papers, regulatory forms and sensitive information:</p><p>1) Content of the draft: The main function of the audit working draft is to record whether the auditor has dutifully verified the accuracy of financial information such as enterprise income and expenditure in accordance with the audit standards, so it generally does not include sensitive information such as state secrets, personal privacy or underlying data of the enterprise.</p><p>2) Supervision object: the direct object of audit supervision is the accounting firm, not the listed company audited by it;</p><p>3) Form of supervision: the regulatory agency of the listing place selects some accounting firms for inspection every year, and it is not necessary to inspect all audit projects of listed companies in the United States every year;</p><p>4) Sensitive information processing: A clear agreement has been made on the processing and use of sensitive information, and special processing procedures have been set up for specific data such as personal information, which provides a feasible path for both parties to perform their statutory supervision duties while protecting the security of relevant information.</p><p>It is not difficult to see that this cooperation agreement has made relevant arrangements in all aspects and links involving audit supervision operation. 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 follow-up specific progress will be smooth, this cooperation agreement at least provides the operational basis and takes the first step for the follow-up regulatory cooperation between the two parties.</p><p><b>Significance of Sino-US Cooperation Agreement: Taking the First Step in Regulatory Cooperation; Or alleviate market pressure and the risk of delisting of most companies, and maintain smooth cross-border financing channels</b></p><p>Combined with the current market environment and the specific contents of the agreement, we believe that this cooperation agreement is of great significance to solve the long-standing regulatory risks plaguing Chinese stocks, and lay the foundation for further regulatory cooperation in the future. If substantial progress is finally made, it will help alleviate the market pressure and the tail risk of delisting of some companies, and help protect the rights and interests of investors; In the medium and long term, it will help to maintain the smooth cross-border financing channels of Chinese enterprises and promote overseas financing of innovative enterprises. In fact, cross-border supervision cooperation is also in line with international practice. PCAOB in the United States has signed similar audit supervision cooperation agreements with France, Belgium, Germany and other countries. Specifically,</p><p>► First of all, the signing of the cooperation agreement provides the possibility for further cooperation and finally solving the supervision problems of Chinese stocks, especially the special handling methods involving sensitive information.</p><p>► Secondly, it may alleviate the short-term market pressure and the tail risk of some companies delisting. As analyzed in \"Tracking China Concept Stocks: Future Outlet and Possible Evolution\", although the final deadline required by the Foreign Company Accountability Law is the financial reporting season of 2024 (concentrated from March to May), considering the many processes involved in the actual implementation process, the actual time may be much earlier, for example, it is advanced to around November 2023, so there is not enough time. The signing of this cooperation agreement, if substantial progress is finally made, can at least alleviate the market worries and the tail risk of a considerable number of companies delisting to a large extent.</p><p>► Thirdly, keeping Chinese stocks listed in the United States through regulatory cooperation is of positive significance to protect the interests of investors and maintain cross-border financing channels for Chinese enterprises, especially overseas financing for innovative enterprises. In fact, the US stock market has always been an important financing channel for Chinese-funded enterprises, especially innovative enterprises. Since 2010, a total of 345 Chinese stocks have been listed in the United States, with an initial fund-raising amount of 76.4 billion US dollars. Even this year, there are still 13 Chinese stocks listed in the United States.</p><p><b>Follow-up progress: We still need to pay attention to the consistency of the requirements of the United States and China; The extent and extent to which the manuscript is available is key</b></p><p>On the basis of signing this cooperation agreement, how to promote audit cooperation by the regulatory agencies of the two countries will be the focus. In this process, we still need to pay attention to the consistency of the requirements of China and the United States. For example, whether the criteria for determining the methods and scope of review by the United States are consistent with the methods acceptable to China.</p><p>In fact, in its latest statement, PCAOB said that the signing of a cooperation agreement between China and the United States is important, but it is only the first step in regulatory cooperation. In the specific implementation process, the U.S. side needs to decide on its own the company and content it wants to review. Previously, both PCAOB and SEC officials in the United States also said that they needed full draft authority and did not accept partially abridged versions [7]. Therefore, the final extent and scope to which the audit papers can be provided will still be the key to the subsequent regulatory cooperation between the two parties.</p><p>Chart: Statements of cooperation agreement between China Securities Regulatory Commission and PCAOB of the United States</p><p><img src=\"https://static.tigerbbs.com/4bf00c6b75b35665fcc057442bff99cd\" tg-width=\"1080\" tg-height=\"404\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Source: CSRC, U.S. Securities and Exchange Commission, PCAOB, CICC Research</p><p><b>The future choice of Chinese stocks: state-owned enterprises will be delisted, and most Chinese private stocks will have room for choice; Return to Hong Kong stocks is still the general trend</b></p><p>In addition to state-owned enterprises and individual enterprises that may not be able to meet the requirements in the end, the promotion of Sino-US regulatory cooperation will play a positive role in alleviating the delisting risk of most Chinese stocks. Therefore, the main outlets for Chinese stocks in the future are as follows:</p><p>1) Delisting of state-owned enterprises is the benchmark situation: according to the requirements of the Foreign Company Accountability Law, foreign companies need to disclose their relationship with foreign governments and prove that they are not owned or controlled by the government, so state-owned enterprises will basically choose to delist. In fact, five state-owned enterprises, including Sinopec and PetroChina, announced the launch of delisting in the United States on August 12th. It is precisely for this consideration that it is basically in line with expectations (\"Tracking of China Stock Concept: The Meaning and Impact of Delisting of State-owned Enterprises 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 enterprises can open access to audit papers to PCAOB on the premise of complying with the new confidentiality regulations, so they can maintain their listing in the United States. However, it is not ruled out that some enterprises will not be able to meet some regulatory requirements due to sensitive information involved, and then choose to retire. The follow-up regulatory progress and details deserve attention.</p><p>However, whether it is finally delisted in the United States or not, choosing to go public in Hong Kong will be the main choice for Chinese stocks to hedge external risks. At present, 26 companies have returned to Hong Kong stocks through secondary listings or dual primary listings (17 of them are secondary listings and 9 are primary listings). Looking ahead, we expect more eligible Chinese stock companies to return to Hong Kong stocks under the circumstances that the external environment is still facing large variables.</p><p><b>In terms of regression mode, adopting or converting to major listing will become the mainstream.</b>Compared with the secondary listing, which is the \"projection\" of overseas listed entities, choosing the dual main listing method to return to Hong Kong can make the listing status in Hong Kong unaffected by the overseas listing status, and at the same time, it can be included in the scope of Hong Kong Stock Connect (\"China Stock Tracking: What does it mean to convert into a main listing?\"). In fact, we have noticed that more and more companies (XPeng Automobile and Shell) have chosen to return to Hong Kong stocks with dual primary listings, and companies such as Zai Lab, Bilibili and Alibaba's have also applied for or completed the conversion of secondary listings to primary listing status. We estimate that if the above-mentioned companies turn into major listings and are included in Shanghai-Hong Kong Stock Connect, they are expected to bring in a capital inflow of HK$45 billion.</p><p>For Hong Kong stocks, the return and delisting of Chinese stocks may have liquidity disturbance to Hong Kong stocks in the short term, but it will help to optimize the structure of Hong Kong stocks and strengthen their attractiveness in the long term. We expect that the return of a large number of Chinese stocks and the transfer of shares to Hong Kong stocks will indeed have a certain impact on the liquidity of Hong Kong's equity capital, which is not very abundant. At present, the average proportion of major Chinese stocks that have returned in Hong Kong has reached about 20% (such as Alibaba's 20%). We estimate that the new financing and share conversion transactions of 27 potential returning companies may bring liquidity absorption of HK$27.7 billion per year (equivalent to 9.1% of the IPO fund raised on the main board of Hong Kong stocks in 2021). Of course, adopting an introductory listing method (without new financing, such as Nio and Shell) can alleviate the above pressure. In the medium and long term, we believe that the return of more Chinese stock companies will help to further optimize the structure of the Hong Kong stock market, attract capital precipitation, and then form positive feedback of high-quality companies and funds, further consolidating the position of the Hong Kong stock market as a regional financial center and China's \"new economic bridgehead\".</p><p>Chart: Number of Chinese stocks listed in the United States and amount of fundraising</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</p><p>Chart: Size of U.S. China Stock Market</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</p><p>Chart: Since the reform of the listing system in 2018, 26 U.S. Chinese conceptual stocks have returned to Hong Kong stocks through secondary listing and dual primary listing</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</p><p>Note: Data as of August 25, 2022; Valuation based on Bloomberg consensus estimates</p><p>Chart: The proportion of Chinese stocks listed in Hong Kong in Hong Kong is on the rise, but the main transactions are 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</p><p>Chart: At present, the average proportion of major Chinese stock companies that have returned to Hong Kong is about 20%, of which Alibaba is 20% and JD.COM is 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</p><p>Chart: New financing and share conversion transactions of 27 potential returning companies may bring HK$27.7 billion in annual liquidity absorption</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</p><p>Chart: Even if 27 Chinese concept stocks are concentrated in listing in Hong Kong in 2022 and 2023, the scale of new financing is still within the historically reasonable 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</p><p>Chart: Calculation of potential passive funds that may be brought by secondary listed companies if they are included in the qualifying targets of Hong Kong stocks</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</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":{"CQQQ":0.9,"KWEB":0.9}},"isVote":1,"tweetType":1,"viewCount":3535,"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":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"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":3444,"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":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"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":"us","language":"zh","title":"Li Yanhong wants to turn crisis into opportunity, but Baidu still lacks a product sharp 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: Angel Lee</p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>His days are not easy. According to Baidu's just-released financial report for the first quarter of 2022, it had a net loss of 885 million yuan (including a long-term investment loss of 3 billion yuan), compared with a net profit of 25.653 billion yuan in the same period last year.</p><p>Amid the pandemic siege, how will a company deploy its stretched resources?</p><p>Cutting back is the most common and expected means. Baidu has reduced its sales and administrative expenses by 11%-in line with the \"contraction\" impression it has left over the past period of layoffs.</p><p>But surprisingly, Baidu's R&D investment not only did not shrink 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 many public statements of Baidu founder Robin Li. The founder of this technical background once said: When there is 1 yuan, it will be invested in technology; There are 100 million, which will be invested in technology; There are 10 billion, and it will still be invested in technology.</p><p>\"Crisis and opportunity have always been two sides of the same body. If there are difficulties in the market, innovative solutions to the difficulties must be needed at the same time. In business history, many great companies, epoch-making innovative products, services and business models have emerged in difficult economic times,\" Li said in an internal letter.</p><p>After already falling behind<a href=\"https://laohu8.com/S/00700\">Tencent</a>Today, Ali is in a position, and it is not too much to say that Baidu is an underdog. But the big company, which missed the mobile era and failed to recover after its reputation was damaged, is trying to stabilize the advertising fundamentals while raising its bets to open up new markets.</p><p>As Baidu's basic and cash cow online marketing business, it only dropped by 4% year-on-year this quarter, which is not easy-Tencent's advertising business revenue dropped by 16% year-on-year in the same period this year. While Baidu non-online marketing (including Baidu<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Cloud and other AI businesses) revenue increased by 35% year-on-year. Although its cloud business base is small and its market ranking is lower than Alibaba, Tencent and Huawei, it is also eye-catching-Tencent's business segment grew by 10% year-on-year.</p><p>On the night of the release of the financial report, Chinese stocks rose generally (Tencent ADR rose 3.4%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up 9.5%), and Baidu closed up more than 14% on May 26th. The market seems to be voting yes to Baidu.</p><p>One of the new businesses Baidu is trying to raise is the cloud business. Recently, Shen Dou, executive vice president of Baidu Group, has been adjusted from the head of mobile ecological business to the head of intelligent cloud business. Within Baidu, intelligent cloud is regarded as the second growth curve, and Baidu obviously hopes to drive cloud business performance with a big future.</p><p>Another business Baidu is trying to raise is the automotive sector, including businesses such as autonomous taxis (Robotaxi) -which requires a lot of research and development expenses but is difficult to produce results in the short term. The most likely to be effective in the short term is Jidu Automobile, which builds cars directly and is a joint venture with Geely. This business was mentioned many times by Robin Li in the financial report meeting. \"We are excited about Jidu and want to integrate our AI capabilities into Jidu.\" Robin Li called it \"a four-wheeled machine<a href=\"https://laohu8.com/S/300024\">Robot</a>。”</p><p>This shift of Baidu's center of gravity is reflected in various actions,<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>Recently, it was reported exclusively that Baidu just included Baidu Map in the automobile business sector.</p><p>Even in difficult times, the determination to increase R&D and try to open up new fields is certainly worth looking forward to, but Baidu has put forward \"All-in AI\" and it is difficult to see operating income for a long time. This risk should not be forgotten.<b>How to make landing products that can \"explode\" in the technical investment that is difficult to see for a long time? This is the most real and urgent challenge when Baidu talks about technological dreams.</b></p><p>Three big adjustments of advertising basic disk</p><p>Previously, at the fourth quarter financial report meeting of 2021, Baidu had said that if the epidemic stopped worsening after the first quarter of 2022, the advertising business would usher in the lowest point. However, in this financial report meeting, Baidu has given up its prediction of the turning point of advertising business. \"The second quarter may have improved, but there is still a lot of uncertainty,\" Li said.</p><p>This is rather \"lying flat\". However, according to 36Kr, Baidu has adjusted and reformed the content system, sales system and organizational structure of advertising business.</p><p>The most recent reform on the content side was in April 2021. At that time, Shen Dou, the head of Baidu's mobile ecological business, put forward the \"X + Y strategy\" of mobile ecology, that is, to upgrade to service and personalization in an all-round way. On top of the layout of traffic portals such as Baidu App, Baidu Netdisk and Baidu Map, he deeply cultivated vertical industries such as health, e-commerce and video, so that users could get a complete information search + service experience in Baidu's mobile ecology.</p><p>Take Baidu App as an example. At present, Baidu App is no longer a simple search tool, but more like a comprehensive platform that takes \"search\" as the fulcrum to incite local life services. Users can check express delivery, book hotels, book movie tickets, etc.</p><p>The changes on the content side have also brought certain results. According to the financial report data, in March 2022, Baidu App's MAU increased by 13% year-on-year to 632 million, and the proportion of daily logged-in users reached 83%.</p><p>In terms of sales system, in March this year, Baidu made a comprehensive adjustment to the sales system of mobile ecology: the previous sales model of KA (big customer) was adjusted to be distinguished by customer type, focusing on several major industries covering mass consumption, big health, content consumption, business services, etc.</p><p>Baidu hopes that in addition to advertising business, it can also realize diversified income such as membership, rewards, transactions and business orders through online disk, e-commerce, life services and other businesses. However, there is not much progress in the sales system reform.</p><p>After the changes on both sides of content and sales, Baidu directly made a major adjustment of high-level personnel: on May 5th, Shen Dou officially switched the track and became the head of intelligent cloud business. He had a more important task: shoulder the growth of intelligent cloud, the second growth curve business. The mobile ecological business is held by He Junjie, the new senior vice president of Baidu Group.</p><p>It can be seen that after the reform of the content sales system is completed, the long-term direction of Baidu's mobile ecology has stabilized. As for whether to make money next and how to stabilize the basic market, it is handed over to He Junjie. He has helped Baidu successfully operate a number of investment and acquisition projects-He Junjie, as a manager with a financial background, will make more control over the cost investment next, which is worth continuing to observe.</p><p>Looking back at the past, it will be found that Baidu's search business transformation always seems to be accompanied by haze: the second half of the PC era encountered the rapid expansion of mobile Internet, and after Baidu came back to God in mobile ecological business, the short video platform has invaded in all directions. In addition, in the face of the epidemic, its mobile ecological strategy has always lacked an opportunity to perform smoothly and show its strengths. In the years since Shen Dou became the No.1 position of the basic business, the potential of this business has been tapped for several years. It is hard to imagine any major growth in this business.</p><p>Baidu said: During the epidemic, Baidu is also testing the waters in many ways, launching new products such as asking. But obviously, it can't afford to splash at the moment.</p><p><b>To B difficulties requiring continuous irrigation</b></p><p>If Baidu has a \"seeking stability\" mentality for its advertising basics, it obviously has high hopes for the second growth curve.</p><p>It is undeniable that AI business has become a part that cannot be ignored in Baidu's financial report, especially Baidu's intelligent cloud business. In the first quarter, the growth rate of Baidu's intelligent cloud business was 3.9 billion, a year-on-year increase of 45%, which was slower than the growth rate of 60%-70% in the previous quarter.</p><p>\"Many customers are big enterprises or government agencies, and they are very willing to communicate face to face. If there is no way to meet, many things can't be promoted.\" Robin Li honestly spoke about the challenges brought by the epidemic to intelligent cloud business at the financial report meeting.</p><p>It is understood that Baidu Intelligent Cloud mainly lands in the fields of manufacturing, water affairs, energy, transportation, finance and government affairs. In the field of intelligent transportation, Baidu ACE intelligent transportation solution has been adopted by 41 cities, and the urban contract amount exceeds 10 million yuan.</p><p>In the field of industrial manufacturing, Li Shuo, vice president of Baidu, previously told 36Kr that Baidu's artificial intelligence technology can help power and water companies automatically monitor the energy consumption, automatically adjust specific workshops and production lines, and help enterprises improve production efficiency.</p><p>But Baidu Smart Cloud is still in a loss. Compared with the e-commerce retail field anchored by Ali and the entertainment game field anchored by Tencent, it is difficult for AI technology to empower traditional fields such as industry and energy to have a very general methodology. The transformation of intelligent manufacturing in these traditional fields has different levels and different demands, which requires a longer wait.</p><p>At present, Baidu is still in a state of multi-party running and setting benchmarking projects. Baidu Intelligent Cloud needs to draw the most experience from the project and copy it to the large-scale industry track faster, so that it is possible to get rid of the unprofitable status quo.</p><p><b>Automotive products face a big test</b></p><p>Compared with the To B problem that needs To be watered continuously, the automobile business is probably the public test that Baidu will face.</p><p>It is understood that ROBO-01, the first concept car of Baidu's car brand Jidu Automobile, will be unveiled in early June. Xia Yiping, CEO of Jidu Automobile, also announced the latest car manufacturing progress on Weibo: Jidu's first mass-produced car started body mold casting, officially moving from model design to the preparation stage of mass production and manufacturing of the whole vehicle.</p><p>At the financial report meeting, Li Yanhong said: Jidu Auto is expected to start accepting orders next year, targeting the passenger car market of 200,000 yuan, and Jidu will release a second model in the second half of this year. According to sources revealed to 36Kr, Robin Li's OKR even clearly wrote down the pre-order target to be achieved by Jidu Auto this year.</p><p>It can be expected that Baidu is making every effort to promote the landing of collection. According to 36Kr, Baidu has specially set up a Rongtong Innovation Department to support the work of Jidu, including dredging and<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>And the cooperation of chip suppliers.</p><p>For Baidu, there was a lingering shadow of \"Wei Zexi Incident\" in the history of To C communication, and there were only a few small smart speakers in C-end products. Although the brand building, technical products and sales channels of automobiles are all independently operated by Jidu Automobile, the haze is more or less accompanied.</p><p>Whether we can impress consumers, establish a new image and bring new benefits with product power is crucial to Jidu and Baidu. The former needs To survive in a group of new car-making forces, while Baidu needs To incite more OEMs with gathered products To strive for a larger automobile To B market.</p><p>At present, Baidu's intelligent driving scheme is not only providing it to Jidu, but also seeking more cooperation. With<a href=\"https://laohu8.com/S/002594\">BYD</a>Dongfeng Lantu and other car companies have reached cooperation with Baidu. It is understood that Baidu's intelligent driving scheme ASD and in-car infotainment system Xiaodu in-car OS have accumulated about 10 billion fixed-point and contracted projects, compared with 8 billion in the last quarter.</p><p>In terms of autonomous driving, Baidu's self-driving travel service platform Radish Kuaipao provided 196,000 rides in the first quarter. At present, Baidu's self-driving vehicles are providing unmanned manned services in Beijing and unmanned road tests in Chongqing. The investment is not small, but as a business limited by technology and urban traffic regulations, its commercialization is still in a tepid state.</p><p>Jidu car is the sharp knife that Baidu is most likely to stab out at present. However, at the moment when \"Wei Xiaoli\" is surrounded and Xiaomi Lei Jun is off to build a car, there are not many time windows and opportunities to make mistakes left for gathering.</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>Li Yanhong wants to turn crisis into opportunity, but Baidu still lacks a product sharp 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\">\nLi Yanhong wants to turn crisis into opportunity, but Baidu still lacks a product sharp 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: Angel Lee</p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>His days are not easy. According to Baidu's just-released financial report for the first quarter of 2022, it had a net loss of 885 million yuan (including a long-term investment loss of 3 billion yuan), compared with a net profit of 25.653 billion yuan in the same period last year.</p><p>Amid the pandemic siege, how will a company deploy its stretched resources?</p><p>Cutting back is the most common and expected means. Baidu has reduced its sales and administrative expenses by 11%-in line with the \"contraction\" impression it has left over the past period of layoffs.</p><p>But surprisingly, Baidu's R&D investment not only did not shrink 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 many public statements of Baidu founder Robin Li. The founder of this technical background once said: When there is 1 yuan, it will be invested in technology; There are 100 million, which will be invested in technology; There are 10 billion, and it will still be invested in technology.</p><p>\"Crisis and opportunity have always been two sides of the same body. If there are difficulties in the market, innovative solutions to the difficulties must be needed at the same time. In business history, many great companies, epoch-making innovative products, services and business models have emerged in difficult economic times,\" Li said in an internal letter.</p><p>After already falling behind<a href=\"https://laohu8.com/S/00700\">Tencent</a>Today, Ali is in a position, and it is not too much to say that Baidu is an underdog. But the big company, which missed the mobile era and failed to recover after its reputation was damaged, is trying to stabilize the advertising fundamentals while raising its bets to open up new markets.</p><p>As Baidu's basic and cash cow online marketing business, it only dropped by 4% year-on-year this quarter, which is not easy-Tencent's advertising business revenue dropped by 16% year-on-year in the same period this year. While Baidu non-online marketing (including Baidu<a href=\"https://laohu8.com/S/5RE.SI\">smart</a>Cloud and other AI businesses) revenue increased by 35% year-on-year. Although its cloud business base is small and its market ranking is lower than Alibaba, Tencent and Huawei, it is also eye-catching-Tencent's business segment grew by 10% year-on-year.</p><p>On the night of the release of the financial report, Chinese stocks rose generally (Tencent ADR rose 3.4%,<a href=\"https://laohu8.com/S/PDD\">Pinduoduo</a>Up 9.5%), and Baidu closed up more than 14% on May 26th. The market seems to be voting yes to Baidu.</p><p>One of the new businesses Baidu is trying to raise is the cloud business. Recently, Shen Dou, executive vice president of Baidu Group, has been adjusted from the head of mobile ecological business to the head of intelligent cloud business. Within Baidu, intelligent cloud is regarded as the second growth curve, and Baidu obviously hopes to drive cloud business performance with a big future.</p><p>Another business Baidu is trying to raise is the automotive sector, including businesses such as autonomous taxis (Robotaxi) -which requires a lot of research and development expenses but is difficult to produce results in the short term. The most likely to be effective in the short term is Jidu Automobile, which builds cars directly and is a joint venture with Geely. This business was mentioned many times by Robin Li in the financial report meeting. \"We are excited about Jidu and want to integrate our AI capabilities into Jidu.\" Robin Li called it \"a four-wheeled machine<a href=\"https://laohu8.com/S/300024\">Robot</a>。”</p><p>This shift of Baidu's center of gravity is reflected in various actions,<a href=\"https://laohu8.com/S/KRKR\">36 Krypton</a>Recently, it was reported exclusively that Baidu just included Baidu Map in the automobile business sector.</p><p>Even in difficult times, the determination to increase R&D and try to open up new fields is certainly worth looking forward to, but Baidu has put forward \"All-in AI\" and it is difficult to see operating income for a long time. This risk should not be forgotten.<b>How to make landing products that can \"explode\" in the technical investment that is difficult to see for a long time? This is the most real and urgent challenge when Baidu talks about technological dreams.</b></p><p>Three big adjustments of advertising basic disk</p><p>Previously, at the fourth quarter financial report meeting of 2021, Baidu had said that if the epidemic stopped worsening after the first quarter of 2022, the advertising business would usher in the lowest point. However, in this financial report meeting, Baidu has given up its prediction of the turning point of advertising business. \"The second quarter may have improved, but there is still a lot of uncertainty,\" Li said.</p><p>This is rather \"lying flat\". However, according to 36Kr, Baidu has adjusted and reformed the content system, sales system and organizational structure of advertising business.</p><p>The most recent reform on the content side was in April 2021. At that time, Shen Dou, the head of Baidu's mobile ecological business, put forward the \"X + Y strategy\" of mobile ecology, that is, to upgrade to service and personalization in an all-round way. On top of the layout of traffic portals such as Baidu App, Baidu Netdisk and Baidu Map, he deeply cultivated vertical industries such as health, e-commerce and video, so that users could get a complete information search + service experience in Baidu's mobile ecology.</p><p>Take Baidu App as an example. At present, Baidu App is no longer a simple search tool, but more like a comprehensive platform that takes \"search\" as the fulcrum to incite local life services. Users can check express delivery, book hotels, book movie tickets, etc.</p><p>The changes on the content side have also brought certain results. According to the financial report data, in March 2022, Baidu App's MAU increased by 13% year-on-year to 632 million, and the proportion of daily logged-in users reached 83%.</p><p>In terms of sales system, in March this year, Baidu made a comprehensive adjustment to the sales system of mobile ecology: the previous sales model of KA (big customer) was adjusted to be distinguished by customer type, focusing on several major industries covering mass consumption, big health, content consumption, business services, etc.</p><p>Baidu hopes that in addition to advertising business, it can also realize diversified income such as membership, rewards, transactions and business orders through online disk, e-commerce, life services and other businesses. However, there is not much progress in the sales system reform.</p><p>After the changes on both sides of content and sales, Baidu directly made a major adjustment of high-level personnel: on May 5th, Shen Dou officially switched the track and became the head of intelligent cloud business. He had a more important task: shoulder the growth of intelligent cloud, the second growth curve business. The mobile ecological business is held by He Junjie, the new senior vice president of Baidu Group.</p><p>It can be seen that after the reform of the content sales system is completed, the long-term direction of Baidu's mobile ecology has stabilized. As for whether to make money next and how to stabilize the basic market, it is handed over to He Junjie. He has helped Baidu successfully operate a number of investment and acquisition projects-He Junjie, as a manager with a financial background, will make more control over the cost investment next, which is worth continuing to observe.</p><p>Looking back at the past, it will be found that Baidu's search business transformation always seems to be accompanied by haze: the second half of the PC era encountered the rapid expansion of mobile Internet, and after Baidu came back to God in mobile ecological business, the short video platform has invaded in all directions. In addition, in the face of the epidemic, its mobile ecological strategy has always lacked an opportunity to perform smoothly and show its strengths. In the years since Shen Dou became the No.1 position of the basic business, the potential of this business has been tapped for several years. It is hard to imagine any major growth in this business.</p><p>Baidu said: During the epidemic, Baidu is also testing the waters in many ways, launching new products such as asking. But obviously, it can't afford to splash at the moment.</p><p><b>To B difficulties requiring continuous irrigation</b></p><p>If Baidu has a \"seeking stability\" mentality for its advertising basics, it obviously has high hopes for the second growth curve.</p><p>It is undeniable that AI business has become a part that cannot be ignored in Baidu's financial report, especially Baidu's intelligent cloud business. In the first quarter, the growth rate of Baidu's intelligent cloud business was 3.9 billion, a year-on-year increase of 45%, which was slower than the growth rate of 60%-70% in the previous quarter.</p><p>\"Many customers are big enterprises or government agencies, and they are very willing to communicate face to face. If there is no way to meet, many things can't be promoted.\" Robin Li honestly spoke about the challenges brought by the epidemic to intelligent cloud business at the financial report meeting.</p><p>It is understood that Baidu Intelligent Cloud mainly lands in the fields of manufacturing, water affairs, energy, transportation, finance and government affairs. In the field of intelligent transportation, Baidu ACE intelligent transportation solution has been adopted by 41 cities, and the urban contract amount exceeds 10 million yuan.</p><p>In the field of industrial manufacturing, Li Shuo, vice president of Baidu, previously told 36Kr that Baidu's artificial intelligence technology can help power and water companies automatically monitor the energy consumption, automatically adjust specific workshops and production lines, and help enterprises improve production efficiency.</p><p>But Baidu Smart Cloud is still in a loss. Compared with the e-commerce retail field anchored by Ali and the entertainment game field anchored by Tencent, it is difficult for AI technology to empower traditional fields such as industry and energy to have a very general methodology. The transformation of intelligent manufacturing in these traditional fields has different levels and different demands, which requires a longer wait.</p><p>At present, Baidu is still in a state of multi-party running and setting benchmarking projects. Baidu Intelligent Cloud needs to draw the most experience from the project and copy it to the large-scale industry track faster, so that it is possible to get rid of the unprofitable status quo.</p><p><b>Automotive products face a big test</b></p><p>Compared with the To B problem that needs To be watered continuously, the automobile business is probably the public test that Baidu will face.</p><p>It is understood that ROBO-01, the first concept car of Baidu's car brand Jidu Automobile, will be unveiled in early June. Xia Yiping, CEO of Jidu Automobile, also announced the latest car manufacturing progress on Weibo: Jidu's first mass-produced car started body mold casting, officially moving from model design to the preparation stage of mass production and manufacturing of the whole vehicle.</p><p>At the financial report meeting, Li Yanhong said: Jidu Auto is expected to start accepting orders next year, targeting the passenger car market of 200,000 yuan, and Jidu will release a second model in the second half of this year. According to sources revealed to 36Kr, Robin Li's OKR even clearly wrote down the pre-order target to be achieved by Jidu Auto this year.</p><p>It can be expected that Baidu is making every effort to promote the landing of collection. According to 36Kr, Baidu has specially set up a Rongtong Innovation Department to support the work of Jidu, including dredging and<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>And the cooperation of chip suppliers.</p><p>For Baidu, there was a lingering shadow of \"Wei Zexi Incident\" in the history of To C communication, and there were only a few small smart speakers in C-end products. Although the brand building, technical products and sales channels of automobiles are all independently operated by Jidu Automobile, the haze is more or less accompanied.</p><p>Whether we can impress consumers, establish a new image and bring new benefits with product power is crucial to Jidu and Baidu. The former needs To survive in a group of new car-making forces, while Baidu needs To incite more OEMs with gathered products To strive for a larger automobile To B market.</p><p>At present, Baidu's intelligent driving scheme is not only providing it to Jidu, but also seeking more cooperation. With<a href=\"https://laohu8.com/S/002594\">BYD</a>Dongfeng Lantu and other car companies have reached cooperation with Baidu. It is understood that Baidu's intelligent driving scheme ASD and in-car infotainment system Xiaodu in-car OS have accumulated about 10 billion fixed-point and contracted projects, compared with 8 billion in the last quarter.</p><p>In terms of autonomous driving, Baidu's self-driving travel service platform Radish Kuaipao provided 196,000 rides in the first quarter. At present, Baidu's self-driving vehicles are providing unmanned manned services in Beijing and unmanned road tests in Chongqing. The investment is not small, but as a business limited by technology and urban traffic regulations, its commercialization is still in a tepid state.</p><p>Jidu car is the sharp knife that Baidu is most likely to stab out at present. However, at the moment when \"Wei Xiaoli\" is surrounded and Xiaomi Lei Jun is off to build a car, there are not many time windows and opportunities to make mistakes left for gathering.</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":{"09888":"百度集团-SW","BIDU":"百度"},"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":2802,"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":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"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":3259,"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":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"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":"sh","language":"zh","title":"Twenty years ago, Zhou Hongyi's punch was not only swung 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, took Zhou Hongyi to court, suing the other party for unfair competition. At that time, neither of the two big bosses was famous. They not only came in person to file a lawsuit for the final compensation of 5,150 yuan, but also argued in court.</p><p>The presiding female judge asked Zhou Hongyi, \"Baidu accused you of deleting their things. Have you done it?\" Robin Li answered after listening to it, \"He must have done it.\" Zhou Hongyi smiled and said, \"I did it, but he did it first. He did all the bad things I did!\"</p><p>Coming out of the court, Zhou Hongyi was full of martial virtue, pointing to Robin Li's nose and provocating: Let's fight if you don't accept it. At that time, Robin Li was not the Robin who was topped with mineral water and asked \"What's your problem?\", and the man who quarreled with investors and often threw his mobile phone and shouted \"I'm not fucking doing it\". How could he suffer from Lao Zhou's 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>Li Yanhong immediately challenged, took off his coat and was ready to start. Unfortunately, the two who were fighting together were quickly pulled apart by the crowd, and the winner was not decided. But if there were people around to open the bet to win or lose at that time, I would definitely be willing to pay 200 yuan to support Lao Zhou. For nothing else, the world has to work out of Shaolin. I believe that the martial arts culture in Zhumadian, Henan Province is higher than that in Yangquan, Shanxi Province. Besides, when Lao Zhou was in the junior class of Xi'an Jiaotong University, he had already learned to skillfully open the ladle with nunchaku for his classmates.</p><p>Compared with many lawsuits in Zhou Hongyi later, this lawsuit can only be said to be trivial. But this is the beginning. Since then, Lao Zhou, whose combat effectiveness has exploded, has almost supported the first half of China's Internet by himself.</p><p>He once went to war with BAT at the same time, and every front did not fall behind: forcing Jack Ma to publicly say that Ali would permanently block Zhou Hongyi; Make Ma Huateng so angry that he slams his cup in the office; One day, 42 Weibo posts were sent to attack Lei Jun and fight in Chaoyang Park, which made the good-natured General Manager Lei so angry that he wanted to \"see him in court\". Some people joked that in those years, the Chinese Internet was scolded by Lao Zhou for breathing. If you are not scolded, then don't be proud, it only means that you are 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>Such a character made it difficult for Zhou Hongyi to put on a white shirt and tie a belt like Lei Jun and Ma Huateng, and be a mature and steady model student. You can't be upright, you can only be surprised. In recent years, after the interests of all parties have been solidified, 360 has gradually become a second-tier brand in the Internet.</p><p>But there is one thing that Lao Zhou is generally more comfortable than the big bosses now, that is, the Chinese concept stocks that are in dire straits, excluding 360. Lao Zhou returned to A-shares as early as 2017. When he was privatized and delisted from Nasdaq that year, Zhou Hongyi paid about 60 billion yuan, returned to Big A and directly stepped on JD.COM with 20 daily limits. The market value once broke through 400 billion yuan and approached Baidu.</p><p>How decent it was when 360 came back, and now how shabby Chinese stocks have fallen in the United States.</p><p>Zhou Hongyi was interviewed that year, and once said meaningfully: 360 came back to solve the \"identity problem\" and practiced a 2B and 2G development route.</p><p>It's hard to say whether this choice is right or wrong. In 2021, three of the four main businesses of 360 were declining, but the security-related products of government and enterprises increased by 71% against the trend. Awkwardly, the revenue generated of less than 1.4 billion still only accounted for more than one tenth of 360's total revenue.</p><p>Old Zhou himself must feel that this path is right.</p><p>Look at Nezha Automobile, which invested 3602 billion yuan in October last year, isn't it also doing 2B and 2G business for a long time?</p><p>When Zhou Hongyi was young, he was like a character who came out of the Water Margin. He shouted and killed for many years. After finally getting the right to conquer Fang La, he embarked on a completely different path from other Internet companies.</p><p>This road is particularly special today, when the whole Internet circle exudes negative energy.</p><p><b>01</b></p><p>The last time Chinese stocks collectively considered leaving the United States, it started with the A-share bull market in early 2015.</p><p>Now when it comes to A-shares in 2015, everyone's first reaction is the stock market crash, but the investors who were in it, especially in the first half of that year, must be unaware.</p><p>At the beginning of that year, Big A, which had been dry for seven years, ushered in a long-lost living water. With the spring breeze of capital market reform, the Shanghai Composite Index made great progress, rising to more than 5,000 points in half a year. Think about the market of defending 3,000 points at every turn this year, and you will know how beautiful Big A was at that time.</p><p>At the same time, the violent fluctuation of U.S. stocks in 2014 led to a sharp correction in the market value of Chinese stocks in the United States. Seeing that the domestic capital feast couldn't get a piece of the pie, Chinese stocks have come up with the idea of returning to China. According to a report by Wall Street News in April 2015:</p><p>Storm Video, Langma Information, 263 Network, Venus Star and other companies have completed the road to return to A shares. Focus Media is also initially scheduled to be listed on A-share backdoor in June of that year, with the company's valuation of 46 billion-50 billion yuan. Therefore, unlike the Chinese concept stocks that are forced to consider back in the face of American audit papers, the essence of returning to Big A in those days is that you can \"arbitrage across markets\"-arbitrage by using the large market value difference between A shares and the United States.</p><p>360, also announced the launch of the privatization strategy on June 17th of this year.</p><p>From today's point of view, this point in time is undoubtedly very subtle, because the A-share stock market crash has started since June 15th: in just four weeks, the Shanghai Composite Index plummeted by 1,800 points, leveraged funds exploded, individual stock prices were halved, and 1,400 listed companies were suspended. Investors who have experienced it must still remember how tragic 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 stock market crash did not change Zhou Hongyi's determination to continue. A month later, the privatization transaction of 360 was completed and officially delisted from the NYSE.</p><p>This caused many people's doubts at that time. Some media people wrote that for 360, returning to A-share arbitrage may not be the most important thing. More importantly, a leader said that sentence, \"I think it's better for you to come back.\"</p><p>After returning to A shares, Zhou Hongyi has always regarded himself as the \"national team\". In an interview with China Entrepreneur Magazine in 2019, the reporter asked Zhou:</p><p>You have mentioned the concept of \"great security\" many times, and that includes national security. At present, will the national strategy be handed over to private companies?</p><p>Zhou Hongyi said, Yes. After the return of 360, the identity problem was solved. We were originally a listed company in the United States, and most of our shareholders were American investors; After delisting, it has now become a purely domestic private company.</p><p>\"After solving the identity problem, we now have a lot of cooperation with the country. For example, the security of about 70% of the ministries and commissions, 80% of banks, and many large state-owned enterprises in the country is maintained by 360.\" This is indeed the case. 360 has been in line with the national interests in recent years. The online security of major foreign affairs and political activities, including the 19th National Congress of the Communist Party of China, the BRICS Conference and the Belt and Road Summit, is also undertaken by 360.</p><p>The price of obtaining these is that Zhou Hongyi took two years to complete the backdoor listing of A shares from 2015 to 2017. These two years have consumed him a lot of energy, and he failed to make mobile phones, \"all in Video\" failed, and his plan to go to sea was stranded.</p><p>In recent years, he has chased almost every outlet of the Internet, but after taking stock, there are not many overall wins and many failures. Only the sales of Nezha cars invested last year are rising constantly, but the logic is the same. The sales of Nezha have passed Wei Xiaoli several times, but why can't it be seen in the Fifth Ring Road?</p><p>Who is driving Nezha Car?</p><p>\"Traffic police are driving, driving schools are driving, but few people are driving.\" Nezha Automobile, whose financing before the D round almost all came from local industrial funds, has been doing 2B and 2G businesses for a long time.</p><p>Zhou Hongyi may be the most positive attitude of CEOs of China's big Internet companies towards the government, which is determined not only by business, but also by Zhou Hongyi's personal experience.</p><p>So far, Zhou Hongyi has been arrested by the police two and a half times. Once I took nunchucks to my classmates in Xi'an Jiaotong University; Once, when I was in graduate school, I started my business, rubbing the computer room everywhere in school. Later, when something was lost in the computer room, he was treated as a thief. The previous time was not painful or itchy, but the latter time there was lingering fear.</p><p>In that half, during the \"3Q War\", Shenzhen Public Security came to Beijing Company to arrest people. Zhou Hongyi learned the news on his way to work and fled to Hong Kong with his passport.</p><p>When Zhou Hongyi was a sophomore in high school, there was a class meeting where the teacher asked everyone to talk about ideals. Zhou Hongyi went up to give a speech and said, \"You can be arrogant when you are born\"; When he was in college, he hung a calligraphy work on his bedside, which read \"Kill a Man in Ten Steps\".</p><p>Some media once compared him to Cao Cao and a hero, but there are some people in this temperament who are fearless and fearless, but they always have a scale in their hearts. For example, regarding the question \"Why are Internet companies successful today?\" Zhou Hongyi's answer is:</p><p>\"Everyone thinks that it is because they are smart and capable, and they can defeat their competitors. But in fact, I think the success of these companies is still due to the driving force of the big times. Without the background of national reform and opening up, China's demographic dividend, and the country's policy on the Internet, this kind of success can't happen.\" In the past, entrepreneurs who said this kind of thing were easily labeled as \"cynics\" rudely, but let me ask which of the CEOs of big Internet companies in the past two years doesn't want to understand policies as much as Zhou Hongyi, and who doesn't want to reach a tacit understanding with necessary supervision as Lao Zhou?</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 40 years of China's reform and opening up, occupations such as college entrance examination, going to the sea, real estate speculation and the Internet have successively played the role of carp fish leaping over the dragon gate. Every generation has its own success story to tell. If Zhou Hongyi told this story, he would probably say this:</p><p>In 2003, I admired one of the youngest department-level cadres in the Xinhua News Agency system at that time. I asked him if you thought you could be a member of the XX Bureau. Can you make tens of millions? If you can't, why don't you come and work with me on the Internet.</p><p>Later, this department-level cadre really resigned and went to Yahoo with Zhou Hongyi.</p><p>The situation is stronger than people. Today, you will fool your civil servant friends to resign and try to work on your Internet? No matter how you say that higher wages and freer working atmosphere can be worth the word \"stable\"?</p><p>In the past 20 years, why are Internet companies that have successfully ringed the bell in the United States so rich?</p><p>The reason is simple, because the United States is the world currency, and listing in the United States can raise more money. Rong American money to develop China's Internet, and at the same time let American capital share China's development dividends. This operating logic has moved a total of 300 billion dollars from the United States in the past 20 years.</p><p>However, in the past, it was okay to raise money from the United States to make money, but now it is not okay to raise money to develop high-tech and move the American cake. As Nio CEO Li Bin said in 2019, even if Nio fails, it will raise tens of billions of dollars to develop China's automobile industry chain. Therefore, the United States has to start auditing the draft, and the valuation of Chinese stocks is collectively kneeling, and there is the risk of being delisted.</p><p>At the same time, it is not easy to do the business of \"involvement\" with US dollars back to China. Internet companies such as education and training and community group buying have been supervised to varying degrees, and the Internet industry has officially entered winter.</p><p>Chinese stock companies are in trouble internally and externally, and they have been crying out for pain recently. A few days ago, many Internet people forwarded an article in the circle of friends that satirized young people for not understanding the economy:</p><p>\"What is China's economy? They don't understand and don't care about it. The only thing they care about is chips and so-called hard-core technology. As for food, clothing, housing and transportation, they are too vulgar and don't matter. Of course, if they order takeout ten minutes late, they will scold their mothers. They scold the delivery brother more ruthlessly than anyone else.\" Young people may indeed not understand China's economy as well as the big bosses, but who is bearing the price of reform between young people and entrepreneurs?</p><p>Zhang Meng, director of the film \"The Piano of Steel\", which reflects the laid-off workers in the economic reform of Northeast China, said in an interview:</p><p>\"We usually think that when an era changes, the people at the bottom are fighting. But it is not. Instead, they have become a group of people digested for this era.\"<img src=\"https://static.tigerbbs.com/2e38dba8a57f7b5d2c7c2cb01bc89378\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>This sentence applies equally today.</p><p>Some people can \"optimize the organization\" and \"graduate collectively\" after calling out pain, but the price paid by young people is the most basic physiological needs of Maslow's five needs: unemployment, being laid off, having no place to live, and spending the best youth in depression, frustration and unable to afford a decent bouquet of roses for his girlfriend on 520.</p><p>It is another kind of arrogance to think that young people can't understand the pain suffered by the Internet, and to roughly ridicule young people with binary opposition. It is as ridiculous as thinking that only the factory director hurt by the closure of Northeast state-owned enterprises.</p><p>An arrogance that uses experience, experience, and so-called consensus to restrain young people and encourage them to go back to the old ways together and keep going.</p><p>But why do young people feel pain now and still don't want to go back to the old road? Can't eat bread, but are you still willing to shout for Huawei, chips and hard technology?</p><p>More young people still believe that reform is for a better tomorrow.</p><p>Is it better for them to believe that the old road of Internet bringing capital to solve the economic difficulties of vegetable vendors and house prices doubling again?</p><p><b>03</b></p><p>Recently, Professor Lan Xiaohuan, the author of the Shanghai-based bestselling book \"Being Inside\", posted a \"positive energy full of negative energy\" Weibo. He said that knowing how cruel the economy and competition are, he won't exaggerate the role of emotions too much.</p><p>Confidence may be more important than gold, but not nearly as important as the \"gotta stay alive\" power. Every boss who goes down in a crisis has a lot of eyes on his business behind his back, so when the economic machine starts roaring again, optimistic or pessimistic, you have to jump on it again, or get dumped. Learn more about the economic stories of the great wars of the twentieth century, about the reconstruction of the economy after the catastrophe, and you may understand that the world will not look back, whether it is distressed or hated. Emotions don't solve the problem. Reform and epidemic control are not to stand on the opposite side of young people, and of course they are not to stand on the opposite side of entrepreneurs. If anyone still thinks so now, it is too poor understanding.</p><p>Yan Xuetong, dean of the Institute of Contemporary International Relations at Tsinghua University, wrote an article analyzing the strategic competition between China and the United States last June, and put forward a particularly objective and simple view:</p><p>Both China and the United States have little experience in strategic competition in the network field, and they 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>Is there any grievance? Sometimes there are grievances. But should we take something simply emotionally as the opposite of ourselves? It is a kind of wisdom.</p><p>Today, when the whole Internet circle exudes negative energy, the 360 A-share listing led by Zhou Hongyi and the recent official announcement of Didi that it will be delisted from the New York Stock Exchange are like two opposite fables.</p><p>Speaking of which, Zhou Hongyi is definitely the kind of boss who is unwilling to \"fall in the crisis\".</p><p>In 2003, in addition to a fight with Robin Li outside the court, the red cannon actually caught up with SARS.</p><p>Zhou Hongyi said that when SARS hit, no one dared to fly. But his first thought was that no one dared to fly, which meant that no one was doing business now:</p><p>\"This is a great opportunity for me to go all over the country to promote products and seize the market.\"</p><p>So Lao Zhou put on a gas mask and frequently flew to all parts of the country to meet agents. Every time Air China's plane landed, a familiar piece of music would sound. Zhou Hongyi said that every time I heard this song later, I would think of the situation of that year.</p><p>I have been thinking, if Zhou Hongyi caught up with which city he is now locked down in when he was young, and couldn't get on a plane or get out, what ideas would he come up with?</p><p>A person like the red-robed cannon who was so capable of torturing should not be willing to lie on a 1.8-meter-tall bed all day and pity himself.</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 swung 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 swung 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, took Zhou Hongyi to court, suing the other party for unfair competition. At that time, neither of the two big bosses was famous. They not only came in person to file a lawsuit for the final compensation of 5,150 yuan, but also argued in court.</p><p>The presiding female judge asked Zhou Hongyi, \"Baidu accused you of deleting their things. Have you done it?\" Robin Li answered after listening to it, \"He must have done it.\" Zhou Hongyi smiled and said, \"I did it, but he did it first. He did all the bad things I did!\"</p><p>Coming out of the court, Zhou Hongyi was full of martial virtue, pointing to Robin Li's nose and provocating: Let's fight if you don't accept it. At that time, Robin Li was not the Robin who was topped with mineral water and asked \"What's your problem?\", and the man who quarreled with investors and often threw his mobile phone and shouted \"I'm not fucking doing it\". How could he suffer from Lao Zhou's 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>Li Yanhong immediately challenged, took off his coat and was ready to start. Unfortunately, the two who were fighting together were quickly pulled apart by the crowd, and the winner was not decided. But if there were people around to open the bet to win or lose at that time, I would definitely be willing to pay 200 yuan to support Lao Zhou. For nothing else, the world has to work out of Shaolin. I believe that the martial arts culture in Zhumadian, Henan Province is higher than that in Yangquan, Shanxi Province. Besides, when Lao Zhou was in the junior class of Xi'an Jiaotong University, he had already learned to skillfully open the ladle with nunchaku for his classmates.</p><p>Compared with many lawsuits in Zhou Hongyi later, this lawsuit can only be said to be trivial. But this is the beginning. Since then, Lao Zhou, whose combat effectiveness has exploded, has almost supported the first half of China's Internet by himself.</p><p>He once went to war with BAT at the same time, and every front did not fall behind: forcing Jack Ma to publicly say that Ali would permanently block Zhou Hongyi; Make Ma Huateng so angry that he slams his cup in the office; One day, 42 Weibo posts were sent to attack Lei Jun and fight in Chaoyang Park, which made the good-natured General Manager Lei so angry that he wanted to \"see him in court\". Some people joked that in those years, the Chinese Internet was scolded by Lao Zhou for breathing. If you are not scolded, then don't be proud, it only means that you are 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>Such a character made it difficult for Zhou Hongyi to put on a white shirt and tie a belt like Lei Jun and Ma Huateng, and be a mature and steady model student. You can't be upright, you can only be surprised. In recent years, after the interests of all parties have been solidified, 360 has gradually become a second-tier brand in the Internet.</p><p>But there is one thing that Lao Zhou is generally more comfortable than the big bosses now, that is, the Chinese concept stocks that are in dire straits, excluding 360. Lao Zhou returned to A-shares as early as 2017. When he was privatized and delisted from Nasdaq that year, Zhou Hongyi paid about 60 billion yuan, returned to Big A and directly stepped on JD.COM with 20 daily limits. The market value once broke through 400 billion yuan and approached Baidu.</p><p>How decent it was when 360 came back, and now how shabby Chinese stocks have fallen in the United States.</p><p>Zhou Hongyi was interviewed that year, and once said meaningfully: 360 came back to solve the \"identity problem\" and practiced a 2B and 2G development route.</p><p>It's hard to say whether this choice is right or wrong. In 2021, three of the four main businesses of 360 were declining, but the security-related products of government and enterprises increased by 71% against the trend. Awkwardly, the revenue generated of less than 1.4 billion still only accounted for more than one tenth of 360's total revenue.</p><p>Old Zhou himself must feel that this path is right.</p><p>Look at Nezha Automobile, which invested 3602 billion yuan in October last year, isn't it also doing 2B and 2G business for a long time?</p><p>When Zhou Hongyi was young, he was like a character who came out of the Water Margin. He shouted and killed for many years. After finally getting the right to conquer Fang La, he embarked on a completely different path from other Internet companies.</p><p>This road is particularly special today, when the whole Internet circle exudes negative energy.</p><p><b>01</b></p><p>The last time Chinese stocks collectively considered leaving the United States, it started with the A-share bull market in early 2015.</p><p>Now when it comes to A-shares in 2015, everyone's first reaction is the stock market crash, but the investors who were in it, especially in the first half of that year, must be unaware.</p><p>At the beginning of that year, Big A, which had been dry for seven years, ushered in a long-lost living water. With the spring breeze of capital market reform, the Shanghai Composite Index made great progress, rising to more than 5,000 points in half a year. Think about the market of defending 3,000 points at every turn this year, and you will know how beautiful Big A was at that time.</p><p>At the same time, the violent fluctuation of U.S. stocks in 2014 led to a sharp correction in the market value of Chinese stocks in the United States. Seeing that the domestic capital feast couldn't get a piece of the pie, Chinese stocks have come up with the idea of returning to China. According to a report by Wall Street News in April 2015:</p><p>Storm Video, Langma Information, 263 Network, Venus Star and other companies have completed the road to return to A shares. Focus Media is also initially scheduled to be listed on A-share backdoor in June of that year, with the company's valuation of 46 billion-50 billion yuan. Therefore, unlike the Chinese concept stocks that are forced to consider back in the face of American audit papers, the essence of returning to Big A in those days is that you can \"arbitrage across markets\"-arbitrage by using the large market value difference between A shares and the United States.</p><p>360, also announced the launch of the privatization strategy on June 17th of this year.</p><p>From today's point of view, this point in time is undoubtedly very subtle, because the A-share stock market crash has started since June 15th: in just four weeks, the Shanghai Composite Index plummeted by 1,800 points, leveraged funds exploded, individual stock prices were halved, and 1,400 listed companies were suspended. Investors who have experienced it must still remember how tragic 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 stock market crash did not change Zhou Hongyi's determination to continue. A month later, the privatization transaction of 360 was completed and officially delisted from the NYSE.</p><p>This caused many people's doubts at that time. Some media people wrote that for 360, returning to A-share arbitrage may not be the most important thing. More importantly, a leader said that sentence, \"I think it's better for you to come back.\"</p><p>After returning to A shares, Zhou Hongyi has always regarded himself as the \"national team\". In an interview with China Entrepreneur Magazine in 2019, the reporter asked Zhou:</p><p>You have mentioned the concept of \"great security\" many times, and that includes national security. At present, will the national strategy be handed over to private companies?</p><p>Zhou Hongyi said, Yes. After the return of 360, the identity problem was solved. We were originally a listed company in the United States, and most of our shareholders were American investors; After delisting, it has now become a purely domestic private company.</p><p>\"After solving the identity problem, we now have a lot of cooperation with the country. For example, the security of about 70% of the ministries and commissions, 80% of banks, and many large state-owned enterprises in the country is maintained by 360.\" This is indeed the case. 360 has been in line with the national interests in recent years. The online security of major foreign affairs and political activities, including the 19th National Congress of the Communist Party of China, the BRICS Conference and the Belt and Road Summit, is also undertaken by 360.</p><p>The price of obtaining these is that Zhou Hongyi took two years to complete the backdoor listing of A shares from 2015 to 2017. These two years have consumed him a lot of energy, and he failed to make mobile phones, \"all in Video\" failed, and his plan to go to sea was stranded.</p><p>In recent years, he has chased almost every outlet of the Internet, but after taking stock, there are not many overall wins and many failures. Only the sales of Nezha cars invested last year are rising constantly, but the logic is the same. The sales of Nezha have passed Wei Xiaoli several times, but why can't it be seen in the Fifth Ring Road?</p><p>Who is driving Nezha Car?</p><p>\"Traffic police are driving, driving schools are driving, but few people are driving.\" Nezha Automobile, whose financing before the D round almost all came from local industrial funds, has been doing 2B and 2G businesses for a long time.</p><p>Zhou Hongyi may be the most positive attitude of CEOs of China's big Internet companies towards the government, which is determined not only by business, but also by Zhou Hongyi's personal experience.</p><p>So far, Zhou Hongyi has been arrested by the police two and a half times. Once I took nunchucks to my classmates in Xi'an Jiaotong University; Once, when I was in graduate school, I started my business, rubbing the computer room everywhere in school. Later, when something was lost in the computer room, he was treated as a thief. The previous time was not painful or itchy, but the latter time there was lingering fear.</p><p>In that half, during the \"3Q War\", Shenzhen Public Security came to Beijing Company to arrest people. Zhou Hongyi learned the news on his way to work and fled to Hong Kong with his passport.</p><p>When Zhou Hongyi was a sophomore in high school, there was a class meeting where the teacher asked everyone to talk about ideals. Zhou Hongyi went up to give a speech and said, \"You can be arrogant when you are born\"; When he was in college, he hung a calligraphy work on his bedside, which read \"Kill a Man in Ten Steps\".</p><p>Some media once compared him to Cao Cao and a hero, but there are some people in this temperament who are fearless and fearless, but they always have a scale in their hearts. For example, regarding the question \"Why are Internet companies successful today?\" Zhou Hongyi's answer is:</p><p>\"Everyone thinks that it is because they are smart and capable, and they can defeat their competitors. But in fact, I think the success of these companies is still due to the driving force of the big times. Without the background of national reform and opening up, China's demographic dividend, and the country's policy on the Internet, this kind of success can't happen.\" In the past, entrepreneurs who said this kind of thing were easily labeled as \"cynics\" rudely, but let me ask which of the CEOs of big Internet companies in the past two years doesn't want to understand policies as much as Zhou Hongyi, and who doesn't want to reach a tacit understanding with necessary supervision as Lao Zhou?</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 40 years of China's reform and opening up, occupations such as college entrance examination, going to the sea, real estate speculation and the Internet have successively played the role of carp fish leaping over the dragon gate. Every generation has its own success story to tell. If Zhou Hongyi told this story, he would probably say this:</p><p>In 2003, I admired one of the youngest department-level cadres in the Xinhua News Agency system at that time. I asked him if you thought you could be a member of the XX Bureau. Can you make tens of millions? If you can't, why don't you come and work with me on the Internet.</p><p>Later, this department-level cadre really resigned and went to Yahoo with Zhou Hongyi.</p><p>The situation is stronger than people. Today, you will fool your civil servant friends to resign and try to work on your Internet? No matter how you say that higher wages and freer working atmosphere can be worth the word \"stable\"?</p><p>In the past 20 years, why are Internet companies that have successfully ringed the bell in the United States so rich?</p><p>The reason is simple, because the United States is the world currency, and listing in the United States can raise more money. Rong American money to develop China's Internet, and at the same time let American capital share China's development dividends. This operating logic has moved a total of 300 billion dollars from the United States in the past 20 years.</p><p>However, in the past, it was okay to raise money from the United States to make money, but now it is not okay to raise money to develop high-tech and move the American cake. As Nio CEO Li Bin said in 2019, even if Nio fails, it will raise tens of billions of dollars to develop China's automobile industry chain. Therefore, the United States has to start auditing the draft, and the valuation of Chinese stocks is collectively kneeling, and there is the risk of being delisted.</p><p>At the same time, it is not easy to do the business of \"involvement\" with US dollars back to China. Internet companies such as education and training and community group buying have been supervised to varying degrees, and the Internet industry has officially entered winter.</p><p>Chinese stock companies are in trouble internally and externally, and they have been crying out for pain recently. A few days ago, many Internet people forwarded an article in the circle of friends that satirized young people for not understanding the economy:</p><p>\"What is China's economy? They don't understand and don't care about it. The only thing they care about is chips and so-called hard-core technology. As for food, clothing, housing and transportation, they are too vulgar and don't matter. Of course, if they order takeout ten minutes late, they will scold their mothers. They scold the delivery brother more ruthlessly than anyone else.\" Young people may indeed not understand China's economy as well as the big bosses, but who is bearing the price of reform between young people and entrepreneurs?</p><p>Zhang Meng, director of the film \"The Piano of Steel\", which reflects the laid-off workers in the economic reform of Northeast China, said in an interview:</p><p>\"We usually think that when an era changes, the people at the bottom are fighting. But it is not. Instead, they have become a group of people digested for this era.\"<img src=\"https://static.tigerbbs.com/2e38dba8a57f7b5d2c7c2cb01bc89378\" tg-width=\"550\" tg-height=\"367\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>This sentence applies equally today.</p><p>Some people can \"optimize the organization\" and \"graduate collectively\" after calling out pain, but the price paid by young people is the most basic physiological needs of Maslow's five needs: unemployment, being laid off, having no place to live, and spending the best youth in depression, frustration and unable to afford a decent bouquet of roses for his girlfriend on 520.</p><p>It is another kind of arrogance to think that young people can't understand the pain suffered by the Internet, and to roughly ridicule young people with binary opposition. It is as ridiculous as thinking that only the factory director hurt by the closure of Northeast state-owned enterprises.</p><p>An arrogance that uses experience, experience, and so-called consensus to restrain young people and encourage them to go back to the old ways together and keep going.</p><p>But why do young people feel pain now and still don't want to go back to the old road? Can't eat bread, but are you still willing to shout for Huawei, chips and hard technology?</p><p>More young people still believe that reform is for a better tomorrow.</p><p>Is it better for them to believe that the old road of Internet bringing capital to solve the economic difficulties of vegetable vendors and house prices doubling again?</p><p><b>03</b></p><p>Recently, Professor Lan Xiaohuan, the author of the Shanghai-based bestselling book \"Being Inside\", posted a \"positive energy full of negative energy\" Weibo. He said that knowing how cruel the economy and competition are, he won't exaggerate the role of emotions too much.</p><p>Confidence may be more important than gold, but not nearly as important as the \"gotta stay alive\" power. Every boss who goes down in a crisis has a lot of eyes on his business behind his back, so when the economic machine starts roaring again, optimistic or pessimistic, you have to jump on it again, or get dumped. Learn more about the economic stories of the great wars of the twentieth century, about the reconstruction of the economy after the catastrophe, and you may understand that the world will not look back, whether it is distressed or hated. Emotions don't solve the problem. Reform and epidemic control are not to stand on the opposite side of young people, and of course they are not to stand on the opposite side of entrepreneurs. If anyone still thinks so now, it is too poor understanding.</p><p>Yan Xuetong, dean of the Institute of Contemporary International Relations at Tsinghua University, wrote an article analyzing the strategic competition between China and the United States last June, and put forward a particularly objective and simple view:</p><p>Both China and the United States have little experience in strategic competition in the network field, and they 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>Is there any grievance? Sometimes there are grievances. But should we take something simply emotionally as the opposite of ourselves? It is a kind of wisdom.</p><p>Today, when the whole Internet circle exudes negative energy, the 360 A-share listing led by Zhou Hongyi and the recent official announcement of Didi that it will be delisted from the New York Stock Exchange are like two opposite fables.</p><p>Speaking of which, Zhou Hongyi is definitely the kind of boss who is unwilling to \"fall in the crisis\".</p><p>In 2003, in addition to a fight with Robin Li outside the court, the red cannon actually caught up with SARS.</p><p>Zhou Hongyi said that when SARS hit, no one dared to fly. But his first thought was that no one dared to fly, which meant that no one was doing business now:</p><p>\"This is a great opportunity for me to go all over the country to promote products and seize the market.\"</p><p>So Lao Zhou put on a gas mask and frequently flew to all parts of the country to meet agents. Every time Air China's plane landed, a familiar piece of music would sound. Zhou Hongyi said that every time I heard this song later, I would think of the situation of that year.</p><p>I have been thinking, if Zhou Hongyi caught up with which city he is now locked down in when he was young, and couldn't get on a plane or get out, what ideas would he come up with?</p><p>A person like the red-robed cannon who was so capable of torturing should not be willing to lie on a 1.8-meter-tall bed all day and pity himself.</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":3608,"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":3,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586317757274365","authorIdStr":"3586317757274365"},"themes":[],"htmlText":"Goods 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