kim_8904 personal page - To The Moon

kim_8904

kim_8904

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2021-08-31

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Helen's IPO begins today, with an entry fee of approximately HK$10,464.4.

2021-07-15

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The Past of Chinese Internet Companies Listing

2022-09-16

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The Federal Reserve's interest rate decision is coming! Is rate hike 75 or 100 basis points? The dot plot is the focus.

2022-09-24

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"Blue-chip stocks" suffered a "targeted explosion," and institutions disputed the future market direction.

2022-09-20

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Sorry, the original content has been removed

2022-09-09

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ETF Tracking | A Strong Dollar Becomes a Fatal Nightmare for Stock Market Investors! This ETF can save lives.

2022-09-09

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Unusual Developments | Two Major Positive Factors Boost Them! Game Station rose more than 11% in pre-market trading.

2022-09-09

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Market Overview | Tencent's major shareholder reduces holdings, tourism stocks become new hotspots

2022-09-09

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The European Central Bank announced 75 basis points in rate hike, which is in line with market expectations.

2022-09-09

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Powell: The Fed needs to act now to avoid the social costs of inflation.

Go to Tiger App to see more news

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22:36","market":"sh","language":"zh","title":"\"Blue-chip stocks\" suffered a \"targeted explosion,\" and institutions disputed the future market direction.","url":"https://stock-news.laohu8.com/highlight/detail?id=1101872550","media":"经济观察报","summary":"“一天‘杀’一只白马，A股总能在意想不到的地方找到下跌空间。”9月22日收盘后，在一个股票投资者的交流群中，有投资者这样评论当日行情。而在当日，引发投资者无奈调侃的那只白马，是素有“中药茅”之称的片仔","content":"<p><div>\"By 'killing' one blue-chip stock a day, A-shares can always find room for decline in unexpected places.\" This is how an investor commented on the day's market performance in a stock investor discussion group after the market closed on September 22. 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On that day, the blue-chip stock that drew helpless jokes from investors was Pien Tze Huang (600436.SH), known as the \"King of Chinese Medicine\". On September 22, without any obvious negative news, Pien Tze Huang's stock price suddenly plummeted with increased trading volume, briefly approaching the daily limit down, hitting a new low for the year of 259.69 yuan per share. It subsequently rebounded, ultimately closing at 260.85 yuan, with a trading volume of...</p><p><a href=\"\">Web page link</a></div></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e68f18a297e419bae3cc0320b6d8ff4e","relate_stocks":{"000001.SH":"上证指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101872550","content_text":"“一天‘杀’一只白马，A股总能在意想不到的地方找到下跌空间。”9月22日收盘后，在一个股票投资者的交流群中，有投资者这样评论当日行情。而在当日，引发投资者无奈调侃的那只白马，是素有“中药茅”之称的片仔癀（600436.SH）。9月22日，在没有明显利空消息的情况下，片仔癀股价突然放量暴跌，当日盘中一度逼近跌停，创下了259.69元/股的年内新低，随后又有所回升，股价最终收报260.85元，成交额达15.85亿元，收盘跌幅高达7.2%。经济观察网记者注意到，这是中秋假期以来，继药明康德（603259.SH）、阳光电源（300274.SZ）、东方财富（300059.SZ）等千亿老牌白马股之后，第10只发生放量闪崩的权重股。在和多位股票投资者沟通的过程中，记者发现，相比起近期市场整体的持续调整，如同“开盲盒”一般不停闪崩的白马股，是当前最令股民迷惑的市场现象。“已经跌了小一年了，（片仔癀）按理说应该已经跌到底了，为什么还能闪崩？”有股民发出如此疑问。“白马诅咒”在股票市场中，白马股不停闪崩的现象被称之为“白马诅咒”，往往成为市场情绪极度低迷的真实写照。据经济观察网记者统计，自9月中秋假期过后，市场先后有10只大市值权重股出现了破位暴跌的走势，而在其中，医药板块成了此轮杀跌的“重灾区”。9月13日，中秋假期过后的第一个交易日，CXO板块龙头药明康德盘中跌停，当日收报76.35元/股（本文股价均以前复权价格计算），成交额达57.8亿元，公司市值蒸发逾250亿元。随后，在9月14日至9月22日的7个交易日中，药明康德又有5天股价收阴，失守70元整数关口，如今仍围绕68元左右横盘震荡，而这一价格相较于去年7月16日该公司所触及的171.97元/股的盘中高点，已然“腰斩”。短短三个交易日之后，9月19日本周一，“医美双龙”爱美客（300896.SZ）、华熙生物（699363.SH）也均出现放量暴跌，其中华熙生物当日跌幅达13.68%，股价收报121.05元/股，直接击穿120日均线；爱美客则收跌11.6%，成交额达18.58亿元，当日市值蒸发约136亿元。9月21日周二，深受机构喜爱的“医械茅”迈瑞医疗（300760.SZ）也出现股价跳水，截至当日收盘下跌7.21%，股价收报264元/股，成交额达27.12亿元，这一价格相较于去年7月1日490.24元的高点已跌去44.36%，总市值缩水近2700亿元。9月22日，市场的“盲盒”开到了“中药茅”片仔癀的身上，该公司当日股价收跌7.2%，报260.85元/股，当日市场骤减122.05亿元，股价创下自2021年12月14日以来的新低。除此以外，诸如东方财富、三安光电（600703.SH）、阳光电源（300274.SZ）等千亿大白马也均在过去的7个交易日中，出现了破位暴跌的走势。其中，9月15日，阳光电源股价下挫8.49%，当日总市值蒸发近150亿元，东方财富在9月16日大跌10.78%，单日市值缩水328亿元，三安光电则于9月20日大跌7.05%，击穿四条短期均线，若以9月15日23.98元/股的开盘价计算，三安光电总市值在6个交易日内已经蒸发266.88亿元。记者注意到，从消息面上看，除片仔癀外，上述出现放量大跌情形的白马股近期在市场上均有相关利空消息出现。例如，美国总统拜登于美东时间9月12日签署行政令，鼓励美国本土生物技术、生物制造和相关研发，此举被市场普遍认为是针对我国CXO、CRO领域的新举措，首先影响的便是板块龙头药明康德。而9月16日东方财富股价发生闪崩的背景，则是国务院办公厅于9月15日发布的《关于进一步优化营商环境降低市场主体制度性交易成本的意见》，其中明确，将着力规范金融服务收费，鼓励证券、基金、担保等机构进一步降低服务收费，推动金融基础设施合理降低交易、托管、登记、清算等费用。此外，在9月19日，还出现了诸如三安光电相关高管被带走调查，相关部门将对医美机构展开财务核查等市场传闻。此外，经济观察网记者亦注意到，自9月13日以来，接连出现闪崩情形的白马股也多为机构的长期重仓股。例如，根据上述各家公司的中报披露数据，最早开启此轮闪崩浪潮的药明康德，就有128家基金公司旗下管理的1603只产品扎堆持有6.71亿股，占流通股之比高达26.31%；“券茅”东方财富的基金持股数则达到了25.51亿股，占流通股之比达23%，参与持股的基金产品数超过1700只；在22日闪崩的片仔癀，则是中欧明星基金经理葛兰的心头好，其位列葛兰代表产品中欧医疗健康的第七大重仓股，持仓数量高达821.51万股。接连闪崩的白马股，也让本就不理想的公募业绩雪上加霜。Wind统计数据显示，截至9月23日，全市场835只普通股票型基金，近一月平均业绩回报为-17.1%，部分基金的动态回撤甚至超过了40%。“外围压力”催动“资金踩踏”？在针对“白马诅咒”的情况走访投资机构的过程中，记者发现，受访机构普遍认为，近期市场调整主要压力主要在于外部因素，同各类市场传闻的关联则有限。华夏基金方面就告诉记者，虽然近期A股市场负面情绪扰动较多，但调整压力主要来自外部风险。在美联储货币政策加速收紧背景下，美元加息超预期，全球流动性总量收缩，导致风险资产剧烈波动，人民币汇率贬值压力加大；此外，加之部分传闻引发市场担忧，在内部经济复苏尚不稳固的情况下，投资者信心不足，导致股指出现惯性大跌。星石投资首席权益投资官郭希淳向记者表示，近期美联储紧缩和美国经济的走势将是未来对资产价格持续影响的重要因素。他指出，对于国内市场而言，国内经济基本面及经济预期是核心因素，但也需要关注海外市场波动带来的情绪传导。“目前国内股市维持缩量特征，市场情绪偏弱但并未出现进一步下行，美联储加息落地后对国内股市的实际影响将低于海外市场。今年以来，中美货币政策持续背离，我们认为近期人民币贬值也并不会影响国内流动性维持宽松的情况，叠加目前A股整体估值并不算高，A股受到的估值端压力明显小于美股。”郭希淳说。广州一家私募的投资经理刘禾则向记者指出，眼下市场存在的一些解读，将出现闪崩情形的白马股归结于对应的市场传闻所引发，但在他看来，这样的解读无异于“拿着答案找问题”。“传闻本来就是市场的过度解读，比如9月12日引发CXO动荡的那则‘美国禁令’，主要内容以鼓励医药制品的境内生产为主，但是并没有明确细针对国内的CXO产业的细则，结果传闻最后发酵成了CXO禁令。”刘禾说。在刘禾看来，上述传闻实际上不足以引发市场的大幅动荡。“发生闪崩的白马股都具有明显放量的特征，应当是机构资金出逃所致。”他指出。记者查阅市场数据发现，9月13日，即药明康德大跌当日，其龙虎榜数据显示，在卖出药明康德金额最大的前五名中，就有2家机构专用席位，各自卖出1.39亿元及2.45亿元。9月20日，三安光电龙虎榜中，卖方中有4家机构席位，合计卖出近7亿元。对于为何会出现机构齐齐抛售的情形，刘禾认为是估值回归的体现。“公司还是哪些公司，现在市场情绪导致估值有所不同，加之近来市场资金略有收紧，美联储激进升息，外资连续流出，自然要从暂无炒作热点的老白马中撤出资金。”刘禾表示。沪上一家公募的基金经理也告诉记者，此次闪崩的一系列白马股，自4月以来并未经历反弹行情，且部分公司的业绩增速放缓，出现了成长性与估值错配的情形。“就是因为这些白马一直在回调，回调太多了，到了某一个点位突然引发市场情绪的崩塌，资金开始踩踏出逃，而对于4月后，出现反弹的热门股，如今就算面临回调也仍有获利在手，当基金经理面临赎回压力时，便会考虑弃车保帅。”上述人士进一步补充。金信基金的基金经理黄飙也认为，近来市场行情变化，主要受外围市场风险传导影响，进而加剧了市场担忧。黄飙告诉记者，此次市场调整是经济底部阶段的一次风险集中释放，属于短期调整范畴，不必过于恐慌，新兴成长产业的景气度以及整体经济的中长期内生增长动力依然稳固，泛科技相关赛道细分龙头公司具有显著的壁垒和长期抗风险能力，技术创新和业绩增长将会是穿越周期的最持久的推动力。“科技创新与能源转型相关成长赛道景气依然较高，龙头公司的业绩增长确定性强，尽管估值溢价受到国内及外围宏观风险会有所波动，但这些赛道依然是市场主流资金的中长期投资方向，坚实的业绩将推动整体股价波动上行；此外，从经济前景看，目前国内经济增速在U型底部徘徊，通胀压力缓和，货币流动性非常充裕，利率处于低位，有利于市场估值维持在中性以上水平。”黄飙进一步补充称。展望后市，长城基金方面则直言，预计十一国庆长假前，行情将维持“鸡肋”状态，长假过后，随着“二十大”的召开，对于各项工作做出指导，市场交投情绪将有望逐渐回暖。“当前阶段比较复杂频繁的环境变化，对于市场来说挑战和机遇并存，逆全球化、内循环以及各类安全主题有可能会成为具有中期持续性的题材；就国内环境而言，经济的复苏仍然是大方向，十月中旬后稳增长和疫后复苏题材可能会呈现比较好的弹性。”长城基金如是称。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":5106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9910446394,"gmtCreate":1663674060618,"gmtModify":1676537312997,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9910446394","repostId":"1108312879","repostType":4,"isVote":1,"tweetType":1,"viewCount":4505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9937987684,"gmtCreate":16633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10:27","market":"us","language":"zh","title":"ETF Tracking | A Strong Dollar Becomes a Fatal Nightmare for Stock Market Investors! This ETF can save lives.","url":"https://stock-news.laohu8.com/highlight/detail?id=1198267340","media":"ETF小帮手","summary":"主要观点：美元指数创新高的直接原因是美联储开启激进加息周期来遏制高通胀。此外，美国经济复苏情况更优、市场避险情绪加大以及非美货币疲软也是美元创新高的推动因素。美元指数是衡量美元兑其他世界储备货币的汇率","content":"<p><html><head></head><body>Key takeaway: The direct reason the US Dollar Index hit a new high is that the Federal Reserve initiated an aggressive rate hike cycle to curb high inflation. In addition, a better US economic recovery, increased market risk aversion, and weakness in non-US currencies were also driving factors behind the dollar's record high. The the US Dollar Index measures the exchange rate of the US dollar against other world reserve currencies. Although the index includes the euro, pound sterling, yen, Canadian dollar, Swedish krona, and Swiss franc, the movement of the euro against the dollar dominates the index. The euro in the US Dollar Index has a currency weight of 57.6% against the US dollar.<img src=\"https://static.tigerbbs.com/83d4bcccde50851b02545042d6130d0f\" tg-width=\"779\" tg-height=\"318\" referrerpolicy=\"no-referrer\"/>The current bullish trend in the US Dollar Index began in early 2021, when the index bottomed out at 89.165. Since then, the index has repeatedly hit new highs, reaching nearly 110 on September 1, 2022. Currency trends often last for years, and the bullish trend of the US dollar may continue to break new highs.</p><p>The Invesco DB USD Bullish Fund (NYSEARCA: UUP) rises and falls with the index, while the UDN product does the opposite.</p><p><b>the US Dollar Index hits 20-year high</b></p><p>the US Dollar Index futures contracts fell to a low of 89.165 in early January 2021. Since then, the index has continuously hit higher lows and higher highs, breaking through the key technical resistance level of May 2022.<img src=\"https://static.tigerbbs.com/3f8564ecc097378d7f7d24f71543b09c\" tg-width=\"640\" tg-height=\"441\" referrerpolicy=\"no-referrer\"/>ICE the US Dollar Index Futures Contract (Bar Chart)</p><p>The chart shows the US Dollar Index reaching a technical breakout of the 110.260 high on September 1. The index last exceeded 110 in 2002. It closed at 109.510 on Friday, September 2, and hit a new high on Monday, September 2.</p><p><b>The Federal Reserve remains committed to fighting inflation</b></p><p>U.S. monetary policy has been one of the factors that ignited the bullish trend in the dollar over the past few months and pushed it to its best level in two decades. At their recent annual meeting in Jackson Hole, Wyoming, Federal Reserve Chairman Jerome Powell and other Fed economists reiterated their hawkish commitment to combating inflation by raising interest rates. Markets predict that the Federal Reserve will raise its Federal Funds rate by 50 or even 75 basis points at its upcoming September FOMC meeting.</p><p><b>Bearish trend in the euro</b></p><p>At the same time, the European war created an almost perfect fundamental bullish case for the dollar, which put enormous pressure on the euro. It has been 20 years since the euro traded at parity against the dollar. The euro fell below parity against the US dollar on September 5 after a steady decline since the beginning of 2021.<img src=\"https://static.tigerbbs.com/da34b9fe36b19265f0fca0b6031cb214\" tg-width=\"640\" tg-height=\"445\" referrerpolicy=\"no-referrer\"/>EUR/USD currency pair (bar chart)</p><p>The chart shows the lowest resistance path for the euro against the dollar since it fell to $1.2349 in early January 2021 and hit a recent low of $0.98785 on September 5.</p><p><b>UUP is a bullish the US Dollar Index ETF product.</b></p><p>The most direct route to risk positions in the US Dollar Index is through futures contracts on the Intercontinental Exchange (ICE). For those who do not wish to participate in the rise of the US dollar without getting involved in the futures market or the global over-the-counter foreign exchange market, the Invesco DB the US Dollar Index Bullish Fund follows the rise of the index. UUP's bearish counterpart, UDN, is the opposite.</p><p>At $29.38 per share on September 2, UUP had $2.051 billion in assets under management. The fund trades an average of more than 3.9 million shares per day and charges a management fee of 0.78%. The $17.52 bearish UDN product manages $71.884 million in assets. UDN trades an average of 141,895 shares per day, with an expense ratio of 0.77%.</p><p>the US Dollar Index rose from 89.165 at the beginning of 2021 to 109.980 on September 1, 2022, an increase of 23.3%.<img src=\"https://static.tigerbbs.com/03929f887ee6835c06e2c93d7243814c\" tg-width=\"640\" tg-height=\"464\" referrerpolicy=\"no-referrer\"/>UUP Bull the US Dollar Index ETF Product Chart (Bar Chart)</p><p>During the same period, UUP rose from $24.09 per share to $29.47, an increase of 22.3%.</p><p>During the same period, bearish UDN products fell from $21.91 per share to $17.49, a drop of 20.2%. UUP and UDN products perform exceptionally well in tracking the US Dollar Index movements. UUP and UDN only trade during U.S. stock market hours, so they may miss highs or lows outside of U.S. stock market trading hours. the US Dollar Index hit a 20-year high on Monday, September 5, the US Labor Day holiday, when UUP and UDN were unable to trade.</p><p>As of early September 2022, the the US Dollar Index continued to rise. While bullish trends rarely move in a straight line, and the possibility of occasional corrections increases as levels rise, the US dollar remains the world’s strongest fiat reserve currency, with rising US interest rates and geopolitical turmoil in Europe supporting the dollar’s upward trend. If the Federal Reserve continues to use violent rate hike to curb inflation, and your portfolio contains a large amount of stocks and commodity bonds, you can consider UUP to hedge your investment risks.</p><p>Potential obstacles to higher the US Dollar Index are the end of hostilities in Europe and the Federal Reserve's shift in monetary policy to cope with mounting recessionary pressures.</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>ETF Tracking | A Strong Dollar Becomes a Fatal Nightmare for Stock Market Investors! This ETF can save lives.</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\">\nETF Tracking | A Strong Dollar Becomes a Fatal Nightmare for Stock Market Investors! This ETF can save lives.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1030108964\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/53452c6d05728a1369e33ffed184d759);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">ETF小帮手 </p>\n<p class=\"h-time smaller\">2022-09-08 10:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Key takeaway: The direct reason the US Dollar Index hit a new high is that the Federal Reserve initiated an aggressive rate hike cycle to curb high inflation. In addition, a better US economic recovery, increased market risk aversion, and weakness in non-US currencies were also driving factors behind the dollar's record high. The the US Dollar Index measures the exchange rate of the US dollar against other world reserve currencies. Although the index includes the euro, pound sterling, yen, Canadian dollar, Swedish krona, and Swiss franc, the movement of the euro against the dollar dominates the index. The euro in the US Dollar Index has a currency weight of 57.6% against the US dollar.<img src=\"https://static.tigerbbs.com/83d4bcccde50851b02545042d6130d0f\" tg-width=\"779\" tg-height=\"318\" referrerpolicy=\"no-referrer\"/>The current bullish trend in the US Dollar Index began in early 2021, when the index bottomed out at 89.165. Since then, the index has repeatedly hit new highs, reaching nearly 110 on September 1, 2022. Currency trends often last for years, and the bullish trend of the US dollar may continue to break new highs.</p><p>The Invesco DB USD Bullish Fund (NYSEARCA: UUP) rises and falls with the index, while the UDN product does the opposite.</p><p><b>the US Dollar Index hits 20-year high</b></p><p>the US Dollar Index futures contracts fell to a low of 89.165 in early January 2021. Since then, the index has continuously hit higher lows and higher highs, breaking through the key technical resistance level of May 2022.<img src=\"https://static.tigerbbs.com/3f8564ecc097378d7f7d24f71543b09c\" tg-width=\"640\" tg-height=\"441\" referrerpolicy=\"no-referrer\"/>ICE the US Dollar Index Futures Contract (Bar Chart)</p><p>The chart shows the US Dollar Index reaching a technical breakout of the 110.260 high on September 1. The index last exceeded 110 in 2002. It closed at 109.510 on Friday, September 2, and hit a new high on Monday, September 2.</p><p><b>The Federal Reserve remains committed to fighting inflation</b></p><p>U.S. monetary policy has been one of the factors that ignited the bullish trend in the dollar over the past few months and pushed it to its best level in two decades. At their recent annual meeting in Jackson Hole, Wyoming, Federal Reserve Chairman Jerome Powell and other Fed economists reiterated their hawkish commitment to combating inflation by raising interest rates. Markets predict that the Federal Reserve will raise its Federal Funds rate by 50 or even 75 basis points at its upcoming September FOMC meeting.</p><p><b>Bearish trend in the euro</b></p><p>At the same time, the European war created an almost perfect fundamental bullish case for the dollar, which put enormous pressure on the euro. It has been 20 years since the euro traded at parity against the dollar. The euro fell below parity against the US dollar on September 5 after a steady decline since the beginning of 2021.<img src=\"https://static.tigerbbs.com/da34b9fe36b19265f0fca0b6031cb214\" tg-width=\"640\" tg-height=\"445\" referrerpolicy=\"no-referrer\"/>EUR/USD currency pair (bar chart)</p><p>The chart shows the lowest resistance path for the euro against the dollar since it fell to $1.2349 in early January 2021 and hit a recent low of $0.98785 on September 5.</p><p><b>UUP is a bullish the US Dollar Index ETF product.</b></p><p>The most direct route to risk positions in the US Dollar Index is through futures contracts on the Intercontinental Exchange (ICE). For those who do not wish to participate in the rise of the US dollar without getting involved in the futures market or the global over-the-counter foreign exchange market, the Invesco DB the US Dollar Index Bullish Fund follows the rise of the index. UUP's bearish counterpart, UDN, is the opposite.</p><p>At $29.38 per share on September 2, UUP had $2.051 billion in assets under management. The fund trades an average of more than 3.9 million shares per day and charges a management fee of 0.78%. The $17.52 bearish UDN product manages $71.884 million in assets. UDN trades an average of 141,895 shares per day, with an expense ratio of 0.77%.</p><p>the US Dollar Index rose from 89.165 at the beginning of 2021 to 109.980 on September 1, 2022, an increase of 23.3%.<img src=\"https://static.tigerbbs.com/03929f887ee6835c06e2c93d7243814c\" tg-width=\"640\" tg-height=\"464\" referrerpolicy=\"no-referrer\"/>UUP Bull the US Dollar Index ETF Product Chart (Bar Chart)</p><p>During the same period, UUP rose from $24.09 per share to $29.47, an increase of 22.3%.</p><p>During the same period, bearish UDN products fell from $21.91 per share to $17.49, a drop of 20.2%. UUP and UDN products perform exceptionally well in tracking the US Dollar Index movements. UUP and UDN only trade during U.S. stock market hours, so they may miss highs or lows outside of U.S. stock market trading hours. the US Dollar Index hit a 20-year high on Monday, September 5, the US Labor Day holiday, when UUP and UDN were unable to trade.</p><p>As of early September 2022, the the US Dollar Index continued to rise. While bullish trends rarely move in a straight line, and the possibility of occasional corrections increases as levels rise, the US dollar remains the world’s strongest fiat reserve currency, with rising US interest rates and geopolitical turmoil in Europe supporting the dollar’s upward trend. If the Federal Reserve continues to use violent rate hike to curb inflation, and your portfolio contains a large amount of stocks and commodity bonds, you can consider UUP to hedge your investment risks.</p><p>Potential obstacles to higher the US Dollar Index are the end of hostilities in Europe and the Federal Reserve's shift in monetary policy to cope with mounting recessionary pressures.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/020072d4d1ad231ae4a1345540d7972c","relate_stocks":{"QQQ":"纳指100ETF","UDN":"做空美元指数-PowerShares","UUP":"美元ETF-PowerShares DB"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198267340","content_text":"主要观点：美元指数创新高的直接原因是美联储开启激进加息周期来遏制高通胀。此外，美国经济复苏情况更优、市场避险情绪加大以及非美货币疲软也是美元创新高的推动因素。美元指数是衡量美元兑其他世界储备货币的汇率。虽然该指数包括欧元、英镑、日元、加元、瑞典克朗和瑞士法郎，但欧元兑美元汇率的走势主导着该指数。美元指数欧元兑美元货币权重为 57.6%。当前美元指数的看涨趋势始于 2021年初，当时该指数触底 89.165。此后，该指数屡创新高，于 2022年 9月 1日达到接近 110的水平。货币趋势往往持续多年，美元的看涨趋势或继续突破新高。Invesco DB美元看涨基金 ( NYSEARCA: UUP )随指数上涨和下跌，而 UDN产品则相反。美元指数创二十年新高美元指数期货合约在 2021年 1月上旬跌至 89.165的低点。此后，该指数不断创出更高的低点和更高的高点，突破了 2022年 5月的关键技术阻力位。ICE美元指数期货合约（条形图）图表显示美元指数在 9月1日达到 110.260高点的技术突破。该指数上一次超过 110是在 2002年。它在 9月 2日星期五收于 109.510，并在 9月星期一创下新高。美联储仍致力于对抗通胀美国货币政策是过去几个月点燃美元看涨导火索并将其推至二十年来最好水平的因素之一。最近在怀俄明州杰克逊霍尔举行的年度会议上，美联储主席杰罗姆鲍威尔和其他美联储经济学家重申了他们通过提高利率来对抗通胀的鹰派承诺。市场预测美联储在即将举行的 9月 FOMC会议上将联邦基金利率上调50甚至 75个基点。欧元的看跌趋势与此同时，欧洲战争为美元创造了一个几乎完美的基本面看涨案例，这给欧元带来了巨大压力。自欧元兑美元以平价交易以来，已经过去了 20年。欧元兑美元汇率自 2021年初以来稳步下跌后，于 9月 5日跌破平价。欧元兑美元货币对（条形图）该图表显示了欧元兑美元自 2021年 1月初跌至 1.2349美元、9月 5日触及近期低点 0.98785美元以来的最小阻力路径。UUP是看涨美元指数ETF产品美元指数中风险头寸的最直接途径是通过洲际交易所 ( ICE )的期货合约。对于那些不希望涉足期货市场或全球场外外汇市场的情况下参与美元上涨的人来说，Invesco DB美元指数看涨基金随着指数的上涨。UUP的看跌对手 UDN产品则相反。在 9月 2日每股 29.38美元的水平上，UUP管理的资产为 20.51亿美元。该基金平均每天交易超过 390万股，并收取 0.78%的管理费。17.52美元的看跌 UDN产品管理着 7188.4万美元的资产。UDN平均每天交易 141,895股，费用率为 0.77%。美元指数从 2021年初的 89.165升至 2022年 9月 1日的 109.980，涨幅为 23.3%。UUP牛市美元指数ETF产品图表（条形图）同期，UUP从每股 24.09美元上涨至 29.47美元，涨幅为 22.3%。同期看跌的 UDN产品从每股 21.91美元跌至 17.49美元，跌幅为 20.2%。UUP和 UDN产品在跟踪美元指数的上下波动方面表现出色。UUP和 UDN仅在美国股市运行期间交易，因此它们可能会错过美国股市交易时间以外的高点或低点。美元指数在 9月 5日星期一美国劳动节假期创下 20年来新高，当时 UUP和 UDN无法交易。截至 2022年 9月上旬，美元指数走势依然走高。虽然看涨趋势很少直线移动，并且偶尔修正的可能性随着水平的增加而增加，但美元仍然是世界上最强劲的法定储备货币，美国利率上升和欧洲地缘政治动荡为美元的上涨趋势提供支持。如果美联储继续暴力加息遏制通胀，而你的投资组合里面包含大量股票和商品债券，可以考虑UUP对冲投资风险。美元指数走高的潜在障碍是欧洲敌对行动的结束和美联储为应对日益加剧的衰退压力而转变货币政策。","news_type":1,"symbols_score_info":{"QQQ":0.9,"UUP":0.9,"UDN":0.9}},"isVote":1,"tweetType":1,"viewCount":4602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938707190,"gmtCreate":1662674306310,"gmtModify":1676537112429,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938707190","repostId":"1124805025","repostType":4,"repost":{"id":"1124805025","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":1662624142,"share":"https://ttm.financial/m/news/1124805025?lang=en_US&edition=fundamental","pubTime":"2022-09-08 16:02","market":"us","language":"zh","title":"Unusual Developments | Two Major Positive Factors Boost Them! Game Station rose more than 11% in pre-market trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1124805025","media":"老虎资讯综合","summary":"9月8日，美股指期货小幅走低，道指期货跌0.16%，纳指期货跌0.2%，标普500指数期货跌0.18%。热门中概股盘前走低，网易、小鹏汽车跌超3%，理想汽车跌近3%，贝壳跌2.5%，阿里巴巴跌近2%；","content":"<p><html><head></head><body>On September 8, U.S. stock index futures fell slightly, with Dow Jones futures down 0.16%, Nasdaq futures down 0.2%, and S&P 500 futures down 0.18%.</p><p><img src=\"https://static.tigerbbs.com/5ecf989e562a3ae30178b99074a91a48\" tg-width=\"386\" tg-height=\"191\" referrerpolicy=\"no-referrer\"/></p><p>Popular Chinese concept stocks fell in pre-market trading.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It fell more than 3%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell nearly 3%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell 2.5%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It fell nearly 2%;</p><p><a href=\"https://laohu8.com/S/GME\">Game Station</a>The stock rose more than 11% in pre-market trading after reporting a better-than-expected net loss of $108.7 million in Q2 following a partnership with cryptocurrency exchange FTX.</p><p><a href=\"https://laohu8.com/S/GSAT\">Global Star</a>It rose more than 5% in pre-market trading, providing satellite communication services for the iPhone 14;</p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The stock rose nearly 2% in pre-market trading after turning a profit in the second quarter, marking the third consecutive quarter of adjusted profitability.</p><p><a href=\"https://laohu8.com/S/FSLR\">First solar</a>It rose nearly 4% in pre-market trading.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>We upgraded its rating by two notches to buy and significantly raised the target price to $172.</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>Unusual Developments | Two Major Positive Factors Boost Them! Game Station rose more than 11% in pre-market trading.</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\">\nUnusual Developments | Two Major Positive Factors Boost Them! Game Station rose more than 11% in pre-market trading.\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\">2022-09-08 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On September 8, U.S. stock index futures fell slightly, with Dow Jones futures down 0.16%, Nasdaq futures down 0.2%, and S&P 500 futures down 0.18%.</p><p><img src=\"https://static.tigerbbs.com/5ecf989e562a3ae30178b99074a91a48\" tg-width=\"386\" tg-height=\"191\" referrerpolicy=\"no-referrer\"/></p><p>Popular Chinese concept stocks fell in pre-market trading.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It fell more than 3%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell nearly 3%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell 2.5%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It fell nearly 2%;</p><p><a href=\"https://laohu8.com/S/GME\">Game Station</a>The stock rose more than 11% in pre-market trading after reporting a better-than-expected net loss of $108.7 million in Q2 following a partnership with cryptocurrency exchange FTX.</p><p><a href=\"https://laohu8.com/S/GSAT\">Global Star</a>It rose more than 5% in pre-market trading, providing satellite communication services for the iPhone 14;</p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The stock rose nearly 2% in pre-market trading after turning a profit in the second quarter, marking the third consecutive quarter of adjusted profitability.</p><p><a href=\"https://laohu8.com/S/FSLR\">First solar</a>It rose nearly 4% in pre-market trading.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>We upgraded its rating by two notches to buy and significantly raised the target price to $172.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{"BK4547":"WSB热门概念","BK4076":"电脑与电子产品零售","GME":"游戏驿站","BK4577":"网络游戏"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124805025","content_text":"9月8日，美股指期货小幅走低，道指期货跌0.16%，纳指期货跌0.2%，标普500指数期货跌0.18%。热门中概股盘前走低，网易、小鹏汽车跌超3%，理想汽车跌近3%，贝壳跌2.5%，阿里巴巴跌近2%；游戏驿站盘前涨超11%，Q2录得净亏损1.087亿美元好于预期，公司与加密货币交易所FTX达成合作；全球星盘前涨超5%，为iPhone14提供卫星通信服务；高途盘前涨近2%，二季度经调业绩扭亏为盈，连续三个季度实现经调盈利；第一太阳能盘前涨近4%，高盛将其评级连升两级至买入，大幅上调目标价至172美元。","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":4574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938704714,"gmtCreate":1662674292339,"gmtModify":1676537112421,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938704714","repostId":"1107067060","repostType":4,"repost":{"id":"1107067060","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":1662626319,"share":"https://ttm.financial/m/news/1107067060?lang=en_US&edition=fundamental","pubTime":"2022-09-08 16:38","market":"us","language":"zh","title":"Market Overview | Tencent's major shareholder reduces holdings, tourism stocks become new hotspots","url":"https://stock-news.laohu8.com/highlight/detail?id=1107067060","media":"老虎资讯综合","summary":"恒生指数跌1%失守19000点。","content":"<p><html><head></head><body><b>Hong Kong Stocks</b></p><p>Today, the three major Hong Kong stock indices accelerated their decline in the afternoon. The Hang Seng Index fell 1% below 19,000 points, and the Hong Kong Composite Index fell 1.18%, marking their sixth consecutive decline. The Hang Seng Tech Index also fell 1%, breaking below the 4,000-point mark, with all three indices hitting new lows for the period.</p><p><img src=\"https://static.tigerbbs.com/da7032bb707f39db3c893a48cc933ea1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Mainland property developer stocks fell.<a href=\"https://laohu8.com/S/00884\">CIFI Holdings Group</a>It fell 13.59%.<a href=\"https://laohu8.com/S/03383\">Agile Group</a>It fell 7.12%.<a href=\"https://laohu8.com/S/02007\">Country Garden</a>It fell 6.78%.<a href=\"https://laohu8.com/S/00960\">Longfor Group</a>It fell 1.13%.<a href=\"https://laohu8.com/S/01109\">CR Land</a>It fell 1.53%, but<a href=\"https://laohu8.com/S/03900\">Greentown China</a>It rose 1.24%. previously<a href=\"https://laohu8.com/S/01918\">Sunac China</a>Sunac claimed that the sudden \"winding-up petition\" was an aggressive move by a single creditor and would not affect the company's operations or the progress of debt restructuring.</p><p>Oil stocks saw the largest declines.<a href=\"https://laohu8.com/S/02883\">China Ocean Oilfield Services</a>It fell more than 4%.<a href=\"https://laohu8.com/S/00883\">China National Offshore Oil</a>It fell more than 3%.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>It fell more than 1%.<a href=\"https://laohu8.com/S/SNP\">Sinopec</a>Following the decline.</p><p>Auto stocks fell.<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>It fell nearly 5%.<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>、<a href=\"https://laohu8.com/S/01211\">BYD Group</a>It fell more than 3%.<a href=\"https://laohu8.com/S/02015\">Li Auto-W</a>It fell 2.96%.<a href=\"https://laohu8.com/S/09868\">XPeng Automobile - W</a>It fell 2.64%.<a href=\"https://laohu8.com/S/09866\">Nio-SW</a>Hong Kong stocks fell 0.87%.</p><p>Power stocks surged.<a href=\"https://laohu8.com/S/01798\">Datang New Energy</a>It rose more than 10%.<a href=\"https://laohu8.com/S/00902\">Huaneng International Power Co.,</a>China Resources Power rose over 6%, and China Resources Power rose over 5%<a href=\"https://laohu8.com/S/02380\">China Power</a>It rose more than 3%.</p><p><img src=\"https://static.tigerbbs.com/8c608cf5a6c51e99a76ec330cd4dcf6b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>The semiconductor sector rose.<a href=\"https://laohu8.com/S/02878\">crystal gate semiconductor</a>It rose more than 8%.<a href=\"https://laohu8.com/S/01385\">Shanghai Fudan University</a>It rose more than 7%.<a href=\"https://laohu8.com/S/06908\">Hongguang Semiconductor</a>Waiting for the price to rise.</p><p>Tourism stocks performed actively.<a href=\"https://laohu8.com/S/00487\">Shide Global</a>Up more than 14%,<a href=\"https://laohu8.com/S/08069\">Zonghengyou Holdings</a>It rose more than 10%.<a href=\"https://laohu8.com/S/00234\">New Century Group</a>It rose more than 8%.<a href=\"https://laohu8.com/S/06882\">Japan Tour</a>It rose more than 3%.</p><p><a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It fell by more than 3%.<b>According to data from the CCASS system on September 7, Tencent shareholders transferred 193 million shares (2%) to Hong Kong's central clearing system.</b><b>This often means that the shareholders concerned will sell these shares.</b><b>It is worth noting that Naspers, Tencent's major shareholder in South Africa, and its internet investment flagship Prosus announced at the end of June this year that they would reduce their holdings in Tencent without limit to cash out to support their own share buybacks.</b></p><p><img src=\"https://static.tigerbbs.com/6c35ca80d5cbd52bad8f7d15449ac7c9\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>A-shares</b></p><p>On September 8, all three major A-share indices fell. The Shanghai Composite Index fluctuated narrowly in the morning session and continued to decline in the afternoon, closing down 0.33% at 3235 points. The Shenzhen Component Index fell 0.86%, and the ChiNext Index was affected by...<a href=\"https://laohu8.com/S/300750\">CATL</a>The impact fell by 1.86%. The combined turnover of the Shanghai and Shenzhen stock exchanges reached 788 billion yuan, with northbound capital seeing a net outflow of 86 million yuan, marking the sixth consecutive day of net selling.</p><p><img src=\"https://static.tigerbbs.com/df7a4905a8d12acf6ebde0b7d9355988\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Gas-related stocks saw the largest declines.<a href=\"https://laohu8.com/S/000593\">Delong Huineng</a>、<a href=\"https://laohu8.com/S/605090\">Jiufeng Energy</a>、<a href=\"https://laohu8.com/S/000421\">Nanjing Public</a>Limit down,<a href=\"https://laohu8.com/S/605169\">Hongtong Gas</a>、<a href=\"https://laohu8.com/S/603318\">water-generated gas</a>、<a href=\"https://laohu8.com/S/300483\">Shouhua Gas</a>、<a href=\"https://laohu8.com/S/603706\">Dongfang Huanyu</a>Wait for the price to fall. In terms of news, the EU will propose imposing restrictions on Russian natural gas prices in order to reduce Russia's fiscal revenue.</p><p>Oil stocks fell.<a href=\"https://laohu8.com/S/600777\">Xinchao Energy</a>It fell more than 4%.<a href=\"https://laohu8.com/S/600938\">CNOOC</a>It fell more than 3%.<a href=\"https://laohu8.com/S/000968\">Blue Flame Holdings</a>、<a href=\"https://laohu8.com/S/600759\">ST Intercontinental</a>Following the decline. International oil prices fell sharply on Wednesday, and investors were further pessimistic about the outlook for oil demand.</p><p>The lithium battery concept fluctuated downwards.<a href=\"https://laohu8.com/S/300750\">CATL</a>It fell more than 5%.<a href=\"https://laohu8.com/S/300014\">EVE Energy</a>、<a href=\"https://laohu8.com/S/002812\">Enjie Group</a>、<a href=\"https://laohu8.com/S/603799\">Huayou Cobalt</a>It fell more than 3%.<a href=\"https://laohu8.com/S/002466\">Tianqi Lithium</a>、<a href=\"https://laohu8.com/S/002460\">Ganfeng Lithium</a>Wait for the price to fall. Although the arrival of the peak season has driven lithium prices to continue rising, market investors' fear of high prices is spreading, and there are widespread concerns about the sustainability of lithium prices.</p><p><img src=\"https://static.tigerbbs.com/456632ef74a94758e63b817b5745073a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Precious metals concept stocks led the gains.<a href=\"https://laohu8.com/S/000975\">Yintai Gold</a>It rose more than 8%.<a href=\"https://laohu8.com/S/002155\">Hunan Gold</a>It rose more than 5%.<a href=\"https://laohu8.com/S/601069\">Western Gold</a>、<a href=\"https://laohu8.com/S/300139\">Xiaocheng Technology</a>Waiting for the price to rise.</p><p>The hotel and catering sector surged.<a href=\"https://laohu8.com/S/605108\">Tongqing Building</a>It rose more than 8%.<a href=\"https://laohu8.com/S/301073\">Junting Hotel</a>It rose more than 6%.<a href=\"https://laohu8.com/S/000610\">Xi'an Tourism</a>It rose more than 4%.<a href=\"https://laohu8.com/S/000721\">Xi'an Cuisine</a>、<a href=\"https://laohu8.com/S/600258\">BTG Hotel</a>Waiting for the price to rise.<a href=\"https://laohu8.com/S/601555\">Dongwu Securities</a>It was pointed out that the stability of the service consumption industry chain has increased with the pandemic under control, and the company is optimistic about the recovery of performance elasticity after the pandemic stabilizes.</p><p>Tourism, scenic spots, and airport concepts collectively strengthened.<a href=\"https://laohu8.com/S/000978\">Guilin tourism</a>Hit the daily limit.<a href=\"https://laohu8.com/S/300144\">Songcheng Performing Arts</a>Zhangchao, Shanghai Airport<a href=\"https://laohu8.com/S/600004\">Baiyun Airport</a>It rose more than 3%. In the past week, local hotel bookings for the Mid-Autumn Festival have increased by more than 1.7 times compared to the previous week, and bookings for local scenic spot tickets and other vacation products have increased by more than 2.3 times.</p><p><b>US stocks</b></p><p>U.S. stock index futures fell slightly. The market is focused on Federal Reserve Chairman Powell's speech tonight.<img src=\"https://static.tigerbbs.com/66e5b70e89326d37ecea79cf90b92a89\" tg-width=\"768\" tg-height=\"263\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The stock rose more than 3% in pre-market trading after turning a profit in the second quarter, marking the third consecutive quarter of adjusted profitability.</p><p>Some Chinese concept stocks declined.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Down 3%<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It fell 2.8%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell 1.91%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell 1.76%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It fell 1.66%.</p><p><a href=\"https://laohu8.com/S/GME\">Game Station</a>The stock rose more than 9% in pre-market trading after reporting a better-than-expected net loss of $108.7 million in Q2 following a partnership with cryptocurrency exchange FTX.</p><p><a href=\"https://laohu8.com/S/GSAT\">Global Star</a>It rose 5% in pre-market trading after providing satellite communication services for the iPhone 14.</p><p><b>Commodities</b></p><p>International oil prices fluctuated. Despite investor concerns that fuel supplies could become increasingly tight due to the deep energy standoff between Europe and Russia, central bank rate hike from major global economies continued to be bearish on the oil market.</p><p><img src=\"https://static.tigerbbs.com/4bb4cc5dc5ad544c506b4d4ee15c15c4\" tg-width=\"881\" tg-height=\"536\" referrerpolicy=\"no-referrer\"/></p><p>International gold prices fluctuated narrowly. The market is still observing the Federal Reserve's policy direction.</p><p><img src=\"https://static.tigerbbs.com/ba902eeb61755d05811fbde98b0d30e5\" tg-width=\"1020\" tg-height=\"563\" 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>Market Overview | Tencent's major shareholder reduces holdings, tourism stocks become new hotspots</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\">\nMarket Overview | Tencent's major shareholder reduces holdings, tourism stocks become new hotspots\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\">2022-09-08 16:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Hong Kong Stocks</b></p><p>Today, the three major Hong Kong stock indices accelerated their decline in the afternoon. The Hang Seng Index fell 1% below 19,000 points, and the Hong Kong Composite Index fell 1.18%, marking their sixth consecutive decline. The Hang Seng Tech Index also fell 1%, breaking below the 4,000-point mark, with all three indices hitting new lows for the period.</p><p><img src=\"https://static.tigerbbs.com/da7032bb707f39db3c893a48cc933ea1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Mainland property developer stocks fell.<a href=\"https://laohu8.com/S/00884\">CIFI Holdings Group</a>It fell 13.59%.<a href=\"https://laohu8.com/S/03383\">Agile Group</a>It fell 7.12%.<a href=\"https://laohu8.com/S/02007\">Country Garden</a>It fell 6.78%.<a href=\"https://laohu8.com/S/00960\">Longfor Group</a>It fell 1.13%.<a href=\"https://laohu8.com/S/01109\">CR Land</a>It fell 1.53%, but<a href=\"https://laohu8.com/S/03900\">Greentown China</a>It rose 1.24%. previously<a href=\"https://laohu8.com/S/01918\">Sunac China</a>Sunac claimed that the sudden \"winding-up petition\" was an aggressive move by a single creditor and would not affect the company's operations or the progress of debt restructuring.</p><p>Oil stocks saw the largest declines.<a href=\"https://laohu8.com/S/02883\">China Ocean Oilfield Services</a>It fell more than 4%.<a href=\"https://laohu8.com/S/00883\">China National Offshore Oil</a>It fell more than 3%.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>It fell more than 1%.<a href=\"https://laohu8.com/S/SNP\">Sinopec</a>Following the decline.</p><p>Auto stocks fell.<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>It fell nearly 5%.<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>、<a href=\"https://laohu8.com/S/01211\">BYD Group</a>It fell more than 3%.<a href=\"https://laohu8.com/S/02015\">Li Auto-W</a>It fell 2.96%.<a href=\"https://laohu8.com/S/09868\">XPeng Automobile - W</a>It fell 2.64%.<a href=\"https://laohu8.com/S/09866\">Nio-SW</a>Hong Kong stocks fell 0.87%.</p><p>Power stocks surged.<a href=\"https://laohu8.com/S/01798\">Datang New Energy</a>It rose more than 10%.<a href=\"https://laohu8.com/S/00902\">Huaneng International Power Co.,</a>China Resources Power rose over 6%, and China Resources Power rose over 5%<a href=\"https://laohu8.com/S/02380\">China Power</a>It rose more than 3%.</p><p><img src=\"https://static.tigerbbs.com/8c608cf5a6c51e99a76ec330cd4dcf6b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>The semiconductor sector rose.<a href=\"https://laohu8.com/S/02878\">crystal gate semiconductor</a>It rose more than 8%.<a href=\"https://laohu8.com/S/01385\">Shanghai Fudan University</a>It rose more than 7%.<a href=\"https://laohu8.com/S/06908\">Hongguang Semiconductor</a>Waiting for the price to rise.</p><p>Tourism stocks performed actively.<a href=\"https://laohu8.com/S/00487\">Shide Global</a>Up more than 14%,<a href=\"https://laohu8.com/S/08069\">Zonghengyou Holdings</a>It rose more than 10%.<a href=\"https://laohu8.com/S/00234\">New Century Group</a>It rose more than 8%.<a href=\"https://laohu8.com/S/06882\">Japan Tour</a>It rose more than 3%.</p><p><a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It fell by more than 3%.<b>According to data from the CCASS system on September 7, Tencent shareholders transferred 193 million shares (2%) to Hong Kong's central clearing system.</b><b>This often means that the shareholders concerned will sell these shares.</b><b>It is worth noting that Naspers, Tencent's major shareholder in South Africa, and its internet investment flagship Prosus announced at the end of June this year that they would reduce their holdings in Tencent without limit to cash out to support their own share buybacks.</b></p><p><img src=\"https://static.tigerbbs.com/6c35ca80d5cbd52bad8f7d15449ac7c9\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>A-shares</b></p><p>On September 8, all three major A-share indices fell. The Shanghai Composite Index fluctuated narrowly in the morning session and continued to decline in the afternoon, closing down 0.33% at 3235 points. The Shenzhen Component Index fell 0.86%, and the ChiNext Index was affected by...<a href=\"https://laohu8.com/S/300750\">CATL</a>The impact fell by 1.86%. The combined turnover of the Shanghai and Shenzhen stock exchanges reached 788 billion yuan, with northbound capital seeing a net outflow of 86 million yuan, marking the sixth consecutive day of net selling.</p><p><img src=\"https://static.tigerbbs.com/df7a4905a8d12acf6ebde0b7d9355988\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Gas-related stocks saw the largest declines.<a href=\"https://laohu8.com/S/000593\">Delong Huineng</a>、<a href=\"https://laohu8.com/S/605090\">Jiufeng Energy</a>、<a href=\"https://laohu8.com/S/000421\">Nanjing Public</a>Limit down,<a href=\"https://laohu8.com/S/605169\">Hongtong Gas</a>、<a href=\"https://laohu8.com/S/603318\">water-generated gas</a>、<a href=\"https://laohu8.com/S/300483\">Shouhua Gas</a>、<a href=\"https://laohu8.com/S/603706\">Dongfang Huanyu</a>Wait for the price to fall. In terms of news, the EU will propose imposing restrictions on Russian natural gas prices in order to reduce Russia's fiscal revenue.</p><p>Oil stocks fell.<a href=\"https://laohu8.com/S/600777\">Xinchao Energy</a>It fell more than 4%.<a href=\"https://laohu8.com/S/600938\">CNOOC</a>It fell more than 3%.<a href=\"https://laohu8.com/S/000968\">Blue Flame Holdings</a>、<a href=\"https://laohu8.com/S/600759\">ST Intercontinental</a>Following the decline. International oil prices fell sharply on Wednesday, and investors were further pessimistic about the outlook for oil demand.</p><p>The lithium battery concept fluctuated downwards.<a href=\"https://laohu8.com/S/300750\">CATL</a>It fell more than 5%.<a href=\"https://laohu8.com/S/300014\">EVE Energy</a>、<a href=\"https://laohu8.com/S/002812\">Enjie Group</a>、<a href=\"https://laohu8.com/S/603799\">Huayou Cobalt</a>It fell more than 3%.<a href=\"https://laohu8.com/S/002466\">Tianqi Lithium</a>、<a href=\"https://laohu8.com/S/002460\">Ganfeng Lithium</a>Wait for the price to fall. Although the arrival of the peak season has driven lithium prices to continue rising, market investors' fear of high prices is spreading, and there are widespread concerns about the sustainability of lithium prices.</p><p><img src=\"https://static.tigerbbs.com/456632ef74a94758e63b817b5745073a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Precious metals concept stocks led the gains.<a href=\"https://laohu8.com/S/000975\">Yintai Gold</a>It rose more than 8%.<a href=\"https://laohu8.com/S/002155\">Hunan Gold</a>It rose more than 5%.<a href=\"https://laohu8.com/S/601069\">Western Gold</a>、<a href=\"https://laohu8.com/S/300139\">Xiaocheng Technology</a>Waiting for the price to rise.</p><p>The hotel and catering sector surged.<a href=\"https://laohu8.com/S/605108\">Tongqing Building</a>It rose more than 8%.<a href=\"https://laohu8.com/S/301073\">Junting Hotel</a>It rose more than 6%.<a href=\"https://laohu8.com/S/000610\">Xi'an Tourism</a>It rose more than 4%.<a href=\"https://laohu8.com/S/000721\">Xi'an Cuisine</a>、<a href=\"https://laohu8.com/S/600258\">BTG Hotel</a>Waiting for the price to rise.<a href=\"https://laohu8.com/S/601555\">Dongwu Securities</a>It was pointed out that the stability of the service consumption industry chain has increased with the pandemic under control, and the company is optimistic about the recovery of performance elasticity after the pandemic stabilizes.</p><p>Tourism, scenic spots, and airport concepts collectively strengthened.<a href=\"https://laohu8.com/S/000978\">Guilin tourism</a>Hit the daily limit.<a href=\"https://laohu8.com/S/300144\">Songcheng Performing Arts</a>Zhangchao, Shanghai Airport<a href=\"https://laohu8.com/S/600004\">Baiyun Airport</a>It rose more than 3%. In the past week, local hotel bookings for the Mid-Autumn Festival have increased by more than 1.7 times compared to the previous week, and bookings for local scenic spot tickets and other vacation products have increased by more than 2.3 times.</p><p><b>US stocks</b></p><p>U.S. stock index futures fell slightly. The market is focused on Federal Reserve Chairman Powell's speech tonight.<img src=\"https://static.tigerbbs.com/66e5b70e89326d37ecea79cf90b92a89\" tg-width=\"768\" tg-height=\"263\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The stock rose more than 3% in pre-market trading after turning a profit in the second quarter, marking the third consecutive quarter of adjusted profitability.</p><p>Some Chinese concept stocks declined.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Down 3%<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It fell 2.8%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell 1.91%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell 1.76%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It fell 1.66%.</p><p><a href=\"https://laohu8.com/S/GME\">Game Station</a>The stock rose more than 9% in pre-market trading after reporting a better-than-expected net loss of $108.7 million in Q2 following a partnership with cryptocurrency exchange FTX.</p><p><a href=\"https://laohu8.com/S/GSAT\">Global Star</a>It rose 5% in pre-market trading after providing satellite communication services for the iPhone 14.</p><p><b>Commodities</b></p><p>International oil prices fluctuated. Despite investor concerns that fuel supplies could become increasingly tight due to the deep energy standoff between Europe and Russia, central bank rate hike from major global economies continued to be bearish on the oil market.</p><p><img src=\"https://static.tigerbbs.com/4bb4cc5dc5ad544c506b4d4ee15c15c4\" tg-width=\"881\" tg-height=\"536\" referrerpolicy=\"no-referrer\"/></p><p>International gold prices fluctuated narrowly. The market is still observing the Federal Reserve's policy direction.</p><p><img src=\"https://static.tigerbbs.com/ba902eeb61755d05811fbde98b0d30e5\" tg-width=\"1020\" tg-height=\"563\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{"000001.SH":"上证指数","HSI":"恒生指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107067060","content_text":"港股今日，港股三大指数午后加速下行，恒指跌1%失守19000点，国指跌1.18%，二者录得6连跌，恒生科技指数跌1%，亦跌破4000点整数关，三大指数皆刷新阶段低价。内地房地产发展商股下跌，旭辉控股集团跌13.59%，雅居乐集团跌7.12%，碧桂园跌6.78%，龙湖集团跌1.13%，华润置地跌1.53%，不过绿城中国涨1.24%。此前融创中国突遭“清盘呈请”，对此融创称此系单个债权人的激进行为，不影响公司经营和债务重组推进。石油股跌幅居前，中海油田服务跌超4%，中国海洋石油跌超3%，中石油跌超1%，中石化跟跌。汽车股走低，长城汽车跌近5%，吉利汽车、比亚迪股份跌超3%，理想汽车-W跌2.96%，小鹏汽车-W跌2.64%，蔚来-SW港股跌0.87%。电力股爆发，大唐新能源涨超10%，华能国际电力股份涨超6%，华润电力涨超5%，中国电力涨超3%。半导体板块拉升，晶门半导体涨超8%，上海复旦涨超7%，宏光半导体等跟涨。旅游股表现活跃，实德环球涨超14%，纵横游控股涨超10%，新世纪集团涨超8%，东瀛游涨超3%。腾讯控股跌超3%。据CCASS系统9月7日的数据显示，腾讯股东将1.93亿股(2%)股份转入了香港的中央结算系统。此举往往意味着有关股东将出售这些股票。值得注意的是，腾讯南非大股东Naspers及旗下互联网投资旗舰Prosus今年6月底宣布，会无上限减持腾讯以套现支持自身回购。A股9月8日，A股三大指数齐跌，沪指早盘窄幅震荡，午后持续走低，全天收跌0.33%报3235点，深成指跌0.86%，创业板指受宁德时代影响跌1.86%。两市成交额7880亿，北上资金净卖出8600万，为连续第6天净卖出。燃气概念跌幅居前。德龙汇能、九丰能源、南京公用跌停，洪通燃气、水发燃气、首华燃气、东方环宇等跟跌。消息面上，欧盟将提议对俄罗斯天然气价格实施限制，以削减俄罗斯的财政收入。石油股走低，新潮能源跌超4%，中国海油跌超3%，蓝焰控股、ST洲际跟跌。周三国际油价大跌，投资者进一步看衰石油需求前景。锂电池概念震荡下行，宁德时代跌超5%，亿纬锂能、恩捷股份、华友钴业跌超3%，天齐锂业、赣锋锂业等跟跌。虽然旺季来临带动锂价继续探涨，但市场投资者畏高情绪愈发蔓延，普遍担忧锂价可持续性。贵金属概念涨幅居前。银泰黄金涨超8%，湖南黄金涨超5%，西部黄金、晓程科技等跟涨。酒店餐饮概念大涨，同庆楼涨超8%，君亭酒店涨超6%，西安旅游涨超4%，西安饮食、首旅酒店等跟涨。东吴证券指出，疫情可控下服务消费产业链稳定性增强，看好疫情趋稳后业绩弹性恢复。旅游及景区、航空机场概念集体走强，桂林旅游涨停，宋城演艺涨超、上海机场、白云机场涨超3%。近一周，中秋本地酒店预订量比前一周增长超1.7倍，本地景区门票等度假产品预订量增超2.3倍。美股美股指期货小幅走低。市场关注今晚美联储主席鲍威尔的讲话。高途盘前涨超3%，二季度经调业绩扭亏为盈，连续三个季度实现经调盈利。部分中概股走低，网易跌3%、小鹏汽车跌2.8%，贝壳跌1.91%，理想汽车跌1.76%，阿里巴巴跌1.66%。游戏驿站盘前涨超9%，Q2录得净亏损1.087亿美元好于预期，公司与加密货币交易所FTX达成合作。全球星盘前涨5%，为iPhone14提供卫星通信服务。大宗商品国际油价震荡。尽管由于欧洲和俄罗斯之间深陷能源僵局，投资者担心燃料供应可能会变得愈发紧张，但全球主要经济体央行加息继续利空油市。国际金价窄幅震荡。市场仍在观察美联储政策动向。","news_type":1,"symbols_score_info":{"HSI":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":5055,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938704225,"gmtCreate":1662674277367,"gmtModify":1676537112414,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938704225","repostId":"1196569367","repostType":4,"isVote":1,"tweetType":1,"viewCount":4249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938704122,"gmtCreate":1662674261267,"gmtModify":1676537112406,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938704122","repostId":"1141251181","repostType":4,"repost":{"id":"1141251181","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":1662643384,"share":"https://ttm.financial/m/news/1141251181?lang=en_US&edition=fundamental","pubTime":"2022-09-08 21:23","market":"us","language":"zh","title":"Powell: The Fed needs to act now to avoid the social costs of inflation.","url":"https://stock-news.laohu8.com/highlight/detail?id=1141251181","media":"老虎资讯综合","summary":"9月8日，美联储主席鲍威尔今日参加卡托研究所举办的有关货币政策的会议。美联储主席鲍威尔会上表示，如果没有新冠疫情，不会看到如此高的通胀率。鲍威尔还表示，美联储认为需要直截了当地对通胀采取行动，美联储需","content":"<p><html><head></head><body>On September 8, Federal Reserve Chairman Jerome Powell attended a conference on monetary policy hosted by the Cato Institute. Federal Reserve Chairman Jerome Powell stated at the meeting that such a high inflation rate would not have been seen without the COVID-19 pandemic. Powell also stated that the Federal Reserve believes it needs to take direct action on inflation and that it needs to act now to avoid the social costs of inflation. Past experience warns against premature relaxation of policies.</p><p><img src=\"https://static.tigerbbs.com/68709fd25713eefc3ea454c86f2bb7bd\" tg-width=\"536\" tg-height=\"302\" referrerpolicy=\"no-referrer\"/></p><p>Powell stated that the Federal Reserve needs to act now to avoid the social costs of inflation. The Federal Reserve has a responsibility and is willing to assume the responsibility of stabilizing prices. The longer inflation stays above target, the greater the risk. The Federal Reserve is firmly committed to reducing inflation and will not be affected by political factors. History warns us not to relax policies too soon.</p><p>Powell emphasized that it is crucial to maintain inflation expectations. The Federal Reserve's job is to ensure that inflation expectations are anchored. Labor market demand remains very strong. Wage levels are rising. Hopefully, there will be a period when the economic growth rate is lower than the trend. Below-trend economic growth will provide a better balance to the labor market. Recent labor market reports have seen a welcome increase in labor force participation rates.</p><p>Regarding interest rates, Powell stated that the relationship between money supply and inflation has remained unstable. The Federal Reserve has never explicitly linked its policy to any specific formula. The terminal interest rate is uncertain. The nominal income target has been studied, but it is not considered the right approach.</p><p>On the shrinking balance sheet issue, Powell stated that shrinking balance sheet currently has a sound operational framework and is prepared to adjust the size of its shrinking balance sheet according to economic needs, with no reason to return to the level of scarce reserves. The Federal Reserve's two goals are completely contradictory. There is no reason to turn to a single mission. They do not want the Federal Reserve's mission to be expanded or narrowed. It can accomplish the Federal Reserve's two main missions in the medium term. The independence of the Federal Reserve is in the public interest.</p><p>Overnight index swaps indicate that the probability of the Fed's September rate hike reaching 75 basis points is close to 80%; Futures for the three major U.S. stock indexes fell in the short term, with Nasdaq futures down 0.74%.</p><p><img src=\"https://static.tigerbbs.com/811ceacf92cc009ba1c0ebf9ca4e013f\" tg-width=\"386\" tg-height=\"186\" referrerpolicy=\"no-referrer\"/></p><p>Analysts commented on Federal Reserve Chairman Powell's speech: On the eve of the quiet period, Powell did not provide any clues about whether the Fed's next rate hike action would be 50 basis points or 75 basis points. However, following yesterday's Wall Street Journal article, the interest rate market has largely priced in the 75 basis point rate hike expectation. The fact that Powell did not oppose the proposal suggests that another large-scale rate hike is almost certain.</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>Powell: The Fed needs to act now to avoid the social costs of inflation.</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\">\nPowell: The Fed needs to act now to avoid the social costs of inflation.\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\">2022-09-08 21:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On September 8, Federal Reserve Chairman Jerome Powell attended a conference on monetary policy hosted by the Cato Institute. Federal Reserve Chairman Jerome Powell stated at the meeting that such a high inflation rate would not have been seen without the COVID-19 pandemic. Powell also stated that the Federal Reserve believes it needs to take direct action on inflation and that it needs to act now to avoid the social costs of inflation. Past experience warns against premature relaxation of policies.</p><p><img src=\"https://static.tigerbbs.com/68709fd25713eefc3ea454c86f2bb7bd\" tg-width=\"536\" tg-height=\"302\" referrerpolicy=\"no-referrer\"/></p><p>Powell stated that the Federal Reserve needs to act now to avoid the social costs of inflation. The Federal Reserve has a responsibility and is willing to assume the responsibility of stabilizing prices. The longer inflation stays above target, the greater the risk. The Federal Reserve is firmly committed to reducing inflation and will not be affected by political factors. History warns us not to relax policies too soon.</p><p>Powell emphasized that it is crucial to maintain inflation expectations. The Federal Reserve's job is to ensure that inflation expectations are anchored. Labor market demand remains very strong. Wage levels are rising. Hopefully, there will be a period when the economic growth rate is lower than the trend. Below-trend economic growth will provide a better balance to the labor market. Recent labor market reports have seen a welcome increase in labor force participation rates.</p><p>Regarding interest rates, Powell stated that the relationship between money supply and inflation has remained unstable. The Federal Reserve has never explicitly linked its policy to any specific formula. The terminal interest rate is uncertain. The nominal income target has been studied, but it is not considered the right approach.</p><p>On the shrinking balance sheet issue, Powell stated that shrinking balance sheet currently has a sound operational framework and is prepared to adjust the size of its shrinking balance sheet according to economic needs, with no reason to return to the level of scarce reserves. The Federal Reserve's two goals are completely contradictory. There is no reason to turn to a single mission. They do not want the Federal Reserve's mission to be expanded or narrowed. It can accomplish the Federal Reserve's two main missions in the medium term. The independence of the Federal Reserve is in the public interest.</p><p>Overnight index swaps indicate that the probability of the Fed's September rate hike reaching 75 basis points is close to 80%; Futures for the three major U.S. stock indexes fell in the short term, with Nasdaq futures down 0.74%.</p><p><img src=\"https://static.tigerbbs.com/811ceacf92cc009ba1c0ebf9ca4e013f\" tg-width=\"386\" tg-height=\"186\" referrerpolicy=\"no-referrer\"/></p><p>Analysts commented on Federal Reserve Chairman Powell's speech: On the eve of the quiet period, Powell did not provide any clues about whether the Fed's next rate hike action would be 50 basis points or 75 basis points. However, following yesterday's Wall Street Journal article, the interest rate market has largely priced in the 75 basis point rate hike expectation. The fact that Powell did not oppose the proposal suggests that another large-scale rate hike is almost certain.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b37cbfdbd9fac06fc4ae2f84ad058a92","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141251181","content_text":"9月8日，美联储主席鲍威尔今日参加卡托研究所举办的有关货币政策的会议。美联储主席鲍威尔会上表示，如果没有新冠疫情，不会看到如此高的通胀率。鲍威尔还表示，美联储认为需要直截了当地对通胀采取行动，美联储需要现在就采取行动以避免通胀的社会成本。过往经验警告不要过早放松政策。鲍威尔表示，美联储需要现在采取行动以避免通胀的社会成本。美联储有责任并愿意承担稳定物价的责任。通胀高于目标的时间越长，风险越大。美联储坚决致力于降低通胀，不会受到政治因素的影响。历史告诫我们不要过早地放松政策。鲍威尔强调，能否维持通胀预期非常重要。美联储的工作是确保通胀预期得到锚定。劳动力市场需求仍然非常强劲。工资水平正在上升。希望有一段经济增长速度低于趋势的时期。经济增长低于趋势水平将给劳动力市场提供更好的平衡。在最近的劳动力市场报告中，看到了受欢迎的劳动力参与率的增加。在利率方面，鲍威尔表示货币供应和通胀关系一直不稳定。美联储从未明确将其政策与任何特定公式挂钩。不确定终端利率是多少。已经研究了名义收入目标，但不认为这是正确的做法。在缩表问题上，鲍威尔表示目前的缩表操作框架良好，准备根据经济需要调整缩表规模，没有理由回到稀缺储备金水平。美联储的两个目标完全不冲突。没有理由转向单一使命。不希望美联储使命范围扩大或缩小。可以在中期达成美联储的两大主要使命。美联储的独立性是对公众有利的。隔夜指数掉期显示，美联储9月加息75基点的可能性接近80％；美国三大股指期货短线跌跌，纳指期货跌0.74%.分析师评美联储主席鲍威尔讲话：在静默期前夕，鲍威尔没有提供任何关于美联储下一步加息行动是50个基点还是75个基点的线索。但在昨日《华尔街日报》的文章发表后，利率市场已基本消化了75个基点的加息预期。鲍威尔没有反对这一提议的事实表明，几乎可以肯定还会有一次大规模的加息。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4942,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938704351,"gmtCreate":1662674245573,"gmtModify":1676537112398,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938704351","repostId":"1158493481","repostType":4,"repost":{"id":"1158493481","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":1662643803,"share":"https://ttm.financial/m/news/1158493481?lang=en_US&edition=fundamental","pubTime":"2022-09-08 21:30","market":"us","language":"zh","title":"Opening | All three major US stock indexes open low, Bilibili plunges 13%","url":"https://stock-news.laohu8.com/highlight/detail?id=1158493481","media":"老虎资讯综合","summary":"9月8日，美股三大指数集体低开，纳斯达克综合指数开盘下跌102.98点，跌幅0.87%，报11688.92点；标普500指数开盘下跌32.14点，跌幅0.81%，报3947.73点；道琼斯指数开盘下跌","content":"<p><html><head></head><body>On September 8, the three major U.S. stock indexes all declined, with the Nasdaq Composite Index opening down 102.98 points, or 0.87%, at 11,688.92. The S&P 500 opened down 32.14 points, or 0.81%, at 3947.73. The Dow Jones Industrial Average opened down 223.93 points, or 0.71%, at 31,357.35.</p><p>Star tech stocks generally fell.<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>It fell more than 2%.<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>It fell nearly 2%.<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>It fell by more than 1%;</p><p>Most Chinese concept stocks in the US fell.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It fell more than 4%.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>、<a href=\"https://laohu8.com/S/BZUN\">Baozun E-commerce</a>、<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>It fell by more than 3%;</p><p><a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Down 13%, second-quarter revenue was 4.9 billion yuan, a year-on-year increase of 13%; Net loss was 2.01 billion yuan, an increase of 79.21% year-on-year;</p><p><a href=\"https://laohu8.com/S/RIVN\">Rivian</a>Rising nearly 6%, Mercedes and Rivian will build a joint venture factory in Europe to produce minivans.</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>Opening | All three major US stock indexes open low, Bilibili plunges 13%</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\">\nOpening | All three major US stock indexes open low, Bilibili plunges 13%\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\">2022-09-08 21:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On September 8, the three major U.S. stock indexes all declined, with the Nasdaq Composite Index opening down 102.98 points, or 0.87%, at 11,688.92. The S&P 500 opened down 32.14 points, or 0.81%, at 3947.73. The Dow Jones Industrial Average opened down 223.93 points, or 0.71%, at 31,357.35.</p><p>Star tech stocks generally fell.<a href=\"https://laohu8.com/S/NFLX\">Netflix</a>It fell more than 2%.<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>It fell nearly 2%.<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>It fell by more than 1%;</p><p>Most Chinese concept stocks in the US fell.<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It fell more than 4%.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>、<a href=\"https://laohu8.com/S/BZUN\">Baozun E-commerce</a>、<a href=\"https://laohu8.com/S/ZLAB\">Zai Lab</a>It fell by more than 3%;</p><p><a href=\"https://laohu8.com/S/BILI\">Bilibili</a>Down 13%, second-quarter revenue was 4.9 billion yuan, a year-on-year increase of 13%; Net loss was 2.01 billion yuan, an increase of 79.21% year-on-year;</p><p><a href=\"https://laohu8.com/S/RIVN\">Rivian</a>Rising nearly 6%, Mercedes and Rivian will build a joint venture factory in Europe to produce minivans.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ff6e3231d788a5a6d28cf7965385cc7f","relate_stocks":{"BK4566":"资本集团","BK4577":"网络游戏","BK4085":"互动家庭娱乐","BK4510":"在线教育","BK4548":"巴美列捷福持仓","BK4509":"腾讯概念","BK1588":"回港中概股","BK1608":"元宇宙概念","BK4554":"元宇宙及AR概念","BK1104":"互动家庭娱乐","BK1575":"同股不同权","BK4504":"桥水持仓",".DJI":"道琼斯","09626":"哔哩哔哩-W","BK4531":"中概回港概念","BK4526":"热门中概股","BK4505":"高瓴资本持仓",".IXIC":"NASDAQ Composite","BK1587":"次新股",".SPX":"S&P 500 Index","BK4563":"昨日强势股","BILI":"哔哩哔哩","BK4503":"景林资产持仓","BK4513":"直播概念"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158493481","content_text":"9月8日，美股三大指数集体低开，纳斯达克综合指数开盘下跌102.98点，跌幅0.87%，报11688.92点；标普500指数开盘下跌32.14点，跌幅0.81%，报3947.73点；道琼斯指数开盘下跌223.93点，跌幅0.71%，报31357.35点。明星科技股普跌，奈飞跌超2%，英伟达跌近2%，亚马逊跌超1%；美股中概股多数下跌，小鹏汽车跌超4%，网易、宝尊电商、再鼎医药跌超3%；哔哩哔哩跌13%，二季度营收49亿元，同比增长13%；净亏损20.1亿元，同比扩大79.21%；Rivian涨近6%，梅赛德斯和Rivian将在欧洲建设一个合资工厂生产面包车。","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"09626":0.9,"BILI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":4605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938704953,"gmtCreate":1662674233272,"gmtModify":1676537112398,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938704953","repostId":"1129572384","repostType":4,"repost":{"id":"1129572384","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":1662645347,"share":"https://ttm.financial/m/news/1129572384?lang=en_US&edition=fundamental","pubTime":"2022-09-08 21:55","market":"us","language":"zh","title":"The three major U.S. stock indexes narrowed their losses, while the Nasdaq turned positive.","url":"https://stock-news.laohu8.com/highlight/detail?id=1129572384","media":"老虎资讯综合","summary":"9月8日，美股三大股指跌幅收窄，纳指转涨，道指跌0.28%，标普500指数跌0.1%。","content":"<p><html><head></head><body>On September 8, the losses of the three major U.S. stock indexes narrowed, the Nasdaq turned positive, the Dow Jones Industrial Average fell 0.28%, and the S&P 500 fell 0.1%.</p><p><img src=\"https://static.tigerbbs.com/0004493a2e5ead55fbf810e3f4a81895\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></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>The three major U.S. stock indexes narrowed their losses, while the Nasdaq turned positive.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe three major U.S. stock indexes narrowed their losses, while the Nasdaq turned positive.\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\">2022-09-08 21:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On September 8, the losses of the three major U.S. stock indexes narrowed, the Nasdaq turned positive, the Dow Jones Industrial Average fell 0.28%, and the S&P 500 fell 0.1%.</p><p><img src=\"https://static.tigerbbs.com/0004493a2e5ead55fbf810e3f4a81895\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{".IXIC":"NASDAQ Composite"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129572384","content_text":"9月8日，美股三大股指跌幅收窄，纳指转涨，道指跌0.28%，标普500指数跌0.1%。","news_type":1,"symbols_score_info":{".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":4290,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938704093,"gmtCreate":1662674217812,"gmtModify":1676537112398,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938704093","repostId":"1195330694","repostType":4,"repost":{"id":"1195330694","kind":"news","pubTimestamp":1662644744,"share":"https://ttm.financial/m/news/1195330694?lang=en_US&edition=fundamental","pubTime":"2022-09-08 21:45","market":"us","language":"zh","title":"Frontline interpretation! The European Central Bank's \"largest rate hike in history\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1195330694","media":"上海证券报","summary":"欧洲通胀有多焦灼？这不，在加息周期中一向“慢半拍”的欧央行如今也不淡定了，创纪录加息就此开启。8日晚间，欧央行公布利率决议，宣布将三大主要利率均上调75个基点。这是欧央行基准利率有史以来最大幅度上调。","content":"<p><div>How anxious is inflation in Europe? Sure enough, the European Central Bank, which has always been a step behind in the rate hike cycle, is now not calm, and record rate hike have begun. On the evening of the 8th, the European Central Bank announced its interest rate decision, raising all three major interest rates by 75 basis points. This is the largest increase in the ECB's benchmark interest rate in history. The European Central Bank is in dire straits – the Eurozone is facing multiple challenges, including high inflation, an energy crisis, a bleak economic outlook, and a debt crisis. To this end, the European Central Bank raised its rate hike by 50 basis points in July this year for the first time in 11 years, thus ending the eight-year era of \"negative interest rates\" in the Eurozone. Here's the question: rate hike momentum...</p><p><a href=\"https://mp.weixin.qq.com/s/LZGBP-ix_dadqeUJoXp4Tw\">Web page link</a></div></p>","source":"shzqb","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>Frontline interpretation! The European Central Bank's \"largest rate hike in history\"</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\">\nFrontline interpretation! The European Central Bank's \"largest rate hike in history\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">上海证券报</strong><span class=\"h-time small\">2022-09-08 21:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>How anxious is inflation in Europe? Sure enough, the European Central Bank, which has always been a step behind in the rate hike cycle, is now not calm, and record rate hike have begun. On the evening of the 8th, the European Central Bank announced its interest rate decision, raising all three major interest rates by 75 basis points. This is the largest increase in the ECB's benchmark interest rate in history. The European Central Bank is in dire straits – the Eurozone is facing multiple challenges, including high inflation, an energy crisis, a bleak economic outlook, and a debt crisis. To this end, the European Central Bank raised its rate hike by 50 basis points in July this year for the first time in 11 years, thus ending the eight-year era of \"negative interest rates\" in the Eurozone. Here's the question: rate hike momentum...</p><p><a href=\"https://mp.weixin.qq.com/s/LZGBP-ix_dadqeUJoXp4Tw\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/LZGBP-ix_dadqeUJoXp4Tw\">上海证券报</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e68f18a297e419bae3cc0320b6d8ff4e","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/LZGBP-ix_dadqeUJoXp4Tw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195330694","content_text":"欧洲通胀有多焦灼？这不，在加息周期中一向“慢半拍”的欧央行如今也不淡定了，创纪录加息就此开启。8日晚间，欧央行公布利率决议，宣布将三大主要利率均上调75个基点。这是欧央行基准利率有史以来最大幅度上调。欧央行正焦头烂额——欧元区面临着通胀高企、能源危机、经济前景暗淡、债务危机多重困境。为此，欧央行在今年7月加息50个基点，为11年来首次，就此终结欧元区持续8年之久的“负利率”时代。问题来了：加息势头越来越猛，能扼住欧元区的滚滚通胀热浪吗？对货币紧缩展现坚定决心的并不只有欧央行。美联储主席鲍威尔今日在参加卡托研究所举办的货币政策讨论会上发表讲话。他表示，美联储认为需要直截了当地对通胀采取行动，并重申“历史告诫我们，不要‘过早’放松政策”。这也是他在即将召开的美联储货币政策会议之前的最后一次公开讲话。能源危机“火烧眉毛”欧元区经济困境难解竖起创纪录加息“大旗”的背后，是欧元区深陷高通胀的现状。“断气”阴霾挥之不去，叠加高温侵袭，欧元区的能源成本经历了前所未有的飙升，给欧元区已处于高热的通胀频频“浇油”。欧盟统计局网站最新数据显示，欧元区8月消费价格（CPI）同比初值为9.1%，高于市场预期的9%，再创历史新高。其中，能源价格8月上涨逾38%，是通胀走高的主要原因。欧央行如今有点进退维谷。业内认为，欧洲央行将不得不更积极加息，以防止通胀数据飙升至两位数。但如果欧洲央行激进加息，GDP或以更快速度下滑。能源供应的不确定性使得短期内欧元区通胀高烧难退。“只要通胀继续上升，欧洲央行就别无选择，只能加快货币紧缩步伐。”瑞士百达财富管理宏观经济研究主管杜泽飞表示，欧元区的通胀还未见顶。到2022年四季度，欧元区整体通胀率可能会高达10%。但激进加息势必影响到经济前景。杜泽飞表示，欧元区所面临的能源问题和冬季经济衰退较为严峻，预计欧元区的全年GDP增长将从2022年的2.9%，下降至2023年零增长。欧洲央行也最新下调了其对于2023年的GDP增速预测数据：预计2023年与2024年GDP增速分别为0.9%、1.9%，前值分别为2.1%和2.1%。业内人士认为，为应对通胀，欧央行大举加息，或将加剧欧元区各经济体之间分化，并不断放大希腊、意大利等经济体的债务压力，市场需要警惕“欧债危机”重演的可能性。欧元汇率“翻身”难遗憾的是，上一轮欧央行大幅加息并未明显提振欧元颓势。近日，欧元对美元汇率跌破0.99关口，再度刷新20年来低位。囿于经济前景暗淡、能源危机、通胀高企等因素，今年以来，欧元对美元已多次跌破平价，年内跌幅近12%。纽约梅隆银行稍早前公布的数据显示，投资者对欧元的看跌情绪已经超过了2020年10月的水平。加息能解欧元所面临的困局吗？瑞银财富管理投资总监办公室（CIO）认为，即使欧洲央行大幅加息，也不太可能持续提振欧元。尤其是上周，俄罗斯决定停止通过北溪1号管道向德国供气，市场对欧元区经济增长较为担忧，将影响欧元表现。中欧国际工商学院教授、中国人民银行调查统计司原司长盛松成认为，在能源危机和经济放缓同时发生的背景下，欧央行加息对于扭转欧元贬值趋势的作用较为有限。9月8日，欧洲央行公布利率决议之后，欧元对美元直线拉升，最高至1.0029，随后，又冲高回落。截至记者发稿，欧元对美元完全回吐此前涨幅，再度跌破平价，报0.9977。全球央行放“鹰”经济衰退风险上升不仅仅是欧央行，全球大通胀下，各大央行近期纷纷憋“加息”大招。本周，澳大利亚央行将基准利率上调50个基点至2.35%，这也是该央行连续第四次加息50个基点。下周，英国央行也将召开货币政策会议，目前市场基准预期是加息75个基点，“只有立即采取更有力的行动，才能确保高通胀趋势不会成为常态，否则未来可能要经历更深、更长的经济衰退才能让通胀回到目标水平。”英国央行官员曼恩(Catherine Mann)近日呼吁，尽快采取“强有力的”行动来控制通胀。瑞银CIO表示，预计美联储将在年底前再加息100个基点，而且如果通胀没有如期放缓，美联储可能会进一步紧缩政策。通胀态势难料，全球各大央行加息步伐短期内难以结束。“在高通胀的环境下，许多投资者此前低估了各国央行收紧政策的意愿，而美欧央行的立场及美国劳动力数据都强化了此观点。”瑞银CIO认为。景顺首席全球市场策略师Kristina Hooper表示，各大主要央行坚守强硬立场，会对全球科技股价格施加下行压力。前瞻性指标显示，在未来几个月里，经济低迷可能会加剧，这意味经济衰退风险已经上升。瑞士百达财富管理亚洲宏观经济研究主管陈东预期，未来10年，美国及欧元区的潜在GDP增长均值分别为2.0%及1.6%；并估计结构性通胀将在美国达到长期年均2.8%（疫情前年均为1.8%），在欧元区达到1.9%（疫情前年均为1.4%）。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1661,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":818993258,"gmtCreate":1630369237574,"gmtModify":1676530281557,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/818993258","repostId":"1161821102","repostType":4,"repost":{"id":"1161821102","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":1630367862,"share":"https://ttm.financial/m/news/1161821102?lang=en_US&edition=fundamental","pubTime":"2021-08-31 07:57","market":"hk","language":"zh","title":"Helen's IPO begins today, with an entry fee of approximately HK$10,464.4.","url":"https://stock-news.laohu8.com/highlight/detail?id=1161821102","media":"老虎资讯综合","summary":"8月31日，海伦司发布公告，公司拟全球发售1.3465亿股股份，其中香港发售股份1346.5万股，国际发售股份1.21185亿股，另有15%超额配股权；2021年8月31日至9月3日招股，预期定价日为","content":"<p>On August 31,<a href=\"https://laohu8.com/S/09869\">Helens</a>The company announced that it plans to offer 134.65 million shares globally, including 13.465 million shares offered in Hong Kong, 121.185 million shares offered internationally, and a 15% over-allotment option. The IPO will run from August 31 to September 3, 2021, with the expected pricing date being September 3. The offer price is HK$18.82-HK$20.72 per offer share, with 500 shares per lot, and an admission fee of approximately HK$10,464.4.<a href=\"https://laohu8.com/S/601995\">CICC</a>As the sole sponsor; The Shares are expected to be listed on the Main Board of the Stock Exchange on 10 September 2021.</p><p><img src=\"https://static.tigerbbs.com/3fdb0b717e3c80ba38d61ea90a31d4e3\" tg-width=\"906\" tg-height=\"761\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>Each lot contains 500 shares, with an entry fee of HK$10,464.4.</p><p>The threshold for Group B is 300,000 shares, and the funds required for subscription are approximately HK$6,278,638.63.</p><p><img src=\"https://static.tigerbbs.com/2a5718e75ddbb105de687bf77f251700\" tg-width=\"919\" tg-height=\"647\" referrerpolicy=\"no-referrer\"></p><p>The group is the largest chain of pubs in China. In 2020, the Group ranked first in the pub industry in China in terms of revenue, accounting for 1.1% of the market share. According to Frost & Sullivan, the Group maintained its market leading position in the pub industry in the PRC in terms of the number of pubs in 2018, 2019 and 2020 and the three months ended 31 March 2021. Leveraging a highly standardized operating model, the Group's pub network expanded rapidly during the Track Record Period. As of December 31, 2018, 2019, 2020 and March 31, 2021, the total number of pubs in the Group's pub network was 162, 252, 351 and 374, respectively, and further increased to 528 as of the Latest Practicable Date. The Group has been operating pubs under the \"Helen's\" brand. As of the Latest Practicable Date, there were 66, 296 and 165 Helen's pubs in first-tier, second-tier and third-tier and below cities in China, respectively, accounting for 12.5%, 56.1% and 31.3% of the total number of pubs as of the same date.</p><p>Assuming an Offer Price of HK$19.77 per Offer Share (being the mid-point of the Offer Price range stated in this prospectus), the Group will receive an estimated net proceeds of HK$2,512.9 million from the Global Offering. Of these, approximately 70.0% of the net proceeds will be used to open new taverns and realize the Group's expansion plans over the next three years; Approximately 10.0% will be used to further strengthen the talent pool of the company's taverns in order to optimize the human resource management system; Approximately 5.0% will be used to further strengthen the basic capacity building of taverns; Approximately 5.0% will be used to further enhance Helen's brand awareness; and the remaining approximately 10.0% will be used for working capital and general corporate purposes.</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>Helen's IPO begins today, with an entry fee of approximately HK$10,464.4.</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\">\nHelen's IPO begins today, with an entry fee of approximately HK$10,464.4.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-31 07:57</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 31,<a href=\"https://laohu8.com/S/09869\">Helens</a>The company announced that it plans to offer 134.65 million shares globally, including 13.465 million shares offered in Hong Kong, 121.185 million shares offered internationally, and a 15% over-allotment option. The IPO will run from August 31 to September 3, 2021, with the expected pricing date being September 3. The offer price is HK$18.82-HK$20.72 per offer share, with 500 shares per lot, and an admission fee of approximately HK$10,464.4.<a href=\"https://laohu8.com/S/601995\">CICC</a>As the sole sponsor; The Shares are expected to be listed on the Main Board of the Stock Exchange on 10 September 2021.</p><p><img src=\"https://static.tigerbbs.com/3fdb0b717e3c80ba38d61ea90a31d4e3\" tg-width=\"906\" tg-height=\"761\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>Each lot contains 500 shares, with an entry fee of HK$10,464.4.</p><p>The threshold for Group B is 300,000 shares, and the funds required for subscription are approximately HK$6,278,638.63.</p><p><img src=\"https://static.tigerbbs.com/2a5718e75ddbb105de687bf77f251700\" tg-width=\"919\" tg-height=\"647\" referrerpolicy=\"no-referrer\"></p><p>The group is the largest chain of pubs in China. In 2020, the Group ranked first in the pub industry in China in terms of revenue, accounting for 1.1% of the market share. According to Frost & Sullivan, the Group maintained its market leading position in the pub industry in the PRC in terms of the number of pubs in 2018, 2019 and 2020 and the three months ended 31 March 2021. Leveraging a highly standardized operating model, the Group's pub network expanded rapidly during the Track Record Period. As of December 31, 2018, 2019, 2020 and March 31, 2021, the total number of pubs in the Group's pub network was 162, 252, 351 and 374, respectively, and further increased to 528 as of the Latest Practicable Date. The Group has been operating pubs under the \"Helen's\" brand. As of the Latest Practicable Date, there were 66, 296 and 165 Helen's pubs in first-tier, second-tier and third-tier and below cities in China, respectively, accounting for 12.5%, 56.1% and 31.3% of the total number of pubs as of the same date.</p><p>Assuming an Offer Price of HK$19.77 per Offer Share (being the mid-point of the Offer Price range stated in this prospectus), the Group will receive an estimated net proceeds of HK$2,512.9 million from the Global Offering. Of these, approximately 70.0% of the net proceeds will be used to open new taverns and realize the Group's expansion plans over the next three years; Approximately 10.0% will be used to further strengthen the talent pool of the company's taverns in order to optimize the human resource management system; Approximately 5.0% will be used to further strengthen the basic capacity building of taverns; Approximately 5.0% will be used to further enhance Helen's brand awareness; and the remaining approximately 10.0% will be used for working capital and general corporate purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"09869":"海伦司"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161821102","content_text":"8月31日，海伦司发布公告，公司拟全球发售1.3465亿股股份，其中香港发售股份1346.5万股，国际发售股份1.21185亿股，另有15%超额配股权；2021年8月31日至9月3日招股，预期定价日为9月3日；发售价每股发售股份18.82港元-20.72港元，每手买卖单位500股，入场费约10464.4港元；中金公司为独家保荐人；预期股份将于2021年9月10日于联交所主板挂牌上市。\n\n申购阶梯：\n每手500股，入场费10464.4港元。\n乙组门槛为30万股，申购所需资金约6278638.63港元。\n\n集团是中国最大的连锁酒馆网络。2020年，按收入计，集团在中国酒馆行业中排名第一，占据1.1%的市场份额。根据弗若斯特沙利文的资料，以酒馆数量计，集团于2018年、2019年及2020年以及截至2021年3月31日止三个月在中国酒馆行业中保持市场领导地位。借助高度标准化的运营模式，集团酒馆网络的规模于往绩记录期间快速扩张。截至2018年、2019年、2020年12月31日及2021年3月31日，集团酒馆网络中的酒馆总数分别为162家、252家、351家及374家，并进一步增加至截至最后实际可行日期的528家。集团一直以“Helen’s(海伦司)”品牌经营酒馆，截至最后实际可行日期，在中国一线、二线及三线及以下城市的Helen’s酒馆数分别为66家、296家及165家，分别占截至同日酒馆总数量的12.5%、56.1%及31.3%。\n假设发售价为每股发售股份19.77港元(即本招股章程所述发售价范围的中位数)，集团将收到的全球发售估计所得款项净额25.129亿港元。其中，所得款项净额约70.0%将被用于在未来三年开设新酒馆及实现集团的扩张计划；约10.0%将用于进一步加强公司酒馆的人才梯队建设，以优化人力资源管理体系；约5.0%将用于进一步加强酒馆的基础能力建设；约5.0%将用于进一步强化Helen’s的品牌知名度；及余下约10.0%将用作营运资金及一般企业用途。","news_type":1,"symbols_score_info":{"09869":0.9}},"isVote":1,"tweetType":1,"viewCount":1760,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144557155,"gmtCreate":1626307546477,"gmtModify":1703757454623,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/144557155","repostId":"1111811630","repostType":4,"repost":{"id":"1111811630","kind":"news","pubTimestamp":1626307234,"share":"https://ttm.financial/m/news/1111811630?lang=en_US&edition=fundamental","pubTime":"2021-07-15 08:00","market":"sh","language":"zh","title":"The Past of Chinese Internet Companies Listing","url":"https://stock-news.laohu8.com/highlight/detail?id=1111811630","media":"吴杨野餐会","summary":"1983年，刘钢从北京大学法学院毕业，被分配到司法部秘书处，负责为部长撰写日常报告。\n一年后，他感觉工作内容枯燥，想申请调职。有人劝告他，秘书身份可能会更容易得到提升。\n1985年，国家推行“第三梯队","content":"<p>In 1983, Liu Gang graduated from Peking University Law School and was assigned to the Secretariat of the Ministry of Justice, where he was responsible for writing daily reports for the minister.</p><p>A year later, he felt the job was boring and wanted to apply for a transfer. Someone advised him that secretarial status might be easier to promote.</p><p>In 1985, the state implemented the \"third tier\" cadre reform. The Ministry of Justice selected young cadres to train at the grassroots level, and Liu Gang was included in it. He voluntarily gave up his position in a grassroots government agency and chose to become a grassroots lawyer.</p><p>After completing their training period, his colleagues returned to the Ministry of Justice to continue their careers, but Liu Gang did not go back. He chose to stay in the legal profession.</p><p>At that time, the legal profession in China was just emerging, and everything was still in a stage of ignorance. Liu Gang's main business is debt collection.</p><p>From then on, he lived the life of a \"migrant worker collecting debts\": two days and two nights squeezed into hard seats on trains, slept in large bunks that cost one yuan a night, ran frantically to chase debtors, and dodged debtors' thugs and gangs...</p><p>The turning point came in 1989. The Ministry of Justice and the British Law Society jointly launched a lawyer training program. After applying for and passing the exam, Liu Gang was selected to receive internship training at a law firm in London, England.</p><p>He wanted to do intellectual property, which was very popular in China at the time. But a senior partner at a British law firm advised him, \"I suggest you learn about capital markets.\" Liu Gang asked, \"What are capital markets?\"</p><p><b>\"A country as big as China will have a capital market sooner or later.\"</b>The British law firm partner said.</p><p>In 1990, China ushered in its own capital market, with the opening of the Shanghai Stock Exchange and the Shenzhen Stock Exchange.</p><p><img src=\"https://static.tigerbbs.com/99e63397642efd52b0b6a3d4dc5643f2\" tg-width=\"640\" tg-height=\"493\" referrerpolicy=\"no-referrer\"></p><p>▲ In the 1990s, stock investors lined up outside the Shanghai Stock Exchange.</p><p>(Photo | Pan Suofei, China News Service)</p><p>Two years later, China lifted restrictions on private partnership law firms. Liu Gang and two friends rented an office outside Jianguomen and founded their own law firm: Tongshang Law Firm.</p><p>In 2000, Liu Gang received a crucial opportunity in his career. At the time, Sina was attempting to list on Nasdaq. If successful, it will become the first Chinese Internet company to list in the United States.</p><p>Sina's listed entity is registered in the Cayman Islands. However, Chinese law imposes restrictions on foreign investment in the internet sector: foreign investment in the Chinese internet is prohibited, and foreign companies are also prohibited from conducting internet business in China.</p><p>To circumvent these investment restrictions, Liu Gang helped Sina design a complex control structure. He connects foreign investors and Chinese companies through a series of complex legal contracts, allowing overseas-listed entities to control domestic operating entities through agreements without direct equity relationships.</p><p><b>Liu Gang uses a VIE structure to kick off the overseas listing of Chinese internet companies.</b></p><p>In April 2000, Sina successfully listed on Nasdaq in the United States. In June and July of the same year, NetEase and Sohu successively completed their listings on Nasdaq. China's three major portal websites went public overseas, and Liu Gang was involved in all of them. This is very rare in the legal profession.</p><p>Over the next 20 years, almost all Chinese internet companies listed overseas adopted the \"Sina model\" VIE structure. As of May 2021, there were 248 Chinese companies listed in the United States, with a total market capitalization of $2.1 trillion. Among them, Internet-related information technology companies have the largest number, accounting for more than a quarter.</p><p><b>However, the VIE structure has also become a fulcrum in the stock market competition between China and the United States over the next 20 years.</b></p><p>In Liu Gang's words, the VIE structure \"allows overseas investment companies to control the operations of domestic companies without direct equity relationships.\"</p><p>However, according to the U.S. Congress, the VIE structure \"ensures that economic benefits flow to foreign investors while retaining operational control of the business with the Chinese company.\"</p><p><b>This unique structure has become a typical feature of Chinese concept stocks, and it has also laid the groundwork for controversy and crisis in the 20-year journey of Chinese internet companies to list overseas.</b></p><p>The decade-long history of overseas listings following the 2008 global financial crisis is key to helping us understand the current situation of Chinese internet companies. I divided it into four phases, namely:</p><p><img src=\"https://static.tigerbbs.com/6e5b6f69c3b6db65256d2ee9f3c20b46\" tg-width=\"965\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>01</b></p><p><b>Hunting Chinese companies</b></p><p><b>The first round of overseas listings and short selling (2010-2013)</b></p><p>On November 1, 2011, Zhou Hongyi rushed back to the company in the middle of the night and summoned a bunch of supervisors from the website, browser, investor relations, finance, legal, public relations, and other departments.</p><p>At 9 p.m. that evening, short-selling firm Citron Research issued its first short-selling report on Qihoo 360 before the U.S. stock market opened. An hour later, the report was delivered to Zhou Hongyi. “We were surprised when Citron shorted 360,” he said.</p><p>On that day, Qihoo 360's stock fell by about 10%.</p><p>Seven months ago, Qihoo 360 went public on the New York Stock Exchange. Along with it, a large number of Chinese companies also listed on the US stock market.</p><p>Following the 2008 financial crisis, the US economy recovered rapidly starting in 2009, and international capital markets became active. During the same period, Chinese internet companies were in a period of rapid expansion and urgently needed funds.</p><p>A large number of internet companies are heading to the United States seeking to go public.<b>From 2010 to 2012, internet companies such as Gaode Maps, Qihoo 360, Youku, and Tudou successfully went public in the United States, starting a wave of Chinese concept stocks overseas.</b></p><p><img src=\"https://static.tigerbbs.com/53b96a1e444ead872f2cd9531b979af2\" tg-width=\"692\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>▲ Changes in the number of Chinese companies listing in the US from 1970 to 2020</p><p>Data source: Zero2IPO Research Center</p><p>In 2010, approximately 50 Chinese concept stocks were listed on the US stock market, marking a peak in the number of Chinese companies listed overseas and attracting the attention of short-selling institutions known as \"market vultures\".</p><p>Muddy Waters fired the first bullet. In 2010, Muddy Waters founder Carson Block released a 30-page short-selling report on Oriental Paper, causing Oriental Paper's stock price to plummet and Muddy Waters to become famous overnight.</p><p>Subsequently, US short-selling firms, represented by Muddy Waters and Citron Research, successively targeted Chinese concept stocks such as Focus Media, Qihoo 360, and New Oriental. Internet companies have become a major target for Chinese concept stocks.</p><p>Under this round of short-selling institutions, more than 40 Chinese companies have had to suspend trading or be delisted.<b>Chinese concept stocks are collectively facing a crisis of trust.</b></p><p><b>VIEs are a key target for US institutions to short Chinese companies.</b>“China’s internet industry has a VIE structure. Americans think that if you don’t have legal regulations, you’ll always feel insecure,” Zhou Hongyi said.</p><p>On July 17, 2012, New Oriental was investigated by the U.S. Securities and Exchange Commission (SEC) due to adjustments to its VIE structure. Muddy Waters subsequently released a short-selling report of more than 90 pages, pointing out that New Oriental's VIE structure has huge hidden dangers and lacks control.</p><p>Within 48 hours, New Oriental's stock price fell by 60%, hitting a five-year low.</p><p>The New Oriental incident also raised concerns about the VIE structure in the international market, and Chinese concept stocks generally fell sharply. Ctrip and Sina fell by more than 7%, while Dangdang.com, Qihoo 360, NetEase, and Sohu fell by more than 4%.</p><p>Following the outbreak of short-selling in Chinese concept stocks, US regulators have taken further aggressive action. In December 2012, the SEC filed an administrative lawsuit against Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers, and the Chinese branches of the five major accounting firms, BDO.</p><p>The SEC asked them to submit audit working papers for nine Chinese companies listed in the United States, but the five major accounting firms refused the request, saying they were unwilling to break Chinese law.</p><p>This move left Chinese companies listed in the US without an auditor, forcing them to delist.</p><p>The delisting trend of Chinese concept stocks is intensifying. The number of Chinese companies listed in the United States decreased from more than 240 in 2010 to less than 200 in 2012.</p><p><img src=\"https://static.tigerbbs.com/2c640046a4853c23afbcdbf6ee3d55e5\" tg-width=\"500\" tg-height=\"339\" referrerpolicy=\"no-referrer\"></p><p>▲ From 2010 to 2012, US-listed Chinese concept stocks experienced a short-selling wave.</p><p>Data source: Guosheng Securities</p><p>With frequent conflicts, China and the United States have incorporated auditing and cross-border law enforcement into their strategic economic dialogue. In 2013, the China Securities Regulatory Commission and the Ministry of Finance signed an enforcement cooperation agreement with the Public Company Accounting Oversight Board (PCAOB) in the United States, formally launching cross-border audit enforcement cooperation.</p><p><b>However, data sovereignty and confidentiality issues remain contradictions that are difficult for China and the United States to reconcile.</b>This led to various subsequent controversies.</p><p><b>02</b></p><p><b>Shadows Beneath the Feast</b></p><p><b>Alibaba's IPO and the Storm of Review of Chinese Concept Stocks (2014-2017)</b></p><p>In September 2014, Jack Ma entered the United Nations headquarters. One of the purposes of his trip was to meet with UN Secretary-General Ban Ki-moon through the introduction of Hang Lung Group Chairman Ronnie Chan.</p><p>The two of them stood at the elevator entrance, and when Ban Ki-moon came up, Ronnie Chan said the following to Jack Ma:</p><p>“I know Alibaba was forced to list in the United States. Hong Kong doesn’t have dual-class shares, so you have no choice.”<b>But Jack Ma, you need to be careful, Americans have a very, very long hand. One day he will give you trouble.</b>”</p><p>A week ago, Alibaba successfully listed on the New York Stock Exchange on September 19. The revelry filled all of Wall Street.</p><p>That evening, on the New York Stock Exchange's large black screen, the numbers representing Alibaba's opening price kept scrolling and climbing—70…80…90…</p><p>\"Opening price 92.7!\" a voice shouted.</p><p>Jack Ma looked up and glanced excitedly at the numbers on the screen. He picked up his hammer and quickly struck a golden bronze bell. The crowd around him immediately cheered, flashing one after another.</p><p>After more than two hours and 12 rounds of price inquiries, Alibaba's stock finally opened at 11:53 p.m. that evening. The opening price was $92.70, a 36.32% increase from the offering price of $68. The total amount raised reached US$34.125 billion, setting a new record for the highest IPO financing in global history. Alibaba's total market capitalization reached 228.5 billion US dollars, exceeding the GDP of more than 100 countries.</p><p><img src=\"https://static.tigerbbs.com/b666ad1064a3f877e706adaec7dfcd17\" tg-width=\"1080\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p><p>▲ Jack Ma at Alibaba's US Listing in 2014</p><p><b>Several American securities firms and international capital shared in this capital feast.</b>Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and others are among them.</p><p>When Alibaba listed on the New York Stock Exchange, SoftBank held 34.4% of the shares, making it the largest shareholder. Yahoo holds 22.6% of the shares, ranking second. Based solely on Alibaba's opening price, the market value of SoftBank and Yahoo's shares has reached $78.604 billion and $51.641 billion respectively, not including the portion they previously cashed out from Alibaba.</p><p>2014 saw another peak in Chinese internet companies going public in the United States. Besides Alibaba, JD.com, Weibo, Tuniu, Zhaopin.com, and others have also listed on the New York Stock Exchange and Nasdaq in the United States. A total of 12 internet companies completed their listings in the United States throughout the year.</p><p>However, in the same month that Alibaba went public, the U.S. Congressional China Economic and Security Review Commission (UCESRC) released a report titled...<b>Risks of Chinese Internet Companies on U.S. Stock Exchanges</b>The investigation report.</p><p>The report devotes 17 pages to pointing out the various risks associated with the listing of Chinese internet companies, directly stating that the VIE structure is not trustworthy. The UCESRC stated, \"Many U.S. legal experts believe that VIE structures are technically illegal under Chinese law and advise U.S. investors against making such investments.\"</p><p>On the evening of Singles' Day that same year, Jack Ma gave a 20-minute media interview at Alibaba's headquarters in Hangzhou, directly stating when discussing Alipay's IPO:<b>\"Due to various reasons, Alibaba is unable to list on the A-share market, so we hope that Alipay can be listed on the Chinese A-share market in the future.\"</b></p><p>Clearly, Jack Ma understood Ronnie Chan's words. To further understand this statement, we need to trace the timeline back to the Alipay spin-off event three years ago.</p><p>In the first quarter of 2011, the People's Bank of China required payment companies applying for payment licenses to declare their foreign ownership percentages. In May, Jack Ma changed ownership of Alipay and terminated Alibaba Group's control agreement over Zhejiang's Alibaba. Zhejiang Alibaba is a wholly-owned subsidiary of Alipay. This means,<b>Alipay has transformed from a foreign-owned company into a purely domestic one.</b></p><p><img src=\"https://static.tigerbbs.com/86b9f8383885bec01116a82dcc7cc0da\" tg-width=\"449\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p>▲ Alipay spin-off equity change</p><p>However, Jack Ma had not previously reached an agreement with the board of directors regarding this round of equity changes. After the boat was finished, Jack Ma provided corresponding compensation to its two major shareholders, Yahoo and SoftBank.</p><p>On July 29, 2011, Alibaba Group, Yahoo, and SoftBank officially signed an agreement regarding the transfer of Alipay equity. Alipay Holding Company promised to give Alibaba Group a one-time cash return upon its IPO. The return amount is 37.5% of the total market capitalization of Alipay's IPO price at the time of its listing, with no less than US$2 billion and no more than US$6 billion.</p><p>Jack Ma has been accused of \"dishonesty\" and \"undermining foreign investors' confidence in Chinese concept stocks VIE\" for this. He unusually took the initiative to give a lengthy exclusive interview to domestic media, explaining that everything was for Alipay to comply with regulations and obtain a payment license.</p><p>\"I said, brother, it's okay if you start a small joint venture.\"<b>You're dealing with Alipay, which is finance, and you're increasingly touching on sensitive areas. Finance is data, and problems are bound to arise.</b>Jerry Yang didn't believe it, but later they did. Jack Ma said in an exclusive interview with Mr. Fashion.</p><p>At the time, however, most people believed that Jack Ma was using the government as a shield, and they mostly ridiculed and mocked him. Jack Ma angrily withdrew from Weibo.</p><p>Before withdrawing, Jack Ma posted one last Weibo post. No text, just punctuation:<b>A question mark, an exclamation mark, and a string of ellipses</b>。</p><p>Three years after Alipay was spun off, Ant Financial was established in 2014, venturing into inclusive finance from the payment sector.</p><p>Six years later, on the eve of Ant Financial's IPO, Jack Ma delivered that famous speech at the Bund Financial Summit at the end of October 2020. On November 3, the Shanghai Stock Exchange and the Hong Kong Stock Exchange issued emergency notices to temporarily suspend Ant Financial's listing on the Science and Technology Innovation Board and H-shares.</p><p>Only then did everyone suddenly realize.<b>Nine years ago, Jack Ma did not overestimate the Chinese government's determination.</b></p><p><b>03</b></p><p><b>Torrent flows into the sea</b></p><p><b>New economic reform of A-shares and H-shares (2018-2019)</b></p><p>During the 2018 Two Sessions, Liu Shiyu, then chairman of the China Securities Regulatory Commission, said when talking about the overseas listing of Chinese new economy companies that, due to the specific institutional environment and market capacity at the time, it was a good thing that some new economy companies in China chose to list overseas. However, it is also a pity that the country has not enjoyed the fruits of their growth.</p><p><b>\"In this new era, this regret can no longer happen.\"</b>Liu Shiyu said.</p><p>\"Standing at the forefront of the trend, even a pig can fly.\" Lei Jun, who said this, once again propelled Xiaomi into the forefront of the times.<b>He wants to make Xiaomi the first internet company to be listed simultaneously on the mainland A-share market and the Hong Kong H-share market.</b></p><p>On May 3, 2018, Lei Jun, holding two Xiaomi mobile phones, personally flew to Hong Kong to visit Li Ka-shing, Hong Kong's richest man. On the same day, Xiaomi submitted its IPO prospectus to the Hong Kong Stock Exchange. Li Ka-shing's favorite general, Fok Kin-ning, confirmed to the media that Li Ka-shing spent HK$230 million to subscribe to Xiaomi shares. Besides Li Ka-shing, China's two major internet giants, Jack Ma and Ma Huateng, also subscribed to Xiaomi shares.</p><p><img src=\"https://static.tigerbbs.com/c1dfd540577403bd287f47c1209b66c3\" tg-width=\"460\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p>▲ Lei Jun meets with Li Ka-shing</p><p>In mainland China, Xiaomi even set a record of 12 days of \"lightning-fast\" meetings. On June 7 of the same year, Xiaomi applied to the China Securities Regulatory Commission to issue CDRs (depositary receipts) for listing, and the application was accepted on the same day. On the 14th, Xiaomi updated its prospectus and received feedback from the China Securities Regulatory Commission that evening, which is scheduled to be reviewed on the 19th.</p><p>At that time,<b>The China Securities Regulatory Commission and the Hong Kong Stock Exchange are vying to advance new economy listing reforms.</b></p><p>In December 2017, the Hong Kong Stock Exchange released the market \"Consultation Summary\" of the \"Framework Consultation Document on the Proposal to Establish an Innovation Board\", announcing that it would accept new economy companies with different voting rights structures to list in Hong Kong.</p><p>Three months later, the General Office of the State Council forwarded the China Securities Regulatory Commission's \"Opinions on Carrying Out Pilot Programs for Innovative Enterprises to Issue Stocks or Depositary Receipts Domestically,\" allowing new economy companies listed overseas to issue CDRs (depositary receipts) in the mainland A-share market and promoting the return of new economy companies, including those in the Internet sector, to A-share listing.</p><p>However, Xiaomi's CDR listing in mainland China was suddenly halted. On June 14, 2018, the China Securities Regulatory Commission (CSRC) issued 84 questions to Xiaomi. Five days later, Xiaomi announced that it would postpone the Issuance Examination Committee meeting to review the company's CDR issuance application. After listing in Hong Kong first, it will be listed in mainland China by issuing CDRs when the opportunity arises.</p><p>The Hong Kong listing has also been fraught with difficulties. On July 9 of that year, Xiaomi completed its listing on the Hong Kong Stock Exchange. On the day of its listing, Xiaomi's stock was included in the Hang Seng Index Composite Stock Connect and will be included in the Hong Kong Stock Connect under normal circumstances, allowing mainland Chinese investors to directly purchase Xiaomi stock.</p><p>Unexpectedly, on July 14, the Shanghai and Shenzhen Stock Exchanges suddenly issued a notice temporarily refusing to include shares of companies with weighted voting rights, foreign companies, and stapled securities in the Stock Connect program, citing \"unfamiliarity with mainland investors.\" Xiaomi was shut out.</p><p>Two days later, Hong Kong Stock Exchange CEO Li Xiaojia urgently flew from Hong Kong to Beijing to meet and negotiate with relevant officials from the China Securities Regulatory Commission. “We have been communicating with the China Securities Regulatory Commission (CSRC) for weeks and months, hoping to include them all this time and proceed according to the normal Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect procedures. However, the mainland exchanges may have some different opinions,” Li Xiaojia said.</p><p><b>This dispute concerns the future direction of Chinese internet companies going public. Can the door to a new era be opened?</b></p><p>For a long time, Chinese internet companies had only one option: to list in the United States, because mainland A-shares and Hong Kong H-shares did not accept the dual-class share structure in the past. Even with the Hong Kong Stock Exchange's ambitious reforms, poor liquidity will remain a key obstacle for internet companies to list in Hong Kong.</p><p>Only when the Hong Kong Stock Connect accepts new economy companies, allowing massive amounts of capital from mainland China to flow south, can the door to the Eastern world truly open to internet companies.</p><p><b>The storm is temporary, but the direction is certain.</b></p><p>In 2018, the Hong Kong Stock Exchange regained the top spot in the global IPO rankings, raising HK$277.85 billion throughout the year, a new high since 2010.</p><p>A total of 28 new economy companies and biotechnology companies went public in Hong Kong throughout the year. Among them, Xiaomi and Meituan ranked as the second and third largest companies in Hong Kong in terms of fundraising amount, with HK$42.61 billion and HK$33.14 billion respectively.</p><p>In October 2019, the Shanghai Stock Exchange and the Shenzhen Stock Exchange issued announcements that Xiaomi and Meituan would be included in the Hong Kong Stock Connect program.</p><p>Riding this momentum, Chinese internet companies, including Alibaba, NetEase, and JD.com, have returned to China from overseas and are vying for secondary listings in Hong Kong. By 2021, the Hong Kong market had gathered eight major internet giants: Tencent, Alibaba, Meituan, Kuaishou, JD.com, Xiaomi, Baidu, and NetEase.</p><p><img src=\"https://static.tigerbbs.com/dd1e5900f6cb5582296cd123573d40b6\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p>Data source: Hong Kong Stock Exchange</p><p>During the same period, Chinese internet companies experienced their third peak in listings in the United States. In 2018 and 2019, 38 and 32 Chinese companies went public in the United States, respectively, most of which were new economy internet companies, including iQiyi, Douyu, and NetEase Youdao.</p><p>In October 2019, China and the United States reached a consensus on retrieving audit working papers of U.S.-listed companies audited by Hong Kong accounting firms and stored in mainland China. In response to reporters' questions, the China Securities Regulatory Commission stated that the two sides \"maintain a smooth cooperative relationship.\"</p><p>Everything seems to be thriving.</p><p>Unexpectedly, just one year later,<b>New crises, like volcanic lava, have long been accumulated and are erupting.</b>。</p><p><b>04</b></p><p><b>New Crisis Era</b></p><p><b>The Dilemmas and Future of Didi, ByteDance, and Pinduoduo (2020-Present)</b></p><p>July 1st marks the 100th anniversary of the founding of the Communist Party of China. Early that morning, Didi went public in the United States, raising $4.4 billion.</p><p>This is the largest IPO of a Chinese company in the United States since 2014. There are no photos of the bell ringing, no announcements on the official website, little media coverage, and no employees posting on social media.</p><p>On July 2, the China Cybersecurity Review Office issued an announcement stating that, in order to prevent national data security risks, safeguard national security, and protect the public interest, it will conduct a cybersecurity review of Didi Chuxing in accordance with the National Security Law and the Cybersecurity Law. Didi Chuxing suspended new user registration during the review period. Didi only appeared on Weibo trending topics and media headlines after its IPO.</p><p>On July 9, all 25 of Didi's apps were removed from app stores.</p><p>Ray Dalio, founder of Bridgewater Associates, the world's largest hedge fund, once published a 20,000-word article titled \"The Changing World Order\" on his LinkedIn page. He pointed out that the Populism Index, which measures global conflicts, has now reached an all-time high.</p><p>“We are heading towards an abyss of polarization and populism,” Dalio warned.<b>The wealth gap, political polarization, and extreme nationalism we face today are very similar to those of World War II.</b></p><p><img src=\"https://static.tigerbbs.com/82a4ead3b25817350b19c65a0fb2c2ba\" tg-width=\"864\" tg-height=\"311\" referrerpolicy=\"no-referrer\"></p><p>▲ The inequality between the rich and the poor has led to extreme nationalism, which is similar to that during World War II.</p><p>Data source: Bridgewater Associates</p><p>On March 25, 2021, the U.S. Securities and Exchange Commission (SEC) issued a notice approving the final amendments to the Foreign Company Accountability Act (HFCAA). The bill stipulates that,<b>Foreign issuers that fail to meet the inspection requirements of the U.S. Public Company Accounting Oversight Board (PCAOB) for accounting firms for three consecutive years will be delisted.</b></p><p>Chinese Foreign Ministry spokesperson Hua Chunying responded at a press conference, saying: \"The HFCAA is a completely unreasonable political suppression of Chinese companies listed in the United States, seriously distorts the basic principles of the market economy that the United States has always touted, and deprives American investors and the American public of the opportunity to share in the development dividends of Chinese companies.\"</p><p>According to official data from the US PCAOB, as of April 2020,<b>Among foreign listed companies that do not accept PCAOB inspection and audit working papers, companies in mainland China and Hong Kong account for nearly 90%.</b></p><p>By quietly going public, Didi successfully threw itself into the eye of the storm in the Sino-US stock market rivalry.</p><p>On July 7, the official WeChat account of People's Daily, \"Riding the Waves of Youth,\" published two reports commenting on the Didi incident: \"Didi is far from the point of using employment to command the government. If Didi goes out of business later, drivers will switch to another platform to take orders, and we will switch to another platform to hail rides, and our lives will not be affected in any way.\"</p><p>On July 8, U.S. Democratic Senator Chris Van Hollen called on the U.S. Securities and Exchange Commission to thoroughly investigate Didi's IPO.</p><p><b>The internet is going through a turbulent time. Some things, when viewed together, become intriguing.</b></p><p>Prior to the Didi incident, Huang Zheng stepped down as CEO of Pinduoduo in March of this year; In May, Zhang Yiming stepped down as CEO of ByteDance.</p><p>Many people previously viewed this as a result of internet anti-monopoly measures. But they overlooked a key clue:</p><p><b>Both Didi and Pinduoduo are listed in the United States. As for ByteDance, Trump's ban on Tiktok speaks for itself.</b></p><p><b>Meanwhile, for Tencent and Meituan, which are listed in Hong Kong, Ma Huateng and Wang Xing still hold the positions of CEO.</b></p><p>All the recent internet shocks happening around us are sending us a signal:</p><p><b>In the stock market rivalry between China and the United States, the past situation where the United States was aggressive and China was passively defensive will become history. China's regulatory determination and actions have already begun to show signs.</b></p><p>Some internet companies are still stuck in the habitual thinking of the previous 20 years; Some internet companies have already set sail for new ports.</p><p><b>They were destined to meet completely different fates.</b></p><p><img src=\"https://static.tigerbbs.com/a76220741e2982f75e2d7176ce362e38\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1626307243676","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Past of Chinese Internet Companies Listing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Past of Chinese Internet Companies Listing\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">吴杨野餐会</strong><span class=\"h-time small\">2021-07-15 08:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In 1983, Liu Gang graduated from Peking University Law School and was assigned to the Secretariat of the Ministry of Justice, where he was responsible for writing daily reports for the minister.</p><p>A year later, he felt the job was boring and wanted to apply for a transfer. Someone advised him that secretarial status might be easier to promote.</p><p>In 1985, the state implemented the \"third tier\" cadre reform. The Ministry of Justice selected young cadres to train at the grassroots level, and Liu Gang was included in it. He voluntarily gave up his position in a grassroots government agency and chose to become a grassroots lawyer.</p><p>After completing their training period, his colleagues returned to the Ministry of Justice to continue their careers, but Liu Gang did not go back. He chose to stay in the legal profession.</p><p>At that time, the legal profession in China was just emerging, and everything was still in a stage of ignorance. Liu Gang's main business is debt collection.</p><p>From then on, he lived the life of a \"migrant worker collecting debts\": two days and two nights squeezed into hard seats on trains, slept in large bunks that cost one yuan a night, ran frantically to chase debtors, and dodged debtors' thugs and gangs...</p><p>The turning point came in 1989. The Ministry of Justice and the British Law Society jointly launched a lawyer training program. After applying for and passing the exam, Liu Gang was selected to receive internship training at a law firm in London, England.</p><p>He wanted to do intellectual property, which was very popular in China at the time. But a senior partner at a British law firm advised him, \"I suggest you learn about capital markets.\" Liu Gang asked, \"What are capital markets?\"</p><p><b>\"A country as big as China will have a capital market sooner or later.\"</b>The British law firm partner said.</p><p>In 1990, China ushered in its own capital market, with the opening of the Shanghai Stock Exchange and the Shenzhen Stock Exchange.</p><p><img src=\"https://static.tigerbbs.com/99e63397642efd52b0b6a3d4dc5643f2\" tg-width=\"640\" tg-height=\"493\" referrerpolicy=\"no-referrer\"></p><p>▲ In the 1990s, stock investors lined up outside the Shanghai Stock Exchange.</p><p>(Photo | Pan Suofei, China News Service)</p><p>Two years later, China lifted restrictions on private partnership law firms. Liu Gang and two friends rented an office outside Jianguomen and founded their own law firm: Tongshang Law Firm.</p><p>In 2000, Liu Gang received a crucial opportunity in his career. At the time, Sina was attempting to list on Nasdaq. If successful, it will become the first Chinese Internet company to list in the United States.</p><p>Sina's listed entity is registered in the Cayman Islands. However, Chinese law imposes restrictions on foreign investment in the internet sector: foreign investment in the Chinese internet is prohibited, and foreign companies are also prohibited from conducting internet business in China.</p><p>To circumvent these investment restrictions, Liu Gang helped Sina design a complex control structure. He connects foreign investors and Chinese companies through a series of complex legal contracts, allowing overseas-listed entities to control domestic operating entities through agreements without direct equity relationships.</p><p><b>Liu Gang uses a VIE structure to kick off the overseas listing of Chinese internet companies.</b></p><p>In April 2000, Sina successfully listed on Nasdaq in the United States. In June and July of the same year, NetEase and Sohu successively completed their listings on Nasdaq. China's three major portal websites went public overseas, and Liu Gang was involved in all of them. This is very rare in the legal profession.</p><p>Over the next 20 years, almost all Chinese internet companies listed overseas adopted the \"Sina model\" VIE structure. As of May 2021, there were 248 Chinese companies listed in the United States, with a total market capitalization of $2.1 trillion. Among them, Internet-related information technology companies have the largest number, accounting for more than a quarter.</p><p><b>However, the VIE structure has also become a fulcrum in the stock market competition between China and the United States over the next 20 years.</b></p><p>In Liu Gang's words, the VIE structure \"allows overseas investment companies to control the operations of domestic companies without direct equity relationships.\"</p><p>However, according to the U.S. Congress, the VIE structure \"ensures that economic benefits flow to foreign investors while retaining operational control of the business with the Chinese company.\"</p><p><b>This unique structure has become a typical feature of Chinese concept stocks, and it has also laid the groundwork for controversy and crisis in the 20-year journey of Chinese internet companies to list overseas.</b></p><p>The decade-long history of overseas listings following the 2008 global financial crisis is key to helping us understand the current situation of Chinese internet companies. I divided it into four phases, namely:</p><p><img src=\"https://static.tigerbbs.com/6e5b6f69c3b6db65256d2ee9f3c20b46\" tg-width=\"965\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>01</b></p><p><b>Hunting Chinese companies</b></p><p><b>The first round of overseas listings and short selling (2010-2013)</b></p><p>On November 1, 2011, Zhou Hongyi rushed back to the company in the middle of the night and summoned a bunch of supervisors from the website, browser, investor relations, finance, legal, public relations, and other departments.</p><p>At 9 p.m. that evening, short-selling firm Citron Research issued its first short-selling report on Qihoo 360 before the U.S. stock market opened. An hour later, the report was delivered to Zhou Hongyi. “We were surprised when Citron shorted 360,” he said.</p><p>On that day, Qihoo 360's stock fell by about 10%.</p><p>Seven months ago, Qihoo 360 went public on the New York Stock Exchange. Along with it, a large number of Chinese companies also listed on the US stock market.</p><p>Following the 2008 financial crisis, the US economy recovered rapidly starting in 2009, and international capital markets became active. During the same period, Chinese internet companies were in a period of rapid expansion and urgently needed funds.</p><p>A large number of internet companies are heading to the United States seeking to go public.<b>From 2010 to 2012, internet companies such as Gaode Maps, Qihoo 360, Youku, and Tudou successfully went public in the United States, starting a wave of Chinese concept stocks overseas.</b></p><p><img src=\"https://static.tigerbbs.com/53b96a1e444ead872f2cd9531b979af2\" tg-width=\"692\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>▲ Changes in the number of Chinese companies listing in the US from 1970 to 2020</p><p>Data source: Zero2IPO Research Center</p><p>In 2010, approximately 50 Chinese concept stocks were listed on the US stock market, marking a peak in the number of Chinese companies listed overseas and attracting the attention of short-selling institutions known as \"market vultures\".</p><p>Muddy Waters fired the first bullet. In 2010, Muddy Waters founder Carson Block released a 30-page short-selling report on Oriental Paper, causing Oriental Paper's stock price to plummet and Muddy Waters to become famous overnight.</p><p>Subsequently, US short-selling firms, represented by Muddy Waters and Citron Research, successively targeted Chinese concept stocks such as Focus Media, Qihoo 360, and New Oriental. Internet companies have become a major target for Chinese concept stocks.</p><p>Under this round of short-selling institutions, more than 40 Chinese companies have had to suspend trading or be delisted.<b>Chinese concept stocks are collectively facing a crisis of trust.</b></p><p><b>VIEs are a key target for US institutions to short Chinese companies.</b>“China’s internet industry has a VIE structure. Americans think that if you don’t have legal regulations, you’ll always feel insecure,” Zhou Hongyi said.</p><p>On July 17, 2012, New Oriental was investigated by the U.S. Securities and Exchange Commission (SEC) due to adjustments to its VIE structure. Muddy Waters subsequently released a short-selling report of more than 90 pages, pointing out that New Oriental's VIE structure has huge hidden dangers and lacks control.</p><p>Within 48 hours, New Oriental's stock price fell by 60%, hitting a five-year low.</p><p>The New Oriental incident also raised concerns about the VIE structure in the international market, and Chinese concept stocks generally fell sharply. Ctrip and Sina fell by more than 7%, while Dangdang.com, Qihoo 360, NetEase, and Sohu fell by more than 4%.</p><p>Following the outbreak of short-selling in Chinese concept stocks, US regulators have taken further aggressive action. In December 2012, the SEC filed an administrative lawsuit against Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers, and the Chinese branches of the five major accounting firms, BDO.</p><p>The SEC asked them to submit audit working papers for nine Chinese companies listed in the United States, but the five major accounting firms refused the request, saying they were unwilling to break Chinese law.</p><p>This move left Chinese companies listed in the US without an auditor, forcing them to delist.</p><p>The delisting trend of Chinese concept stocks is intensifying. The number of Chinese companies listed in the United States decreased from more than 240 in 2010 to less than 200 in 2012.</p><p><img src=\"https://static.tigerbbs.com/2c640046a4853c23afbcdbf6ee3d55e5\" tg-width=\"500\" tg-height=\"339\" referrerpolicy=\"no-referrer\"></p><p>▲ From 2010 to 2012, US-listed Chinese concept stocks experienced a short-selling wave.</p><p>Data source: Guosheng Securities</p><p>With frequent conflicts, China and the United States have incorporated auditing and cross-border law enforcement into their strategic economic dialogue. In 2013, the China Securities Regulatory Commission and the Ministry of Finance signed an enforcement cooperation agreement with the Public Company Accounting Oversight Board (PCAOB) in the United States, formally launching cross-border audit enforcement cooperation.</p><p><b>However, data sovereignty and confidentiality issues remain contradictions that are difficult for China and the United States to reconcile.</b>This led to various subsequent controversies.</p><p><b>02</b></p><p><b>Shadows Beneath the Feast</b></p><p><b>Alibaba's IPO and the Storm of Review of Chinese Concept Stocks (2014-2017)</b></p><p>In September 2014, Jack Ma entered the United Nations headquarters. One of the purposes of his trip was to meet with UN Secretary-General Ban Ki-moon through the introduction of Hang Lung Group Chairman Ronnie Chan.</p><p>The two of them stood at the elevator entrance, and when Ban Ki-moon came up, Ronnie Chan said the following to Jack Ma:</p><p>“I know Alibaba was forced to list in the United States. Hong Kong doesn’t have dual-class shares, so you have no choice.”<b>But Jack Ma, you need to be careful, Americans have a very, very long hand. One day he will give you trouble.</b>”</p><p>A week ago, Alibaba successfully listed on the New York Stock Exchange on September 19. The revelry filled all of Wall Street.</p><p>That evening, on the New York Stock Exchange's large black screen, the numbers representing Alibaba's opening price kept scrolling and climbing—70…80…90…</p><p>\"Opening price 92.7!\" a voice shouted.</p><p>Jack Ma looked up and glanced excitedly at the numbers on the screen. He picked up his hammer and quickly struck a golden bronze bell. The crowd around him immediately cheered, flashing one after another.</p><p>After more than two hours and 12 rounds of price inquiries, Alibaba's stock finally opened at 11:53 p.m. that evening. The opening price was $92.70, a 36.32% increase from the offering price of $68. The total amount raised reached US$34.125 billion, setting a new record for the highest IPO financing in global history. Alibaba's total market capitalization reached 228.5 billion US dollars, exceeding the GDP of more than 100 countries.</p><p><img src=\"https://static.tigerbbs.com/b666ad1064a3f877e706adaec7dfcd17\" tg-width=\"1080\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p><p>▲ Jack Ma at Alibaba's US Listing in 2014</p><p><b>Several American securities firms and international capital shared in this capital feast.</b>Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and others are among them.</p><p>When Alibaba listed on the New York Stock Exchange, SoftBank held 34.4% of the shares, making it the largest shareholder. Yahoo holds 22.6% of the shares, ranking second. Based solely on Alibaba's opening price, the market value of SoftBank and Yahoo's shares has reached $78.604 billion and $51.641 billion respectively, not including the portion they previously cashed out from Alibaba.</p><p>2014 saw another peak in Chinese internet companies going public in the United States. Besides Alibaba, JD.com, Weibo, Tuniu, Zhaopin.com, and others have also listed on the New York Stock Exchange and Nasdaq in the United States. A total of 12 internet companies completed their listings in the United States throughout the year.</p><p>However, in the same month that Alibaba went public, the U.S. Congressional China Economic and Security Review Commission (UCESRC) released a report titled...<b>Risks of Chinese Internet Companies on U.S. Stock Exchanges</b>The investigation report.</p><p>The report devotes 17 pages to pointing out the various risks associated with the listing of Chinese internet companies, directly stating that the VIE structure is not trustworthy. The UCESRC stated, \"Many U.S. legal experts believe that VIE structures are technically illegal under Chinese law and advise U.S. investors against making such investments.\"</p><p>On the evening of Singles' Day that same year, Jack Ma gave a 20-minute media interview at Alibaba's headquarters in Hangzhou, directly stating when discussing Alipay's IPO:<b>\"Due to various reasons, Alibaba is unable to list on the A-share market, so we hope that Alipay can be listed on the Chinese A-share market in the future.\"</b></p><p>Clearly, Jack Ma understood Ronnie Chan's words. To further understand this statement, we need to trace the timeline back to the Alipay spin-off event three years ago.</p><p>In the first quarter of 2011, the People's Bank of China required payment companies applying for payment licenses to declare their foreign ownership percentages. In May, Jack Ma changed ownership of Alipay and terminated Alibaba Group's control agreement over Zhejiang's Alibaba. Zhejiang Alibaba is a wholly-owned subsidiary of Alipay. This means,<b>Alipay has transformed from a foreign-owned company into a purely domestic one.</b></p><p><img src=\"https://static.tigerbbs.com/86b9f8383885bec01116a82dcc7cc0da\" tg-width=\"449\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p>▲ Alipay spin-off equity change</p><p>However, Jack Ma had not previously reached an agreement with the board of directors regarding this round of equity changes. After the boat was finished, Jack Ma provided corresponding compensation to its two major shareholders, Yahoo and SoftBank.</p><p>On July 29, 2011, Alibaba Group, Yahoo, and SoftBank officially signed an agreement regarding the transfer of Alipay equity. Alipay Holding Company promised to give Alibaba Group a one-time cash return upon its IPO. The return amount is 37.5% of the total market capitalization of Alipay's IPO price at the time of its listing, with no less than US$2 billion and no more than US$6 billion.</p><p>Jack Ma has been accused of \"dishonesty\" and \"undermining foreign investors' confidence in Chinese concept stocks VIE\" for this. He unusually took the initiative to give a lengthy exclusive interview to domestic media, explaining that everything was for Alipay to comply with regulations and obtain a payment license.</p><p>\"I said, brother, it's okay if you start a small joint venture.\"<b>You're dealing with Alipay, which is finance, and you're increasingly touching on sensitive areas. Finance is data, and problems are bound to arise.</b>Jerry Yang didn't believe it, but later they did. Jack Ma said in an exclusive interview with Mr. Fashion.</p><p>At the time, however, most people believed that Jack Ma was using the government as a shield, and they mostly ridiculed and mocked him. Jack Ma angrily withdrew from Weibo.</p><p>Before withdrawing, Jack Ma posted one last Weibo post. No text, just punctuation:<b>A question mark, an exclamation mark, and a string of ellipses</b>。</p><p>Three years after Alipay was spun off, Ant Financial was established in 2014, venturing into inclusive finance from the payment sector.</p><p>Six years later, on the eve of Ant Financial's IPO, Jack Ma delivered that famous speech at the Bund Financial Summit at the end of October 2020. On November 3, the Shanghai Stock Exchange and the Hong Kong Stock Exchange issued emergency notices to temporarily suspend Ant Financial's listing on the Science and Technology Innovation Board and H-shares.</p><p>Only then did everyone suddenly realize.<b>Nine years ago, Jack Ma did not overestimate the Chinese government's determination.</b></p><p><b>03</b></p><p><b>Torrent flows into the sea</b></p><p><b>New economic reform of A-shares and H-shares (2018-2019)</b></p><p>During the 2018 Two Sessions, Liu Shiyu, then chairman of the China Securities Regulatory Commission, said when talking about the overseas listing of Chinese new economy companies that, due to the specific institutional environment and market capacity at the time, it was a good thing that some new economy companies in China chose to list overseas. However, it is also a pity that the country has not enjoyed the fruits of their growth.</p><p><b>\"In this new era, this regret can no longer happen.\"</b>Liu Shiyu said.</p><p>\"Standing at the forefront of the trend, even a pig can fly.\" Lei Jun, who said this, once again propelled Xiaomi into the forefront of the times.<b>He wants to make Xiaomi the first internet company to be listed simultaneously on the mainland A-share market and the Hong Kong H-share market.</b></p><p>On May 3, 2018, Lei Jun, holding two Xiaomi mobile phones, personally flew to Hong Kong to visit Li Ka-shing, Hong Kong's richest man. On the same day, Xiaomi submitted its IPO prospectus to the Hong Kong Stock Exchange. Li Ka-shing's favorite general, Fok Kin-ning, confirmed to the media that Li Ka-shing spent HK$230 million to subscribe to Xiaomi shares. Besides Li Ka-shing, China's two major internet giants, Jack Ma and Ma Huateng, also subscribed to Xiaomi shares.</p><p><img src=\"https://static.tigerbbs.com/c1dfd540577403bd287f47c1209b66c3\" tg-width=\"460\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p>▲ Lei Jun meets with Li Ka-shing</p><p>In mainland China, Xiaomi even set a record of 12 days of \"lightning-fast\" meetings. On June 7 of the same year, Xiaomi applied to the China Securities Regulatory Commission to issue CDRs (depositary receipts) for listing, and the application was accepted on the same day. On the 14th, Xiaomi updated its prospectus and received feedback from the China Securities Regulatory Commission that evening, which is scheduled to be reviewed on the 19th.</p><p>At that time,<b>The China Securities Regulatory Commission and the Hong Kong Stock Exchange are vying to advance new economy listing reforms.</b></p><p>In December 2017, the Hong Kong Stock Exchange released the market \"Consultation Summary\" of the \"Framework Consultation Document on the Proposal to Establish an Innovation Board\", announcing that it would accept new economy companies with different voting rights structures to list in Hong Kong.</p><p>Three months later, the General Office of the State Council forwarded the China Securities Regulatory Commission's \"Opinions on Carrying Out Pilot Programs for Innovative Enterprises to Issue Stocks or Depositary Receipts Domestically,\" allowing new economy companies listed overseas to issue CDRs (depositary receipts) in the mainland A-share market and promoting the return of new economy companies, including those in the Internet sector, to A-share listing.</p><p>However, Xiaomi's CDR listing in mainland China was suddenly halted. On June 14, 2018, the China Securities Regulatory Commission (CSRC) issued 84 questions to Xiaomi. Five days later, Xiaomi announced that it would postpone the Issuance Examination Committee meeting to review the company's CDR issuance application. After listing in Hong Kong first, it will be listed in mainland China by issuing CDRs when the opportunity arises.</p><p>The Hong Kong listing has also been fraught with difficulties. On July 9 of that year, Xiaomi completed its listing on the Hong Kong Stock Exchange. On the day of its listing, Xiaomi's stock was included in the Hang Seng Index Composite Stock Connect and will be included in the Hong Kong Stock Connect under normal circumstances, allowing mainland Chinese investors to directly purchase Xiaomi stock.</p><p>Unexpectedly, on July 14, the Shanghai and Shenzhen Stock Exchanges suddenly issued a notice temporarily refusing to include shares of companies with weighted voting rights, foreign companies, and stapled securities in the Stock Connect program, citing \"unfamiliarity with mainland investors.\" Xiaomi was shut out.</p><p>Two days later, Hong Kong Stock Exchange CEO Li Xiaojia urgently flew from Hong Kong to Beijing to meet and negotiate with relevant officials from the China Securities Regulatory Commission. “We have been communicating with the China Securities Regulatory Commission (CSRC) for weeks and months, hoping to include them all this time and proceed according to the normal Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect procedures. However, the mainland exchanges may have some different opinions,” Li Xiaojia said.</p><p><b>This dispute concerns the future direction of Chinese internet companies going public. Can the door to a new era be opened?</b></p><p>For a long time, Chinese internet companies had only one option: to list in the United States, because mainland A-shares and Hong Kong H-shares did not accept the dual-class share structure in the past. Even with the Hong Kong Stock Exchange's ambitious reforms, poor liquidity will remain a key obstacle for internet companies to list in Hong Kong.</p><p>Only when the Hong Kong Stock Connect accepts new economy companies, allowing massive amounts of capital from mainland China to flow south, can the door to the Eastern world truly open to internet companies.</p><p><b>The storm is temporary, but the direction is certain.</b></p><p>In 2018, the Hong Kong Stock Exchange regained the top spot in the global IPO rankings, raising HK$277.85 billion throughout the year, a new high since 2010.</p><p>A total of 28 new economy companies and biotechnology companies went public in Hong Kong throughout the year. Among them, Xiaomi and Meituan ranked as the second and third largest companies in Hong Kong in terms of fundraising amount, with HK$42.61 billion and HK$33.14 billion respectively.</p><p>In October 2019, the Shanghai Stock Exchange and the Shenzhen Stock Exchange issued announcements that Xiaomi and Meituan would be included in the Hong Kong Stock Connect program.</p><p>Riding this momentum, Chinese internet companies, including Alibaba, NetEase, and JD.com, have returned to China from overseas and are vying for secondary listings in Hong Kong. By 2021, the Hong Kong market had gathered eight major internet giants: Tencent, Alibaba, Meituan, Kuaishou, JD.com, Xiaomi, Baidu, and NetEase.</p><p><img src=\"https://static.tigerbbs.com/dd1e5900f6cb5582296cd123573d40b6\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p>Data source: Hong Kong Stock Exchange</p><p>During the same period, Chinese internet companies experienced their third peak in listings in the United States. In 2018 and 2019, 38 and 32 Chinese companies went public in the United States, respectively, most of which were new economy internet companies, including iQiyi, Douyu, and NetEase Youdao.</p><p>In October 2019, China and the United States reached a consensus on retrieving audit working papers of U.S.-listed companies audited by Hong Kong accounting firms and stored in mainland China. In response to reporters' questions, the China Securities Regulatory Commission stated that the two sides \"maintain a smooth cooperative relationship.\"</p><p>Everything seems to be thriving.</p><p>Unexpectedly, just one year later,<b>New crises, like volcanic lava, have long been accumulated and are erupting.</b>。</p><p><b>04</b></p><p><b>New Crisis Era</b></p><p><b>The Dilemmas and Future of Didi, ByteDance, and Pinduoduo (2020-Present)</b></p><p>July 1st marks the 100th anniversary of the founding of the Communist Party of China. Early that morning, Didi went public in the United States, raising $4.4 billion.</p><p>This is the largest IPO of a Chinese company in the United States since 2014. There are no photos of the bell ringing, no announcements on the official website, little media coverage, and no employees posting on social media.</p><p>On July 2, the China Cybersecurity Review Office issued an announcement stating that, in order to prevent national data security risks, safeguard national security, and protect the public interest, it will conduct a cybersecurity review of Didi Chuxing in accordance with the National Security Law and the Cybersecurity Law. Didi Chuxing suspended new user registration during the review period. Didi only appeared on Weibo trending topics and media headlines after its IPO.</p><p>On July 9, all 25 of Didi's apps were removed from app stores.</p><p>Ray Dalio, founder of Bridgewater Associates, the world's largest hedge fund, once published a 20,000-word article titled \"The Changing World Order\" on his LinkedIn page. He pointed out that the Populism Index, which measures global conflicts, has now reached an all-time high.</p><p>“We are heading towards an abyss of polarization and populism,” Dalio warned.<b>The wealth gap, political polarization, and extreme nationalism we face today are very similar to those of World War II.</b></p><p><img src=\"https://static.tigerbbs.com/82a4ead3b25817350b19c65a0fb2c2ba\" tg-width=\"864\" tg-height=\"311\" referrerpolicy=\"no-referrer\"></p><p>▲ The inequality between the rich and the poor has led to extreme nationalism, which is similar to that during World War II.</p><p>Data source: Bridgewater Associates</p><p>On March 25, 2021, the U.S. Securities and Exchange Commission (SEC) issued a notice approving the final amendments to the Foreign Company Accountability Act (HFCAA). The bill stipulates that,<b>Foreign issuers that fail to meet the inspection requirements of the U.S. Public Company Accounting Oversight Board (PCAOB) for accounting firms for three consecutive years will be delisted.</b></p><p>Chinese Foreign Ministry spokesperson Hua Chunying responded at a press conference, saying: \"The HFCAA is a completely unreasonable political suppression of Chinese companies listed in the United States, seriously distorts the basic principles of the market economy that the United States has always touted, and deprives American investors and the American public of the opportunity to share in the development dividends of Chinese companies.\"</p><p>According to official data from the US PCAOB, as of April 2020,<b>Among foreign listed companies that do not accept PCAOB inspection and audit working papers, companies in mainland China and Hong Kong account for nearly 90%.</b></p><p>By quietly going public, Didi successfully threw itself into the eye of the storm in the Sino-US stock market rivalry.</p><p>On July 7, the official WeChat account of People's Daily, \"Riding the Waves of Youth,\" published two reports commenting on the Didi incident: \"Didi is far from the point of using employment to command the government. If Didi goes out of business later, drivers will switch to another platform to take orders, and we will switch to another platform to hail rides, and our lives will not be affected in any way.\"</p><p>On July 8, U.S. Democratic Senator Chris Van Hollen called on the U.S. Securities and Exchange Commission to thoroughly investigate Didi's IPO.</p><p><b>The internet is going through a turbulent time. Some things, when viewed together, become intriguing.</b></p><p>Prior to the Didi incident, Huang Zheng stepped down as CEO of Pinduoduo in March of this year; In May, Zhang Yiming stepped down as CEO of ByteDance.</p><p>Many people previously viewed this as a result of internet anti-monopoly measures. But they overlooked a key clue:</p><p><b>Both Didi and Pinduoduo are listed in the United States. As for ByteDance, Trump's ban on Tiktok speaks for itself.</b></p><p><b>Meanwhile, for Tencent and Meituan, which are listed in Hong Kong, Ma Huateng and Wang Xing still hold the positions of CEO.</b></p><p>All the recent internet shocks happening around us are sending us a signal:</p><p><b>In the stock market rivalry between China and the United States, the past situation where the United States was aggressive and China was passively defensive will become history. China's regulatory determination and actions have already begun to show signs.</b></p><p>Some internet companies are still stuck in the habitual thinking of the previous 20 years; Some internet companies have already set sail for new ports.</p><p><b>They were destined to meet completely different fates.</b></p><p><img src=\"https://static.tigerbbs.com/a76220741e2982f75e2d7176ce362e38\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/QItPs3pB6CJ5Dn89MQYL2A\">吴杨野餐会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{"160636":"互联网","161025":"移动互联"},"source_url":"https://mp.weixin.qq.com/s/QItPs3pB6CJ5Dn89MQYL2A","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111811630","content_text":"1983年，刘钢从北京大学法学院毕业，被分配到司法部秘书处，负责为部长撰写日常报告。\n一年后，他感觉工作内容枯燥，想申请调职。有人劝告他，秘书身份可能会更容易得到提升。\n1985年，国家推行“第三梯队”干部改革。司法部挑选年轻干部到基层锻炼，刘钢被列入其中。他主动放弃了基层机关的岗位，选择做一名基层律师。\n锻炼期满，同事们纷纷回到司法部继续职业生涯，但刘钢没有回去。他选择留在律师行业。\n当时，中国律师行业刚刚兴起，一切尚在蒙昧期。刘钢的主要业务是讨债。\n从此，他过上了“讨债民工”的生活：两天两夜挤火车硬座，睡一块钱一晚的大通铺，狂奔追赶欠款人，躲避债务人的打手与围殴……\n转折点出现在1989年。司法部和英国律师协会联合启动一个律师培训项目。刘钢申请并通过考试后，被选派往英国伦敦的一家律师事务所接受实习培训。\n他想做当时在中国大热的知识产权。但英国律所的一位高级合伙人建议他：“我建议你了解一下资本市场。”刘钢问：“什么是资本市场？”\n“中国那么大的国家，早晚会有资本市场。”那位英国律所合伙人说。\n1990年，中国迎来属于自己的资本市场，上海交易所和深圳交易所先后开业。\n\n▲1990年代，股民在上海交易所门口排队\n（摄影 | 中新社 潘索菲）\n两年后，中国放开私人合伙制律师事务所限制。刘钢和两个朋友在建国门外租下一间办公室，创办起自己的律师事务所：通商律师事务所。\n2000年，刘钢得到职业生涯的一次关键机会。当时新浪正在冲击纳斯达克上市。如果成功，它将成为第一家在美国上市的中国互联网公司。\n新浪的上市主体注册在开曼群岛。但中国法律对外资进入互联网领域存在限制：禁止外资投资中国互联网，也禁止外国公司在中国开展互联网业务。\n为了绕过这些投资限制，刘钢帮助新浪设计了一套复杂的控制架构。他将外国投资者和中国公司通过一系列复杂的法律合同相连接，使海外上市实体在没有直接股权关系下，通过协议控制国内的运营实体。\n刘钢用一纸VIE架构，拉开中国互联网公司海外上市的大幕。\n2000年4月，新浪成功登陆美国纳斯达克。同年6月、7月，网易和搜狐相继完成纳斯达克上市。中国三大门户网站海外上市，刘钢均参与其中。这在律师行业非常罕见。\n此后20余年，几乎所有中国互联网公司海外上市，均采取“新浪模式”的VIE架构。截至2021年5月，中国共有248家公司在美国上市，总市值高达2.1万亿美元。其中互联网相关的信息技术公司数量最多，比例达四分之一以上。\n然而，VIE架构也成为今后20年中美两国股市博弈的支点。\n在刘钢的表述里，VIE架构“使境外投资公司在没有直接股权关系的情况下，控制国内公司的运营”。\n但在美国国会的表述中，VIE 架构则“保证了经济利益流向外国投资者，同时对业务的经营控制留在中国公司”。\n这种特殊架构，成为中概股的典型特征，也为中国互联网公司20年海外上市路埋下争议与危机的伏笔。\n08年全球金融危机后的十年海外上市史，是帮助我们理解中国互联网公司目前处境的关键。我将其分为四个阶段，分别为：\n\n01\n围猎中国公司\n第一轮海外上市与做空潮（2010—2013）\n2011年11月1日，周鸿祎半夜赶回公司，把网址站、浏览器、投资者关系、财务、法务、公关等相应一堆主管都叫了过来。\n当晚9点，做空机构香橼研究（Citron Research）赶在美国股市开市前，发出了针对奇虎360公司的第一份做空报告。1个小时后，报告送到周鸿祎手中。“Citron做空360时，我们觉得很惊讶。”他表示。\n当天，奇虎360的股票跌去约10%。\n7个月前，奇虎360登陆美国纽交所上市。和它一同登陆美国股市的，还有一大批中国公司。\n08年金融危机后，美国经济2009年起快速复苏，国际资本市场活跃。同一时期，中国互联网公司正在飞速扩张期，迫切需要资金。\n大批互联网公司奔赴美国寻求上市。从2010年到2012年，高德地图、奇虎360、优酷、土豆等互联网公司先后成功在美国上市，开启海外的中概股热潮。\n\n▲1970-2020年中国公司赴美上市数量变化\n数据来源：清科研究中心\n2010 年共计约 50 家中概股登陆美股市场，中国公司海外上市的数量突破峰值，也吸引了“市场秃鹫”做空机构们的目光。\n浑水公司（Muddy Waters）射出第一颗子弹。2010 年，浑水创始人卡森·布洛克（Carson Block）抛出一份30页的东方纸业做空报告，东方纸业股价大跌，浑水一战成名。\n随后，以浑水、香橼为代表的美国做空机构，相继把枪口瞄准了分众传媒、奇虎360、新东方等中概股。其中互联网公司成为被围猎的中概股重灾区。\n此轮做空机构围猎下，超过 40 家中国企业不得不停牌、退市。中概股集体陷入信任危机。\nVIE是美国机构做空中国公司的一个关键靶子。“中国互联网行业存在VIE结构。美国人认为你没有法律规定，就永远觉得心里没底。”周鸿祎说。\n2012年7月17日，新东方因为VIE架构调整，遭受美国证券交易委员会（SEC）调查。浑水随即发布一份长达90多页的做空报告，指出新东方VIE结构存在巨大隐患，缺乏控制力。\n48小时内，新东方股价跌去60%，股价创5年新低。\n新东方事件同时引发国际市场担忧VIE架构，中概股普遍大跌。携程、新浪等跌幅超过7%，当当网、奇虎360、网易、搜狐等跌幅超过4%。\n中概股做空潮爆发后，美国监管方进一步强势出击。2012年12月，SEC 对德勤、安永、毕马威、普华永道，以及德豪五大会计师事务所中国分部发起行政诉讼。\nSEC要求他们提交9家在美上市的中概股审计底稿，但五大会计师事务所拒绝了这一要求，他们不愿触犯中国法律。\n这一举动导致在美上市的中国企业陷入没有审计方的境地，迫使中国公司摘牌退市。\n中概股退市潮越演越烈。在美上市的中国公司由2010的240余家，减少到2012年的不足200家。\n\n▲ 2010-2012年美国上市中概股遭遇做空潮\n数据来源：国盛证券\n冲突频发，中美两国将审计跨境执法纳入战略经济对话。2013 年，中国证监会和财政部与美国上市公司会计监管委员会（PCAOB） 签订执法合作协议，正式开展审计跨境执法合作。\n但数据主权和保密问题仍是中美难以协调的矛盾。后续种种风波，也因此而起。\n02\n盛宴下的暗影\n阿里上市与中概股审查风暴（2014—2017）\n2014年9月，马云步入联合国总部。他此行的目的之一，是通过恒隆集团董事长陈启宗引荐，与联合国秘书长潘基文见面。\n他们两个人站在电梯口，等潘基文上来时，陈启宗对马云说了这样一番话：\n“我知道阿里到美国上市是被逼的，香港没有同股不同权，你是没办法。但是马云你要小心，美国人的手是伸的很长很长的。总有一天他会给你麻烦。”\n一个星期前，阿里巴巴9月19日在美国纽交所成功挂牌上市。狂欢充斥着整个华尔街。\n当晚，纽交所黑色大屏幕上，代表阿里巴巴开盘价的数字不断滚动，持续攀升——70……80……90……\n“开盘价92.7！”一个声音大喊。\n马云抬起头，兴奋地看了一眼屏幕上的数字。他拿起锤子，快速敲击着一个金色铜钟。包围着他的人群随即欢呼起来，闪光灯此起彼伏。\n经过2个多小时、12轮询价，阿里巴巴股票在当晚23点53分最终开盘。开盘价92.7美元，比起发行价68美元大涨36.32%。融资总金额高达341.25亿美元，创下全球历史上IPO融资最高纪录。阿里巴巴总市值达到2285亿美元，超过100多个国家的GDP。\n\n▲ 2014年阿里巴巴美国上市现场的马云\n多家美国券商和国际资本分享了这次资本盛宴。花旗、瑞士信贷、德意志银行、高盛、摩根大通、摩根士丹利等均位列其中。\n阿里巴巴登陆纽交所时，软银持股34.4%，为第一大股东；雅虎持股比例22.6%，居第二位。仅按阿里巴巴上市开盘价来算，软银和雅虎的持股市值已分别高达786.04亿美元和516.41亿美元，这还不算他们此前从阿里套现的部分。\n2014年是中国互联网公司赴美上市的又一波高峰。除了阿里，京东、微博、途牛、智联招聘等也先后登陆美国纽交所和纳斯达克，全年共有12家互联网公司在美完成上市。\n然而，就在阿里巴巴上市当月，美国国会中国经济与安全审查委员会（UCESRC）发布了一份名为《中国互联网公司在美国证券交易所的风险》的调查报告。\n报告用17页篇幅指出针对中国互联网公司上市的各项风险，直指VIE架构不值得信任。UCESRC宣称：“许多美国法律专家认为，根据中国法律，VIE 结构在技术上是非法的，并建议美国投资者不要进行此类投资。”\n同年双十一当晚，马云在杭州阿里总部接受20分钟的媒体采访，谈到支付宝上市时直接表态：“由于各种原因，阿里巴巴没有办法在A股上市，所以我们希望未来支付宝能够在中国A股上市。”\n显然，马云听懂了陈启宗的话。而要进一步理解这个表态，我们还需要把时间线拉回到三年前的支付宝拆分事件上。\n2011 年第一季度，中国央行要求申请支付牌照的支付企业对外资的持股比例作出声明。5月，马云变更支付宝的所有权，终止了阿里巴巴集团对浙江阿里巴巴的控制协议。浙江阿里巴巴为支付宝的全资控股公司。这意味着，支付宝从外资控股变为了一家纯内资公司。\n\n▲ 支付宝分拆股权变更\n但马云此轮股权变更，此前并未跟董事会达成协议。木已成舟后，马云对雅虎和软银两位大股东给出了相应补偿。\n2011 年 7 月 29 日，阿里巴巴集团、雅虎和软银就支付宝股权转让事件正式签署协议。支付宝控股公司承诺上市时给以阿里巴巴集团一次性的现金回报。回报额为支付宝上市时 IPO 价总市值的 37.5%，不低于 20 亿美元且不超过 60 亿美元。\n马云为此背上“不守诚信”，“打击国外投资者对中概股VIE信心”的骂名。他罕见地主动接受国内媒体大篇幅独家专访，出面解释一切都是为了支付宝合规获取支付牌照。\n“我说，兄弟，你如果搞个小合资企业，没关系。你搞的是支付宝，是金融，越来越触及到敏感地带。金融是数据，一定会出问题的。杨致远不相信，但后来他们相信了。”马云在接受《时尚先生》专访时说。\n但当时，大多数人认为马云是拿政府做挡箭牌，对此抱以讥笑嘲讽居多。马云愤而退出微博。\n退出前，马云发出了最后一条微博。没有文字，只有标点：问号，叹号，以及一串省略号。\n支付宝分拆三年后，2014年蚂蚁金服成立，从支付领域进军普惠金融。\n六年后，就在蚂蚁金服上市前夕，马云2020年10月底在外滩金融峰会做出了那篇著名的演讲。11月3号，上交所和港交所先后发出紧急通知，暂缓蚂蚁金服科创板和H股上市。\n这时，大家才恍然大悟。九年前，马云没有高估中国政府的决心。\n03\n洪流入海\nA股、H股新经济改革（2018-2019）\n2018年两会期间，时任中国证监会主席刘士余谈到中国新经济公司海外上市时称，限于当时的特定制度环境和市场容量，一些主体在中国的新经济企业选择到境外上市，这是好事。但国内没有享受到它们增长的成果，也是一个遗憾。\n“进入新时代，这个遗憾就不能再发生了。”刘士余说。\n“站在风口上，猪都会飞。”说出这句话的雷军，再一次把小米推上时代风口。他要让小米成为第一个内地A股和香港H股同步上市的互联网公司。\n2018年5月3日，雷军手握两款小米手机，亲自飞往香港拜访香港首富李嘉诚。就在同一天，小米向港交所递交上市招股书。李嘉诚爱将霍建宁向媒体证实，李嘉诚斥资2.3亿港元认购小米股票。除了李嘉诚，国内两大互联网巨头马云、马化腾也一同认购小米股票。\n\n▲ 雷军会见李嘉诚\n在内地，小米更是创下12天“闪电”上会记录。同年6月7日，小米向中国证监会申请发行CDR（存托凭证）上市，同天被受理。14日，小米更新招股说明书，当晚收到证监会下发的反馈意见，定于19日上会审核。\n彼时，中国证监会和港交所正在争相推进新经济上市改革。\n2017年12月，港交所发布《有关建议设立创新板的框架咨询文件》的市场《咨询总结》，宣布接纳采用不同投票权架构的新经济公司赴港上市。\n3个月后，国务院办公厅转发证监会《关于开展创新企业境内发行股票或存托凭证试点的若干意见》，允许在境外上市的新经济企业在内地A股市场发行CDR（存托凭证），推动包括互联网在内的新经济企业回归A股上市。\n然而，小米突然被叫停在内地CDR上市。2018年6月14日，证监会针对小米发出84问。五天后，小米宣布，推迟召开发审委会议审核公司的CDR发行申请。先在香港上市之后，再择机通过发行CDR的方式在境内上市。\n香港上市也一波三折。当年7月9日，小米公司在港交所完成上市。上市当天，小米股票被纳入恒指综合成分股，按照正常情况将进入港股通，允许中国内地投资者直接购买小米股票。\n不料沪深交易所在7月14日突然发出通知，以“内地投资者不熟识”为由，暂拒同股不同权公司、外国公司股票及合订证券纳入港股通范围。小米公司被拒之门外。\n两天后，港交所CEO李小加紧急从香港飞往北京，与中国证监会相关负责人碰面谈判。“一直几个星期、几个月来我们都在跟内地证监会沟通，最好这次都包进去，按正常沪港通、深港通程序往前走。但是内地交易所可能有些不同意见。”李小加说。\n这次争端，关系着中国互联网公司上市的未来走向。通往新时代的大门能否打开？\n中国互联网公司长期只有赴美上市一个选择，皆因内地A股和香港H股过去不接受同股不同权架构。即使港交所锐意改革，流动性差仍将成为互联网公司赴港上市的关键掣肘。\n只有港股通接纳新经济公司，来自中国内地的巨量资金得以南下，东方世界的大门才能真正面向互联网公司开启。\n风波是暂时的，方向是确定的。\n2018年，港交所重新摘下全球交易所IPO排行榜第一名桂冠，全年IPO募资额高达2778.5亿港元，创下2010年以来新高。\n全年共有28家新经济公司及生物科技公司赴港上市。其中小米和美团以426.1亿港元和331.4亿港元，分列香港上市募资额年度第二、第三大公司。\n2019年10月，上交所与深交所发布公告，小米和美团纳入港股通。\n乘此势头，包括阿里、网易、京东等在内的中国互联网公司纷纷从海外回归，争相赴港二次上市。到2021年，香港市场已经集齐腾讯、阿里、美团、快手、京东、小米、百度、网易八大互联网巨头。\n\n数据来源：香港交易所\n同一阶段，中国互联网公司赴美上市迎来第三次高峰。2018年和2019 年分别有38 家和32 家中国公司赴美国上市，其中大多以互联网新经济企业为主，包括爱奇艺、斗鱼、网易有道等等。\n2019年10月，中美双方就香港会计师事务所审计的、存放在中国内地的在美上市公司审计工作底稿调取事宜达成共识。中国证监会答记者问时表示，双方“保持着畅通的合作关系”。\n一切都显得欣欣向荣。\n人们没有料到，就在一年之后，新的危机如火山熔岩般，积蓄已久，喷涌而出。\n04\n新危机时代\n滴滴、字节、拼多多们的困境与未来（2020-今天）\n7月1日，建党100周年大庆。当天凌晨，滴滴赴美上市，融资44亿美元。\n这场自2014年来中国公司在美国最大的IPO，没有敲钟照片，官网没有公告，媒体少有报道，员工不发朋友圈。\n7月2号，中国网络安全审查办公室发布公告称，为防范国家数据安全风险，维护国家安全，保障公共利益，依据《国家安全法》《网络安全法》对“滴滴出行”实施网络安全审查。审查期间“滴滴出行”停止新用户注册。滴滴上市，才出现在微博热搜和媒体头条上。\n7月9日，滴滴公司旗下25款app全体下架。\n全球最大的对冲基金桥水基金创始人瑞·达利欧（Ray Dalio）曾在其领英主页上发布2万字长文《改变中的世界秩序》。他指出，衡量全球冲突的“民粹主义指数”（Populism Index）如今已经达到历史高点。\n“我们正在走向两极分化和民粹主义的深渊。”达利欧警告，今天我们面对的贫富分化、政治两极化和极端民族主义，和二战时期极为相似。\n\n▲ 贫富分化导致极端民族主义，现阶段与二战时期类似\n数据来源：桥水基金\n2021年3月25日，美国证券交易委员会（SEC）发布公告，通过《外国公司问责法案》（HFCAA）最终修正案。法案规定，外国发行人连续三年不能满足美国公众公司会计监督委员会（PCAOB）对会计师事务所检查要求的，将被摘牌退市。\n中国外交部发言人华春莹在记者会上回应称：“HFCAA完全是对中国在美上市企业的无理政治打压，严重扭曲美国自己一向标榜的市场经济基本准则，也剥夺了美国投资者和美国公众分享中国企业发展红利的机会。”\n美国PCAOB官方数据显示，截止到2020年4月，不接受PCAOB检查审计底稿的外国上市企业中，中国内地和香港的企业占近90%。\n滴滴用静默上市，成功把自己扔进了中美股市博弈风暴中的台风眼。\n7月7日，人民日报旗下“踏浪青年”公众号，连发两篇报道评论滴滴事件：“滴滴远没有到挟就业以令政府的程度。如果之后滴滴死了，司机换一个平台接单，我们换一个平台打车，生活不会受到任何影响。”\n7月8日，美国民主党参议员Chris Van Hollen呼吁美国证交会彻底调查滴滴上市事件。\n互联网正值多事之秋。一些事情连起来看，变得耐人寻味。\n滴滴事件之前，今年3月，黄峥卸任拼多多CEO；5月，张一鸣卸任字节跳动CEO。\n此前不少人将这看做互联网反垄断的结果。但他们忽略了一条关键线索：\n滴滴、拼多多均在美国上市。至于字节跳动，特朗普对Tiktok的禁令就已经说明了一切。\n而在香港上市的腾讯与美团，马化腾和王兴至今安坐CEO之位。\n最近所有在我们身边接连发生的互联网震动，都在向我们传递出一个信号：\n中美股市博弈中，过去美国积极进攻，中国被动防守的局面将成为历史。中国监管的决心和行动，已经初露端倪。\n有的互联网公司，还停留在前20年的惯性思维里；有的互联网公司已经驶向新港口。\n他们注定迎来截然不同的命运。","news_type":1,"symbols_score_info":{"160636":0.9,"161025":0.9}},"isVote":1,"tweetType":1,"viewCount":1647,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146984798,"gmtCreate":1626049752614,"gmtModify":1703752260463,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good!","listText":"good!","text":"good!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/146984798","repostId":"2150730081","repostType":4,"repost":{"id":"2150730081","kind":"news","pubTimestamp":1626018640,"share":"https://ttm.financial/m/news/2150730081?lang=en_US&edition=fundamental","pubTime":"2021-07-11 23:50","market":"us","language":"zh","title":"Virgin Galactic founder Richard Branson successfully launched into space, becoming the first founder of a commercial space company to do so.","url":"https://stock-news.laohu8.com/highlight/detail?id=2150730081","media":"新浪科技","summary":"新浪科技讯 北京时间7月11日23时40分，太空旅游公司维珍银河创始人、70岁的理查德·布兰森 搭乘太空船二号成功从85.9公里高的轨道返回，成为首位登上太空的商业航天企业创始人，比蓝色起源创始人贝佐斯早9天，同时布兰森也成为年龄第二大的宇航员！联邦政府尚未对维珍银河的太空飞机这类航天器乘客的安全采取任何规定。","content":"<p><img src=\"https://static.tigerbbs.com/744a5b09b34b580be9df2654b1b2c619\" tg-width=\"640\" tg-height=\"368\" referrerpolicy=\"no-referrer\"><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>The founder officially embarked on his space journey.</p><p><a href=\"https://laohu8.com/S/SINA\">Sina</a>Technology News: At 11:40 PM Beijing time on July 11, 70-year-old Richard Branson, founder of space tourism company Virgin Galactic, successfully returned from an orbit 85.9 kilometers aboard SpaceShip 2, becoming the first founder of a commercial space company to go into space, nine days earlier than Blue Origin founder Jeff Bezos. Branson also became the second oldest astronaut!</p><p><img src=\"https://static.tigerbbs.com/ec12f8461cc81f690254dc459b861503\" tg-width=\"630\" tg-height=\"359\" referrerpolicy=\"no-referrer\"></p><p><h2></h2><img src=\"https://static.tigerbbs.com/5e99c795c5f8aa295bc0b0bb1d1c5734\" tg-width=\"550\" tg-height=\"325\" referrerpolicy=\"no-referrer\"></p><p><h2>Footage of the White Knight carrying Spacecraft 2 taking off.</h2>At 10:40 p.m. Beijing time on the 11th, the carrier aircraft VMS Eve took off aboard Spacecraft Unity 22. \"(This is) a historic moment for Virgin Galactic, a historic moment for commercial space travel, and a historic moment for Richard Branson,\" Michael Kolgrazier said in a live interview.</p><p><img src=\"https://static.tigerbbs.com/1ff4c2360fe55e93a4da3d838edbcd65\" tg-width=\"630\" tg-height=\"342\" referrerpolicy=\"no-referrer\"></p><p><h2></h2><img src=\"https://static.tigerbbs.com/6cc60b640c7da4e473610a5710d557c9\" tg-width=\"630\" tg-height=\"355\" referrerpolicy=\"no-referrer\"></p><p><h2>After Spacecraft 2 separated from the White Knight, the rocket engine ignited and took off.</h2>About 15 minutes later, Unity 22 successfully separated from the mother aircraft, ignited its engines, and climbed rapidly. A few minutes later, the footage showed the situation inside the cabin, with four \"astronauts\" leaving their seats and experiencing weightlessness. When the cabin screen appeared again, the four passengers had fastened their seatbelts and were ready to return to the ground. At this moment, Unity 22 is descending rapidly, preparing for a glide landing.</p><p>Fifteen minutes after separating from the mother aircraft, Unity 22 successfully landed on the ground and stopped steadily in the center of the runway.</p><p><img src=\"https://static.tigerbbs.com/516d2139746074946e6f41be69b0e34f\" tg-width=\"630\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p><h2>Spacecraft 2 landing footage</h2><img src=\"https://static.tigerbbs.com/e1937806c84de9e418111b848d236638\" tg-width=\"630\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p><h2>After Spacecraft 2 landed, the crew members prepared to disembark.</h2>The U.S. Air Force and NASA define the boundary of space as 50 miles (80 kilometers), while the International Aeronautical Federation recognizes the Carmen Line as 62 miles (100 kilometers). Therefore, this flight makes Branson the first founder of a commercial space company to go into space, nine days ahead of Blue Origin founder Bezos, who will travel to space on July 20 aboard the Shepard spacecraft/spacecraft. However, the Blue Origin New Shepard rocket can send the spacecraft to an altitude slightly above the 100 km Carmen Line, higher than Spacecraft 2.</p><p><b><a href=\"https://laohu8.com/S/APOL\">Apollo</a>Moon landing inspires billionaires to go to space</b></p><p>Influenced by the live broadcast of the Apollo moon landing as a teenager, Branson began pursuing his dream of going to space and founded Virgin Galactic in 2004. Over the years, Branson has invested more than $1 billion in Virgin Galactic, and today he has finally realized his dream of space.</p><p>However, when asked if his family had any concerns about the news that he would personally go to space, Branson admitted that his wife, who was \"even afraid to fly on a Virgin Atlantic flight,\" strongly opposed his bold move: \"She said, 'If you're stupid enough to do something like that, then go ahead and do it, but I won't attend your funeral.'\" Previously, an insurance broker told the media that there was no evidence that Branson had purchased insurance in case he was injured or died during the trip. In contrast, Virgin Galactic may have already purchased insurance for its spaceplane VVS Unity.</p><p>The entire flight lasted approximately 1.5 hours. During the flight, Virgin Galactic first used the VMS Eve large carrier aircraft to carry Spacecraft 2 (VSS Unity) to an altitude of approximately 15,000 meters. Subsequently, VMS Eve separated from VSS Unity, and Spacecraft 2 (VSS Unity) entered suborbital space on its own. Ultimately, both VMS Eve and VSS Unity returned to the spaceport and landed, with tickets costing $250,000 per person and weightlessness lasting 3 to 4 minutes.</p><p>“After 16 years of research, engineering, and testing, Virgin Galactic has become a pioneer in the emerging commercial space industry, which will open the doors to space for humanity and make the world a better place,” Branson said in a statement. “I am honored to help the company validate the journey our future astronauts will take and ensure that it meets people’s unique expectations for Virgin Galactic in terms of customer experience.”</p><p><img src=\"https://static.tigerbbs.com/39207067f75b751801bd55fb24490453\" tg-width=\"630\" tg-height=\"306\" referrerpolicy=\"no-referrer\"></p><p><h2>Footage from inside the spacecraft's second cabin during the flight.</h2><img src=\"https://static.tigerbbs.com/6518ce92eb5a959dc039f56b620dbff9\" tg-width=\"630\" tg-height=\"290\" referrerpolicy=\"no-referrer\"></p><p><h2>Branson during the flight</h2>This is Virgin Galactic’s fourth spaceflight test and the first time it has carried four crew members. Their most recent manned test flight was on May 22, when there were only two crew members. In addition to Branson, the other three experts who flew into space together included: chief astronaut instructor Beth Moses, chief operations engineer Colin Bennett, and vice president of government affairs Sirisha Bandla. Virgin Galactic pilots Dave Mackay and Michael Masucci will pilot the company's VSS Unity spacecraft.</p><p><b>What is the space shuttle of Virgin Galactic? Where to fly?</b></p><p>Virgin Galactic’s space shuttle, called SpaceShipTwo, is about the size of a business jet and can be reused. In addition to the two pilots, the cabin can accommodate four people. Spacecraft 2, which launched this time, was named \"V.S.S. Unity\". Unlike rockets, VSS. Unity will first be carried by a larger aircraft to an altitude of about 50,000 feet. Subsequently, VSS Unity separated from the carrier aircraft while the ignition engines began to accelerate and continue to climb higher into the sky, flying 50 miles towards the edge of space. During acceleration, the passengers on board will feel a force 3.5 times their normal weight.</p><p>At the highest point, the crew can leave their actions and experience apparent weightlessness for about four minutes. Of course, they will not escape Earth's gravitational constraints. Instead, after the highest point, they will descend again with the plane and return to Earth under the call of Earth's gravity. Once the aircraft returns to the atmosphere, the VSS Unity will land by gliding.</p><p><b>Is the space shuttle in Virgin Galactic safe?</b></p><p>The federal government has not yet adopted any regulations regarding the safety of passengers on spacecraft such as the space shuttle in Virgin Galactic. In fact, the Federal Aviation Administration (FAA) will not issue relevant safety regulations until 2023 because emerging space companies like Virgin Galactic need a “learning phase” to experiment with designs and processes, and too much regulation can stifle innovation that breeds better and more efficient designs.</p><p>Therefore, future space tourism passengers will need to sign a risk-informed consent form, similar to the consent form signed when skydiving or bungee jumping. However, the Virgin Galactic space shuttle has already had two safety incidents before this. In 2014, the company's first space shuttle V.S.S. Enterprise crashed during test flight, killing co-pilot Michael Allsborough, but pilot Peter Shibold survived after parachuting. The cause of the accident was that the co-pilot moved a lever too early. The control device has now been redesigned. In 2019, Virgin Galactic’s space shuttle nearly suffered another disaster when a new metal thermal protective film was improperly installed, covering air holes in the horizontal tail. Fortunately, things escaped unscathed in the end.</p><p><img src=\"https://static.tigerbbs.com/34fbcea1efc518cd9ac33b19ab290d3f\" tg-width=\"630\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><h2>The pilots pose for a photo with the crew members aboard Spacecraft 2 during this flight.</h2><b>Future suborbital space tourism</b></p><p>Virgin Galactic has reportedly secured more than 600 seat reservations, with an average price of around $250,000 per ticket. Virgin Galactic expects to launch full commercial space travel services in 2022 and is eventually expected to reduce ticket prices to around $40,000.</p><p>In suborbital space tourism, Virgin Galactic’s only competitor is Bezos’ Blue Origin, as Elon Musk’s SpaceX plans to offer passengers further journeys, including to the International Space Station.</p><p>In June of this year, Bezos announced that he would be on the maiden passenger flight of Blue Origin's New Shepard rocket. Bezos plans to launch on July 20, accompanied by his brother, the mystery buyer who won the $28 million public auction, and legendary American space pioneer Wally Funk, one of the 13 members of the Mercury program. (Yunlin)</p>","source":"sina_tech","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>Virgin Galactic founder Richard Branson successfully launched into space, becoming the first founder of a commercial space company to do so.</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\">\nVirgin Galactic founder Richard Branson successfully launched into space, becoming the first founder of a commercial space company to do so.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪科技</strong><span class=\"h-time small\">2021-07-11 23:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/744a5b09b34b580be9df2654b1b2c619\" tg-width=\"640\" tg-height=\"368\" referrerpolicy=\"no-referrer\"><a href=\"https://laohu8.com/S/SPCE\">Virgin Galactic</a>The founder officially embarked on his space journey.</p><p><a href=\"https://laohu8.com/S/SINA\">Sina</a>Technology News: At 11:40 PM Beijing time on July 11, 70-year-old Richard Branson, founder of space tourism company Virgin Galactic, successfully returned from an orbit 85.9 kilometers aboard SpaceShip 2, becoming the first founder of a commercial space company to go into space, nine days earlier than Blue Origin founder Jeff Bezos. Branson also became the second oldest astronaut!</p><p><img src=\"https://static.tigerbbs.com/ec12f8461cc81f690254dc459b861503\" tg-width=\"630\" tg-height=\"359\" referrerpolicy=\"no-referrer\"></p><p><h2></h2><img src=\"https://static.tigerbbs.com/5e99c795c5f8aa295bc0b0bb1d1c5734\" tg-width=\"550\" tg-height=\"325\" referrerpolicy=\"no-referrer\"></p><p><h2>Footage of the White Knight carrying Spacecraft 2 taking off.</h2>At 10:40 p.m. Beijing time on the 11th, the carrier aircraft VMS Eve took off aboard Spacecraft Unity 22. \"(This is) a historic moment for Virgin Galactic, a historic moment for commercial space travel, and a historic moment for Richard Branson,\" Michael Kolgrazier said in a live interview.</p><p><img src=\"https://static.tigerbbs.com/1ff4c2360fe55e93a4da3d838edbcd65\" tg-width=\"630\" tg-height=\"342\" referrerpolicy=\"no-referrer\"></p><p><h2></h2><img src=\"https://static.tigerbbs.com/6cc60b640c7da4e473610a5710d557c9\" tg-width=\"630\" tg-height=\"355\" referrerpolicy=\"no-referrer\"></p><p><h2>After Spacecraft 2 separated from the White Knight, the rocket engine ignited and took off.</h2>About 15 minutes later, Unity 22 successfully separated from the mother aircraft, ignited its engines, and climbed rapidly. A few minutes later, the footage showed the situation inside the cabin, with four \"astronauts\" leaving their seats and experiencing weightlessness. When the cabin screen appeared again, the four passengers had fastened their seatbelts and were ready to return to the ground. At this moment, Unity 22 is descending rapidly, preparing for a glide landing.</p><p>Fifteen minutes after separating from the mother aircraft, Unity 22 successfully landed on the ground and stopped steadily in the center of the runway.</p><p><img src=\"https://static.tigerbbs.com/516d2139746074946e6f41be69b0e34f\" tg-width=\"630\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p><h2>Spacecraft 2 landing footage</h2><img src=\"https://static.tigerbbs.com/e1937806c84de9e418111b848d236638\" tg-width=\"630\" tg-height=\"393\" referrerpolicy=\"no-referrer\"></p><p><h2>After Spacecraft 2 landed, the crew members prepared to disembark.</h2>The U.S. Air Force and NASA define the boundary of space as 50 miles (80 kilometers), while the International Aeronautical Federation recognizes the Carmen Line as 62 miles (100 kilometers). Therefore, this flight makes Branson the first founder of a commercial space company to go into space, nine days ahead of Blue Origin founder Bezos, who will travel to space on July 20 aboard the Shepard spacecraft/spacecraft. However, the Blue Origin New Shepard rocket can send the spacecraft to an altitude slightly above the 100 km Carmen Line, higher than Spacecraft 2.</p><p><b><a href=\"https://laohu8.com/S/APOL\">Apollo</a>Moon landing inspires billionaires to go to space</b></p><p>Influenced by the live broadcast of the Apollo moon landing as a teenager, Branson began pursuing his dream of going to space and founded Virgin Galactic in 2004. Over the years, Branson has invested more than $1 billion in Virgin Galactic, and today he has finally realized his dream of space.</p><p>However, when asked if his family had any concerns about the news that he would personally go to space, Branson admitted that his wife, who was \"even afraid to fly on a Virgin Atlantic flight,\" strongly opposed his bold move: \"She said, 'If you're stupid enough to do something like that, then go ahead and do it, but I won't attend your funeral.'\" Previously, an insurance broker told the media that there was no evidence that Branson had purchased insurance in case he was injured or died during the trip. In contrast, Virgin Galactic may have already purchased insurance for its spaceplane VVS Unity.</p><p>The entire flight lasted approximately 1.5 hours. During the flight, Virgin Galactic first used the VMS Eve large carrier aircraft to carry Spacecraft 2 (VSS Unity) to an altitude of approximately 15,000 meters. Subsequently, VMS Eve separated from VSS Unity, and Spacecraft 2 (VSS Unity) entered suborbital space on its own. Ultimately, both VMS Eve and VSS Unity returned to the spaceport and landed, with tickets costing $250,000 per person and weightlessness lasting 3 to 4 minutes.</p><p>“After 16 years of research, engineering, and testing, Virgin Galactic has become a pioneer in the emerging commercial space industry, which will open the doors to space for humanity and make the world a better place,” Branson said in a statement. “I am honored to help the company validate the journey our future astronauts will take and ensure that it meets people’s unique expectations for Virgin Galactic in terms of customer experience.”</p><p><img src=\"https://static.tigerbbs.com/39207067f75b751801bd55fb24490453\" tg-width=\"630\" tg-height=\"306\" referrerpolicy=\"no-referrer\"></p><p><h2>Footage from inside the spacecraft's second cabin during the flight.</h2><img src=\"https://static.tigerbbs.com/6518ce92eb5a959dc039f56b620dbff9\" tg-width=\"630\" tg-height=\"290\" referrerpolicy=\"no-referrer\"></p><p><h2>Branson during the flight</h2>This is Virgin Galactic’s fourth spaceflight test and the first time it has carried four crew members. Their most recent manned test flight was on May 22, when there were only two crew members. In addition to Branson, the other three experts who flew into space together included: chief astronaut instructor Beth Moses, chief operations engineer Colin Bennett, and vice president of government affairs Sirisha Bandla. Virgin Galactic pilots Dave Mackay and Michael Masucci will pilot the company's VSS Unity spacecraft.</p><p><b>What is the space shuttle of Virgin Galactic? Where to fly?</b></p><p>Virgin Galactic’s space shuttle, called SpaceShipTwo, is about the size of a business jet and can be reused. In addition to the two pilots, the cabin can accommodate four people. Spacecraft 2, which launched this time, was named \"V.S.S. Unity\". Unlike rockets, VSS. Unity will first be carried by a larger aircraft to an altitude of about 50,000 feet. Subsequently, VSS Unity separated from the carrier aircraft while the ignition engines began to accelerate and continue to climb higher into the sky, flying 50 miles towards the edge of space. During acceleration, the passengers on board will feel a force 3.5 times their normal weight.</p><p>At the highest point, the crew can leave their actions and experience apparent weightlessness for about four minutes. Of course, they will not escape Earth's gravitational constraints. Instead, after the highest point, they will descend again with the plane and return to Earth under the call of Earth's gravity. Once the aircraft returns to the atmosphere, the VSS Unity will land by gliding.</p><p><b>Is the space shuttle in Virgin Galactic safe?</b></p><p>The federal government has not yet adopted any regulations regarding the safety of passengers on spacecraft such as the space shuttle in Virgin Galactic. In fact, the Federal Aviation Administration (FAA) will not issue relevant safety regulations until 2023 because emerging space companies like Virgin Galactic need a “learning phase” to experiment with designs and processes, and too much regulation can stifle innovation that breeds better and more efficient designs.</p><p>Therefore, future space tourism passengers will need to sign a risk-informed consent form, similar to the consent form signed when skydiving or bungee jumping. However, the Virgin Galactic space shuttle has already had two safety incidents before this. In 2014, the company's first space shuttle V.S.S. Enterprise crashed during test flight, killing co-pilot Michael Allsborough, but pilot Peter Shibold survived after parachuting. The cause of the accident was that the co-pilot moved a lever too early. The control device has now been redesigned. In 2019, Virgin Galactic’s space shuttle nearly suffered another disaster when a new metal thermal protective film was improperly installed, covering air holes in the horizontal tail. Fortunately, things escaped unscathed in the end.</p><p><img src=\"https://static.tigerbbs.com/34fbcea1efc518cd9ac33b19ab290d3f\" tg-width=\"630\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><h2>The pilots pose for a photo with the crew members aboard Spacecraft 2 during this flight.</h2><b>Future suborbital space tourism</b></p><p>Virgin Galactic has reportedly secured more than 600 seat reservations, with an average price of around $250,000 per ticket. Virgin Galactic expects to launch full commercial space travel services in 2022 and is eventually expected to reduce ticket prices to around $40,000.</p><p>In suborbital space tourism, Virgin Galactic’s only competitor is Bezos’ Blue Origin, as Elon Musk’s SpaceX plans to offer passengers further journeys, including to the International Space Station.</p><p>In June of this year, Bezos announced that he would be on the maiden passenger flight of Blue Origin's New Shepard rocket. Bezos plans to launch on July 20, accompanied by his brother, the mystery buyer who won the $28 million public auction, and legendary American space pioneer Wally Funk, one of the 13 members of the Mercury program. (Yunlin)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://tech.sina.cn/d/tk/2021-07-11/detail-ikqciyzk4872823.d.html?vt=4\">新浪科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5e99c795c5f8aa295bc0b0bb1d1c5734","relate_stocks":{"SPCE":"维珍银河"},"source_url":"https://tech.sina.cn/d/tk/2021-07-11/detail-ikqciyzk4872823.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2150730081","content_text":"维珍银河创始人正式开启太空之旅\n新浪科技讯 北京时间7月11日23时40分，太空旅游公司维珍银河创始人、70岁的理查德·布兰森（Richard Branson）搭乘太空船二号成功从85.9公里高的轨道返回，成为首位登上太空的商业航天企业创始人，比蓝色起源创始人贝佐斯早9天，同时布兰森也成为年龄第二大的宇航员！\n\n\n\n白骑士搭载太空船二号起飞画面\n北京时间11日晚间22时40分，运载飞机白骑士（VMS Eve）搭载太空船二号（Unity 22）起飞。迈克尔·科尔格拉齐耶在直播采访中表示：“（这是）维珍银河的历史性时刻，太空商业旅行的历史性时刻，理查德·布兰森的历史性时刻。”\n\n\n\n太空船二号与白骑士分离后，火箭发动机点火起飞画面\n约15分钟之后，Unity 22成功与母飞机分离，点燃引擎，极速攀升。几分钟之后，画面传来机舱内的情况，四名“宇航员”离开座位，体验失重感。等机舱内画面再次出现时，四名乘客已经系好安全带，准备返回地面。此时，Unity 22正在快速下降，准备滑翔着陆。\n从母飞机分离后15分钟，Unity 22成功着陆地面，稳稳停在跑道中央。\n\n太空船二号降落画面\n\n太空船二号降落后，机组成员准备下机。\n按美国空军和NASA定义的太空边界为50英里（80公里），而国际航空联合会认定的卡门线是62英里（100公里），因此此次飞行使布兰森成为首位登上太空的商业航天企业创始人，比蓝色起源创始人贝佐斯早9天，后者会在7月20日搭乘谢泼德飞船/飞船前往太空。不过蓝色起源新谢泼德火箭可以将飞船送入稍高于100公里卡门线的高度，比太空船二号更高。\n阿波罗登月启发亿万富豪前往太空\n布兰森是在少年时间看阿波罗登月直播的影响，开始追寻前往太空的梦想并于2004年创办维珍银河。这些年间，布兰森对维珍银河投资超过了10亿美元，今天终于圆梦太空。\n不过当被问及家人对于自己将亲自登上太空的消息是否存在担忧时，布兰森坦言，“连坐维珍航空的飞机都感到害怕”的妻子，对自己的这一大胆举动持坚决的反对态度：“她说，‘如果你傻到做这种事情，那你就去做好了，但我不会去参加你的葬礼的。”此前保险经纪人向媒体表示，没有任何证据表明，布兰森购买了保险，以防他在旅途中受伤或死亡。相比之下，维珍银河可能已经为其太空飞机VVS Unity购买了保险。\n这次飞行全程历时约1.5小时。在飞行过程中，维珍银河首先使用VMS Eve大型运载飞机，将太空船二号（VSS Unity）运载至约15，000米的高空。随后，VMS Eve与VSS Unity分离，太空船二号（VSS Unity）自行进入亚轨道空间。最终，VMS Eve和VSS Unity都返回太空港并降落，飞行船票价格为25万美元/人，失重时长在3到4分钟。\n“历经16年研究、工程和测试工作，维珍银河成为了新兴的商业太空行业的先锋，这将为人类打开太空之门，让世界更加美好。”布兰森在声明中说，“我很荣幸能够帮助公司验证我们未来的宇航员将会从事的这趟旅程，确保满足人们在客户体验方面对维珍银河的独特期待。”\n\n飞行过程中，太空船二号舱内画面。\n\n飞行过程中的布兰森\n这也是维珍银河的第四次太空飞行测试，也是首次搭载四名成员飞行，他们最近一次载人试飞是在5月22日，当时仅有两名成员。除了布兰森之外，另外3名一同飞往太空的专家还包括：首席宇航员教官贝丝·摩西（Beth Moses）、首席运营工程师科林·贝内特（Colin Bennett），以及政府事务副总裁西莉莎·班德拉（Sirisha Bandla）。维珍银河飞行员戴夫·麦凯（Dave Mackay）和迈克尔·马苏奇（Michael Masucci）将负责驾驶该公司的V.S.S Unity宇宙飞船。\n维珍银河的太空飞机是什么？飞到哪里？\n维珍银河的太空飞机叫做太空船2号（SpaceShipTwo），大小相当于一架公务机，可重复使用。除了两名飞行员之外，机舱内还可容纳四个人。这次升空的太空船2号被命名为“V.S.S。 Unity”。和火箭不太一样的是，V.S.S。 Unity将先由一架更大的飞机运载到大约50000英尺的高度。随后，V.S.S。 Unity与运载飞机分离，同时点燃引擎开始加速继续向高空攀升，飞往50英里高的太空边缘。加速过程中，机上人员会感受到正常体重3.5倍的力量。\n在最高点，机上人员可以离开自己的作为，体验大约四分钟的明显失重。当然，他们不会逃出地球的引力约束。相反，最高点之后，他们会随着飞机再度下降，在地球引力的呼唤下，重返地球。一旦飞机返回大气层，V.S.S。 Unity会以滑翔方式着陆。\n维珍银河的太空飞机安全吗？\n联邦政府尚未对维珍银河的太空飞机这类航天器乘客的安全采取任何规定。事实上，联邦航空管理局（FAA）要到2023年之后才能发布相关安全规定，因为像维珍银河这样的新兴太空公司需要一个“学习阶段”来尝试设计和流程，如果监管太多会扼杀酝酿更好、更有效设计的创新。\n所以，未来的太空旅游乘客会需要签署一份风险“知情同意书”，类似于跳伞或蹦极时签署的同意书。不过，维珍银河的太空飞机在此之前已经有过两次安全事故。2014年，该公司的第一架太空飞机V.S.S。 Enterprise在试飞过程中坠毁，副驾驶迈克尔·奥尔斯博里遇难，但驾驶员彼得·希博尔德跳伞后幸存了下来。事故原因为，当时的副驾驶过早地移动了一个杠杆。现在，控制装置已经重新设计。2019年，维珍银河的太空飞机险些遭遇又一场灾难，原因是新的金属热保护膜安装不当，覆盖了水平尾翼上的空气孔。但所幸，最后有惊无险。\n\n本次飞行中的飞行员与搭乘太空船二号的机组成员合影\n未来亚轨道太空旅游\n据称，维珍银河已经拿下600多张座位票预订，平均每张票价在25万美元左右。维珍银河预期将在2022年开启全面的商业太空旅行服务，并最终有望将票价降到4万美元左右。\n在亚轨道太空旅游领域，维珍银河的唯一竞争对手就是贝索斯的蓝色起源，因为埃隆·马斯克（Elon Musk）的SpaceX计划为乘客提供更远的旅程，目标包括国际空间站。\n今年6月，贝索斯宣布他将乘坐蓝色起源的新谢珀德号（New Shepard）火箭的首次载客飞行。贝索斯计划在7月20日发射，同行的另外三人则包括他的兄弟、在2800万美元公开拍卖中胜出的神秘买家和美国传奇航天先驱，水星计划13人中的沃莉·芬克（Wally Funk）。（匀琳）","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":1574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":148765914,"gmtCreate":1626018959638,"gmtModify":1703752001890,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/148765914","repostId":"1155854665","repostType":4,"isVote":1,"tweetType":1,"viewCount":1711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143477074,"gmtCreate":1625814187998,"gmtModify":1703749091313,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/143477074","repostId":"1178083676","repostType":4,"isVote":1,"tweetType":1,"viewCount":1638,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":149390657,"gmtCreate":1625703954879,"gmtModify":1703746641978,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/149390657","repostId":"1144476419","repostType":4,"isVote":1,"tweetType":1,"viewCount":1458,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":152355936,"gmtCreate":1625272390525,"gmtModify":1703739657331,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582749181936620","idStr":"3582749181936620"},"themes":[],"title":"","htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/152355936","repostId":"2148780149","repostType":4,"repost":{"id":"2148780149","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":1625271343,"share":"https://ttm.financial/m/news/2148780149?lang=en_US&edition=fundamental","pubTime":"2021-07-03 08:15","market":"us","language":"zh","title":"Swan Daojia has submitted its IPO application on the US stock market, aiming to become China's first home service platform.","url":"https://stock-news.laohu8.com/highlight/detail?id=2148780149","media":"老虎资讯综合","summary":"周五，据美国证券交易委员会文件，天鹅到家(原58到家)递交美股IPO申请，冲刺中国家庭服务平台第一股。该公司寻求在纽交所上市，交易代码为“JIA”。摩根大通、瑞银集团、中金公司为主承销商。\n据艾瑞咨询","content":"<p>On Friday, according to documents filed with the U.S. Securities and Exchange Commission, Swan Daojia (formerly 58Daojia) filed for an IPO on the U.S. stock market, aiming to become the first Chinese home service platform to go public. The company seeks to list on the New York Stock Exchange under the ticker symbol \"JIA\".<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>、<a href=\"https://laohu8.com/S/UBS\">UBS</a>group,<a href=\"https://laohu8.com/S/601995\">CICC</a>As the lead underwriter.</p><p>According to data from iResearch Consulting, the market size of China's home services sector is enormous. In 2020, the market size was approximately RMB 909 billion, and it is expected to increase to approximately RMB 2.12 trillion by 2025, with a compound annual growth rate of 18.5%. In terms of market share, as of 2020, Swan Daojia had a penetration rate of 8% in the national target market and 22.3% in the 29 self-operated cities, indicating huge market potential and development space.</p><p>Swan Daojia was founded in 2014 and belongs to the Daojia Group. On September 7, 2020, it officially changed its name from \"58 Daojia\" to \"Swan Daojia\". According to the prospectus, Tian'e Daojia platform's GTV (total transaction volume) reached RMB 8.828 billion (US$1.353 billion), more than double the combined GTV of the second to fifth largest platforms in the industry.</p><p>In terms of main business revenue, Swan Daojia's main business revenue in 2019 was 611 million yuan, an increase of 53.3% compared with 2018. Operating revenue in 2020 was RMB 711 million (US$109 million), an increase of 16.4% compared to 2019. The company's main business revenue in the first quarter of 2021 was RMB 197 million, an increase of 38.4% compared with RMB 142 million in the first quarter of 2020.</p><p>The company's gross profit was RMB 51.74 million and RMB 159 million in 2018 and 2019, respectively, representing a significant increase of 208.2%. In 2020, the company achieved a gross profit of RMB 278 million (US$42.45 million), representing a year-on-year increase of 74.5%. At the same time, the gross profit margin increased from 13% in 2018 to 46% in the first quarter of 2021, marking three consecutive years of double-digit growth in both gross profit and gross profit margin.</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>Swan Daojia has submitted its IPO application on the US stock market, aiming to become China's first home service platform.</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\">\nSwan Daojia has submitted its IPO application on the US stock market, aiming to become China's first home service platform.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-03 08:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Friday, according to documents filed with the U.S. Securities and Exchange Commission, Swan Daojia (formerly 58Daojia) filed for an IPO on the U.S. stock market, aiming to become the first Chinese home service platform to go public. The company seeks to list on the New York Stock Exchange under the ticker symbol \"JIA\".<a href=\"https://laohu8.com/S/JPM\">JPMorgan Chase</a>、<a href=\"https://laohu8.com/S/UBS\">UBS</a>group,<a href=\"https://laohu8.com/S/601995\">CICC</a>As the lead underwriter.</p><p>According to data from iResearch Consulting, the market size of China's home services sector is enormous. In 2020, the market size was approximately RMB 909 billion, and it is expected to increase to approximately RMB 2.12 trillion by 2025, with a compound annual growth rate of 18.5%. In terms of market share, as of 2020, Swan Daojia had a penetration rate of 8% in the national target market and 22.3% in the 29 self-operated cities, indicating huge market potential and development space.</p><p>Swan Daojia was founded in 2014 and belongs to the Daojia Group. On September 7, 2020, it officially changed its name from \"58 Daojia\" to \"Swan Daojia\". According to the prospectus, Tian'e Daojia platform's GTV (total transaction volume) reached RMB 8.828 billion (US$1.353 billion), more than double the combined GTV of the second to fifth largest platforms in the industry.</p><p>In terms of main business revenue, Swan Daojia's main business revenue in 2019 was 611 million yuan, an increase of 53.3% compared with 2018. Operating revenue in 2020 was RMB 711 million (US$109 million), an increase of 16.4% compared to 2019. The company's main business revenue in the first quarter of 2021 was RMB 197 million, an increase of 38.4% compared with RMB 142 million in the first quarter of 2020.</p><p>The company's gross profit was RMB 51.74 million and RMB 159 million in 2018 and 2019, respectively, representing a significant increase of 208.2%. In 2020, the company achieved a gross profit of RMB 278 million (US$42.45 million), representing a year-on-year increase of 74.5%. At the same time, the gross profit margin increased from 13% in 2018 to 46% in the first quarter of 2021, marking three consecutive years of double-digit growth in both gross profit and gross profit margin.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a7123c00c718afd2209048e9d94f04a1","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148780149","content_text":"周五，据美国证券交易委员会文件，天鹅到家(原58到家)递交美股IPO申请，冲刺中国家庭服务平台第一股。该公司寻求在纽交所上市，交易代码为“JIA”。摩根大通、瑞银集团、中金公司为主承销商。\n据艾瑞咨询的数据，中国家庭服务领域的市场规模非常庞大，2020年市场规模约9090亿元人民币(下同)，预计到2025年增加到约2.12万亿元，年复合增长18.5%。市场份额方面，截至2020年，天鹅到家在全国目标市场渗透率为8%，在自营29个城市目标市场渗透率为22.3%，市场潜力和发展空间巨大。\n天鹅到家成立于2014年，隶属于到家集团，2020年9月7日正式由“58到家”改名为“天鹅到家”。招股书显示，天鹅到家平台GTV (总交易额)高达88.28亿元(合13.53亿美元)，比同行业第2名至第5名总和的两倍还多。\n主营业务收入方面，天鹅到家2019年的主营业务收入6.11亿元，较2018年增长53.3%。2020年的主营业务收入7.11亿元(合1.09亿美元)，较2019年增长16.4%。2021年公司第一季度主营业务收入为1.97亿元，较2020年一季度的1.42亿元增长38.4%。\n公司2018年与2019年的毛利润分别为5174万元与1.59亿元，大幅增长208.2%。2020年实现毛利润2.78亿元(合4245万美元)，同比增长74.5%。与此同时，毛利率从2018年的13%，增长到2021年一季度的46%，毛利润和毛利率双双实现高达两位数的三年连涨。","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1412,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":818993258,"gmtCreate":1630369237574,"gmtModify":1676530281557,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582749181936620","authorIdStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/818993258","repostId":"1161821102","repostType":4,"repost":{"id":"1161821102","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":1630367862,"share":"https://ttm.financial/m/news/1161821102?lang=en_US&edition=fundamental","pubTime":"2021-08-31 07:57","market":"hk","language":"zh","title":"Helen's IPO begins today, with an entry fee of approximately HK$10,464.4.","url":"https://stock-news.laohu8.com/highlight/detail?id=1161821102","media":"老虎资讯综合","summary":"8月31日，海伦司发布公告，公司拟全球发售1.3465亿股股份，其中香港发售股份1346.5万股，国际发售股份1.21185亿股，另有15%超额配股权；2021年8月31日至9月3日招股，预期定价日为","content":"<p>On August 31,<a href=\"https://laohu8.com/S/09869\">Helens</a>The company announced that it plans to offer 134.65 million shares globally, including 13.465 million shares offered in Hong Kong, 121.185 million shares offered internationally, and a 15% over-allotment option. The IPO will run from August 31 to September 3, 2021, with the expected pricing date being September 3. The offer price is HK$18.82-HK$20.72 per offer share, with 500 shares per lot, and an admission fee of approximately HK$10,464.4.<a href=\"https://laohu8.com/S/601995\">CICC</a>As the sole sponsor; The Shares are expected to be listed on the Main Board of the Stock Exchange on 10 September 2021.</p><p><img src=\"https://static.tigerbbs.com/3fdb0b717e3c80ba38d61ea90a31d4e3\" tg-width=\"906\" tg-height=\"761\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>Each lot contains 500 shares, with an entry fee of HK$10,464.4.</p><p>The threshold for Group B is 300,000 shares, and the funds required for subscription are approximately HK$6,278,638.63.</p><p><img src=\"https://static.tigerbbs.com/2a5718e75ddbb105de687bf77f251700\" tg-width=\"919\" tg-height=\"647\" referrerpolicy=\"no-referrer\"></p><p>The group is the largest chain of pubs in China. In 2020, the Group ranked first in the pub industry in China in terms of revenue, accounting for 1.1% of the market share. According to Frost & Sullivan, the Group maintained its market leading position in the pub industry in the PRC in terms of the number of pubs in 2018, 2019 and 2020 and the three months ended 31 March 2021. Leveraging a highly standardized operating model, the Group's pub network expanded rapidly during the Track Record Period. As of December 31, 2018, 2019, 2020 and March 31, 2021, the total number of pubs in the Group's pub network was 162, 252, 351 and 374, respectively, and further increased to 528 as of the Latest Practicable Date. The Group has been operating pubs under the \"Helen's\" brand. As of the Latest Practicable Date, there were 66, 296 and 165 Helen's pubs in first-tier, second-tier and third-tier and below cities in China, respectively, accounting for 12.5%, 56.1% and 31.3% of the total number of pubs as of the same date.</p><p>Assuming an Offer Price of HK$19.77 per Offer Share (being the mid-point of the Offer Price range stated in this prospectus), the Group will receive an estimated net proceeds of HK$2,512.9 million from the Global Offering. Of these, approximately 70.0% of the net proceeds will be used to open new taverns and realize the Group's expansion plans over the next three years; Approximately 10.0% will be used to further strengthen the talent pool of the company's taverns in order to optimize the human resource management system; Approximately 5.0% will be used to further strengthen the basic capacity building of taverns; Approximately 5.0% will be used to further enhance Helen's brand awareness; and the remaining approximately 10.0% will be used for working capital and general corporate purposes.</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>Helen's IPO begins today, with an entry fee of approximately HK$10,464.4.</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\">\nHelen's IPO begins today, with an entry fee of approximately HK$10,464.4.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-31 07:57</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 31,<a href=\"https://laohu8.com/S/09869\">Helens</a>The company announced that it plans to offer 134.65 million shares globally, including 13.465 million shares offered in Hong Kong, 121.185 million shares offered internationally, and a 15% over-allotment option. The IPO will run from August 31 to September 3, 2021, with the expected pricing date being September 3. The offer price is HK$18.82-HK$20.72 per offer share, with 500 shares per lot, and an admission fee of approximately HK$10,464.4.<a href=\"https://laohu8.com/S/601995\">CICC</a>As the sole sponsor; The Shares are expected to be listed on the Main Board of the Stock Exchange on 10 September 2021.</p><p><img src=\"https://static.tigerbbs.com/3fdb0b717e3c80ba38d61ea90a31d4e3\" tg-width=\"906\" tg-height=\"761\" referrerpolicy=\"no-referrer\"></p><p><b>Subscription ladder:</b></p><p>Each lot contains 500 shares, with an entry fee of HK$10,464.4.</p><p>The threshold for Group B is 300,000 shares, and the funds required for subscription are approximately HK$6,278,638.63.</p><p><img src=\"https://static.tigerbbs.com/2a5718e75ddbb105de687bf77f251700\" tg-width=\"919\" tg-height=\"647\" referrerpolicy=\"no-referrer\"></p><p>The group is the largest chain of pubs in China. In 2020, the Group ranked first in the pub industry in China in terms of revenue, accounting for 1.1% of the market share. According to Frost & Sullivan, the Group maintained its market leading position in the pub industry in the PRC in terms of the number of pubs in 2018, 2019 and 2020 and the three months ended 31 March 2021. Leveraging a highly standardized operating model, the Group's pub network expanded rapidly during the Track Record Period. As of December 31, 2018, 2019, 2020 and March 31, 2021, the total number of pubs in the Group's pub network was 162, 252, 351 and 374, respectively, and further increased to 528 as of the Latest Practicable Date. The Group has been operating pubs under the \"Helen's\" brand. As of the Latest Practicable Date, there were 66, 296 and 165 Helen's pubs in first-tier, second-tier and third-tier and below cities in China, respectively, accounting for 12.5%, 56.1% and 31.3% of the total number of pubs as of the same date.</p><p>Assuming an Offer Price of HK$19.77 per Offer Share (being the mid-point of the Offer Price range stated in this prospectus), the Group will receive an estimated net proceeds of HK$2,512.9 million from the Global Offering. Of these, approximately 70.0% of the net proceeds will be used to open new taverns and realize the Group's expansion plans over the next three years; Approximately 10.0% will be used to further strengthen the talent pool of the company's taverns in order to optimize the human resource management system; Approximately 5.0% will be used to further strengthen the basic capacity building of taverns; Approximately 5.0% will be used to further enhance Helen's brand awareness; and the remaining approximately 10.0% will be used for working capital and general corporate purposes.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6b69e234a63c2c0a69ccede7b0faaa18","relate_stocks":{"09869":"海伦司"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161821102","content_text":"8月31日，海伦司发布公告，公司拟全球发售1.3465亿股股份，其中香港发售股份1346.5万股，国际发售股份1.21185亿股，另有15%超额配股权；2021年8月31日至9月3日招股，预期定价日为9月3日；发售价每股发售股份18.82港元-20.72港元，每手买卖单位500股，入场费约10464.4港元；中金公司为独家保荐人；预期股份将于2021年9月10日于联交所主板挂牌上市。\n\n申购阶梯：\n每手500股，入场费10464.4港元。\n乙组门槛为30万股，申购所需资金约6278638.63港元。\n\n集团是中国最大的连锁酒馆网络。2020年，按收入计，集团在中国酒馆行业中排名第一，占据1.1%的市场份额。根据弗若斯特沙利文的资料，以酒馆数量计，集团于2018年、2019年及2020年以及截至2021年3月31日止三个月在中国酒馆行业中保持市场领导地位。借助高度标准化的运营模式，集团酒馆网络的规模于往绩记录期间快速扩张。截至2018年、2019年、2020年12月31日及2021年3月31日，集团酒馆网络中的酒馆总数分别为162家、252家、351家及374家，并进一步增加至截至最后实际可行日期的528家。集团一直以“Helen’s(海伦司)”品牌经营酒馆，截至最后实际可行日期，在中国一线、二线及三线及以下城市的Helen’s酒馆数分别为66家、296家及165家，分别占截至同日酒馆总数量的12.5%、56.1%及31.3%。\n假设发售价为每股发售股份19.77港元(即本招股章程所述发售价范围的中位数)，集团将收到的全球发售估计所得款项净额25.129亿港元。其中，所得款项净额约70.0%将被用于在未来三年开设新酒馆及实现集团的扩张计划；约10.0%将用于进一步加强公司酒馆的人才梯队建设，以优化人力资源管理体系；约5.0%将用于进一步加强酒馆的基础能力建设；约5.0%将用于进一步强化Helen’s的品牌知名度；及余下约10.0%将用作营运资金及一般企业用途。","news_type":1,"symbols_score_info":{"09869":0.9}},"isVote":1,"tweetType":1,"viewCount":1760,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144557155,"gmtCreate":1626307546477,"gmtModify":1703757454623,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582749181936620","authorIdStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/144557155","repostId":"1111811630","repostType":4,"repost":{"id":"1111811630","kind":"news","pubTimestamp":1626307234,"share":"https://ttm.financial/m/news/1111811630?lang=en_US&edition=fundamental","pubTime":"2021-07-15 08:00","market":"sh","language":"zh","title":"The Past of Chinese Internet Companies Listing","url":"https://stock-news.laohu8.com/highlight/detail?id=1111811630","media":"吴杨野餐会","summary":"1983年，刘钢从北京大学法学院毕业，被分配到司法部秘书处，负责为部长撰写日常报告。\n一年后，他感觉工作内容枯燥，想申请调职。有人劝告他，秘书身份可能会更容易得到提升。\n1985年，国家推行“第三梯队","content":"<p>In 1983, Liu Gang graduated from Peking University Law School and was assigned to the Secretariat of the Ministry of Justice, where he was responsible for writing daily reports for the minister.</p><p>A year later, he felt the job was boring and wanted to apply for a transfer. Someone advised him that secretarial status might be easier to promote.</p><p>In 1985, the state implemented the \"third tier\" cadre reform. The Ministry of Justice selected young cadres to train at the grassroots level, and Liu Gang was included in it. He voluntarily gave up his position in a grassroots government agency and chose to become a grassroots lawyer.</p><p>After completing their training period, his colleagues returned to the Ministry of Justice to continue their careers, but Liu Gang did not go back. He chose to stay in the legal profession.</p><p>At that time, the legal profession in China was just emerging, and everything was still in a stage of ignorance. Liu Gang's main business is debt collection.</p><p>From then on, he lived the life of a \"migrant worker collecting debts\": two days and two nights squeezed into hard seats on trains, slept in large bunks that cost one yuan a night, ran frantically to chase debtors, and dodged debtors' thugs and gangs...</p><p>The turning point came in 1989. The Ministry of Justice and the British Law Society jointly launched a lawyer training program. After applying for and passing the exam, Liu Gang was selected to receive internship training at a law firm in London, England.</p><p>He wanted to do intellectual property, which was very popular in China at the time. But a senior partner at a British law firm advised him, \"I suggest you learn about capital markets.\" Liu Gang asked, \"What are capital markets?\"</p><p><b>\"A country as big as China will have a capital market sooner or later.\"</b>The British law firm partner said.</p><p>In 1990, China ushered in its own capital market, with the opening of the Shanghai Stock Exchange and the Shenzhen Stock Exchange.</p><p><img src=\"https://static.tigerbbs.com/99e63397642efd52b0b6a3d4dc5643f2\" tg-width=\"640\" tg-height=\"493\" referrerpolicy=\"no-referrer\"></p><p>▲ In the 1990s, stock investors lined up outside the Shanghai Stock Exchange.</p><p>(Photo | Pan Suofei, China News Service)</p><p>Two years later, China lifted restrictions on private partnership law firms. Liu Gang and two friends rented an office outside Jianguomen and founded their own law firm: Tongshang Law Firm.</p><p>In 2000, Liu Gang received a crucial opportunity in his career. At the time, Sina was attempting to list on Nasdaq. If successful, it will become the first Chinese Internet company to list in the United States.</p><p>Sina's listed entity is registered in the Cayman Islands. However, Chinese law imposes restrictions on foreign investment in the internet sector: foreign investment in the Chinese internet is prohibited, and foreign companies are also prohibited from conducting internet business in China.</p><p>To circumvent these investment restrictions, Liu Gang helped Sina design a complex control structure. He connects foreign investors and Chinese companies through a series of complex legal contracts, allowing overseas-listed entities to control domestic operating entities through agreements without direct equity relationships.</p><p><b>Liu Gang uses a VIE structure to kick off the overseas listing of Chinese internet companies.</b></p><p>In April 2000, Sina successfully listed on Nasdaq in the United States. In June and July of the same year, NetEase and Sohu successively completed their listings on Nasdaq. China's three major portal websites went public overseas, and Liu Gang was involved in all of them. This is very rare in the legal profession.</p><p>Over the next 20 years, almost all Chinese internet companies listed overseas adopted the \"Sina model\" VIE structure. As of May 2021, there were 248 Chinese companies listed in the United States, with a total market capitalization of $2.1 trillion. Among them, Internet-related information technology companies have the largest number, accounting for more than a quarter.</p><p><b>However, the VIE structure has also become a fulcrum in the stock market competition between China and the United States over the next 20 years.</b></p><p>In Liu Gang's words, the VIE structure \"allows overseas investment companies to control the operations of domestic companies without direct equity relationships.\"</p><p>However, according to the U.S. Congress, the VIE structure \"ensures that economic benefits flow to foreign investors while retaining operational control of the business with the Chinese company.\"</p><p><b>This unique structure has become a typical feature of Chinese concept stocks, and it has also laid the groundwork for controversy and crisis in the 20-year journey of Chinese internet companies to list overseas.</b></p><p>The decade-long history of overseas listings following the 2008 global financial crisis is key to helping us understand the current situation of Chinese internet companies. I divided it into four phases, namely:</p><p><img src=\"https://static.tigerbbs.com/6e5b6f69c3b6db65256d2ee9f3c20b46\" tg-width=\"965\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>01</b></p><p><b>Hunting Chinese companies</b></p><p><b>The first round of overseas listings and short selling (2010-2013)</b></p><p>On November 1, 2011, Zhou Hongyi rushed back to the company in the middle of the night and summoned a bunch of supervisors from the website, browser, investor relations, finance, legal, public relations, and other departments.</p><p>At 9 p.m. that evening, short-selling firm Citron Research issued its first short-selling report on Qihoo 360 before the U.S. stock market opened. An hour later, the report was delivered to Zhou Hongyi. “We were surprised when Citron shorted 360,” he said.</p><p>On that day, Qihoo 360's stock fell by about 10%.</p><p>Seven months ago, Qihoo 360 went public on the New York Stock Exchange. Along with it, a large number of Chinese companies also listed on the US stock market.</p><p>Following the 2008 financial crisis, the US economy recovered rapidly starting in 2009, and international capital markets became active. During the same period, Chinese internet companies were in a period of rapid expansion and urgently needed funds.</p><p>A large number of internet companies are heading to the United States seeking to go public.<b>From 2010 to 2012, internet companies such as Gaode Maps, Qihoo 360, Youku, and Tudou successfully went public in the United States, starting a wave of Chinese concept stocks overseas.</b></p><p><img src=\"https://static.tigerbbs.com/53b96a1e444ead872f2cd9531b979af2\" tg-width=\"692\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>▲ Changes in the number of Chinese companies listing in the US from 1970 to 2020</p><p>Data source: Zero2IPO Research Center</p><p>In 2010, approximately 50 Chinese concept stocks were listed on the US stock market, marking a peak in the number of Chinese companies listed overseas and attracting the attention of short-selling institutions known as \"market vultures\".</p><p>Muddy Waters fired the first bullet. In 2010, Muddy Waters founder Carson Block released a 30-page short-selling report on Oriental Paper, causing Oriental Paper's stock price to plummet and Muddy Waters to become famous overnight.</p><p>Subsequently, US short-selling firms, represented by Muddy Waters and Citron Research, successively targeted Chinese concept stocks such as Focus Media, Qihoo 360, and New Oriental. Internet companies have become a major target for Chinese concept stocks.</p><p>Under this round of short-selling institutions, more than 40 Chinese companies have had to suspend trading or be delisted.<b>Chinese concept stocks are collectively facing a crisis of trust.</b></p><p><b>VIEs are a key target for US institutions to short Chinese companies.</b>“China’s internet industry has a VIE structure. Americans think that if you don’t have legal regulations, you’ll always feel insecure,” Zhou Hongyi said.</p><p>On July 17, 2012, New Oriental was investigated by the U.S. Securities and Exchange Commission (SEC) due to adjustments to its VIE structure. Muddy Waters subsequently released a short-selling report of more than 90 pages, pointing out that New Oriental's VIE structure has huge hidden dangers and lacks control.</p><p>Within 48 hours, New Oriental's stock price fell by 60%, hitting a five-year low.</p><p>The New Oriental incident also raised concerns about the VIE structure in the international market, and Chinese concept stocks generally fell sharply. Ctrip and Sina fell by more than 7%, while Dangdang.com, Qihoo 360, NetEase, and Sohu fell by more than 4%.</p><p>Following the outbreak of short-selling in Chinese concept stocks, US regulators have taken further aggressive action. In December 2012, the SEC filed an administrative lawsuit against Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers, and the Chinese branches of the five major accounting firms, BDO.</p><p>The SEC asked them to submit audit working papers for nine Chinese companies listed in the United States, but the five major accounting firms refused the request, saying they were unwilling to break Chinese law.</p><p>This move left Chinese companies listed in the US without an auditor, forcing them to delist.</p><p>The delisting trend of Chinese concept stocks is intensifying. The number of Chinese companies listed in the United States decreased from more than 240 in 2010 to less than 200 in 2012.</p><p><img src=\"https://static.tigerbbs.com/2c640046a4853c23afbcdbf6ee3d55e5\" tg-width=\"500\" tg-height=\"339\" referrerpolicy=\"no-referrer\"></p><p>▲ From 2010 to 2012, US-listed Chinese concept stocks experienced a short-selling wave.</p><p>Data source: Guosheng Securities</p><p>With frequent conflicts, China and the United States have incorporated auditing and cross-border law enforcement into their strategic economic dialogue. In 2013, the China Securities Regulatory Commission and the Ministry of Finance signed an enforcement cooperation agreement with the Public Company Accounting Oversight Board (PCAOB) in the United States, formally launching cross-border audit enforcement cooperation.</p><p><b>However, data sovereignty and confidentiality issues remain contradictions that are difficult for China and the United States to reconcile.</b>This led to various subsequent controversies.</p><p><b>02</b></p><p><b>Shadows Beneath the Feast</b></p><p><b>Alibaba's IPO and the Storm of Review of Chinese Concept Stocks (2014-2017)</b></p><p>In September 2014, Jack Ma entered the United Nations headquarters. One of the purposes of his trip was to meet with UN Secretary-General Ban Ki-moon through the introduction of Hang Lung Group Chairman Ronnie Chan.</p><p>The two of them stood at the elevator entrance, and when Ban Ki-moon came up, Ronnie Chan said the following to Jack Ma:</p><p>“I know Alibaba was forced to list in the United States. Hong Kong doesn’t have dual-class shares, so you have no choice.”<b>But Jack Ma, you need to be careful, Americans have a very, very long hand. One day he will give you trouble.</b>”</p><p>A week ago, Alibaba successfully listed on the New York Stock Exchange on September 19. The revelry filled all of Wall Street.</p><p>That evening, on the New York Stock Exchange's large black screen, the numbers representing Alibaba's opening price kept scrolling and climbing—70…80…90…</p><p>\"Opening price 92.7!\" a voice shouted.</p><p>Jack Ma looked up and glanced excitedly at the numbers on the screen. He picked up his hammer and quickly struck a golden bronze bell. The crowd around him immediately cheered, flashing one after another.</p><p>After more than two hours and 12 rounds of price inquiries, Alibaba's stock finally opened at 11:53 p.m. that evening. The opening price was $92.70, a 36.32% increase from the offering price of $68. The total amount raised reached US$34.125 billion, setting a new record for the highest IPO financing in global history. Alibaba's total market capitalization reached 228.5 billion US dollars, exceeding the GDP of more than 100 countries.</p><p><img src=\"https://static.tigerbbs.com/b666ad1064a3f877e706adaec7dfcd17\" tg-width=\"1080\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p><p>▲ Jack Ma at Alibaba's US Listing in 2014</p><p><b>Several American securities firms and international capital shared in this capital feast.</b>Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and others are among them.</p><p>When Alibaba listed on the New York Stock Exchange, SoftBank held 34.4% of the shares, making it the largest shareholder. Yahoo holds 22.6% of the shares, ranking second. Based solely on Alibaba's opening price, the market value of SoftBank and Yahoo's shares has reached $78.604 billion and $51.641 billion respectively, not including the portion they previously cashed out from Alibaba.</p><p>2014 saw another peak in Chinese internet companies going public in the United States. Besides Alibaba, JD.com, Weibo, Tuniu, Zhaopin.com, and others have also listed on the New York Stock Exchange and Nasdaq in the United States. A total of 12 internet companies completed their listings in the United States throughout the year.</p><p>However, in the same month that Alibaba went public, the U.S. Congressional China Economic and Security Review Commission (UCESRC) released a report titled...<b>Risks of Chinese Internet Companies on U.S. Stock Exchanges</b>The investigation report.</p><p>The report devotes 17 pages to pointing out the various risks associated with the listing of Chinese internet companies, directly stating that the VIE structure is not trustworthy. The UCESRC stated, \"Many U.S. legal experts believe that VIE structures are technically illegal under Chinese law and advise U.S. investors against making such investments.\"</p><p>On the evening of Singles' Day that same year, Jack Ma gave a 20-minute media interview at Alibaba's headquarters in Hangzhou, directly stating when discussing Alipay's IPO:<b>\"Due to various reasons, Alibaba is unable to list on the A-share market, so we hope that Alipay can be listed on the Chinese A-share market in the future.\"</b></p><p>Clearly, Jack Ma understood Ronnie Chan's words. To further understand this statement, we need to trace the timeline back to the Alipay spin-off event three years ago.</p><p>In the first quarter of 2011, the People's Bank of China required payment companies applying for payment licenses to declare their foreign ownership percentages. In May, Jack Ma changed ownership of Alipay and terminated Alibaba Group's control agreement over Zhejiang's Alibaba. Zhejiang Alibaba is a wholly-owned subsidiary of Alipay. This means,<b>Alipay has transformed from a foreign-owned company into a purely domestic one.</b></p><p><img src=\"https://static.tigerbbs.com/86b9f8383885bec01116a82dcc7cc0da\" tg-width=\"449\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p>▲ Alipay spin-off equity change</p><p>However, Jack Ma had not previously reached an agreement with the board of directors regarding this round of equity changes. After the boat was finished, Jack Ma provided corresponding compensation to its two major shareholders, Yahoo and SoftBank.</p><p>On July 29, 2011, Alibaba Group, Yahoo, and SoftBank officially signed an agreement regarding the transfer of Alipay equity. Alipay Holding Company promised to give Alibaba Group a one-time cash return upon its IPO. The return amount is 37.5% of the total market capitalization of Alipay's IPO price at the time of its listing, with no less than US$2 billion and no more than US$6 billion.</p><p>Jack Ma has been accused of \"dishonesty\" and \"undermining foreign investors' confidence in Chinese concept stocks VIE\" for this. He unusually took the initiative to give a lengthy exclusive interview to domestic media, explaining that everything was for Alipay to comply with regulations and obtain a payment license.</p><p>\"I said, brother, it's okay if you start a small joint venture.\"<b>You're dealing with Alipay, which is finance, and you're increasingly touching on sensitive areas. Finance is data, and problems are bound to arise.</b>Jerry Yang didn't believe it, but later they did. Jack Ma said in an exclusive interview with Mr. Fashion.</p><p>At the time, however, most people believed that Jack Ma was using the government as a shield, and they mostly ridiculed and mocked him. Jack Ma angrily withdrew from Weibo.</p><p>Before withdrawing, Jack Ma posted one last Weibo post. No text, just punctuation:<b>A question mark, an exclamation mark, and a string of ellipses</b>。</p><p>Three years after Alipay was spun off, Ant Financial was established in 2014, venturing into inclusive finance from the payment sector.</p><p>Six years later, on the eve of Ant Financial's IPO, Jack Ma delivered that famous speech at the Bund Financial Summit at the end of October 2020. On November 3, the Shanghai Stock Exchange and the Hong Kong Stock Exchange issued emergency notices to temporarily suspend Ant Financial's listing on the Science and Technology Innovation Board and H-shares.</p><p>Only then did everyone suddenly realize.<b>Nine years ago, Jack Ma did not overestimate the Chinese government's determination.</b></p><p><b>03</b></p><p><b>Torrent flows into the sea</b></p><p><b>New economic reform of A-shares and H-shares (2018-2019)</b></p><p>During the 2018 Two Sessions, Liu Shiyu, then chairman of the China Securities Regulatory Commission, said when talking about the overseas listing of Chinese new economy companies that, due to the specific institutional environment and market capacity at the time, it was a good thing that some new economy companies in China chose to list overseas. However, it is also a pity that the country has not enjoyed the fruits of their growth.</p><p><b>\"In this new era, this regret can no longer happen.\"</b>Liu Shiyu said.</p><p>\"Standing at the forefront of the trend, even a pig can fly.\" Lei Jun, who said this, once again propelled Xiaomi into the forefront of the times.<b>He wants to make Xiaomi the first internet company to be listed simultaneously on the mainland A-share market and the Hong Kong H-share market.</b></p><p>On May 3, 2018, Lei Jun, holding two Xiaomi mobile phones, personally flew to Hong Kong to visit Li Ka-shing, Hong Kong's richest man. On the same day, Xiaomi submitted its IPO prospectus to the Hong Kong Stock Exchange. Li Ka-shing's favorite general, Fok Kin-ning, confirmed to the media that Li Ka-shing spent HK$230 million to subscribe to Xiaomi shares. Besides Li Ka-shing, China's two major internet giants, Jack Ma and Ma Huateng, also subscribed to Xiaomi shares.</p><p><img src=\"https://static.tigerbbs.com/c1dfd540577403bd287f47c1209b66c3\" tg-width=\"460\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p>▲ Lei Jun meets with Li Ka-shing</p><p>In mainland China, Xiaomi even set a record of 12 days of \"lightning-fast\" meetings. On June 7 of the same year, Xiaomi applied to the China Securities Regulatory Commission to issue CDRs (depositary receipts) for listing, and the application was accepted on the same day. On the 14th, Xiaomi updated its prospectus and received feedback from the China Securities Regulatory Commission that evening, which is scheduled to be reviewed on the 19th.</p><p>At that time,<b>The China Securities Regulatory Commission and the Hong Kong Stock Exchange are vying to advance new economy listing reforms.</b></p><p>In December 2017, the Hong Kong Stock Exchange released the market \"Consultation Summary\" of the \"Framework Consultation Document on the Proposal to Establish an Innovation Board\", announcing that it would accept new economy companies with different voting rights structures to list in Hong Kong.</p><p>Three months later, the General Office of the State Council forwarded the China Securities Regulatory Commission's \"Opinions on Carrying Out Pilot Programs for Innovative Enterprises to Issue Stocks or Depositary Receipts Domestically,\" allowing new economy companies listed overseas to issue CDRs (depositary receipts) in the mainland A-share market and promoting the return of new economy companies, including those in the Internet sector, to A-share listing.</p><p>However, Xiaomi's CDR listing in mainland China was suddenly halted. On June 14, 2018, the China Securities Regulatory Commission (CSRC) issued 84 questions to Xiaomi. Five days later, Xiaomi announced that it would postpone the Issuance Examination Committee meeting to review the company's CDR issuance application. After listing in Hong Kong first, it will be listed in mainland China by issuing CDRs when the opportunity arises.</p><p>The Hong Kong listing has also been fraught with difficulties. On July 9 of that year, Xiaomi completed its listing on the Hong Kong Stock Exchange. On the day of its listing, Xiaomi's stock was included in the Hang Seng Index Composite Stock Connect and will be included in the Hong Kong Stock Connect under normal circumstances, allowing mainland Chinese investors to directly purchase Xiaomi stock.</p><p>Unexpectedly, on July 14, the Shanghai and Shenzhen Stock Exchanges suddenly issued a notice temporarily refusing to include shares of companies with weighted voting rights, foreign companies, and stapled securities in the Stock Connect program, citing \"unfamiliarity with mainland investors.\" Xiaomi was shut out.</p><p>Two days later, Hong Kong Stock Exchange CEO Li Xiaojia urgently flew from Hong Kong to Beijing to meet and negotiate with relevant officials from the China Securities Regulatory Commission. “We have been communicating with the China Securities Regulatory Commission (CSRC) for weeks and months, hoping to include them all this time and proceed according to the normal Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect procedures. However, the mainland exchanges may have some different opinions,” Li Xiaojia said.</p><p><b>This dispute concerns the future direction of Chinese internet companies going public. Can the door to a new era be opened?</b></p><p>For a long time, Chinese internet companies had only one option: to list in the United States, because mainland A-shares and Hong Kong H-shares did not accept the dual-class share structure in the past. Even with the Hong Kong Stock Exchange's ambitious reforms, poor liquidity will remain a key obstacle for internet companies to list in Hong Kong.</p><p>Only when the Hong Kong Stock Connect accepts new economy companies, allowing massive amounts of capital from mainland China to flow south, can the door to the Eastern world truly open to internet companies.</p><p><b>The storm is temporary, but the direction is certain.</b></p><p>In 2018, the Hong Kong Stock Exchange regained the top spot in the global IPO rankings, raising HK$277.85 billion throughout the year, a new high since 2010.</p><p>A total of 28 new economy companies and biotechnology companies went public in Hong Kong throughout the year. Among them, Xiaomi and Meituan ranked as the second and third largest companies in Hong Kong in terms of fundraising amount, with HK$42.61 billion and HK$33.14 billion respectively.</p><p>In October 2019, the Shanghai Stock Exchange and the Shenzhen Stock Exchange issued announcements that Xiaomi and Meituan would be included in the Hong Kong Stock Connect program.</p><p>Riding this momentum, Chinese internet companies, including Alibaba, NetEase, and JD.com, have returned to China from overseas and are vying for secondary listings in Hong Kong. By 2021, the Hong Kong market had gathered eight major internet giants: Tencent, Alibaba, Meituan, Kuaishou, JD.com, Xiaomi, Baidu, and NetEase.</p><p><img src=\"https://static.tigerbbs.com/dd1e5900f6cb5582296cd123573d40b6\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p>Data source: Hong Kong Stock Exchange</p><p>During the same period, Chinese internet companies experienced their third peak in listings in the United States. In 2018 and 2019, 38 and 32 Chinese companies went public in the United States, respectively, most of which were new economy internet companies, including iQiyi, Douyu, and NetEase Youdao.</p><p>In October 2019, China and the United States reached a consensus on retrieving audit working papers of U.S.-listed companies audited by Hong Kong accounting firms and stored in mainland China. In response to reporters' questions, the China Securities Regulatory Commission stated that the two sides \"maintain a smooth cooperative relationship.\"</p><p>Everything seems to be thriving.</p><p>Unexpectedly, just one year later,<b>New crises, like volcanic lava, have long been accumulated and are erupting.</b>。</p><p><b>04</b></p><p><b>New Crisis Era</b></p><p><b>The Dilemmas and Future of Didi, ByteDance, and Pinduoduo (2020-Present)</b></p><p>July 1st marks the 100th anniversary of the founding of the Communist Party of China. Early that morning, Didi went public in the United States, raising $4.4 billion.</p><p>This is the largest IPO of a Chinese company in the United States since 2014. There are no photos of the bell ringing, no announcements on the official website, little media coverage, and no employees posting on social media.</p><p>On July 2, the China Cybersecurity Review Office issued an announcement stating that, in order to prevent national data security risks, safeguard national security, and protect the public interest, it will conduct a cybersecurity review of Didi Chuxing in accordance with the National Security Law and the Cybersecurity Law. Didi Chuxing suspended new user registration during the review period. Didi only appeared on Weibo trending topics and media headlines after its IPO.</p><p>On July 9, all 25 of Didi's apps were removed from app stores.</p><p>Ray Dalio, founder of Bridgewater Associates, the world's largest hedge fund, once published a 20,000-word article titled \"The Changing World Order\" on his LinkedIn page. He pointed out that the Populism Index, which measures global conflicts, has now reached an all-time high.</p><p>“We are heading towards an abyss of polarization and populism,” Dalio warned.<b>The wealth gap, political polarization, and extreme nationalism we face today are very similar to those of World War II.</b></p><p><img src=\"https://static.tigerbbs.com/82a4ead3b25817350b19c65a0fb2c2ba\" tg-width=\"864\" tg-height=\"311\" referrerpolicy=\"no-referrer\"></p><p>▲ The inequality between the rich and the poor has led to extreme nationalism, which is similar to that during World War II.</p><p>Data source: Bridgewater Associates</p><p>On March 25, 2021, the U.S. Securities and Exchange Commission (SEC) issued a notice approving the final amendments to the Foreign Company Accountability Act (HFCAA). The bill stipulates that,<b>Foreign issuers that fail to meet the inspection requirements of the U.S. Public Company Accounting Oversight Board (PCAOB) for accounting firms for three consecutive years will be delisted.</b></p><p>Chinese Foreign Ministry spokesperson Hua Chunying responded at a press conference, saying: \"The HFCAA is a completely unreasonable political suppression of Chinese companies listed in the United States, seriously distorts the basic principles of the market economy that the United States has always touted, and deprives American investors and the American public of the opportunity to share in the development dividends of Chinese companies.\"</p><p>According to official data from the US PCAOB, as of April 2020,<b>Among foreign listed companies that do not accept PCAOB inspection and audit working papers, companies in mainland China and Hong Kong account for nearly 90%.</b></p><p>By quietly going public, Didi successfully threw itself into the eye of the storm in the Sino-US stock market rivalry.</p><p>On July 7, the official WeChat account of People's Daily, \"Riding the Waves of Youth,\" published two reports commenting on the Didi incident: \"Didi is far from the point of using employment to command the government. If Didi goes out of business later, drivers will switch to another platform to take orders, and we will switch to another platform to hail rides, and our lives will not be affected in any way.\"</p><p>On July 8, U.S. Democratic Senator Chris Van Hollen called on the U.S. Securities and Exchange Commission to thoroughly investigate Didi's IPO.</p><p><b>The internet is going through a turbulent time. Some things, when viewed together, become intriguing.</b></p><p>Prior to the Didi incident, Huang Zheng stepped down as CEO of Pinduoduo in March of this year; In May, Zhang Yiming stepped down as CEO of ByteDance.</p><p>Many people previously viewed this as a result of internet anti-monopoly measures. But they overlooked a key clue:</p><p><b>Both Didi and Pinduoduo are listed in the United States. As for ByteDance, Trump's ban on Tiktok speaks for itself.</b></p><p><b>Meanwhile, for Tencent and Meituan, which are listed in Hong Kong, Ma Huateng and Wang Xing still hold the positions of CEO.</b></p><p>All the recent internet shocks happening around us are sending us a signal:</p><p><b>In the stock market rivalry between China and the United States, the past situation where the United States was aggressive and China was passively defensive will become history. China's regulatory determination and actions have already begun to show signs.</b></p><p>Some internet companies are still stuck in the habitual thinking of the previous 20 years; Some internet companies have already set sail for new ports.</p><p><b>They were destined to meet completely different fates.</b></p><p><img src=\"https://static.tigerbbs.com/a76220741e2982f75e2d7176ce362e38\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1626307243676","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Past of Chinese Internet Companies Listing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Past of Chinese Internet Companies Listing\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">吴杨野餐会</strong><span class=\"h-time small\">2021-07-15 08:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In 1983, Liu Gang graduated from Peking University Law School and was assigned to the Secretariat of the Ministry of Justice, where he was responsible for writing daily reports for the minister.</p><p>A year later, he felt the job was boring and wanted to apply for a transfer. Someone advised him that secretarial status might be easier to promote.</p><p>In 1985, the state implemented the \"third tier\" cadre reform. The Ministry of Justice selected young cadres to train at the grassroots level, and Liu Gang was included in it. He voluntarily gave up his position in a grassroots government agency and chose to become a grassroots lawyer.</p><p>After completing their training period, his colleagues returned to the Ministry of Justice to continue their careers, but Liu Gang did not go back. He chose to stay in the legal profession.</p><p>At that time, the legal profession in China was just emerging, and everything was still in a stage of ignorance. Liu Gang's main business is debt collection.</p><p>From then on, he lived the life of a \"migrant worker collecting debts\": two days and two nights squeezed into hard seats on trains, slept in large bunks that cost one yuan a night, ran frantically to chase debtors, and dodged debtors' thugs and gangs...</p><p>The turning point came in 1989. The Ministry of Justice and the British Law Society jointly launched a lawyer training program. After applying for and passing the exam, Liu Gang was selected to receive internship training at a law firm in London, England.</p><p>He wanted to do intellectual property, which was very popular in China at the time. But a senior partner at a British law firm advised him, \"I suggest you learn about capital markets.\" Liu Gang asked, \"What are capital markets?\"</p><p><b>\"A country as big as China will have a capital market sooner or later.\"</b>The British law firm partner said.</p><p>In 1990, China ushered in its own capital market, with the opening of the Shanghai Stock Exchange and the Shenzhen Stock Exchange.</p><p><img src=\"https://static.tigerbbs.com/99e63397642efd52b0b6a3d4dc5643f2\" tg-width=\"640\" tg-height=\"493\" referrerpolicy=\"no-referrer\"></p><p>▲ In the 1990s, stock investors lined up outside the Shanghai Stock Exchange.</p><p>(Photo | Pan Suofei, China News Service)</p><p>Two years later, China lifted restrictions on private partnership law firms. Liu Gang and two friends rented an office outside Jianguomen and founded their own law firm: Tongshang Law Firm.</p><p>In 2000, Liu Gang received a crucial opportunity in his career. At the time, Sina was attempting to list on Nasdaq. If successful, it will become the first Chinese Internet company to list in the United States.</p><p>Sina's listed entity is registered in the Cayman Islands. However, Chinese law imposes restrictions on foreign investment in the internet sector: foreign investment in the Chinese internet is prohibited, and foreign companies are also prohibited from conducting internet business in China.</p><p>To circumvent these investment restrictions, Liu Gang helped Sina design a complex control structure. He connects foreign investors and Chinese companies through a series of complex legal contracts, allowing overseas-listed entities to control domestic operating entities through agreements without direct equity relationships.</p><p><b>Liu Gang uses a VIE structure to kick off the overseas listing of Chinese internet companies.</b></p><p>In April 2000, Sina successfully listed on Nasdaq in the United States. In June and July of the same year, NetEase and Sohu successively completed their listings on Nasdaq. China's three major portal websites went public overseas, and Liu Gang was involved in all of them. This is very rare in the legal profession.</p><p>Over the next 20 years, almost all Chinese internet companies listed overseas adopted the \"Sina model\" VIE structure. As of May 2021, there were 248 Chinese companies listed in the United States, with a total market capitalization of $2.1 trillion. Among them, Internet-related information technology companies have the largest number, accounting for more than a quarter.</p><p><b>However, the VIE structure has also become a fulcrum in the stock market competition between China and the United States over the next 20 years.</b></p><p>In Liu Gang's words, the VIE structure \"allows overseas investment companies to control the operations of domestic companies without direct equity relationships.\"</p><p>However, according to the U.S. Congress, the VIE structure \"ensures that economic benefits flow to foreign investors while retaining operational control of the business with the Chinese company.\"</p><p><b>This unique structure has become a typical feature of Chinese concept stocks, and it has also laid the groundwork for controversy and crisis in the 20-year journey of Chinese internet companies to list overseas.</b></p><p>The decade-long history of overseas listings following the 2008 global financial crisis is key to helping us understand the current situation of Chinese internet companies. I divided it into four phases, namely:</p><p><img src=\"https://static.tigerbbs.com/6e5b6f69c3b6db65256d2ee9f3c20b46\" tg-width=\"965\" tg-height=\"367\" referrerpolicy=\"no-referrer\"></p><p><b>01</b></p><p><b>Hunting Chinese companies</b></p><p><b>The first round of overseas listings and short selling (2010-2013)</b></p><p>On November 1, 2011, Zhou Hongyi rushed back to the company in the middle of the night and summoned a bunch of supervisors from the website, browser, investor relations, finance, legal, public relations, and other departments.</p><p>At 9 p.m. that evening, short-selling firm Citron Research issued its first short-selling report on Qihoo 360 before the U.S. stock market opened. An hour later, the report was delivered to Zhou Hongyi. “We were surprised when Citron shorted 360,” he said.</p><p>On that day, Qihoo 360's stock fell by about 10%.</p><p>Seven months ago, Qihoo 360 went public on the New York Stock Exchange. Along with it, a large number of Chinese companies also listed on the US stock market.</p><p>Following the 2008 financial crisis, the US economy recovered rapidly starting in 2009, and international capital markets became active. During the same period, Chinese internet companies were in a period of rapid expansion and urgently needed funds.</p><p>A large number of internet companies are heading to the United States seeking to go public.<b>From 2010 to 2012, internet companies such as Gaode Maps, Qihoo 360, Youku, and Tudou successfully went public in the United States, starting a wave of Chinese concept stocks overseas.</b></p><p><img src=\"https://static.tigerbbs.com/53b96a1e444ead872f2cd9531b979af2\" tg-width=\"692\" tg-height=\"512\" referrerpolicy=\"no-referrer\"></p><p>▲ Changes in the number of Chinese companies listing in the US from 1970 to 2020</p><p>Data source: Zero2IPO Research Center</p><p>In 2010, approximately 50 Chinese concept stocks were listed on the US stock market, marking a peak in the number of Chinese companies listed overseas and attracting the attention of short-selling institutions known as \"market vultures\".</p><p>Muddy Waters fired the first bullet. In 2010, Muddy Waters founder Carson Block released a 30-page short-selling report on Oriental Paper, causing Oriental Paper's stock price to plummet and Muddy Waters to become famous overnight.</p><p>Subsequently, US short-selling firms, represented by Muddy Waters and Citron Research, successively targeted Chinese concept stocks such as Focus Media, Qihoo 360, and New Oriental. Internet companies have become a major target for Chinese concept stocks.</p><p>Under this round of short-selling institutions, more than 40 Chinese companies have had to suspend trading or be delisted.<b>Chinese concept stocks are collectively facing a crisis of trust.</b></p><p><b>VIEs are a key target for US institutions to short Chinese companies.</b>“China’s internet industry has a VIE structure. Americans think that if you don’t have legal regulations, you’ll always feel insecure,” Zhou Hongyi said.</p><p>On July 17, 2012, New Oriental was investigated by the U.S. Securities and Exchange Commission (SEC) due to adjustments to its VIE structure. Muddy Waters subsequently released a short-selling report of more than 90 pages, pointing out that New Oriental's VIE structure has huge hidden dangers and lacks control.</p><p>Within 48 hours, New Oriental's stock price fell by 60%, hitting a five-year low.</p><p>The New Oriental incident also raised concerns about the VIE structure in the international market, and Chinese concept stocks generally fell sharply. Ctrip and Sina fell by more than 7%, while Dangdang.com, Qihoo 360, NetEase, and Sohu fell by more than 4%.</p><p>Following the outbreak of short-selling in Chinese concept stocks, US regulators have taken further aggressive action. In December 2012, the SEC filed an administrative lawsuit against Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers, and the Chinese branches of the five major accounting firms, BDO.</p><p>The SEC asked them to submit audit working papers for nine Chinese companies listed in the United States, but the five major accounting firms refused the request, saying they were unwilling to break Chinese law.</p><p>This move left Chinese companies listed in the US without an auditor, forcing them to delist.</p><p>The delisting trend of Chinese concept stocks is intensifying. The number of Chinese companies listed in the United States decreased from more than 240 in 2010 to less than 200 in 2012.</p><p><img src=\"https://static.tigerbbs.com/2c640046a4853c23afbcdbf6ee3d55e5\" tg-width=\"500\" tg-height=\"339\" referrerpolicy=\"no-referrer\"></p><p>▲ From 2010 to 2012, US-listed Chinese concept stocks experienced a short-selling wave.</p><p>Data source: Guosheng Securities</p><p>With frequent conflicts, China and the United States have incorporated auditing and cross-border law enforcement into their strategic economic dialogue. In 2013, the China Securities Regulatory Commission and the Ministry of Finance signed an enforcement cooperation agreement with the Public Company Accounting Oversight Board (PCAOB) in the United States, formally launching cross-border audit enforcement cooperation.</p><p><b>However, data sovereignty and confidentiality issues remain contradictions that are difficult for China and the United States to reconcile.</b>This led to various subsequent controversies.</p><p><b>02</b></p><p><b>Shadows Beneath the Feast</b></p><p><b>Alibaba's IPO and the Storm of Review of Chinese Concept Stocks (2014-2017)</b></p><p>In September 2014, Jack Ma entered the United Nations headquarters. One of the purposes of his trip was to meet with UN Secretary-General Ban Ki-moon through the introduction of Hang Lung Group Chairman Ronnie Chan.</p><p>The two of them stood at the elevator entrance, and when Ban Ki-moon came up, Ronnie Chan said the following to Jack Ma:</p><p>“I know Alibaba was forced to list in the United States. Hong Kong doesn’t have dual-class shares, so you have no choice.”<b>But Jack Ma, you need to be careful, Americans have a very, very long hand. One day he will give you trouble.</b>”</p><p>A week ago, Alibaba successfully listed on the New York Stock Exchange on September 19. The revelry filled all of Wall Street.</p><p>That evening, on the New York Stock Exchange's large black screen, the numbers representing Alibaba's opening price kept scrolling and climbing—70…80…90…</p><p>\"Opening price 92.7!\" a voice shouted.</p><p>Jack Ma looked up and glanced excitedly at the numbers on the screen. He picked up his hammer and quickly struck a golden bronze bell. The crowd around him immediately cheered, flashing one after another.</p><p>After more than two hours and 12 rounds of price inquiries, Alibaba's stock finally opened at 11:53 p.m. that evening. The opening price was $92.70, a 36.32% increase from the offering price of $68. The total amount raised reached US$34.125 billion, setting a new record for the highest IPO financing in global history. Alibaba's total market capitalization reached 228.5 billion US dollars, exceeding the GDP of more than 100 countries.</p><p><img src=\"https://static.tigerbbs.com/b666ad1064a3f877e706adaec7dfcd17\" tg-width=\"1080\" tg-height=\"566\" referrerpolicy=\"no-referrer\"></p><p>▲ Jack Ma at Alibaba's US Listing in 2014</p><p><b>Several American securities firms and international capital shared in this capital feast.</b>Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and others are among them.</p><p>When Alibaba listed on the New York Stock Exchange, SoftBank held 34.4% of the shares, making it the largest shareholder. Yahoo holds 22.6% of the shares, ranking second. Based solely on Alibaba's opening price, the market value of SoftBank and Yahoo's shares has reached $78.604 billion and $51.641 billion respectively, not including the portion they previously cashed out from Alibaba.</p><p>2014 saw another peak in Chinese internet companies going public in the United States. Besides Alibaba, JD.com, Weibo, Tuniu, Zhaopin.com, and others have also listed on the New York Stock Exchange and Nasdaq in the United States. A total of 12 internet companies completed their listings in the United States throughout the year.</p><p>However, in the same month that Alibaba went public, the U.S. Congressional China Economic and Security Review Commission (UCESRC) released a report titled...<b>Risks of Chinese Internet Companies on U.S. Stock Exchanges</b>The investigation report.</p><p>The report devotes 17 pages to pointing out the various risks associated with the listing of Chinese internet companies, directly stating that the VIE structure is not trustworthy. The UCESRC stated, \"Many U.S. legal experts believe that VIE structures are technically illegal under Chinese law and advise U.S. investors against making such investments.\"</p><p>On the evening of Singles' Day that same year, Jack Ma gave a 20-minute media interview at Alibaba's headquarters in Hangzhou, directly stating when discussing Alipay's IPO:<b>\"Due to various reasons, Alibaba is unable to list on the A-share market, so we hope that Alipay can be listed on the Chinese A-share market in the future.\"</b></p><p>Clearly, Jack Ma understood Ronnie Chan's words. To further understand this statement, we need to trace the timeline back to the Alipay spin-off event three years ago.</p><p>In the first quarter of 2011, the People's Bank of China required payment companies applying for payment licenses to declare their foreign ownership percentages. In May, Jack Ma changed ownership of Alipay and terminated Alibaba Group's control agreement over Zhejiang's Alibaba. Zhejiang Alibaba is a wholly-owned subsidiary of Alipay. This means,<b>Alipay has transformed from a foreign-owned company into a purely domestic one.</b></p><p><img src=\"https://static.tigerbbs.com/86b9f8383885bec01116a82dcc7cc0da\" tg-width=\"449\" tg-height=\"329\" referrerpolicy=\"no-referrer\"></p><p>▲ Alipay spin-off equity change</p><p>However, Jack Ma had not previously reached an agreement with the board of directors regarding this round of equity changes. After the boat was finished, Jack Ma provided corresponding compensation to its two major shareholders, Yahoo and SoftBank.</p><p>On July 29, 2011, Alibaba Group, Yahoo, and SoftBank officially signed an agreement regarding the transfer of Alipay equity. Alipay Holding Company promised to give Alibaba Group a one-time cash return upon its IPO. The return amount is 37.5% of the total market capitalization of Alipay's IPO price at the time of its listing, with no less than US$2 billion and no more than US$6 billion.</p><p>Jack Ma has been accused of \"dishonesty\" and \"undermining foreign investors' confidence in Chinese concept stocks VIE\" for this. He unusually took the initiative to give a lengthy exclusive interview to domestic media, explaining that everything was for Alipay to comply with regulations and obtain a payment license.</p><p>\"I said, brother, it's okay if you start a small joint venture.\"<b>You're dealing with Alipay, which is finance, and you're increasingly touching on sensitive areas. Finance is data, and problems are bound to arise.</b>Jerry Yang didn't believe it, but later they did. Jack Ma said in an exclusive interview with Mr. Fashion.</p><p>At the time, however, most people believed that Jack Ma was using the government as a shield, and they mostly ridiculed and mocked him. Jack Ma angrily withdrew from Weibo.</p><p>Before withdrawing, Jack Ma posted one last Weibo post. No text, just punctuation:<b>A question mark, an exclamation mark, and a string of ellipses</b>。</p><p>Three years after Alipay was spun off, Ant Financial was established in 2014, venturing into inclusive finance from the payment sector.</p><p>Six years later, on the eve of Ant Financial's IPO, Jack Ma delivered that famous speech at the Bund Financial Summit at the end of October 2020. On November 3, the Shanghai Stock Exchange and the Hong Kong Stock Exchange issued emergency notices to temporarily suspend Ant Financial's listing on the Science and Technology Innovation Board and H-shares.</p><p>Only then did everyone suddenly realize.<b>Nine years ago, Jack Ma did not overestimate the Chinese government's determination.</b></p><p><b>03</b></p><p><b>Torrent flows into the sea</b></p><p><b>New economic reform of A-shares and H-shares (2018-2019)</b></p><p>During the 2018 Two Sessions, Liu Shiyu, then chairman of the China Securities Regulatory Commission, said when talking about the overseas listing of Chinese new economy companies that, due to the specific institutional environment and market capacity at the time, it was a good thing that some new economy companies in China chose to list overseas. However, it is also a pity that the country has not enjoyed the fruits of their growth.</p><p><b>\"In this new era, this regret can no longer happen.\"</b>Liu Shiyu said.</p><p>\"Standing at the forefront of the trend, even a pig can fly.\" Lei Jun, who said this, once again propelled Xiaomi into the forefront of the times.<b>He wants to make Xiaomi the first internet company to be listed simultaneously on the mainland A-share market and the Hong Kong H-share market.</b></p><p>On May 3, 2018, Lei Jun, holding two Xiaomi mobile phones, personally flew to Hong Kong to visit Li Ka-shing, Hong Kong's richest man. On the same day, Xiaomi submitted its IPO prospectus to the Hong Kong Stock Exchange. Li Ka-shing's favorite general, Fok Kin-ning, confirmed to the media that Li Ka-shing spent HK$230 million to subscribe to Xiaomi shares. Besides Li Ka-shing, China's two major internet giants, Jack Ma and Ma Huateng, also subscribed to Xiaomi shares.</p><p><img src=\"https://static.tigerbbs.com/c1dfd540577403bd287f47c1209b66c3\" tg-width=\"460\" tg-height=\"304\" referrerpolicy=\"no-referrer\"></p><p>▲ Lei Jun meets with Li Ka-shing</p><p>In mainland China, Xiaomi even set a record of 12 days of \"lightning-fast\" meetings. On June 7 of the same year, Xiaomi applied to the China Securities Regulatory Commission to issue CDRs (depositary receipts) for listing, and the application was accepted on the same day. On the 14th, Xiaomi updated its prospectus and received feedback from the China Securities Regulatory Commission that evening, which is scheduled to be reviewed on the 19th.</p><p>At that time,<b>The China Securities Regulatory Commission and the Hong Kong Stock Exchange are vying to advance new economy listing reforms.</b></p><p>In December 2017, the Hong Kong Stock Exchange released the market \"Consultation Summary\" of the \"Framework Consultation Document on the Proposal to Establish an Innovation Board\", announcing that it would accept new economy companies with different voting rights structures to list in Hong Kong.</p><p>Three months later, the General Office of the State Council forwarded the China Securities Regulatory Commission's \"Opinions on Carrying Out Pilot Programs for Innovative Enterprises to Issue Stocks or Depositary Receipts Domestically,\" allowing new economy companies listed overseas to issue CDRs (depositary receipts) in the mainland A-share market and promoting the return of new economy companies, including those in the Internet sector, to A-share listing.</p><p>However, Xiaomi's CDR listing in mainland China was suddenly halted. On June 14, 2018, the China Securities Regulatory Commission (CSRC) issued 84 questions to Xiaomi. Five days later, Xiaomi announced that it would postpone the Issuance Examination Committee meeting to review the company's CDR issuance application. After listing in Hong Kong first, it will be listed in mainland China by issuing CDRs when the opportunity arises.</p><p>The Hong Kong listing has also been fraught with difficulties. On July 9 of that year, Xiaomi completed its listing on the Hong Kong Stock Exchange. On the day of its listing, Xiaomi's stock was included in the Hang Seng Index Composite Stock Connect and will be included in the Hong Kong Stock Connect under normal circumstances, allowing mainland Chinese investors to directly purchase Xiaomi stock.</p><p>Unexpectedly, on July 14, the Shanghai and Shenzhen Stock Exchanges suddenly issued a notice temporarily refusing to include shares of companies with weighted voting rights, foreign companies, and stapled securities in the Stock Connect program, citing \"unfamiliarity with mainland investors.\" Xiaomi was shut out.</p><p>Two days later, Hong Kong Stock Exchange CEO Li Xiaojia urgently flew from Hong Kong to Beijing to meet and negotiate with relevant officials from the China Securities Regulatory Commission. “We have been communicating with the China Securities Regulatory Commission (CSRC) for weeks and months, hoping to include them all this time and proceed according to the normal Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect procedures. However, the mainland exchanges may have some different opinions,” Li Xiaojia said.</p><p><b>This dispute concerns the future direction of Chinese internet companies going public. Can the door to a new era be opened?</b></p><p>For a long time, Chinese internet companies had only one option: to list in the United States, because mainland A-shares and Hong Kong H-shares did not accept the dual-class share structure in the past. Even with the Hong Kong Stock Exchange's ambitious reforms, poor liquidity will remain a key obstacle for internet companies to list in Hong Kong.</p><p>Only when the Hong Kong Stock Connect accepts new economy companies, allowing massive amounts of capital from mainland China to flow south, can the door to the Eastern world truly open to internet companies.</p><p><b>The storm is temporary, but the direction is certain.</b></p><p>In 2018, the Hong Kong Stock Exchange regained the top spot in the global IPO rankings, raising HK$277.85 billion throughout the year, a new high since 2010.</p><p>A total of 28 new economy companies and biotechnology companies went public in Hong Kong throughout the year. Among them, Xiaomi and Meituan ranked as the second and third largest companies in Hong Kong in terms of fundraising amount, with HK$42.61 billion and HK$33.14 billion respectively.</p><p>In October 2019, the Shanghai Stock Exchange and the Shenzhen Stock Exchange issued announcements that Xiaomi and Meituan would be included in the Hong Kong Stock Connect program.</p><p>Riding this momentum, Chinese internet companies, including Alibaba, NetEase, and JD.com, have returned to China from overseas and are vying for secondary listings in Hong Kong. By 2021, the Hong Kong market had gathered eight major internet giants: Tencent, Alibaba, Meituan, Kuaishou, JD.com, Xiaomi, Baidu, and NetEase.</p><p><img src=\"https://static.tigerbbs.com/dd1e5900f6cb5582296cd123573d40b6\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p>Data source: Hong Kong Stock Exchange</p><p>During the same period, Chinese internet companies experienced their third peak in listings in the United States. In 2018 and 2019, 38 and 32 Chinese companies went public in the United States, respectively, most of which were new economy internet companies, including iQiyi, Douyu, and NetEase Youdao.</p><p>In October 2019, China and the United States reached a consensus on retrieving audit working papers of U.S.-listed companies audited by Hong Kong accounting firms and stored in mainland China. In response to reporters' questions, the China Securities Regulatory Commission stated that the two sides \"maintain a smooth cooperative relationship.\"</p><p>Everything seems to be thriving.</p><p>Unexpectedly, just one year later,<b>New crises, like volcanic lava, have long been accumulated and are erupting.</b>。</p><p><b>04</b></p><p><b>New Crisis Era</b></p><p><b>The Dilemmas and Future of Didi, ByteDance, and Pinduoduo (2020-Present)</b></p><p>July 1st marks the 100th anniversary of the founding of the Communist Party of China. Early that morning, Didi went public in the United States, raising $4.4 billion.</p><p>This is the largest IPO of a Chinese company in the United States since 2014. There are no photos of the bell ringing, no announcements on the official website, little media coverage, and no employees posting on social media.</p><p>On July 2, the China Cybersecurity Review Office issued an announcement stating that, in order to prevent national data security risks, safeguard national security, and protect the public interest, it will conduct a cybersecurity review of Didi Chuxing in accordance with the National Security Law and the Cybersecurity Law. Didi Chuxing suspended new user registration during the review period. Didi only appeared on Weibo trending topics and media headlines after its IPO.</p><p>On July 9, all 25 of Didi's apps were removed from app stores.</p><p>Ray Dalio, founder of Bridgewater Associates, the world's largest hedge fund, once published a 20,000-word article titled \"The Changing World Order\" on his LinkedIn page. He pointed out that the Populism Index, which measures global conflicts, has now reached an all-time high.</p><p>“We are heading towards an abyss of polarization and populism,” Dalio warned.<b>The wealth gap, political polarization, and extreme nationalism we face today are very similar to those of World War II.</b></p><p><img src=\"https://static.tigerbbs.com/82a4ead3b25817350b19c65a0fb2c2ba\" tg-width=\"864\" tg-height=\"311\" referrerpolicy=\"no-referrer\"></p><p>▲ The inequality between the rich and the poor has led to extreme nationalism, which is similar to that during World War II.</p><p>Data source: Bridgewater Associates</p><p>On March 25, 2021, the U.S. Securities and Exchange Commission (SEC) issued a notice approving the final amendments to the Foreign Company Accountability Act (HFCAA). The bill stipulates that,<b>Foreign issuers that fail to meet the inspection requirements of the U.S. Public Company Accounting Oversight Board (PCAOB) for accounting firms for three consecutive years will be delisted.</b></p><p>Chinese Foreign Ministry spokesperson Hua Chunying responded at a press conference, saying: \"The HFCAA is a completely unreasonable political suppression of Chinese companies listed in the United States, seriously distorts the basic principles of the market economy that the United States has always touted, and deprives American investors and the American public of the opportunity to share in the development dividends of Chinese companies.\"</p><p>According to official data from the US PCAOB, as of April 2020,<b>Among foreign listed companies that do not accept PCAOB inspection and audit working papers, companies in mainland China and Hong Kong account for nearly 90%.</b></p><p>By quietly going public, Didi successfully threw itself into the eye of the storm in the Sino-US stock market rivalry.</p><p>On July 7, the official WeChat account of People's Daily, \"Riding the Waves of Youth,\" published two reports commenting on the Didi incident: \"Didi is far from the point of using employment to command the government. If Didi goes out of business later, drivers will switch to another platform to take orders, and we will switch to another platform to hail rides, and our lives will not be affected in any way.\"</p><p>On July 8, U.S. Democratic Senator Chris Van Hollen called on the U.S. Securities and Exchange Commission to thoroughly investigate Didi's IPO.</p><p><b>The internet is going through a turbulent time. Some things, when viewed together, become intriguing.</b></p><p>Prior to the Didi incident, Huang Zheng stepped down as CEO of Pinduoduo in March of this year; In May, Zhang Yiming stepped down as CEO of ByteDance.</p><p>Many people previously viewed this as a result of internet anti-monopoly measures. But they overlooked a key clue:</p><p><b>Both Didi and Pinduoduo are listed in the United States. As for ByteDance, Trump's ban on Tiktok speaks for itself.</b></p><p><b>Meanwhile, for Tencent and Meituan, which are listed in Hong Kong, Ma Huateng and Wang Xing still hold the positions of CEO.</b></p><p>All the recent internet shocks happening around us are sending us a signal:</p><p><b>In the stock market rivalry between China and the United States, the past situation where the United States was aggressive and China was passively defensive will become history. China's regulatory determination and actions have already begun to show signs.</b></p><p>Some internet companies are still stuck in the habitual thinking of the previous 20 years; Some internet companies have already set sail for new ports.</p><p><b>They were destined to meet completely different fates.</b></p><p><img src=\"https://static.tigerbbs.com/a76220741e2982f75e2d7176ce362e38\" tg-width=\"1080\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/QItPs3pB6CJ5Dn89MQYL2A\">吴杨野餐会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1fc1f5e2fa377c378fa230c10e0849a2","relate_stocks":{"160636":"互联网","161025":"移动互联"},"source_url":"https://mp.weixin.qq.com/s/QItPs3pB6CJ5Dn89MQYL2A","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111811630","content_text":"1983年，刘钢从北京大学法学院毕业，被分配到司法部秘书处，负责为部长撰写日常报告。\n一年后，他感觉工作内容枯燥，想申请调职。有人劝告他，秘书身份可能会更容易得到提升。\n1985年，国家推行“第三梯队”干部改革。司法部挑选年轻干部到基层锻炼，刘钢被列入其中。他主动放弃了基层机关的岗位，选择做一名基层律师。\n锻炼期满，同事们纷纷回到司法部继续职业生涯，但刘钢没有回去。他选择留在律师行业。\n当时，中国律师行业刚刚兴起，一切尚在蒙昧期。刘钢的主要业务是讨债。\n从此，他过上了“讨债民工”的生活：两天两夜挤火车硬座，睡一块钱一晚的大通铺，狂奔追赶欠款人，躲避债务人的打手与围殴……\n转折点出现在1989年。司法部和英国律师协会联合启动一个律师培训项目。刘钢申请并通过考试后，被选派往英国伦敦的一家律师事务所接受实习培训。\n他想做当时在中国大热的知识产权。但英国律所的一位高级合伙人建议他：“我建议你了解一下资本市场。”刘钢问：“什么是资本市场？”\n“中国那么大的国家，早晚会有资本市场。”那位英国律所合伙人说。\n1990年，中国迎来属于自己的资本市场，上海交易所和深圳交易所先后开业。\n\n▲1990年代，股民在上海交易所门口排队\n（摄影 | 中新社 潘索菲）\n两年后，中国放开私人合伙制律师事务所限制。刘钢和两个朋友在建国门外租下一间办公室，创办起自己的律师事务所：通商律师事务所。\n2000年，刘钢得到职业生涯的一次关键机会。当时新浪正在冲击纳斯达克上市。如果成功，它将成为第一家在美国上市的中国互联网公司。\n新浪的上市主体注册在开曼群岛。但中国法律对外资进入互联网领域存在限制：禁止外资投资中国互联网，也禁止外国公司在中国开展互联网业务。\n为了绕过这些投资限制，刘钢帮助新浪设计了一套复杂的控制架构。他将外国投资者和中国公司通过一系列复杂的法律合同相连接，使海外上市实体在没有直接股权关系下，通过协议控制国内的运营实体。\n刘钢用一纸VIE架构，拉开中国互联网公司海外上市的大幕。\n2000年4月，新浪成功登陆美国纳斯达克。同年6月、7月，网易和搜狐相继完成纳斯达克上市。中国三大门户网站海外上市，刘钢均参与其中。这在律师行业非常罕见。\n此后20余年，几乎所有中国互联网公司海外上市，均采取“新浪模式”的VIE架构。截至2021年5月，中国共有248家公司在美国上市，总市值高达2.1万亿美元。其中互联网相关的信息技术公司数量最多，比例达四分之一以上。\n然而，VIE架构也成为今后20年中美两国股市博弈的支点。\n在刘钢的表述里，VIE架构“使境外投资公司在没有直接股权关系的情况下，控制国内公司的运营”。\n但在美国国会的表述中，VIE 架构则“保证了经济利益流向外国投资者，同时对业务的经营控制留在中国公司”。\n这种特殊架构，成为中概股的典型特征，也为中国互联网公司20年海外上市路埋下争议与危机的伏笔。\n08年全球金融危机后的十年海外上市史，是帮助我们理解中国互联网公司目前处境的关键。我将其分为四个阶段，分别为：\n\n01\n围猎中国公司\n第一轮海外上市与做空潮（2010—2013）\n2011年11月1日，周鸿祎半夜赶回公司，把网址站、浏览器、投资者关系、财务、法务、公关等相应一堆主管都叫了过来。\n当晚9点，做空机构香橼研究（Citron Research）赶在美国股市开市前，发出了针对奇虎360公司的第一份做空报告。1个小时后，报告送到周鸿祎手中。“Citron做空360时，我们觉得很惊讶。”他表示。\n当天，奇虎360的股票跌去约10%。\n7个月前，奇虎360登陆美国纽交所上市。和它一同登陆美国股市的，还有一大批中国公司。\n08年金融危机后，美国经济2009年起快速复苏，国际资本市场活跃。同一时期，中国互联网公司正在飞速扩张期，迫切需要资金。\n大批互联网公司奔赴美国寻求上市。从2010年到2012年，高德地图、奇虎360、优酷、土豆等互联网公司先后成功在美国上市，开启海外的中概股热潮。\n\n▲1970-2020年中国公司赴美上市数量变化\n数据来源：清科研究中心\n2010 年共计约 50 家中概股登陆美股市场，中国公司海外上市的数量突破峰值，也吸引了“市场秃鹫”做空机构们的目光。\n浑水公司（Muddy Waters）射出第一颗子弹。2010 年，浑水创始人卡森·布洛克（Carson Block）抛出一份30页的东方纸业做空报告，东方纸业股价大跌，浑水一战成名。\n随后，以浑水、香橼为代表的美国做空机构，相继把枪口瞄准了分众传媒、奇虎360、新东方等中概股。其中互联网公司成为被围猎的中概股重灾区。\n此轮做空机构围猎下，超过 40 家中国企业不得不停牌、退市。中概股集体陷入信任危机。\nVIE是美国机构做空中国公司的一个关键靶子。“中国互联网行业存在VIE结构。美国人认为你没有法律规定，就永远觉得心里没底。”周鸿祎说。\n2012年7月17日，新东方因为VIE架构调整，遭受美国证券交易委员会（SEC）调查。浑水随即发布一份长达90多页的做空报告，指出新东方VIE结构存在巨大隐患，缺乏控制力。\n48小时内，新东方股价跌去60%，股价创5年新低。\n新东方事件同时引发国际市场担忧VIE架构，中概股普遍大跌。携程、新浪等跌幅超过7%，当当网、奇虎360、网易、搜狐等跌幅超过4%。\n中概股做空潮爆发后，美国监管方进一步强势出击。2012年12月，SEC 对德勤、安永、毕马威、普华永道，以及德豪五大会计师事务所中国分部发起行政诉讼。\nSEC要求他们提交9家在美上市的中概股审计底稿，但五大会计师事务所拒绝了这一要求，他们不愿触犯中国法律。\n这一举动导致在美上市的中国企业陷入没有审计方的境地，迫使中国公司摘牌退市。\n中概股退市潮越演越烈。在美上市的中国公司由2010的240余家，减少到2012年的不足200家。\n\n▲ 2010-2012年美国上市中概股遭遇做空潮\n数据来源：国盛证券\n冲突频发，中美两国将审计跨境执法纳入战略经济对话。2013 年，中国证监会和财政部与美国上市公司会计监管委员会（PCAOB） 签订执法合作协议，正式开展审计跨境执法合作。\n但数据主权和保密问题仍是中美难以协调的矛盾。后续种种风波，也因此而起。\n02\n盛宴下的暗影\n阿里上市与中概股审查风暴（2014—2017）\n2014年9月，马云步入联合国总部。他此行的目的之一，是通过恒隆集团董事长陈启宗引荐，与联合国秘书长潘基文见面。\n他们两个人站在电梯口，等潘基文上来时，陈启宗对马云说了这样一番话：\n“我知道阿里到美国上市是被逼的，香港没有同股不同权，你是没办法。但是马云你要小心，美国人的手是伸的很长很长的。总有一天他会给你麻烦。”\n一个星期前，阿里巴巴9月19日在美国纽交所成功挂牌上市。狂欢充斥着整个华尔街。\n当晚，纽交所黑色大屏幕上，代表阿里巴巴开盘价的数字不断滚动，持续攀升——70……80……90……\n“开盘价92.7！”一个声音大喊。\n马云抬起头，兴奋地看了一眼屏幕上的数字。他拿起锤子，快速敲击着一个金色铜钟。包围着他的人群随即欢呼起来，闪光灯此起彼伏。\n经过2个多小时、12轮询价，阿里巴巴股票在当晚23点53分最终开盘。开盘价92.7美元，比起发行价68美元大涨36.32%。融资总金额高达341.25亿美元，创下全球历史上IPO融资最高纪录。阿里巴巴总市值达到2285亿美元，超过100多个国家的GDP。\n\n▲ 2014年阿里巴巴美国上市现场的马云\n多家美国券商和国际资本分享了这次资本盛宴。花旗、瑞士信贷、德意志银行、高盛、摩根大通、摩根士丹利等均位列其中。\n阿里巴巴登陆纽交所时，软银持股34.4%，为第一大股东；雅虎持股比例22.6%，居第二位。仅按阿里巴巴上市开盘价来算，软银和雅虎的持股市值已分别高达786.04亿美元和516.41亿美元，这还不算他们此前从阿里套现的部分。\n2014年是中国互联网公司赴美上市的又一波高峰。除了阿里，京东、微博、途牛、智联招聘等也先后登陆美国纽交所和纳斯达克，全年共有12家互联网公司在美完成上市。\n然而，就在阿里巴巴上市当月，美国国会中国经济与安全审查委员会（UCESRC）发布了一份名为《中国互联网公司在美国证券交易所的风险》的调查报告。\n报告用17页篇幅指出针对中国互联网公司上市的各项风险，直指VIE架构不值得信任。UCESRC宣称：“许多美国法律专家认为，根据中国法律，VIE 结构在技术上是非法的，并建议美国投资者不要进行此类投资。”\n同年双十一当晚，马云在杭州阿里总部接受20分钟的媒体采访，谈到支付宝上市时直接表态：“由于各种原因，阿里巴巴没有办法在A股上市，所以我们希望未来支付宝能够在中国A股上市。”\n显然，马云听懂了陈启宗的话。而要进一步理解这个表态，我们还需要把时间线拉回到三年前的支付宝拆分事件上。\n2011 年第一季度，中国央行要求申请支付牌照的支付企业对外资的持股比例作出声明。5月，马云变更支付宝的所有权，终止了阿里巴巴集团对浙江阿里巴巴的控制协议。浙江阿里巴巴为支付宝的全资控股公司。这意味着，支付宝从外资控股变为了一家纯内资公司。\n\n▲ 支付宝分拆股权变更\n但马云此轮股权变更，此前并未跟董事会达成协议。木已成舟后，马云对雅虎和软银两位大股东给出了相应补偿。\n2011 年 7 月 29 日，阿里巴巴集团、雅虎和软银就支付宝股权转让事件正式签署协议。支付宝控股公司承诺上市时给以阿里巴巴集团一次性的现金回报。回报额为支付宝上市时 IPO 价总市值的 37.5%，不低于 20 亿美元且不超过 60 亿美元。\n马云为此背上“不守诚信”，“打击国外投资者对中概股VIE信心”的骂名。他罕见地主动接受国内媒体大篇幅独家专访，出面解释一切都是为了支付宝合规获取支付牌照。\n“我说，兄弟，你如果搞个小合资企业，没关系。你搞的是支付宝，是金融，越来越触及到敏感地带。金融是数据，一定会出问题的。杨致远不相信，但后来他们相信了。”马云在接受《时尚先生》专访时说。\n但当时，大多数人认为马云是拿政府做挡箭牌，对此抱以讥笑嘲讽居多。马云愤而退出微博。\n退出前，马云发出了最后一条微博。没有文字，只有标点：问号，叹号，以及一串省略号。\n支付宝分拆三年后，2014年蚂蚁金服成立，从支付领域进军普惠金融。\n六年后，就在蚂蚁金服上市前夕，马云2020年10月底在外滩金融峰会做出了那篇著名的演讲。11月3号，上交所和港交所先后发出紧急通知，暂缓蚂蚁金服科创板和H股上市。\n这时，大家才恍然大悟。九年前，马云没有高估中国政府的决心。\n03\n洪流入海\nA股、H股新经济改革（2018-2019）\n2018年两会期间，时任中国证监会主席刘士余谈到中国新经济公司海外上市时称，限于当时的特定制度环境和市场容量，一些主体在中国的新经济企业选择到境外上市，这是好事。但国内没有享受到它们增长的成果，也是一个遗憾。\n“进入新时代，这个遗憾就不能再发生了。”刘士余说。\n“站在风口上，猪都会飞。”说出这句话的雷军，再一次把小米推上时代风口。他要让小米成为第一个内地A股和香港H股同步上市的互联网公司。\n2018年5月3日，雷军手握两款小米手机，亲自飞往香港拜访香港首富李嘉诚。就在同一天，小米向港交所递交上市招股书。李嘉诚爱将霍建宁向媒体证实，李嘉诚斥资2.3亿港元认购小米股票。除了李嘉诚，国内两大互联网巨头马云、马化腾也一同认购小米股票。\n\n▲ 雷军会见李嘉诚\n在内地，小米更是创下12天“闪电”上会记录。同年6月7日，小米向中国证监会申请发行CDR（存托凭证）上市，同天被受理。14日，小米更新招股说明书，当晚收到证监会下发的反馈意见，定于19日上会审核。\n彼时，中国证监会和港交所正在争相推进新经济上市改革。\n2017年12月，港交所发布《有关建议设立创新板的框架咨询文件》的市场《咨询总结》，宣布接纳采用不同投票权架构的新经济公司赴港上市。\n3个月后，国务院办公厅转发证监会《关于开展创新企业境内发行股票或存托凭证试点的若干意见》，允许在境外上市的新经济企业在内地A股市场发行CDR（存托凭证），推动包括互联网在内的新经济企业回归A股上市。\n然而，小米突然被叫停在内地CDR上市。2018年6月14日，证监会针对小米发出84问。五天后，小米宣布，推迟召开发审委会议审核公司的CDR发行申请。先在香港上市之后，再择机通过发行CDR的方式在境内上市。\n香港上市也一波三折。当年7月9日，小米公司在港交所完成上市。上市当天，小米股票被纳入恒指综合成分股，按照正常情况将进入港股通，允许中国内地投资者直接购买小米股票。\n不料沪深交易所在7月14日突然发出通知，以“内地投资者不熟识”为由，暂拒同股不同权公司、外国公司股票及合订证券纳入港股通范围。小米公司被拒之门外。\n两天后，港交所CEO李小加紧急从香港飞往北京，与中国证监会相关负责人碰面谈判。“一直几个星期、几个月来我们都在跟内地证监会沟通，最好这次都包进去，按正常沪港通、深港通程序往前走。但是内地交易所可能有些不同意见。”李小加说。\n这次争端，关系着中国互联网公司上市的未来走向。通往新时代的大门能否打开？\n中国互联网公司长期只有赴美上市一个选择，皆因内地A股和香港H股过去不接受同股不同权架构。即使港交所锐意改革，流动性差仍将成为互联网公司赴港上市的关键掣肘。\n只有港股通接纳新经济公司，来自中国内地的巨量资金得以南下，东方世界的大门才能真正面向互联网公司开启。\n风波是暂时的，方向是确定的。\n2018年，港交所重新摘下全球交易所IPO排行榜第一名桂冠，全年IPO募资额高达2778.5亿港元，创下2010年以来新高。\n全年共有28家新经济公司及生物科技公司赴港上市。其中小米和美团以426.1亿港元和331.4亿港元，分列香港上市募资额年度第二、第三大公司。\n2019年10月，上交所与深交所发布公告，小米和美团纳入港股通。\n乘此势头，包括阿里、网易、京东等在内的中国互联网公司纷纷从海外回归，争相赴港二次上市。到2021年，香港市场已经集齐腾讯、阿里、美团、快手、京东、小米、百度、网易八大互联网巨头。\n\n数据来源：香港交易所\n同一阶段，中国互联网公司赴美上市迎来第三次高峰。2018年和2019 年分别有38 家和32 家中国公司赴美国上市，其中大多以互联网新经济企业为主，包括爱奇艺、斗鱼、网易有道等等。\n2019年10月，中美双方就香港会计师事务所审计的、存放在中国内地的在美上市公司审计工作底稿调取事宜达成共识。中国证监会答记者问时表示，双方“保持着畅通的合作关系”。\n一切都显得欣欣向荣。\n人们没有料到，就在一年之后，新的危机如火山熔岩般，积蓄已久，喷涌而出。\n04\n新危机时代\n滴滴、字节、拼多多们的困境与未来（2020-今天）\n7月1日，建党100周年大庆。当天凌晨，滴滴赴美上市，融资44亿美元。\n这场自2014年来中国公司在美国最大的IPO，没有敲钟照片，官网没有公告，媒体少有报道，员工不发朋友圈。\n7月2号，中国网络安全审查办公室发布公告称，为防范国家数据安全风险，维护国家安全，保障公共利益，依据《国家安全法》《网络安全法》对“滴滴出行”实施网络安全审查。审查期间“滴滴出行”停止新用户注册。滴滴上市，才出现在微博热搜和媒体头条上。\n7月9日，滴滴公司旗下25款app全体下架。\n全球最大的对冲基金桥水基金创始人瑞·达利欧（Ray Dalio）曾在其领英主页上发布2万字长文《改变中的世界秩序》。他指出，衡量全球冲突的“民粹主义指数”（Populism Index）如今已经达到历史高点。\n“我们正在走向两极分化和民粹主义的深渊。”达利欧警告，今天我们面对的贫富分化、政治两极化和极端民族主义，和二战时期极为相似。\n\n▲ 贫富分化导致极端民族主义，现阶段与二战时期类似\n数据来源：桥水基金\n2021年3月25日，美国证券交易委员会（SEC）发布公告，通过《外国公司问责法案》（HFCAA）最终修正案。法案规定，外国发行人连续三年不能满足美国公众公司会计监督委员会（PCAOB）对会计师事务所检查要求的，将被摘牌退市。\n中国外交部发言人华春莹在记者会上回应称：“HFCAA完全是对中国在美上市企业的无理政治打压，严重扭曲美国自己一向标榜的市场经济基本准则，也剥夺了美国投资者和美国公众分享中国企业发展红利的机会。”\n美国PCAOB官方数据显示，截止到2020年4月，不接受PCAOB检查审计底稿的外国上市企业中，中国内地和香港的企业占近90%。\n滴滴用静默上市，成功把自己扔进了中美股市博弈风暴中的台风眼。\n7月7日，人民日报旗下“踏浪青年”公众号，连发两篇报道评论滴滴事件：“滴滴远没有到挟就业以令政府的程度。如果之后滴滴死了，司机换一个平台接单，我们换一个平台打车，生活不会受到任何影响。”\n7月8日，美国民主党参议员Chris Van Hollen呼吁美国证交会彻底调查滴滴上市事件。\n互联网正值多事之秋。一些事情连起来看，变得耐人寻味。\n滴滴事件之前，今年3月，黄峥卸任拼多多CEO；5月，张一鸣卸任字节跳动CEO。\n此前不少人将这看做互联网反垄断的结果。但他们忽略了一条关键线索：\n滴滴、拼多多均在美国上市。至于字节跳动，特朗普对Tiktok的禁令就已经说明了一切。\n而在香港上市的腾讯与美团，马化腾和王兴至今安坐CEO之位。\n最近所有在我们身边接连发生的互联网震动，都在向我们传递出一个信号：\n中美股市博弈中，过去美国积极进攻，中国被动防守的局面将成为历史。中国监管的决心和行动，已经初露端倪。\n有的互联网公司，还停留在前20年的惯性思维里；有的互联网公司已经驶向新港口。\n他们注定迎来截然不同的命运。","news_type":1,"symbols_score_info":{"160636":0.9,"161025":0.9}},"isVote":1,"tweetType":1,"viewCount":1647,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9937987684,"gmtCreate":1663342236248,"gmtModify":1676537256231,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582749181936620","authorIdStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9937987684","repostId":"2267690068","repostType":4,"repost":{"id":"2267690068","kind":"highlight","pubTimestamp":1663336320,"share":"https://ttm.financial/m/news/2267690068?lang=en_US&edition=fundamental","pubTime":"2022-09-16 21:52","market":"us","language":"zh","title":"The Federal Reserve's interest rate decision is coming! Is rate hike 75 or 100 basis points? The dot plot is the focus.","url":"https://stock-news.laohu8.com/highlight/detail?id=2267690068","media":"智通财经网","summary":"美联储将于北京时间9月22日凌晨公布利率决议，华尔街目前预计美联储加息100个基点的几率为20%，而宣布加息75个基点的几率为80%。除此之外，彭博社调查的经济学家称，美联储官员将在下周发出更加强硬的","content":"<p><html><head></head><body>The Federal Reserve will announce its interest rate decision in the early hours of September 22 Beijing time. Wall Street currently expects a 20% chance of the Fed announcing a 100 basis point rate hike, while an 80% chance of announcing a 75 basis point rate hike. In addition, economists surveyed by Bloomberg say that Federal Reserve officials will signal a more hawkish stance next week, with interest rates expected to reach 4% by December and remain at this high level until 2023.</p><p><b>Will the terminal interest rate reach 4.25%?</b></p><p>The survey shows that the Federal Reserve is expected to rate hike by 75 basis points for the third consecutive time next Thursday. This will raise the benchmark target range for the policy interest rate to 3% - 3.25%. The Federal Reserve's forecast released at this meeting is expected to show that the upper limit of the interest rate range will be 4% before the end of the year, with a slight increase expected next year, and interest rates will fall back to 3.6% after rate cuts begin in 2024.</p><p>This forecast is significantly higher than the Federal Reserve's June forecast, reflecting the Fed's tougher crackdown on inflation after CPI growth exceeded expectations in August.</p><p><img src=\"https://static.tigerbbs.com/cc4a6eebeb77fa6f4b9112a03992a976\" tg-width=\"947\" tg-height=\"470\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Federal Reserve Chairman Jerome Powell has stated that the Fed is firmly committed to bringing inflation back to its 2% target and will not stop its efforts prematurely in the face of weak economic data. The better-than-expected U.S. August CPI data released on Tuesday strengthened the case for taking more proactive action.</p><p>Robert Dent, senior U.S. economist at Nomura Securities International, said: \"We expect the Federal Reserve to continue its rate hike until realized inflation declines, and the August CPI data adds significant urgency to the Fed's task. The longer inflation remains high, the more concerned people are about wage prices spiraling up and/or inflation expectations rising because they cannot be anchored.\"</p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The Federal Reserve is expected to raise its rate hike by 75 basis points next week, as better-than-expected August CPI data outweighed the decline in PPI data. In an investor report, Bank of America stated, \"We now expect the Federal Reserve to rate hike rates of 75 and 50 basis points in September and November, respectively, followed by rate hike of 25 basis points each in December and February next year, with a final rate of 4.00-4.25%.\"</p><p>Bank of America added, \"We believe the Federal Reserve will signal early next year that it will raise the terminal funds rate to 4.0-4.25%, 37.5 basis points higher than in June. We expect the Federal Open Market Committee (FOMC) statement to indicate that monetary policy will enter restrictive territory, which the committee expects to remain in that state 'for some time,' similar to the tone of Chairman Powell's speech in Jackson Hole.\"</p><p>Bloomberg's chief U.S. economist, Anna Wong, stated, \"The 'dot plot' will show that terminal interest rates will be higher in 2023. We believe terminal interest rates will rise to around 4.2%, compared to 3.8% in September-June. Furthermore, the decline in interest rates in 2024 will not be as sharp as expected in September-June. Interest rates in 2024 may fall to around 3.8%-4%, compared to the 3.4% expected in September-June.\"</p><p><b>The dot plot will be the focus.</b></p><p>Powell has been vague about how high interest rates might rise, and said in July that the Federal Reserve would formulate policy “meeting by meeting.” This makes dot plot forecasts for target interest rates a major focus for investors at next week's meeting.</p><p>Economists expect the interest rate path set by the FOMC next week to be less aggressive than the market had anticipated. Investors have fully priced in the Federal Reserve's 75 basis point rate hike next Wednesday and expect interest rates to rise further by one percentage point to around 4.23% by the end of the year. Economists' own forecasts are largely consistent with those derived from the Federal Reserve's Economic Forecast Summary, which predicts that interest rates will peak at 4% in December and then decline in 2024.</p><p>Powell is trying to steer the U.S. economy toward a \"soft landing,\" where economic growth slows, the labor market remains strong, and inflation weakens. The survey shows that this will be reflected in the FOMC's economic growth forecasts for 2022 and 2023 – both of which are significantly lower than in June, with the unemployment rate rising from 3.7% reported in August to 4.2% in 2024.</p><p><img src=\"https://static.tigerbbs.com/b391b02bc4f1e88cf9739f29d0f395f5\" tg-width=\"939\" tg-height=\"536\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Hugh Johnson, chairman of Hugh Johnson Economics LLC, said, \"Federal Reserve policy remains focused on inflation, and there is little evidence that policy will respond to slowing economic/employment data or declining inflation.\"</p><p>Inflation remains the core issue driving Federal Reserve policy. The FOMC is likely to maintain its forecast for inflationary pressures and projects inflation rates of 5.2%, 2.6%, and 2.2% in 2022, 2023, and 2024, respectively. This means that the Federal Reserve will not be able to achieve its long-term inflation target of 2% until 2025.</p><p>Powell emphasized that the Federal Reserve will remain flexible on its rate hike plan, while the FOMC had only provided appropriate accommodative guidance for sustained rate hike in its previous statement. Three-quarters of economists expect the FOMC to reiterate this guidance, while the remaining majority believe the FOMC may indicate that it expects the pace of rate hikes to slow, echoing Powell's recent public statements.</p><p>Two-thirds of economists also expect a unanimous decision this month that the FOMC will maintain a united front on Powell's actions to combat inflation.</p><p><b>What about the shrinking balance sheet plan?</b></p><p>The Federal Reserve's plan to shrink its balance sheet is less clear. This month, the amount of exits allowed for maturing securities rose to about $1.1 trillion per year. Economists expect the balance sheet to shrink to $8.4 trillion by the end of this year, and to fall to $6.6 trillion by December 2024, according to the median estimate.</p><p><img src=\"https://static.tigerbbs.com/8318f98af3b11bb19d6fa3860c65ffa1\" tg-width=\"939\" tg-height=\"442\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Nearly half of the respondents said that Federal Reserve officials would resort to direct sales of mortgage-backed securities, which is consistent with their stated tendency to hold only U.S. Treasury Bond for a long time. Among economists who expect a sale, there is significant disagreement about when the sale will begin, with a slight majority believing it will begin in the second quarter of 2023.</p><p><b>Can the US economy achieve a soft landing?</b></p><p>Wall Street economists continue to express concern about the possibility of a U.S. economic recession. The Federal Reserve tightened monetary policy due to unfavorable factors such as rising food and energy prices caused by the Russia-Ukraine war.</p><p><img src=\"https://static.tigerbbs.com/244cc7fb519c3b9fecf311f1e2e63e1e\" tg-width=\"920\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Kathy Bostjancic, chief U.S. economist at Oxford Economics, said: \"We believe that a longer duration, higher inflation, greater tightening of the Federal Reserve's monetary policy, and the negative spillover effects of the global economic weakness will collectively push the U.S. economy into a mild recession in the first half of 2023.\"</p><p>Economists have differing views on the outlook for the U.S. economy. 49% believe a recession is possible in the next two years, 33% believe zero or negative growth is possible in the near future, and the rest believe the Federal Reserve will achieve a soft landing with sustained growth and low inflation.</p><p></body></html></p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Federal Reserve's interest rate decision is coming! Is rate hike 75 or 100 basis points? 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Is rate hike 75 or 100 basis points? The dot plot is the focus.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2022-09-16 21:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>The Federal Reserve will announce its interest rate decision in the early hours of September 22 Beijing time. Wall Street currently expects a 20% chance of the Fed announcing a 100 basis point rate hike, while an 80% chance of announcing a 75 basis point rate hike. In addition, economists surveyed by Bloomberg say that Federal Reserve officials will signal a more hawkish stance next week, with interest rates expected to reach 4% by December and remain at this high level until 2023.</p><p><b>Will the terminal interest rate reach 4.25%?</b></p><p>The survey shows that the Federal Reserve is expected to rate hike by 75 basis points for the third consecutive time next Thursday. This will raise the benchmark target range for the policy interest rate to 3% - 3.25%. The Federal Reserve's forecast released at this meeting is expected to show that the upper limit of the interest rate range will be 4% before the end of the year, with a slight increase expected next year, and interest rates will fall back to 3.6% after rate cuts begin in 2024.</p><p>This forecast is significantly higher than the Federal Reserve's June forecast, reflecting the Fed's tougher crackdown on inflation after CPI growth exceeded expectations in August.</p><p><img src=\"https://static.tigerbbs.com/cc4a6eebeb77fa6f4b9112a03992a976\" tg-width=\"947\" tg-height=\"470\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Federal Reserve Chairman Jerome Powell has stated that the Fed is firmly committed to bringing inflation back to its 2% target and will not stop its efforts prematurely in the face of weak economic data. The better-than-expected U.S. August CPI data released on Tuesday strengthened the case for taking more proactive action.</p><p>Robert Dent, senior U.S. economist at Nomura Securities International, said: \"We expect the Federal Reserve to continue its rate hike until realized inflation declines, and the August CPI data adds significant urgency to the Fed's task. The longer inflation remains high, the more concerned people are about wage prices spiraling up and/or inflation expectations rising because they cannot be anchored.\"</p><p><a href=\"https://laohu8.com/S/BAC\">Bank of America</a>The Federal Reserve is expected to raise its rate hike by 75 basis points next week, as better-than-expected August CPI data outweighed the decline in PPI data. In an investor report, Bank of America stated, \"We now expect the Federal Reserve to rate hike rates of 75 and 50 basis points in September and November, respectively, followed by rate hike of 25 basis points each in December and February next year, with a final rate of 4.00-4.25%.\"</p><p>Bank of America added, \"We believe the Federal Reserve will signal early next year that it will raise the terminal funds rate to 4.0-4.25%, 37.5 basis points higher than in June. We expect the Federal Open Market Committee (FOMC) statement to indicate that monetary policy will enter restrictive territory, which the committee expects to remain in that state 'for some time,' similar to the tone of Chairman Powell's speech in Jackson Hole.\"</p><p>Bloomberg's chief U.S. economist, Anna Wong, stated, \"The 'dot plot' will show that terminal interest rates will be higher in 2023. We believe terminal interest rates will rise to around 4.2%, compared to 3.8% in September-June. Furthermore, the decline in interest rates in 2024 will not be as sharp as expected in September-June. Interest rates in 2024 may fall to around 3.8%-4%, compared to the 3.4% expected in September-June.\"</p><p><b>The dot plot will be the focus.</b></p><p>Powell has been vague about how high interest rates might rise, and said in July that the Federal Reserve would formulate policy “meeting by meeting.” This makes dot plot forecasts for target interest rates a major focus for investors at next week's meeting.</p><p>Economists expect the interest rate path set by the FOMC next week to be less aggressive than the market had anticipated. Investors have fully priced in the Federal Reserve's 75 basis point rate hike next Wednesday and expect interest rates to rise further by one percentage point to around 4.23% by the end of the year. Economists' own forecasts are largely consistent with those derived from the Federal Reserve's Economic Forecast Summary, which predicts that interest rates will peak at 4% in December and then decline in 2024.</p><p>Powell is trying to steer the U.S. economy toward a \"soft landing,\" where economic growth slows, the labor market remains strong, and inflation weakens. The survey shows that this will be reflected in the FOMC's economic growth forecasts for 2022 and 2023 – both of which are significantly lower than in June, with the unemployment rate rising from 3.7% reported in August to 4.2% in 2024.</p><p><img src=\"https://static.tigerbbs.com/b391b02bc4f1e88cf9739f29d0f395f5\" tg-width=\"939\" tg-height=\"536\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Hugh Johnson, chairman of Hugh Johnson Economics LLC, said, \"Federal Reserve policy remains focused on inflation, and there is little evidence that policy will respond to slowing economic/employment data or declining inflation.\"</p><p>Inflation remains the core issue driving Federal Reserve policy. The FOMC is likely to maintain its forecast for inflationary pressures and projects inflation rates of 5.2%, 2.6%, and 2.2% in 2022, 2023, and 2024, respectively. This means that the Federal Reserve will not be able to achieve its long-term inflation target of 2% until 2025.</p><p>Powell emphasized that the Federal Reserve will remain flexible on its rate hike plan, while the FOMC had only provided appropriate accommodative guidance for sustained rate hike in its previous statement. Three-quarters of economists expect the FOMC to reiterate this guidance, while the remaining majority believe the FOMC may indicate that it expects the pace of rate hikes to slow, echoing Powell's recent public statements.</p><p>Two-thirds of economists also expect a unanimous decision this month that the FOMC will maintain a united front on Powell's actions to combat inflation.</p><p><b>What about the shrinking balance sheet plan?</b></p><p>The Federal Reserve's plan to shrink its balance sheet is less clear. This month, the amount of exits allowed for maturing securities rose to about $1.1 trillion per year. Economists expect the balance sheet to shrink to $8.4 trillion by the end of this year, and to fall to $6.6 trillion by December 2024, according to the median estimate.</p><p><img src=\"https://static.tigerbbs.com/8318f98af3b11bb19d6fa3860c65ffa1\" tg-width=\"939\" tg-height=\"442\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Nearly half of the respondents said that Federal Reserve officials would resort to direct sales of mortgage-backed securities, which is consistent with their stated tendency to hold only U.S. Treasury Bond for a long time. Among economists who expect a sale, there is significant disagreement about when the sale will begin, with a slight majority believing it will begin in the second quarter of 2023.</p><p><b>Can the US economy achieve a soft landing?</b></p><p>Wall Street economists continue to express concern about the possibility of a U.S. economic recession. The Federal Reserve tightened monetary policy due to unfavorable factors such as rising food and energy prices caused by the Russia-Ukraine war.</p><p><img src=\"https://static.tigerbbs.com/244cc7fb519c3b9fecf311f1e2e63e1e\" tg-width=\"920\" tg-height=\"432\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Kathy Bostjancic, chief U.S. economist at Oxford Economics, said: \"We believe that a longer duration, higher inflation, greater tightening of the Federal Reserve's monetary policy, and the negative spillover effects of the global economic weakness will collectively push the U.S. economy into a mild recession in the first half of 2023.\"</p><p>Economists have differing views on the outlook for the U.S. economy. 49% believe a recession is possible in the next two years, 33% believe zero or negative growth is possible in the near future, and the rest believe the Federal Reserve will achieve a soft landing with sustained growth and low inflation.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/793484.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/627bc890436e46f74a0fe8143398a725","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","DDM":"2倍做多道指ETF-ProShares","BK4534":"瑞士信贷持仓",".SPX":"S&P 500 Index","TQQQ":"纳指三倍做多ETF","SSO":"2倍做多标普500ETF-ProShares","OEF":"标普100指数ETF-iShares","SH":"做空标普500-Proshares","QQQ":"纳指100ETF","DXD":"两倍做空道琼30指数ETF-ProShares","DOG":"道指ETF-ProShares做空","BK4559":"巴菲特持仓","BK4504":"桥水持仓","PSQ":"做空纳斯达克100指数ETF-ProShares","OEX":"标普100","BK4550":"红杉资本持仓","DJX":"1/100道琼斯","IVV":"标普500ETF-iShares","SQQQ":"纳指三倍做空ETF","SPXU":"三倍做空标普500ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","BK4581":"高盛持仓","QID":"两倍做空纳斯达克指数ETF-ProShares","SPY":"标普500ETF",".DJI":"道琼斯","SDS":"两倍做空标普500 ETF-ProShares",".IXIC":"NASDAQ Composite"},"source_url":"http://www.zhitongcaijing.com/content/detail/793484.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2267690068","content_text":"美联储将于北京时间9月22日凌晨公布利率决议，华尔街目前预计美联储加息100个基点的几率为20%，而宣布加息75个基点的几率为80%。除此之外，彭博社调查的经济学家称，美联储官员将在下周发出更加强硬的立场信号，到12月利率将达到4%，并在2023年之前保持在这一高位水平。终端利率将达4.25%？调查显示，美联储预计将于下周四连续第三次加息75个基点。这将把政策利率基准目标区间提高到3% - 3.25%。美联储在这次会议上发布的预测预计将显示，年底前利率区间的上限为4%，明年将继续小幅上升，2024年开始降息后利率将回落至3.6%。该预测比美联储6月份的预测高出一大截，反映出在8月份CPI增速高于预期后，美联储对通胀的打击更加强硬。美联储主席鲍威尔曾表示，美联储坚定致力于让通胀率回到2%的目标，不会在经济数据走弱的情况下过早停止努力。周二公布的美国8月份CPI数据超预期，强化了采取更积极行动的理由。野村证券国际公司高级美国经济学家Robert Dent称:“我们预计美联储将继续加息，直到实现的通货膨胀率下降，8月的CPI数据为美联储的任务增加了很大的紧迫性。通货膨胀率保持在高位的时间越长，人们就越担心工资价格螺旋上升和/或通货膨胀预期无法锚定而上升。”美国银行预计美联储下周将加息75个基点，因8月CPI数据超预期盖过了PPI数据回落的因素。美国银行在一份投资者报告中表示:“我们现在预计美联储在9月和11月将分别加息75和50个基点，随后在12月和明年2月各加息25个基点，最终利率将达到4.00-4.25%。”美国银行补充称:“我们认为，美联储将在明年初发出信号，将终端基金利率上调至4.0-4.25%，比6月份高出37.5个基点。我们预计联邦公开市场委员会(FOMC)的声明将表示，货币政策将进入限制性区域，委员会预计将在‘一段时间内’保持这种状态，这与鲍威尔主席在杰克逊霍尔讲话的基调类似。”彭博美国首席经济学家Anna Wong称“‘点阵图’将显示，2023年的终端利率将更高。我们认为终端利率将上升到4.2%左右，而9月6月时为3.8%。此外，2024年利率的下降不会像9月6月预期的那么猛烈。2024年利率可能会下降到3.8% -4%左右，而9月6月时的预期为3.4%。”点阵图将是焦点鲍威尔对利率可能上升到多高一直含糊其词，并在7月份表示，美联储将“逐次会议”制定政策。这使得在下周的会议上，对目标利率的点阵图预测将成为投资者关注的主要焦点。经济学家预计，FOMC在下周制定的利率路径将没有市场预期的那么激进。投资者完全定价美联储下周三将加息75个基点，并预计年底前利率将进一步上升一个百分点，至4.23%左右。而经济学家自己的预测与他们从美联储的《经济预测摘要》中得出的预测基本一致，即利率将在12月达到4%的峰值，然后在2024年下降。鲍威尔正试图引导美国经济走向“软着陆”，即经济增长放缓，劳动力市场依然强劲，通货膨胀减弱。调查显示，这将反映在FOMC对2022年和2023年的经济增长预测中——这两项预测均较6月份大幅下调，失业率将从8月份报告的3.7%升至2024年的4.2%。Hugh Johnson Economics LLC董事长Hugh Johnson表示：\"美联储政策仍专注于通胀，几乎没有证据表明政策会对经济/就业数据放缓或通胀率下降作出反应。\"通货膨胀仍然是推动美联储政策的核心问题。FOMC很可能维持其对通胀压力的预测，并预计2022年、2023年和2024年的通胀率分别为5.2%、2.6%和2.2%。这意味着美联储在2025年之前都无法实现2%的长期通胀目标。鲍威尔强调，美联储将在加息计划上保持灵活，而FOMC在此前的声明中只提供了适当的持续加息的宽松指导。四分之三的经济学家预计FOMC将重申这一指导方针，而其余多数经济学家则认为FOMC可能会表示，预期升息步伐将放缓，呼应鲍威尔最近的公开声明。三分之二的经济学家也预计本月会有一致决定，FOMC将在鲍威尔对抗通胀的行动上保持统一战线。缩表计划如何？美联储缩减资产负债表的计划就没有那么明确。本月，到期证券的允许退出金额上升至每年1.1万亿美元左右。经济学家预计，到今年年底，资产负债表将缩减至8.4万亿美元，根据预估中值，到2024年12月将降至6.6万亿美元。近一半的受访者表示，美联储官员们将诉诸于直接出售抵押贷款支持证券，这与他们表示的长期只持有美国国债的倾向一致。在那些预期出售的经济学家当中，关于何时开始出售的观点存在很大分歧，略占多数的人认为将在2023年第二季度开始出售。美国经济能否软着陆？华尔街经济学家继续对美国经济衰退的可能性表示担忧。在俄乌战争导致食品和能源价格上涨等不利因素的影响下，美联储收紧了货币政策。牛津经济研究院首席美国经济学家Kathy Bostjancic表示:“我们认为，持续时间更长、通胀水平更高、美联储货币政策收紧力度更大，以及全球经济疲软带来的负面溢出效应，这些因素将共同推动美国经济在2023年上半年陷入温和衰退。”经济学家对美国经济前景的看法不一，49%的人认为未来两年可能出现衰退，33%的人认为未来一段时间可能出现零增长或负增长，其余的人则认为美联储将实现持续增长和低通胀的经济软着陆。","news_type":1,"symbols_score_info":{"161125":0.6,"513500":0.6,"SDS":0.6,"DOG":0.6,"OEX":0.6,"QQQ":0.6,"SH":0.6,"SSO":0.6,"PSQ":0.6,"IVV":0.6,"UPRO":0.6,"NQmain":0.6,"DJX":0.6,".IXIC":1,"ESmain":0.6,"UDOW":0.6,"DXD":0.6,"SQQQ":0.6,".SPX":0.6,"QLD":0.6,"TQQQ":0.6,".DJI":1,"DDM":0.6,"OEF":0.6,"QID":0.6,"SPY":1,"SPXU":0.6,"SDOW":0.6,"MNQmain":0.6}},"isVote":1,"tweetType":1,"viewCount":4436,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9913661031,"gmtCreate":1663981695823,"gmtModify":1676537373957,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582749181936620","authorIdStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9913661031","repostId":"1101872550","repostType":4,"repost":{"id":"1101872550","kind":"news","weMediaInfo":{"introduction":"经济观察报官方账号","home_visible":1,"media_name":"经济观察报","id":"1014835943","head_image":"https://static.tigerbbs.com/53947f6c3e232c366cc0bd0fd311397d"},"pubTimestamp":1663943805,"share":"https://ttm.financial/m/news/1101872550?lang=en_US&edition=fundamental","pubTime":"2022-09-23 22:36","market":"sh","language":"zh","title":"\"Blue-chip stocks\" suffered a \"targeted explosion,\" and institutions disputed the future market direction.","url":"https://stock-news.laohu8.com/highlight/detail?id=1101872550","media":"经济观察报","summary":"“一天‘杀’一只白马，A股总能在意想不到的地方找到下跌空间。”9月22日收盘后，在一个股票投资者的交流群中，有投资者这样评论当日行情。而在当日，引发投资者无奈调侃的那只白马，是素有“中药茅”之称的片仔","content":"<p><div>\"By 'killing' one blue-chip stock a day, A-shares can always find room for decline in unexpected places.\" This is how an investor commented on the day's market performance in a stock investor discussion group after the market closed on September 22. On that day, the blue-chip stock that drew helpless jokes from investors was Pien Tze Huang (600436.SH), known as the \"King of Chinese Medicine\". On September 22, without any obvious negative news, Pien Tze Huang's stock price suddenly plummeted with increased trading volume, briefly approaching the daily limit down, hitting a new low for the year of 259.69 yuan per share. It subsequently rebounded, ultimately closing at 260.85 yuan, with a trading volume of...</p><p><a href=\"\">Web page link</a></div></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>\"Blue-chip stocks\" suffered a \"targeted explosion,\" and institutions disputed the future market direction.</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\">\n\"Blue-chip stocks\" suffered a \"targeted explosion,\" and institutions disputed the future market direction.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1014835943\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/53947f6c3e232c366cc0bd0fd311397d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">经济观察报 </p>\n<p class=\"h-time smaller\">2022-09-23 22:36</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><div>\"By 'killing' one blue-chip stock a day, A-shares can always find room for decline in unexpected places.\" This is how an investor commented on the day's market performance in a stock investor discussion group after the market closed on September 22. On that day, the blue-chip stock that drew helpless jokes from investors was Pien Tze Huang (600436.SH), known as the \"King of Chinese Medicine\". On September 22, without any obvious negative news, Pien Tze Huang's stock price suddenly plummeted with increased trading volume, briefly approaching the daily limit down, hitting a new low for the year of 259.69 yuan per share. It subsequently rebounded, ultimately closing at 260.85 yuan, with a trading volume of...</p><p><a href=\"\">Web page link</a></div></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e68f18a297e419bae3cc0320b6d8ff4e","relate_stocks":{"000001.SH":"上证指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101872550","content_text":"“一天‘杀’一只白马，A股总能在意想不到的地方找到下跌空间。”9月22日收盘后，在一个股票投资者的交流群中，有投资者这样评论当日行情。而在当日，引发投资者无奈调侃的那只白马，是素有“中药茅”之称的片仔癀（600436.SH）。9月22日，在没有明显利空消息的情况下，片仔癀股价突然放量暴跌，当日盘中一度逼近跌停，创下了259.69元/股的年内新低，随后又有所回升，股价最终收报260.85元，成交额达15.85亿元，收盘跌幅高达7.2%。经济观察网记者注意到，这是中秋假期以来，继药明康德（603259.SH）、阳光电源（300274.SZ）、东方财富（300059.SZ）等千亿老牌白马股之后，第10只发生放量闪崩的权重股。在和多位股票投资者沟通的过程中，记者发现，相比起近期市场整体的持续调整，如同“开盲盒”一般不停闪崩的白马股，是当前最令股民迷惑的市场现象。“已经跌了小一年了，（片仔癀）按理说应该已经跌到底了，为什么还能闪崩？”有股民发出如此疑问。“白马诅咒”在股票市场中，白马股不停闪崩的现象被称之为“白马诅咒”，往往成为市场情绪极度低迷的真实写照。据经济观察网记者统计，自9月中秋假期过后，市场先后有10只大市值权重股出现了破位暴跌的走势，而在其中，医药板块成了此轮杀跌的“重灾区”。9月13日，中秋假期过后的第一个交易日，CXO板块龙头药明康德盘中跌停，当日收报76.35元/股（本文股价均以前复权价格计算），成交额达57.8亿元，公司市值蒸发逾250亿元。随后，在9月14日至9月22日的7个交易日中，药明康德又有5天股价收阴，失守70元整数关口，如今仍围绕68元左右横盘震荡，而这一价格相较于去年7月16日该公司所触及的171.97元/股的盘中高点，已然“腰斩”。短短三个交易日之后，9月19日本周一，“医美双龙”爱美客（300896.SZ）、华熙生物（699363.SH）也均出现放量暴跌，其中华熙生物当日跌幅达13.68%，股价收报121.05元/股，直接击穿120日均线；爱美客则收跌11.6%，成交额达18.58亿元，当日市值蒸发约136亿元。9月21日周二，深受机构喜爱的“医械茅”迈瑞医疗（300760.SZ）也出现股价跳水，截至当日收盘下跌7.21%，股价收报264元/股，成交额达27.12亿元，这一价格相较于去年7月1日490.24元的高点已跌去44.36%，总市值缩水近2700亿元。9月22日，市场的“盲盒”开到了“中药茅”片仔癀的身上，该公司当日股价收跌7.2%，报260.85元/股，当日市场骤减122.05亿元，股价创下自2021年12月14日以来的新低。除此以外，诸如东方财富、三安光电（600703.SH）、阳光电源（300274.SZ）等千亿大白马也均在过去的7个交易日中，出现了破位暴跌的走势。其中，9月15日，阳光电源股价下挫8.49%，当日总市值蒸发近150亿元，东方财富在9月16日大跌10.78%，单日市值缩水328亿元，三安光电则于9月20日大跌7.05%，击穿四条短期均线，若以9月15日23.98元/股的开盘价计算，三安光电总市值在6个交易日内已经蒸发266.88亿元。记者注意到，从消息面上看，除片仔癀外，上述出现放量大跌情形的白马股近期在市场上均有相关利空消息出现。例如，美国总统拜登于美东时间9月12日签署行政令，鼓励美国本土生物技术、生物制造和相关研发，此举被市场普遍认为是针对我国CXO、CRO领域的新举措，首先影响的便是板块龙头药明康德。而9月16日东方财富股价发生闪崩的背景，则是国务院办公厅于9月15日发布的《关于进一步优化营商环境降低市场主体制度性交易成本的意见》，其中明确，将着力规范金融服务收费，鼓励证券、基金、担保等机构进一步降低服务收费，推动金融基础设施合理降低交易、托管、登记、清算等费用。此外，在9月19日，还出现了诸如三安光电相关高管被带走调查，相关部门将对医美机构展开财务核查等市场传闻。此外，经济观察网记者亦注意到，自9月13日以来，接连出现闪崩情形的白马股也多为机构的长期重仓股。例如，根据上述各家公司的中报披露数据，最早开启此轮闪崩浪潮的药明康德，就有128家基金公司旗下管理的1603只产品扎堆持有6.71亿股，占流通股之比高达26.31%；“券茅”东方财富的基金持股数则达到了25.51亿股，占流通股之比达23%，参与持股的基金产品数超过1700只；在22日闪崩的片仔癀，则是中欧明星基金经理葛兰的心头好，其位列葛兰代表产品中欧医疗健康的第七大重仓股，持仓数量高达821.51万股。接连闪崩的白马股，也让本就不理想的公募业绩雪上加霜。Wind统计数据显示，截至9月23日，全市场835只普通股票型基金，近一月平均业绩回报为-17.1%，部分基金的动态回撤甚至超过了40%。“外围压力”催动“资金踩踏”？在针对“白马诅咒”的情况走访投资机构的过程中，记者发现，受访机构普遍认为，近期市场调整主要压力主要在于外部因素，同各类市场传闻的关联则有限。华夏基金方面就告诉记者，虽然近期A股市场负面情绪扰动较多，但调整压力主要来自外部风险。在美联储货币政策加速收紧背景下，美元加息超预期，全球流动性总量收缩，导致风险资产剧烈波动，人民币汇率贬值压力加大；此外，加之部分传闻引发市场担忧，在内部经济复苏尚不稳固的情况下，投资者信心不足，导致股指出现惯性大跌。星石投资首席权益投资官郭希淳向记者表示，近期美联储紧缩和美国经济的走势将是未来对资产价格持续影响的重要因素。他指出，对于国内市场而言，国内经济基本面及经济预期是核心因素，但也需要关注海外市场波动带来的情绪传导。“目前国内股市维持缩量特征，市场情绪偏弱但并未出现进一步下行，美联储加息落地后对国内股市的实际影响将低于海外市场。今年以来，中美货币政策持续背离，我们认为近期人民币贬值也并不会影响国内流动性维持宽松的情况，叠加目前A股整体估值并不算高，A股受到的估值端压力明显小于美股。”郭希淳说。广州一家私募的投资经理刘禾则向记者指出，眼下市场存在的一些解读，将出现闪崩情形的白马股归结于对应的市场传闻所引发，但在他看来，这样的解读无异于“拿着答案找问题”。“传闻本来就是市场的过度解读，比如9月12日引发CXO动荡的那则‘美国禁令’，主要内容以鼓励医药制品的境内生产为主，但是并没有明确细针对国内的CXO产业的细则，结果传闻最后发酵成了CXO禁令。”刘禾说。在刘禾看来，上述传闻实际上不足以引发市场的大幅动荡。“发生闪崩的白马股都具有明显放量的特征，应当是机构资金出逃所致。”他指出。记者查阅市场数据发现，9月13日，即药明康德大跌当日，其龙虎榜数据显示，在卖出药明康德金额最大的前五名中，就有2家机构专用席位，各自卖出1.39亿元及2.45亿元。9月20日，三安光电龙虎榜中，卖方中有4家机构席位，合计卖出近7亿元。对于为何会出现机构齐齐抛售的情形，刘禾认为是估值回归的体现。“公司还是哪些公司，现在市场情绪导致估值有所不同，加之近来市场资金略有收紧，美联储激进升息，外资连续流出，自然要从暂无炒作热点的老白马中撤出资金。”刘禾表示。沪上一家公募的基金经理也告诉记者，此次闪崩的一系列白马股，自4月以来并未经历反弹行情，且部分公司的业绩增速放缓，出现了成长性与估值错配的情形。“就是因为这些白马一直在回调，回调太多了，到了某一个点位突然引发市场情绪的崩塌，资金开始踩踏出逃，而对于4月后，出现反弹的热门股，如今就算面临回调也仍有获利在手，当基金经理面临赎回压力时，便会考虑弃车保帅。”上述人士进一步补充。金信基金的基金经理黄飙也认为，近来市场行情变化，主要受外围市场风险传导影响，进而加剧了市场担忧。黄飙告诉记者，此次市场调整是经济底部阶段的一次风险集中释放，属于短期调整范畴，不必过于恐慌，新兴成长产业的景气度以及整体经济的中长期内生增长动力依然稳固，泛科技相关赛道细分龙头公司具有显著的壁垒和长期抗风险能力，技术创新和业绩增长将会是穿越周期的最持久的推动力。“科技创新与能源转型相关成长赛道景气依然较高，龙头公司的业绩增长确定性强，尽管估值溢价受到国内及外围宏观风险会有所波动，但这些赛道依然是市场主流资金的中长期投资方向，坚实的业绩将推动整体股价波动上行；此外，从经济前景看，目前国内经济增速在U型底部徘徊，通胀压力缓和，货币流动性非常充裕，利率处于低位，有利于市场估值维持在中性以上水平。”黄飙进一步补充称。展望后市，长城基金方面则直言，预计十一国庆长假前，行情将维持“鸡肋”状态，长假过后，随着“二十大”的召开，对于各项工作做出指导，市场交投情绪将有望逐渐回暖。“当前阶段比较复杂频繁的环境变化，对于市场来说挑战和机遇并存，逆全球化、内循环以及各类安全主题有可能会成为具有中期持续性的题材；就国内环境而言，经济的复苏仍然是大方向，十月中旬后稳增长和疫后复苏题材可能会呈现比较好的弹性。”长城基金如是称。","news_type":1,"symbols_score_info":{"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":5106,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9910446394,"gmtCreate":1663674060618,"gmtModify":1676537312997,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582749181936620","authorIdStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9910446394","repostId":"1108312879","repostType":4,"isVote":1,"tweetType":1,"viewCount":4505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938707895,"gmtCreate":16626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10:27","market":"us","language":"zh","title":"ETF Tracking | A Strong Dollar Becomes a Fatal Nightmare for Stock Market Investors! This ETF can save lives.","url":"https://stock-news.laohu8.com/highlight/detail?id=1198267340","media":"ETF小帮手","summary":"主要观点：美元指数创新高的直接原因是美联储开启激进加息周期来遏制高通胀。此外，美国经济复苏情况更优、市场避险情绪加大以及非美货币疲软也是美元创新高的推动因素。美元指数是衡量美元兑其他世界储备货币的汇率","content":"<p><html><head></head><body>Key takeaway: The direct reason the US Dollar Index hit a new high is that the Federal Reserve initiated an aggressive rate hike cycle to curb high inflation. In addition, a better US economic recovery, increased market risk aversion, and weakness in non-US currencies were also driving factors behind the dollar's record high. The the US Dollar Index measures the exchange rate of the US dollar against other world reserve currencies. Although the index includes the euro, pound sterling, yen, Canadian dollar, Swedish krona, and Swiss franc, the movement of the euro against the dollar dominates the index. The euro in the US Dollar Index has a currency weight of 57.6% against the US dollar.<img src=\"https://static.tigerbbs.com/83d4bcccde50851b02545042d6130d0f\" tg-width=\"779\" tg-height=\"318\" referrerpolicy=\"no-referrer\"/>The current bullish trend in the US Dollar Index began in early 2021, when the index bottomed out at 89.165. Since then, the index has repeatedly hit new highs, reaching nearly 110 on September 1, 2022. Currency trends often last for years, and the bullish trend of the US dollar may continue to break new highs.</p><p>The Invesco DB USD Bullish Fund (NYSEARCA: UUP) rises and falls with the index, while the UDN product does the opposite.</p><p><b>the US Dollar Index hits 20-year high</b></p><p>the US Dollar Index futures contracts fell to a low of 89.165 in early January 2021. Since then, the index has continuously hit higher lows and higher highs, breaking through the key technical resistance level of May 2022.<img src=\"https://static.tigerbbs.com/3f8564ecc097378d7f7d24f71543b09c\" tg-width=\"640\" tg-height=\"441\" referrerpolicy=\"no-referrer\"/>ICE the US Dollar Index Futures Contract (Bar Chart)</p><p>The chart shows the US Dollar Index reaching a technical breakout of the 110.260 high on September 1. The index last exceeded 110 in 2002. It closed at 109.510 on Friday, September 2, and hit a new high on Monday, September 2.</p><p><b>The Federal Reserve remains committed to fighting inflation</b></p><p>U.S. monetary policy has been one of the factors that ignited the bullish trend in the dollar over the past few months and pushed it to its best level in two decades. At their recent annual meeting in Jackson Hole, Wyoming, Federal Reserve Chairman Jerome Powell and other Fed economists reiterated their hawkish commitment to combating inflation by raising interest rates. Markets predict that the Federal Reserve will raise its Federal Funds rate by 50 or even 75 basis points at its upcoming September FOMC meeting.</p><p><b>Bearish trend in the euro</b></p><p>At the same time, the European war created an almost perfect fundamental bullish case for the dollar, which put enormous pressure on the euro. It has been 20 years since the euro traded at parity against the dollar. The euro fell below parity against the US dollar on September 5 after a steady decline since the beginning of 2021.<img src=\"https://static.tigerbbs.com/da34b9fe36b19265f0fca0b6031cb214\" tg-width=\"640\" tg-height=\"445\" referrerpolicy=\"no-referrer\"/>EUR/USD currency pair (bar chart)</p><p>The chart shows the lowest resistance path for the euro against the dollar since it fell to $1.2349 in early January 2021 and hit a recent low of $0.98785 on September 5.</p><p><b>UUP is a bullish the US Dollar Index ETF product.</b></p><p>The most direct route to risk positions in the US Dollar Index is through futures contracts on the Intercontinental Exchange (ICE). For those who do not wish to participate in the rise of the US dollar without getting involved in the futures market or the global over-the-counter foreign exchange market, the Invesco DB the US Dollar Index Bullish Fund follows the rise of the index. UUP's bearish counterpart, UDN, is the opposite.</p><p>At $29.38 per share on September 2, UUP had $2.051 billion in assets under management. The fund trades an average of more than 3.9 million shares per day and charges a management fee of 0.78%. The $17.52 bearish UDN product manages $71.884 million in assets. UDN trades an average of 141,895 shares per day, with an expense ratio of 0.77%.</p><p>the US Dollar Index rose from 89.165 at the beginning of 2021 to 109.980 on September 1, 2022, an increase of 23.3%.<img src=\"https://static.tigerbbs.com/03929f887ee6835c06e2c93d7243814c\" tg-width=\"640\" tg-height=\"464\" referrerpolicy=\"no-referrer\"/>UUP Bull the US Dollar Index ETF Product Chart (Bar Chart)</p><p>During the same period, UUP rose from $24.09 per share to $29.47, an increase of 22.3%.</p><p>During the same period, bearish UDN products fell from $21.91 per share to $17.49, a drop of 20.2%. UUP and UDN products perform exceptionally well in tracking the US Dollar Index movements. UUP and UDN only trade during U.S. stock market hours, so they may miss highs or lows outside of U.S. stock market trading hours. the US Dollar Index hit a 20-year high on Monday, September 5, the US Labor Day holiday, when UUP and UDN were unable to trade.</p><p>As of early September 2022, the the US Dollar Index continued to rise. While bullish trends rarely move in a straight line, and the possibility of occasional corrections increases as levels rise, the US dollar remains the world’s strongest fiat reserve currency, with rising US interest rates and geopolitical turmoil in Europe supporting the dollar’s upward trend. If the Federal Reserve continues to use violent rate hike to curb inflation, and your portfolio contains a large amount of stocks and commodity bonds, you can consider UUP to hedge your investment risks.</p><p>Potential obstacles to higher the US Dollar Index are the end of hostilities in Europe and the Federal Reserve's shift in monetary policy to cope with mounting recessionary pressures.</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>ETF Tracking | A Strong Dollar Becomes a Fatal Nightmare for Stock Market Investors! This ETF can save lives.</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\">\nETF Tracking | A Strong Dollar Becomes a Fatal Nightmare for Stock Market Investors! This ETF can save lives.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1030108964\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/53452c6d05728a1369e33ffed184d759);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">ETF小帮手 </p>\n<p class=\"h-time smaller\">2022-09-08 10:27</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Key takeaway: The direct reason the US Dollar Index hit a new high is that the Federal Reserve initiated an aggressive rate hike cycle to curb high inflation. In addition, a better US economic recovery, increased market risk aversion, and weakness in non-US currencies were also driving factors behind the dollar's record high. The the US Dollar Index measures the exchange rate of the US dollar against other world reserve currencies. Although the index includes the euro, pound sterling, yen, Canadian dollar, Swedish krona, and Swiss franc, the movement of the euro against the dollar dominates the index. The euro in the US Dollar Index has a currency weight of 57.6% against the US dollar.<img src=\"https://static.tigerbbs.com/83d4bcccde50851b02545042d6130d0f\" tg-width=\"779\" tg-height=\"318\" referrerpolicy=\"no-referrer\"/>The current bullish trend in the US Dollar Index began in early 2021, when the index bottomed out at 89.165. Since then, the index has repeatedly hit new highs, reaching nearly 110 on September 1, 2022. Currency trends often last for years, and the bullish trend of the US dollar may continue to break new highs.</p><p>The Invesco DB USD Bullish Fund (NYSEARCA: UUP) rises and falls with the index, while the UDN product does the opposite.</p><p><b>the US Dollar Index hits 20-year high</b></p><p>the US Dollar Index futures contracts fell to a low of 89.165 in early January 2021. Since then, the index has continuously hit higher lows and higher highs, breaking through the key technical resistance level of May 2022.<img src=\"https://static.tigerbbs.com/3f8564ecc097378d7f7d24f71543b09c\" tg-width=\"640\" tg-height=\"441\" referrerpolicy=\"no-referrer\"/>ICE the US Dollar Index Futures Contract (Bar Chart)</p><p>The chart shows the US Dollar Index reaching a technical breakout of the 110.260 high on September 1. The index last exceeded 110 in 2002. It closed at 109.510 on Friday, September 2, and hit a new high on Monday, September 2.</p><p><b>The Federal Reserve remains committed to fighting inflation</b></p><p>U.S. monetary policy has been one of the factors that ignited the bullish trend in the dollar over the past few months and pushed it to its best level in two decades. At their recent annual meeting in Jackson Hole, Wyoming, Federal Reserve Chairman Jerome Powell and other Fed economists reiterated their hawkish commitment to combating inflation by raising interest rates. Markets predict that the Federal Reserve will raise its Federal Funds rate by 50 or even 75 basis points at its upcoming September FOMC meeting.</p><p><b>Bearish trend in the euro</b></p><p>At the same time, the European war created an almost perfect fundamental bullish case for the dollar, which put enormous pressure on the euro. It has been 20 years since the euro traded at parity against the dollar. The euro fell below parity against the US dollar on September 5 after a steady decline since the beginning of 2021.<img src=\"https://static.tigerbbs.com/da34b9fe36b19265f0fca0b6031cb214\" tg-width=\"640\" tg-height=\"445\" referrerpolicy=\"no-referrer\"/>EUR/USD currency pair (bar chart)</p><p>The chart shows the lowest resistance path for the euro against the dollar since it fell to $1.2349 in early January 2021 and hit a recent low of $0.98785 on September 5.</p><p><b>UUP is a bullish the US Dollar Index ETF product.</b></p><p>The most direct route to risk positions in the US Dollar Index is through futures contracts on the Intercontinental Exchange (ICE). For those who do not wish to participate in the rise of the US dollar without getting involved in the futures market or the global over-the-counter foreign exchange market, the Invesco DB the US Dollar Index Bullish Fund follows the rise of the index. UUP's bearish counterpart, UDN, is the opposite.</p><p>At $29.38 per share on September 2, UUP had $2.051 billion in assets under management. The fund trades an average of more than 3.9 million shares per day and charges a management fee of 0.78%. The $17.52 bearish UDN product manages $71.884 million in assets. UDN trades an average of 141,895 shares per day, with an expense ratio of 0.77%.</p><p>the US Dollar Index rose from 89.165 at the beginning of 2021 to 109.980 on September 1, 2022, an increase of 23.3%.<img src=\"https://static.tigerbbs.com/03929f887ee6835c06e2c93d7243814c\" tg-width=\"640\" tg-height=\"464\" referrerpolicy=\"no-referrer\"/>UUP Bull the US Dollar Index ETF Product Chart (Bar Chart)</p><p>During the same period, UUP rose from $24.09 per share to $29.47, an increase of 22.3%.</p><p>During the same period, bearish UDN products fell from $21.91 per share to $17.49, a drop of 20.2%. UUP and UDN products perform exceptionally well in tracking the US Dollar Index movements. UUP and UDN only trade during U.S. stock market hours, so they may miss highs or lows outside of U.S. stock market trading hours. the US Dollar Index hit a 20-year high on Monday, September 5, the US Labor Day holiday, when UUP and UDN were unable to trade.</p><p>As of early September 2022, the the US Dollar Index continued to rise. While bullish trends rarely move in a straight line, and the possibility of occasional corrections increases as levels rise, the US dollar remains the world’s strongest fiat reserve currency, with rising US interest rates and geopolitical turmoil in Europe supporting the dollar’s upward trend. If the Federal Reserve continues to use violent rate hike to curb inflation, and your portfolio contains a large amount of stocks and commodity bonds, you can consider UUP to hedge your investment risks.</p><p>Potential obstacles to higher the US Dollar Index are the end of hostilities in Europe and the Federal Reserve's shift in monetary policy to cope with mounting recessionary pressures.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/020072d4d1ad231ae4a1345540d7972c","relate_stocks":{"QQQ":"纳指100ETF","UDN":"做空美元指数-PowerShares","UUP":"美元ETF-PowerShares DB"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198267340","content_text":"主要观点：美元指数创新高的直接原因是美联储开启激进加息周期来遏制高通胀。此外，美国经济复苏情况更优、市场避险情绪加大以及非美货币疲软也是美元创新高的推动因素。美元指数是衡量美元兑其他世界储备货币的汇率。虽然该指数包括欧元、英镑、日元、加元、瑞典克朗和瑞士法郎，但欧元兑美元汇率的走势主导着该指数。美元指数欧元兑美元货币权重为 57.6%。当前美元指数的看涨趋势始于 2021年初，当时该指数触底 89.165。此后，该指数屡创新高，于 2022年 9月 1日达到接近 110的水平。货币趋势往往持续多年，美元的看涨趋势或继续突破新高。Invesco DB美元看涨基金 ( NYSEARCA: UUP )随指数上涨和下跌，而 UDN产品则相反。美元指数创二十年新高美元指数期货合约在 2021年 1月上旬跌至 89.165的低点。此后，该指数不断创出更高的低点和更高的高点，突破了 2022年 5月的关键技术阻力位。ICE美元指数期货合约（条形图）图表显示美元指数在 9月1日达到 110.260高点的技术突破。该指数上一次超过 110是在 2002年。它在 9月 2日星期五收于 109.510，并在 9月星期一创下新高。美联储仍致力于对抗通胀美国货币政策是过去几个月点燃美元看涨导火索并将其推至二十年来最好水平的因素之一。最近在怀俄明州杰克逊霍尔举行的年度会议上，美联储主席杰罗姆鲍威尔和其他美联储经济学家重申了他们通过提高利率来对抗通胀的鹰派承诺。市场预测美联储在即将举行的 9月 FOMC会议上将联邦基金利率上调50甚至 75个基点。欧元的看跌趋势与此同时，欧洲战争为美元创造了一个几乎完美的基本面看涨案例，这给欧元带来了巨大压力。自欧元兑美元以平价交易以来，已经过去了 20年。欧元兑美元汇率自 2021年初以来稳步下跌后，于 9月 5日跌破平价。欧元兑美元货币对（条形图）该图表显示了欧元兑美元自 2021年 1月初跌至 1.2349美元、9月 5日触及近期低点 0.98785美元以来的最小阻力路径。UUP是看涨美元指数ETF产品美元指数中风险头寸的最直接途径是通过洲际交易所 ( ICE )的期货合约。对于那些不希望涉足期货市场或全球场外外汇市场的情况下参与美元上涨的人来说，Invesco DB美元指数看涨基金随着指数的上涨。UUP的看跌对手 UDN产品则相反。在 9月 2日每股 29.38美元的水平上，UUP管理的资产为 20.51亿美元。该基金平均每天交易超过 390万股，并收取 0.78%的管理费。17.52美元的看跌 UDN产品管理着 7188.4万美元的资产。UDN平均每天交易 141,895股，费用率为 0.77%。美元指数从 2021年初的 89.165升至 2022年 9月 1日的 109.980，涨幅为 23.3%。UUP牛市美元指数ETF产品图表（条形图）同期，UUP从每股 24.09美元上涨至 29.47美元，涨幅为 22.3%。同期看跌的 UDN产品从每股 21.91美元跌至 17.49美元，跌幅为 20.2%。UUP和 UDN产品在跟踪美元指数的上下波动方面表现出色。UUP和 UDN仅在美国股市运行期间交易，因此它们可能会错过美国股市交易时间以外的高点或低点。美元指数在 9月 5日星期一美国劳动节假期创下 20年来新高，当时 UUP和 UDN无法交易。截至 2022年 9月上旬，美元指数走势依然走高。虽然看涨趋势很少直线移动，并且偶尔修正的可能性随着水平的增加而增加，但美元仍然是世界上最强劲的法定储备货币，美国利率上升和欧洲地缘政治动荡为美元的上涨趋势提供支持。如果美联储继续暴力加息遏制通胀，而你的投资组合里面包含大量股票和商品债券，可以考虑UUP对冲投资风险。美元指数走高的潜在障碍是欧洲敌对行动的结束和美联储为应对日益加剧的衰退压力而转变货币政策。","news_type":1,"symbols_score_info":{"QQQ":0.9,"UUP":0.9,"UDN":0.9}},"isVote":1,"tweetType":1,"viewCount":4602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938707190,"gmtCreate":1662674306310,"gmtModify":1676537112429,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582749181936620","authorIdStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938707190","repostId":"1124805025","repostType":4,"repost":{"id":"1124805025","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":1662624142,"share":"https://ttm.financial/m/news/1124805025?lang=en_US&edition=fundamental","pubTime":"2022-09-08 16:02","market":"us","language":"zh","title":"Unusual Developments | Two Major Positive Factors Boost Them! Game Station rose more than 11% in pre-market trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1124805025","media":"老虎资讯综合","summary":"9月8日，美股指期货小幅走低，道指期货跌0.16%，纳指期货跌0.2%，标普500指数期货跌0.18%。热门中概股盘前走低，网易、小鹏汽车跌超3%，理想汽车跌近3%，贝壳跌2.5%，阿里巴巴跌近2%；","content":"<p><html><head></head><body>On September 8, U.S. stock index futures fell slightly, with Dow Jones futures down 0.16%, Nasdaq futures down 0.2%, and S&P 500 futures down 0.18%.</p><p><img src=\"https://static.tigerbbs.com/5ecf989e562a3ae30178b99074a91a48\" tg-width=\"386\" tg-height=\"191\" referrerpolicy=\"no-referrer\"/></p><p>Popular Chinese concept stocks fell in pre-market trading.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It fell more than 3%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell nearly 3%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell 2.5%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It fell nearly 2%;</p><p><a href=\"https://laohu8.com/S/GME\">Game Station</a>The stock rose more than 11% in pre-market trading after reporting a better-than-expected net loss of $108.7 million in Q2 following a partnership with cryptocurrency exchange FTX.</p><p><a href=\"https://laohu8.com/S/GSAT\">Global Star</a>It rose more than 5% in pre-market trading, providing satellite communication services for the iPhone 14;</p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The stock rose nearly 2% in pre-market trading after turning a profit in the second quarter, marking the third consecutive quarter of adjusted profitability.</p><p><a href=\"https://laohu8.com/S/FSLR\">First solar</a>It rose nearly 4% in pre-market trading.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>We upgraded its rating by two notches to buy and significantly raised the target price to $172.</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>Unusual Developments | Two Major Positive Factors Boost Them! Game Station rose more than 11% in pre-market trading.</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\">\nUnusual Developments | Two Major Positive Factors Boost Them! Game Station rose more than 11% in pre-market trading.\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\">2022-09-08 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On September 8, U.S. stock index futures fell slightly, with Dow Jones futures down 0.16%, Nasdaq futures down 0.2%, and S&P 500 futures down 0.18%.</p><p><img src=\"https://static.tigerbbs.com/5ecf989e562a3ae30178b99074a91a48\" tg-width=\"386\" tg-height=\"191\" referrerpolicy=\"no-referrer\"/></p><p>Popular Chinese concept stocks fell in pre-market trading.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>、<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It fell more than 3%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell nearly 3%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell 2.5%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It fell nearly 2%;</p><p><a href=\"https://laohu8.com/S/GME\">Game Station</a>The stock rose more than 11% in pre-market trading after reporting a better-than-expected net loss of $108.7 million in Q2 following a partnership with cryptocurrency exchange FTX.</p><p><a href=\"https://laohu8.com/S/GSAT\">Global Star</a>It rose more than 5% in pre-market trading, providing satellite communication services for the iPhone 14;</p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The stock rose nearly 2% in pre-market trading after turning a profit in the second quarter, marking the third consecutive quarter of adjusted profitability.</p><p><a href=\"https://laohu8.com/S/FSLR\">First solar</a>It rose nearly 4% in pre-market trading.<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>We upgraded its rating by two notches to buy and significantly raised the target price to $172.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{"BK4547":"WSB热门概念","BK4076":"电脑与电子产品零售","GME":"游戏驿站","BK4577":"网络游戏"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124805025","content_text":"9月8日，美股指期货小幅走低，道指期货跌0.16%，纳指期货跌0.2%，标普500指数期货跌0.18%。热门中概股盘前走低，网易、小鹏汽车跌超3%，理想汽车跌近3%，贝壳跌2.5%，阿里巴巴跌近2%；游戏驿站盘前涨超11%，Q2录得净亏损1.087亿美元好于预期，公司与加密货币交易所FTX达成合作；全球星盘前涨超5%，为iPhone14提供卫星通信服务；高途盘前涨近2%，二季度经调业绩扭亏为盈，连续三个季度实现经调盈利；第一太阳能盘前涨近4%，高盛将其评级连升两级至买入，大幅上调目标价至172美元。","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":4574,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938704714,"gmtCreate":1662674292339,"gmtModify":1676537112421,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582749181936620","authorIdStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938704714","repostId":"1107067060","repostType":4,"repost":{"id":"1107067060","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":1662626319,"share":"https://ttm.financial/m/news/1107067060?lang=en_US&edition=fundamental","pubTime":"2022-09-08 16:38","market":"us","language":"zh","title":"Market Overview | Tencent's major shareholder reduces holdings, tourism stocks become new hotspots","url":"https://stock-news.laohu8.com/highlight/detail?id=1107067060","media":"老虎资讯综合","summary":"恒生指数跌1%失守19000点。","content":"<p><html><head></head><body><b>Hong Kong Stocks</b></p><p>Today, the three major Hong Kong stock indices accelerated their decline in the afternoon. The Hang Seng Index fell 1% below 19,000 points, and the Hong Kong Composite Index fell 1.18%, marking their sixth consecutive decline. The Hang Seng Tech Index also fell 1%, breaking below the 4,000-point mark, with all three indices hitting new lows for the period.</p><p><img src=\"https://static.tigerbbs.com/da7032bb707f39db3c893a48cc933ea1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Mainland property developer stocks fell.<a href=\"https://laohu8.com/S/00884\">CIFI Holdings Group</a>It fell 13.59%.<a href=\"https://laohu8.com/S/03383\">Agile Group</a>It fell 7.12%.<a href=\"https://laohu8.com/S/02007\">Country Garden</a>It fell 6.78%.<a href=\"https://laohu8.com/S/00960\">Longfor Group</a>It fell 1.13%.<a href=\"https://laohu8.com/S/01109\">CR Land</a>It fell 1.53%, but<a href=\"https://laohu8.com/S/03900\">Greentown China</a>It rose 1.24%. previously<a href=\"https://laohu8.com/S/01918\">Sunac China</a>Sunac claimed that the sudden \"winding-up petition\" was an aggressive move by a single creditor and would not affect the company's operations or the progress of debt restructuring.</p><p>Oil stocks saw the largest declines.<a href=\"https://laohu8.com/S/02883\">China Ocean Oilfield Services</a>It fell more than 4%.<a href=\"https://laohu8.com/S/00883\">China National Offshore Oil</a>It fell more than 3%.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>It fell more than 1%.<a href=\"https://laohu8.com/S/SNP\">Sinopec</a>Following the decline.</p><p>Auto stocks fell.<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>It fell nearly 5%.<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>、<a href=\"https://laohu8.com/S/01211\">BYD Group</a>It fell more than 3%.<a href=\"https://laohu8.com/S/02015\">Li Auto-W</a>It fell 2.96%.<a href=\"https://laohu8.com/S/09868\">XPeng Automobile - W</a>It fell 2.64%.<a href=\"https://laohu8.com/S/09866\">Nio-SW</a>Hong Kong stocks fell 0.87%.</p><p>Power stocks surged.<a href=\"https://laohu8.com/S/01798\">Datang New Energy</a>It rose more than 10%.<a href=\"https://laohu8.com/S/00902\">Huaneng International Power Co.,</a>China Resources Power rose over 6%, and China Resources Power rose over 5%<a href=\"https://laohu8.com/S/02380\">China Power</a>It rose more than 3%.</p><p><img src=\"https://static.tigerbbs.com/8c608cf5a6c51e99a76ec330cd4dcf6b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>The semiconductor sector rose.<a href=\"https://laohu8.com/S/02878\">crystal gate semiconductor</a>It rose more than 8%.<a href=\"https://laohu8.com/S/01385\">Shanghai Fudan University</a>It rose more than 7%.<a href=\"https://laohu8.com/S/06908\">Hongguang Semiconductor</a>Waiting for the price to rise.</p><p>Tourism stocks performed actively.<a href=\"https://laohu8.com/S/00487\">Shide Global</a>Up more than 14%,<a href=\"https://laohu8.com/S/08069\">Zonghengyou Holdings</a>It rose more than 10%.<a href=\"https://laohu8.com/S/00234\">New Century Group</a>It rose more than 8%.<a href=\"https://laohu8.com/S/06882\">Japan Tour</a>It rose more than 3%.</p><p><a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It fell by more than 3%.<b>According to data from the CCASS system on September 7, Tencent shareholders transferred 193 million shares (2%) to Hong Kong's central clearing system.</b><b>This often means that the shareholders concerned will sell these shares.</b><b>It is worth noting that Naspers, Tencent's major shareholder in South Africa, and its internet investment flagship Prosus announced at the end of June this year that they would reduce their holdings in Tencent without limit to cash out to support their own share buybacks.</b></p><p><img src=\"https://static.tigerbbs.com/6c35ca80d5cbd52bad8f7d15449ac7c9\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>A-shares</b></p><p>On September 8, all three major A-share indices fell. The Shanghai Composite Index fluctuated narrowly in the morning session and continued to decline in the afternoon, closing down 0.33% at 3235 points. The Shenzhen Component Index fell 0.86%, and the ChiNext Index was affected by...<a href=\"https://laohu8.com/S/300750\">CATL</a>The impact fell by 1.86%. The combined turnover of the Shanghai and Shenzhen stock exchanges reached 788 billion yuan, with northbound capital seeing a net outflow of 86 million yuan, marking the sixth consecutive day of net selling.</p><p><img src=\"https://static.tigerbbs.com/df7a4905a8d12acf6ebde0b7d9355988\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Gas-related stocks saw the largest declines.<a href=\"https://laohu8.com/S/000593\">Delong Huineng</a>、<a href=\"https://laohu8.com/S/605090\">Jiufeng Energy</a>、<a href=\"https://laohu8.com/S/000421\">Nanjing Public</a>Limit down,<a href=\"https://laohu8.com/S/605169\">Hongtong Gas</a>、<a href=\"https://laohu8.com/S/603318\">water-generated gas</a>、<a href=\"https://laohu8.com/S/300483\">Shouhua Gas</a>、<a href=\"https://laohu8.com/S/603706\">Dongfang Huanyu</a>Wait for the price to fall. In terms of news, the EU will propose imposing restrictions on Russian natural gas prices in order to reduce Russia's fiscal revenue.</p><p>Oil stocks fell.<a href=\"https://laohu8.com/S/600777\">Xinchao Energy</a>It fell more than 4%.<a href=\"https://laohu8.com/S/600938\">CNOOC</a>It fell more than 3%.<a href=\"https://laohu8.com/S/000968\">Blue Flame Holdings</a>、<a href=\"https://laohu8.com/S/600759\">ST Intercontinental</a>Following the decline. International oil prices fell sharply on Wednesday, and investors were further pessimistic about the outlook for oil demand.</p><p>The lithium battery concept fluctuated downwards.<a href=\"https://laohu8.com/S/300750\">CATL</a>It fell more than 5%.<a href=\"https://laohu8.com/S/300014\">EVE Energy</a>、<a href=\"https://laohu8.com/S/002812\">Enjie Group</a>、<a href=\"https://laohu8.com/S/603799\">Huayou Cobalt</a>It fell more than 3%.<a href=\"https://laohu8.com/S/002466\">Tianqi Lithium</a>、<a href=\"https://laohu8.com/S/002460\">Ganfeng Lithium</a>Wait for the price to fall. Although the arrival of the peak season has driven lithium prices to continue rising, market investors' fear of high prices is spreading, and there are widespread concerns about the sustainability of lithium prices.</p><p><img src=\"https://static.tigerbbs.com/456632ef74a94758e63b817b5745073a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Precious metals concept stocks led the gains.<a href=\"https://laohu8.com/S/000975\">Yintai Gold</a>It rose more than 8%.<a href=\"https://laohu8.com/S/002155\">Hunan Gold</a>It rose more than 5%.<a href=\"https://laohu8.com/S/601069\">Western Gold</a>、<a href=\"https://laohu8.com/S/300139\">Xiaocheng Technology</a>Waiting for the price to rise.</p><p>The hotel and catering sector surged.<a href=\"https://laohu8.com/S/605108\">Tongqing Building</a>It rose more than 8%.<a href=\"https://laohu8.com/S/301073\">Junting Hotel</a>It rose more than 6%.<a href=\"https://laohu8.com/S/000610\">Xi'an Tourism</a>It rose more than 4%.<a href=\"https://laohu8.com/S/000721\">Xi'an Cuisine</a>、<a href=\"https://laohu8.com/S/600258\">BTG Hotel</a>Waiting for the price to rise.<a href=\"https://laohu8.com/S/601555\">Dongwu Securities</a>It was pointed out that the stability of the service consumption industry chain has increased with the pandemic under control, and the company is optimistic about the recovery of performance elasticity after the pandemic stabilizes.</p><p>Tourism, scenic spots, and airport concepts collectively strengthened.<a href=\"https://laohu8.com/S/000978\">Guilin tourism</a>Hit the daily limit.<a href=\"https://laohu8.com/S/300144\">Songcheng Performing Arts</a>Zhangchao, Shanghai Airport<a href=\"https://laohu8.com/S/600004\">Baiyun Airport</a>It rose more than 3%. In the past week, local hotel bookings for the Mid-Autumn Festival have increased by more than 1.7 times compared to the previous week, and bookings for local scenic spot tickets and other vacation products have increased by more than 2.3 times.</p><p><b>US stocks</b></p><p>U.S. stock index futures fell slightly. The market is focused on Federal Reserve Chairman Powell's speech tonight.<img src=\"https://static.tigerbbs.com/66e5b70e89326d37ecea79cf90b92a89\" tg-width=\"768\" tg-height=\"263\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The stock rose more than 3% in pre-market trading after turning a profit in the second quarter, marking the third consecutive quarter of adjusted profitability.</p><p>Some Chinese concept stocks declined.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Down 3%<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It fell 2.8%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell 1.91%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell 1.76%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It fell 1.66%.</p><p><a href=\"https://laohu8.com/S/GME\">Game Station</a>The stock rose more than 9% in pre-market trading after reporting a better-than-expected net loss of $108.7 million in Q2 following a partnership with cryptocurrency exchange FTX.</p><p><a href=\"https://laohu8.com/S/GSAT\">Global Star</a>It rose 5% in pre-market trading after providing satellite communication services for the iPhone 14.</p><p><b>Commodities</b></p><p>International oil prices fluctuated. Despite investor concerns that fuel supplies could become increasingly tight due to the deep energy standoff between Europe and Russia, central bank rate hike from major global economies continued to be bearish on the oil market.</p><p><img src=\"https://static.tigerbbs.com/4bb4cc5dc5ad544c506b4d4ee15c15c4\" tg-width=\"881\" tg-height=\"536\" referrerpolicy=\"no-referrer\"/></p><p>International gold prices fluctuated narrowly. The market is still observing the Federal Reserve's policy direction.</p><p><img src=\"https://static.tigerbbs.com/ba902eeb61755d05811fbde98b0d30e5\" tg-width=\"1020\" tg-height=\"563\" 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>Market Overview | Tencent's major shareholder reduces holdings, tourism stocks become new hotspots</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\">\nMarket Overview | Tencent's major shareholder reduces holdings, tourism stocks become new hotspots\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\">2022-09-08 16:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><b>Hong Kong Stocks</b></p><p>Today, the three major Hong Kong stock indices accelerated their decline in the afternoon. The Hang Seng Index fell 1% below 19,000 points, and the Hong Kong Composite Index fell 1.18%, marking their sixth consecutive decline. The Hang Seng Tech Index also fell 1%, breaking below the 4,000-point mark, with all three indices hitting new lows for the period.</p><p><img src=\"https://static.tigerbbs.com/da7032bb707f39db3c893a48cc933ea1\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Mainland property developer stocks fell.<a href=\"https://laohu8.com/S/00884\">CIFI Holdings Group</a>It fell 13.59%.<a href=\"https://laohu8.com/S/03383\">Agile Group</a>It fell 7.12%.<a href=\"https://laohu8.com/S/02007\">Country Garden</a>It fell 6.78%.<a href=\"https://laohu8.com/S/00960\">Longfor Group</a>It fell 1.13%.<a href=\"https://laohu8.com/S/01109\">CR Land</a>It fell 1.53%, but<a href=\"https://laohu8.com/S/03900\">Greentown China</a>It rose 1.24%. previously<a href=\"https://laohu8.com/S/01918\">Sunac China</a>Sunac claimed that the sudden \"winding-up petition\" was an aggressive move by a single creditor and would not affect the company's operations or the progress of debt restructuring.</p><p>Oil stocks saw the largest declines.<a href=\"https://laohu8.com/S/02883\">China Ocean Oilfield Services</a>It fell more than 4%.<a href=\"https://laohu8.com/S/00883\">China National Offshore Oil</a>It fell more than 3%.<a href=\"https://laohu8.com/S/PTR\">PetroChina</a>It fell more than 1%.<a href=\"https://laohu8.com/S/SNP\">Sinopec</a>Following the decline.</p><p>Auto stocks fell.<a href=\"https://laohu8.com/S/02333\">Great Wall Motors</a>It fell nearly 5%.<a href=\"https://laohu8.com/S/00175\">Geely Automobile</a>、<a href=\"https://laohu8.com/S/01211\">BYD Group</a>It fell more than 3%.<a href=\"https://laohu8.com/S/02015\">Li Auto-W</a>It fell 2.96%.<a href=\"https://laohu8.com/S/09868\">XPeng Automobile - W</a>It fell 2.64%.<a href=\"https://laohu8.com/S/09866\">Nio-SW</a>Hong Kong stocks fell 0.87%.</p><p>Power stocks surged.<a href=\"https://laohu8.com/S/01798\">Datang New Energy</a>It rose more than 10%.<a href=\"https://laohu8.com/S/00902\">Huaneng International Power Co.,</a>China Resources Power rose over 6%, and China Resources Power rose over 5%<a href=\"https://laohu8.com/S/02380\">China Power</a>It rose more than 3%.</p><p><img src=\"https://static.tigerbbs.com/8c608cf5a6c51e99a76ec330cd4dcf6b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>The semiconductor sector rose.<a href=\"https://laohu8.com/S/02878\">crystal gate semiconductor</a>It rose more than 8%.<a href=\"https://laohu8.com/S/01385\">Shanghai Fudan University</a>It rose more than 7%.<a href=\"https://laohu8.com/S/06908\">Hongguang Semiconductor</a>Waiting for the price to rise.</p><p>Tourism stocks performed actively.<a href=\"https://laohu8.com/S/00487\">Shide Global</a>Up more than 14%,<a href=\"https://laohu8.com/S/08069\">Zonghengyou Holdings</a>It rose more than 10%.<a href=\"https://laohu8.com/S/00234\">New Century Group</a>It rose more than 8%.<a href=\"https://laohu8.com/S/06882\">Japan Tour</a>It rose more than 3%.</p><p><a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a>It fell by more than 3%.<b>According to data from the CCASS system on September 7, Tencent shareholders transferred 193 million shares (2%) to Hong Kong's central clearing system.</b><b>This often means that the shareholders concerned will sell these shares.</b><b>It is worth noting that Naspers, Tencent's major shareholder in South Africa, and its internet investment flagship Prosus announced at the end of June this year that they would reduce their holdings in Tencent without limit to cash out to support their own share buybacks.</b></p><p><img src=\"https://static.tigerbbs.com/6c35ca80d5cbd52bad8f7d15449ac7c9\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p><b>A-shares</b></p><p>On September 8, all three major A-share indices fell. The Shanghai Composite Index fluctuated narrowly in the morning session and continued to decline in the afternoon, closing down 0.33% at 3235 points. The Shenzhen Component Index fell 0.86%, and the ChiNext Index was affected by...<a href=\"https://laohu8.com/S/300750\">CATL</a>The impact fell by 1.86%. The combined turnover of the Shanghai and Shenzhen stock exchanges reached 788 billion yuan, with northbound capital seeing a net outflow of 86 million yuan, marking the sixth consecutive day of net selling.</p><p><img src=\"https://static.tigerbbs.com/df7a4905a8d12acf6ebde0b7d9355988\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Gas-related stocks saw the largest declines.<a href=\"https://laohu8.com/S/000593\">Delong Huineng</a>、<a href=\"https://laohu8.com/S/605090\">Jiufeng Energy</a>、<a href=\"https://laohu8.com/S/000421\">Nanjing Public</a>Limit down,<a href=\"https://laohu8.com/S/605169\">Hongtong Gas</a>、<a href=\"https://laohu8.com/S/603318\">water-generated gas</a>、<a href=\"https://laohu8.com/S/300483\">Shouhua Gas</a>、<a href=\"https://laohu8.com/S/603706\">Dongfang Huanyu</a>Wait for the price to fall. In terms of news, the EU will propose imposing restrictions on Russian natural gas prices in order to reduce Russia's fiscal revenue.</p><p>Oil stocks fell.<a href=\"https://laohu8.com/S/600777\">Xinchao Energy</a>It fell more than 4%.<a href=\"https://laohu8.com/S/600938\">CNOOC</a>It fell more than 3%.<a href=\"https://laohu8.com/S/000968\">Blue Flame Holdings</a>、<a href=\"https://laohu8.com/S/600759\">ST Intercontinental</a>Following the decline. International oil prices fell sharply on Wednesday, and investors were further pessimistic about the outlook for oil demand.</p><p>The lithium battery concept fluctuated downwards.<a href=\"https://laohu8.com/S/300750\">CATL</a>It fell more than 5%.<a href=\"https://laohu8.com/S/300014\">EVE Energy</a>、<a href=\"https://laohu8.com/S/002812\">Enjie Group</a>、<a href=\"https://laohu8.com/S/603799\">Huayou Cobalt</a>It fell more than 3%.<a href=\"https://laohu8.com/S/002466\">Tianqi Lithium</a>、<a href=\"https://laohu8.com/S/002460\">Ganfeng Lithium</a>Wait for the price to fall. Although the arrival of the peak season has driven lithium prices to continue rising, market investors' fear of high prices is spreading, and there are widespread concerns about the sustainability of lithium prices.</p><p><img src=\"https://static.tigerbbs.com/456632ef74a94758e63b817b5745073a\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p>Precious metals concept stocks led the gains.<a href=\"https://laohu8.com/S/000975\">Yintai Gold</a>It rose more than 8%.<a href=\"https://laohu8.com/S/002155\">Hunan Gold</a>It rose more than 5%.<a href=\"https://laohu8.com/S/601069\">Western Gold</a>、<a href=\"https://laohu8.com/S/300139\">Xiaocheng Technology</a>Waiting for the price to rise.</p><p>The hotel and catering sector surged.<a href=\"https://laohu8.com/S/605108\">Tongqing Building</a>It rose more than 8%.<a href=\"https://laohu8.com/S/301073\">Junting Hotel</a>It rose more than 6%.<a href=\"https://laohu8.com/S/000610\">Xi'an Tourism</a>It rose more than 4%.<a href=\"https://laohu8.com/S/000721\">Xi'an Cuisine</a>、<a href=\"https://laohu8.com/S/600258\">BTG Hotel</a>Waiting for the price to rise.<a href=\"https://laohu8.com/S/601555\">Dongwu Securities</a>It was pointed out that the stability of the service consumption industry chain has increased with the pandemic under control, and the company is optimistic about the recovery of performance elasticity after the pandemic stabilizes.</p><p>Tourism, scenic spots, and airport concepts collectively strengthened.<a href=\"https://laohu8.com/S/000978\">Guilin tourism</a>Hit the daily limit.<a href=\"https://laohu8.com/S/300144\">Songcheng Performing Arts</a>Zhangchao, Shanghai Airport<a href=\"https://laohu8.com/S/600004\">Baiyun Airport</a>It rose more than 3%. In the past week, local hotel bookings for the Mid-Autumn Festival have increased by more than 1.7 times compared to the previous week, and bookings for local scenic spot tickets and other vacation products have increased by more than 2.3 times.</p><p><b>US stocks</b></p><p>U.S. stock index futures fell slightly. The market is focused on Federal Reserve Chairman Powell's speech tonight.<img src=\"https://static.tigerbbs.com/66e5b70e89326d37ecea79cf90b92a89\" tg-width=\"768\" tg-height=\"263\" referrerpolicy=\"no-referrer\"/></p><p><a href=\"https://laohu8.com/S/GOTU\">Gaotu</a>The stock rose more than 3% in pre-market trading after turning a profit in the second quarter, marking the third consecutive quarter of adjusted profitability.</p><p>Some Chinese concept stocks declined.<a href=\"https://laohu8.com/S/NTES\">NetEase</a>Down 3%<a href=\"https://laohu8.com/S/XPEV\">XPeng Automotive</a>It fell 2.8%.<a href=\"https://laohu8.com/S/BEKE\">Seashell</a>It fell 1.91%.<a href=\"https://laohu8.com/S/LI\">Li Auto</a>It fell 1.76%.<a href=\"https://laohu8.com/S/BABA\">Alibaba</a>It fell 1.66%.</p><p><a href=\"https://laohu8.com/S/GME\">Game Station</a>The stock rose more than 9% in pre-market trading after reporting a better-than-expected net loss of $108.7 million in Q2 following a partnership with cryptocurrency exchange FTX.</p><p><a href=\"https://laohu8.com/S/GSAT\">Global Star</a>It rose 5% in pre-market trading after providing satellite communication services for the iPhone 14.</p><p><b>Commodities</b></p><p>International oil prices fluctuated. Despite investor concerns that fuel supplies could become increasingly tight due to the deep energy standoff between Europe and Russia, central bank rate hike from major global economies continued to be bearish on the oil market.</p><p><img src=\"https://static.tigerbbs.com/4bb4cc5dc5ad544c506b4d4ee15c15c4\" tg-width=\"881\" tg-height=\"536\" referrerpolicy=\"no-referrer\"/></p><p>International gold prices fluctuated narrowly. The market is still observing the Federal Reserve's policy direction.</p><p><img src=\"https://static.tigerbbs.com/ba902eeb61755d05811fbde98b0d30e5\" tg-width=\"1020\" tg-height=\"563\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a5d11890cd6ccd454a56d86737fd3353","relate_stocks":{"000001.SH":"上证指数","HSI":"恒生指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107067060","content_text":"港股今日，港股三大指数午后加速下行，恒指跌1%失守19000点，国指跌1.18%，二者录得6连跌，恒生科技指数跌1%，亦跌破4000点整数关，三大指数皆刷新阶段低价。内地房地产发展商股下跌，旭辉控股集团跌13.59%，雅居乐集团跌7.12%，碧桂园跌6.78%，龙湖集团跌1.13%，华润置地跌1.53%，不过绿城中国涨1.24%。此前融创中国突遭“清盘呈请”，对此融创称此系单个债权人的激进行为，不影响公司经营和债务重组推进。石油股跌幅居前，中海油田服务跌超4%，中国海洋石油跌超3%，中石油跌超1%，中石化跟跌。汽车股走低，长城汽车跌近5%，吉利汽车、比亚迪股份跌超3%，理想汽车-W跌2.96%，小鹏汽车-W跌2.64%，蔚来-SW港股跌0.87%。电力股爆发，大唐新能源涨超10%，华能国际电力股份涨超6%，华润电力涨超5%，中国电力涨超3%。半导体板块拉升，晶门半导体涨超8%，上海复旦涨超7%，宏光半导体等跟涨。旅游股表现活跃，实德环球涨超14%，纵横游控股涨超10%，新世纪集团涨超8%，东瀛游涨超3%。腾讯控股跌超3%。据CCASS系统9月7日的数据显示，腾讯股东将1.93亿股(2%)股份转入了香港的中央结算系统。此举往往意味着有关股东将出售这些股票。值得注意的是，腾讯南非大股东Naspers及旗下互联网投资旗舰Prosus今年6月底宣布，会无上限减持腾讯以套现支持自身回购。A股9月8日，A股三大指数齐跌，沪指早盘窄幅震荡，午后持续走低，全天收跌0.33%报3235点，深成指跌0.86%，创业板指受宁德时代影响跌1.86%。两市成交额7880亿，北上资金净卖出8600万，为连续第6天净卖出。燃气概念跌幅居前。德龙汇能、九丰能源、南京公用跌停，洪通燃气、水发燃气、首华燃气、东方环宇等跟跌。消息面上，欧盟将提议对俄罗斯天然气价格实施限制，以削减俄罗斯的财政收入。石油股走低，新潮能源跌超4%，中国海油跌超3%，蓝焰控股、ST洲际跟跌。周三国际油价大跌，投资者进一步看衰石油需求前景。锂电池概念震荡下行，宁德时代跌超5%，亿纬锂能、恩捷股份、华友钴业跌超3%，天齐锂业、赣锋锂业等跟跌。虽然旺季来临带动锂价继续探涨，但市场投资者畏高情绪愈发蔓延，普遍担忧锂价可持续性。贵金属概念涨幅居前。银泰黄金涨超8%，湖南黄金涨超5%，西部黄金、晓程科技等跟涨。酒店餐饮概念大涨，同庆楼涨超8%，君亭酒店涨超6%，西安旅游涨超4%，西安饮食、首旅酒店等跟涨。东吴证券指出，疫情可控下服务消费产业链稳定性增强，看好疫情趋稳后业绩弹性恢复。旅游及景区、航空机场概念集体走强，桂林旅游涨停，宋城演艺涨超、上海机场、白云机场涨超3%。近一周，中秋本地酒店预订量比前一周增长超1.7倍，本地景区门票等度假产品预订量增超2.3倍。美股美股指期货小幅走低。市场关注今晚美联储主席鲍威尔的讲话。高途盘前涨超3%，二季度经调业绩扭亏为盈，连续三个季度实现经调盈利。部分中概股走低，网易跌3%、小鹏汽车跌2.8%，贝壳跌1.91%，理想汽车跌1.76%，阿里巴巴跌1.66%。游戏驿站盘前涨超9%，Q2录得净亏损1.087亿美元好于预期，公司与加密货币交易所FTX达成合作。全球星盘前涨5%，为iPhone14提供卫星通信服务。大宗商品国际油价震荡。尽管由于欧洲和俄罗斯之间深陷能源僵局，投资者担心燃料供应可能会变得愈发紧张，但全球主要经济体央行加息继续利空油市。国际金价窄幅震荡。市场仍在观察美联储政策动向。","news_type":1,"symbols_score_info":{"HSI":0.9,"000001.SH":0.9}},"isVote":1,"tweetType":1,"viewCount":5055,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938704225,"gmtCreate":1662674277367,"gmtModify":1676537112414,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582749181936620","authorIdStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938704225","repostId":"1196569367","repostType":4,"repost":{"id":"1196569367","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":1662639329,"share":"https://ttm.financial/m/news/1196569367?lang=en_US&edition=fundamental","pubTime":"2022-09-08 20:15","market":"other","language":"zh","title":"The European Central Bank announced 75 basis points in rate hike, which is in line with market expectations.","url":"https://stock-news.laohu8.com/highlight/detail?id=1196569367","media":"老虎资讯综合","summary":"9月8日，欧洲央行将三大主要利率均上调75个基点，符合市场预期，为1999年来首次大幅加息75个基点。欧洲央行将存款利率上调至0.750%，将基准利率上调至1.250%，将边际贷款利率上调到1.5%。","content":"<p><html><head></head><body>On September 8, the European Central Bank raised all three major interest rates by 75 basis points, in line with market expectations and marking the first significant rate hike of 75 basis points since 1999. The European Central Bank raised the deposit rate to 0.750%, the benchmark rate to 1.250%, and the marginal lending rate to 1.5%.</p><p>Following the European Central Bank's interest rate decision, the euro rose more than 20 points against the dollar in the short term, currently trading at 1.0028. German Treasury Bond fell, while the two-year Treasury Bond yield rose 3 basis points; The spread between Italian and German 10-year Treasury Bond yields narrowed to 221 basis points.</p><p>The European Central Bank pointed out that rate hike’s 75 basis points indicate a transition from the current highly accommodative policy interest rate level to a level that ensures inflation can return to the ECB’s 2% medium-term target in a timely manner. However, the inflation rate remains too high and is likely to remain above target for a long time; At its next few meetings, the management committee is expected to raise interest rates further to curb demand.</p><p>According to the latest monetary policy decision, the reinvestment of the European Central Bank's Emergency Bond Purchase Program (PEPP) will continue until at least the end of 2024 to address the risks to the monetary policy transmission mechanism caused by COVID-19. In addition, the European Central Bank expects further rate hike at its upcoming meetings.</p><p>According to preliminary estimates from Eurostat, inflation reached 9.1% in August. Soaring energy and food prices, economic reopening leading to demand pressures in some sectors, and supply bottlenecks are still pushing up inflation. Price pressures across the economy continue to intensify and expand, and inflation may rise further in the short term. Inflation will decline as the current drivers of inflation fade over time and the impact of monetary policy normalization on the economy and price setting.</p><p>Looking ahead to the economy, the European Central Bank has raised its 2022 GDP growth forecast to 3.1%. However, the GDP growth forecasts for 2023 and 2024 have been lowered, with a projected GDP growth rate of 0.9% in 2023 and 1.9% in 2024.</p><p>The European Central Bank also raised its inflation forecasts for 2022, 2023 and 2024, projecting a CPI of 8.1% in 2022, 5.5% in 2023 and 2.3% in 2024.</p><p>After a rebound in the first half of 2022, recent data shows a sharp slowdown in Eurozone economic growth, and the economy is expected to stagnate later this year and in the first quarter of 2023. Analysts point out that the European Central Bank has again raised its Eurozone inflation forecast and lowered its 2023 economic growth forecast, as reduced Russian natural gas supplies will dampen Eurozone confidence, consumption, and investment. Over the past two years, the European Central Bank has repeatedly underestimated inflation levels because real price increases exceeded even its most pessimistic expectations, raising questions about the credibility of these forecasts. The European Central Bank expects inflation to be 2.3% in 2024, higher than its 2% target. Although inflation was initially driven by high energy prices, energy costs have begun to permeate the broader economy, increasing potential price pressures.</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>The European Central Bank announced 75 basis points in rate hike, which is in line with market expectations.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe European Central Bank announced 75 basis points in rate hike, which is in line with market expectations.\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\">2022-09-08 20:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On September 8, the European Central Bank raised all three major interest rates by 75 basis points, in line with market expectations and marking the first significant rate hike of 75 basis points since 1999. The European Central Bank raised the deposit rate to 0.750%, the benchmark rate to 1.250%, and the marginal lending rate to 1.5%.</p><p>Following the European Central Bank's interest rate decision, the euro rose more than 20 points against the dollar in the short term, currently trading at 1.0028. German Treasury Bond fell, while the two-year Treasury Bond yield rose 3 basis points; The spread between Italian and German 10-year Treasury Bond yields narrowed to 221 basis points.</p><p>The European Central Bank pointed out that rate hike’s 75 basis points indicate a transition from the current highly accommodative policy interest rate level to a level that ensures inflation can return to the ECB’s 2% medium-term target in a timely manner. However, the inflation rate remains too high and is likely to remain above target for a long time; At its next few meetings, the management committee is expected to raise interest rates further to curb demand.</p><p>According to the latest monetary policy decision, the reinvestment of the European Central Bank's Emergency Bond Purchase Program (PEPP) will continue until at least the end of 2024 to address the risks to the monetary policy transmission mechanism caused by COVID-19. In addition, the European Central Bank expects further rate hike at its upcoming meetings.</p><p>According to preliminary estimates from Eurostat, inflation reached 9.1% in August. Soaring energy and food prices, economic reopening leading to demand pressures in some sectors, and supply bottlenecks are still pushing up inflation. Price pressures across the economy continue to intensify and expand, and inflation may rise further in the short term. Inflation will decline as the current drivers of inflation fade over time and the impact of monetary policy normalization on the economy and price setting.</p><p>Looking ahead to the economy, the European Central Bank has raised its 2022 GDP growth forecast to 3.1%. However, the GDP growth forecasts for 2023 and 2024 have been lowered, with a projected GDP growth rate of 0.9% in 2023 and 1.9% in 2024.</p><p>The European Central Bank also raised its inflation forecasts for 2022, 2023 and 2024, projecting a CPI of 8.1% in 2022, 5.5% in 2023 and 2.3% in 2024.</p><p>After a rebound in the first half of 2022, recent data shows a sharp slowdown in Eurozone economic growth, and the economy is expected to stagnate later this year and in the first quarter of 2023. Analysts point out that the European Central Bank has again raised its Eurozone inflation forecast and lowered its 2023 economic growth forecast, as reduced Russian natural gas supplies will dampen Eurozone confidence, consumption, and investment. Over the past two years, the European Central Bank has repeatedly underestimated inflation levels because real price increases exceeded even its most pessimistic expectations, raising questions about the credibility of these forecasts. The European Central Bank expects inflation to be 2.3% in 2024, higher than its 2% target. Although inflation was initially driven by high energy prices, energy costs have begun to permeate the broader economy, increasing potential price pressures.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e88583a358344177a7ed4d97145d67f4","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196569367","content_text":"9月8日，欧洲央行将三大主要利率均上调75个基点，符合市场预期，为1999年来首次大幅加息75个基点。欧洲央行将存款利率上调至0.750%，将基准利率上调至1.250%，将边际贷款利率上调到1.5%。欧洲央行公布利率决议后，欧元兑美元短线拉升逾20点，现报1.0028；德国国债下跌，两年期国债收益率上涨3个基点；意大利和德国10年期国债收益率利差收窄至221个基点。欧洲央行指出，加息75基点预示着从现行高度宽松的政策利率水平将向确保通胀能够及时回到欧洲央行2%的中期目标的水平过渡。但通胀率仍然太高，很可能在很长一段时间内保持在目标之上；在未来几次会议上，管理委员会预计将进一步提高利率，以抑制需求。根据最新的货币政策决议，欧洲央行紧急抗疫购债计划（PEPP）的再投资将至少持续至2024年末，以应对新冠引发的货币政策传导机制风险。此外，欧洲央行预期在未来几次会议上进一步加息。根据欧盟统计局的初步估计，8月份通胀率达到9.1%。能源和食品价格飙升、经济重新开放导致某些行业的需求压力以及供应瓶颈仍在推高通胀。整个经济体的价格压力继续加强和扩大，通胀可能在短期内进一步上升。随着当前通胀的驱动因素随着时间的推移而消退，货币政策正常化对经济和价格制定的影响，通胀将会下降。展望未来经济，欧洲央行上调2022年GDP增速预计，预计2022年GDP增速为3.1%。但下调2023年和2024年GDP增速预期，预计2023年GDP增速为0.9%，预计2024年GDP增速为1.9%。欧洲央行还上调2022年、2023年和2024年通胀预期，预计2022年CPI为8.1%，2023年CPI为5.5%，2024年CPI为2.3。在2022年上半年出现反弹后，近期数据显示欧元区经济增长大幅放缓，预计经济将在今年晚些时候和2023年第一季度陷入停滞。分析师指出，欧洲央行再次上调欧元区通胀预估，且下调2023年经济增长预估，因俄罗斯天然气供应减少将打压欧元区信心、消费和投资。过去两年，欧洲央行一再低估通胀水平，因为实际价格增幅甚至超过了其最悲观的预期，这让人对这些预测的可信度产生了质疑。欧洲央行预计2024年通胀预期为2.3%，高于2%的目标。尽管通胀最初是由能源价格高企推动的，但能源成本已开始渗透到更广泛的经济领域，加大了潜在的价格压力。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4249,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9938704122,"gmtCreate":1662674261267,"gmtModify":1676537112406,"author":{"id":"3582749181936620","authorId":"3582749181936620","name":"kim_8904","avatar":"https://static.tigerbbs.com/c3a7b2ec68592f23ba2b7dd63757473e","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582749181936620","authorIdStr":"3582749181936620"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9938704122","repostId":"1141251181","repostType":4,"repost":{"id":"1141251181","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":1662643384,"share":"https://ttm.financial/m/news/1141251181?lang=en_US&edition=fundamental","pubTime":"2022-09-08 21:23","market":"us","language":"zh","title":"Powell: The Fed needs to act now to avoid the social costs of inflation.","url":"https://stock-news.laohu8.com/highlight/detail?id=1141251181","media":"老虎资讯综合","summary":"9月8日，美联储主席鲍威尔今日参加卡托研究所举办的有关货币政策的会议。美联储主席鲍威尔会上表示，如果没有新冠疫情，不会看到如此高的通胀率。鲍威尔还表示，美联储认为需要直截了当地对通胀采取行动，美联储需","content":"<p><html><head></head><body>On September 8, Federal Reserve Chairman Jerome Powell attended a conference on monetary policy hosted by the Cato Institute. Federal Reserve Chairman Jerome Powell stated at the meeting that such a high inflation rate would not have been seen without the COVID-19 pandemic. Powell also stated that the Federal Reserve believes it needs to take direct action on inflation and that it needs to act now to avoid the social costs of inflation. Past experience warns against premature relaxation of policies.</p><p><img src=\"https://static.tigerbbs.com/68709fd25713eefc3ea454c86f2bb7bd\" tg-width=\"536\" tg-height=\"302\" referrerpolicy=\"no-referrer\"/></p><p>Powell stated that the Federal Reserve needs to act now to avoid the social costs of inflation. The Federal Reserve has a responsibility and is willing to assume the responsibility of stabilizing prices. The longer inflation stays above target, the greater the risk. The Federal Reserve is firmly committed to reducing inflation and will not be affected by political factors. History warns us not to relax policies too soon.</p><p>Powell emphasized that it is crucial to maintain inflation expectations. The Federal Reserve's job is to ensure that inflation expectations are anchored. Labor market demand remains very strong. Wage levels are rising. Hopefully, there will be a period when the economic growth rate is lower than the trend. Below-trend economic growth will provide a better balance to the labor market. Recent labor market reports have seen a welcome increase in labor force participation rates.</p><p>Regarding interest rates, Powell stated that the relationship between money supply and inflation has remained unstable. The Federal Reserve has never explicitly linked its policy to any specific formula. The terminal interest rate is uncertain. The nominal income target has been studied, but it is not considered the right approach.</p><p>On the shrinking balance sheet issue, Powell stated that shrinking balance sheet currently has a sound operational framework and is prepared to adjust the size of its shrinking balance sheet according to economic needs, with no reason to return to the level of scarce reserves. The Federal Reserve's two goals are completely contradictory. There is no reason to turn to a single mission. They do not want the Federal Reserve's mission to be expanded or narrowed. It can accomplish the Federal Reserve's two main missions in the medium term. The independence of the Federal Reserve is in the public interest.</p><p>Overnight index swaps indicate that the probability of the Fed's September rate hike reaching 75 basis points is close to 80%; Futures for the three major U.S. stock indexes fell in the short term, with Nasdaq futures down 0.74%.</p><p><img src=\"https://static.tigerbbs.com/811ceacf92cc009ba1c0ebf9ca4e013f\" tg-width=\"386\" tg-height=\"186\" referrerpolicy=\"no-referrer\"/></p><p>Analysts commented on Federal Reserve Chairman Powell's speech: On the eve of the quiet period, Powell did not provide any clues about whether the Fed's next rate hike action would be 50 basis points or 75 basis points. However, following yesterday's Wall Street Journal article, the interest rate market has largely priced in the 75 basis point rate hike expectation. The fact that Powell did not oppose the proposal suggests that another large-scale rate hike is almost certain.</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>Powell: The Fed needs to act now to avoid the social costs of inflation.</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\">\nPowell: The Fed needs to act now to avoid the social costs of inflation.\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\">2022-09-08 21:23</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On September 8, Federal Reserve Chairman Jerome Powell attended a conference on monetary policy hosted by the Cato Institute. Federal Reserve Chairman Jerome Powell stated at the meeting that such a high inflation rate would not have been seen without the COVID-19 pandemic. Powell also stated that the Federal Reserve believes it needs to take direct action on inflation and that it needs to act now to avoid the social costs of inflation. Past experience warns against premature relaxation of policies.</p><p><img src=\"https://static.tigerbbs.com/68709fd25713eefc3ea454c86f2bb7bd\" tg-width=\"536\" tg-height=\"302\" referrerpolicy=\"no-referrer\"/></p><p>Powell stated that the Federal Reserve needs to act now to avoid the social costs of inflation. The Federal Reserve has a responsibility and is willing to assume the responsibility of stabilizing prices. The longer inflation stays above target, the greater the risk. The Federal Reserve is firmly committed to reducing inflation and will not be affected by political factors. History warns us not to relax policies too soon.</p><p>Powell emphasized that it is crucial to maintain inflation expectations. The Federal Reserve's job is to ensure that inflation expectations are anchored. Labor market demand remains very strong. Wage levels are rising. Hopefully, there will be a period when the economic growth rate is lower than the trend. Below-trend economic growth will provide a better balance to the labor market. Recent labor market reports have seen a welcome increase in labor force participation rates.</p><p>Regarding interest rates, Powell stated that the relationship between money supply and inflation has remained unstable. The Federal Reserve has never explicitly linked its policy to any specific formula. The terminal interest rate is uncertain. The nominal income target has been studied, but it is not considered the right approach.</p><p>On the shrinking balance sheet issue, Powell stated that shrinking balance sheet currently has a sound operational framework and is prepared to adjust the size of its shrinking balance sheet according to economic needs, with no reason to return to the level of scarce reserves. The Federal Reserve's two goals are completely contradictory. There is no reason to turn to a single mission. They do not want the Federal Reserve's mission to be expanded or narrowed. It can accomplish the Federal Reserve's two main missions in the medium term. The independence of the Federal Reserve is in the public interest.</p><p>Overnight index swaps indicate that the probability of the Fed's September rate hike reaching 75 basis points is close to 80%; Futures for the three major U.S. stock indexes fell in the short term, with Nasdaq futures down 0.74%.</p><p><img src=\"https://static.tigerbbs.com/811ceacf92cc009ba1c0ebf9ca4e013f\" tg-width=\"386\" tg-height=\"186\" referrerpolicy=\"no-referrer\"/></p><p>Analysts commented on Federal Reserve Chairman Powell's speech: On the eve of the quiet period, Powell did not provide any clues about whether the Fed's next rate hike action would be 50 basis points or 75 basis points. However, following yesterday's Wall Street Journal article, the interest rate market has largely priced in the 75 basis point rate hike expectation. The fact that Powell did not oppose the proposal suggests that another large-scale rate hike is almost certain.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b37cbfdbd9fac06fc4ae2f84ad058a92","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141251181","content_text":"9月8日，美联储主席鲍威尔今日参加卡托研究所举办的有关货币政策的会议。美联储主席鲍威尔会上表示，如果没有新冠疫情，不会看到如此高的通胀率。鲍威尔还表示，美联储认为需要直截了当地对通胀采取行动，美联储需要现在就采取行动以避免通胀的社会成本。过往经验警告不要过早放松政策。鲍威尔表示，美联储需要现在采取行动以避免通胀的社会成本。美联储有责任并愿意承担稳定物价的责任。通胀高于目标的时间越长，风险越大。美联储坚决致力于降低通胀，不会受到政治因素的影响。历史告诫我们不要过早地放松政策。鲍威尔强调，能否维持通胀预期非常重要。美联储的工作是确保通胀预期得到锚定。劳动力市场需求仍然非常强劲。工资水平正在上升。希望有一段经济增长速度低于趋势的时期。经济增长低于趋势水平将给劳动力市场提供更好的平衡。在最近的劳动力市场报告中，看到了受欢迎的劳动力参与率的增加。在利率方面，鲍威尔表示货币供应和通胀关系一直不稳定。美联储从未明确将其政策与任何特定公式挂钩。不确定终端利率是多少。已经研究了名义收入目标，但不认为这是正确的做法。在缩表问题上，鲍威尔表示目前的缩表操作框架良好，准备根据经济需要调整缩表规模，没有理由回到稀缺储备金水平。美联储的两个目标完全不冲突。没有理由转向单一使命。不希望美联储使命范围扩大或缩小。可以在中期达成美联储的两大主要使命。美联储的独立性是对公众有利的。隔夜指数掉期显示，美联储9月加息75基点的可能性接近80％；美国三大股指期货短线跌跌，纳指期货跌0.74%.分析师评美联储主席鲍威尔讲话：在静默期前夕，鲍威尔没有提供任何关于美联储下一步加息行动是50个基点还是75个基点的线索。但在昨日《华尔街日报》的文章发表后，利率市场已基本消化了75个基点的加息预期。鲍威尔没有反对这一提议的事实表明，几乎可以肯定还会有一次大规模的加息。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":4942,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}