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2021-12-06

OK

Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>

2021-11-11

$SINGAPORE PRESS HLDGS LTD(T39.SI)$Huat ah

2021-11-10

$UG HEALTHCARE CORPORATION LTD(8K7.SI)$Just die

2021-11-10

$XIAOMI-W(01810)$Good

2021-11-09

$IFAST CORPORATION LTD.(AIY.SI)$Should have bought more

2021-11-09

$SentinelOne, Inc(S)$Should have bought more

2021-11-08

$ASCENDAS REAL ESTATE INV TRUST(A17U.SI)$Can still buy

2021-11-08

Good

2021-11-07

$Carnival(CCL)$Good

2021-11-06

$FRASERS HOSPITALITY TRUST(ACV.SI)$Slow

2021-11-06

$EC WORLD REIT(BWCU.SI)$Good

2021-11-05

$CapLand IntCom T(C38U.SI)$Hold

2021-11-05

$UG HEALTHCARE CORPORATION LTD(8K7.SI)$Just go to zero

2021-11-04

$UG HEALTHCARE CORPORATION LTD(8K7.SI)$Might as well go zero

2021-11-03

$ASCENDAS REAL ESTATE INV TRUST(A17U.SI)$So little

2021-11-02

$UG HEALTHCARE CORPORATION LTD(8K7.SI)$Dead

2021-11-02

$UG HEALTHCARE CORPORATION LTD(8K7.SI)$Die

2021-11-01

$ASCENDAS REAL ESTATE INV TRUST(A17U.SI)$nice stock

2021-11-01

$UG HEALTHCARE CORPORATION LTD(8K7.SI)$Die

2021-10-31

$Netflix(NFLX)$Looks good now

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consumer price index and core inflation readings on Friday for clues on the trajectory of the Fed's policy decision at its December meeting.</p><p><blockquote>在上周就业报告好坏参半之后，现在的焦点将集中在周五发布的消费者价格指数和核心通胀数据上，以寻找美联储12月会议政策决定轨迹的线索。</blockquote></p><p> <b>Stocks making the biggest moves premarket: </b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Nvidia(NVDA) </b>– The graphics chip maker’s stock slid 4.3% in the premarket, as it deals with continuing obstacles to its planned takeover of British chipmaker ARM. EU antitrust regulators have halted their investigation of the deal as they await more information, and last week the U.S. FTC sued to block the transaction.</p><p><blockquote><b>英伟达(NVDA)</b>-这家图形芯片制造商的股价在盘前下跌4.3%，因为该公司计划收购英国芯片制造商ARM面临持续的障碍。欧盟反垄断监管机构已停止对该交易的调查，等待更多信息，上周美国联邦贸易委员会提起诉讼阻止该交易。</blockquote></p><p> <b>Lucid Group(LCID)</b> – The electric vehicle maker’s stock slumped 14.7% in premarket trading after it received a subpoena from the Securities and Exchange Commission. Lucid said the subpoena requested documents related to its SPAC merger deal with Churchill Capital Corp.</p><p><blockquote><b>Lucid集团(LCID)</b>-在收到美国证券交易委员会的传票后，这家电动汽车制造商的股价在盘前交易中下跌14.7%。Lucid表示，传票要求提供与其SPAC与Churchill Capital Corp.合并交易相关的文件。</blockquote></p><p> <b>Tesla(</b><b>TSLA</b><b>)</b><b>&nbsp;</b>–&nbsp;Tesla stock dropped nearly 3% in premarket trading&nbsp;after&nbsp;the SEC launched an investigation into the informant's claim that Tesla solar panels were defective.In addition,Tesla&nbsp;recalled 21,599 Model Ys made in China, citing steering knuckle issues.</p><p><blockquote><b>特斯拉(</b><b>特斯拉</b><b>)</b><b> </b>-在SEC对线人声称特斯拉太阳能电池板存在缺陷展开调查后，特斯拉股价在盘前交易中下跌近3%。此外，特斯拉以转向节问题为由召回21599辆国产Model Y。</blockquote></p><p> <b>Alibaba(BABA) </b>– The China-based e-commerce giant saw its shares add 1% in premarket action after it announced a reorganization of its e-commerce teams and named a new chief financial officer.</p><p><blockquote><b>阿里巴巴-SW（父亲）</b>-这家中国电子商务巨头宣布重组电子商务团队并任命新首席财务官后，其股价在盘前上涨1%。</blockquote></p><p> <b>CF Acquisition Corp VI(CFVI)</b>&nbsp;–&nbsp;YouTube competitor Rumble&nbsp;would&nbsp;go public via SPAC CF Acquisition VI.CF Acquisition Corp VI stock jumped 23% in premarket trading.</p><p><blockquote><b>CF收购公司VI(CFVI)</b>-YouTube竞争对手Rumble将通过SPAC CF Acquisition VI上市。CF Acquisition Corp VI股价在盘前交易中上涨23%。</blockquote></p><p> <b>Digital World Acquisition(DWAC)</b>&nbsp;–&nbsp;Digital World Acquisition stock surged 10% in premarket trading.Trump's social media venture says it has raised $1 bln.</p><p><blockquote><b>数字世界采集(DWAC)</b>–Digital World Acquisition股价在盘前交易中飙升10%。特朗普的社交媒体企业表示已筹集10亿美元。</blockquote></p><p> <b>Kohl’s(KSS)</b> – The retailer’s stock rallied 4.2% in the premarket following news that activist investor Engine Capital is urging Kohl’s to consider either a sale of the company or a separation of its e-commerce business. Engine Capital has a Kohl’s stake of approximately 1%.</p><p><blockquote><b>美国柯尔百货公司(KSS)</b>–有消息称，激进投资者Engine Capital敦促Kohl's考虑出售该公司或剥离其电子商务业务，该零售商的股价在盘前上涨4.2%。Engine Capital持有Kohl's约1%的股份。</blockquote></p><p> <b>Electronic Arts(EA)</b> – The video game maker gained 1.9% in premarket trading after Citi upgraded the stock to “buy” from “neutral.” Citi said the recent slide presents a buying opportunity despite concerns over factors like the weakness in EA’s “Battlefield 2042” title.</p><p><blockquote><b>电子艺界(EA)</b>-花旗将该股评级从“中性”上调至“买入”后，这家视频游戏制造商在盘前交易中上涨1.9%。花旗表示，尽管人们担心艺电《战地2042》游戏的疲软等因素，但最近的下滑仍提供了买入机会。</blockquote></p><p> <b>GCP Applied Technologies(GCP)</b> – The maker of specialty construction chemicals agreed to be acquired by French construction company Saint-Gobain for $32 per share in cash, or about $32 billion. GCP surged 14.4% in premarket trading.</p><p><blockquote><b>GCP应用技术(GCP)</b>-这家特种建筑化学品制造商同意被法国建筑公司圣戈班以每股32美元现金（约合320亿美元）收购。GCP在盘前交易中飙升14.4%。</blockquote></p><p> <b>FactSet Research(FDS) </b>– The provider of financial information will join the S&amp;P 500 prior to the market opening on December 20, along with&nbsp;Signature Bank(SBNY) and&nbsp;SolarEdge Technologies(SEDG). They’ll replaceLeggett &amp; Platt(LEG),Hanesbrands(HBI), and&nbsp;Western Union(WU), which will all move to the S&amp;P MidCap 400.</p><p><blockquote><b>FactSet研究(FDS)</b>-财务信息提供商将在12月20日开市前与Signature Bank(SBNY)和SolarEdge Technologies(SEDG)一起加入标普500。它们将取代Leggett&amp;Platt(LEG)、Hanesbrands(HBI)和Western Union(WU)，这些公司都将迁至S&amp;P中型股400指数。</blockquote></p><p> <b>MicroStrategy(MSTR) </b>– MicroStrategy tumbled 7.6% in the premarket following the weekend slide in the price of bitcoin. The business analytics software company has billions of dollars in bitcoin holdings on its balance sheet.</p><p><blockquote><b>微策略(MSTR)</b>-继比特币股价周末下跌后，MicroStrategy盘前下跌7.6%。这家商业分析软件公司的资产负债表上持有数十亿美元的比特币资产。</blockquote></p><p> <b>Spirit Airlines(SAVE) </b>– Spirit rose 1.4% in the premarket after Evercore upgraded the airline’s stock to “outperform” from “in-line,” saying the company winds up in a better place each time it goes through a recovery cycle.</p><p><blockquote><b>精神航空(SAVE)</b>-Spirit在盘前上涨1.4%，此前Evercore将该航空公司的股票评级从“持平”上调至“跑赢大盘”，并表示该公司每次经历复苏周期时都会处于更好的位置。</blockquote></p><p> <b>Wells Fargo(WFC) </b>– The bank was named a “top pick” at Morgan Stanley, which notes that faster interest rate hikes will benefit the banking sector and that the omicron Covid-19 variant will only push recovery out by a quarter or so. Wells Fargo shares added 1.4% in the premarket.</p><p><blockquote><b>富国银行(WFC)</b>-该银行被摩根士丹利评为“首选”，摩根士丹利指出，更快的加息将有利于银行业，而奥密克戎Covid-19变种只会将复苏推迟四分之一左右。富国银行股价盘前上涨1.4%。</blockquote></p><p> <b>Boston Beer(SAM) </b>– The brewer’s stock added 1.2% in premarket action, following a Cowen upgrade to “market perform” from “underperform”. Cowen notes the slump in the stock price since August, but said it sees signs of stabilization and negative revisions to earnings are now priced into the stock.</p><p><blockquote><b>波士顿啤酒（SAM）</b>-在Cowen将评级从“表现不佳”上调至“市场表现”后，该啤酒制造商的股价在盘前上涨了1.2%。Cowen指出股价自8月份以来暴跌，但表示看到了企稳的迹象，盈利的负面修正现已反映在该股的价格中。</blockquote></p><p></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>Toplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Monday<blockquote>周一美国市场开盘前的顶线</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-12-06 21:13</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The Nasdaq index was set for a lower open on Monday as mega-cap technology firms slipped and shares of Nvidia led declines among major chipmakers, while Dow futures were supported by a rise in economy-sensitive stocks.</p><p><blockquote>纳斯达克指数周一开盘走低，原因是大型科技公司下滑，英伟达股价领跌主要芯片制造商，而道指期货则受到对经济敏感的股票上涨的支撑。</blockquote></p><p> At 8:00 a.m. ET, Dow e-minis were up 198 points, or 0.57%, S&amp;P 500 e-minis were up 10.25 points, or 0.23%, and Nasdaq 100 e-minis were down 55.75 points, or 0.35%.</p><p><blockquote>截至美国东部时间上午8:00，道指e-mini上涨198点，涨幅0.57%，标普500 e-mini上涨10.25点，涨幅0.23%，纳斯达克100 e-mini下跌55.75点，涨幅0.35%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/1463820447570ba6f65ee49e1b05c085\" tg-width=\"1080\" tg-height=\"384\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Stocks exposed to cryptocurrencies plunged in premarket trading on Monday as Bitcoin’s retreat from the record high it reached last month ballooned to nearly 30%.Marathon Digital,Riot Blockchain,Ebang international,Coinbase,BIT Mining,Canaan and SoS Ltd fell between 4% and 10%.</p><p><blockquote>周一，随着比特币从上个月创下的历史新高回落至近30%，加密货币股票在盘前交易中暴跌。Marathon Digital、Riot Blockchain、亿邦国际、Coinbase、BIT Mining、Canaan和SoS Ltd跌幅在4%和10%之间。</blockquote></p><p> After a mixed jobs report last week, focus will now be on the release of consumer price index and core inflation readings on Friday for clues on the trajectory of the Fed's policy decision at its December meeting.</p><p><blockquote>在上周就业报告好坏参半之后，现在的焦点将集中在周五发布的消费者价格指数和核心通胀数据上，以寻找美联储12月会议政策决定轨迹的线索。</blockquote></p><p> <b>Stocks making the biggest moves premarket: </b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <b>Nvidia(NVDA) </b>– The graphics chip maker’s stock slid 4.3% in the premarket, as it deals with continuing obstacles to its planned takeover of British chipmaker ARM. EU antitrust regulators have halted their investigation of the deal as they await more information, and last week the U.S. FTC sued to block the transaction.</p><p><blockquote><b>英伟达(NVDA)</b>-这家图形芯片制造商的股价在盘前下跌4.3%，因为该公司计划收购英国芯片制造商ARM面临持续的障碍。欧盟反垄断监管机构已停止对该交易的调查，等待更多信息，上周美国联邦贸易委员会提起诉讼阻止该交易。</blockquote></p><p> <b>Lucid Group(LCID)</b> – The electric vehicle maker’s stock slumped 14.7% in premarket trading after it received a subpoena from the Securities and Exchange Commission. Lucid said the subpoena requested documents related to its SPAC merger deal with Churchill Capital Corp.</p><p><blockquote><b>Lucid集团(LCID)</b>-在收到美国证券交易委员会的传票后，这家电动汽车制造商的股价在盘前交易中下跌14.7%。Lucid表示，传票要求提供与其SPAC与Churchill Capital Corp.合并交易相关的文件。</blockquote></p><p> <b>Tesla(</b><b>TSLA</b><b>)</b><b>&nbsp;</b>–&nbsp;Tesla stock dropped nearly 3% in premarket trading&nbsp;after&nbsp;the SEC launched an investigation into the informant's claim that Tesla solar panels were defective.In addition,Tesla&nbsp;recalled 21,599 Model Ys made in China, citing steering knuckle issues.</p><p><blockquote><b>特斯拉(</b><b>特斯拉</b><b>)</b><b> </b>-在SEC对线人声称特斯拉太阳能电池板存在缺陷展开调查后，特斯拉股价在盘前交易中下跌近3%。此外，特斯拉以转向节问题为由召回21599辆国产Model Y。</blockquote></p><p> <b>Alibaba(BABA) </b>– The China-based e-commerce giant saw its shares add 1% in premarket action after it announced a reorganization of its e-commerce teams and named a new chief financial officer.</p><p><blockquote><b>阿里巴巴-SW（父亲）</b>-这家中国电子商务巨头宣布重组电子商务团队并任命新首席财务官后，其股价在盘前上涨1%。</blockquote></p><p> <b>CF Acquisition Corp VI(CFVI)</b>&nbsp;–&nbsp;YouTube competitor Rumble&nbsp;would&nbsp;go public via SPAC CF Acquisition VI.CF Acquisition Corp VI stock jumped 23% in premarket trading.</p><p><blockquote><b>CF收购公司VI(CFVI)</b>-YouTube竞争对手Rumble将通过SPAC CF Acquisition VI上市。CF Acquisition Corp VI股价在盘前交易中上涨23%。</blockquote></p><p> <b>Digital World Acquisition(DWAC)</b>&nbsp;–&nbsp;Digital World Acquisition stock surged 10% in premarket trading.Trump's social media venture says it has raised $1 bln.</p><p><blockquote><b>数字世界采集(DWAC)</b>–Digital World Acquisition股价在盘前交易中飙升10%。特朗普的社交媒体企业表示已筹集10亿美元。</blockquote></p><p> <b>Kohl’s(KSS)</b> – The retailer’s stock rallied 4.2% in the premarket following news that activist investor Engine Capital is urging Kohl’s to consider either a sale of the company or a separation of its e-commerce business. Engine Capital has a Kohl’s stake of approximately 1%.</p><p><blockquote><b>美国柯尔百货公司(KSS)</b>–有消息称，激进投资者Engine Capital敦促Kohl's考虑出售该公司或剥离其电子商务业务，该零售商的股价在盘前上涨4.2%。Engine Capital持有Kohl's约1%的股份。</blockquote></p><p> <b>Electronic Arts(EA)</b> – The video game maker gained 1.9% in premarket trading after Citi upgraded the stock to “buy” from “neutral.” Citi said the recent slide presents a buying opportunity despite concerns over factors like the weakness in EA’s “Battlefield 2042” title.</p><p><blockquote><b>电子艺界(EA)</b>-花旗将该股评级从“中性”上调至“买入”后，这家视频游戏制造商在盘前交易中上涨1.9%。花旗表示，尽管人们担心艺电《战地2042》游戏的疲软等因素，但最近的下滑仍提供了买入机会。</blockquote></p><p> <b>GCP Applied Technologies(GCP)</b> – The maker of specialty construction chemicals agreed to be acquired by French construction company Saint-Gobain for $32 per share in cash, or about $32 billion. GCP surged 14.4% in premarket trading.</p><p><blockquote><b>GCP应用技术(GCP)</b>-这家特种建筑化学品制造商同意被法国建筑公司圣戈班以每股32美元现金（约合320亿美元）收购。GCP在盘前交易中飙升14.4%。</blockquote></p><p> <b>FactSet Research(FDS) </b>– The provider of financial information will join the S&amp;P 500 prior to the market opening on December 20, along with&nbsp;Signature Bank(SBNY) and&nbsp;SolarEdge Technologies(SEDG). They’ll replaceLeggett &amp; Platt(LEG),Hanesbrands(HBI), and&nbsp;Western Union(WU), which will all move to the S&amp;P MidCap 400.</p><p><blockquote><b>FactSet研究(FDS)</b>-财务信息提供商将在12月20日开市前与Signature Bank(SBNY)和SolarEdge Technologies(SEDG)一起加入标普500。它们将取代Leggett&amp;Platt(LEG)、Hanesbrands(HBI)和Western Union(WU)，这些公司都将迁至S&amp;P中型股400指数。</blockquote></p><p> <b>MicroStrategy(MSTR) </b>– MicroStrategy tumbled 7.6% in the premarket following the weekend slide in the price of bitcoin. The business analytics software company has billions of dollars in bitcoin holdings on its balance sheet.</p><p><blockquote><b>微策略(MSTR)</b>-继比特币股价周末下跌后，MicroStrategy盘前下跌7.6%。这家商业分析软件公司的资产负债表上持有数十亿美元的比特币资产。</blockquote></p><p> <b>Spirit Airlines(SAVE) </b>– Spirit rose 1.4% in the premarket after Evercore upgraded the airline’s stock to “outperform” from “in-line,” saying the company winds up in a better place each time it goes through a recovery cycle.</p><p><blockquote><b>精神航空(SAVE)</b>-Spirit在盘前上涨1.4%，此前Evercore将该航空公司的股票评级从“持平”上调至“跑赢大盘”，并表示该公司每次经历复苏周期时都会处于更好的位置。</blockquote></p><p> <b>Wells Fargo(WFC) </b>– The bank was named a “top pick” at Morgan Stanley, which notes that faster interest rate hikes will benefit the banking sector and that the omicron Covid-19 variant will only push recovery out by a quarter or so. Wells Fargo shares added 1.4% in the premarket.</p><p><blockquote><b>富国银行(WFC)</b>-该银行被摩根士丹利评为“首选”，摩根士丹利指出，更快的加息将有利于银行业，而奥密克戎Covid-19变种只会将复苏推迟四分之一左右。富国银行股价盘前上涨1.4%。</blockquote></p><p> <b>Boston Beer(SAM) </b>– The brewer’s stock added 1.2% in premarket action, following a Cowen upgrade to “market perform” from “underperform”. Cowen notes the slump in the stock price since August, but said it sees signs of stabilization and negative revisions to earnings are now priced into the stock.</p><p><blockquote><b>波士顿啤酒（SAM）</b>-在Cowen将评级从“表现不佳”上调至“市场表现”后，该啤酒制造商的股价在盘前上涨了1.2%。Cowen指出股价自8月份以来暴跌，但表示看到了企稳的迹象，盈利的负面修正现已反映在该股的价格中。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","SAM":"波斯顿啤酒",".DJI":"道琼斯","BABA":"阿里巴巴","WFC":"富国银行","KSS":"柯尔百货","SAVE":"Spirit Airlines","FDS":"辉盛研究系统","EA":"艺电",".SPX":"S&P 500 Index","LCID":"Lucid Group Inc",".IXIC":"NASDAQ Composite","MSTR":"Strategy"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191091006","content_text":"The Nasdaq index was set for a lower open on Monday as mega-cap technology firms slipped and shares of Nvidia led declines among major chipmakers, while Dow futures were supported by a rise in economy-sensitive stocks.\nAt 8:00 a.m. ET, Dow e-minis were up 198 points, or 0.57%, S&P 500 e-minis were up 10.25 points, or 0.23%, and Nasdaq 100 e-minis were down 55.75 points, or 0.35%.\n\nStocks exposed to cryptocurrencies plunged in premarket trading on Monday as Bitcoin’s retreat from the record high it reached last month ballooned to nearly 30%.Marathon Digital,Riot Blockchain,Ebang international,Coinbase,BIT Mining,Canaan and SoS Ltd fell between 4% and 10%.\nAfter a mixed jobs report last week, focus will now be on the release of consumer price index and core inflation readings on Friday for clues on the trajectory of the Fed's policy decision at its December meeting.\nStocks making the biggest moves premarket: \nNvidia(NVDA) – The graphics chip maker’s stock slid 4.3% in the premarket, as it deals with continuing obstacles to its planned takeover of British chipmaker ARM. EU antitrust regulators have halted their investigation of the deal as they await more information, and last week the U.S. FTC sued to block the transaction.\nLucid Group(LCID) – The electric vehicle maker’s stock slumped 14.7% in premarket trading after it received a subpoena from the Securities and Exchange Commission. Lucid said the subpoena requested documents related to its SPAC merger deal with Churchill Capital Corp.\nTesla(TSLA) – Tesla stock dropped nearly 3% in premarket trading after the SEC launched an investigation into the informant's claim that Tesla solar panels were defective.In addition,Tesla recalled 21,599 Model Ys made in China, citing steering knuckle issues.\nAlibaba(BABA) – The China-based e-commerce giant saw its shares add 1% in premarket action after it announced a reorganization of its e-commerce teams and named a new chief financial officer.\nCF Acquisition Corp VI(CFVI) – YouTube competitor Rumble would go public via SPAC CF Acquisition VI.CF Acquisition Corp VI stock jumped 23% in premarket trading.\nDigital World Acquisition(DWAC) – Digital World Acquisition stock surged 10% in premarket trading.Trump's social media venture says it has raised $1 bln.\nKohl’s(KSS) – The retailer’s stock rallied 4.2% in the premarket following news that activist investor Engine Capital is urging Kohl’s to consider either a sale of the company or a separation of its e-commerce business. Engine Capital has a Kohl’s stake of approximately 1%.\nElectronic Arts(EA) – The video game maker gained 1.9% in premarket trading after Citi upgraded the stock to “buy” from “neutral.” Citi said the recent slide presents a buying opportunity despite concerns over factors like the weakness in EA’s “Battlefield 2042” title.\nGCP Applied Technologies(GCP) – The maker of specialty construction chemicals agreed to be acquired by French construction company Saint-Gobain for $32 per share in cash, or about $32 billion. GCP surged 14.4% in premarket trading.\nFactSet Research(FDS) – The provider of financial information will join the S&P 500 prior to the market opening on December 20, along with Signature Bank(SBNY) and SolarEdge Technologies(SEDG). They’ll replaceLeggett & Platt(LEG),Hanesbrands(HBI), and Western Union(WU), which will all move to the S&P MidCap 400.\nMicroStrategy(MSTR) – MicroStrategy tumbled 7.6% in the premarket following the weekend slide in the price of bitcoin. The business analytics software company has billions of dollars in bitcoin holdings on its balance sheet.\nSpirit Airlines(SAVE) – Spirit rose 1.4% in the premarket after Evercore upgraded the airline’s stock to “outperform” from “in-line,” saying the company winds up in a better place each time it goes through a recovery cycle.\nWells Fargo(WFC) – The bank was named a “top pick” at Morgan Stanley, which notes that faster interest rate hikes will benefit the banking sector and that the omicron Covid-19 variant will only push recovery out by a quarter or so. Wells Fargo shares added 1.4% in the premarket.\nBoston Beer(SAM) – The brewer’s stock added 1.2% in premarket action, following a Cowen upgrade to “market perform” from “underperform”. Cowen notes the slump in the stock price since August, but said it sees signs of stabilization and negative revisions to earnings are now priced into the stock.","news_type":1,"symbols_score_info":{".SPX":0.9,"MSTR":0.9,"CFVI":0.9,"YMmain":0.9,"FDS":0.9,"EA":0.9,"WFC":0.9,"ESmain":0.9,"KSS":0.9,"SAVE":0.9,"TSLA":0.9,"SAM":0.9,"LCID":0.9,".DJI":0.9,"GCP":0.9,"DWAC":0.9,"NQmain":0.9,".IXIC":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":2932,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":870561774,"gmtCreate":1636635302904,"gmtModify":1636635303324,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/T39.SI\">$SINGAPORE PRESS HLDGS LTD(T39.SI)$</a>Huat 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buy","text":"$IFAST CORPORATION LTD.(AIY.SI)$Still my best buy","images":[{"img":"https://static.tigerbbs.com/43fe30e0e482c8366f60a73c890b44e8","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":12,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/175157591","isVote":1,"tweetType":1,"viewCount":1056,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":137459581,"gmtCreate":1622380619843,"gmtModify":1634101917858,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"Wonder if it's good time to buy","listText":"Wonder if it's good time to buy","text":"Wonder if it's good time to buy","images":[{"img":"https://static.tigerbbs.com/87ec532047a91d06509a65f1f521e394","width":"1080","height":"3120"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":1,"link":"https://laohu8.com/post/137459581","isVote":1,"tweetType":1,"viewCount":678,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":196956780,"gmtCreate":1621007687740,"gmtModify":1631886489195,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/OYY.SI\">$PROPNEX LIMITED(OYY.SI)$</a>Should I sell","listText":"<a href=\"https://laohu8.com/S/OYY.SI\">$PROPNEX LIMITED(OYY.SI)$</a>Should I sell","text":"$PROPNEX LIMITED(OYY.SI)$Should I sell","images":[{"img":"https://static.tigerbbs.com/3e23b74c1183e72284bbee7488a7b9c0","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/196956780","isVote":1,"tweetType":1,"viewCount":553,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":379949812,"gmtCreate":1618662038937,"gmtModify":1631883667744,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AIY.SI\">$IFAST CORPORATION LTD.(AIY.SI)$</a>Should I take profit?&nbsp;","listText":"<a href=\"https://laohu8.com/S/AIY.SI\">$IFAST CORPORATION LTD.(AIY.SI)$</a>Should I take profit?&nbsp;","text":"$IFAST CORPORATION LTD.(AIY.SI)$Should I take profit?","images":[{"img":"https://static.tigerbbs.com/81823dce40716fc4c1876f608cc4bb5f","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/379949812","isVote":1,"tweetType":1,"viewCount":940,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":366869784,"gmtCreate":1614435460148,"gmtModify":1703477550455,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/8K7.SI\">$UG HEALTHCARE CORPORATION LTD(8K7.SI)$</a>Cui lah&nbsp;","listText":"<a href=\"https://laohu8.com/S/8K7.SI\">$UG HEALTHCARE CORPORATION LTD(8K7.SI)$</a>Cui lah&nbsp;","text":"$UG HEALTHCARE CORPORATION LTD(8K7.SI)$Cui lah","images":[{"img":"https://static.tigerbbs.com/2d234f828908b19b4845da344fb7a7c3","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":1,"link":"https://laohu8.com/post/366869784","isVote":1,"tweetType":1,"viewCount":811,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":829410256,"gmtCreate":1633532530053,"gmtModify":1633532530424,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/829410256","repostId":"1141587133","repostType":4,"isVote":1,"tweetType":1,"viewCount":327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":887981483,"gmtCreate":1631958154142,"gmtModify":1632805083069,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AIY.SI\">$IFAST CORPORATION LTD.(AIY.SI)$</a>Go go go&nbsp;","listText":"<a href=\"https://laohu8.com/S/AIY.SI\">$IFAST CORPORATION LTD.(AIY.SI)$</a>Go go go&nbsp;","text":"$IFAST CORPORATION LTD.(AIY.SI)$Go go go","images":[{"img":"https://static.tigerbbs.com/270cfb121ed6f7073d4f69169c98e11d","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/887981483","isVote":1,"tweetType":1,"viewCount":416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":145780788,"gmtCreate":1626245683744,"gmtModify":1631885481669,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"Time to sell&nbsp;","listText":"Time to sell&nbsp;","text":"Time to sell","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/145780788","repostId":"1153647839","repostType":4,"repost":{"id":"1153647839","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1626244543,"share":"https://www.laohu8.com/m/news/1153647839?lang=zh_CN&edition=full","pubTime":"2021-07-14 14:35","market":"us","language":"en","title":"Cathie Wood Trims Nvidia, Shopify Stakes And Piles Up Another $7M In Bitcoin Play Coinbase<blockquote>Cathie Wood削减了Nvidia和Shopify的股份，并在比特币公司Coinbase中再增持700万美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153647839","media":"Benzinga","summary":"Cathie Wood-led Ark Investment Management on Tuesday shed 785 shares, estimated to be worth about $6","content":"<p>Cathie Wood-led Ark Investment Management on Tuesday shed 785 shares, estimated to be worth about $635,850, in chipmaker<b>Nvidia Corp</b>(NASDAQ:NVDA).</p><p><blockquote>Cathie Wood领导的Ark Investment Management周二减持了这家芯片制造商的785股股票，估计价值约635,850美元<b>英伟达公司</b>（纳斯达克：NVDA）。</blockquote></p><p> Shares of Nvidia, which have risen 54.4% so far this year, closed 1.28% lower at $810 on Tuesday.</p><p><blockquote>英伟达股价今年迄今已上涨54.4%，周二收盘下跌1.28%，至810美元。</blockquote></p><p> The New York-based investment firm deployed the&nbsp;<b>ARK Space Exploration &amp; Innovation ETF</b>(BATS:ARKX) to sell the shares of Nvidia. Ark Invest also holds shares of the chipmaker via the&nbsp;<b>Autonomous Technology &amp; Robotics ETF</b>(BATS:ARKQ).</p><p><blockquote>总部位于纽约的投资公司部署了<b>方舟太空探索与创新ETF</b>（BATS：ARKX）出售英伟达股票。Ark Invest还通过<b>自主技术与机器人ETF</b>（蝙蝠：ARKQ）。</blockquote></p><p> Together the two ETFs held 62,437 NVDA shares, worth $50.57 million, as of Tuesday’s trades.</p><p><blockquote>截至周二交易，这两只ETF合计持有62,437股NVDA股票，价值5,057万美元。</blockquote></p><p> The popular investment firm also shed 16,034 shares, estimated to be worth about $24.3 million, in the Canadian e-commerce company&nbsp;<b>Shopify Inc</b>(NYSE:SHOP).</p><p><blockquote>这家受欢迎的投资公司还减持了这家加拿大电子商务公司的16034股股票，估计价值约2,430万美元<b>Shopify公司</b>（纽约证券交易所代码：SHOP）。</blockquote></p><p> Shopify shares closed 1.44% higher at $1,516.47 on Tuesday.</p><p><blockquote>Shopify股价周二收盘上涨1.44%，至1,516.47美元。</blockquote></p><p> The investment firm sold the shares of Shopify via the<b>ArkNext Generation Internet ETF</b>(NYSE:ARKW) on Tuesday and also holds the stock via the<b>Ark Innovation ETF</b>(NYSE:ARKK) and the<b>Ark Fintech Innovation ETF</b>(NYSE:ARKF).</p><p><blockquote>该投资公司通过<b>方舟下一代互联网ETF</b>（纽约证券交易所股票代码：ARKW）周二，并通过<b>方舟创新ETF</b>（纽约证券交易所代码：ARKK）和<b>方舟金融科技创新ETF</b>（纽约证券交易所代码：ARKF）。</blockquote></p><p> Together, the three ETFs held 1.08 million shares, worth $1.64 billion, in Shopify as of Tuesday’s trades.</p><p><blockquote>截至周二交易，这三只ETF总共持有Shopify 108万股，价值16.4亿美元。</blockquote></p><p> The investment firm snapped up 27,844 shares, estimated to be worth about $6.77 million, in cryptocurrency exchange desk&nbsp;<b>Coinbase Global Inc</b>(NASDAQ:COIN), on the dip.</p><p><blockquote>该投资公司在加密货币交易所抢购了27,844股股票，估计价值约677万美元<b>比特币基地全球公司</b>（纳斯达克：硬币），在下降。</blockquote></p><p> Shares of the cryptocurrency exchange closed 1.76% lower to $243.31 on Tuesday.</p><p><blockquote>该加密货币交易所股价周二收盘下跌1.76%，至243.31美元。</blockquote></p><p> Goldman Sachs earlier this week noted that even if the prices of&nbsp;<b>Bitcoin</b>(CRYPTO: BTC) and other cryptocurrencies were to see further dips, Coinbase willcontinue to benefitfrom the volatility.</p><p><blockquote>高盛本周早些时候指出，即使<b>比特币</b>（CRYPTO：BTC）和其他加密货币将进一步下跌，Coinbase将继续受益于波动。</blockquote></p><p> Ark Invest deployed ARKW to buy the shares of the company on Tuesday and also holds the stock via ARKK and ARKF.</p><p><blockquote>Ark Invest周二部署ARKW购买该公司股票，并通过ARKK和ARKF持有该股票。</blockquote></p><p> Together, the three ETFs held 5.3 million shares, worth $1.29 billion in Coinbase as of Tuesday’s trades.</p><p><blockquote>截至周二交易，这三只ETF总共持有Coinbase 530万股股票，价值12.9亿美元。</blockquote></p><p> Some of the other key Ark Invest sells on Tuesday include&nbsp;<b>JD.COM Inc</b>(NASDAQ:JD) and buys include&nbsp;<b>UiPath Inc</b>(NYSE:PATH).</p><p><blockquote>Ark Invest周二出售的其他一些关键产品包括<b>京东公司</b>（纳斯达克：JD）购买包括<b>UiPath公司</b>（纽约证券交易所代码：PATH）。</blockquote></p><p></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>Cathie Wood Trims Nvidia, Shopify Stakes And Piles Up Another $7M In Bitcoin Play Coinbase<blockquote>Cathie Wood削减了Nvidia和Shopify的股份，并在比特币公司Coinbase中再增持700万美元</blockquote></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\">\nCathie Wood Trims Nvidia, Shopify Stakes And Piles Up Another $7M In Bitcoin Play Coinbase<blockquote>Cathie Wood削减了Nvidia和Shopify的股份，并在比特币公司Coinbase中再增持700万美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-07-14 14:35</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Cathie Wood-led Ark Investment Management on Tuesday shed 785 shares, estimated to be worth about $635,850, in chipmaker<b>Nvidia Corp</b>(NASDAQ:NVDA).</p><p><blockquote>Cathie Wood领导的Ark Investment Management周二减持了这家芯片制造商的785股股票，估计价值约635,850美元<b>英伟达公司</b>（纳斯达克：NVDA）。</blockquote></p><p> Shares of Nvidia, which have risen 54.4% so far this year, closed 1.28% lower at $810 on Tuesday.</p><p><blockquote>英伟达股价今年迄今已上涨54.4%，周二收盘下跌1.28%，至810美元。</blockquote></p><p> The New York-based investment firm deployed the&nbsp;<b>ARK Space Exploration &amp; Innovation ETF</b>(BATS:ARKX) to sell the shares of Nvidia. Ark Invest also holds shares of the chipmaker via the&nbsp;<b>Autonomous Technology &amp; Robotics ETF</b>(BATS:ARKQ).</p><p><blockquote>总部位于纽约的投资公司部署了<b>方舟太空探索与创新ETF</b>（BATS：ARKX）出售英伟达股票。Ark Invest还通过<b>自主技术与机器人ETF</b>（蝙蝠：ARKQ）。</blockquote></p><p> Together the two ETFs held 62,437 NVDA shares, worth $50.57 million, as of Tuesday’s trades.</p><p><blockquote>截至周二交易，这两只ETF合计持有62,437股NVDA股票，价值5,057万美元。</blockquote></p><p> The popular investment firm also shed 16,034 shares, estimated to be worth about $24.3 million, in the Canadian e-commerce company&nbsp;<b>Shopify Inc</b>(NYSE:SHOP).</p><p><blockquote>这家受欢迎的投资公司还减持了这家加拿大电子商务公司的16034股股票，估计价值约2,430万美元<b>Shopify公司</b>（纽约证券交易所代码：SHOP）。</blockquote></p><p> Shopify shares closed 1.44% higher at $1,516.47 on Tuesday.</p><p><blockquote>Shopify股价周二收盘上涨1.44%，至1,516.47美元。</blockquote></p><p> The investment firm sold the shares of Shopify via the<b>ArkNext Generation Internet ETF</b>(NYSE:ARKW) on Tuesday and also holds the stock via the<b>Ark Innovation ETF</b>(NYSE:ARKK) and the<b>Ark Fintech Innovation ETF</b>(NYSE:ARKF).</p><p><blockquote>该投资公司通过<b>方舟下一代互联网ETF</b>（纽约证券交易所股票代码：ARKW）周二，并通过<b>方舟创新ETF</b>（纽约证券交易所代码：ARKK）和<b>方舟金融科技创新ETF</b>（纽约证券交易所代码：ARKF）。</blockquote></p><p> Together, the three ETFs held 1.08 million shares, worth $1.64 billion, in Shopify as of Tuesday’s trades.</p><p><blockquote>截至周二交易，这三只ETF总共持有Shopify 108万股，价值16.4亿美元。</blockquote></p><p> The investment firm snapped up 27,844 shares, estimated to be worth about $6.77 million, in cryptocurrency exchange desk&nbsp;<b>Coinbase Global Inc</b>(NASDAQ:COIN), on the dip.</p><p><blockquote>该投资公司在加密货币交易所抢购了27,844股股票，估计价值约677万美元<b>比特币基地全球公司</b>（纳斯达克：硬币），在下降。</blockquote></p><p> Shares of the cryptocurrency exchange closed 1.76% lower to $243.31 on Tuesday.</p><p><blockquote>该加密货币交易所股价周二收盘下跌1.76%，至243.31美元。</blockquote></p><p> Goldman Sachs earlier this week noted that even if the prices of&nbsp;<b>Bitcoin</b>(CRYPTO: BTC) and other cryptocurrencies were to see further dips, Coinbase willcontinue to benefitfrom the volatility.</p><p><blockquote>高盛本周早些时候指出，即使<b>比特币</b>（CRYPTO：BTC）和其他加密货币将进一步下跌，Coinbase将继续受益于波动。</blockquote></p><p> Ark Invest deployed ARKW to buy the shares of the company on Tuesday and also holds the stock via ARKK and ARKF.</p><p><blockquote>Ark Invest周二部署ARKW购买该公司股票，并通过ARKK和ARKF持有该股票。</blockquote></p><p> Together, the three ETFs held 5.3 million shares, worth $1.29 billion in Coinbase as of Tuesday’s trades.</p><p><blockquote>截至周二交易，这三只ETF总共持有Coinbase 530万股股票，价值12.9亿美元。</blockquote></p><p> Some of the other key Ark Invest sells on Tuesday include&nbsp;<b>JD.COM Inc</b>(NASDAQ:JD) and buys include&nbsp;<b>UiPath Inc</b>(NYSE:PATH).</p><p><blockquote>Ark Invest周二出售的其他一些关键产品包括<b>京东公司</b>（纳斯达克：JD）购买包括<b>UiPath公司</b>（纽约证券交易所代码：PATH）。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc.","NVDA":"英伟达","SHOP":"Shopify Inc"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153647839","content_text":"Cathie Wood-led Ark Investment Management on Tuesday shed 785 shares, estimated to be worth about $635,850, in chipmakerNvidia Corp(NASDAQ:NVDA).\nShares of Nvidia, which have risen 54.4% so far this year, closed 1.28% lower at $810 on Tuesday.\nThe New York-based investment firm deployed the ARK Space Exploration & Innovation ETF(BATS:ARKX) to sell the shares of Nvidia. Ark Invest also holds shares of the chipmaker via the Autonomous Technology & Robotics ETF(BATS:ARKQ).\nTogether the two ETFs held 62,437 NVDA shares, worth $50.57 million, as of Tuesday’s trades.\nThe popular investment firm also shed 16,034 shares, estimated to be worth about $24.3 million, in the Canadian e-commerce company Shopify Inc(NYSE:SHOP).\nShopify shares closed 1.44% higher at $1,516.47 on Tuesday.\nThe investment firm sold the shares of Shopify via theArkNext Generation Internet ETF(NYSE:ARKW) on Tuesday and also holds the stock via theArk Innovation ETF(NYSE:ARKK) and theArk Fintech Innovation ETF(NYSE:ARKF).\nTogether, the three ETFs held 1.08 million shares, worth $1.64 billion, in Shopify as of Tuesday’s trades.\nThe investment firm snapped up 27,844 shares, estimated to be worth about $6.77 million, in cryptocurrency exchange desk Coinbase Global Inc(NASDAQ:COIN), on the dip.\nShares of the cryptocurrency exchange closed 1.76% lower to $243.31 on Tuesday.\nGoldman Sachs earlier this week noted that even if the prices of Bitcoin(CRYPTO: BTC) and other cryptocurrencies were to see further dips, Coinbase willcontinue to benefitfrom the volatility.\nArk Invest deployed ARKW to buy the shares of the company on Tuesday and also holds the stock via ARKK and ARKF.\nTogether, the three ETFs held 5.3 million shares, worth $1.29 billion in Coinbase as of Tuesday’s trades.\nSome of the other key Ark Invest sells on Tuesday include JD.COM Inc(NASDAQ:JD) and buys include UiPath 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LTD.(AIY.SI)$Time to sell?","images":[{"img":"https://static.tigerbbs.com/c6ff81bcc1d466f80c763bb9a0380e25","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/186567456","isVote":1,"tweetType":1,"viewCount":642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":189319843,"gmtCreate":1623245036082,"gmtModify":1631886754243,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01337\">$Razer(01337)$</a>From profit to loss","listText":"<a href=\"https://laohu8.com/S/01337\">$Razer(01337)$</a>From profit to loss","text":"$Razer(01337)$From profit to loss","images":[{"img":"https://static.tigerbbs.com/8f7d7a1bf09413f691351463c350eadc","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/189319843","isVote":1,"tweetType":1,"viewCount":533,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":137972466,"gmtCreate":1622292678555,"gmtModify":1634102479679,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"Still a good stock&nbsp;","listText":"Still a good stock&nbsp;","text":"Still a good 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end?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/101863401","repostId":"1186088353","repostType":4,"isVote":1,"tweetType":1,"viewCount":506,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373213893,"gmtCreate":1618847968312,"gmtModify":1631889033682,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/GE\">$General Electric Co(GE)$</a>Free money&nbsp;","listText":"<a href=\"https://laohu8.com/S/GE\">$General Electric Co(GE)$</a>Free money&nbsp;","text":"$General Electric Co(GE)$Free money","images":[{"img":"https://static.tigerbbs.com/e44148c63b3bc3b1c9a9f723b8d3c3a9","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/373213893","isVote":1,"tweetType":1,"viewCount":644,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":352694447,"gmtCreate":1616943583189,"gmtModify":1634523454809,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"General tech weak&nbsp;","listText":"General tech weak&nbsp;","text":"General tech weak","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/352694447","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616780260,"share":"https://www.laohu8.com/m/news/1141686975?lang=zh_CN&edition=full","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></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>Zhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote></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\">\nZhihu Technology fall on its first day of trading<blockquote>知乎科技上市首日下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-27 01:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股8.02美元，比该公司9.5美元的IPO价格低约15.6%。知乎IPO价格处于区间低端，公司估值约为53亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五宣布其首次公开募股定价为每股美国存托股9.50美元，处于预期区间的低端。这家总部位于中国的在线内容公司在IPO中发行了5500万份ADS，筹集了5.225亿美元，而该公司的定价约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎的商业模式与Quora相似，数百万人提问并交流他们的观点和经验。知乎已经成为国内最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。我们预计广告占收入的百分比将在未来五年内逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们预计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年和2025年分别增至31.5%和37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率从2019年的46.6%提升至2020年的56.0%。我们假设毛利率在2021年和2025年进一步提高至57.4%和62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用和营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总运营费用占收入的百分比由2019年的204.4%大幅下降至2020年的100.6%。我们预计这一比例将在2021年进一步提高至79%，2022年为69.2%，2025年为57.2%。运营费用的改善大部分来自未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>2020年底，知乎累计有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户为7570万，同比增长33%。该公司的关键优势之一是，它被公认为最值得信赖的在线内容社区之一，并被视为提供中国最优质的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎获得了包括百度和快手科技在内的领先投资者4.34亿美元的融资，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率估值倍数为36倍。如果我们将相同的市盈率倍数应用于该公司2020年2.07亿美元的销售额，这将表明隐含估值为75亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初是在2010年作为一个问答在线社区开发的。截至2020年底，共有3.15亿次问答，跨越1000多个垂直领域和57.1万个主题。按2020年平均移动月活跃用户数及收入计，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周元拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>关键人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性用户占总用户的56.9%。30岁以下人群占其总用户群的78.7%。一线及新一线城市佔总用户群的52.6%。知乎的很多用户都是学生和白领专业人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占公司收入的最大部分。2019年和2020年，广告分别占总收入的86.1%和62.4%。该公司的广告收入主要由其月活跃用户数和每个月活跃用户数的广告收入推动。2020年，公司月活跃用户数同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年引入付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，月均会员同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，公司推出Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了对约340万个付费内容的无限制访问，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它显示了高质量的数据和内容如何能够产生大量收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>2020年，内容商务解决方案和其他销售额也大幅增长。内容商务解决方案收入从2019年的60万元跃升至2020年的1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足其所有销售和营销需求，包括营销计划、为感兴趣的用户分配最相关的内容创作者以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将成为未来几年增长最快的行业之一。根据灼识谘询的资料，中国内容商务解决方案市场预期于2019年至2025年将享有46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指专注于UGC（用户生成内容）（包括PUGC（专业用户生成内容））的在线内容市场参与者，其中内容创作者也是用户，他们积极参与社区。与PGC（专业生成内容）玩家相比，内容社区通常可以激发更高水平的用户参与度、更具互动性的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由2015年的386亿元人民币增至2019年的2758亿元人民币，预计将进一步增至2025年的1.3万亿元人民币，2019年至2025年的复合年增长率为30.3%，高于整体在线内容市场增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电商、内容电商解决方案、直播虚拟礼品、在线游戏及在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一个主要积极因素是，越来越多的中国消费者愿意为更高质量的内容付费。预计2019年至2025年期间，中国在线内容社区的付费用户数量将以17.1%的复合年增长率增长，这意味着在线内容社区的额外付费用户将增加3.604亿至2025年的5.882亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国在线内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场较2015年增长两倍，2019年达到1.2万亿人民币。预计该市场将于2025年增至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国在线内容社区的市场规模（以收益计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国付费会员市场规模（以收入计），2015年至2025年（估计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供综合内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到向感兴趣的用户分发。中国内容商务解决方案市场预期将由2019年的人民币114亿元增长至2025年的人民币1123亿元，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>二零一五年至二零二五年（估计）中国内容商务解决方案市场规模（以收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":185,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326676857,"gmtCreate":1615643313579,"gmtModify":1703491852380,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/02660\">$ZENGAME(02660)$</a>can buy more?","listText":"<a href=\"https://laohu8.com/S/02660\">$ZENGAME(02660)$</a>can buy more?","text":"$ZENGAME(02660)$can buy more?","images":[{"img":"https://static.tigerbbs.com/11ff2905760d7e73888a31b0288e8ecf","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":1,"link":"https://laohu8.com/post/326676857","isVote":1,"tweetType":1,"viewCount":453,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":823115228,"gmtCreate":1633598232342,"gmtModify":1633608509264,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Disappointed&nbsp;","listText":"<a href=\"https://laohu8.com/S/AJBU.SI\">$KEPPEL DC REIT(AJBU.SI)$</a>Disappointed&nbsp;","text":"$KEPPEL DC REIT(AJBU.SI)$Disappointed","images":[{"img":"https://static.tigerbbs.com/7c3a4228145c3e069aa877a6e197b622","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/823115228","isVote":1,"tweetType":1,"viewCount":1040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":800473851,"gmtCreate":1627315170673,"gmtModify":1631886754068,"author":{"id":"3546519093286207","authorId":"3546519093286207","name":"cuteypie","avatar":"https://static.tigerbbs.com/324f57345522368552a82de3cf71ed5f","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3546519093286207","idStr":"3546519093286207"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01337\">$Razer(01337)$</a>die","listText":"<a href=\"https://laohu8.com/S/01337\">$Razer(01337)$</a>die","text":"$Razer(01337)$die","images":[{"img":"https://static.tigerbbs.com/b03dfa5fc181dddee257344b90bbf200","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/800473851","isVote":1,"tweetType":1,"viewCount":404,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}