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2021-04-24

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2021-05-08

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2021-04-20

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2021-06-01

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Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</blockquote>

2021-03-26

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Cathie Wood Cautions Investors Against Transacting With Bitcoin Until Tax Code Is Changed<blockquote>凯西·伍德警告投资者在税法改变之前不要与比特币进行交易</blockquote>

2021-05-28

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2021-03-31

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2021-04-06

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Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>

2021-04-05

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2021-04-01

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comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/150296923","repostId":"1150095060","repostType":4,"repost":{"id":"1150095060","kind":"news","pubTimestamp":1624874134,"share":"https://www.laohu8.com/m/news/1150095060?lang=zh_CN&edition=full","pubTime":"2021-06-28 17:55","market":"us","language":"en","title":"US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国IPO未来一周：滴滴在17个IPO周内首次亮相10亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150095060","media":"Renaissance Capital","summary":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant $DiDi Global Inc.$.DiDi plans to raise $3.9 billion at a $67.5 billion market cap. 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The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p><p><blockquote><b>迪迪</b>计划以675亿美元的市值筹集39亿美元。滴滴是中国占主导地位的打车应用程序，在4000个城镇拥有1500万司机。随着业务在疫情后复苏，这家尚未盈利的公司在2021年第一季度的收入增长了一倍多。新老投资者打算购买13亿美元的IPO。</blockquote></p><p> Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p><p><blockquote>网络安全平台<b><a href=\"https://laohu8.com/S/S\">哨兵一号公司</a></b>计划以82亿美元的市值筹集8.8亿美元。SentinelOne的Singularity平台是一个人工智能驱动的扩展检测和响应平台，可以摄取、关联和查询PB的结构化和非结构化数据，以提供自主网络安全防御。截至2011年4月30日，该公司快速增长且未盈利，拥有超过4,700名客户，高于一年前的2,700名。</blockquote></p><p> Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p><p><blockquote>土耳其电商平台<b>D-MARKET电子服务与交易</b>(HEPS)计划以39亿美元的市值筹集6.81亿美元。该公司以Hepsiburada的名义运营，在2020年连接了3300万会员、900万活跃客户和约4.5万家活跃商户。该公司增长迅速，但EBITDA在2021年第一季度上转为负值。</blockquote></p><p> Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p><p><blockquote>甜甜圈品牌<a href=\"https://laohu8.com/S/DNUT\"><b>克里斯皮·克雷姆公司。</b></a>计划以38亿美元的市值筹集6亿美元。Krispy Kreme是一家全渠道企业，通过甜甜圈店网络、与零售商的合作伙伴关系以及电子商务和送货业务运营。该公司拥有悠久的业绩记录和强大的品牌知名度，尽管其增长战略尚未得到证实。</blockquote></p><p> Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p><p><blockquote>法律解决方案提供商<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com公司</a></b>计划以53亿美元的市值筹集4.88亿美元。LegalZoom表示，它是一个领先的法律和合规解决方案在线平台，声称2020年美国10%的新有限责任公司和5%的新公司是通过LegalZoom成立的。该公司在2021年第一季度以EBITDA为基础实现盈利，业务遍及美国所有50个州和3,000多个县。</blockquote></p><p> Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p><p><blockquote>身份验证平台<b><a href=\"https://laohu8.com/S/YOU\">清晰安全公司。</a></b>计划以41亿美元的市值筹集3.76亿美元。Clear Secure的安全身份平台用于自动化身份验证过程，主要产品包括消费者航空订阅服务CLEAR Plus和两个移动应用程序。截至2011年5月31日，Clear Secure的网络包括38个机场、26个体育和娱乐合作伙伴以及67个支持健康通行证的合作伙伴。</blockquote></p><p> Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p><p><blockquote>中国杂货配送平台<b><a href=\"https://laohu8.com/S/DDL\">叮咚（开曼）有限公司</a></b>计划以60亿美元的市值筹集3.43亿美元。叮咚表示，以生鲜杂货为核心产品类别，是中国发展最快的按需电子商务公司。由于爆炸式增长，该公司在2020年按GMV计算的按需电子商务市场份额为10%。</blockquote></p><p> SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p><p><blockquote>SaaS解决方案提供商<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce公司。</a></b>计划以34亿美元的市值筹集3.25亿美元。EverCommerce是为服务型中小型企业提供垂直定制的集成SaaS解决方案的领先提供商。该公司为三个核心垂直领域的超过500,000名客户提供服务：家庭服务、健康服务以及健身与健康服务。</blockquote></p><p> Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p><p><blockquote>软件提供商<b><a href=\"https://laohu8.com/S/INTA\">Intapp公司。</a></b>计划以19亿美元的市值筹集2.78亿美元。Intapp为全球专业和金融服务行业提供特定行业的基于云的软件解决方案。截至2021年3月31日，该公司拥有超过1,600名客户，目前有超过20名客户的合同ARR超过100万美元。</blockquote></p><p> Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p><p><blockquote>在线制造市场<b><a href=\"https://laohu8.com/S/XMTR\">Xometry公司。</a></b>计划以19亿美元的市值筹集2.75亿美元。Xometry表示，它是一个领先的人工智能按需制造市场。其买家包括从自筹资金的初创企业到财富100强公司的企业。自成立以来，已通过Xometry平台制造了超过600万个零件。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p><p><blockquote><b><a href=\"https://laohu8.com/S/IAS\">积分广告科学控股有限责任公司</a></b>计划以25亿美元的市值筹集2.4亿美元。该公司的技术提供了旨在验证数字广告是否提供给真人、可在屏幕上查看、并出现在正确地理位置的品牌安全和合适的环境中的指标。截至2011年3月31日，Integral Ad Science在EBIT实现盈利，为2,000多名客户提供服务。</blockquote></p><p></p><p> Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p><p><blockquote>大码女装品牌<b><a href=\"https://laohu8.com/S/CURV\">托瑞德控股</a></b>计划以21亿美元的市值筹集1.56亿美元。按净销售额计算，Torrid是北美最大的直接面向消费者的女性大码服装和内衣品牌。这家盈利的公司通过实体店及其电子商务平台直接向消费者营销，这占截至2011年5月1日的12个月销售额的大部分。</blockquote></p><p> Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p><p><blockquote>阿尔茨海默病生物技术<b><a href=\"https://laohu8.com/S/ABOS\">Acumen制药公司。</a></b>计划以6.07亿美元的市值筹集1.25亿美元。该公司的主要候选药物ACU193是一种选择性靶向β淀粉样蛋白寡聚体的人源化单克隆抗体。ACU193在2021年第二季度进入了针对轻度痴呆或AD导致认知障碍患者的1期试验，预计将于2022年底获得数据。</blockquote></p><p> Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p><p><blockquote>数字金融服务提供商<b>尚乘数科</b>(<a href=\"https://laohu8.com/S/HKD\">$(港币)$</a>）计划以14亿美元的市值筹集1.2亿美元。尚乘数科表示，它是尚乘蜘蛛网生态系统核心的“聚变反应堆”，在亚洲运营着全面的数字化解决方案平台。该公司利润呈爆炸式增长，主要通过两个业务线的费用和佣金产生收入。</blockquote></p><p> Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p><p><blockquote>药物制剂开发人员<b>Aerovate疗法</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>）计划以3.25亿美元的市值筹集1亿美元。Aerovate最初的重点是推进AV-101，这是一种用于治疗肺动脉高压（PAH）的伊马替尼干粉吸入制剂。该公司已完成针对健康志愿者的1期研究，并预计将于2021年下半年开始针对PAH患者的2b/3期试验。</blockquote></p><p> Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p><p><blockquote>神经调节设备提供商<b> <a href=\"https://laohu8.com/S/CVRX\">CVRx公司</a></b>计划以3.33亿美元的市值筹集1亿美元。CVRx在其专有的BAROSTIM平台上制造和销售其微创神经调节解决方案。该公司表示，其BAROSTEM NEO产品是第一款也是唯一一款可用于改善射血分数降低的心力衰竭患者症状的商用神经调节设备。</blockquote></p><p> Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p><p><blockquote>比利时上市<b>尼克斯阿</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>）计划以8.03亿美元的市值筹集8700万美元。Nyxoah的主导产品是Genio系统，这是一种通过CE认证的微创舌下神经刺激疗法，用于治疗阻塞性睡眠呼吸暂停。该公司于2020年7月开始在欧洲从Genio产生收入，目前正在进行一项旨在支持美国营销授权的关键试验。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月24日，文艺复兴IPO指数今年迄今上涨了2.7%，而标普500上涨了13.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌1.5%，而ACWX指数上涨10.3%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>","source":"lsy1603787993745","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>US IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国IPO未来一周：滴滴在17个IPO周内首次亮相10亿美元</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\">\nUS IPO Week Ahead: DiDi makes its billion-dollar debut in a 17 IPO week<blockquote>美国IPO未来一周：滴滴在17个IPO周内首次亮相10亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-28 17:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant<b>&nbsp;<a href=\"https://laohu8.com/S/DIDI\">DiDi Global Inc.</a>.</b></p><p><blockquote>本周17起IPO预计筹集91亿美元，由期待已久的中国网约车巨头领投<b> <a href=\"https://laohu8.com/S/DIDI\">滴滴全球公司。</a>.</b></blockquote></p><p> <b>DiDi</b>&nbsp;plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.</p><p><blockquote><b>迪迪</b>计划以675亿美元的市值筹集39亿美元。滴滴是中国占主导地位的打车应用程序，在4000个城镇拥有1500万司机。随着业务在疫情后复苏，这家尚未盈利的公司在2021年第一季度的收入增长了一倍多。新老投资者打算购买13亿美元的IPO。</blockquote></p><p> Cybersecurity platform&nbsp;<b><a href=\"https://laohu8.com/S/S\">SentinelOne, Inc</a></b> plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.</p><p><blockquote>网络安全平台<b><a href=\"https://laohu8.com/S/S\">哨兵一号公司</a></b>计划以82亿美元的市值筹集8.8亿美元。SentinelOne的Singularity平台是一个人工智能驱动的扩展检测和响应平台，可以摄取、关联和查询PB的结构化和非结构化数据，以提供自主网络安全防御。截至2011年4月30日，该公司快速增长且未盈利，拥有超过4,700名客户，高于一年前的2,700名。</blockquote></p><p> Turkish e-commerce platform&nbsp;<b>D-MARKET Electronic Services &amp; Trading</b>(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.</p><p><blockquote>土耳其电商平台<b>D-MARKET电子服务与交易</b>(HEPS)计划以39亿美元的市值筹集6.81亿美元。该公司以Hepsiburada的名义运营，在2020年连接了3300万会员、900万活跃客户和约4.5万家活跃商户。该公司增长迅速，但EBITDA在2021年第一季度上转为负值。</blockquote></p><p> Doughnut brand&nbsp;<a href=\"https://laohu8.com/S/DNUT\"><b>Krispy Kreme, Inc.</a> </b>plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.</p><p><blockquote>甜甜圈品牌<a href=\"https://laohu8.com/S/DNUT\"><b>克里斯皮·克雷姆公司。</b></a>计划以38亿美元的市值筹集6亿美元。Krispy Kreme是一家全渠道企业，通过甜甜圈店网络、与零售商的合作伙伴关系以及电子商务和送货业务运营。该公司拥有悠久的业绩记录和强大的品牌知名度，尽管其增长战略尚未得到证实。</blockquote></p><p> Legal solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com, Inc</a> </b>plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.</p><p><blockquote>法律解决方案提供商<b><a href=\"https://laohu8.com/S/LZ\">LegalZoom.com公司</a></b>计划以53亿美元的市值筹集4.88亿美元。LegalZoom表示，它是一个领先的法律和合规解决方案在线平台，声称2020年美国10%的新有限责任公司和5%的新公司是通过LegalZoom成立的。该公司在2021年第一季度以EBITDA为基础实现盈利，业务遍及美国所有50个州和3,000多个县。</blockquote></p><p> Identity verification platform&nbsp;<b><a href=\"https://laohu8.com/S/YOU\">Clear Secure, Inc.</a></b> plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.</p><p><blockquote>身份验证平台<b><a href=\"https://laohu8.com/S/YOU\">清晰安全公司。</a></b>计划以41亿美元的市值筹集3.76亿美元。Clear Secure的安全身份平台用于自动化身份验证过程，主要产品包括消费者航空订阅服务CLEAR Plus和两个移动应用程序。截至2011年5月31日，Clear Secure的网络包括38个机场、26个体育和娱乐合作伙伴以及67个支持健康通行证的合作伙伴。</blockquote></p><p> Chinese grocery delivery platform&nbsp;<b><a href=\"https://laohu8.com/S/DDL\">Dingdong (Cayman) Limited</a> </b>plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.</p><p><blockquote>中国杂货配送平台<b><a href=\"https://laohu8.com/S/DDL\">叮咚（开曼）有限公司</a></b>计划以60亿美元的市值筹集3.43亿美元。叮咚表示，以生鲜杂货为核心产品类别，是中国发展最快的按需电子商务公司。由于爆炸式增长，该公司在2020年按GMV计算的按需电子商务市场份额为10%。</blockquote></p><p> SaaS solutions provider&nbsp;<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce Inc.</a></b> plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness &amp; Wellness Services.</p><p><blockquote>SaaS解决方案提供商<b><a href=\"https://laohu8.com/S/EVCM\">EverCommerce公司。</a></b>计划以34亿美元的市值筹集3.25亿美元。EverCommerce是为服务型中小型企业提供垂直定制的集成SaaS解决方案的领先提供商。该公司为三个核心垂直领域的超过500,000名客户提供服务：家庭服务、健康服务以及健身与健康服务。</blockquote></p><p> Software provider&nbsp;<b><a href=\"https://laohu8.com/S/INTA\">Intapp, Inc.</a> </b>plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.</p><p><blockquote>软件提供商<b><a href=\"https://laohu8.com/S/INTA\">Intapp公司。</a></b>计划以19亿美元的市值筹集2.78亿美元。Intapp为全球专业和金融服务行业提供特定行业的基于云的软件解决方案。截至2021年3月31日，该公司拥有超过1,600名客户，目前有超过20名客户的合同ARR超过100万美元。</blockquote></p><p> Online manufacturing marketplace&nbsp;<b><a href=\"https://laohu8.com/S/XMTR\">Xometry, Inc.</a></b> plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.</p><p><blockquote>在线制造市场<b><a href=\"https://laohu8.com/S/XMTR\">Xometry公司。</a></b>计划以19亿美元的市值筹集2.75亿美元。Xometry表示，它是一个领先的人工智能按需制造市场。其买家包括从自筹资金的初创企业到财富100强公司的企业。自成立以来，已通过Xometry平台制造了超过600万个零件。</blockquote></p><p> <b><a href=\"https://laohu8.com/S/IAS\">Integral Ad Science Holding LLC</a> </b>plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.</p><p><blockquote><b><a href=\"https://laohu8.com/S/IAS\">积分广告科学控股有限责任公司</a></b>计划以25亿美元的市值筹集2.4亿美元。该公司的技术提供了旨在验证数字广告是否提供给真人、可在屏幕上查看、并出现在正确地理位置的品牌安全和合适的环境中的指标。截至2011年3月31日，Integral Ad Science在EBIT实现盈利，为2,000多名客户提供服务。</blockquote></p><p></p><p> Plus-sized women’s apparel brand&nbsp;<b><a href=\"https://laohu8.com/S/CURV\">Torrid Holdings</a> </b>plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.</p><p><blockquote>大码女装品牌<b><a href=\"https://laohu8.com/S/CURV\">托瑞德控股</a></b>计划以21亿美元的市值筹集1.56亿美元。按净销售额计算，Torrid是北美最大的直接面向消费者的女性大码服装和内衣品牌。这家盈利的公司通过实体店及其电子商务平台直接向消费者营销，这占截至2011年5月1日的12个月销售额的大部分。</blockquote></p><p> Alzheimer’s biotech&nbsp;<b><a href=\"https://laohu8.com/S/ABOS\">Acumen Pharmaceuticals, Inc.</a></b> plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.</p><p><blockquote>阿尔茨海默病生物技术<b><a href=\"https://laohu8.com/S/ABOS\">Acumen制药公司。</a></b>计划以6.07亿美元的市值筹集1.25亿美元。该公司的主要候选药物ACU193是一种选择性靶向β淀粉样蛋白寡聚体的人源化单克隆抗体。ACU193在2021年第二季度进入了针对轻度痴呆或AD导致认知障碍患者的1期试验，预计将于2022年底获得数据。</blockquote></p><p> Digital financial services provider&nbsp;<b>AMTD Digital</b>(<a href=\"https://laohu8.com/S/HKD\">$(HKD)$</a>) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.</p><p><blockquote>数字金融服务提供商<b>尚乘数科</b>(<a href=\"https://laohu8.com/S/HKD\">$(港币)$</a>）计划以14亿美元的市值筹集1.2亿美元。尚乘数科表示，它是尚乘蜘蛛网生态系统核心的“聚变反应堆”，在亚洲运营着全面的数字化解决方案平台。该公司利润呈爆炸式增长，主要通过两个业务线的费用和佣金产生收入。</blockquote></p><p> Drug formulation developer&nbsp;<b>Aerovate Therapeutics</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.</p><p><blockquote>药物制剂开发人员<b>Aerovate疗法</b>(<a href=\"https://laohu8.com/S/AVTE\">$(AVTE)$</a>）计划以3.25亿美元的市值筹集1亿美元。Aerovate最初的重点是推进AV-101，这是一种用于治疗肺动脉高压（PAH）的伊马替尼干粉吸入制剂。该公司已完成针对健康志愿者的1期研究，并预计将于2021年下半年开始针对PAH患者的2b/3期试验。</blockquote></p><p> Neuromodulation device provider<b>&nbsp;<a href=\"https://laohu8.com/S/CVRX\">CVRx Inc</a> </b>plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.</p><p><blockquote>神经调节设备提供商<b> <a href=\"https://laohu8.com/S/CVRX\">CVRx公司</a></b>计划以3.33亿美元的市值筹集1亿美元。CVRx在其专有的BAROSTIM平台上制造和销售其微创神经调节解决方案。该公司表示，其BAROSTEM NEO产品是第一款也是唯一一款可用于改善射血分数降低的心力衰竭患者症状的商用神经调节设备。</blockquote></p><p> Belgium-listed&nbsp;<b>Nyxoah</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.</p><p><blockquote>比利时上市<b>尼克斯阿</b>(<a href=\"https://laohu8.com/S/NYXH\">$(NYXH)$</a>）计划以8.03亿美元的市值筹集8700万美元。Nyxoah的主导产品是Genio系统，这是一种通过CE认证的微创舌下神经刺激疗法，用于治疗阻塞性睡眠呼吸暂停。该公司于2020年7月开始在欧洲从Genio产生收入，目前正在进行一项旨在支持美国营销授权的关键试验。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/58f28d5f7f3b8e686c0bd006c2968b99\" tg-width=\"1131\" tg-height=\"684\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/508f1118f1d92b2b76391bc3610bd6c4\" tg-width=\"1131\" tg-height=\"657\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ed04cd42fa30b460fcf67e07efa6ddc7\" tg-width=\"1130\" tg-height=\"166\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&amp;P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月24日，文艺复兴IPO指数今年迄今上涨了2.7%，而标普500上涨了13.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有的顶级ETF包括Snowflake（SNOW）和Palantir Technologies（PLTR）。Renaissance International IPO指数今年迄今下跌1.5%，而ACWX指数上涨10.3%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有的顶级ETF包括思摩尔国际和殷拓合伙人。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week\">Renaissance Capital</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ABOS":"Acumen Pharmaceuticals, Inc.","EVCM":"EverCommerce Inc.","CURV":"Torrid Holdings","HEPS":"D-MARKET Electronic Services & Trading","DDL":"叮咚买菜","IAS":"Integral Ad Science Holding","YOU":"Clear Secure, Inc.","DIDI":"滴滴(已退市)","XMTR":"Xometry, Inc.","CVRX":"CVRx, Inc.","LZ":"LegalZoom.com, Inc","INTA":"Intapp, Inc.","DNUT":"Krispy Kreme, Inc.","S":"SentinelOne, Inc"},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83318/US-IPO-Week-Ahead-DiDi-makes-its-billion-dollar-debut-in-a-17-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150095060","content_text":"17 IPOs are slated to raise $9.1 billion in this week, led by long-awaited Chinese ride-hailing giant DiDi Global Inc..\nDiDi plans to raise $3.9 billion at a $67.5 billion market cap. DiDi is China’s dominant ride-hailing app, with 15 million drivers across 4,000 cities and towns. The unprofitable company saw revenue more than double in the 1Q21 as its business recovered post-pandemic.New and existing investors intend to purchase $1.3 billion of the IPO.\nCybersecurity platform SentinelOne, Inc plans to raise $880 million at an $8.2 billion market cap. SentinelOne's Singularity Platform is an AI-powered extended detection and response platform that ingests, correlates and queries petabytes of structured and unstructured data to provide autonomous cybersecurity defense. Fast growing and unprofitable, the company had over 4,700 customers as of 4/30/21, up from 2,700 a year prior.\nTurkish e-commerce platform D-MARKET Electronic Services & Trading(HEPS) plans to raise $681 million at a $3.9 billion market cap. Operating under the name Hepsiburada, the company connected 33 million members, 9 million Active Customers, and a base of approximately 45 thousand Active Merchants in 2020. The company is fast growing but EBITDA swung negative in the 1Q21.\nDoughnut brand Krispy Kreme, Inc. plans to raise $600 million at a $3.8 billion market cap. Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has a long track record and strong brand awareness, though its growth strategy is unproven.\nLegal solutions provider LegalZoom.com, Inc plans to raise $488 million at a $5.3 billion market cap. LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Profitable on an EBITDA basis in the 1Q21, the company operates across all 50 states and over 3,000 counties in the US.\nIdentity verification platform Clear Secure, Inc. plans to raise $376 million at a $4.1 billion market cap. Clear Secure's secure identity platform uses to automate the identity verification process, with main offerings including CLEAR Plus, a consumer aviation subscription service, and two mobile apps. As of 5/31/21, Clear Secure's network included 38 airports, 26 sports and entertainment partners, and 67 Health Pass-enabled partners.\nChinese grocery delivery platform Dingdong (Cayman) Limited plans to raise $343 million at a $6.0 billion market cap. With fresh groceries as its core product categories, Dingdong states that it is the fastest growing on-demand e-commerce company in China. Unprofitable with explosive growth, the company had a 10% share of the on-demand e-commerce market by GMV in 2020.\nSaaS solutions provider EverCommerce Inc. plans to raise $325 million at a $3.4 billion market cap. EverCommerce is a leading provider of integrated, vertically-tailored SaaS solutions for service-based SMBs. The company serves over 500,000 customers across three core verticals: Home Services, Health Services, and Fitness & Wellness Services.\nSoftware provider Intapp, Inc. plans to raise $278 million at a $1.9 billion market cap. Intapp provides industry-specific, cloud-based software solutions for the professional and financial services industry globally. The company had over 1,600 clients as of March 31, 2021, and it currently has more than 20 clients with contracts greater than $1 million of ARR.\nOnline manufacturing marketplace Xometry, Inc. plans to raise $275 million at a $1.9 billion market cap. Xometry states that it is a leading AI-enabled marketplace for on-demand manufacturing. Its buyers include businesses ranging from self-funded start-ups to Fortune 100 companies. Since its inception, over 6.0 million parts have been manufactured through Xometry's platform.\nIntegral Ad Science Holding LLC plans to raise $240 million at a $2.5 billion market cap. The company’s technology provides metrics designed to verify that digital ads are served to a real person, viewable on-screen, and appear in a brand-safe and suitable environment in the correct geography. Profitable on an EBIT basis, Integral Ad Science served over 2,000 customers as of 3/31/21.\nPlus-sized women’s apparel brand Torrid Holdings plans to raise $156 million at a $2.1 billion market cap. Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The profitable company markets directly to consumers via physical stores and its e-commerce platform, which represented a majority of sales in the 12 months ended 5/1/21.\nAlzheimer’s biotech Acumen Pharmaceuticals, Inc. plans to raise $125 million at a $607 million market cap. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.\nDigital financial services provider AMTD Digital($(HKD)$) plans to raise $120 million at a $1.4 billion market cap. AMTD Digital states that it is the \"fusion reactor\" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platform in Asia. Profitable with explosive growth, the company primarily generates revenue from fees and commissions in two lines of business.\nDrug formulation developer Aerovate Therapeutics($(AVTE)$) plans to raise $100 million at a $325 million market cap. Aerovate's initial focus is on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension (PAH). The company has completed a Phase 1 study in healthy volunteers and expects to begin a Phase 2b/3 trial in PAH patients in the 2H21.\nNeuromodulation device provider CVRx Inc plans to raise $100 million at a $333 million market cap. CVRx manufactures and markets its minimally invasive neuromodulation solutions on its proprietary BAROSTIM platform. The company's states that its BAROSTEM NEO product is the first and only commercially available neuromodulation device indicated to improve symptoms for patients with heart failure with reduced ejection fraction.\nBelgium-listed Nyxoah($(NYXH)$) plans to raise $87 million at an $803 million market cap. Nyxoah's lead product is the Genio system, a CE-marked, minimally-invasive hypoglossal neurostimulation therapy for obstructive sleep apnea. The company began generating revenue from Genio in Europe in July 2020 and is currently conducting a pivotal trial designed to support marketing authorization in the US.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/24/21, the Renaissance IPO Index was up 2.7% year-to-date, while the S&P 500 was up 13.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 1.5% year-to-date, while the ACWX was up 10.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1,"symbols_score_info":{"DDL":0.9,"CVRX":0.9,"ABOS":0.9,"CURV":0.9,"S":0.9,"YOU":0.9,"DIDI":0.9,"IAS":0.9,"EVCM":0.9,"HKIB":0.9,"LZ":0.9,"XMTR":0.9,"DNUT":0.9,"INTA":0.9,"HEPS":0.9}},"isVote":1,"tweetType":1,"viewCount":2057,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127078310,"gmtCreate":1624808370030,"gmtModify":1631889164807,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/127078310","repostId":"2146090006","repostType":4,"isVote":1,"tweetType":1,"viewCount":1778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122263431,"gmtCreate":1624623637523,"gmtModify":1631889164810,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment thanks","listText":"like and comment thanks","text":"like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/122263431","repostId":"2146023165","repostType":4,"isVote":1,"tweetType":1,"viewCount":3069,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128950088,"gmtCreate":1624498909444,"gmtModify":1631889164808,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment thanks","listText":"like and comment thanks","text":"like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/128950088","repostId":"2145156570","repostType":4,"isVote":1,"tweetType":1,"viewCount":2010,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121204698,"gmtCreate":1624464239914,"gmtModify":1631889164813,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment thanks","listText":"like and comment thanks","text":"like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/121204698","repostId":"2145531099","repostType":4,"isVote":1,"tweetType":1,"viewCount":2247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129554314,"gmtCreate":1624378627038,"gmtModify":1631889164814,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment thanks","listText":"like and comment thanks","text":"like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/129554314","repostId":"2145056554","repostType":4,"isVote":1,"tweetType":1,"viewCount":1854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167642842,"gmtCreate":1624267453486,"gmtModify":1631889164817,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment thansk","listText":"like and comment thansk","text":"like and comment thansk","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/167642842","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":2120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164331788,"gmtCreate":1624170508144,"gmtModify":1631889164819,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment thanks","listText":"like and comment thanks","text":"like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/164331788","repostId":"1199331995","repostType":4,"isVote":1,"tweetType":1,"viewCount":2623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165607574,"gmtCreate":1624121531598,"gmtModify":1631889164820,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment&nbsp;","listText":"like and comment&nbsp;","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/165607574","repostId":"1113942445","repostType":4,"isVote":1,"tweetType":1,"viewCount":2211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166369345,"gmtCreate":1623992092687,"gmtModify":1631893129616,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment&nbsp;","listText":"like and comment&nbsp;","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/166369345","repostId":"1175693382","repostType":4,"repost":{"id":"1175693382","kind":"news","pubTimestamp":1623978463,"share":"https://www.laohu8.com/m/news/1175693382?lang=zh_CN&edition=full","pubTime":"2021-06-18 09:07","market":"hk","language":"en","title":"Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175693382","media":"seekingalpha","summary":"Alibaba is probably the most undervalued growth stock right now.The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.The short term technical picture may be turning bullish with a potential double bottom price action signal.When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，当时BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明，社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</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>Alibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</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\">\nAlibaba Stock: The Bottoming Process Looks To Be Forming Already<blockquote>阿里巴巴-SW股票：触底过程似乎已经形成</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-18 09:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Alibaba is probably the most undervalued growth stock right now.</li>  <li>The company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.</li>  <li>The short term technical picture may be turning bullish with a potential double bottom price action signal.</li>  <li>We discuss the company’s multiple growth drivers and let investors judge for themselves.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/05e63c77d4f3f3dc3d618e43044638bb\" tg-width=\"768\" tg-height=\"512\"><span>Yongyuan Dai/iStock Unreleased via Getty Images</span></p><p><blockquote><ul><li>阿里巴巴-SW可能是目前最被低估的成长型股票。</li><li>该公司在快速扩张的市场中的多种增长动力使其估值看起来更加令人困惑。</li><li>短期技术面可能会转向看涨，并出现潜在的双底价格走势信号。</li><li>我们讨论公司的多种增长动力，让投资者自行判断。</li></ul><p class=\"t-img-caption\"><span>戴永源/iStock未通过Getty Images发布</span></p></blockquote></p><p> <b>The Technical Thesis</b></p><p><blockquote><b>技术论文</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7febf6ed056b0e3bc038321cdaad9b1c\" tg-width=\"1280\" tg-height=\"782\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> Alibaba’s&nbsp;stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.</p><p><blockquote>自11月20日早些时候蚂蚁金服IPO被取消以来，阿里巴巴-SW的股价已经经历了可怕的8个月，股价低迷，较高点下跌了34%。当考虑其长期上升趋势的健康状况时，很明显BABA具有相对较强的上升趋势偏差，并且通常在其关键的50W MA上得到良好支撑。过去4年中唯一一次失去关键的50W MA支撑位是在2018年熊市期间，当时BABA下跌了约40%，但仍在重要的200W MA上方得到良好支撑，我们通常认为这是“最后一道防线”。现在阿里巴巴再次面临类似的情况：下跌34%，失去了50W MA，但看起来在200W MA上方得到了很好的支撑。除此之外，价格行为分析中的一个有趣观察可能会导致价格行为交易者/投资者特别看涨：潜在的双底形成。阿里巴巴的价格似乎正在经历双底，就像2018年熊市期间一样，随后强劲反弹。因此，阿里巴巴目前的水平现在可能提供一个可能的技术买入切入点。</blockquote></p><p> <b>BABA's Fundamental Thesis: Rapidly Expanding Growth Drivers</b></p><p><blockquote><b>阿里巴巴的基本论点：快速扩大增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eba49f5881708929949c30628eedc5d4\" tg-width=\"934\" tg-height=\"578\"><span>Annual GMV. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年度GMV。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a4d6c4ed3e2402f5af52b2dea8bab411\" tg-width=\"836\" tg-height=\"517\"><span>Annual e-commerce revenue. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>年电子商务收入。数据来源：公司备案</span></p></blockquote></p><p> BABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.</p><p><blockquote>阿里巴巴的GMV在短短7年内从1.68 T元增长到7.49 T元，复合年增长率为23.8%，增速确实惊人。我们还看到其GMV增长转化为收入增长，其中国商业收入从76.7亿元增长至4736.8亿元，过去10年复合年增长率为51%。虽然其国际足迹仍然相当小，但在过去10年中，其复合年增长率仍为30.42%，这一点也不慢。</blockquote></p><p> Even though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.</p><p><blockquote>尽管预计未来三年中国电子商务市场的增长速度将大幅放缓，复合年增长率为12.4%，从2021年的13.8 T元（相当于2.16 T美元）增长到2024年的19.6 T元（相当于3.06 T美元），但庞大的市场规模仍然为阿里巴巴及其最接近的竞争对手提供了巨大的增长潜力。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ffe2dee43f267e1d1399c68e3ca60f36\" tg-width=\"600\" tg-height=\"371\"><span>E-commerce revenue in the U.S. Data source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国电子商务收入数据来源：Statista</span></p></blockquote></p><p> When we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.</p><p><blockquote>当我们通过比较中国与美国电子商务市场的增长率和规模来更清晰地看待事物时，我们可以看到它们的规模和增长率的巨大差异，因为美国电子商务市场预计仅增长2021年至2025年的复合年增长率为4.67%，明显低于中国的12.4%。此外，美国市场的总收入预计也将达到约5630亿美元，是届时中国市场预计价值的18%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d5a8d0d8a6a2dcdf667a6f33c6c9771\" tg-width=\"1280\" tg-height=\"702\"><span>Peers EBIT Margin and Projected EBIT Margin. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行息税前利润率和预计息税前利润率。数据来源：标普资本智商</span></p></blockquote></p><p> Even though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&amp;A, and therefore skewed its EBIT margin to the downside.</p><p><blockquote>尽管阿里巴巴-SW一直面临着来自快速增长的主要竞争对手京东（纳斯达克：JD）和拼多多（纳斯达克：PDD）的越来越大的竞争压力，但阿里巴巴已经在经营利润更高的业务（息税前利润和自由现金流），并且预计未来将继续实现强劲的盈利能力，这将使该公司具有巨大的灵活性，可以与京东和拼多多正面竞争，以扩大其领导地位。投资者可能会注意到，阿里巴巴的息税前利润率受到其SG&amp;A中反映的27.82亿美元一次性行政罚款的影响，因此其息税前利润率出现下行。</blockquote></p><p></p><p> One important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of&nbsp;823M AAC&nbsp;in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only&nbsp;100M AAC in Q2’C17&nbsp;as compared to BABA’s 466M AAC in the same period.</p><p><blockquote>一项重要举措是该公司决定进一步投资社区市场，这是拼多多的主要电子商务战略，拼多多在最近一个季度总共获得了8.23亿AAC，而阿里巴巴的AAC为8.91亿。与阿里巴巴同期的4.66亿AAC相比，拼多多的AAC在2017年第二季度仅有1亿AAC，其AAC增长确实是惊人的。</blockquote></p><p> Therefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.</p><p><blockquote>因此，增长势头肯定已经转向社区市场领域，阿里巴巴需要拿出重磅炸弹（它已经拥有）来与拼多多和京东争夺主导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3b83b69b08b1f4b11a26393c8e6eead5\" tg-width=\"600\" tg-height=\"371\"><span>Market size of community group buying in China. Data source: iiMedia Research</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国社区团购的市场规模。数据来源：艾媒咨询</span></p></blockquote></p><p> Even though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.</p><p><blockquote>尽管预计到2022年1020亿元的总市场规模仅占阿里巴巴21财年中国商业收入的21.5%左右，但阿里巴巴不能错过2019年至2022年3年内44.22%的预期快速复合年增长率。虽然市场还比较小，但BABA不能让这个市场目前的龙头：PDD在旁人无知的情况下，如此轻易地称霸并吞噬早期的高增长率。当然，阿里巴巴必须竞争并争取自己在这一领域的地位，并争取早期领导地位，以防止拼多多扩大领先优势。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b97b2b4a8a182dc9846d8fb7e4039877\" tg-width=\"1280\" tg-height=\"770\"><span>PDD profitability metrics &amp; revenue growth forecast. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>PDD盈利指标和收入增长预测。数据来源：标普资本智商</span></p></blockquote></p><p> We could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.</p><p><blockquote>我们可以从上图中观察到，拼多多的收入预计将在未来几年继续快速增长，尽管预计随后将正常化。更重要的是，拼多多预计未来的息税前利润和自由现金流盈利能力也将日益提高。这表明，社区市场细分市场是一个非常重要的增长动力，阿里巴巴必须利用其优势来利用它，以否认拼多多在游戏早期声称的无可争议的领导地位。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3aadc32155b4108426a1a982e3b5b1c2\" tg-width=\"640\" tg-height=\"360\"><span>China public cloud spending. Source:China Internet Watch; Canalys</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云支出。来源：中国互联网观察；Canalys</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c1538b9f7bdc8d6d35a72d9acf8ecbc\" tg-width=\"600\" tg-height=\"371\"><span>Size of China public cloud market. Data source: CAICT; Sina.com.cn</span></p><p><blockquote><p class=\"t-img-caption\"><span>中国公有云市场规模。数据来源：中国信通技术；新浪网</span></p></blockquote></p><p> BABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.</p><p><blockquote>阿里巴巴在中国公有云市场拥有40%的份额，远远领先于其主要竞争对手。然而，值得注意的是，尽管处于领先地位，阿里巴巴仍处于大力投资模式，以继续扩大其市场份额，因为中国公共云市场预计将从2017年的264.8亿元增长到2023年的2307.4亿元，这将代表CAGR 43.4%，这是一个令人难以置信的出色增长率。当我们将中国的增长率与全球增长率（见下文）进行比较时，这一点尤其明显，因为全球公共云支出预计将从2017年的1450亿美元增长到2022年的3970亿美元，这将代表22.3%的CAGR。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/06198c569504bc303c34563041dfb294\" tg-width=\"600\" tg-height=\"371\"><span>Worldwide public cloud spending. Data source: Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云支出。数据来源：Gartner</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8482037f60575f964053ab732496bee3\" tg-width=\"1176\" tg-height=\"700\"><span>Worldwide public cloud market share. Source:CnTechPost; Gartner</span></p><p><blockquote><p class=\"t-img-caption\"><span>全球公共云市场份额。来源：CnTechPost；Gartner</span></p></blockquote></p><p> Therefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.</p><p><blockquote>因此，阿里云在2020年以9.5%的市场份额继续扩大对Alphabet（纳斯达克：GOOGL）（纳斯达克：GOOG）GCP的领先优势，我并不觉得奇怪。虽然亚马逊仍然是市场上明显的领导者，但随着公共云支出的持续扩大，其市场份额一直在大幅下降，这表明多个参与者存在巨大的增长潜力。凭借阿里巴巴在快速扩张的中国市场的领导地位，我越来越看好该细分市场未来的利润和自由现金流对阿里巴巴业绩的贡献。尽管阿里巴巴的云部门尚未实现息税前利润（21财年息税前利润率：-15%，20财年息税前利润率：-17.5%），但值得注意的是，Alphabet的GCP也尚未实现盈利（20财年息税前利润率：-42.9%，19财年息税前利润率：-52%）。因此，我们需要给阿里巴巴一些时间来扩大其在亚太地区和中国的云服务规模，预计阿里巴巴将拥有更强大的领导力，使其能够更快地增长，投资者应该预计随着时间的推移，这将是一个高利润的细分市场。</blockquote></p><p> <b>BABA's Valuations Look Highly Compelling</b></p><p><blockquote><b>阿里巴巴的估值看起来非常引人注目</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/62a087c4b3ef7efc2c5dde813e3b959d\" tg-width=\"1000\" tg-height=\"600\"><span>NTM TEV / EBIT 3Y range.</span></p><p><blockquote><p class=\"t-img-caption\"><span>NTM TEV/EBIT 3Y范围。</span></p></blockquote></p><p></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b2605c0e5ad364a7a43929fef204595c\" tg-width=\"1280\" tg-height=\"687\"><span>EV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>EV/Fwd息税前利润和EV/Fwd Rev趋势。数据来源：标普资本智商</span></p></blockquote></p><p> When we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.</p><p><blockquote>当我们考虑阿里巴巴的TEV/EBIT历史范围（3年平均值为33.54倍）时，阿里巴巴的EV/Fwd EBIT趋势无疑意味着该股票被严重低估，因为预计阿里巴巴的收入和营业利润仍将快速增长。然而，由于我们希望更清楚地了解其同行的估值情况，我们认为如果我们对阿里巴巴的息税前利润进行估值，而不是下面介绍的一组基准公司，这将是有用的。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d27873e676dfb23c98d4a69aa5861e02\" tg-width=\"1280\" tg-height=\"1117\"><span>Peers EV / EBIT Valuations. Data source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>同行EV/EBIT估值。数据来源：标普资本智商</span></p></blockquote></p><p> By using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.</p><p><blockquote>通过混合使用历史和远期息税前利润，我们可以看到，与基准公司一组观察值的中值相比，阿里巴巴的EV/EBIT看起来确实被低估了。我们得出阿里巴巴的公允价值范围为294.98美元，位于该范围的中点，基于当前210美元的股价，这意味着40.5%的潜在上涨空间。</blockquote></p><p> <b>Risks to Assumptions</b></p><p><blockquote><b>假设风险</b></blockquote></p><p> Now, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.</p><p><blockquote>现在，看着先生如何表现显然令人困惑。市场决定对阿里巴巴进行折扣，就好像该公司已经失去了所有关键的增长来源，而事实上，其商业部门、新的市场举措和不断增长的阿里云部门仍有很大的潜在上涨空间，其中。我们认为该股表现不佳的主要现实原因只是监管风险。我们认为投资者应该承认这种风险是非常真实的，有时大型中国公司会发现自己受到中国政府的额外审查（事实上这并不是什么新鲜事）。这里关键的是，中国政府似乎对其科技巨头的行为和行动拥有重大影响力，而这些影响力有时可能在很大程度上是不可预测的。市场当然讨厌不可预测性，因此他们可能会因此大幅折扣阿里巴巴。如果投资者无法应对潜在不可预测的监管行动及其后果的不确定性，那么阿里巴巴可能不适合您。然而，如果你认为这只是阿里巴巴漫长旅程中的一个短暂时刻，那么你肯定会发现阿里巴巴现在的估值极具吸引力，再加上长期思维。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Alibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.</p><p><blockquote>阿里巴巴-SW继续取得稳健的业绩，展示了公司强大的执行能力。由于该公司继续在一个拥有如此多增长动力的市场中运营，预计将推动公司未来的增长，投资者应该会发现当前的估值非常有吸引力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://seekingalpha.com/article/4435297-alibaba-stock-bottoming-process-forming-buy-now","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175693382","content_text":"Summary\n\nAlibaba is probably the most undervalued growth stock right now.\nThe company’s multiple growth drivers within a rapidly expanding market made its valuations look even more baffling.\nThe short term technical picture may be turning bullish with a potential double bottom price action signal.\nWe discuss the company’s multiple growth drivers and let investors judge for themselves.\n\nYongyuan Dai/iStock Unreleased via Getty Images\nThe Technical Thesis\nSource: TradingView\nAlibaba’s stock price has endured a terrible 8 months ever since its Ant Financial IPO was pulled in early Nov 20, with the stock languishing in the doldrums 34% off its high. When considering the health of its long term uptrend, it’s clear that BABA has a relatively strong uptrend bias and has generally been well supported along its key 50W MA. The only other time in the last 4 years that it lost its key 50W MA support level was during the 2018 bear market where BABA dropped about 40%, but was still well supported above the important 200W MA, which we usually consider as the “last line of defense”. Right now BABA is somewhat facing a similar situation again: down 34%, lost the 50W MA, but looks to be well supported above the 200W MA. In addition to that, one interesting observation in price action analysis may lead price action traders/investors to be especially bullish: a potential double bottom formation. BABA's price is seemingly going through a double bottom like it did during the 2018 bear market before it rallied strongly thereafter. As a result, BABA’s current level may offer a possible technical buy entry point now.\nBABA's Fundamental Thesis: Rapidly Expanding Growth Drivers\nAnnual GMV. Data source: Company filings\nAnnual e-commerce revenue. Data source: Company filings\nBABA’s GMV grew from 1.68T yuan to 7.49T yuan in just a matter of 7 years, which represented a CAGR of 23.8%, a truly amazing growth rate. We also saw its GMV growth being converted into revenue growth as its China commerce revenue grew from 7.67B yuan to 473.68B yuan, at a CAGR of 51% over the last 10 years. While its international footprint remains considerably smaller, it still grew at a CAGR of 30.42% over the last 10 years, which was by no means slow.\nEven though China’s e-commerce market is expected to grow considerably slower at a CAGR of 12.4% over the next three years, from 13.8T yuan, equivalent to $2.16T in 2021 to 19.6T yuan,equivalent to $3.06T by 2024, the massive size of the market still offers tremendous upside potential for BABA and its closest competitors to grow into.\nE-commerce revenue in the U.S. Data source: Statista\nWhen we take things into clearer perspective by comparing China’s growth rate and size of its market to that of the U.S. e-commerce market, we could see the huge differences in their sizes and growth rates as the U.S. e-commerce market is only expected to grow at a CAGR of 4.67% from 2021 to 2025, which is significantly slower than China’s 12.4%. In addition, the U.S. market is also expected to reach about $563B in total revenue, which is 18% of what the China market is expected to be worth by then.\nPeers EBIT Margin and Projected EBIT Margin. Data source: S&P Capital IQ\nEven though Alibaba has been facing increased competitive pressures from its fast growing key competitors: JD.com(NASDAQ:JD)and Pinduoduo(NASDAQ:PDD), BABA has already been operating a much more profitable business (both EBIT and FCF), and is expected to continue delivering strong profitability moving forward, which should give the company tremendous flexibility to compete head on with JD and PDD in its quest to extend its leadership. Investors may observe that BABA’s EBIT margin was affected by the one-off administrative penalty of $2,782M that was reflected in its SG&A, and therefore skewed its EBIT margin to the downside.\nOne important move was the company’s decision to further its investment in the Community Marketplace, which is PDD’s main e-commerce strategy that saw PDD gain a total of 823M AAC in its latest quarter as compared to BABA’s 891M AAC. PDD’s AAC growth is truly phenomenal considering it had only 100M AAC in Q2’C17 as compared to BABA’s 466M AAC in the same period.\nTherefore, the momentum of growth has surely swung over to the Community Marketplace segment and BABA would need to pull out its big guns (which it has) to compete for dominance with PDD and JD.\nMarket size of community group buying in China. Data source: iiMedia Research\nEven though the expected total market size of 102B yuan by 2022 represented only about 21.5% of BABA’s FY 21 China commerce revenue, the expected rapid CAGR of 44.22% over 3 years from 2019 to 2022 cannot be missed by BABA. Although the market is still relatively small, BABA cannot allow the current leader in this market: PDD to so easily dominate and gobble up the early high growth rates at the ignorance of everyone else. Certainly BABA must compete and fight for its place in this segment and strive for early leadership to prevent PDD from extending its lead.\nPDD profitability metrics & revenue growth forecast. Data source: S&P Capital IQ\nWe could observe from the above chart that PDD is expected to continue growing its revenue rapidly over the next few years, even though they are expected to normalize subsequently. More importantly, PDD is also expected to increasingly improve its EBIT and FCF profitability moving forward. This shows that the Community Marketplace segment is an highly important growth driver that BABA must use its strength to exploit in order to deny PDD’s claim to undisputed leadership so early on in the game.\nChina public cloud spending. Source:China Internet Watch; Canalys\nSize of China public cloud market. Data source: CAICT; Sina.com.cn\nBABA has a 40% share in China’s public cloud market, way ahead of its key competitors. However, it’s important to note that despite this leadership, BABA is still in heavy investment mode to continue growing its market share as China’s public cloud market is expected to grow from 26.48B yuan in 2017 to 230.74B yuan by 2023, which would represent a CAGR of 43.4%, an incredibly stellar growth rate. This is especially clear when we compare China’s growth rate to the worldwide growth rate (see below) as public cloud spending worldwide is expected to grow from $145B in 2017 to $397B by 2022, that would represent a CAGR of 22.3%.\nWorldwide public cloud spending. Data source: Gartner\nWorldwide public cloud market share. Source:CnTechPost; Gartner\nTherefore, I don’t find it surprising that Ali Cloud has continued to extend its lead over Alphabet’s(NASDAQ:GOOGL)(NASDAQ:GOOG)GCP with a market share of 9.5% in 2020. While AMZN remains the clear leader in the market, its market share has been coming down considerably as public cloud spending continues to expand, indicating that there is a huge potential for growth for multiple players to exist. With BABA’s leadership in the rapidly expanding Chinese market, I’m increasingly bullish on the future profit and FCF contribution from this segment to BABA’s performance over time. Although BABA’s cloud segment has not been EBIT profitable yet (FY 21 EBIT margin: -15%, FY 20 EBIT margin: -17.5%), it’s also useful to note that GCP has also not been profitable for Alphabet as well (FY 20 EBIT margin: -42.9%, FY 19 EBIT margin: -52%). Therefore, we need to give BABA some time to scale up its cloud services in APAC and in China where it is expected to have stronger leadership to allow it to grow faster and investors should expect this to be a highly profitable segment over time.\nBABA's Valuations Look Highly Compelling\nNTM TEV / EBIT 3Y range.\nEV / Fwd EBIT and EV / Fwd Rev trend. Data source: S&P Capital IQ\nWhen we consider BABA's TEV / EBIT historical range, where the 3Y mean read 33.54x, BABA’s EV / Fwd EBIT trend certainly imply a hugely undervalued stock as BABA is still expected to grow its revenue and operating profits rapidly. However, as we wanted to obtain greater clarity over how its counterparts are also valued, we thought it would be useful if we value BABA’s EBIT over a set of benchmark companies that is presented below.\nPeers EV / EBIT Valuations. Data source: S&P Capital IQ\nBy using a blend of historical and forward EBIT, we could see that BABA’s EV / EBIT really looks undervalued when compared to the median value of the set of observed values from the benchmark companies. We derived a fair value range for BABA of $294.98 at the midpoint of the range, that represented a potential upside of 40.5% based on the current stock price of $210.\nRisks to Assumptions\nNow, it’s obviously baffling to watch how Mr. Market has decided to discount BABA to such an extent as if the company has lost all its key sources of growth, when in fact there is still so much potential upside coming from its commerce segment, the new marketplace initiatives and its growing Ali Cloud segment, among others. The main realistic reason that we identified for the stock's underperformance would simply be regulatory risk. We think investors should acknowledge that this risk is very real and at times huge Chinese companies have found themselves to be subjected to extra scrutiny (which is nothing new in fact) by the Chinese government. What’s critical here is that the Chinese government seemingly has significant clout over the behavior and actions of their tech behemoths that at times may be largely unpredictable. The market certainly hates unpredictability and therefore they may have significantly discounted BABA as a result of that. If investors are not able to handle uncertainty with regard to potentially unpredictable regulatory actions and their aftermath, then BABA may not be appropriate for you. However, if you believe that this is just a blip in BABA’s long journey, then you would surely find BABA's valuations extremely attractive right now, coupled with a long term mindset.\nWrapping It All Up\nAlibaba has continued to deliver solid results that demonstrated the strong capability of the company to execute well. As the company continues to operate within a market with so many growth drivers that are expected to drive the company’s future growth, investors should find the current valuations highly attractive.","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161374671,"gmtCreate":1623907946993,"gmtModify":1631893129626,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment thanks","listText":"like and comment thanks","text":"like and comment 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thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/119597433","repostId":"1138579625","repostType":4,"repost":{"id":"1138579625","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":1622549906,"share":"https://www.laohu8.com/m/news/1138579625?lang=zh_CN&edition=full","pubTime":"2021-06-01 20:18","market":"us","language":"en","title":"Toplines Before US Market Open on Tuesday<blockquote>周二美国市场开盘前的营收</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1138579625","media":"Tiger Newspress","summary":"U.S. equity futures roseAMC led 'meme stocks' higher after $230 mln capital raiseU.S. equity futures","content":"<p><ul><li>U.S. equity futures rose</li></ul><ul><li>AMC led 'meme stocks' higher after $230 mln capital raise</li></ul>U.S. equity futures rose with stocks, and commodities including oil jumped, as a string of positive economic readings helped spur optimism in the recovery from the pandemic.</p><p><blockquote><ul><li>美国股指期货上涨</li></ul><ul><li>AMC融资2.3亿美元后领涨“模因股”</li></ul>美国股指期货随股市上涨，包括石油在内的大宗商品上涨，一系列积极的经济数据有助于刺激人们对疫情复苏的乐观情绪。</blockquote></p><p>At 8:10 a.m. ET, Dow E-minis were up 233 points, or 0.68%, S&amp;P 500 E-minis were up 22.25 points, or 0.53% and Nasdaq 100 E-minis were up 53.75 points, or 0.39%.</p><p><blockquote>截至美国东部时间上午8:10，道指E-minis上涨233点，涨幅0.68%，标普500 E-minis上涨22.25点，涨幅0.53%，纳斯达克100 E-minis上涨53.75点，涨幅0.39%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6dd5ef316d5e9e8727177f77ead2d21c\" tg-width=\"1080\" tg-height=\"401\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p><b>AMC Entertainment&nbsp;(AMC)</b> – AMC&nbsp;is selling 8.5 million shares&nbsp;to investment firm Mudrick Capital for $230.5 million, following the recent surge in the movie theater operator’s stock price. AMC plans to use the proceeds to pursue the acquisition of theater assets and leases, as well as possible debt reduction. Shares soared 17% in premarket trading.</p><p><blockquote><b>AMC院线(AMC)</b>-AMC将以2.305亿美元的价格向投资公司Mudrick Capital出售850万股股票，此前这家电影院运营商的股价最近飙升。AMC计划将所得款项用于收购影院资产和租赁，以及可能的债务削减。股价在盘前交易中飙升17%。</blockquote></p><p><b>Nio&nbsp;(NIO)</b> – Nio delivered 6,711 vehicles in May, an increase of 95% compared to a year ago for the China-based electric vehicle maker. Following those results, Citi upgraded Nio to “buy” from “neutral,” and raised its sales forecast for the company. Rival Chinese electric vehicle company&nbsp;<b>Xpeng&nbsp;(XPEV) </b>is also seeing accelerating sales with 5,686 vehicles delivered last month, an increase of 483% from a year earlier. Nio rallied 3.7% in premarket trading, while Xpeng jumped 4.7%.</p><p><blockquote><b>蔚来(蔚来)</b>-蔚来5月份交付了6,711辆汽车，同比增长95%。公布这些结果后，花旗将蔚来的评级从“中性”上调至“买入”，并上调了对该公司的销售预期。竞争对手中国电动汽车公司<b>小鹏汽车(XPEV)</b>销量也在加速增长，上个月交付了5,686辆汽车，同比增长483%。蔚来在盘前交易中上涨3.7%，小鹏汽车上涨4.7%。</blockquote></p><p><b>Canopy Growth&nbsp;(CGC)</b> – The Canadian cannabis producer reported a 38% jump in revenue during its fiscal fourth quarter, though that increase was slightly smaller than analysts had been anticipating. Canopy Growth cut its quarterly loss by 8% and reiterated that it expects to become profitable during this fiscal year. Its shares rose 0.1% in premarket trading.</p><p><blockquote><b>冠层生长(CGC)</b>–这家加拿大大麻生产商报告第四财季收入增长38%，但增幅略低于分析师的预期。Canopy Growth将季度亏损削减了8%，并重申预计本财年将实现盈利。其股价在盘前交易中上涨0.1%。</blockquote></p><p><b>Boeing&nbsp;(BA)</b> – Boeing added 1.9% in the premarket after it was upgraded to “outperform” from “market perform” at Cowen. The firm notes the fast improvement in air traffic demand, resulting in what it expects will be a positive impact on jet demand.</p><p><blockquote><b>波音(BA)</b>-波音公司在Cowen将其评级从“与大盘持平”上调至“跑赢大盘”后，盘前股价上涨1.9%。该公司指出，空中交通需求的快速改善，预计将对喷气式飞机需求产生积极影响。</blockquote></p><p><b>Nokia&nbsp;(NOK)</b> – Nokia will collect licensing fees from automaker Daimler for its patents, ending a legal dispute between the two companies. Terms of the settlement were confidential, but the deal will add to the annual $1.7 billion that Nokia earns from patent licensing.</p><p><blockquote><b>诺基亚（挪威克朗）</b>-诺基亚将向汽车制造商戴姆勒收取专利许可费，结束两家公司之间的法律纠纷。和解条款是保密的，但这笔交易将增加诺基亚每年从专利许可中获得的17亿美元收入。</blockquote></p><p><b>Johnson &amp; Johnson&nbsp;(JNJ)</b> – Johnson &amp; Johnson is asking the Supreme Court to review a $2 billion verdict against it involving talc products that allegedly caused cancer in a number of users. The court may decide as soon as today whether it will grant that review.</p><p><blockquote><b>强生公司(JNJ)</b>-强生公司要求最高法院审查一项针对其20亿美元的判决，该判决涉及滑石粉产品，据称该产品导致许多使用者患癌症。法院最早可能在今天决定是否批准复审。</blockquote></p><p><b>Cinemark&nbsp;(CNK) </b>– Cinemark is among movie theater chains seeing positive sentiment today, after “A Quiet Place, Part II” topped the weekend box office with more than $58 million in ticket sales. That was the highest weekend total for any movie since the pandemic began. AMC, Cinemark and Regal Cinemas have also lifted all mask mandates for fully vaccinated customers. Cinemark rose 1.8% in the premarket.</p><p><blockquote><b>喜满客(CNK)</b>–继《寂静之地第二部》以超过5800万美元的票房收入高居周末票房榜首后，喜满客(Cinemark)是今天情绪积极的连锁影院之一。这是自疫情开始以来电影周末票房最高的一次。AMC、喜满客和富豪影院也取消了对完全接种疫苗的顾客的所有口罩要求。喜满客盘前上涨1.8%。</blockquote></p><p><b>Cloudera&nbsp;(CLDR) </b>– Cloudera&nbsp;agreed to be acquiredby private-equity firms&nbsp;KKR&nbsp;(KKR) and Clayton Dubilier &amp; Rice for $16 per share. The cloud-based data analytics company’s shares surged 23.4% in premarket trading.</p><p><blockquote><b>Cloudera(CLDR)</b>-Cloudera同意被私募股权公司KKR(KKR)和Clayton Dubilier&amp;Rice以每股16美元的价格收购。这家基于云的数据分析公司的股价在盘前交易中飙升23.4%。</blockquote></p><p><b>3M&nbsp;(MMM)</b> – A judge sided with 3M in the second trial involving earplugs sold to the military. 3M has been hit with more than 230,000 claims that the earplugs were faulty and caused hearing problems, and the first trial resulted in a $7.1 million verdict in favor of three veterans.</p><p><blockquote><b>3米（3M）</b>-在涉及出售给军方的耳塞的二审中，一名法官站在了3M一边。3M已收到超过23万起索赔，称耳塞有缺陷并导致听力问题，第一次审判导致三名退伍军人获得710万美元的赔偿。</blockquote></p><p><b>The Honest Company&nbsp;(HNST) </b>– The natural products company is the subject of new – and positive – analyst coverage at multiple Wall Street firms, with Citi and Jefferies rating the stock a “buy” and JPMorgan Chase and Morgan Stanley rating it “overweight.” All mention strong growth prospects, as well as Jessica Alba’s role as founder and brand ambassador. The stock rose 1.4% in the premarket.</p><p><blockquote><b>诚实公司(HNST)</b>-这家天然产品公司是多家华尔街公司新的积极分析师报道的主题，花旗和杰富瑞将该股评级为“买入”，摩根大通和摩根士丹利将其评级为“跑赢大盘”。所有人都提到了强劲的增长前景，以及杰西卡·阿尔芭作为创始人和品牌大使的角色。该股盘前上涨1.4%。</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 Tuesday<blockquote>周二美国市场开盘前的营收</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 Tuesday<blockquote>周二美国市场开盘前的营收</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\">2021-06-01 20:18</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul><li>U.S. equity futures rose</li></ul><ul><li>AMC led 'meme stocks' higher after $230 mln capital raise</li></ul>U.S. equity futures rose with stocks, and commodities including oil jumped, as a string of positive economic readings helped spur optimism in the recovery from the pandemic.</p><p><blockquote><ul><li>美国股指期货上涨</li></ul><ul><li>AMC融资2.3亿美元后领涨“模因股”</li></ul>美国股指期货随股市上涨，包括石油在内的大宗商品上涨，一系列积极的经济数据有助于刺激人们对疫情复苏的乐观情绪。</blockquote></p><p>At 8:10 a.m. ET, Dow E-minis were up 233 points, or 0.68%, S&amp;P 500 E-minis were up 22.25 points, or 0.53% and Nasdaq 100 E-minis were up 53.75 points, or 0.39%.</p><p><blockquote>截至美国东部时间上午8:10，道指E-minis上涨233点，涨幅0.68%，标普500 E-minis上涨22.25点，涨幅0.53%，纳斯达克100 E-minis上涨53.75点，涨幅0.39%。</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6dd5ef316d5e9e8727177f77ead2d21c\" tg-width=\"1080\" tg-height=\"401\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:10</span></p><p><blockquote><p class=\"t-img-caption\"><span>*来源自Tiger Trade，美国东部时间08:10</span></p></blockquote></p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p><b>AMC Entertainment&nbsp;(AMC)</b> – AMC&nbsp;is selling 8.5 million shares&nbsp;to investment firm Mudrick Capital for $230.5 million, following the recent surge in the movie theater operator’s stock price. AMC plans to use the proceeds to pursue the acquisition of theater assets and leases, as well as possible debt reduction. Shares soared 17% in premarket trading.</p><p><blockquote><b>AMC院线(AMC)</b>-AMC将以2.305亿美元的价格向投资公司Mudrick Capital出售850万股股票，此前这家电影院运营商的股价最近飙升。AMC计划将所得款项用于收购影院资产和租赁，以及可能的债务削减。股价在盘前交易中飙升17%。</blockquote></p><p><b>Nio&nbsp;(NIO)</b> – Nio delivered 6,711 vehicles in May, an increase of 95% compared to a year ago for the China-based electric vehicle maker. Following those results, Citi upgraded Nio to “buy” from “neutral,” and raised its sales forecast for the company. Rival Chinese electric vehicle company&nbsp;<b>Xpeng&nbsp;(XPEV) </b>is also seeing accelerating sales with 5,686 vehicles delivered last month, an increase of 483% from a year earlier. Nio rallied 3.7% in premarket trading, while Xpeng jumped 4.7%.</p><p><blockquote><b>蔚来(蔚来)</b>-蔚来5月份交付了6,711辆汽车，同比增长95%。公布这些结果后，花旗将蔚来的评级从“中性”上调至“买入”，并上调了对该公司的销售预期。竞争对手中国电动汽车公司<b>小鹏汽车(XPEV)</b>销量也在加速增长，上个月交付了5,686辆汽车，同比增长483%。蔚来在盘前交易中上涨3.7%，小鹏汽车上涨4.7%。</blockquote></p><p><b>Canopy Growth&nbsp;(CGC)</b> – The Canadian cannabis producer reported a 38% jump in revenue during its fiscal fourth quarter, though that increase was slightly smaller than analysts had been anticipating. Canopy Growth cut its quarterly loss by 8% and reiterated that it expects to become profitable during this fiscal year. Its shares rose 0.1% in premarket trading.</p><p><blockquote><b>冠层生长(CGC)</b>–这家加拿大大麻生产商报告第四财季收入增长38%，但增幅略低于分析师的预期。Canopy Growth将季度亏损削减了8%，并重申预计本财年将实现盈利。其股价在盘前交易中上涨0.1%。</blockquote></p><p><b>Boeing&nbsp;(BA)</b> – Boeing added 1.9% in the premarket after it was upgraded to “outperform” from “market perform” at Cowen. The firm notes the fast improvement in air traffic demand, resulting in what it expects will be a positive impact on jet demand.</p><p><blockquote><b>波音(BA)</b>-波音公司在Cowen将其评级从“与大盘持平”上调至“跑赢大盘”后，盘前股价上涨1.9%。该公司指出，空中交通需求的快速改善，预计将对喷气式飞机需求产生积极影响。</blockquote></p><p><b>Nokia&nbsp;(NOK)</b> – Nokia will collect licensing fees from automaker Daimler for its patents, ending a legal dispute between the two companies. Terms of the settlement were confidential, but the deal will add to the annual $1.7 billion that Nokia earns from patent licensing.</p><p><blockquote><b>诺基亚（挪威克朗）</b>-诺基亚将向汽车制造商戴姆勒收取专利许可费，结束两家公司之间的法律纠纷。和解条款是保密的，但这笔交易将增加诺基亚每年从专利许可中获得的17亿美元收入。</blockquote></p><p><b>Johnson &amp; Johnson&nbsp;(JNJ)</b> – Johnson &amp; Johnson is asking the Supreme Court to review a $2 billion verdict against it involving talc products that allegedly caused cancer in a number of users. The court may decide as soon as today whether it will grant that review.</p><p><blockquote><b>强生公司(JNJ)</b>-强生公司要求最高法院审查一项针对其20亿美元的判决，该判决涉及滑石粉产品，据称该产品导致许多使用者患癌症。法院最早可能在今天决定是否批准复审。</blockquote></p><p><b>Cinemark&nbsp;(CNK) </b>– Cinemark is among movie theater chains seeing positive sentiment today, after “A Quiet Place, Part II” topped the weekend box office with more than $58 million in ticket sales. That was the highest weekend total for any movie since the pandemic began. AMC, Cinemark and Regal Cinemas have also lifted all mask mandates for fully vaccinated customers. Cinemark rose 1.8% in the premarket.</p><p><blockquote><b>喜满客(CNK)</b>–继《寂静之地第二部》以超过5800万美元的票房收入高居周末票房榜首后，喜满客(Cinemark)是今天情绪积极的连锁影院之一。这是自疫情开始以来电影周末票房最高的一次。AMC、喜满客和富豪影院也取消了对完全接种疫苗的顾客的所有口罩要求。喜满客盘前上涨1.8%。</blockquote></p><p><b>Cloudera&nbsp;(CLDR) </b>– Cloudera&nbsp;agreed to be acquiredby private-equity firms&nbsp;KKR&nbsp;(KKR) and Clayton Dubilier &amp; Rice for $16 per share. The cloud-based data analytics company’s shares surged 23.4% in premarket trading.</p><p><blockquote><b>Cloudera(CLDR)</b>-Cloudera同意被私募股权公司KKR(KKR)和Clayton Dubilier&amp;Rice以每股16美元的价格收购。这家基于云的数据分析公司的股价在盘前交易中飙升23.4%。</blockquote></p><p><b>3M&nbsp;(MMM)</b> – A judge sided with 3M in the second trial involving earplugs sold to the military. 3M has been hit with more than 230,000 claims that the earplugs were faulty and caused hearing problems, and the first trial resulted in a $7.1 million verdict in favor of three veterans.</p><p><blockquote><b>3米（3M）</b>-在涉及出售给军方的耳塞的二审中，一名法官站在了3M一边。3M已收到超过23万起索赔，称耳塞有缺陷并导致听力问题，第一次审判导致三名退伍军人获得710万美元的赔偿。</blockquote></p><p><b>The Honest Company&nbsp;(HNST) </b>– The natural products company is the subject of new – and positive – analyst coverage at multiple Wall Street firms, with Citi and Jefferies rating the stock a “buy” and JPMorgan Chase and Morgan Stanley rating it “overweight.” All mention strong growth prospects, as well as Jessica Alba’s role as founder and brand ambassador. The stock rose 1.4% in the premarket.</p><p><blockquote><b>诚实公司(HNST)</b>-这家天然产品公司是多家华尔街公司新的积极分析师报道的主题，花旗和杰富瑞将该股评级为“买入”，摩根大通和摩根士丹利将其评级为“跑赢大盘”。所有人都提到了强劲的增长前景，以及杰西卡·阿尔芭作为创始人和品牌大使的角色。该股盘前上涨1.4%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","NIO":"蔚来",".SPX":"S&P 500 Index","AMC":"AMC院线","XPEV":"小鹏汽车",".DJI":"道琼斯"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1138579625","content_text":"U.S. equity futures roseAMC led 'meme stocks' higher after $230 mln capital raiseU.S. equity futures rose with stocks, and commodities including oil jumped, as a string of positive economic readings helped spur optimism in the recovery from the pandemic.At 8:10 a.m. ET, Dow E-minis were up 233 points, or 0.68%, S&P 500 E-minis were up 22.25 points, or 0.53% and Nasdaq 100 E-minis were up 53.75 points, or 0.39%.*Source From Tiger Trade, EST 08:10Stocks making the biggest moves in the premarket:AMC Entertainment (AMC) – AMC is selling 8.5 million shares to investment firm Mudrick Capital for $230.5 million, following the recent surge in the movie theater operator’s stock price. AMC plans to use the proceeds to pursue the acquisition of theater assets and leases, as well as possible debt reduction. Shares soared 17% in premarket trading.Nio (NIO) – Nio delivered 6,711 vehicles in May, an increase of 95% compared to a year ago for the China-based electric vehicle maker. Following those results, Citi upgraded Nio to “buy” from “neutral,” and raised its sales forecast for the company. Rival Chinese electric vehicle company Xpeng (XPEV) is also seeing accelerating sales with 5,686 vehicles delivered last month, an increase of 483% from a year earlier. Nio rallied 3.7% in premarket trading, while Xpeng jumped 4.7%.Canopy Growth (CGC) – The Canadian cannabis producer reported a 38% jump in revenue during its fiscal fourth quarter, though that increase was slightly smaller than analysts had been anticipating. Canopy Growth cut its quarterly loss by 8% and reiterated that it expects to become profitable during this fiscal year. Its shares rose 0.1% in premarket trading.Boeing (BA) – Boeing added 1.9% in the premarket after it was upgraded to “outperform” from “market perform” at Cowen. The firm notes the fast improvement in air traffic demand, resulting in what it expects will be a positive impact on jet demand.Nokia (NOK) – Nokia will collect licensing fees from automaker Daimler for its patents, ending a legal dispute between the two companies. Terms of the settlement were confidential, but the deal will add to the annual $1.7 billion that Nokia earns from patent licensing.Johnson & Johnson (JNJ) – Johnson & Johnson is asking the Supreme Court to review a $2 billion verdict against it involving talc products that allegedly caused cancer in a number of users. The court may decide as soon as today whether it will grant that review.Cinemark (CNK) – Cinemark is among movie theater chains seeing positive sentiment today, after “A Quiet Place, Part II” topped the weekend box office with more than $58 million in ticket sales. That was the highest weekend total for any movie since the pandemic began. AMC, Cinemark and Regal Cinemas have also lifted all mask mandates for fully vaccinated customers. Cinemark rose 1.8% in the premarket.Cloudera (CLDR) – Cloudera agreed to be acquiredby private-equity firms KKR (KKR) and Clayton Dubilier & Rice for $16 per share. The cloud-based data analytics company’s shares surged 23.4% in premarket trading.3M (MMM) – A judge sided with 3M in the second trial involving earplugs sold to the military. 3M has been hit with more than 230,000 claims that the earplugs were faulty and caused hearing problems, and the first trial resulted in a $7.1 million verdict in favor of three veterans.The Honest Company (HNST) – The natural products company is the subject of new – and positive – analyst coverage at multiple Wall Street firms, with Citi and Jefferies rating the stock a “buy” and JPMorgan Chase and Morgan Stanley rating it “overweight.” All mention strong growth prospects, as well as Jessica Alba’s role as founder and brand ambassador. The stock rose 1.4% in the premarket.","news_type":1,"symbols_score_info":{"ESmain":0.9,".SPX":0.9,"XPEV":0.9,".IXIC":0.9,"YMmain":0.9,"NQmain":0.9,"AMC":0.9,".DJI":0.9,"NIO":0.9}},"isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":356169025,"gmtCreate":1616765096267,"gmtModify":1634524126450,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and share thanks","listText":"like and share thanks","text":"like and share thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/356169025","repostId":"1160686264","repostType":4,"repost":{"id":"1160686264","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":1616764648,"share":"https://www.laohu8.com/m/news/1160686264?lang=zh_CN&edition=full","pubTime":"2021-03-26 21:17","market":"us","language":"en","title":"Cathie Wood Cautions Investors Against Transacting With Bitcoin Until Tax Code Is Changed<blockquote>凯西·伍德警告投资者在税法改变之前不要与比特币进行交易</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160686264","media":"Benzinga","summary":"Earlier this week,Tesla Inc(NASDAQ:TSLA) announced that customers could now buy Tesla with Bitcoin (","content":"<p>Earlier this week,<b>Tesla Inc</b>(NASDAQ:TSLA) announced&nbsp;that customers could now buy Tesla with&nbsp;<b>Bitcoin</b>&nbsp;(CRYPTO: BTC), but Ark Invest's Cathie Wood isn’t so sure investors should use it as a means of payment.</p><p><blockquote>本周早些时候，<b>特斯拉公司</b>（纳斯达克：TSLA）宣布客户现在可以购买特斯拉<b>比特币</b>（加密货币：BTC），但Ark Invest的Cathie Wood不太确定投资者是否应该将其用作支付手段。</blockquote></p><p> <b>What Happened:</b>In a webcast hosted by CBOE, Wood&nbsp;said&nbsp;that those that made profits from Bitcoin’s rally may be the subject of scrutiny by the IRS.</p><p><blockquote><b>发生了什么：</b>伍德在CBOE主持的网络直播中表示，那些从比特币上涨中获利的人可能会受到美国国税局的审查。</blockquote></p><p> The ARK Invest founder explained, \"The IRS has something to say about this, so if you have huge gains in your bitcoin, I don't think I would bear much in the way of transactions until we get maybe some changes on the tax front.”</p><p><blockquote>ARK Invest创始人解释说：“美国国税局对此有话要说，所以如果你的比特币有巨大的收益，我认为我不会在交易方面承担太多责任，直到我们在税收方面做出一些改变。”</blockquote></p><p> <b>Why It Matters:</b>From a tax point of view, the IRS currently treats Bitcoin and other cryptocurrencies as “property,”&nbsp;as they do stocks and bonds. As a result, when investors sell their Bitcoin for fiat currency or use it as a means to purchase another good, they could be subject to massive capital gains taxes.</p><p><blockquote><b>为什么重要：</b>从税收角度来看，美国国税局目前将比特币和其他加密货币视为“财产”，就像对待股票和债券一样。因此，当投资者出售比特币换取法定货币或将其用作购买另一种商品的手段时，他们可能会被征收巨额资本利得税。</blockquote></p><p> Capital gains on taxes on assets that have been held for less than a year are taxed the same&nbsp;as a person’s “other income,”&nbsp;while assets that are held for longer than this period would be subject to long-term capital gains taxes ranging from 15-20%.</p><p><blockquote>持有时间不到一年的资产的资本利得税与个人的“其他收入”相同，而持有时间超过这一期限的资产将被征收15-20%的长期资本利得税。</blockquote></p><p> While this would make any Tesla purchases with Bitcoin somewhat unfavorable for those that bought the cryptocurrency last year, more recent investors may actually benefit from the current rules.</p><p><blockquote>虽然这将使比特币的任何特斯拉购买对去年购买加密货币的人来说有些不利，但最近的投资者实际上可能会从当前的规则中受益。</blockquote></p><p> For instance, if an investor purchased the leading cryptocurrency&nbsp;at a higher price than its current value, he or she could actually report a loss and receive a tax deduction for the value of the asset.</p><p><blockquote>例如，如果投资者以高于当前价值的价格购买了领先的加密货币，他或她实际上可以报告损失并获得资产价值的税收减免。</blockquote></p><p> <b>Price Action:</b>After a volatile week, Bitcoin price recovered from yesterday's low of&nbsp;$50,856&nbsp;to $53,900 today. At press time, the cryptocurrency was trading at $53,223, according to data from CoinMarketCap.</p><p><blockquote><b>价格走势：</b>经过动荡的一周后，比特币价格从昨天的低点50,856美元回升至今天的53,900美元。根据CoinMarketCap的数据，截至发稿时，该加密货币的交易价格为53,223美元。</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 Cautions Investors Against Transacting With Bitcoin Until Tax Code Is Changed<blockquote>凯西·伍德警告投资者在税法改变之前不要与比特币进行交易</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 Cautions Investors Against Transacting With Bitcoin Until Tax Code Is Changed<blockquote>凯西·伍德警告投资者在税法改变之前不要与比特币进行交易</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\">2021-03-26 21:17</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Earlier this week,<b>Tesla Inc</b>(NASDAQ:TSLA) announced&nbsp;that customers could now buy Tesla with&nbsp;<b>Bitcoin</b>&nbsp;(CRYPTO: BTC), but Ark Invest's Cathie Wood isn’t so sure investors should use it as a means of payment.</p><p><blockquote>本周早些时候，<b>特斯拉公司</b>（纳斯达克：TSLA）宣布客户现在可以购买特斯拉<b>比特币</b>（加密货币：BTC），但Ark Invest的Cathie Wood不太确定投资者是否应该将其用作支付手段。</blockquote></p><p> <b>What Happened:</b>In a webcast hosted by CBOE, Wood&nbsp;said&nbsp;that those that made profits from Bitcoin’s rally may be the subject of scrutiny by the IRS.</p><p><blockquote><b>发生了什么：</b>伍德在CBOE主持的网络直播中表示，那些从比特币上涨中获利的人可能会受到美国国税局的审查。</blockquote></p><p> The ARK Invest founder explained, \"The IRS has something to say about this, so if you have huge gains in your bitcoin, I don't think I would bear much in the way of transactions until we get maybe some changes on the tax front.”</p><p><blockquote>ARK Invest创始人解释说：“美国国税局对此有话要说，所以如果你的比特币有巨大的收益，我认为我不会在交易方面承担太多责任，直到我们在税收方面做出一些改变。”</blockquote></p><p> <b>Why It Matters:</b>From a tax point of view, the IRS currently treats Bitcoin and other cryptocurrencies as “property,”&nbsp;as they do stocks and bonds. As a result, when investors sell their Bitcoin for fiat currency or use it as a means to purchase another good, they could be subject to massive capital gains taxes.</p><p><blockquote><b>为什么重要：</b>从税收角度来看，美国国税局目前将比特币和其他加密货币视为“财产”，就像对待股票和债券一样。因此，当投资者出售比特币换取法定货币或将其用作购买另一种商品的手段时，他们可能会被征收巨额资本利得税。</blockquote></p><p> Capital gains on taxes on assets that have been held for less than a year are taxed the same&nbsp;as a person’s “other income,”&nbsp;while assets that are held for longer than this period would be subject to long-term capital gains taxes ranging from 15-20%.</p><p><blockquote>持有时间不到一年的资产的资本利得税与个人的“其他收入”相同，而持有时间超过这一期限的资产将被征收15-20%的长期资本利得税。</blockquote></p><p> While this would make any Tesla purchases with Bitcoin somewhat unfavorable for those that bought the cryptocurrency last year, more recent investors may actually benefit from the current rules.</p><p><blockquote>虽然这将使比特币的任何特斯拉购买对去年购买加密货币的人来说有些不利，但最近的投资者实际上可能会从当前的规则中受益。</blockquote></p><p> For instance, if an investor purchased the leading cryptocurrency&nbsp;at a higher price than its current value, he or she could actually report a loss and receive a tax deduction for the value of the asset.</p><p><blockquote>例如，如果投资者以高于当前价值的价格购买了领先的加密货币，他或她实际上可以报告损失并获得资产价值的税收减免。</blockquote></p><p> <b>Price Action:</b>After a volatile week, Bitcoin price recovered from yesterday's low of&nbsp;$50,856&nbsp;to $53,900 today. At press time, the cryptocurrency was trading at $53,223, according to data from CoinMarketCap.</p><p><blockquote><b>价格走势：</b>经过动荡的一周后，比特币价格从昨天的低点50,856美元回升至今天的53,900美元。根据CoinMarketCap的数据，截至发稿时，该加密货币的交易价格为53,223美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale","ARKK":"ARK Innovation ETF","ARKG":"ARK Genomic Revolution ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160686264","content_text":"Earlier this week,Tesla Inc(NASDAQ:TSLA) announced that customers could now buy Tesla with Bitcoin (CRYPTO: BTC), but Ark Invest's Cathie Wood isn’t so sure investors should use it as a means of payment.\nWhat Happened:In a webcast hosted by CBOE, Wood said that those that made profits from Bitcoin’s rally may be the subject of scrutiny by the IRS.\nThe ARK Invest founder explained, \"The IRS has something to say about this, so if you have huge gains in your bitcoin, I don't think I would bear much in the way of transactions until we get maybe some changes on the tax front.”\nWhy It Matters:From a tax point of view, the IRS currently treats Bitcoin and other cryptocurrencies as “property,” as they do stocks and bonds. As a result, when investors sell their Bitcoin for fiat currency or use it as a means to purchase another good, they could be subject to massive capital gains taxes.\nCapital gains on taxes on assets that have been held for less than a year are taxed the same as a person’s “other income,” while assets that are held for longer than this period would be subject to long-term capital gains taxes ranging from 15-20%.\nWhile this would make any Tesla purchases with Bitcoin somewhat unfavorable for those that bought the cryptocurrency last year, more recent investors may actually benefit from the current rules.\nFor instance, if an investor purchased the leading cryptocurrency at a higher price than its current value, he or she could actually report a loss and receive a tax deduction for the value of the asset.\nPrice Action:After a volatile week, Bitcoin price recovered from yesterday's low of $50,856 to $53,900 today. At press time, the cryptocurrency was trading at $53,223, according to data from CoinMarketCap.","news_type":1,"symbols_score_info":{"ARKK":0.9,"ARKG":0.9,"XBTmain":0.9,"GBTC":0.9,"BTCmain":0.9}},"isVote":1,"tweetType":1,"viewCount":318,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134985379,"gmtCreate":1622200693491,"gmtModify":1634182919900,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/134985379","repostId":"1171341248","repostType":4,"isVote":1,"tweetType":1,"viewCount":504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354611878,"gmtCreate":1617165934295,"gmtModify":1634522303040,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment thanks","listText":"like and comment thanks","text":"like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/354611878","repostId":"1163996400","repostType":4,"isVote":1,"tweetType":1,"viewCount":466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343876054,"gmtCreate":1617708254278,"gmtModify":1634297011870,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"comment and like thanks","listText":"comment and like thanks","text":"comment and like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/343876054","repostId":"1101907559","repostType":4,"repost":{"id":"1101907559","kind":"news","pubTimestamp":1617672655,"share":"https://www.laohu8.com/m/news/1101907559?lang=zh_CN&edition=full","pubTime":"2021-04-06 09:30","market":"us","language":"en","title":"Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101907559","media":"marketwatch","summary":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management. Its reach and operating practices were","content":"<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</blockquote></p><p></p>","source":"lsy1603348471595","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>Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</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\">\nOpinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-04-06 09:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101907559","content_text":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.\n\nFinancial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.\nIn 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.\nExactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.\nThe trend? Every 10 years or so, and they all look different. Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?\nA family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.\nUnregulated money managers\nHere’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)\nThis appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player Vipshop Holdings Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company GSX Techedu Inc.GSX,-10.63%and U.S. media companiesViacomCBS Inc.VIAC,-3.90%and Discovery Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.\nThe problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%, Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc. NMR,+1.87%.\nBut since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.\nDanger of counterparty risk\nThis is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.\nSo is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.\nOne peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.\nBut federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.\nYellen on the case\nThis issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”\nMost financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.\nThe Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,"SPY":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349805603,"gmtCreate":1617585162202,"gmtModify":1634520451945,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment thanks","listText":"like and comment thanks","text":"like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/349805603","repostId":"2124875875","repostType":4,"isVote":1,"tweetType":1,"viewCount":337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":357956213,"gmtCreate":1617234629132,"gmtModify":1634521943398,"author":{"id":"3569057428942326","authorId":"3569057428942326","name":"cinbat","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3569057428942326","idStr":"3569057428942326"},"themes":[],"htmlText":"like and comment thansk","listText":"like and comment thansk","text":"like and comment thansk","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/357956213","repostId":"1127322570","repostType":4,"isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}