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2021-07-12

nice

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2021-06-16

like and comment

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2021-06-16

hello

Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets<blockquote>四女巫困境：周五 2 万亿美元伽马到期将如何影响市场</blockquote>

2021-06-15

let’s go

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2021-06-12

good

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2021-06-09

meme stonks

S&P 500 closes little changed as "meme stocks" extend rally<blockquote>“模因股票”延续涨势，标普500收盘变化不大</blockquote>

2021-06-07

shill

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2021-06-05

of cos buy

AMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC 股价上涨 3,100%。你应该买还是卖？</blockquote>

2021-06-04

sale

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2021-06-03

to the moon?

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2021-05-30

comment and like thanks

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2021-05-24

not for me too

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2021-05-23

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2021-05-22

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2021-05-20

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2021-05-19

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4 Things to Know Ahead of the Squarespace’s Direct Listing<blockquote>Squarespace 直接上市前需要了解的 4 件事</blockquote>

2021-05-18

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JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流在香港首次公开募股，筹集高达34亿美元</blockquote>

2021-05-17

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2021-05-16

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Why AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote>

2021-05-14

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and comment","listText":"like and comment","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/160581023","repostId":"1144931444","repostType":4,"isVote":1,"tweetType":1,"viewCount":3296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160589815,"gmtCreate":1623801957837,"gmtModify":1631891158845,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","htmlText":"hello","listText":"hello","text":"hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/160589815","repostId":"1191245053","repostType":4,"repost":{"id":"1191245053","kind":"news","pubTimestamp":1623762167,"share":"https://www.laohunote.com/m/news/1191245053?lang=zh_CN&edition=full","pubTime":"2021-06-15 21:02","market":"us","language":"en","title":"Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets<blockquote>四女巫困境：周五 2 万亿美元伽马到期将如何影响市场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191245053","media":"zerohedge","summary":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers .So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fis","content":"<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p><p><blockquote>上周，在讨论市场奇怪的夏季低迷将 VIX 推至新冠疫情爆发以来的最低水平时，我们表示，这段异常的市场平静时期可能会持续到本周五的四女巫，届时大量伽马和德尔塔到期并被消除风险，在消除天然下行股票缓冲的过程中（参见“市场低迷以下周五的 Op-Ex 结束的 4 个原因”）。</blockquote></p><p> So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p><p><blockquote>因此，高盛内部衍生品专家洛基-菲什曼（Rocky Fishman）在谈到周五可能影响市场的运营支出时，对即将到期的 6 月份的运营支出进行了预览，他称之为 “规模庞大，堪比典型的季度”。具体而言，<b>周五有 1.8 万亿美元的 SPX 期权到期，此外还有 2400 亿美元的SPDR标普500指数ETF期权以及 2000 亿美元的 SPX 和 SPX E-mini 期货期权。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p><p><blockquote>然而，尽管这些总数很大，<b>根据指数规模进行调整后，在当前现货 10% 以内的到期期权数量比过去十年中任何一个季度都少。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p><p><blockquote>值得注意的是，根据高盛的估计，组合账户<b>对于 15-20% 的 SPX 期权，</b>因此，调整后的未平仓合约总额将达到 1.5 万亿美元，仍远高于到期单只股票未平仓合约总额（7750 亿美元）。此外，由于股市处于历史高位，预计6月份的大部分未平仓合约将低于当前SPX现货价格。如下图所示，双峰位于3900和4150。这意味着周五之后，这些点周围可能会有一定的“反”引力，直到伽马射线被重新填充。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p><p><blockquote>高盛策略师随后解释了他认为已实现市场交易量异常低水平的情况，并指出——正如我们上周讨论的那样——这与长期定位是一致的。考虑一下SPX<b>过去 13 个交易日的实现波动率仅为 5.1%，为 2019 年以来最低的 13 天实现波动率。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p><p><blockquote>这与单一股票市场部分地区的极端波动形成鲜明对比；AMC 上周的合约量是单只股票中最高的（但名义成交量为 70 亿美元/天，远低于 AMZN 领先的 1200 亿美元/天），同期已实现成交量的近 400%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p><p><blockquote>然后，正如野村证券的查理·麦切利戈特上周首次指出的那样，高盛的衍生品团队同意<b>SPX 极低的实现波动率与 6 月 18 日多头指数 gamma 离开 “街头 ”的可能性是一致的，在这种情况下，Fishman 呼应了我们上周所说的，即 “一旦头寸更加干净，实现波动率可能会上升”。</b>与此同时，SPX 的 VIX 期货贝塔系数上升表明，如果市场抛售，投资者预计短期伽马动态将会回升。翻译：<u><b>在抛售中，市场将变得更加波动。</b></u></blockquote></p><p> <img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p><p><blockquote>与此同时，与最新的备忘录库存挤压保持一致，高盛还指出，虽然单一股票期权交易量仍然很高，但远低于第一季度的峰值。最近几周，由零售驱动的所有单一股票期权活动中所占的比例很大，以及零售活动的预测价值，都提高了人们对单一股票期权市场的关注度。最近单一股票期权活动的增长集中在低股价股票，导致过去两周的合约交易量中的股价与名义交易量不符。在根据股票市场规模调整名义成交量时，高盛发现，过去两周单只股票成交量实际上一直处于 2021 年区间的低点，这意味着最新的涨幅几乎没有伽马挤压成分。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p><p> One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p><p><blockquote>我们最近讨论的最后一点是，高盛观察到，短期 SPX 期权（每周）和远离季度的趋势仍在继续，这与零售参与交易的不断增长是一致的。这也是为什么周五 SPX 到期日小于近期许多季度的原因之一，也是为什么随着到期日的临近，其交易量一直在下降。</blockquote></p><p> As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p><p><blockquote>正如高盛解释的那样，投资者越来越多地采用 SPX 到期日的完整日历，包括每周一和周三的到期日，因为他们会根据事件调整自己的观点。其实，<b>第三个星期五到期的 SPX 期权交易量百分比处于历史最低点，</b>现在低于周一和周三到期的百分比。超短期交易量增加的一个解释是强劲的单只股票交易量： 高盛提出了一个观点--“如果做市商无法覆盖散户投资者购买看涨期权产生的单只股票空头范围，他们可能会积极交易一系列超短期 SPX 指数期权的多头头寸，以抵消这一范围”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p><p><blockquote>为什么这很重要？因为如果这种趋势足够大，它会直接导致低隐含和实现的相关性。<b>具有讽刺意味的是，通过增加单一名称，“最卖空的名称”，散户投资者正在迎来整个市场的非正统平静期!</b></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>Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets<blockquote>四女巫困境：周五 2 万亿美元伽马到期将如何影响市场</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\">\nQuad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets<blockquote>四女巫困境：周五 2 万亿美元伽马到期将如何影响市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-15 21:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p><p><blockquote>上周，在讨论市场奇怪的夏季低迷将 VIX 推至新冠疫情爆发以来的最低水平时，我们表示，这段异常的市场平静时期可能会持续到本周五的四女巫，届时大量伽马和德尔塔到期并被消除风险，在消除天然下行股票缓冲的过程中（参见“市场低迷以下周五的 Op-Ex 结束的 4 个原因”）。</blockquote></p><p> So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p><p><blockquote>因此，高盛内部衍生品专家洛基-菲什曼（Rocky Fishman）在谈到周五可能影响市场的运营支出时，对即将到期的 6 月份的运营支出进行了预览，他称之为 “规模庞大，堪比典型的季度”。具体而言，<b>周五有 1.8 万亿美元的 SPX 期权到期，此外还有 2400 亿美元的SPDR标普500指数ETF期权以及 2000 亿美元的 SPX 和 SPX E-mini 期货期权。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p><p><blockquote>然而，尽管这些总数很大，<b>根据指数规模进行调整后，在当前现货 10% 以内的到期期权数量比过去十年中任何一个季度都少。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p><p><blockquote>值得注意的是，根据高盛的估计，组合账户<b>对于 15-20% 的 SPX 期权，</b>因此，调整后的未平仓合约总额将达到 1.5 万亿美元，仍远高于到期单只股票未平仓合约总额（7750 亿美元）。此外，由于股市处于历史高位，预计6月份的大部分未平仓合约将低于当前SPX现货价格。如下图所示，双峰位于3900和4150。这意味着周五之后，这些点周围可能会有一定的“反”引力，直到伽马射线被重新填充。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p><p><blockquote>高盛策略师随后解释了他认为已实现市场交易量异常低水平的情况，并指出——正如我们上周讨论的那样——这与长期定位是一致的。考虑一下SPX<b>过去 13 个交易日的实现波动率仅为 5.1%，为 2019 年以来最低的 13 天实现波动率。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p><p><blockquote>这与单一股票市场部分地区的极端波动形成鲜明对比；AMC 上周的合约量是单只股票中最高的（但名义成交量为 70 亿美元/天，远低于 AMZN 领先的 1200 亿美元/天），同期已实现成交量的近 400%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p><p><blockquote>然后，正如野村证券的查理·麦切利戈特上周首次指出的那样，高盛的衍生品团队同意<b>SPX 极低的实现波动率与 6 月 18 日多头指数 gamma 离开 “街头 ”的可能性是一致的，在这种情况下，Fishman 呼应了我们上周所说的，即 “一旦头寸更加干净，实现波动率可能会上升”。</b>与此同时，SPX 的 VIX 期货贝塔系数上升表明，如果市场抛售，投资者预计短期伽马动态将会回升。翻译：<u><b>在抛售中，市场将变得更加波动。</b></u></blockquote></p><p> <img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p><p><blockquote>与此同时，与最新的备忘录库存挤压保持一致，高盛还指出，虽然单一股票期权交易量仍然很高，但远低于第一季度的峰值。最近几周，由零售驱动的所有单一股票期权活动中所占的比例很大，以及零售活动的预测价值，都提高了人们对单一股票期权市场的关注度。最近单一股票期权活动的增长集中在低股价股票，导致过去两周的合约交易量中的股价与名义交易量不符。在根据股票市场规模调整名义成交量时，高盛发现，过去两周单只股票成交量实际上一直处于 2021 年区间的低点，这意味着最新的涨幅几乎没有伽马挤压成分。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p><p> One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p><p><blockquote>我们最近讨论的最后一点是，高盛观察到，短期 SPX 期权（每周）和远离季度的趋势仍在继续，这与零售参与交易的不断增长是一致的。这也是为什么周五 SPX 到期日小于近期许多季度的原因之一，也是为什么随着到期日的临近，其交易量一直在下降。</blockquote></p><p> As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p><p><blockquote>正如高盛解释的那样，投资者越来越多地采用 SPX 到期日的完整日历，包括每周一和周三的到期日，因为他们会根据事件调整自己的观点。其实，<b>第三个星期五到期的 SPX 期权交易量百分比处于历史最低点，</b>现在低于周一和周三到期的百分比。超短期交易量增加的一个解释是强劲的单只股票交易量： 高盛提出了一个观点--“如果做市商无法覆盖散户投资者购买看涨期权产生的单只股票空头范围，他们可能会积极交易一系列超短期 SPX 指数期权的多头头寸，以抵消这一范围”。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p><p><blockquote>为什么这很重要？因为如果这种趋势足够大，它会直接导致低隐含和实现的相关性。<b>具有讽刺意味的是，通过增加单一名称，“最卖空的名称”，散户投资者正在迎来整个市场的非正统平静期!</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\">zerohedge</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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191245053","content_text":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").\nSo picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.\n\nYet while these totals are massive,when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.\n\nIt's worth noting that according to Goldman estimates that combos accountfor 15-20% of SPX options,so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.\n\nThe Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPXrealized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.\n\nThis contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.\n\nThen, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees thatthe extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:the market will become much more volatile in a selloff.\n\nMeanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.\n\nOne final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.\nAs Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"\n\nWhy is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3824,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184259962,"gmtCreate":1623716686656,"gmtModify":1631891158858,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","htmlText":"let’s go","listText":"let’s go","text":"let’s go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/184259962","repostId":"2143735257","repostType":4,"isVote":1,"tweetType":1,"viewCount":2690,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188408432,"gmtCreate":1623457363026,"gmtModify":1631891158872,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188408432","repostId":"1131421513","repostType":4,"isVote":1,"tweetType":1,"viewCount":3825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":180115108,"gmtCreate":1623194608504,"gmtModify":1631891158884,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","htmlText":"meme stonks","listText":"meme stonks","text":"meme stonks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/180115108","repostId":"1128909306","repostType":4,"repost":{"id":"1128909306","kind":"news","pubTimestamp":1623193560,"share":"https://www.laohunote.com/m/news/1128909306?lang=zh_CN&edition=full","pubTime":"2021-06-09 07:06","market":"us","language":"en","title":"S&P 500 closes little changed as \"meme stocks\" extend rally<blockquote>“模因股票”延续涨势，标普500收盘变化不大</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128909306","media":"reuters","summary":"NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of c","content":"<p>NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.</p><p><blockquote>纽约（路透社） - 华尔街股市周二难以维持收盘涨幅，因为缺乏明确的市场催化剂使机构投资者观望，而散户交易员则推动了模因股的持续上涨。</blockquote></p><p>All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&amp;P 500 and the Dow closing within about 0.5% of record highs.</p><p><blockquote>美国三大股指均以接近持平或更高的区间收盘，标普500和道琼斯工业平均指数收盘较历史高点约0.5%。</blockquote></p><p>The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.</p><p><blockquote>科技含量最高的纳斯达克综合指数表现最好，亚马逊和苹果提供了最大的提振。</blockquote></p><p>“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”</p><p><blockquote>“芝加哥 Kingsview Asset Management 投资组合经理保罗-诺尔特（Paul Nolte）说：”我们在等待通胀数据，等待（美联储）的更多数据，等待财报季。“目前市场没有太多动力”。</blockquote></p><p>“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.</p><p><blockquote>“诺尔特补充说：”我们将处于这种阴暗地带，直到国庆节刚过，我们才会看到财报季的到来。</blockquote></p><p>The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.</p><p><blockquote>衡量投资者焦虑程度的芝加哥期权交易所波动率指数触及一年多来的最低水平。</blockquote></p><p>Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.</p><p><blockquote>小盘股再次受到持续的模因股票零售狂潮的提振，其表现优于大型同行。</blockquote></p><p>Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.</p><p><blockquote>Clover Health Investments 在 meme 股票中名列前茅，飙升 85.8%，是纳斯达克最大的百分比赢家。</blockquote></p><p>Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath &amp; Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.</p><p><blockquote>其他近期交易量爆炸性的股票，包括游戏驿站公司、Bed Bath &amp; Beyond Inc、Workhorse Group 等，收盘上涨 7% 至 12%。</blockquote></p><p>“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”</p><p><blockquote>“诺尔特说：”（备忘录股票）是活跃的地方，但你把它翻过来，看看加密货币，那就一团糟了。“现在，迷因股正在取代加密货币成为主流，这一切都是非常宽松的货币政策的结果。”</blockquote></p><p>Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.</p><p><blockquote>美国劳工部和全国独立企业联合会的报告似乎证实了劳动力短缺，尽管需求正在复苏，这可能会给工资带来上行压力，这是更广泛通胀的前兆。</blockquote></p><p>Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.</p><p><blockquote>市场参与者期待着周四的消费者价格指数数据，以获取有关通胀的进一步线索，以及它将如何影响美联储收紧货币政策的时间表。</blockquote></p><p>The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&amp;P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.</p><p><blockquote>道琼斯工业平均指数下跌30.42点，跌幅0.09%，报34,599.82点；标普500上涨 0.74 点，或 0.02%，至 4,227.26 点；纳斯达克综合指数上涨 43.19 点，即 0.31%，至 13,924.91 点。</blockquote></p><p>Of the 11 major sectors in the S&amp;P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.</p><p><blockquote>在标普500的11个主要行业中，非必需消费品的百分比涨幅最大，公用事业的跌幅最大。</blockquote></p><p>Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.</p><p><blockquote>根据中国乘用车联会的数据，特斯拉公司5月份中国产电动汽车的销量猛增29%，同比增长177%。消息传出后，该股抹去了最初的涨幅，收盘下跌 0.3%。</blockquote></p><p>Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.</p><p><blockquote>西南航空公司宣布订购了 34 架新的 737 MAX 飞机，提振了波音公司的股价，但该飞机制造商的股价收盘持平。</blockquote></p><p>GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.</p><p><blockquote>游戏驿站是与 Reddit 驱动的空头挤压现象关系密切的公司，预计将在周三收盘后公布季度业绩。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股票的数量比下跌股票的数量多 1.74 比 1；在纳斯达克，1.66比1的比率有利于进步人士。</blockquote></p><p>The S&amp;P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.</p><p><blockquote>标普500创下54个52周新高和一个新低；纳斯达克综合指数创下172个新高和16个新低。</blockquote></p><p>Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 118.2 亿股，而过去 20 个交易日的平均成交量为 107.5 亿股。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nS&P 500 closes little changed as \"meme stocks\" extend rally<blockquote>“模因股票”延续涨势，标普500收盘变化不大</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">reuters</strong><span class=\"h-time small\">2021-06-09 07:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.</p><p><blockquote>纽约（路透社） - 华尔街股市周二难以维持收盘涨幅，因为缺乏明确的市场催化剂使机构投资者观望，而散户交易员则推动了模因股的持续上涨。</blockquote></p><p>All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&amp;P 500 and the Dow closing within about 0.5% of record highs.</p><p><blockquote>美国三大股指均以接近持平或更高的区间收盘，标普500和道琼斯工业平均指数收盘较历史高点约0.5%。</blockquote></p><p>The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.</p><p><blockquote>科技含量最高的纳斯达克综合指数表现最好，亚马逊和苹果提供了最大的提振。</blockquote></p><p>“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”</p><p><blockquote>“芝加哥 Kingsview Asset Management 投资组合经理保罗-诺尔特（Paul Nolte）说：”我们在等待通胀数据，等待（美联储）的更多数据，等待财报季。“目前市场没有太多动力”。</blockquote></p><p>“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.</p><p><blockquote>“诺尔特补充说：”我们将处于这种阴暗地带，直到国庆节刚过，我们才会看到财报季的到来。</blockquote></p><p>The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.</p><p><blockquote>衡量投资者焦虑程度的芝加哥期权交易所波动率指数触及一年多来的最低水平。</blockquote></p><p>Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.</p><p><blockquote>小盘股再次受到持续的模因股票零售狂潮的提振，其表现优于大型同行。</blockquote></p><p>Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.</p><p><blockquote>Clover Health Investments 在 meme 股票中名列前茅，飙升 85.8%，是纳斯达克最大的百分比赢家。</blockquote></p><p>Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath &amp; Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.</p><p><blockquote>其他近期交易量爆炸性的股票，包括游戏驿站公司、Bed Bath &amp; Beyond Inc、Workhorse Group 等，收盘上涨 7% 至 12%。</blockquote></p><p>“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”</p><p><blockquote>“诺尔特说：”（备忘录股票）是活跃的地方，但你把它翻过来，看看加密货币，那就一团糟了。“现在，迷因股正在取代加密货币成为主流，这一切都是非常宽松的货币政策的结果。”</blockquote></p><p>Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.</p><p><blockquote>美国劳工部和全国独立企业联合会的报告似乎证实了劳动力短缺，尽管需求正在复苏，这可能会给工资带来上行压力，这是更广泛通胀的前兆。</blockquote></p><p>Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.</p><p><blockquote>市场参与者期待着周四的消费者价格指数数据，以获取有关通胀的进一步线索，以及它将如何影响美联储收紧货币政策的时间表。</blockquote></p><p>The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&amp;P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.</p><p><blockquote>道琼斯工业平均指数下跌30.42点，跌幅0.09%，报34,599.82点；标普500上涨 0.74 点，或 0.02%，至 4,227.26 点；纳斯达克综合指数上涨 43.19 点，即 0.31%，至 13,924.91 点。</blockquote></p><p>Of the 11 major sectors in the S&amp;P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.</p><p><blockquote>在标普500的11个主要行业中，非必需消费品的百分比涨幅最大，公用事业的跌幅最大。</blockquote></p><p>Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.</p><p><blockquote>根据中国乘用车联会的数据，特斯拉公司5月份中国产电动汽车的销量猛增29%，同比增长177%。消息传出后，该股抹去了最初的涨幅，收盘下跌 0.3%。</blockquote></p><p>Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.</p><p><blockquote>西南航空公司宣布订购了 34 架新的 737 MAX 飞机，提振了波音公司的股价，但该飞机制造商的股价收盘持平。</blockquote></p><p>GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.</p><p><blockquote>游戏驿站是与 Reddit 驱动的空头挤压现象关系密切的公司，预计将在周三收盘后公布季度业绩。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股票的数量比下跌股票的数量多 1.74 比 1；在纳斯达克，1.66比1的比率有利于进步人士。</blockquote></p><p>The S&amp;P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.</p><p><blockquote>标普500创下54个52周新高和一个新低；纳斯达克综合指数创下172个新高和16个新低。</blockquote></p><p>Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.</p><p><blockquote>美国交易所的成交量为 118.2 亿股，而过去 20 个交易日的平均成交量为 107.5 亿股。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-closes-little-changed-as-meme-stocks-extend-rally-idUSL2N2NQ2NX\">reuters</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":{".SPX":"S&P 500 Index","CLOV":"Clover Health Corp",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-sp-500-closes-little-changed-as-meme-stocks-extend-rally-idUSL2N2NQ2NX","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128909306","content_text":"NEW YORK (Reuters) - Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally.All three major U.S. stock indexes ended the range-bound session near flat or higher, with the S&P 500 and the Dow closing within about 0.5% of record highs.The tech-laded Nasdaq Composite fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.“We’re waiting for inflation numbers, waiting for more from the (Federal Reserve), waiting for earnings season,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “There’s not a lot motivating the market today.”“We’re in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in,” Nolte added.The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.Clover Health Investments seized top billing among meme stocks, surging 85.8%, the biggest percentage winner in the Nasdaq.Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp, Bed Bath & Beyond Inc, Workhorse Group and others, ended the session between 7% and 12% higher.“(Meme stocks) are where the action is, but you flip it over and look crypto and that’s a mess,” Nolte said. “Now the meme stocks are taking over from crypto as the place to be and it’s all a consequence of very easy monetary policy.”Reports from the U.S. Labor Department and National Federation of Independent Business appeared to confirm a labor shortage even as demand roars back to life, which could put upward pressure on wages, a precursor to wider inflation.Market participants look to Thursday’s consumer price index data for further clues regarding inflation, and how it could influence the Federal Reserve’s timetable for tightening its monetary policy.The Dow Jones Industrial Average fell 30.42 points, or 0.09%, to 34,599.82; the S&P 500 gained 0.74 points, or 0.02%, at 4,227.26; and the Nasdaq Composite added 43.19 points, or 0.31%, at 13,924.91.Of the 11 major sectors in the S&P 500, consumer discretionary enjoyed the biggest percentage gain, and utilities suffered the largest loss.Sales of Tesla Inc’s China-made electric cars jumped in May by 29%, marking a 177% year-on-year increase, according to the China Passenger Car Association. The stock erased initial gains on the news to close down 0.3%.Boeing Co shares were boosted by Southwest Airlines’ announcement that it had ordered 34 new 737 MAX aircraft, but the planemaker’s shares pared gains to end the session flat.GameStop, the company most closely associated with the Reddit-driven short squeeze phenomenon, is expected to report quarterly results after markets close on Wednesday.Advancing issues outnumbered decliners on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.66-to-1 ratio favored advancers.The S&P 500 posted 54 new 52-week highs and one new low; the Nasdaq Composite recorded 172 new highs and 16 new lows.Volume on U.S. exchanges was 11.82 billion shares, compared with the 10.75 billion average over the last 20 trading days.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,"CLOV":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":4289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114556926,"gmtCreate":1623081592365,"gmtModify":1631891158898,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","htmlText":"shill&nbsp;","listText":"shill&nbsp;","text":"shill","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/114556926","repostId":"2141286115","repostType":4,"isVote":1,"tweetType":1,"viewCount":2123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112372689,"gmtCreate":1622853699241,"gmtModify":1631891158912,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","htmlText":"of cos buy","listText":"of cos buy","text":"of cos buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112372689","repostId":"1132937041","repostType":4,"repost":{"id":"1132937041","kind":"news","pubTimestamp":1622853341,"share":"https://www.laohunote.com/m/news/1132937041?lang=zh_CN&edition=full","pubTime":"2021-06-05 08:35","market":"us","language":"en","title":"AMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC 股价上涨 3,100%。你应该买还是卖？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132937041","media":"Barrons","summary":"Photo illustration by Chris Mihal / Dreamstime.com\nIn a market like this, popcorn can become a Buy s","content":"<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d95919779e01e359f19f34476e91d00\" tg-width=\"1260\" tg-height=\"840\"><span>Photo illustration by Chris Mihal / Dreamstime.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>照片插图：克里斯·米哈尔 / Dreamstime.com</span></p></blockquote></p><p> In a market like this, popcorn can become a Buy signal.</p><p><blockquote>在这样的市场中，爆米花可以成为买入信号。</blockquote></p><p> Shares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.</p><p><blockquote>上周三，AMC院线控股公司宣布了一项新的股东奖励计划，其中包括一份免费的大爆米花，该公司的股价上涨了 95% 以上，达到 62.55 美元的历史新高。第二天，一项出售 1155 万股股票的计划（最终以 50.85 美元的平均价格出售）导致 AMC（股票代码：AMC）暴跌。</blockquote></p><p> Even with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.</p><p><blockquote>即使周四下跌，该股在过去九个交易日中仍飙升了 297%，今年上涨了 2,160%，令人瞠目。</blockquote></p><p> After&nbsp;GameStop(GME) and&nbsp;BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.</p><p><blockquote>继游戏驿站（GME）和黑莓（BB）之后，似乎没有什么能阻止最新的热门备忘录股票，甚至连 AMC 本身也没有发出警告： “在这种情况下，我们提醒您不要投资我们的 A 类普通股，除非您准备好承担全部或大部分投资损失的风险，”该公司周四在出售股票的文件中表示。</blockquote></p><p> Earlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”</p><p><blockquote>据彭博社报道，本周早些时候，AMC 向投资公司 Mudrick Capital Management 出售了 850 万股股票，后者在同一天出售了其股份并获利。AMC 称这是 “非常明智的现金筹集，这样我们就可以发展公司”。</blockquote></p><p> More dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.</p><p><blockquote>更多的稀释可能会到来。该公司将在下个月的年会上要求股东授权从 2022 年开始额外出售 2500 万股股票。</blockquote></p><p> Despite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.</p><p><blockquote>尽管发出了不同寻常的警告和稀释，但一些用户上周在在线论坛上加倍了对该股的热情，并指出游戏驿站在 1 月份上涨期间也经历了类似的波动。这只会让传统投资者感到困惑和愤怒。</blockquote></p><p> “The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”</p><p><blockquote>“投资研究公司 New Constructs 的首席执行官大卫-特雷纳（David Trainer）最近写道：”AMC院线股价的飙升是我们今天所处的不计后果的迷因股票驱动的投资环境的又一个迹象。“华尔街内部人士正在利用零售迷因股票交易员的天真。没有基本的理由购买AMC院线的股票。</blockquote></p><p> Trying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.</p><p><blockquote>诚然，要找到一个能够证明 AMC 崛起合理性的基本说法是很困难的。尽管如此，这项工作可能会为投资者提供一些见解。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62d362d944fe5c0a23bee485799d1195\" tg-width=\"956\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> With the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)</p><p><blockquote>随着最近的股票出售，AMC的企业价值约为350亿美元，几乎是2018年底的六倍，2018年底是美国票房创纪录的一年。当时，三大上市影院运营商的企业价值约为国内总票房的1.6倍。（连锁影院通常有大量债务，因此企业价值是一个更好的衡量标准。）</blockquote></p><p> AMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.</p><p><blockquote>AMC 目前的企业价值约为 2020 年受大流行病影响的国内票房 21 亿美元的 17 倍。</blockquote></p><p> Roughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.</p><p><blockquote>大约三分之二的销售额通常来自门票。其余的来自苏打水，是的，还有爆米花。该行业面临的挑战是，在呆在家里和流媒体一年后，是否有足够多的电影观众回来并像以前一样消费。</blockquote></p><p> The business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.</p><p><blockquote>该业务可能会经历一段整合时期，就像本世纪早些时候一样，当时向体育场座位的转变迫使一些运营商破产和合并。富豪影院是美国大型连锁影院之一，于2001年申请破产。摆脱破产后，富豪成了一台赚钱机器——越来越少的电影院运营商提供帮助。现在，越来越少的人可以迎来另一个更高的投资回报和更好的现金生成时代。</blockquote></p><p> Indeed, the hope is that AMC could be opportunistic in&nbsp;the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.</p><p><blockquote>事实上，人们希望 AMC 能够在大流行后的世界中投机取巧，也许是通过收购。该股最近的上涨使这一希望得以实现，使该公司能够筹集新资本——仅本季度就通过股票销售筹集了 12.5 亿美元。</blockquote></p><p> “With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.</p><p><blockquote>“AMC 首席执行官亚当-阿伦（Adam Aron）在上周二表示：”随着我们流动性的增加、接种疫苗的人口越来越多，以及新大片的即将上映，是时候让 AMC 再次发起进攻了。</blockquote></p><p> If AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.</p><p><blockquote>如果 AMC 能够提高市场份额，如果美国票房恢复到 2018 年的水平，该公司的总销售额可能会达到 90 亿美元--60 亿美元来自门票，30 亿美元来自特许经营权。2018年销售额为55亿美元。</blockquote></p><p> Then, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.</p><p><blockquote>然后，如果利润率随着行业规模的扩大而提高，如果 AMC 对新影院的投资可能会下降，因为并不真正需要新的产能，那么该公司每年可能会产生 6 亿美元的自由现金流。这大约是大流行前几年现金产生潜力的三倍。</blockquote></p><p></p><p> With $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The&nbsp;S&amp;P 500&nbsp;index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&amp;P trade at a free-cash-flow yield of about 3.1%.</p><p><blockquote>凭借 6 亿美元的自由现金流，根据最近的价格计算，该股的自由现金流收益率约为 2.4%。这个收益率让股票看起来很昂贵，但并非完全不合理。标普500指数的自由现金流收益率约为 3.4%；标准普尔指数中的其他非必需消费品股票的自由现金流收益率约为 3.1%。</blockquote></p><p> While that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.</p><p><blockquote>虽然这可能会给基本面投资者带来一线希望，但 6 亿美元的自由现金流情景存在问题。有很多如果和可能——而 AMC 过去从未产生过这样的现金流。</blockquote></p><p> Consolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by&nbsp;Cineworld Group(CINE.UK), and&nbsp;Cinemark Holdings(CNK).</p><p><blockquote>行业整合也不能保证成功。AMC 的市场份额可能会上升，但仍有竞争对手： 富豪影院（Regal Cinemas，现归 Cineworld Group（CINE.UK）所有）和 Cinemark Holdings（CNK）所有。</blockquote></p><p> Neither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.</p><p><blockquote>两家公司的交易都不像 AMC：Cineworld 股价较 52 周低点上涨 283%，但较历史高点下跌 78%，而 Cinemark 股价较 52 周低点上涨 183%，但较历史高点下跌 51%。相比之下，AMC 股价较 52 周低点上涨了 2,320%。</blockquote></p><p> And AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.</p><p><blockquote>AMC 及其同行也必须与流媒体竞争。独家影院放映的窗口正在缩小，而疫情加速了这一进程。</blockquote></p><p> Wall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.</p><p><blockquote>华尔街看不到潜力。十名分析师关注该股，平均目标价为 5.25 美元。最高为每股18美元。在大流行之前，分析师的平均目标价为 15 美元。当时AMC的股票较少。旧的目标价意味着企业价值约为 70 亿美元，与 350 亿美元相去甚远。</blockquote></p><p> Analysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.</p><p><blockquote>然而，分析师确实预计 AMC 未来的自由现金流为正——2022 年约为 1300 万美元，2023 年约为 9000 万美元。</blockquote></p><p> At these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of&nbsp;short squeezes&nbsp;has become far larger than the potential gain from the market realizing that a stock is too expensive.</p><p><blockquote>在这些水平上，AMC 股票的基本面情况，说得委婉些，是一个拉伸。然而，仅仅估值过高从来都不是卖空股票、押注价格下跌的好理由。大量股票被做空通常是模因推动的上涨的一个因素。如今，空头挤压的风险已经远远大于市场意识到一只股票太贵所带来的潜在收益。</blockquote></p><p> In the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.</p><p><blockquote>说到底，投资和交易是不同的技能。两者都能让人赚钱。重要的是不要混淆两者。</blockquote></p><p> AMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.</p><p><blockquote>AMC投资者可能理解这一点。“来自加利福尼亚州圣费尔南多谷的 27 岁作家娜塔莉-卡马乔（Natalie Camacho）说：”我认为，对于你看到的大多数散户投资者来说，这确实是为了证明一个观点。</blockquote></p><p> She says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.</p><p><blockquote>她说，随着模因股票浪潮开始兴起，她在 1 月份以 100 美元的价格购买了 11 股 AMC 股票。她预计该公司将受益于 Covid-19 的重新开放。</blockquote></p><p> Camacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.</p><p><blockquote>卡马乔说，她觉得投资的世界对她关闭了，因为她没有 1 万美元可以投资股票。在社交媒体上，AMC交易被描绘成小人物与华尔街大公司之间的斗争，这对她很有吸引力。</blockquote></p><p> “What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”</p><p><blockquote>“她说：”吸引我的是这种集体感，我们都在一起。“有一种感觉，如果我们把钱集中在一起，我们可能不会变得富有，但我们会有足够的钱有所作为”。</blockquote></p><p> Regardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.</p><p><blockquote>不管结果如何，她都是在用自己输得起的钱下注。截至周四上午，她100美元的投资已经增加到460美元。“她说：”从长远来看，这可能是个坏主意，但目前我们还是坚持下去。</blockquote></p><p></p>","source":"lsy1601382232898","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>AMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC 股价上涨 3,100%。你应该买还是卖？</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\">\nAMC Stock Is Up 3,100%. Should You Buy or Sell?<blockquote>AMC 股价上涨 3,100%。你应该买还是卖？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-06-05 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3d95919779e01e359f19f34476e91d00\" tg-width=\"1260\" tg-height=\"840\"><span>Photo illustration by Chris Mihal / Dreamstime.com</span></p><p><blockquote><p class=\"t-img-caption\"><span>照片插图：克里斯·米哈尔 / Dreamstime.com</span></p></blockquote></p><p> In a market like this, popcorn can become a Buy signal.</p><p><blockquote>在这样的市场中，爆米花可以成为买入信号。</blockquote></p><p> Shares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.</p><p><blockquote>上周三，AMC院线控股公司宣布了一项新的股东奖励计划，其中包括一份免费的大爆米花，该公司的股价上涨了 95% 以上，达到 62.55 美元的历史新高。第二天，一项出售 1155 万股股票的计划（最终以 50.85 美元的平均价格出售）导致 AMC（股票代码：AMC）暴跌。</blockquote></p><p> Even with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.</p><p><blockquote>即使周四下跌，该股在过去九个交易日中仍飙升了 297%，今年上涨了 2,160%，令人瞠目。</blockquote></p><p> After&nbsp;GameStop(GME) and&nbsp;BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.</p><p><blockquote>继游戏驿站（GME）和黑莓（BB）之后，似乎没有什么能阻止最新的热门备忘录股票，甚至连 AMC 本身也没有发出警告： “在这种情况下，我们提醒您不要投资我们的 A 类普通股，除非您准备好承担全部或大部分投资损失的风险，”该公司周四在出售股票的文件中表示。</blockquote></p><p> Earlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”</p><p><blockquote>据彭博社报道，本周早些时候，AMC 向投资公司 Mudrick Capital Management 出售了 850 万股股票，后者在同一天出售了其股份并获利。AMC 称这是 “非常明智的现金筹集，这样我们就可以发展公司”。</blockquote></p><p> More dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.</p><p><blockquote>更多的稀释可能会到来。该公司将在下个月的年会上要求股东授权从 2022 年开始额外出售 2500 万股股票。</blockquote></p><p> Despite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.</p><p><blockquote>尽管发出了不同寻常的警告和稀释，但一些用户上周在在线论坛上加倍了对该股的热情，并指出游戏驿站在 1 月份上涨期间也经历了类似的波动。这只会让传统投资者感到困惑和愤怒。</blockquote></p><p> “The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”</p><p><blockquote>“投资研究公司 New Constructs 的首席执行官大卫-特雷纳（David Trainer）最近写道：”AMC院线股价的飙升是我们今天所处的不计后果的迷因股票驱动的投资环境的又一个迹象。“华尔街内部人士正在利用零售迷因股票交易员的天真。没有基本的理由购买AMC院线的股票。</blockquote></p><p> Trying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.</p><p><blockquote>诚然，要找到一个能够证明 AMC 崛起合理性的基本说法是很困难的。尽管如此，这项工作可能会为投资者提供一些见解。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/62d362d944fe5c0a23bee485799d1195\" tg-width=\"956\" tg-height=\"637\"></p><p><blockquote></blockquote></p><p> With the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)</p><p><blockquote>随着最近的股票出售，AMC的企业价值约为350亿美元，几乎是2018年底的六倍，2018年底是美国票房创纪录的一年。当时，三大上市影院运营商的企业价值约为国内总票房的1.6倍。（连锁影院通常有大量债务，因此企业价值是一个更好的衡量标准。）</blockquote></p><p> AMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.</p><p><blockquote>AMC 目前的企业价值约为 2020 年受大流行病影响的国内票房 21 亿美元的 17 倍。</blockquote></p><p> Roughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.</p><p><blockquote>大约三分之二的销售额通常来自门票。其余的来自苏打水，是的，还有爆米花。该行业面临的挑战是，在呆在家里和流媒体一年后，是否有足够多的电影观众回来并像以前一样消费。</blockquote></p><p> The business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.</p><p><blockquote>该业务可能会经历一段整合时期，就像本世纪早些时候一样，当时向体育场座位的转变迫使一些运营商破产和合并。富豪影院是美国大型连锁影院之一，于2001年申请破产。摆脱破产后，富豪成了一台赚钱机器——越来越少的电影院运营商提供帮助。现在，越来越少的人可以迎来另一个更高的投资回报和更好的现金生成时代。</blockquote></p><p> Indeed, the hope is that AMC could be opportunistic in&nbsp;the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.</p><p><blockquote>事实上，人们希望 AMC 能够在大流行后的世界中投机取巧，也许是通过收购。该股最近的上涨使这一希望得以实现，使该公司能够筹集新资本——仅本季度就通过股票销售筹集了 12.5 亿美元。</blockquote></p><p> “With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.</p><p><blockquote>“AMC 首席执行官亚当-阿伦（Adam Aron）在上周二表示：”随着我们流动性的增加、接种疫苗的人口越来越多，以及新大片的即将上映，是时候让 AMC 再次发起进攻了。</blockquote></p><p> If AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.</p><p><blockquote>如果 AMC 能够提高市场份额，如果美国票房恢复到 2018 年的水平，该公司的总销售额可能会达到 90 亿美元--60 亿美元来自门票，30 亿美元来自特许经营权。2018年销售额为55亿美元。</blockquote></p><p> Then, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.</p><p><blockquote>然后，如果利润率随着行业规模的扩大而提高，如果 AMC 对新影院的投资可能会下降，因为并不真正需要新的产能，那么该公司每年可能会产生 6 亿美元的自由现金流。这大约是大流行前几年现金产生潜力的三倍。</blockquote></p><p></p><p> With $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The&nbsp;S&amp;P 500&nbsp;index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&amp;P trade at a free-cash-flow yield of about 3.1%.</p><p><blockquote>凭借 6 亿美元的自由现金流，根据最近的价格计算，该股的自由现金流收益率约为 2.4%。这个收益率让股票看起来很昂贵，但并非完全不合理。标普500指数的自由现金流收益率约为 3.4%；标准普尔指数中的其他非必需消费品股票的自由现金流收益率约为 3.1%。</blockquote></p><p> While that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.</p><p><blockquote>虽然这可能会给基本面投资者带来一线希望，但 6 亿美元的自由现金流情景存在问题。有很多如果和可能——而 AMC 过去从未产生过这样的现金流。</blockquote></p><p> Consolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by&nbsp;Cineworld Group(CINE.UK), and&nbsp;Cinemark Holdings(CNK).</p><p><blockquote>行业整合也不能保证成功。AMC 的市场份额可能会上升，但仍有竞争对手： 富豪影院（Regal Cinemas，现归 Cineworld Group（CINE.UK）所有）和 Cinemark Holdings（CNK）所有。</blockquote></p><p> Neither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.</p><p><blockquote>两家公司的交易都不像 AMC：Cineworld 股价较 52 周低点上涨 283%，但较历史高点下跌 78%，而 Cinemark 股价较 52 周低点上涨 183%，但较历史高点下跌 51%。相比之下，AMC 股价较 52 周低点上涨了 2,320%。</blockquote></p><p> And AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.</p><p><blockquote>AMC 及其同行也必须与流媒体竞争。独家影院放映的窗口正在缩小，而疫情加速了这一进程。</blockquote></p><p> Wall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.</p><p><blockquote>华尔街看不到潜力。十名分析师关注该股，平均目标价为 5.25 美元。最高为每股18美元。在大流行之前，分析师的平均目标价为 15 美元。当时AMC的股票较少。旧的目标价意味着企业价值约为 70 亿美元，与 350 亿美元相去甚远。</blockquote></p><p> Analysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.</p><p><blockquote>然而，分析师确实预计 AMC 未来的自由现金流为正——2022 年约为 1300 万美元，2023 年约为 9000 万美元。</blockquote></p><p> At these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of&nbsp;short squeezes&nbsp;has become far larger than the potential gain from the market realizing that a stock is too expensive.</p><p><blockquote>在这些水平上，AMC 股票的基本面情况，说得委婉些，是一个拉伸。然而，仅仅估值过高从来都不是卖空股票、押注价格下跌的好理由。大量股票被做空通常是模因推动的上涨的一个因素。如今，空头挤压的风险已经远远大于市场意识到一只股票太贵所带来的潜在收益。</blockquote></p><p> In the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.</p><p><blockquote>说到底，投资和交易是不同的技能。两者都能让人赚钱。重要的是不要混淆两者。</blockquote></p><p> AMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.</p><p><blockquote>AMC投资者可能理解这一点。“来自加利福尼亚州圣费尔南多谷的 27 岁作家娜塔莉-卡马乔（Natalie Camacho）说：”我认为，对于你看到的大多数散户投资者来说，这确实是为了证明一个观点。</blockquote></p><p> She says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.</p><p><blockquote>她说，随着模因股票浪潮开始兴起，她在 1 月份以 100 美元的价格购买了 11 股 AMC 股票。她预计该公司将受益于 Covid-19 的重新开放。</blockquote></p><p> Camacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.</p><p><blockquote>卡马乔说，她觉得投资的世界对她关闭了，因为她没有 1 万美元可以投资股票。在社交媒体上，AMC交易被描绘成小人物与华尔街大公司之间的斗争，这对她很有吸引力。</blockquote></p><p> “What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”</p><p><blockquote>“她说：”吸引我的是这种集体感，我们都在一起。“有一种感觉，如果我们把钱集中在一起，我们可能不会变得富有，但我们会有足够的钱有所作为”。</blockquote></p><p> Regardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.</p><p><blockquote>不管结果如何，她都是在用自己输得起的钱下注。截至周四上午，她100美元的投资已经增加到460美元。“她说：”从长远来看，这可能是个坏主意，但目前我们还是坚持下去。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/buy-sell-amc-stock-51622844305?mod=hp_LEAD_1\">Barrons</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":{"AMC":"AMC院线"},"source_url":"https://www.barrons.com/articles/buy-sell-amc-stock-51622844305?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132937041","content_text":"Photo illustration by Chris Mihal / Dreamstime.com\nIn a market like this, popcorn can become a Buy signal.\nShares of AMC Entertainment Holdings jumped more than 95% to an all-time high of $62.55 this past Wednesday after the movie-theater chain announced a new rewards program for shareholders that includes a free large popcorn. The next day, a plan to sell 11.55 million shares (which eventually sold at an average price of $50.85) sent AMC (ticker: AMC) tumbling.\nEven with Thursday’s decline, the stock has soared 297% over the past nine trading sessions, and is up an eye-popping 2,160% for the year.\nAfter GameStop(GME) and BlackBerry(BB), there seems to be little stopping the latest hot meme stock,not even a warning from AMC itself: “Under the circumstances, we caution you against investing in our Class A common stock, unless you are prepared to incur the risk of losing all or a substantial portion of your investment,” the company said on Thursday in the filing to sell the shares.\nEarlier in the week, AMC sold 8.5 million shares to investment firm Mudrick Capital Management, which sold its stake at a profit that same day,Bloomberg reported. AMC called it a “very smart raising of cash so that we can grow this company.”\nMore dilution could be coming. The company will ask shareholders to authorize the sale of an additional 25 million shares, starting in 2022, at its annual meeting next month.\nDespite the unusual warning and the dilution, some users doubled down on their enthusiasm for the stock in online forums this past week, noting that GameStop experienced similar volatility during its January rise. That just confounds and outrages traditional investors.\n“The surge in shares of AMC Entertainment is yet another sign of the reckless meme-stock-driven investing landscape that we find ourselves in today,” David Trainer, CEO of investment research firm New Constructs, recently wrote. “Wall Street insiders are preying on the naiveté of retail meme-stock traders. There is no fundamental reason to be buying shares of AMC Entertainment.”\nTrying to identify a fundamental narrative that can justify AMC’s ascent is admittedly difficult. Still, it is an exercise that might provide some insights for investors.\n\nWith the recent share sale, AMC has an enterprise value of about $35 billion, almost six times what it was at the end of 2018, a record-breaking year at the U.S. box office. At that time, the enterprise value for the three largest publicly traded theater operators was about 1.6 times the total domestic box office. (Theater chains typically have a lot of debt, making enterprise value a better measure.)\nAMC’s enterprise value is now about 17 times the dreadful, pandemic-affected domestic box office haul of just $2.1 billion in 2020.\nRoughly two-thirds of sales typically come from tickets. The rest comes from soda and, yes, popcorn. The challenge for the industry is whether enough moviegoers return and spend as they did before, after a year of staying home and streaming.\nThe business might go through a period of consolidation, as it did earlier this century, when a shift to stadium seating pushed some operators into bankruptcy and mergers. Regal Cinemas, one of the large U.S. theater chains, filed for bankruptcy in 2001. Coming out of bankruptcy, Regal became a cash-generating machine—fewer movie-theater operators helped. And fewer now could usher in another era of higher returns on investment and better cash generation.\nIndeed, the hope is that AMC could be opportunistic in the postpandemic world, perhaps by making acquisitions. The recent gains in the stock have made that hope self-fulfilling, allowing the company to raise new capital—$1.25 billion through stock sales in this quarter alone.\n“With our increased liquidity, an increasingly vaccinated population, and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” CEO Adam Aron said this past Tuesday.\nIf AMC can boost market share, and if U.S. box office sales return to 2018 levels, the company’s total sales might hit $9 billion—$6 billion from tickets and $3 billion from concessions. Sales in 2018 were $5.5 billion.\nThen, if profit margins improve with better industry scale, and if AMC’s investment in new theaters can drop as new capacity isn’t really needed, the company might be able to generate $600 million in free cash flow annually. That is about three times the cash-generating potential of prior, prepandemic years.\nWith $600 million in free cash flow, the stock’s free-cash-flow yield works out to about 2.4%, based on recent prices. That yield makes the stock look expensive, but not completely unreasonable. The S&P 500 index trades for about a 3.4% free-cash-flow yield; other consumer-discretionary stocks in the S&P trade at a free-cash-flow yield of about 3.1%.\nWhile that may offer a faint glimmer of hope for fundamental investors, there are problems with the $600 million free-cash-flow scenario. There are a lot of ifs and mights—and AMC has never generated cash flow like that in the past.\nConsolidation in the industry is also no guarantee of success. AMC’s share of the market might rise, but there are still competitors: Regal Cinemas, now owned by Cineworld Group(CINE.UK), and Cinemark Holdings(CNK).\nNeither one is trading like AMC: Cineworld stock is up 283% from its 52-week low, but is off 78% from all-time highs, while Cinemark shares are up 183% from their 52-week low, but down 51% from their all-time high. AMC stock, by comparison, is up 2,320% from its 52-week low.\nAnd AMC and its peers also have to compete with streaming. Windows for exclusive theater showings are shrinking, and the pandemic has accelerated that.\nWall Street doesn’t see the potential. Ten analysts cover the stock, and the average price target is $5.25. The highest is $18 a share. Before the pandemic, the average analyst price target was $15. There were fewer shares of AMC at the time. The old target prices implied an enterprise value of roughly $7 billion—a far cry from $35 billion.\nAnalysts do, however, have positive free cash flow projected for AMC in the future—about $13 million in 2022 and $90 million in 2023.\nAt these levels, the fundamental case for AMC stock is, to put it mildly, a stretch. Yet overvaluation alone is never a good reason to sell a stock short, betting on a price decline. High numbers of shares shorted are typically an element in the meme-fueled rises. These days, the risk of short squeezes has become far larger than the potential gain from the market realizing that a stock is too expensive.\nIn the end, investing and trading are different skills. Both can make people money. The important thing is not to confuse the two.\nAMC investors may understand that. “I think that for most of the retail investors that you see buying quote-unquote meme stocks, it really is to prove a point,” says Natalie Camacho, a 27-year-old writer from California’s San Fernando Valley.\nShe says she bought 11 shares of AMC in January for $100 as the meme-stock wave began to build. She expected the company to benefit by the reopening from Covid-19.\nCamacho says that she had felt as if the world of investing was closed to her, because she didn’t have $10,000 to put into stocks. On social media, the AMC trade has been portrayed as a battle of the little guys against the big Wall Street firms, which appeals to her.\n“What draws me to it is that communal sense, that we’re all in this together,” she says. “There’s a sense that if we pool our money together, we might not be rich, but we’ll have enough to make a difference.”\nRegardless of how it plays out, she is betting with money she can afford to lose. As of Thursday morning, her $100 investment had grown to $460. “Maybe it’s a long-term bad idea, but for now we’re holding,” she says.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":3622,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":116309491,"gmtCreate":1622772305713,"gmtModify":1631891158922,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","htmlText":"sale","listText":"sale","text":"sale","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/116309491","repostId":"1110094207","repostType":4,"isVote":1,"tweetType":1,"viewCount":2761,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111649104,"gmtCreate":1622680189608,"gmtModify":1631891158934,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","htmlText":"to the moon?","listText":"to the moon?","text":"to the moon?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/111649104","repostId":"1115876867","repostType":4,"isVote":1,"tweetType":1,"viewCount":2242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137710892,"gmtCreate":1622389739716,"gmtModify":1631892363698,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","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":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/137710892","repostId":"2138948877","repostType":4,"isVote":1,"tweetType":1,"viewCount":1066,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131844451,"gmtCreate":1621849104473,"gmtModify":1631892363712,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","htmlText":"not for me too","listText":"not for me too","text":"not for me too","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/131844451","repostId":"2137134888","repostType":4,"isVote":1,"tweetType":1,"viewCount":719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133694516,"gmtCreate":1621740217835,"gmtModify":1631892363728,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","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":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/139653716","repostId":"1170860218","repostType":2,"isVote":1,"tweetType":1,"viewCount":879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130915325,"gmtCreate":1621503003367,"gmtModify":1631892363747,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","htmlText":"like and comment thanks&nbsp;","listText":"like and comment thanks&nbsp;","text":"like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/130915325","repostId":"1131372875","repostType":4,"isVote":1,"tweetType":1,"viewCount":1358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197819001,"gmtCreate":1621438892303,"gmtModify":1631892363761,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","htmlText":"like and&nbsp;comment thanks","listText":"like and&nbsp;comment thanks","text":"like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/197819001","repostId":"1158638540","repostType":4,"repost":{"id":"1158638540","kind":"news","pubTimestamp":1621409180,"share":"https://www.laohunote.com/m/news/1158638540?lang=zh_CN&edition=full","pubTime":"2021-05-19 15:26","market":"us","language":"en","title":"4 Things to Know Ahead of the Squarespace’s Direct Listing<blockquote>Squarespace 直接上市前需要了解的 4 件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158638540","media":"Barrons","summary":"The pandemic prompted many small businesses to gain online storefronts for the first time, creating an e-commerce wave that helped website-creation platform Squarespace Inc. accelerate its revenue growth.Now Squarespace will test the resilience of that e-commerce momentum as a public company. Its shares are scheduled to begin trading Wednesday in a direct listing on the New York Stock Exchange under the ticker SQSP.The company offers various tools for website creation, including domains, e-comme","content":"<p>The pandemic prompted many small businesses to gain online storefronts for the first time, creating an e-commerce wave that helped website-creation platform Squarespace Inc. accelerate its revenue growth.</p><p><blockquote>疫情促使许多小企业首次获得在线店面，创造了一股电子商务浪潮，帮助网站创建平台Squarespace Inc.加速了其收入增长。</blockquote></p><p> Now Squarespace will test the resilience of that e-commerce momentum as a public company. Its shares are scheduled to begin trading Wednesday in a direct listing on the New York Stock Exchange under the ticker SQSP.</p><p><blockquote>现在，Squarespace将测试作为一家上市公司的电子商务势头的弹性。其股票定于周三开始在纽约证券交易所直接上市，股票代码为 SQSP。</blockquote></p><p> The company offers various tools for website creation, including domains, e-commerce functions and marketing capabilities. Squarespace aims to work with small businesses that have limited web expertise as well as “large brands” that need greater flexibility to customize based on their needs.</p><p><blockquote>该公司提供各种网站创建工具，包括域名、电子商务功能和营销功能。Squarespace 的目标是与网络专业知识有限的小型企业以及需要更大灵活性来根据自身需求进行定制的 “大品牌 ”合作。</blockquote></p><p> Squarespace sees itself playing into a number of trends, including a growing need for businesses to maintain direct relationships with their customers and an increased emphasis on do-it-yourself solutions that are “rapidly displacing expensive agencies and making equivalent design quality out-of-the-box, accessible and easy-to-use for all,” the company said in&nbsp;its filing with the Securities and Exchange Commission.</p><p><blockquote>Squarespace 在提交给美国证券交易委员会的文件中表示，Squarespace 认为自己正在顺应多种趋势，包括企业越来越需要与客户保持直接关系，以及越来越重视 DIY 解决方案，这些解决方案 “正在迅速取代昂贵的代理机构，使同等的设计质量开箱即用，人人都能获得且易于使用”。</blockquote></p><p> The company raised $300 million in a March funding round that gave the company an enterprise valuation of $10 billion, and is not raising any new funding as it lists. Here is what else you need to know about the company.</p><p><blockquote>该公司在3月份的一轮融资中筹集了3亿美元，使该公司的企业估值达到100亿美元，并且没有像它所说的那样筹集任何新的资金。以下是您需要了解的关于该公司的其他信息。</blockquote></p><p> <b>Growing Revenue, Shrinking Profits</b></p><p><blockquote><b>收入增长，利润萎缩</b></blockquote></p><p> Squarespace posted $621 million in revenue during 2020, up from $485 million a year earlier. Revenue was up 28% in the latest fiscal year, ahead of the 24% growth rate seen in the prior period.</p><p><blockquote>Squarespace 2020 年的收入为 6.21 亿美元，高于去年同期的 4.85 亿美元。上一财年收入增长了 28%，高于上一财年 24% 的增长率。</blockquote></p><p> The company classifies 94% of its revenue as subscription-based. Squarespace added about 700,000 new unique subscriptions in 2020 and the company disclosed that more than two thirds of total subscriptions are annual.</p><p><blockquote>该公司将 94% 的收入归类为基于订阅的收入。Squarespace在2020年增加了约70万个新的独特订阅，该公司透露，超过三分之二的总订阅是年度订阅。</blockquote></p><p> About 70% of Squarespace’s revenue last year came from the U.S., while the rest was international.</p><p><blockquote>Squarespace 去年约 70% 的收入来自美国，其余来自国际。</blockquote></p><p> Squarespace was profitable last year, recording about $30.6 million in net income, though profits were down from $58.2 million in 2019. The company’s “fundamentals highlight a rare combo of profitability and growth at scale,” wrote MKM Partners analyst Rohit Kulkarni.</p><p><blockquote>Squarespace去年实现盈利，净利润约为3060万美元，但利润低于2019年的5820万美元。MKM Partners 分析师罗希特-库尔卡尼（Rohit Kulkarni）写道，该公司的 “基本面凸显了盈利能力和规模增长的罕见组合”。</blockquote></p><p> Despite a string of profitability on an annual basis, Squarespace generated a net loss of $10.1 million in the first quarter of 2021 compared with a loss of $1.1 million a year earlier. The company posted profits in each of the last three quarters of 2020.</p><p><blockquote>尽管年度盈利，Squarespace 在 2021 年第一季度净亏损 1010 万美元，而去年同期亏损 110 万美元。该公司在2020年最后三个季度的每个季度都公布了利润。</blockquote></p><p> <b>Competition Aplenty</b></p><p><blockquote><b>竞争充足</b></blockquote></p><p> The company competes with a variety of different players across the e-commerce industry, according to its filing. Squarespace counts web-creation platforms like&nbsp;Wix.com&nbsp;(ticker: WIX) and Square’s (SQ) Weebly among its competition, along with e-commerce powerhouse&nbsp;Shopify&nbsp;(ticker: SHOP),&nbsp;which lets businesses set up online shops.</p><p><blockquote>根据其文件，该公司与电子商务行业的各种不同参与者竞争。Squarespace 的竞争对手包括 Wix.com（股票代码：WIX）和 Square 的 Weebly 等网络创建平台，以及让企业开设网上商店的电子商务巨头 Shopify（股票代码：SHOP）。</blockquote></p><p> Squarespace also calls out competitors like GoDaddy (GDDY) that offer domain-name tools, as well as those providing email-marketing and scheduling functions, while arguing that its own “comprehensive, all-in-one platform, multichannel commerce capabilities” are an asset.</p><p><blockquote>Squarespace 还评级了 GoDaddy (GDDY) 等提供域名工具的竞争对手，以及提供电子邮件营销和日程安排功能的竞争对手，同时认为自己的 “全面、一体化平台、多渠道商务能力 ”是一项资产。</blockquote></p><p> Jefferies analyst Brent Thill notes that Wix is larger than Squarespace, with revenue of $989 million last year versus $621 million for Squarespace. In addition, Squarespace’s revenue last year was similar to what Wix posted in 2018, but Wix was posting faster growth at that scale, and without the benefit of the pandemic-driven acceleration in e-commerce more broadly, he wrote.</p><p><blockquote>Jefferies 分析师 Brent Thill 指出，Wix 比 Squarespace 更大，去年的收入为 9.89 亿美元，而 Squarespace 的收入为 6.21 亿美元。此外，Squarespace 去年的收入与 Wix 2018 年的收入相似，但 Wix 在这一规模上的增长速度更快，而且没有受益于大流行病推动的更广泛的电子商务加速发展，他写道。</blockquote></p><p> <b>On the Menu</b></p><p><blockquote><b>在菜单上</b></blockquote></p><p> SquareSpace recently closed its $415 million acquisition of Tock, a company focused on the restaurant and hospitality industries. Tock’s services allow businesses to manage reservations, takeout, event ticketing and more.</p><p><blockquote>SquareSpace最近完成了对Tock的4.15亿美元收购，Tock是一家专注于餐饮和酒店业的公司。Tock 的服务允许企业管理预订、外卖、活动票务等。</blockquote></p><p> This part of the business may position SquareSpace against more tech giants, suggested MKM’s Kulkarni.</p><p><blockquote>MKM 的 Kulkarni 表示，这部分业务可能会让 SquareSpace 与更多科技巨头竞争。</blockquote></p><p> “SquareSpace’s offering with Tock faces competition from delivery services such as Uber Eats (UBER),DoorDash&nbsp;(DASH) and&nbsp;Grubhub&nbsp;(GRUB),&nbsp;along with other restaurant [customer-relationship management] services such as TouchBistro and Toast,” he wrote.</p><p><blockquote>“他写道：”SquareSpace 与 Tock 合作的产品面临着来自 Uber Eats (UBER)、DoorDash (DASH) 和 Grubhub (GRUB) 等外卖服务以及 TouchBistro 和 Toast 等其他餐厅[客户关系管理]服务的竞争。</blockquote></p><p> At the same time, the acquisition is an example of one way Squarespace has “smartly diversified into selling not just physical goods online but also adding calendar/scheduling capabilities (restaurant or gym reservations), content sales, and subscriptions,” he continued.</p><p><blockquote>与此同时，此次收购也是 Squarespace “巧妙多元化的一个例子，不仅在网上销售实体商品，还增加了日历/日程安排功能（餐厅或健身房预订）、内容销售和订阅”。</blockquote></p><p> <b>Marketing Bucks</b></p><p><blockquote><b>营销资金</b></blockquote></p><p> Squarespace’s marketing and sales costs are growing far faster than its revenue. The company incurred $3.1 million in such expenses last year, up from $1.7 million in 2019, making for a 45% increase, whereas revenue was up 28% in the same span.</p><p><blockquote>Squarespace 的营销和销售成本增长速度远远快于收入增长速度。该公司去年的此类费用为 310 万美元，高于 2019 年的 170 万美元，增长了 45%，而同期收入增长了 28%。</blockquote></p><p></p><p> The company’s podcast advertisements may be familiar to frequent listeners, though Squarespace notes in its prospectus that it advertises its services broadly, using “online keyword search, sponsorships and celebrity endorsements, television, podcasts, print and online advertising, email and social media marketing.”</p><p><blockquote>尽管 Squarespace 在招股说明书中指出，该公司广泛宣传其服务，使用 “在线关键词搜索、赞助和名人代言、电视、播客、平面广告和在线广告、电子邮件和社交媒体营销 ”，但该公司的播客广告可能对经常收听的听众并不陌生。</blockquote></p><p> Among its risk factors, Squarespace points to the possibility that Alphabet’s (GOOGL) Google could change its algorithm or raise the costs of its search-engine-marketing tools.</p><p><blockquote>在风险因素中，Squarespace 指出Alphabet（GOOGL）旗下的谷歌有可能改变其算法或提高其搜索引擎营销工具的成本。</blockquote></p><p></p>","source":"lsy1601382232898","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>4 Things to Know Ahead of the Squarespace’s Direct Listing<blockquote>Squarespace 直接上市前需要了解的 4 件事</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\">\n4 Things to Know Ahead of the Squarespace’s Direct Listing<blockquote>Squarespace 直接上市前需要了解的 4 件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-05-19 15:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The pandemic prompted many small businesses to gain online storefronts for the first time, creating an e-commerce wave that helped website-creation platform Squarespace Inc. accelerate its revenue growth.</p><p><blockquote>疫情促使许多小企业首次获得在线店面，创造了一股电子商务浪潮，帮助网站创建平台Squarespace Inc.加速了其收入增长。</blockquote></p><p> Now Squarespace will test the resilience of that e-commerce momentum as a public company. Its shares are scheduled to begin trading Wednesday in a direct listing on the New York Stock Exchange under the ticker SQSP.</p><p><blockquote>现在，Squarespace将测试作为一家上市公司的电子商务势头的弹性。其股票定于周三开始在纽约证券交易所直接上市，股票代码为 SQSP。</blockquote></p><p> The company offers various tools for website creation, including domains, e-commerce functions and marketing capabilities. Squarespace aims to work with small businesses that have limited web expertise as well as “large brands” that need greater flexibility to customize based on their needs.</p><p><blockquote>该公司提供各种网站创建工具，包括域名、电子商务功能和营销功能。Squarespace 的目标是与网络专业知识有限的小型企业以及需要更大灵活性来根据自身需求进行定制的 “大品牌 ”合作。</blockquote></p><p> Squarespace sees itself playing into a number of trends, including a growing need for businesses to maintain direct relationships with their customers and an increased emphasis on do-it-yourself solutions that are “rapidly displacing expensive agencies and making equivalent design quality out-of-the-box, accessible and easy-to-use for all,” the company said in&nbsp;its filing with the Securities and Exchange Commission.</p><p><blockquote>Squarespace 在提交给美国证券交易委员会的文件中表示，Squarespace 认为自己正在顺应多种趋势，包括企业越来越需要与客户保持直接关系，以及越来越重视 DIY 解决方案，这些解决方案 “正在迅速取代昂贵的代理机构，使同等的设计质量开箱即用，人人都能获得且易于使用”。</blockquote></p><p> The company raised $300 million in a March funding round that gave the company an enterprise valuation of $10 billion, and is not raising any new funding as it lists. Here is what else you need to know about the company.</p><p><blockquote>该公司在3月份的一轮融资中筹集了3亿美元，使该公司的企业估值达到100亿美元，并且没有像它所说的那样筹集任何新的资金。以下是您需要了解的关于该公司的其他信息。</blockquote></p><p> <b>Growing Revenue, Shrinking Profits</b></p><p><blockquote><b>收入增长，利润萎缩</b></blockquote></p><p> Squarespace posted $621 million in revenue during 2020, up from $485 million a year earlier. Revenue was up 28% in the latest fiscal year, ahead of the 24% growth rate seen in the prior period.</p><p><blockquote>Squarespace 2020 年的收入为 6.21 亿美元，高于去年同期的 4.85 亿美元。上一财年收入增长了 28%，高于上一财年 24% 的增长率。</blockquote></p><p> The company classifies 94% of its revenue as subscription-based. Squarespace added about 700,000 new unique subscriptions in 2020 and the company disclosed that more than two thirds of total subscriptions are annual.</p><p><blockquote>该公司将 94% 的收入归类为基于订阅的收入。Squarespace在2020年增加了约70万个新的独特订阅，该公司透露，超过三分之二的总订阅是年度订阅。</blockquote></p><p> About 70% of Squarespace’s revenue last year came from the U.S., while the rest was international.</p><p><blockquote>Squarespace 去年约 70% 的收入来自美国，其余来自国际。</blockquote></p><p> Squarespace was profitable last year, recording about $30.6 million in net income, though profits were down from $58.2 million in 2019. The company’s “fundamentals highlight a rare combo of profitability and growth at scale,” wrote MKM Partners analyst Rohit Kulkarni.</p><p><blockquote>Squarespace去年实现盈利，净利润约为3060万美元，但利润低于2019年的5820万美元。MKM Partners 分析师罗希特-库尔卡尼（Rohit Kulkarni）写道，该公司的 “基本面凸显了盈利能力和规模增长的罕见组合”。</blockquote></p><p> Despite a string of profitability on an annual basis, Squarespace generated a net loss of $10.1 million in the first quarter of 2021 compared with a loss of $1.1 million a year earlier. The company posted profits in each of the last three quarters of 2020.</p><p><blockquote>尽管年度盈利，Squarespace 在 2021 年第一季度净亏损 1010 万美元，而去年同期亏损 110 万美元。该公司在2020年最后三个季度的每个季度都公布了利润。</blockquote></p><p> <b>Competition Aplenty</b></p><p><blockquote><b>竞争充足</b></blockquote></p><p> The company competes with a variety of different players across the e-commerce industry, according to its filing. Squarespace counts web-creation platforms like&nbsp;Wix.com&nbsp;(ticker: WIX) and Square’s (SQ) Weebly among its competition, along with e-commerce powerhouse&nbsp;Shopify&nbsp;(ticker: SHOP),&nbsp;which lets businesses set up online shops.</p><p><blockquote>根据其文件，该公司与电子商务行业的各种不同参与者竞争。Squarespace 的竞争对手包括 Wix.com（股票代码：WIX）和 Square 的 Weebly 等网络创建平台，以及让企业开设网上商店的电子商务巨头 Shopify（股票代码：SHOP）。</blockquote></p><p> Squarespace also calls out competitors like GoDaddy (GDDY) that offer domain-name tools, as well as those providing email-marketing and scheduling functions, while arguing that its own “comprehensive, all-in-one platform, multichannel commerce capabilities” are an asset.</p><p><blockquote>Squarespace 还评级了 GoDaddy (GDDY) 等提供域名工具的竞争对手，以及提供电子邮件营销和日程安排功能的竞争对手，同时认为自己的 “全面、一体化平台、多渠道商务能力 ”是一项资产。</blockquote></p><p> Jefferies analyst Brent Thill notes that Wix is larger than Squarespace, with revenue of $989 million last year versus $621 million for Squarespace. In addition, Squarespace’s revenue last year was similar to what Wix posted in 2018, but Wix was posting faster growth at that scale, and without the benefit of the pandemic-driven acceleration in e-commerce more broadly, he wrote.</p><p><blockquote>Jefferies 分析师 Brent Thill 指出，Wix 比 Squarespace 更大，去年的收入为 9.89 亿美元，而 Squarespace 的收入为 6.21 亿美元。此外，Squarespace 去年的收入与 Wix 2018 年的收入相似，但 Wix 在这一规模上的增长速度更快，而且没有受益于大流行病推动的更广泛的电子商务加速发展，他写道。</blockquote></p><p> <b>On the Menu</b></p><p><blockquote><b>在菜单上</b></blockquote></p><p> SquareSpace recently closed its $415 million acquisition of Tock, a company focused on the restaurant and hospitality industries. Tock’s services allow businesses to manage reservations, takeout, event ticketing and more.</p><p><blockquote>SquareSpace最近完成了对Tock的4.15亿美元收购，Tock是一家专注于餐饮和酒店业的公司。Tock 的服务允许企业管理预订、外卖、活动票务等。</blockquote></p><p> This part of the business may position SquareSpace against more tech giants, suggested MKM’s Kulkarni.</p><p><blockquote>MKM 的 Kulkarni 表示，这部分业务可能会让 SquareSpace 与更多科技巨头竞争。</blockquote></p><p> “SquareSpace’s offering with Tock faces competition from delivery services such as Uber Eats (UBER),DoorDash&nbsp;(DASH) and&nbsp;Grubhub&nbsp;(GRUB),&nbsp;along with other restaurant [customer-relationship management] services such as TouchBistro and Toast,” he wrote.</p><p><blockquote>“他写道：”SquareSpace 与 Tock 合作的产品面临着来自 Uber Eats (UBER)、DoorDash (DASH) 和 Grubhub (GRUB) 等外卖服务以及 TouchBistro 和 Toast 等其他餐厅[客户关系管理]服务的竞争。</blockquote></p><p> At the same time, the acquisition is an example of one way Squarespace has “smartly diversified into selling not just physical goods online but also adding calendar/scheduling capabilities (restaurant or gym reservations), content sales, and subscriptions,” he continued.</p><p><blockquote>与此同时，此次收购也是 Squarespace “巧妙多元化的一个例子，不仅在网上销售实体商品，还增加了日历/日程安排功能（餐厅或健身房预订）、内容销售和订阅”。</blockquote></p><p> <b>Marketing Bucks</b></p><p><blockquote><b>营销资金</b></blockquote></p><p> Squarespace’s marketing and sales costs are growing far faster than its revenue. The company incurred $3.1 million in such expenses last year, up from $1.7 million in 2019, making for a 45% increase, whereas revenue was up 28% in the same span.</p><p><blockquote>Squarespace 的营销和销售成本增长速度远远快于收入增长速度。该公司去年的此类费用为 310 万美元，高于 2019 年的 170 万美元，增长了 45%，而同期收入增长了 28%。</blockquote></p><p></p><p> The company’s podcast advertisements may be familiar to frequent listeners, though Squarespace notes in its prospectus that it advertises its services broadly, using “online keyword search, sponsorships and celebrity endorsements, television, podcasts, print and online advertising, email and social media marketing.”</p><p><blockquote>尽管 Squarespace 在招股说明书中指出，该公司广泛宣传其服务，使用 “在线关键词搜索、赞助和名人代言、电视、播客、平面广告和在线广告、电子邮件和社交媒体营销 ”，但该公司的播客广告可能对经常收听的听众并不陌生。</blockquote></p><p> Among its risk factors, Squarespace points to the possibility that Alphabet’s (GOOGL) Google could change its algorithm or raise the costs of its search-engine-marketing tools.</p><p><blockquote>在风险因素中，Squarespace 指出Alphabet（GOOGL）旗下的谷歌有可能改变其算法或提高其搜索引擎营销工具的成本。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/squarespace-direct-listing-51621376597?mod=hp_LEAD_3\">Barrons</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":{"SQSP":"Squarespace Inc."},"source_url":"https://www.barrons.com/articles/squarespace-direct-listing-51621376597?mod=hp_LEAD_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158638540","content_text":"The pandemic prompted many small businesses to gain online storefronts for the first time, creating an e-commerce wave that helped website-creation platform Squarespace Inc. accelerate its revenue growth.\nNow Squarespace will test the resilience of that e-commerce momentum as a public company. Its shares are scheduled to begin trading Wednesday in a direct listing on the New York Stock Exchange under the ticker SQSP.\nThe company offers various tools for website creation, including domains, e-commerce functions and marketing capabilities. Squarespace aims to work with small businesses that have limited web expertise as well as “large brands” that need greater flexibility to customize based on their needs.\nSquarespace sees itself playing into a number of trends, including a growing need for businesses to maintain direct relationships with their customers and an increased emphasis on do-it-yourself solutions that are “rapidly displacing expensive agencies and making equivalent design quality out-of-the-box, accessible and easy-to-use for all,” the company said in its filing with the Securities and Exchange Commission.\nThe company raised $300 million in a March funding round that gave the company an enterprise valuation of $10 billion, and is not raising any new funding as it lists. Here is what else you need to know about the company.\nGrowing Revenue, Shrinking Profits\nSquarespace posted $621 million in revenue during 2020, up from $485 million a year earlier. Revenue was up 28% in the latest fiscal year, ahead of the 24% growth rate seen in the prior period.\nThe company classifies 94% of its revenue as subscription-based. Squarespace added about 700,000 new unique subscriptions in 2020 and the company disclosed that more than two thirds of total subscriptions are annual.\nAbout 70% of Squarespace’s revenue last year came from the U.S., while the rest was international.\nSquarespace was profitable last year, recording about $30.6 million in net income, though profits were down from $58.2 million in 2019. The company’s “fundamentals highlight a rare combo of profitability and growth at scale,” wrote MKM Partners analyst Rohit Kulkarni.\nDespite a string of profitability on an annual basis, Squarespace generated a net loss of $10.1 million in the first quarter of 2021 compared with a loss of $1.1 million a year earlier. The company posted profits in each of the last three quarters of 2020.\nCompetition Aplenty\nThe company competes with a variety of different players across the e-commerce industry, according to its filing. Squarespace counts web-creation platforms like Wix.com (ticker: WIX) and Square’s (SQ) Weebly among its competition, along with e-commerce powerhouse Shopify (ticker: SHOP), which lets businesses set up online shops.\nSquarespace also calls out competitors like GoDaddy (GDDY) that offer domain-name tools, as well as those providing email-marketing and scheduling functions, while arguing that its own “comprehensive, all-in-one platform, multichannel commerce capabilities” are an asset.\nJefferies analyst Brent Thill notes that Wix is larger than Squarespace, with revenue of $989 million last year versus $621 million for Squarespace. In addition, Squarespace’s revenue last year was similar to what Wix posted in 2018, but Wix was posting faster growth at that scale, and without the benefit of the pandemic-driven acceleration in e-commerce more broadly, he wrote.\nOn the Menu\nSquareSpace recently closed its $415 million acquisition of Tock, a company focused on the restaurant and hospitality industries. Tock’s services allow businesses to manage reservations, takeout, event ticketing and more.\nThis part of the business may position SquareSpace against more tech giants, suggested MKM’s Kulkarni.\n“SquareSpace’s offering with Tock faces competition from delivery services such as Uber Eats (UBER),DoorDash (DASH) and Grubhub (GRUB), along with other restaurant [customer-relationship management] services such as TouchBistro and Toast,” he wrote.\nAt the same time, the acquisition is an example of one way Squarespace has “smartly diversified into selling not just physical goods online but also adding calendar/scheduling capabilities (restaurant or gym reservations), content sales, and subscriptions,” he continued.\nMarketing Bucks\nSquarespace’s marketing and sales costs are growing far faster than its revenue. The company incurred $3.1 million in such expenses last year, up from $1.7 million in 2019, making for a 45% increase, whereas revenue was up 28% in the same span.\nThe company’s podcast advertisements may be familiar to frequent listeners, though Squarespace notes in its prospectus that it advertises its services broadly, using “online keyword search, sponsorships and celebrity endorsements, television, podcasts, print and online advertising, email and social media marketing.”\nAmong its risk factors, Squarespace points to the possibility that Alphabet’s (GOOGL) Google could change its algorithm or raise the costs of its search-engine-marketing tools.","news_type":1,"symbols_score_info":{"SQSP":0.9}},"isVote":1,"tweetType":1,"viewCount":883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194929112,"gmtCreate":1621335589936,"gmtModify":1631892363770,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","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":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/194929112","repostId":"2136738931","repostType":4,"repost":{"id":"2136738931","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":1621318800,"share":"https://www.laohunote.com/m/news/2136738931?lang=zh_CN&edition=full","pubTime":"2021-05-18 14:20","market":"hk","language":"en","title":"JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流在香港首次公开募股，筹集高达34亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2136738931","media":"Tiger Newspress","summary":"The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering  to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion  if the deal is priced at the top end.JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.JD Logistics' offering is expected to be the second multibilli","content":"<p>The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（Click here To apply for the JD Logistics Shares）</b></a><b></b></p><p><blockquote>中国电子商务巨头京东的物流部门周一开始以每股 39.36 港元至 43.36 港元的价格向散户投资者推销其香港首次公开募股 (IPO)，如果该交易定价为高端，该公司可能会筹集高达 264 亿港元（34 亿美元）。<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（点击此处申请京东物流股份）</b></a><b></b></blockquote></p><p>JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.</p><p><blockquote>京东物流的公开募股将于周一至周五进行。其股票预计将于5月28日在香港联交所主板开始交易。</blockquote></p><p>JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.</p><p><blockquote>京东物流计划出售6.092亿股股票，占其扩大股本的10%。如果需求强劲，可以选择再出售最多 9140 万股股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cd9320033ea7302952fa2cb6ece8339a\" tg-width=\"958\" tg-height=\"464\"></p><p><blockquote></blockquote></p><p>Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.</p><p><blockquote>阁下的申请必须认购最少100股香港发售股份，且认购数目须为下表所列其中一个数目。您需要支付您选择的号码旁边的金额。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b1f72efeb4b54a02dbfe728ebb1099dd\" tg-width=\"958\" tg-height=\"437\"></p><p><blockquote></blockquote></p><p>JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.</p><p><blockquote>京东物流的此次发行预计将是今年香港证券交易所第二次数十亿美元的IPO，此前腾讯控股支持的短视频平台快手科技在1月份筹集了62亿美元。快手IPO是今年迄今为止全球规模最大的IPO。</blockquote></p><p>Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.</p><p><blockquote>八家基石投资者已承诺购买总价值 15 亿美元的京东物流股票，如果交易定价为高端，这将占其全球发行的约 39%。</blockquote></p><p>The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.</p><p><blockquote>投资者包括软银、新加坡主权财富基金淡马锡控股、中国结构性改革基金以及黑石、老虎环球管理等资产管理公司。</blockquote></p><p>BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.</p><p><blockquote>美国银行证券、高盛和海通国际担任此次交易的联席保荐人，瑞银担任财务顾问。</blockquote></p><p>Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.</p><p><blockquote>假设该交易定价为高端，京东物流的市值将为2641亿港元，估值高于中通快递。</blockquote></p><p>Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.</p><p><blockquote>总部位于上海的中通，阿里巴巴-SW集团控股是其股东之一，去年9月通过二次上市在香港上市时，市值为1807亿港元。阿里巴巴-SW拥有《南华早报》。</blockquote></p><p>Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.</p><p><blockquote>投资者将渴望了解更多有关京东物流盈利计划的信息。这家总部位于北京的公司在招股说明书中表示，继2018年亏损28亿元人民币（4.35亿美元）、2019年亏损22亿元人民币和2020年亏损40亿元人民币之后，预计今年净亏损将更大。</blockquote></p><p>\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.</p><p><blockquote>该公司在招股说明书草案中表示：“由于我们目前将业务增长和市场份额扩大置于盈利之上，因此在中短期内，我们的盈利能力可能会出现大幅波动。”</blockquote></p><p>JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.</p><p><blockquote>京东物流正在寻求将自己与中通和韵达控股等其他参与者区分开来，宣传自己是一家技术驱动的物流服务提供商，使用自主移动机器人、分拣机器人和自动驾驶车辆来提高送货速度和准确性。</blockquote></p><p>Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.</p><p><blockquote>从技术角度推销股票出售可以帮助京东物流描绘更积极的前景。这是因为快递行业的竞争尤其激烈，有报道称一些新参与者以低于成本的价格提供服务以抢占业务。</blockquote></p><p>Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.</p><p><blockquote>华兴资本分析师Charlie Chen表示，过去三年，由于市场竞争激烈，快递公司每个包裹的平均收入下降了50%至60%。</blockquote></p><p>SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.</p><p><blockquote>中国最大的快递服务提供商顺丰速运本月震惊了市场，此前该公司预测第一季度亏损11亿元人民币，引发了股票的抛售。截至周五收盘，其在上海的股价较2月中旬的峰值几乎下跌了一半。</blockquote></p><p>Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.</p><p><blockquote>中通、圆通快递、申通快递、顺丰速运和韵达控股这五家公司占据了中国快递服务市场近80%的份额。</blockquote></p><p>China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.</p><p><blockquote>按支出计算，中国是全球最大的物流市场，2020年物流总支出达到14.9万亿元。京东物流招股说明书中引用的研究公司China Insights Consultancy的数据显示，到2025年，这一数字预计将增至19.3万亿元人民币。</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>JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流在香港首次公开募股，筹集高达34亿美元</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\">\nJD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流在香港首次公开募股，筹集高达34亿美元</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\">2021-05-18 14:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（Click here To apply for the JD Logistics Shares）</b></a><b></b></p><p><blockquote>中国电子商务巨头京东的物流部门周一开始以每股 39.36 港元至 43.36 港元的价格向散户投资者推销其香港首次公开募股 (IPO)，如果该交易定价为高端，该公司可能会筹集高达 264 亿港元（34 亿美元）。<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（点击此处申请京东物流股份）</b></a><b></b></blockquote></p><p>JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.</p><p><blockquote>京东物流的公开募股将于周一至周五进行。其股票预计将于5月28日在香港联交所主板开始交易。</blockquote></p><p>JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.</p><p><blockquote>京东物流计划出售6.092亿股股票，占其扩大股本的10%。如果需求强劲，可以选择再出售最多 9140 万股股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cd9320033ea7302952fa2cb6ece8339a\" tg-width=\"958\" tg-height=\"464\"></p><p><blockquote></blockquote></p><p>Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.</p><p><blockquote>阁下的申请必须认购最少100股香港发售股份，且认购数目须为下表所列其中一个数目。您需要支付您选择的号码旁边的金额。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b1f72efeb4b54a02dbfe728ebb1099dd\" tg-width=\"958\" tg-height=\"437\"></p><p><blockquote></blockquote></p><p>JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.</p><p><blockquote>京东物流的此次发行预计将是今年香港证券交易所第二次数十亿美元的IPO，此前腾讯控股支持的短视频平台快手科技在1月份筹集了62亿美元。快手IPO是今年迄今为止全球规模最大的IPO。</blockquote></p><p>Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.</p><p><blockquote>八家基石投资者已承诺购买总价值 15 亿美元的京东物流股票，如果交易定价为高端，这将占其全球发行的约 39%。</blockquote></p><p>The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.</p><p><blockquote>投资者包括软银、新加坡主权财富基金淡马锡控股、中国结构性改革基金以及黑石、老虎环球管理等资产管理公司。</blockquote></p><p>BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.</p><p><blockquote>美国银行证券、高盛和海通国际担任此次交易的联席保荐人，瑞银担任财务顾问。</blockquote></p><p>Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.</p><p><blockquote>假设该交易定价为高端，京东物流的市值将为2641亿港元，估值高于中通快递。</blockquote></p><p>Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.</p><p><blockquote>总部位于上海的中通，阿里巴巴-SW集团控股是其股东之一，去年9月通过二次上市在香港上市时，市值为1807亿港元。阿里巴巴-SW拥有《南华早报》。</blockquote></p><p>Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.</p><p><blockquote>投资者将渴望了解更多有关京东物流盈利计划的信息。这家总部位于北京的公司在招股说明书中表示，继2018年亏损28亿元人民币（4.35亿美元）、2019年亏损22亿元人民币和2020年亏损40亿元人民币之后，预计今年净亏损将更大。</blockquote></p><p>\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.</p><p><blockquote>该公司在招股说明书草案中表示：“由于我们目前将业务增长和市场份额扩大置于盈利之上，因此在中短期内，我们的盈利能力可能会出现大幅波动。”</blockquote></p><p>JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.</p><p><blockquote>京东物流正在寻求将自己与中通和韵达控股等其他参与者区分开来，宣传自己是一家技术驱动的物流服务提供商，使用自主移动机器人、分拣机器人和自动驾驶车辆来提高送货速度和准确性。</blockquote></p><p>Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.</p><p><blockquote>从技术角度推销股票出售可以帮助京东物流描绘更积极的前景。这是因为快递行业的竞争尤其激烈，有报道称一些新参与者以低于成本的价格提供服务以抢占业务。</blockquote></p><p>Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.</p><p><blockquote>华兴资本分析师Charlie Chen表示，过去三年，由于市场竞争激烈，快递公司每个包裹的平均收入下降了50%至60%。</blockquote></p><p>SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.</p><p><blockquote>中国最大的快递服务提供商顺丰速运本月震惊了市场，此前该公司预测第一季度亏损11亿元人民币，引发了股票的抛售。截至周五收盘，其在上海的股价较2月中旬的峰值几乎下跌了一半。</blockquote></p><p>Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.</p><p><blockquote>中通、圆通快递、申通快递、顺丰速运和韵达控股这五家公司占据了中国快递服务市场近80%的份额。</blockquote></p><p>China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.</p><p><blockquote>按支出计算，中国是全球最大的物流市场，2020年物流总支出达到14.9万亿元。京东物流招股说明书中引用的研究公司China Insights Consultancy的数据显示，到2025年，这一数字预计将增至19.3万亿元人民币。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"02618":"京东物流"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136738931","content_text":"The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.（Click here To apply for the JD Logistics Shares）JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.","news_type":1,"symbols_score_info":{"02618":0.9}},"isVote":1,"tweetType":1,"viewCount":1206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":195047327,"gmtCreate":1621243649269,"gmtModify":1631892363782,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","htmlText":"please like and comment thanks","listText":"please like and comment thanks","text":"please like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/195047327","repostId":"2135984810","repostType":4,"isVote":1,"tweetType":1,"viewCount":988,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":196755552,"gmtCreate":1621125525576,"gmtModify":1631892363795,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","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":2,"repostSize":0,"link":"https://laohu8.com/post/196755552","repostId":"1163454382","repostType":4,"repost":{"id":"1163454382","kind":"news","pubTimestamp":1621004581,"share":"https://www.laohunote.com/m/news/1163454382?lang=zh_CN&edition=full","pubTime":"2021-05-14 23:03","market":"us","language":"en","title":"Why AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1163454382","media":"Motley Fool","summary":"AMC investors have reason for more optimism on the heels of another capital raise.Yesterday's jump came after the company announcedit raised $428 million. First, the Centers for Disease Control and Prevention  issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.This should allow theaters to open back up at full capacity and be a desirable destination for vaccinat","content":"<p>  <b>AMC investors have reason for more optimism on the heels of another capital raise.</b>  <b>What happened</b></p><p><blockquote><b>AMC 投资者有理由在再次融资后更加乐观。</b><b>发生了什么事</b></blockquote></p><p> A day after<b>AMC Entertainment Holdings</b>(NYSE:AMC)</p><p><blockquote>一天后<b>AMC院线控股</b>（纽约证券交易所代码：AMC）</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Yesterday's jump came after the company announcedit raised $428 million</p><p><blockquote>昨天的上涨是在该公司宣布筹集 4.28 亿美元之后发生的</blockquote></p><p> First, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.</p><p><blockquote>首先，疾病控制和预防中心（CDC）就当前的健康和安全协议发表了一份新声明，称完全接种疫苗的人可以在不戴口罩或保持物理距离的情况下恢复活动，包括在室内。</blockquote></p><p> This should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,<b>Walt Disney</b>(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.</p><p><blockquote>这应该可以让电影院满负荷重新开放，并成为接种疫苗的电影观众的理想目的地。也是昨天，<b>华特·迪士尼</b>（纽约证券交易所代码：DIS）公布了季度收益报告，首席执行官鲍勃·查佩克 (Bob Chapek) 指出“我们工作室的产量有所增加”。虽然这对影院运营商来说是个好消息，但迪士尼也报告了其流媒体服务的用户增长令人失望。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> Lower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.</p><p><blockquote>较低的流媒体订阅可能是影院业务的一个积极迹象。随着疫苗接种的继续推广，随着疾病预防控制中心现在正式批准在室内聚集人群，不戴口罩，剧院上座率可能会很快恢复。</blockquote></p><p> Vaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.</p><p><blockquote>疫苗接种将促使人们回到户外活动中。经过一年多的在家观看，电影院可能会成为最受欢迎的目的地。在再次融资之后，AMC 投资者可能认为这家公司终于有了一条充满希望的道路。</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>Why AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</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\">\nWhy AMC Entertainment Stock Jumped Again Friday<blockquote>为什么AMC院线股价周五再次上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-05-14 23:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>AMC investors have reason for more optimism on the heels of another capital raise.</b>  <b>What happened</b></p><p><blockquote><b>AMC 投资者有理由在再次融资后更加乐观。</b><b>发生了什么事</b></blockquote></p><p> A day after<b>AMC Entertainment Holdings</b>(NYSE:AMC)</p><p><blockquote>一天后<b>AMC院线控股</b>（纽约证券交易所代码：AMC）</blockquote></p><p> <b>So what</b></p><p><blockquote><b>那又怎样</b></blockquote></p><p> Yesterday's jump came after the company announcedit raised $428 million</p><p><blockquote>昨天的上涨是在该公司宣布筹集 4.28 亿美元之后发生的</blockquote></p><p> First, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.</p><p><blockquote>首先，疾病控制和预防中心（CDC）就当前的健康和安全协议发表了一份新声明，称完全接种疫苗的人可以在不戴口罩或保持物理距离的情况下恢复活动，包括在室内。</blockquote></p><p> This should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,<b>Walt Disney</b>(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.</p><p><blockquote>这应该可以让电影院满负荷重新开放，并成为接种疫苗的电影观众的理想目的地。也是昨天，<b>华特·迪士尼</b>（纽约证券交易所代码：DIS）公布了季度收益报告，首席执行官鲍勃·查佩克 (Bob Chapek) 指出“我们工作室的产量有所增加”。虽然这对影院运营商来说是个好消息，但迪士尼也报告了其流媒体服务的用户增长令人失望。</blockquote></p><p> <b>Now what</b></p><p><blockquote><b>现在呢</b></blockquote></p><p> Lower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.</p><p><blockquote>较低的流媒体订阅可能是影院业务的一个积极迹象。随着疫苗接种的继续推广，随着疾病预防控制中心现在正式批准在室内聚集人群，不戴口罩，剧院上座率可能会很快恢复。</blockquote></p><p> Vaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.</p><p><blockquote>疫苗接种将促使人们回到户外活动中。经过一年多的在家观看，电影院可能会成为最受欢迎的目的地。在再次融资之后，AMC 投资者可能认为这家公司终于有了一条充满希望的道路。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/05/14/why-amc-entertainment-stock-jumped-again-friday/\">Motley Fool</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":{"AMC":"AMC院线"},"source_url":"https://www.fool.com/investing/2021/05/14/why-amc-entertainment-stock-jumped-again-friday/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1163454382","content_text":"AMC investors have reason for more optimism on the heels of another capital raise.\n\nWhat happened\nA day afterAMC Entertainment Holdings(NYSE:AMC)\nSo what\nYesterday's jump came after the company announcedit raised $428 million\nFirst, the Centers for Disease Control and Prevention (CDC) issued a new statement on current health and safety protocols saying that fully vaccinated people can resume activities without wearing a mask or physically distancing, including indoors.\nThis should allow theaters to open back up at full capacity and be a desirable destination for vaccinated movie patrons. Also yesterday,Walt Disney(NYSE:DIS)announced its quarterly earnings report, and CEO Bob Chapek noted \"increased production at our studios.\" While that is a positive for theater operators, Disney also reported disappointing subscriber growth in itsstreaming services.\nNow what\nLower streaming subscriptions could be a positive sign for the theater business. As vaccinations continue to roll out, and with the CDC now officially giving its approval to gather indoors with crowds and without masks, theater attendance may resume quickly.\nVaccinations are going to drive people back to activities outside the home. Movie theaters are likely to be a favorite destination after more than a year of mostly watching at home. On the heels of another capital raise, AMC investors may be thinking this company finally has a promising path ahead.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198242940,"gmtCreate":1620965144980,"gmtModify":1631892363808,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575186483172193","idStr":"3575186483172193"},"themes":[],"title":"","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":5,"repostSize":0,"link":"https://laohu8.com/post/198242940","repostId":"2135945620","repostType":4,"isVote":1,"tweetType":1,"viewCount":1522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":198242940,"gmtCreate":1620965144980,"gmtModify":1631892363808,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575186483172193","authorIdStr":"3575186483172193"},"themes":[],"title":"","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":5,"repostSize":0,"link":"https://laohu8.com/post/198242940","repostId":"2135945620","repostType":4,"isVote":1,"tweetType":1,"viewCount":1522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":351488764,"gmtCreate":1616625981958,"gmtModify":1634524901072,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575186483172193","authorIdStr":"3575186483172193"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>when will it stop?","listText":"<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$</a>when will it stop?","text":"$Tiger Brokers(TIGR)$when will it stop?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/351488764","isVote":1,"tweetType":1,"viewCount":713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":146026891,"gmtCreate":1626045657713,"gmtModify":1631891158823,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575186483172193","authorIdStr":"3575186483172193"},"themes":[],"title":"","htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/146026891","repostId":"1114863871","repostType":4,"isVote":1,"tweetType":1,"viewCount":3126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130915325,"gmtCreate":1621503003367,"gmtModify":1631892363747,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575186483172193","authorIdStr":"3575186483172193"},"themes":[],"title":"","htmlText":"like and comment thanks&nbsp;","listText":"like and comment thanks&nbsp;","text":"like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/130915325","repostId":"1131372875","repostType":4,"isVote":1,"tweetType":1,"viewCount":1358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194929112,"gmtCreate":1621335589936,"gmtModify":1631892363770,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575186483172193","authorIdStr":"3575186483172193"},"themes":[],"title":"","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":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/194929112","repostId":"2136738931","repostType":4,"repost":{"id":"2136738931","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":1621318800,"share":"https://www.laohunote.com/m/news/2136738931?lang=zh_CN&edition=full","pubTime":"2021-05-18 14:20","market":"hk","language":"en","title":"JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流在香港首次公开募股，筹集高达34亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2136738931","media":"Tiger Newspress","summary":"The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering  to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion  if the deal is priced at the top end.JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.JD Logistics' offering is expected to be the second multibilli","content":"<p>The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（Click here To apply for the JD Logistics Shares）</b></a><b></b></p><p><blockquote>中国电子商务巨头京东的物流部门周一开始以每股 39.36 港元至 43.36 港元的价格向散户投资者推销其香港首次公开募股 (IPO)，如果该交易定价为高端，该公司可能会筹集高达 264 亿港元（34 亿美元）。<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（点击此处申请京东物流股份）</b></a><b></b></blockquote></p><p>JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.</p><p><blockquote>京东物流的公开募股将于周一至周五进行。其股票预计将于5月28日在香港联交所主板开始交易。</blockquote></p><p>JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.</p><p><blockquote>京东物流计划出售6.092亿股股票，占其扩大股本的10%。如果需求强劲，可以选择再出售最多 9140 万股股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cd9320033ea7302952fa2cb6ece8339a\" tg-width=\"958\" tg-height=\"464\"></p><p><blockquote></blockquote></p><p>Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.</p><p><blockquote>阁下的申请必须认购最少100股香港发售股份，且认购数目须为下表所列其中一个数目。您需要支付您选择的号码旁边的金额。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b1f72efeb4b54a02dbfe728ebb1099dd\" tg-width=\"958\" tg-height=\"437\"></p><p><blockquote></blockquote></p><p>JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.</p><p><blockquote>京东物流的此次发行预计将是今年香港证券交易所第二次数十亿美元的IPO，此前腾讯控股支持的短视频平台快手科技在1月份筹集了62亿美元。快手IPO是今年迄今为止全球规模最大的IPO。</blockquote></p><p>Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.</p><p><blockquote>八家基石投资者已承诺购买总价值 15 亿美元的京东物流股票，如果交易定价为高端，这将占其全球发行的约 39%。</blockquote></p><p>The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.</p><p><blockquote>投资者包括软银、新加坡主权财富基金淡马锡控股、中国结构性改革基金以及黑石、老虎环球管理等资产管理公司。</blockquote></p><p>BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.</p><p><blockquote>美国银行证券、高盛和海通国际担任此次交易的联席保荐人，瑞银担任财务顾问。</blockquote></p><p>Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.</p><p><blockquote>假设该交易定价为高端，京东物流的市值将为2641亿港元，估值高于中通快递。</blockquote></p><p>Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.</p><p><blockquote>总部位于上海的中通，阿里巴巴-SW集团控股是其股东之一，去年9月通过二次上市在香港上市时，市值为1807亿港元。阿里巴巴-SW拥有《南华早报》。</blockquote></p><p>Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.</p><p><blockquote>投资者将渴望了解更多有关京东物流盈利计划的信息。这家总部位于北京的公司在招股说明书中表示，继2018年亏损28亿元人民币（4.35亿美元）、2019年亏损22亿元人民币和2020年亏损40亿元人民币之后，预计今年净亏损将更大。</blockquote></p><p>\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.</p><p><blockquote>该公司在招股说明书草案中表示：“由于我们目前将业务增长和市场份额扩大置于盈利之上，因此在中短期内，我们的盈利能力可能会出现大幅波动。”</blockquote></p><p>JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.</p><p><blockquote>京东物流正在寻求将自己与中通和韵达控股等其他参与者区分开来，宣传自己是一家技术驱动的物流服务提供商，使用自主移动机器人、分拣机器人和自动驾驶车辆来提高送货速度和准确性。</blockquote></p><p>Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.</p><p><blockquote>从技术角度推销股票出售可以帮助京东物流描绘更积极的前景。这是因为快递行业的竞争尤其激烈，有报道称一些新参与者以低于成本的价格提供服务以抢占业务。</blockquote></p><p>Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.</p><p><blockquote>华兴资本分析师Charlie Chen表示，过去三年，由于市场竞争激烈，快递公司每个包裹的平均收入下降了50%至60%。</blockquote></p><p>SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.</p><p><blockquote>中国最大的快递服务提供商顺丰速运本月震惊了市场，此前该公司预测第一季度亏损11亿元人民币，引发了股票的抛售。截至周五收盘，其在上海的股价较2月中旬的峰值几乎下跌了一半。</blockquote></p><p>Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.</p><p><blockquote>中通、圆通快递、申通快递、顺丰速运和韵达控股这五家公司占据了中国快递服务市场近80%的份额。</blockquote></p><p>China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.</p><p><blockquote>按支出计算，中国是全球最大的物流市场，2020年物流总支出达到14.9万亿元。京东物流招股说明书中引用的研究公司China Insights Consultancy的数据显示，到2025年，这一数字预计将增至19.3万亿元人民币。</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>JD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流在香港首次公开募股，筹集高达34亿美元</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\">\nJD Logistics launches Hong Kong IPO to raise up to US$3.4 billion<blockquote>京东物流在香港首次公开募股，筹集高达34亿美元</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\">2021-05-18 14:20</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（Click here To apply for the JD Logistics Shares）</b></a><b></b></p><p><blockquote>中国电子商务巨头京东的物流部门周一开始以每股 39.36 港元至 43.36 港元的价格向散户投资者推销其香港首次公开募股 (IPO)，如果该交易定价为高端，该公司可能会筹集高达 264 亿港元（34 亿美元）。<a href=\"https://www.itiger.com/mi/ipo?feature=Push\" target=\"_blank\"><b>（点击此处申请京东物流股份）</b></a><b></b></blockquote></p><p>JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.</p><p><blockquote>京东物流的公开募股将于周一至周五进行。其股票预计将于5月28日在香港联交所主板开始交易。</blockquote></p><p>JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.</p><p><blockquote>京东物流计划出售6.092亿股股票，占其扩大股本的10%。如果需求强劲，可以选择再出售最多 9140 万股股票。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cd9320033ea7302952fa2cb6ece8339a\" tg-width=\"958\" tg-height=\"464\"></p><p><blockquote></blockquote></p><p>Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.</p><p><blockquote>阁下的申请必须认购最少100股香港发售股份，且认购数目须为下表所列其中一个数目。您需要支付您选择的号码旁边的金额。</blockquote></p><p><img src=\"https://static.tigerbbs.com/b1f72efeb4b54a02dbfe728ebb1099dd\" tg-width=\"958\" tg-height=\"437\"></p><p><blockquote></blockquote></p><p>JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.</p><p><blockquote>京东物流的此次发行预计将是今年香港证券交易所第二次数十亿美元的IPO，此前腾讯控股支持的短视频平台快手科技在1月份筹集了62亿美元。快手IPO是今年迄今为止全球规模最大的IPO。</blockquote></p><p>Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.</p><p><blockquote>八家基石投资者已承诺购买总价值 15 亿美元的京东物流股票，如果交易定价为高端，这将占其全球发行的约 39%。</blockquote></p><p>The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.</p><p><blockquote>投资者包括软银、新加坡主权财富基金淡马锡控股、中国结构性改革基金以及黑石、老虎环球管理等资产管理公司。</blockquote></p><p>BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.</p><p><blockquote>美国银行证券、高盛和海通国际担任此次交易的联席保荐人，瑞银担任财务顾问。</blockquote></p><p>Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.</p><p><blockquote>假设该交易定价为高端，京东物流的市值将为2641亿港元，估值高于中通快递。</blockquote></p><p>Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.</p><p><blockquote>总部位于上海的中通，阿里巴巴-SW集团控股是其股东之一，去年9月通过二次上市在香港上市时，市值为1807亿港元。阿里巴巴-SW拥有《南华早报》。</blockquote></p><p>Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.</p><p><blockquote>投资者将渴望了解更多有关京东物流盈利计划的信息。这家总部位于北京的公司在招股说明书中表示，继2018年亏损28亿元人民币（4.35亿美元）、2019年亏损22亿元人民币和2020年亏损40亿元人民币之后，预计今年净亏损将更大。</blockquote></p><p>\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.</p><p><blockquote>该公司在招股说明书草案中表示：“由于我们目前将业务增长和市场份额扩大置于盈利之上，因此在中短期内，我们的盈利能力可能会出现大幅波动。”</blockquote></p><p>JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.</p><p><blockquote>京东物流正在寻求将自己与中通和韵达控股等其他参与者区分开来，宣传自己是一家技术驱动的物流服务提供商，使用自主移动机器人、分拣机器人和自动驾驶车辆来提高送货速度和准确性。</blockquote></p><p>Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.</p><p><blockquote>从技术角度推销股票出售可以帮助京东物流描绘更积极的前景。这是因为快递行业的竞争尤其激烈，有报道称一些新参与者以低于成本的价格提供服务以抢占业务。</blockquote></p><p>Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.</p><p><blockquote>华兴资本分析师Charlie Chen表示，过去三年，由于市场竞争激烈，快递公司每个包裹的平均收入下降了50%至60%。</blockquote></p><p>SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.</p><p><blockquote>中国最大的快递服务提供商顺丰速运本月震惊了市场，此前该公司预测第一季度亏损11亿元人民币，引发了股票的抛售。截至周五收盘，其在上海的股价较2月中旬的峰值几乎下跌了一半。</blockquote></p><p>Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.</p><p><blockquote>中通、圆通快递、申通快递、顺丰速运和韵达控股这五家公司占据了中国快递服务市场近80%的份额。</blockquote></p><p>China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.</p><p><blockquote>按支出计算，中国是全球最大的物流市场，2020年物流总支出达到14.9万亿元。京东物流招股说明书中引用的研究公司China Insights Consultancy的数据显示，到2025年，这一数字预计将增至19.3万亿元人民币。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"02618":"京东物流"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136738931","content_text":"The logistics arm of Chinese e-commerce giant JD.com started marketing its Hong Kong initial public offering (IPO) to retail investors on Monday at a price range of HK$39.36 to HK$43.36 per share, which could see the firm raise as much as HK$26.4 billion (US$3.4 billion) if the deal is priced at the top end.（Click here To apply for the JD Logistics Shares）JD Logistics' public offering will run from Monday to Friday. Its shares are expected to begin trading on the Hong Kong bourse's main board on May 28.JD Logistics plans to sell 609.2 million shares, representing 10 per cent of its enlarged share capital. There is an over-allotment option to sell up to 91.4 million more shares if there is a strong demand.Your application must be for a minimum of 100 Hong Kong Offer Shares and in one of the numbers set out in the table. You are required to pay the amount next to the number you select.JD Logistics' offering is expected to be the second multibillion-dollar IPO on the Hong Kong bourse this year, after Tencent-backed short video platform Kuaishou Technology raised US$6.2 billion in January. The Kuaishou offering was the biggest IPO globally so far this year.Eight cornerstone investors have committed to buy a total of US$1.5 billion worth of JD Logistics shares, which would account for about 39 per cent of its global offering if the deal is priced at the top end.The investors include Softbank, Singapore sovereign wealth fund Temasek Holdings, China Structural Reform Fund and asset managers such as Blackstone, Tiger Global Management and others.BofA Securities, Goldman Sachs and Haitong International are acting as joint sponsors on the transaction, while UBS is serving as a financial adviser.Assuming the deal is priced at the top end, JD Logistics' market capitalisation would be HK$264.1 billion, valuing it higher than ZTO Express.Shanghai-based ZTO, which counts Alibaba Group Holding as one of its shareholders, had a market capitalisation of HK$180.7 billion when it listed in Hong Kong through a secondary listing last September. Alibaba owns the South China Morning Post.Investors will be keen to learn more about JD Logistics' plan to churn out a profit. The Beijing-based firm said in its prospectus that it expects a bigger net loss for this year, after racking up losses of 2.8 billion yuan (US$435 million) in 2018, 2.2 billion yuan in 2019 and 4 billion yuan in 2020.\"As we currently prioritise growth of our business and expansion of our market share over profitability, there can be significant fluctuations in our profitability profile in the near-to-medium term,\" the company said in its draft prospectus.JD Logistics is seeking to differentiate itself from other players, such as ZTO and Yunda Holding, by touting itself as a technology-driven logistic services provider using autonomous mobile robots, sorting robots and self-driving vehicles to enhance delivery speed and accuracy.Pitching the stock sale with a tech angle could help JD Logistics paint a more positive outlook. This is because competition is particularly keen in the express delivery sector, with reports of some newer players offering services at below cost to grab business.Over the past three years, the average revenue per parcel for express delivery companies declined by 50 per cent to 60 per cent owing to intensive market competition, according to Charlie Chen, an analyst at China Renaissance.SF Express, China's top delivery service provider, shocked the market this month after it forecast a first-quarter loss of 1.1 billion yuan, triggering a sell-off of its stock. As of Friday's close, its share price in Shanghai was almost halved from its mid-February peak.Five players - ZTO, YTO Express, STO Express, SF Express and Yunda Holding - account for nearly 80 per cent of China's express delivery service market.China is the biggest logistics market in the world in terms of spending, with total logistics spending reaching 14.9 trillion yuan in 2020. That is expected to increase to 19.3 trillion yuan by 2025, according to data from research firm China Insights Consultancy cited in JD Logistics' prospectus.","news_type":1,"symbols_score_info":{"02618":0.9}},"isVote":1,"tweetType":1,"viewCount":1206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372616878,"gmtCreate":1619199278594,"gmtModify":1634287799453,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575186483172193","authorIdStr":"3575186483172193"},"themes":[],"title":"","htmlText":"like and comment&nbsp;","listText":"like and comment&nbsp;","text":"like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/372616878","repostId":"1128911279","repostType":4,"isVote":1,"tweetType":1,"viewCount":556,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":325689393,"gmtCreate":1615894118412,"gmtModify":1703494597349,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575186483172193","authorIdStr":"3575186483172193"},"themes":[],"title":"","htmlText":"MOOMOO","listText":"MOOMOO","text":"MOOMOO","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/325689393","repostId":"1172829103","repostType":4,"repost":{"id":"1172829103","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":1615891027,"share":"https://www.laohunote.com/m/news/1172829103?lang=zh_CN&edition=full","pubTime":"2021-03-16 18:37","market":"us","language":"en","title":"Tuniu Q4 Revenue of RMB118.71M (-73.7% Y/Y)<blockquote>途牛第四季度营收人民币1.1871亿元（同比-73.7%）</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1172829103","media":"Tiger Newspress","summary":"(March 16) Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2020 Financial Results.Tuniu Q4 ","content":"<p>(March 16)&nbsp;Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2020 Financial Results.</p><p><blockquote>（3月16日）途牛公布未经审计的2020财年第四季度和财年财务业绩。</blockquote></p><p>Tuniu&nbsp;Q4 Non-GAAP EPADS of -RMB7.02; GAAP EPADS of -RMB7.29.</p><p><blockquote>途牛第四季度非美国通用会计准则EPADS为-7.02元；GAAP EPADS为-人民币7.29元。</blockquote></p><p>Revenue of RMB118.71M (-73.7% Y/Y)</p><p><blockquote>收入人民币1.1871亿元（同比-73.7%）</blockquote></p><p><img src=\"https://static.tigerbbs.com/1914842f1e33a393e5ffe36313ba16c3\" tg-width=\"724\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Fourth Quarter 2020 Results</b></p><p><blockquote><b>2020 年第四季度业绩</b></blockquote></p><p>Net revenues were RMB118.7 million (US$18.2 million[1]) in the fourth quarter of 2020, representing a year-over-year decrease of 73.7% from the corresponding period in 2019. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.</p><p><blockquote>2020年第四季度净收入为人民币118.7百万元（18.2百万美元[1]），较2019年同期同比下降73.7%。减少主要是由于COVID-19的爆发和传播带来的负面影响。</blockquote></p><p><ul><li>Revenues from packaged tours&nbsp;were RMB83.1 million (US$12.7 million) in the fourth quarter of 2020, representing a year-over-year decrease of 75.9% from the corresponding period in 2019. The decrease was primarily due to the decline in travel to international destinations impacted by the outbreak and spread of COVID-19.</li><li>Other revenues&nbsp;were RMB35.6 million (US$5.5 million) in the fourth quarter of 2020, representing a year-over-year decrease of 66.7% from the corresponding period in 2019. The decrease was primarily due to the decline in service fees received from insurance companies and revenues generated from financial services.</li><li>Gross margin was 40.3% in the fourth quarter of 2020, compared to a gross margin of 48.0% in the fourth quarter of 2019.</li><li>Net loss was RMB921.8 million (US$141.3 million) in the fourth quarter of 2020, compared to a net loss of RMB401.4 million in the fourth quarter of 2019. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB885.4 million (US$135.7 million) in the fourth quarter of 2020.</li><li>Net loss attributable to ordinary shareholders&nbsp;was RMB901.9 million (US$138.2 million) in the fourth quarter of 2020, compared to a net loss attributable to ordinary shareholders of RMB367.1 million in the fourth quarter of 2019. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB865.6 million (US$132.7 million) in the fourth quarter of 2020.</li><li>As of December 31, 2020, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.6 billion (US$247.9 million).&nbsp;The COVID-19 pandemic has negatively impacted our business operations, and will continue to impact our results of operations and cash flows for subsequent periods. Based on our liquidity assessment and management actions, we believe that our available cash, cash equivalents and maturity of investments will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the next twelve months.</li></ul><b>Fiscal Year 2020 Results</b></p><p><blockquote><ul><li>2020年第四季度，包价旅游收入为人民币83.1百万元（12.7百万美元），较2019年同期同比下降75.9%。该减少主要是由于受新冠肺炎疫情及传播影响，前往国际目的地的旅行减少所致。</li><li>2020 年第四季度其他收入为人民币 35.6 百万元（550 万美元），较 2019 年同期同比下降 66.7%。该减少主要由于自保险公司收取的服务费及金融服务产生的收入减少所致。</li><li>2020年第四季度的毛利率为40.3%，而2019年第四季度的毛利率为48.0%。</li><li>2020年第四季度净亏损为人民币9.218亿元（1.413亿美元），而2019年第四季度净亏损为人民币4.014亿元。2020 年第四季度，非 GAAP 净亏损（不包括股权激励费用、收购无形资产摊销和收购无形资产减值）为人民币 8.854 亿元（1.357 亿美元）。</li><li>2020年第四季度普通股股东应占净亏损为人民币901.9百万元（1.382百万美元），而2019年第四季度普通股股东应占净亏损为人民币367.1百万元。2020 年第四季度，非 GAAP 归属于普通股股东的净亏损（不包括股权激励费用、收购无形资产摊销和收购无形资产减值）为人民币 8.656 亿元（1.327 亿美元）。</li><li>截至2020年12月31日，本公司拥有现金及现金等价物、受限制现金及短期投资人民币16亿元（2.479亿美元）。COVID-19疫情对我们的业务运营产生了负面影响，并将继续影响我们随后期间的经营业绩和现金流。根据我们的流动资金评估及管理行动，我们相信我们的可用现金、现金等价物及到期投资将足以满足我们未来十二个月日常业务过程中的营运资金需求及资本开支。</li></ul><b>2020 财年业绩</b></blockquote></p><p>Net revenues were RMB450.3 million (US$69.0 million) in 2020, representing a year-over-year decrease of 80.3% from 2019. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.</p><p><blockquote>2020年的净收入为人民币450.3百万元（69.0百万美元），较2019年同比下降80.3%。减少主要是由于COVID-19的爆发和传播带来的负面影响。</blockquote></p><p><ul><li>Revenues from packaged tours&nbsp;were RMB302.4 million (US$46.3 million) in 2020, representing a year-over-year decrease of 84.0% from 2019. The decrease was primarily due to the suspension of sale of packaged tours impacted by the outbreak and spread of COVID-19[3].</li><li>Other revenues&nbsp;were RMB147.9 million (US$22.7 million) in 2020, representing a year-over-year decrease of 62.5% from 2019. The decrease was primarily due to&nbsp;the decline in commissions received from other travel-related products and service fees received from insurance companies impacted by the outbreak and spread of COVID-19, as well as revenues generated from financial services.</li><li>Gross margin was 47.3% in 2020, compared to a gross margin of 47.4% in 2019.</li><li>Net loss was RMB1.3 billion (US$205.9 million) in 2020, compared to a net loss of RMB729.4 million in 2019. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB1.2 billion (US$190.1 million) in 2020.</li><li>Net loss attributable to ordinary shareholders&nbsp;was RMB1.3 billion (US$200.5 million) in 2020, compared to a net loss attributable to ordinary shareholders of RMB699.2 million in 2019. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB1.2 billion (US$184.6 million) in 2020.</li></ul><b>Business Outlook</b></p><p><blockquote><ul><li>2020年，来自包价旅游的收入为人民币302.4百万元（46.3百万美元），较2019年同比下降84.0%。下降主要是由于受新冠肺炎疫情和传播的影响，旅行团的销售暂停[3]。</li><li>2020年其他收入为人民币147.9百万元（22.7百万美元），较2019年同比下降62.5%。该减少主要由于其他旅游相关产品收取的佣金、受新冠肺炎疫情及传播影响的保险公司收取的服务费以及金融服务产生的收入减少所致。</li><li>2020年的毛利率为47.3%，而2019年的毛利率为47.4%。</li><li>2020年净亏损为人民币13亿元（2.059亿美元），而2019年净亏损为人民币7.294亿元。2020 年非 GAAP 净亏损（不包括股权激励费用、收购无形资产摊销和收购无形资产减值）为人民币 12 亿元（1.901 亿美元）。</li><li>2020年普通股股东应占净亏损为人民币13亿元（200.5百万美元），而2019年普通股股东应占净亏损为人民币699.2百万元。2020 年，非 GAAP 归属于普通股股东的净亏损（不包括股权激励费用、收购无形资产摊销和收购无形资产减值）为人民币 12 亿元（1.846 亿美元）。</li></ul><b>业务展望</b></blockquote></p><p></p><p>Tuniu's business has been significantly and negatively impacted by the outbreak and spread of COVID-19 since January 2020. As a result of the continued influence by COVID-19, for the first quarter of 2021, the Company expects to generate RMB60.9 million to RMB69.6 million of net revenues, which represents 60% to 65% decrease year-over-year. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.</p><p><blockquote>自二零二零年一月起，途牛的业务受到COVID-19爆发及蔓延的重大负面影响。受新冠肺炎持续影响，2021年第一季度，本公司预计实现净收入人民币60.9百万元至人民币69.6百万元，同比下降60%至65%。该预测反映了途牛目前对行业及其运营的初步看法，该看法可能会发生变化。</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>Tuniu Q4 Revenue of RMB118.71M (-73.7% Y/Y)<blockquote>途牛第四季度营收人民币1.1871亿元（同比-73.7%）</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\">\nTuniu Q4 Revenue of RMB118.71M (-73.7% Y/Y)<blockquote>途牛第四季度营收人民币1.1871亿元（同比-73.7%）</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-16 18:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(March 16)&nbsp;Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2020 Financial Results.</p><p><blockquote>（3月16日）途牛公布未经审计的2020财年第四季度和财年财务业绩。</blockquote></p><p>Tuniu&nbsp;Q4 Non-GAAP EPADS of -RMB7.02; GAAP EPADS of -RMB7.29.</p><p><blockquote>途牛第四季度非美国通用会计准则EPADS为-7.02元；GAAP EPADS为-人民币7.29元。</blockquote></p><p>Revenue of RMB118.71M (-73.7% Y/Y)</p><p><blockquote>收入人民币1.1871亿元（同比-73.7%）</blockquote></p><p><img src=\"https://static.tigerbbs.com/1914842f1e33a393e5ffe36313ba16c3\" tg-width=\"724\" tg-height=\"516\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Fourth Quarter 2020 Results</b></p><p><blockquote><b>2020 年第四季度业绩</b></blockquote></p><p>Net revenues were RMB118.7 million (US$18.2 million[1]) in the fourth quarter of 2020, representing a year-over-year decrease of 73.7% from the corresponding period in 2019. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.</p><p><blockquote>2020年第四季度净收入为人民币118.7百万元（18.2百万美元[1]），较2019年同期同比下降73.7%。减少主要是由于COVID-19的爆发和传播带来的负面影响。</blockquote></p><p><ul><li>Revenues from packaged tours&nbsp;were RMB83.1 million (US$12.7 million) in the fourth quarter of 2020, representing a year-over-year decrease of 75.9% from the corresponding period in 2019. The decrease was primarily due to the decline in travel to international destinations impacted by the outbreak and spread of COVID-19.</li><li>Other revenues&nbsp;were RMB35.6 million (US$5.5 million) in the fourth quarter of 2020, representing a year-over-year decrease of 66.7% from the corresponding period in 2019. The decrease was primarily due to the decline in service fees received from insurance companies and revenues generated from financial services.</li><li>Gross margin was 40.3% in the fourth quarter of 2020, compared to a gross margin of 48.0% in the fourth quarter of 2019.</li><li>Net loss was RMB921.8 million (US$141.3 million) in the fourth quarter of 2020, compared to a net loss of RMB401.4 million in the fourth quarter of 2019. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB885.4 million (US$135.7 million) in the fourth quarter of 2020.</li><li>Net loss attributable to ordinary shareholders&nbsp;was RMB901.9 million (US$138.2 million) in the fourth quarter of 2020, compared to a net loss attributable to ordinary shareholders of RMB367.1 million in the fourth quarter of 2019. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB865.6 million (US$132.7 million) in the fourth quarter of 2020.</li><li>As of December 31, 2020, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.6 billion (US$247.9 million).&nbsp;The COVID-19 pandemic has negatively impacted our business operations, and will continue to impact our results of operations and cash flows for subsequent periods. Based on our liquidity assessment and management actions, we believe that our available cash, cash equivalents and maturity of investments will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the next twelve months.</li></ul><b>Fiscal Year 2020 Results</b></p><p><blockquote><ul><li>2020年第四季度，包价旅游收入为人民币83.1百万元（12.7百万美元），较2019年同期同比下降75.9%。该减少主要是由于受新冠肺炎疫情及传播影响，前往国际目的地的旅行减少所致。</li><li>2020 年第四季度其他收入为人民币 35.6 百万元（550 万美元），较 2019 年同期同比下降 66.7%。该减少主要由于自保险公司收取的服务费及金融服务产生的收入减少所致。</li><li>2020年第四季度的毛利率为40.3%，而2019年第四季度的毛利率为48.0%。</li><li>2020年第四季度净亏损为人民币9.218亿元（1.413亿美元），而2019年第四季度净亏损为人民币4.014亿元。2020 年第四季度，非 GAAP 净亏损（不包括股权激励费用、收购无形资产摊销和收购无形资产减值）为人民币 8.854 亿元（1.357 亿美元）。</li><li>2020年第四季度普通股股东应占净亏损为人民币901.9百万元（1.382百万美元），而2019年第四季度普通股股东应占净亏损为人民币367.1百万元。2020 年第四季度，非 GAAP 归属于普通股股东的净亏损（不包括股权激励费用、收购无形资产摊销和收购无形资产减值）为人民币 8.656 亿元（1.327 亿美元）。</li><li>截至2020年12月31日，本公司拥有现金及现金等价物、受限制现金及短期投资人民币16亿元（2.479亿美元）。COVID-19疫情对我们的业务运营产生了负面影响，并将继续影响我们随后期间的经营业绩和现金流。根据我们的流动资金评估及管理行动，我们相信我们的可用现金、现金等价物及到期投资将足以满足我们未来十二个月日常业务过程中的营运资金需求及资本开支。</li></ul><b>2020 财年业绩</b></blockquote></p><p>Net revenues were RMB450.3 million (US$69.0 million) in 2020, representing a year-over-year decrease of 80.3% from 2019. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.</p><p><blockquote>2020年的净收入为人民币450.3百万元（69.0百万美元），较2019年同比下降80.3%。减少主要是由于COVID-19的爆发和传播带来的负面影响。</blockquote></p><p><ul><li>Revenues from packaged tours&nbsp;were RMB302.4 million (US$46.3 million) in 2020, representing a year-over-year decrease of 84.0% from 2019. The decrease was primarily due to the suspension of sale of packaged tours impacted by the outbreak and spread of COVID-19[3].</li><li>Other revenues&nbsp;were RMB147.9 million (US$22.7 million) in 2020, representing a year-over-year decrease of 62.5% from 2019. The decrease was primarily due to&nbsp;the decline in commissions received from other travel-related products and service fees received from insurance companies impacted by the outbreak and spread of COVID-19, as well as revenues generated from financial services.</li><li>Gross margin was 47.3% in 2020, compared to a gross margin of 47.4% in 2019.</li><li>Net loss was RMB1.3 billion (US$205.9 million) in 2020, compared to a net loss of RMB729.4 million in 2019. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB1.2 billion (US$190.1 million) in 2020.</li><li>Net loss attributable to ordinary shareholders&nbsp;was RMB1.3 billion (US$200.5 million) in 2020, compared to a net loss attributable to ordinary shareholders of RMB699.2 million in 2019. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB1.2 billion (US$184.6 million) in 2020.</li></ul><b>Business Outlook</b></p><p><blockquote><ul><li>2020年，来自包价旅游的收入为人民币302.4百万元（46.3百万美元），较2019年同比下降84.0%。下降主要是由于受新冠肺炎疫情和传播的影响，旅行团的销售暂停[3]。</li><li>2020年其他收入为人民币147.9百万元（22.7百万美元），较2019年同比下降62.5%。该减少主要由于其他旅游相关产品收取的佣金、受新冠肺炎疫情及传播影响的保险公司收取的服务费以及金融服务产生的收入减少所致。</li><li>2020年的毛利率为47.3%，而2019年的毛利率为47.4%。</li><li>2020年净亏损为人民币13亿元（2.059亿美元），而2019年净亏损为人民币7.294亿元。2020 年非 GAAP 净亏损（不包括股权激励费用、收购无形资产摊销和收购无形资产减值）为人民币 12 亿元（1.901 亿美元）。</li><li>2020年普通股股东应占净亏损为人民币13亿元（200.5百万美元），而2019年普通股股东应占净亏损为人民币699.2百万元。2020 年，非 GAAP 归属于普通股股东的净亏损（不包括股权激励费用、收购无形资产摊销和收购无形资产减值）为人民币 12 亿元（1.846 亿美元）。</li></ul><b>业务展望</b></blockquote></p><p></p><p>Tuniu's business has been significantly and negatively impacted by the outbreak and spread of COVID-19 since January 2020. As a result of the continued influence by COVID-19, for the first quarter of 2021, the Company expects to generate RMB60.9 million to RMB69.6 million of net revenues, which represents 60% to 65% decrease year-over-year. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.</p><p><blockquote>自二零二零年一月起，途牛的业务受到COVID-19爆发及蔓延的重大负面影响。受新冠肺炎持续影响，2021年第一季度，本公司预计实现净收入人民币60.9百万元至人民币69.6百万元，同比下降60%至65%。该预测反映了途牛目前对行业及其运营的初步看法，该看法可能会发生变化。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TOUR":"途牛"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172829103","content_text":"(March 16) Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2020 Financial Results.Tuniu Q4 Non-GAAP EPADS of -RMB7.02; GAAP EPADS of -RMB7.29.Revenue of RMB118.71M (-73.7% Y/Y)Fourth Quarter 2020 ResultsNet revenues were RMB118.7 million (US$18.2 million[1]) in the fourth quarter of 2020, representing a year-over-year decrease of 73.7% from the corresponding period in 2019. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.Revenues from packaged tours were RMB83.1 million (US$12.7 million) in the fourth quarter of 2020, representing a year-over-year decrease of 75.9% from the corresponding period in 2019. The decrease was primarily due to the decline in travel to international destinations impacted by the outbreak and spread of COVID-19.Other revenues were RMB35.6 million (US$5.5 million) in the fourth quarter of 2020, representing a year-over-year decrease of 66.7% from the corresponding period in 2019. The decrease was primarily due to the decline in service fees received from insurance companies and revenues generated from financial services.Gross margin was 40.3% in the fourth quarter of 2020, compared to a gross margin of 48.0% in the fourth quarter of 2019.Net loss was RMB921.8 million (US$141.3 million) in the fourth quarter of 2020, compared to a net loss of RMB401.4 million in the fourth quarter of 2019. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB885.4 million (US$135.7 million) in the fourth quarter of 2020.Net loss attributable to ordinary shareholders was RMB901.9 million (US$138.2 million) in the fourth quarter of 2020, compared to a net loss attributable to ordinary shareholders of RMB367.1 million in the fourth quarter of 2019. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB865.6 million (US$132.7 million) in the fourth quarter of 2020.As of December 31, 2020, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.6 billion (US$247.9 million). The COVID-19 pandemic has negatively impacted our business operations, and will continue to impact our results of operations and cash flows for subsequent periods. Based on our liquidity assessment and management actions, we believe that our available cash, cash equivalents and maturity of investments will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the next twelve months.Fiscal Year 2020 ResultsNet revenues were RMB450.3 million (US$69.0 million) in 2020, representing a year-over-year decrease of 80.3% from 2019. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.Revenues from packaged tours were RMB302.4 million (US$46.3 million) in 2020, representing a year-over-year decrease of 84.0% from 2019. The decrease was primarily due to the suspension of sale of packaged tours impacted by the outbreak and spread of COVID-19[3].Other revenues were RMB147.9 million (US$22.7 million) in 2020, representing a year-over-year decrease of 62.5% from 2019. The decrease was primarily due to the decline in commissions received from other travel-related products and service fees received from insurance companies impacted by the outbreak and spread of COVID-19, as well as revenues generated from financial services.Gross margin was 47.3% in 2020, compared to a gross margin of 47.4% in 2019.Net loss was RMB1.3 billion (US$205.9 million) in 2020, compared to a net loss of RMB729.4 million in 2019. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB1.2 billion (US$190.1 million) in 2020.Net loss attributable to ordinary shareholders was RMB1.3 billion (US$200.5 million) in 2020, compared to a net loss attributable to ordinary shareholders of RMB699.2 million in 2019. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB1.2 billion (US$184.6 million) in 2020.Business OutlookTuniu's business has been significantly and negatively impacted by the outbreak and spread of COVID-19 since January 2020. As a result of the continued influence by COVID-19, for the first quarter of 2021, the Company expects to generate RMB60.9 million to RMB69.6 million of net revenues, which represents 60% to 65% decrease year-over-year. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.","news_type":1,"symbols_score_info":{"TOUR":0.9}},"isVote":1,"tweetType":1,"viewCount":477,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190437685,"gmtCreate":1620642631047,"gmtModify":1634197482402,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575186483172193","authorIdStr":"3575186483172193"},"themes":[],"title":"","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":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/190437685","repostId":"1192177885","repostType":4,"isVote":1,"tweetType":1,"viewCount":901,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":103762455,"gmtCreate":1619825007677,"gmtModify":1634209736865,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575186483172193","authorIdStr":"3575186483172193"},"themes":[],"title":"","htmlText":"comment and like pls","listText":"comment and like pls","text":"comment and like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/103762455","repostId":"1142063705","repostType":4,"isVote":1,"tweetType":1,"viewCount":854,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340644667,"gmtCreate":1617411722359,"gmtModify":1634521094986,"author":{"id":"3575186483172193","authorId":"3575186483172193","name":"Tarnek","avatar":"https://static.tigerbbs.com/1599cd0c9b49c0dc3f2d88b0f0086944","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575186483172193","authorIdStr":"3575186483172193"},"themes":[],"title":"","htmlText":"like n comment thanks","listText":"like n comment thanks","text":"like n comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/340644667","repostId":"2124875875","repostType":4,"isVote":1,"tweetType":1,"viewCount":609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}