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Jo118

Jo118

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2021-03-27

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Zhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</blockquote>

2021-04-13

Like this comment and like this comment too tq

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2021-04-04

Like my comment if you want to win, thanks

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2021-03-31

Comment on this pls, tq

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2021-05-18

Gg

Express stock surged 10% in Tuesday morning trading<blockquote>Express 股价在周二早盘交易中飙升 10%</blockquote>

2021-03-31

Please like this, tq!!!

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2021-04-15

Like this comment and I like back you

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2021-04-02

Like and comment on this pls, tq very much

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2021-03-23

Looking gooddddd

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2021-04-06

Like and comment in this post so your holdings will +100%

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

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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":1621345231,"share":"https://www.laohunote.com/m/news/1165434763?lang=zh_CN&edition=full","pubTime":"2021-05-18 21:40","market":"us","language":"en","title":"Express stock surged 10% in Tuesday morning trading<blockquote>Express 股价在周二早盘交易中飙升 10%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165434763","media":"Tiger Newspress","summary":"Express stock surged 10% in Tuesday morning trading on brand unveiling Tiktok hashtag challenge for ","content":"<p>Express stock surged 10% in Tuesday morning trading&nbsp;on&nbsp;brand unveiling Tiktok hashtag challenge for customers to share their style as they return to doing what they love most.</p><p><blockquote>Express 股价在周二早盘交易中飙升 10%，品牌推出 Tiktok 标签挑战，让客户在回到自己最喜欢的事情时分享自己的风格。</blockquote></p><p><img src=\"https://static.tigerbbs.com/9ab01fa1de7ebf9c339a7854e0fef973\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Express, Inc.  introduced its #ExpressReentry campaign and TikTok Hashtag Challenge to help customers reconnect with style as they reenter some pre-pandemic daily routines. By posting a TikTok video of the outfits they’ll be wearing as they get back to their favorite activities, along with hashtag #ExpressReentry and #ExpressContest, customers can enter to and may be selected by fashion expert and TV personality, Tan France, to win a gift card to put towards their summer wardrobe from Express.</p><p><blockquote>Express，Inc.推出了#ExpressReentry活动和抖音标签挑战，以帮助客户在重新进入一些疫情前的日常生活时重新与时尚建立联系。顾客只需在 TikTok 上发布一段视频，展示他们重返喜爱的活动时要穿的服装，以及 #ExpressReentry 和 #ExpressContest 标签，就可以参加并被时尚专家兼电视名人 Tan France 选中，赢取 Express 提供的礼品卡，用于搭配他们的夏季衣橱。</blockquote></p><p>\"The #ExpressReentry campaign is a way to connect our brand and our customers through a shared enthusiasm for style as we return to dressing for work, social gatherings and special occasions,\" said Sara Tervo, Express Executive Vice President and Chief Marketing Officer. \"TikTok is a cultural beacon and a place of discovery which made it the perfect platform for this idea.\"</p><p><blockquote>Express 执行副总裁兼首席营销官 Sara Tervo 表示：“#ExpressReentry 活动是一种将我们的品牌和客户联系起来的方式，当我们回归工作、社交聚会和特殊场合着装时，通过对时尚的共同热情。”“TikTok 是一个文化灯塔和发现之地，这使其成为这一想法的完美平台。”</blockquote></p><p>The TikTok component of the #ExpressReentry campaign asks consumers to share what they plan to wear on an upcoming summer adventure or during the return tooneof the things they love. To participate, TikTok users can search the custom sound titled<i>#ExpressReentry - Tan France for Express</i>which features question prompts cueing video creators to share where they are from, an occasion they are looking forward to getting back to, and what they will be wearing. Beginning on May 17 and continuing through May 27, Tan France will be commenting on posted TikTok videos. After the contest period is over, selected, eligible winners will receive a gift card to Express. The brand has also partnered with actress and singer,<b>Elizabeth Gillies</b>,television personality &amp; podcast host,<b>Tayshia Adams</b>,and TikTok creators,<b>Rashad Little</b>,<b>TwoTrends</b>,<b>Niamh Adkins</b>,<b>Jess Wang</b>,<b>Ellie Zeiler</b>, and<b>Devan Anderson</b>,to create content across Instagram and TikTok, highlighting their own reentry style and to inspire customers to participate.</p><p><blockquote>#ExpressReentry活动的抖音部分要求消费者分享他们计划在即将到来的夏季冒险或他们喜欢的东西回归时穿什么。要参与，TikTok 用户可以搜索名为<i>#ExpressReentry - Tan France for Express</i>其中的特点是问题提示，提示视频创作者分享他们来自哪里，他们期待回到的场合，以及他们将穿什么。从5月17日开始，一直持续到5月27日，Tan France将对发布的抖音视频发表评论。比赛结束后，被选中的合格获奖者将收到一张礼品卡。该品牌还与女演员和歌手合作，<b>伊丽莎白·吉利斯</b>电视名人兼播客主持人，<b>泰希亚·亚当斯</b>和TikTok创作者，<b>拉沙德利特尔</b>,<b>两种趋势</b>,<b>尼亚姆·阿德金斯</b>,<b>杰西·王</b>,<b>艾莉·泽勒</b>，和<b>德文·安德森</b>，在Instagram和TikTok上创建内容，突出他们自己的重返风格，并激励客户参与。</blockquote></p><p>\"Fashion has always played such an important role in my life, and I’m excited to partner once again with the Express team to help inspire people with the incredible power of self-expression through style,\" said Tan France. \"I’ll be selecting the 20 TikTok submissions I find most creative so remember everyone, have fun with this #ExpressReentry campaign and be sure to Express YOU!\"</p><p><blockquote>“时尚在我的生活中一直扮演着如此重要的角色，我很高兴能再次与 Express 团队合作，帮助人们通过时尚来激励自我表达的不可思议的力量，”Tan France 说。“我将选出我认为最有创意的 20 个 TikTok 作品，所以请记住每个人，享受这个 #ExpressReentry 活动的乐趣，一定要表达自己!”</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>Express stock surged 10% in Tuesday morning trading<blockquote>Express 股价在周二早盘交易中飙升 10%</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; 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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\">\nExpress stock surged 10% in Tuesday morning trading<blockquote>Express 股价在周二早盘交易中飙升 10%</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 21:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Express stock surged 10% in Tuesday morning trading&nbsp;on&nbsp;brand unveiling Tiktok hashtag challenge for customers to share their style as they return to doing what they love most.</p><p><blockquote>Express 股价在周二早盘交易中飙升 10%，品牌推出 Tiktok 标签挑战，让客户在回到自己最喜欢的事情时分享自己的风格。</blockquote></p><p><img src=\"https://static.tigerbbs.com/9ab01fa1de7ebf9c339a7854e0fef973\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Express, Inc.  introduced its #ExpressReentry campaign and TikTok Hashtag Challenge to help customers reconnect with style as they reenter some pre-pandemic daily routines. By posting a TikTok video of the outfits they’ll be wearing as they get back to their favorite activities, along with hashtag #ExpressReentry and #ExpressContest, customers can enter to and may be selected by fashion expert and TV personality, Tan France, to win a gift card to put towards their summer wardrobe from Express.</p><p><blockquote>Express，Inc.推出了#ExpressReentry活动和抖音标签挑战，以帮助客户在重新进入一些疫情前的日常生活时重新与时尚建立联系。顾客只需在 TikTok 上发布一段视频，展示他们重返喜爱的活动时要穿的服装，以及 #ExpressReentry 和 #ExpressContest 标签，就可以参加并被时尚专家兼电视名人 Tan France 选中，赢取 Express 提供的礼品卡，用于搭配他们的夏季衣橱。</blockquote></p><p>\"The #ExpressReentry campaign is a way to connect our brand and our customers through a shared enthusiasm for style as we return to dressing for work, social gatherings and special occasions,\" said Sara Tervo, Express Executive Vice President and Chief Marketing Officer. \"TikTok is a cultural beacon and a place of discovery which made it the perfect platform for this idea.\"</p><p><blockquote>Express 执行副总裁兼首席营销官 Sara Tervo 表示：“#ExpressReentry 活动是一种将我们的品牌和客户联系起来的方式，当我们回归工作、社交聚会和特殊场合着装时，通过对时尚的共同热情。”“TikTok 是一个文化灯塔和发现之地，这使其成为这一想法的完美平台。”</blockquote></p><p>The TikTok component of the #ExpressReentry campaign asks consumers to share what they plan to wear on an upcoming summer adventure or during the return tooneof the things they love. To participate, TikTok users can search the custom sound titled<i>#ExpressReentry - Tan France for Express</i>which features question prompts cueing video creators to share where they are from, an occasion they are looking forward to getting back to, and what they will be wearing. Beginning on May 17 and continuing through May 27, Tan France will be commenting on posted TikTok videos. After the contest period is over, selected, eligible winners will receive a gift card to Express. The brand has also partnered with actress and singer,<b>Elizabeth Gillies</b>,television personality &amp; podcast host,<b>Tayshia Adams</b>,and TikTok creators,<b>Rashad Little</b>,<b>TwoTrends</b>,<b>Niamh Adkins</b>,<b>Jess Wang</b>,<b>Ellie Zeiler</b>, and<b>Devan Anderson</b>,to create content across Instagram and TikTok, highlighting their own reentry style and to inspire customers to participate.</p><p><blockquote>#ExpressReentry活动的抖音部分要求消费者分享他们计划在即将到来的夏季冒险或他们喜欢的东西回归时穿什么。要参与，TikTok 用户可以搜索名为<i>#ExpressReentry - Tan France for Express</i>其中的特点是问题提示，提示视频创作者分享他们来自哪里，他们期待回到的场合，以及他们将穿什么。从5月17日开始，一直持续到5月27日，Tan France将对发布的抖音视频发表评论。比赛结束后，被选中的合格获奖者将收到一张礼品卡。该品牌还与女演员和歌手合作，<b>伊丽莎白·吉利斯</b>电视名人兼播客主持人，<b>泰希亚·亚当斯</b>和TikTok创作者，<b>拉沙德利特尔</b>,<b>两种趋势</b>,<b>尼亚姆·阿德金斯</b>,<b>杰西·王</b>,<b>艾莉·泽勒</b>，和<b>德文·安德森</b>，在Instagram和TikTok上创建内容，突出他们自己的重返风格，并激励客户参与。</blockquote></p><p>\"Fashion has always played such an important role in my life, and I’m excited to partner once again with the Express team to help inspire people with the incredible power of self-expression through style,\" said Tan France. \"I’ll be selecting the 20 TikTok submissions I find most creative so remember everyone, have fun with this #ExpressReentry campaign and be sure to Express YOU!\"</p><p><blockquote>“时尚在我的生活中一直扮演着如此重要的角色，我很高兴能再次与 Express 团队合作，帮助人们通过时尚来激励自我表达的不可思议的力量，”Tan France 说。“我将选出我认为最有创意的 20 个 TikTok 作品，所以请记住每个人，享受这个 #ExpressReentry 活动的乐趣，一定要表达自己!”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EXPR":"Express, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165434763","content_text":"Express stock surged 10% in Tuesday morning trading on brand unveiling Tiktok hashtag challenge for customers to share their style as they return to doing what they love most.Express, Inc.  introduced its #ExpressReentry campaign and TikTok Hashtag Challenge to help customers reconnect with style as they reenter some pre-pandemic daily routines. By posting a TikTok video of the outfits they’ll be wearing as they get back to their favorite activities, along with hashtag #ExpressReentry and #ExpressContest, customers can enter to and may be selected by fashion expert and TV personality, Tan France, to win a gift card to put towards their summer wardrobe from Express.\"The #ExpressReentry campaign is a way to connect our brand and our customers through a shared enthusiasm for style as we return to dressing for work, social gatherings and special occasions,\" said Sara Tervo, Express Executive Vice President and Chief Marketing Officer. \"TikTok is a cultural beacon and a place of discovery which made it the perfect platform for this idea.\"The TikTok component of the #ExpressReentry campaign asks consumers to share what they plan to wear on an upcoming summer adventure or during the return tooneof the things they love. To participate, TikTok users can search the custom sound titled#ExpressReentry - Tan France for Expresswhich features question prompts cueing video creators to share where they are from, an occasion they are looking forward to getting back to, and what they will be wearing. Beginning on May 17 and continuing through May 27, Tan France will be commenting on posted TikTok videos. After the contest period is over, selected, eligible winners will receive a gift card to Express. The brand has also partnered with actress and singer,Elizabeth Gillies,television personality & podcast host,Tayshia Adams,and TikTok creators,Rashad Little,TwoTrends,Niamh Adkins,Jess Wang,Ellie Zeiler, andDevan Anderson,to create content across Instagram and TikTok, highlighting their own reentry style and to inspire customers to participate.\"Fashion has always played such an important role in my life, and I’m excited to partner once again with the Express team to help inspire people with the incredible power of self-expression through style,\" said Tan France. \"I’ll be selecting the 20 TikTok submissions I find most creative so remember everyone, have fun with this #ExpressReentry campaign and be sure to Express YOU!\"","news_type":1,"symbols_score_info":{"EXPR":0.9}},"isVote":1,"tweetType":1,"viewCount":2140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":198036762,"gmtCreate":1620913244656,"gmtModify":1634195341130,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like this comment plz","listText":"Like this comment plz","text":"Like this comment plz","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/198036762","repostId":"1191546739","repostType":4,"isVote":1,"tweetType":1,"viewCount":2653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347694266,"gmtCreate":1618491445255,"gmtModify":1634292590512,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like this comment and I like back you","listText":"Like this comment and I like back you","text":"Like this comment and I like back you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/347694266","repostId":"1107106238","repostType":4,"isVote":1,"tweetType":1,"viewCount":2346,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":344556438,"gmtCreate":1618417764824,"gmtModify":1634293056227,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like this comment, many thanks","listText":"Like this comment, many thanks","text":"Like this comment, many thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/344556438","repostId":"1193132843","repostType":4,"repost":{"id":"1193132843","kind":"news","pubTimestamp":1618412729,"share":"https://www.laohunote.com/m/news/1193132843?lang=zh_CN&edition=full","pubTime":"2021-04-14 23:05","market":"us","language":"en","title":"Five things you didn't know about Bernie Madoff's epic scam<blockquote>关于伯尼·麦道夫史诗骗局你不知道的五件事</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193132843","media":"cnn","summary":"New York (CNN)Editor's note: This story was originally published on December 11, 2013, and has been ","content":"<p>New York (CNN)<i>Editor's note: This story was originally published on December 11, 2013, and has been updated with Madoff's death.</i></p><p><blockquote>纽约（CNN）<i>编者按：这个故事最初发表于2013年12月11日，随着麦道夫的去世而更新。</i></blockquote></p><p>Bernard Madoff, the man behind the most notorious Ponzi scheme in history, died while serving a 150-year sentence in Federal Prison at age 82.</p><p><blockquote>历史上最臭名昭著的庞氏骗局的幕后黑手伯纳德·麦道夫在联邦监狱服刑150年期间去世，享年82岁。</blockquote></p><p>He was arrested on Dec. 11, 2008 for bilking thousands of investors out of billions of dollars. He pleaded guilty three months later to charges of fraud, and was sentenced to 150 years in federal prison.</p><p><blockquote>他于2008年12月11日被捕，罪名是诈骗数千名投资者数十亿美元。三个月后，他承认了欺诈指控，并被判处150年联邦监禁。</blockquote></p><p>He was serving his term at the medium security Butner Federal Correctional Complex in North Carolina and was slated for release on Nov. 14, 2139.</p><p><blockquote>他正在北卡罗来纳州的中等安全级别的布特纳联邦惩教所服刑，定于2139年11月14日获释。</blockquote></p><p>The Madoff scandal has made headlines for years, but there is still a lot that people don't know about the biggest Ponzi scheme in history.</p><p><blockquote>麦道夫丑闻多年来一直是头条新闻，但关于历史上最大的庞氏骗局，人们仍然有很多不知道的地方。</blockquote></p><p><b>1. Only a fraction of Madoff's thousands of victims have gotten all of their money back.</b></p><p><blockquote><b>1. 在麦道夫的数千名受害者中，只有一小部分人拿回了所有的钱。</b></blockquote></p><p>Irving Picard, the court-appointed trustee in the Madoff case, has recovered more than $9.5 billion of the $20 billion in stolen assets.</p><p><blockquote>麦道夫案中法院指定的受托人欧文·皮卡德已经追回了200亿美元被盗资产中的95亿美元以上。</blockquote></p><p>About half of that -- nearly $4.9 billion -- has been distributed to Madoff victims. In addition, the Securities Investor Protection Corporation has provided $800 million in insurance to victims.</p><p><blockquote>其中大约一半——近49亿美元——已经分配给了麦道夫的受害者。此外，证券投资者保护公司还向受害者提供了8亿美元的保险。</blockquote></p><p>Swindled investors have filed 16,519 claims to Picard. So far, 1,107 have been fully reimbursed. Another 1,410 accounts are eligible for compensation and have been partially reimbursed.</p><p><blockquote>受骗投资者已向皮卡德提出 16,519 项索赔。迄今为止，已有1107人获得全额报销。另有 1,410 个账户有资格获得赔偿，并已获得部分赔偿。</blockquote></p><p>The majority of the claims - nearly 11,000 - were rejected because they were from \"third party\" investors: They had invested with other financial firms that in turn invested with Madoff. But the third party investors will end up with some relief too. Last month, the Department of Justice set up a $2.35 billion fund for them.</p><p><blockquote>大多数索赔——近11,000起——被驳回，因为它们来自“第三方”投资者：他们与其他金融公司进行了投资，而这些公司又与麦道夫进行了投资。但第三方投资者最终也会松一口气。上个月，司法部为他们设立了23.5亿美元的基金。</blockquote></p><p><b>2. Even now, nobody knows when Madoff's scheme started.</b></p><p><blockquote><b>2.即使是现在，也没有人知道麦道夫的计划是从什么时候开始的。</b></blockquote></p><p>No one has been able to prove when Madoff began stealing from investors. Madoff himself has made contradictory claims about when the crime began. He told CNN Business in an interview earlier this year that it all started in 1987, but he later said the scheme began in 1992. Some reports say Madoff's epic crime may have started as early as the 1960s, when he began working on Wall Street.</p><p><blockquote>没有人能够证明麦道夫是什么时候开始从投资者那里偷窃的。麦道夫本人对犯罪开始的时间提出了相互矛盾的说法。他在今年早些时候接受 CNN Business 采访时表示，这一切都始于 1987 年，但他后来说该计划始于 1992 年。一些报道称，麦道夫的史诗般的犯罪可能早在20世纪60年代就开始了，当时他开始在华尔街工作。</blockquote></p><p>Madoff's former account manager, Frank DiPascali, Jr., said in court testimony that financial misdeeds had been going on \"for as long as I remember.\" He started working at the firm in 1975.</p><p><blockquote>麦道夫的前客户经理小弗兰克·迪帕斯卡利在法庭证词中表示，“从我记事起”，财务不当行为就一直在发生。他于1975年开始在该公司工作。</blockquote></p><p><b>3. Madoff didn't actually steal $65 billion.</b></p><p><blockquote><b>3.麦道夫实际上并没有偷650亿美元。</b></blockquote></p><p>His Ponzi scheme is often referred to as a $65 billion crime. In fact, he actually stole $20 billion in principal funds that were invested with him. However, his firm generated account statements telling investors that they earned returns making them worth a total of $65 billion. So as far as the people who'd entrusted their life savings with Madoff were concerned, they really did lose $65 billion. It's just that two-thirds of that money was a figment of Bernie's imagination.</p><p><blockquote>他的庞氏骗局通常被称为650亿美元的犯罪。事实上，他实际上窃取了与他一起投资的200亿美元本金资金。然而，他的公司生成了账户报表，告诉投资者他们获得了回报，总价值达 650 亿美元。因此，对于那些将毕生积蓄托付给麦道夫的人来说，他们确实损失了650亿美元。只是三分之二的钱是伯尼凭空想象出来的。</blockquote></p><p><b>4. Lawyers have pocketed about $800 million cleaning up Madoff's mess.</b></p><p><blockquote><b>4. 律师们为清理麦道夫的烂摊子筹集了约 8 亿美元。</b></blockquote></p><p>Picard and his firm are tasked with tracking down Madoff's stolen assets and redistributing them to his victims. This is a massive, international undertaking, much of which has been outsourced to other law firms. About $823.6 million in fees and expenses have been paid out to attorneys since Madoff's 2008 arrest. The lion's share -- $468.1 million -- went to BakerHostetler.</p><p><blockquote>皮卡德和他的公司的任务是追踪麦道夫被盗的资产，并将其重新分配给他的受害者。这是一项庞大的国际事业，其中大部分已外包给其他律师事务所。自麦道夫2008年被捕以来，已向律师支付了约8.236亿美元的费用和开支。最大的股份——4.681亿美元——归贝克霍斯特勒所有。</blockquote></p><p><b>5. Life in prison isn't so bad, said Madoff. But he still can't sleep.</b></p><p><blockquote><b>5. 麦道夫说，监狱生活并没有那么糟糕。但他还是睡不着。</b></blockquote></p><p>In an interview with CNN Business in May 2013, the 75-year-old fraudster said that he had a job making $40 a month wiping down phones and computers for a \"few hours a day.\" He believes he's well-respected by his fellow prisoners and said he spends much of his time reading newspapers and novels.</p><p><blockquote>在 2013 年 5 月接受 CNN Business 采访时，这位 75 岁的诈骗犯表示，他有一份每月 40 美元的工作，负责“每天几个小时”擦拭手机和电脑。他相信他受到狱友的尊重，并说他大部分时间都在看报纸和小说。</blockquote></p><p>He wakes up early -- 4:30 a.m. -- not because he has to, but because he can't sleep. He is haunted, he said, by the suicide of his oldest son Mark, who hanged himself on Dec. 11, 2010 -- the second anniversary of his father's arrest.</p><p><blockquote>他很早就醒了——凌晨4:30——不是因为他必须醒，而是因为他睡不着。他说，他被大儿子马克的自杀所困扰，马克在2010年12月11日——他父亲被捕两周年纪念日——上吊自杀。</blockquote></p><p>\"I was responsible for my son Mark's death and that's very, very difficult,\" he said. \"I live with that.\"</p><p><blockquote>“我对我儿子马克的死负有责任，这非常非常困难，”他说。“我忍受了。”</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>Five things you didn't know about Bernie Madoff's epic scam<blockquote>关于伯尼·麦道夫史诗骗局你不知道的五件事</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\">\nFive things you didn't know about Bernie Madoff's epic scam<blockquote>关于伯尼·麦道夫史诗骗局你不知道的五件事</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-04-14 23:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN)<i>Editor's note: This story was originally published on December 11, 2013, and has been updated with Madoff's death.</i></p><p><blockquote>纽约（CNN）<i>编者按：这个故事最初发表于2013年12月11日，随着麦道夫的去世而更新。</i></blockquote></p><p>Bernard Madoff, the man behind the most notorious Ponzi scheme in history, died while serving a 150-year sentence in Federal Prison at age 82.</p><p><blockquote>历史上最臭名昭著的庞氏骗局的幕后黑手伯纳德·麦道夫在联邦监狱服刑150年期间去世，享年82岁。</blockquote></p><p>He was arrested on Dec. 11, 2008 for bilking thousands of investors out of billions of dollars. He pleaded guilty three months later to charges of fraud, and was sentenced to 150 years in federal prison.</p><p><blockquote>他于2008年12月11日被捕，罪名是诈骗数千名投资者数十亿美元。三个月后，他承认了欺诈指控，并被判处150年联邦监禁。</blockquote></p><p>He was serving his term at the medium security Butner Federal Correctional Complex in North Carolina and was slated for release on Nov. 14, 2139.</p><p><blockquote>他正在北卡罗来纳州的中等安全级别的布特纳联邦惩教所服刑，定于2139年11月14日获释。</blockquote></p><p>The Madoff scandal has made headlines for years, but there is still a lot that people don't know about the biggest Ponzi scheme in history.</p><p><blockquote>麦道夫丑闻多年来一直是头条新闻，但关于历史上最大的庞氏骗局，人们仍然有很多不知道的地方。</blockquote></p><p><b>1. Only a fraction of Madoff's thousands of victims have gotten all of their money back.</b></p><p><blockquote><b>1. 在麦道夫的数千名受害者中，只有一小部分人拿回了所有的钱。</b></blockquote></p><p>Irving Picard, the court-appointed trustee in the Madoff case, has recovered more than $9.5 billion of the $20 billion in stolen assets.</p><p><blockquote>麦道夫案中法院指定的受托人欧文·皮卡德已经追回了200亿美元被盗资产中的95亿美元以上。</blockquote></p><p>About half of that -- nearly $4.9 billion -- has been distributed to Madoff victims. In addition, the Securities Investor Protection Corporation has provided $800 million in insurance to victims.</p><p><blockquote>其中大约一半——近49亿美元——已经分配给了麦道夫的受害者。此外，证券投资者保护公司还向受害者提供了8亿美元的保险。</blockquote></p><p>Swindled investors have filed 16,519 claims to Picard. So far, 1,107 have been fully reimbursed. Another 1,410 accounts are eligible for compensation and have been partially reimbursed.</p><p><blockquote>受骗投资者已向皮卡德提出 16,519 项索赔。迄今为止，已有1107人获得全额报销。另有 1,410 个账户有资格获得赔偿，并已获得部分赔偿。</blockquote></p><p>The majority of the claims - nearly 11,000 - were rejected because they were from \"third party\" investors: They had invested with other financial firms that in turn invested with Madoff. But the third party investors will end up with some relief too. Last month, the Department of Justice set up a $2.35 billion fund for them.</p><p><blockquote>大多数索赔——近11,000起——被驳回，因为它们来自“第三方”投资者：他们与其他金融公司进行了投资，而这些公司又与麦道夫进行了投资。但第三方投资者最终也会松一口气。上个月，司法部为他们设立了23.5亿美元的基金。</blockquote></p><p><b>2. Even now, nobody knows when Madoff's scheme started.</b></p><p><blockquote><b>2.即使是现在，也没有人知道麦道夫的计划是从什么时候开始的。</b></blockquote></p><p>No one has been able to prove when Madoff began stealing from investors. Madoff himself has made contradictory claims about when the crime began. He told CNN Business in an interview earlier this year that it all started in 1987, but he later said the scheme began in 1992. Some reports say Madoff's epic crime may have started as early as the 1960s, when he began working on Wall Street.</p><p><blockquote>没有人能够证明麦道夫是什么时候开始从投资者那里偷窃的。麦道夫本人对犯罪开始的时间提出了相互矛盾的说法。他在今年早些时候接受 CNN Business 采访时表示，这一切都始于 1987 年，但他后来说该计划始于 1992 年。一些报道称，麦道夫的史诗般的犯罪可能早在20世纪60年代就开始了，当时他开始在华尔街工作。</blockquote></p><p>Madoff's former account manager, Frank DiPascali, Jr., said in court testimony that financial misdeeds had been going on \"for as long as I remember.\" He started working at the firm in 1975.</p><p><blockquote>麦道夫的前客户经理小弗兰克·迪帕斯卡利在法庭证词中表示，“从我记事起”，财务不当行为就一直在发生。他于1975年开始在该公司工作。</blockquote></p><p><b>3. Madoff didn't actually steal $65 billion.</b></p><p><blockquote><b>3.麦道夫实际上并没有偷650亿美元。</b></blockquote></p><p>His Ponzi scheme is often referred to as a $65 billion crime. In fact, he actually stole $20 billion in principal funds that were invested with him. However, his firm generated account statements telling investors that they earned returns making them worth a total of $65 billion. So as far as the people who'd entrusted their life savings with Madoff were concerned, they really did lose $65 billion. It's just that two-thirds of that money was a figment of Bernie's imagination.</p><p><blockquote>他的庞氏骗局通常被称为650亿美元的犯罪。事实上，他实际上窃取了与他一起投资的200亿美元本金资金。然而，他的公司生成了账户报表，告诉投资者他们获得了回报，总价值达 650 亿美元。因此，对于那些将毕生积蓄托付给麦道夫的人来说，他们确实损失了650亿美元。只是三分之二的钱是伯尼凭空想象出来的。</blockquote></p><p><b>4. Lawyers have pocketed about $800 million cleaning up Madoff's mess.</b></p><p><blockquote><b>4. 律师们为清理麦道夫的烂摊子筹集了约 8 亿美元。</b></blockquote></p><p>Picard and his firm are tasked with tracking down Madoff's stolen assets and redistributing them to his victims. This is a massive, international undertaking, much of which has been outsourced to other law firms. About $823.6 million in fees and expenses have been paid out to attorneys since Madoff's 2008 arrest. The lion's share -- $468.1 million -- went to BakerHostetler.</p><p><blockquote>皮卡德和他的公司的任务是追踪麦道夫被盗的资产，并将其重新分配给他的受害者。这是一项庞大的国际事业，其中大部分已外包给其他律师事务所。自麦道夫2008年被捕以来，已向律师支付了约8.236亿美元的费用和开支。最大的股份——4.681亿美元——归贝克霍斯特勒所有。</blockquote></p><p><b>5. Life in prison isn't so bad, said Madoff. But he still can't sleep.</b></p><p><blockquote><b>5. 麦道夫说，监狱生活并没有那么糟糕。但他还是睡不着。</b></blockquote></p><p>In an interview with CNN Business in May 2013, the 75-year-old fraudster said that he had a job making $40 a month wiping down phones and computers for a \"few hours a day.\" He believes he's well-respected by his fellow prisoners and said he spends much of his time reading newspapers and novels.</p><p><blockquote>在 2013 年 5 月接受 CNN Business 采访时，这位 75 岁的诈骗犯表示，他有一份每月 40 美元的工作，负责“每天几个小时”擦拭手机和电脑。他相信他受到狱友的尊重，并说他大部分时间都在看报纸和小说。</blockquote></p><p>He wakes up early -- 4:30 a.m. -- not because he has to, but because he can't sleep. He is haunted, he said, by the suicide of his oldest son Mark, who hanged himself on Dec. 11, 2010 -- the second anniversary of his father's arrest.</p><p><blockquote>他很早就醒了——凌晨4:30——不是因为他必须醒，而是因为他睡不着。他说，他被大儿子马克的自杀所困扰，马克在2010年12月11日——他父亲被捕两周年纪念日——上吊自杀。</blockquote></p><p>\"I was responsible for my son Mark's death and that's very, very difficult,\" he said. \"I live with that.\"</p><p><blockquote>“我对我儿子马克的死负有责任，这非常非常困难，”他说。“我忍受了。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/04/14/business/bernard-madoff-ponzi-scheme/index.html?utm_source=optzlynewmarketribbon\">cnn</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":{},"source_url":"https://edition.cnn.com/2021/04/14/business/bernard-madoff-ponzi-scheme/index.html?utm_source=optzlynewmarketribbon","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193132843","content_text":"New York (CNN)Editor's note: This story was originally published on December 11, 2013, and has been updated with Madoff's death.Bernard Madoff, the man behind the most notorious Ponzi scheme in history, died while serving a 150-year sentence in Federal Prison at age 82.He was arrested on Dec. 11, 2008 for bilking thousands of investors out of billions of dollars. He pleaded guilty three months later to charges of fraud, and was sentenced to 150 years in federal prison.He was serving his term at the medium security Butner Federal Correctional Complex in North Carolina and was slated for release on Nov. 14, 2139.The Madoff scandal has made headlines for years, but there is still a lot that people don't know about the biggest Ponzi scheme in history.1. Only a fraction of Madoff's thousands of victims have gotten all of their money back.Irving Picard, the court-appointed trustee in the Madoff case, has recovered more than $9.5 billion of the $20 billion in stolen assets.About half of that -- nearly $4.9 billion -- has been distributed to Madoff victims. In addition, the Securities Investor Protection Corporation has provided $800 million in insurance to victims.Swindled investors have filed 16,519 claims to Picard. So far, 1,107 have been fully reimbursed. Another 1,410 accounts are eligible for compensation and have been partially reimbursed.The majority of the claims - nearly 11,000 - were rejected because they were from \"third party\" investors: They had invested with other financial firms that in turn invested with Madoff. But the third party investors will end up with some relief too. Last month, the Department of Justice set up a $2.35 billion fund for them.2. Even now, nobody knows when Madoff's scheme started.No one has been able to prove when Madoff began stealing from investors. Madoff himself has made contradictory claims about when the crime began. He told CNN Business in an interview earlier this year that it all started in 1987, but he later said the scheme began in 1992. Some reports say Madoff's epic crime may have started as early as the 1960s, when he began working on Wall Street.Madoff's former account manager, Frank DiPascali, Jr., said in court testimony that financial misdeeds had been going on \"for as long as I remember.\" He started working at the firm in 1975.3. Madoff didn't actually steal $65 billion.His Ponzi scheme is often referred to as a $65 billion crime. In fact, he actually stole $20 billion in principal funds that were invested with him. However, his firm generated account statements telling investors that they earned returns making them worth a total of $65 billion. So as far as the people who'd entrusted their life savings with Madoff were concerned, they really did lose $65 billion. It's just that two-thirds of that money was a figment of Bernie's imagination.4. Lawyers have pocketed about $800 million cleaning up Madoff's mess.Picard and his firm are tasked with tracking down Madoff's stolen assets and redistributing them to his victims. This is a massive, international undertaking, much of which has been outsourced to other law firms. About $823.6 million in fees and expenses have been paid out to attorneys since Madoff's 2008 arrest. The lion's share -- $468.1 million -- went to BakerHostetler.5. Life in prison isn't so bad, said Madoff. But he still can't sleep.In an interview with CNN Business in May 2013, the 75-year-old fraudster said that he had a job making $40 a month wiping down phones and computers for a \"few hours a day.\" He believes he's well-respected by his fellow prisoners and said he spends much of his time reading newspapers and novels.He wakes up early -- 4:30 a.m. -- not because he has to, but because he can't sleep. He is haunted, he said, by the suicide of his oldest son Mark, who hanged himself on Dec. 11, 2010 -- the second anniversary of his father's arrest.\"I was responsible for my son Mark's death and that's very, very difficult,\" he said. \"I live with that.\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345436416,"gmtCreate":1618328365735,"gmtModify":1634293662411,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Vaccine can play....","listText":"Vaccine can play....","text":"Vaccine can play....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/345436416","repostId":"2127301527","repostType":4,"isVote":1,"tweetType":1,"viewCount":1913,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345031476,"gmtCreate":1618257759195,"gmtModify":1634294153760,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like this comment and like this comment too tq","listText":"Like this comment and like this comment too tq","text":"Like this comment and like this comment too tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/345031476","repostId":"2126060590","repostType":4,"isVote":1,"tweetType":1,"viewCount":2559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346997973,"gmtCreate":1617978673592,"gmtModify":1634295401067,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like this comment and say something pls&nbsp;","listText":"Like this comment and say something pls&nbsp;","text":"Like this comment and say something pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/346997973","repostId":"1168300924","repostType":4,"repost":{"id":"1168300924","kind":"news","pubTimestamp":1617955250,"share":"https://www.laohunote.com/m/news/1168300924?lang=zh_CN&edition=full","pubTime":"2021-04-09 16:00","market":"us","language":"en","title":"Next Week’s IPO Lineup Is Growing. It Could Be Busy.<blockquote>下周的 IPO 阵容正在增加。可能很忙。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168300924","media":"barrons","summary":"The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.And Alkami Technology,a bank software company, and Karat Pa","content":"<p>The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.</p><p><blockquote>四月的第二周将成为IPO市场相对强劲的时期。又有四家公司在股票市场首次亮相，使总数至少达到六家。</blockquote></p><p>Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.</p><p><blockquote>美国最大的加密货币交易所 Coinbase 定于 4 月 14 日星期三开始交易。三位知情人士称，Applovin和图森未来将于次日上市。Agilon Health将于那个星期四首次亮相。</blockquote></p><p>And Alkami Technology,a bank software company, and Karat Packaging, whichmakes environmentally-friendly disposable food service products, are also reportedly going public.</p><p><blockquote>据报道，银行软件公司 Alkami Technology 和生产环保一次性食品服务产品的 Karat Packaging 也将上市。</blockquote></p><p>This week, by way of contrast, two companies, Reneo Pharmaceuticals and VectivBio Holding, are listing. Both are small biotech companies that areslated to begin trading on the Nasdaq on Friday.</p><p><blockquote>相比之下，本周，Reneo Pharmaceuticals 和 VectivBio Holding 两家公司上市。这两家公司都是小型生物技术公司，预计将于周五开始在纳斯达克交易。</blockquote></p><p>Applovin on Wednesday set terms for its initial public offering. It is offering 25 million shares at $75 to $85 each, which means it could raise as much as $2.13 billion if the stock sells at the high end of that range. The company plans to trade on the Nasdaq under the symbol APP.</p><p><blockquote>Applovin 周三为其首次公开募股设定了条款。该公司将以每股 75 至 85 美元的价格发行 2500 万股股票，这意味着如果股票在该范围的高端售价，它可以筹集高达 21.3 亿美元的资金。该公司计划在 symbol 应用程序下的纳斯达克上进行交易。</blockquote></p><p>Eighteen underwriters are listed in the Applovin prospectus, includingMorgan Stanley(ticker: MS),JPMorgan Chase(JPM),KKR,&nbsp;Bank of America‘s (BAC) BofA Securities, andCitigroup(C).</p><p><blockquote>Applovin 招股说明书中列出了 18 家承销商，包括摩根士丹利（股票代码：MS）、摩根大通（JPM）、KKR、美国银行 (BAC) 美银证券和花旗集团 (C)。</blockquote></p><p>Founded in 2012, Applovin&nbsp;provides software&nbsp;used by mobile-game developers to grow their businesses.&nbsp; Some 410 million people a day open apps that contain Applovin software, according to the company. Applovin also has a portfolio of more than 200 free-to-play mobile games with 32 million daily users.</p><p><blockquote>Applovin成立于2012年，提供手机游戏开发商用来发展业务的软件。据该公司称，每天约有4.1亿人打开包含Applovin软件的应用程序。Applovin 还拥有 200 多款免费手机游戏，日活跃用户达 3200 万。</blockquote></p><p>In 2018, KKRbought a minority stakein Applovin for $400 million, valuing Applovin at $2 billion at the time. Applovin in February acquired Adjust, a firm that helps mobile-app developers measure the performance of apps and prevent fraud, for $1 billion. KKR will own 67.4% of the company after the IPO, theprospectus said.</p><p><blockquote>2018年，KKR以4亿美元收购了Applovin的少数股权，当时Applovin的估值为20亿美元。Applovin 今年 2 月以 10 亿美元收购了 Adjust，这是一家帮助移动应用开发者衡量应用性能和防止欺诈的公司。招股书称，IPO后，KKR将拥有该公司67.4%的股份。</blockquote></p><p>With 357,955,309 shares outstanding, Applovin’s market capitalization could hit $30 billion.</p><p><blockquote>Applovin 有 357,955,309 股流通股，市值可能达到 300 亿美元。</blockquote></p><p>TuSimple also set terms for its IPO. The self-driving technology company could raise as much as $1.3 billion; it is offering nearly 34 million shares at $35 to $39 each. It will trade on the Nasdaq under the ticker TSP.</p><p><blockquote>图森未来还为其IPO设定了条款。这家自动驾驶技术公司可能筹集高达 13 亿美元的资金；该公司以每股 35 至 39 美元的价格发行近 3400 万股股票。它将在纳斯达克交易，股票代码为 TSP。</blockquote></p><p>Morgan Stanley(MS),Citigroup,and J.P. Morgan (JPM) are lead bookrunners on the deal.</p><p><blockquote>摩根士丹利 (MS)、花旗集团和摩根大通 (JPM) 是该交易的牵头账簿管理人。</blockquote></p><p>Founded in 2015, TuSimple is looking to transform the $800 billion trucking industry. The San Diego company, which has plants in Tucson, Shanghai, and Beijing, in addition to operations in Japan, is developing an autonomous freight network for long-haul, semi-trucks that it says will increase efficiency and safety on the road, while cutting operating costs.</p><p><blockquote>图森未来成立于2015年，旨在改造价值8000亿美元的卡车运输行业。这家圣地亚哥公司除了在日本开展业务外，还在图森、上海和北京设有工厂，该公司正在为长途半挂卡车开发一个自动货运网络，该公司表示这将提高效率和道路安全性，同时降低运营成本。</blockquote></p><p>TuSimple develops software for the Level 4 self-driving, long-haul trucks, which can see up to 1,000 meters away, equivalent to 30 seconds of driving time. High-definition maps provide accuracy within five centimeters.</p><p><blockquote>图森未来为4级自动驾驶长途卡车开发软件，可以看到1000米以外的地方，相当于30秒的驾驶时间。高清地图提供五厘米以内的精度。</blockquote></p><p>The company is partnering withNavistar(NAV) to develop trucks for the North American market by 2024,its prospectus said. TuSimple has another partnership withVolkswagensubsidiary TRATON for trucks in Europe. Navistar, TRATON, and United Parcel Service (UPS) are all investors.</p><p><blockquote>其招股说明书称，该公司正在与纳威司达 (NAV) 合作，到 2024 年为北美市场开发卡车。图森未来与大众汽车子公司 TRATON 在欧洲建立了另一项卡车合作伙伴关系。Navistar、TRATON 和联合包裹服务公司 (UPS) 都是投资者。</blockquote></p><p>TuSimple has raised $800 million in funding, including a $350 million round in November led by VectoIQ.BlackRock(BR), Fidelity Management &amp; Research Co and Capital Group are in talks to buy up to 10.1 million TuSimple shares at the IPO price, the prospectus said.</p><p><blockquote>图森未来已筹集 8 亿美元资金，其中包括 11 月份由 VectoIQ 领投的 3.5 亿美元融资。招股说明书称，贝莱德 (BR)、富达管理与研究公司和资本集团正在洽谈以 IPO 价格购买最多 1010 万股图森未来股票。</blockquote></p><p>The company will have 212,263,328 shares outstanding, meaning TuSimple’s market cap could climb to $8.3 billion. TuSimple, however, is not profitable. Losses widened to $177.9 million in 2020 from $84.9 million in 2019. Revenue jumped nearly 160% to $1.8 million in 2020.</p><p><blockquote>该公司将有 212,263,328 股流通股，这意味着图森未来的市值可能会攀升至 83 亿美元。然而，图森未来并不盈利。亏损从2019年的8490万美元扩大到2020年的1.779亿美元。2020 年收入增长近 160%，达到 180 万美元。</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>Next Week’s IPO Lineup Is Growing. It Could Be Busy.<blockquote>下周的 IPO 阵容正在增加。可能很忙。</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\">\nNext Week’s IPO Lineup Is Growing. It Could Be Busy.<blockquote>下周的 IPO 阵容正在增加。可能很忙。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">barrons</strong><span class=\"h-time small\">2021-04-09 16:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.</p><p><blockquote>四月的第二周将成为IPO市场相对强劲的时期。又有四家公司在股票市场首次亮相，使总数至少达到六家。</blockquote></p><p>Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.</p><p><blockquote>美国最大的加密货币交易所 Coinbase 定于 4 月 14 日星期三开始交易。三位知情人士称，Applovin和图森未来将于次日上市。Agilon Health将于那个星期四首次亮相。</blockquote></p><p>And Alkami Technology,a bank software company, and Karat Packaging, whichmakes environmentally-friendly disposable food service products, are also reportedly going public.</p><p><blockquote>据报道，银行软件公司 Alkami Technology 和生产环保一次性食品服务产品的 Karat Packaging 也将上市。</blockquote></p><p>This week, by way of contrast, two companies, Reneo Pharmaceuticals and VectivBio Holding, are listing. Both are small biotech companies that areslated to begin trading on the Nasdaq on Friday.</p><p><blockquote>相比之下，本周，Reneo Pharmaceuticals 和 VectivBio Holding 两家公司上市。这两家公司都是小型生物技术公司，预计将于周五开始在纳斯达克交易。</blockquote></p><p>Applovin on Wednesday set terms for its initial public offering. It is offering 25 million shares at $75 to $85 each, which means it could raise as much as $2.13 billion if the stock sells at the high end of that range. The company plans to trade on the Nasdaq under the symbol APP.</p><p><blockquote>Applovin 周三为其首次公开募股设定了条款。该公司将以每股 75 至 85 美元的价格发行 2500 万股股票，这意味着如果股票在该范围的高端售价，它可以筹集高达 21.3 亿美元的资金。该公司计划在 symbol 应用程序下的纳斯达克上进行交易。</blockquote></p><p>Eighteen underwriters are listed in the Applovin prospectus, includingMorgan Stanley(ticker: MS),JPMorgan Chase(JPM),KKR,&nbsp;Bank of America‘s (BAC) BofA Securities, andCitigroup(C).</p><p><blockquote>Applovin 招股说明书中列出了 18 家承销商，包括摩根士丹利（股票代码：MS）、摩根大通（JPM）、KKR、美国银行 (BAC) 美银证券和花旗集团 (C)。</blockquote></p><p>Founded in 2012, Applovin&nbsp;provides software&nbsp;used by mobile-game developers to grow their businesses.&nbsp; Some 410 million people a day open apps that contain Applovin software, according to the company. Applovin also has a portfolio of more than 200 free-to-play mobile games with 32 million daily users.</p><p><blockquote>Applovin成立于2012年，提供手机游戏开发商用来发展业务的软件。据该公司称，每天约有4.1亿人打开包含Applovin软件的应用程序。Applovin 还拥有 200 多款免费手机游戏，日活跃用户达 3200 万。</blockquote></p><p>In 2018, KKRbought a minority stakein Applovin for $400 million, valuing Applovin at $2 billion at the time. Applovin in February acquired Adjust, a firm that helps mobile-app developers measure the performance of apps and prevent fraud, for $1 billion. KKR will own 67.4% of the company after the IPO, theprospectus said.</p><p><blockquote>2018年，KKR以4亿美元收购了Applovin的少数股权，当时Applovin的估值为20亿美元。Applovin 今年 2 月以 10 亿美元收购了 Adjust，这是一家帮助移动应用开发者衡量应用性能和防止欺诈的公司。招股书称，IPO后，KKR将拥有该公司67.4%的股份。</blockquote></p><p>With 357,955,309 shares outstanding, Applovin’s market capitalization could hit $30 billion.</p><p><blockquote>Applovin 有 357,955,309 股流通股，市值可能达到 300 亿美元。</blockquote></p><p>TuSimple also set terms for its IPO. The self-driving technology company could raise as much as $1.3 billion; it is offering nearly 34 million shares at $35 to $39 each. It will trade on the Nasdaq under the ticker TSP.</p><p><blockquote>图森未来还为其IPO设定了条款。这家自动驾驶技术公司可能筹集高达 13 亿美元的资金；该公司以每股 35 至 39 美元的价格发行近 3400 万股股票。它将在纳斯达克交易，股票代码为 TSP。</blockquote></p><p>Morgan Stanley(MS),Citigroup,and J.P. Morgan (JPM) are lead bookrunners on the deal.</p><p><blockquote>摩根士丹利 (MS)、花旗集团和摩根大通 (JPM) 是该交易的牵头账簿管理人。</blockquote></p><p>Founded in 2015, TuSimple is looking to transform the $800 billion trucking industry. The San Diego company, which has plants in Tucson, Shanghai, and Beijing, in addition to operations in Japan, is developing an autonomous freight network for long-haul, semi-trucks that it says will increase efficiency and safety on the road, while cutting operating costs.</p><p><blockquote>图森未来成立于2015年，旨在改造价值8000亿美元的卡车运输行业。这家圣地亚哥公司除了在日本开展业务外，还在图森、上海和北京设有工厂，该公司正在为长途半挂卡车开发一个自动货运网络，该公司表示这将提高效率和道路安全性，同时降低运营成本。</blockquote></p><p>TuSimple develops software for the Level 4 self-driving, long-haul trucks, which can see up to 1,000 meters away, equivalent to 30 seconds of driving time. High-definition maps provide accuracy within five centimeters.</p><p><blockquote>图森未来为4级自动驾驶长途卡车开发软件，可以看到1000米以外的地方，相当于30秒的驾驶时间。高清地图提供五厘米以内的精度。</blockquote></p><p>The company is partnering withNavistar(NAV) to develop trucks for the North American market by 2024,its prospectus said. TuSimple has another partnership withVolkswagensubsidiary TRATON for trucks in Europe. Navistar, TRATON, and United Parcel Service (UPS) are all investors.</p><p><blockquote>其招股说明书称，该公司正在与纳威司达 (NAV) 合作，到 2024 年为北美市场开发卡车。图森未来与大众汽车子公司 TRATON 在欧洲建立了另一项卡车合作伙伴关系。Navistar、TRATON 和联合包裹服务公司 (UPS) 都是投资者。</blockquote></p><p>TuSimple has raised $800 million in funding, including a $350 million round in November led by VectoIQ.BlackRock(BR), Fidelity Management &amp; Research Co and Capital Group are in talks to buy up to 10.1 million TuSimple shares at the IPO price, the prospectus said.</p><p><blockquote>图森未来已筹集 8 亿美元资金，其中包括 11 月份由 VectoIQ 领投的 3.5 亿美元融资。招股说明书称，贝莱德 (BR)、富达管理与研究公司和资本集团正在洽谈以 IPO 价格购买最多 1010 万股图森未来股票。</blockquote></p><p>The company will have 212,263,328 shares outstanding, meaning TuSimple’s market cap could climb to $8.3 billion. TuSimple, however, is not profitable. Losses widened to $177.9 million in 2020 from $84.9 million in 2019. Revenue jumped nearly 160% to $1.8 million in 2020.</p><p><blockquote>该公司将有 212,263,328 股流通股，这意味着图森未来的市值可能会攀升至 83 亿美元。然而，图森未来并不盈利。亏损从2019年的8490万美元扩大到2020年的1.779亿美元。2020 年收入增长近 160%，达到 180 万美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/next-weeks-ipo-lineup-is-growing-it-could-be-busy-51617907448?mod=hp_LEAD_1_B_2\">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":{"APP":"AppLovin Corporation","ALKT":"Alkami Technology, Inc.","KRT":"Karat Packaging Inc.","COIN":"Coinbase Global, Inc."},"source_url":"https://www.barrons.com/articles/next-weeks-ipo-lineup-is-growing-it-could-be-busy-51617907448?mod=hp_LEAD_1_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168300924","content_text":"The second week of April is shaping up to be a relatively strong time for the IPO market. As many as four more companies are making their stock-market debuts, bringing the total to at least six.Coinbase, the largest U.S. cryptocurrency exchange,is slated to open for trading on Wednesday, April 14. Applovin and TuSimple are listing the next day, three people familiar with the situation said. Agilon Health ismaking its debut that Thursday.And Alkami Technology,a bank software company, and Karat Packaging, whichmakes environmentally-friendly disposable food service products, are also reportedly going public.This week, by way of contrast, two companies, Reneo Pharmaceuticals and VectivBio Holding, are listing. Both are small biotech companies that areslated to begin trading on the Nasdaq on Friday.Applovin on Wednesday set terms for its initial public offering. It is offering 25 million shares at $75 to $85 each, which means it could raise as much as $2.13 billion if the stock sells at the high end of that range. The company plans to trade on the Nasdaq under the symbol APP.Eighteen underwriters are listed in the Applovin prospectus, includingMorgan Stanley(ticker: MS),JPMorgan Chase(JPM),KKR, Bank of America‘s (BAC) BofA Securities, andCitigroup(C).Founded in 2012, Applovin provides software used by mobile-game developers to grow their businesses.  Some 410 million people a day open apps that contain Applovin software, according to the company. Applovin also has a portfolio of more than 200 free-to-play mobile games with 32 million daily users.In 2018, KKRbought a minority stakein Applovin for $400 million, valuing Applovin at $2 billion at the time. Applovin in February acquired Adjust, a firm that helps mobile-app developers measure the performance of apps and prevent fraud, for $1 billion. KKR will own 67.4% of the company after the IPO, theprospectus said.With 357,955,309 shares outstanding, Applovin’s market capitalization could hit $30 billion.TuSimple also set terms for its IPO. The self-driving technology company could raise as much as $1.3 billion; it is offering nearly 34 million shares at $35 to $39 each. It will trade on the Nasdaq under the ticker TSP.Morgan Stanley(MS),Citigroup,and J.P. Morgan (JPM) are lead bookrunners on the deal.Founded in 2015, TuSimple is looking to transform the $800 billion trucking industry. The San Diego company, which has plants in Tucson, Shanghai, and Beijing, in addition to operations in Japan, is developing an autonomous freight network for long-haul, semi-trucks that it says will increase efficiency and safety on the road, while cutting operating costs.TuSimple develops software for the Level 4 self-driving, long-haul trucks, which can see up to 1,000 meters away, equivalent to 30 seconds of driving time. High-definition maps provide accuracy within five centimeters.The company is partnering withNavistar(NAV) to develop trucks for the North American market by 2024,its prospectus said. TuSimple has another partnership withVolkswagensubsidiary TRATON for trucks in Europe. Navistar, TRATON, and United Parcel Service (UPS) are all investors.TuSimple has raised $800 million in funding, including a $350 million round in November led by VectoIQ.BlackRock(BR), Fidelity Management & Research Co and Capital Group are in talks to buy up to 10.1 million TuSimple shares at the IPO price, the prospectus said.The company will have 212,263,328 shares outstanding, meaning TuSimple’s market cap could climb to $8.3 billion. TuSimple, however, is not profitable. Losses widened to $177.9 million in 2020 from $84.9 million in 2019. Revenue jumped nearly 160% to $1.8 million in 2020.","news_type":1,"symbols_score_info":{"APP":0.9,"KRT":0.9,"ALKT":0.9,"RPHM":0.9,"VECT":0.9,"COIN":0.9,"TSP":0.9}},"isVote":1,"tweetType":1,"viewCount":1883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348392877,"gmtCreate":1617887228999,"gmtModify":1634295964320,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/348392877","repostId":"2125770852","repostType":4,"isVote":1,"tweetType":1,"viewCount":2453,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":341839517,"gmtCreate":1617801643039,"gmtModify":1634296441246,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like this comment if to win 99999 in your holding","listText":"Like this comment if to win 99999 in your holding","text":"Like this comment if to win 99999 in your holding","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/341839517","repostId":"1197775977","repostType":4,"repost":{"id":"1197775977","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":1617801298,"share":"https://www.laohunote.com/m/news/1197775977?lang=zh_CN&edition=full","pubTime":"2021-04-07 21:14","market":"us","language":"en","title":"Online education platform Coursera has risen more than 70% since it went public<blockquote>在线教育平台Coursera上市以来上涨了70%以上</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197775977","media":"Tiger Newspress","summary":"Online education platform Coursera has risen more than 70% since it went public.The shares rose anot","content":"<p>Online&nbsp;education&nbsp;platform&nbsp;Coursera&nbsp;has&nbsp;risen&nbsp;more&nbsp;than&nbsp;70%&nbsp;since&nbsp;it&nbsp;went&nbsp;public.The&nbsp;shares&nbsp;rose another&nbsp;1.9% in Wednesday&nbsp;premarket action.</p><p><blockquote>在线教育平台 Coursera 自上市以来已上涨超过 70%。周三盘前股价又上涨 1.9%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3f96576abdca25a7451887a104d5b166\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The company priced its deal – for 15.7 million shares – at $33, which was at the high end of the $30 to $33 range. The stock jumped by 36%, bringing the market capitalization to $5.9 billion. Additionally, the lead underwriters on the IPO includedMorgan Stanley, Goldman Sachs, Citi and UBS Investment Bank.</p><p><blockquote>该公司将 1,570 万股的交易定价为 33 美元，处于 30 至 33 美元区间的高端。该股上涨 36%，市值达到 59 亿美元。此外，IPO的主承销商包括摩根士丹利、高盛、花旗和瑞银投资银行。</blockquote></p><p>The founders of Coursera are former Stanford professors Andrew Ng and Daphne Koller. In 2011, they posted some videos of their courses online, and the reception was strong, as more than 100,000 learners viewed them within a few weeks.</p><p><blockquote>Coursera的创始人是前斯坦福大学教授Andrew Ng和Daphne Koller。2011年，他们在网上发布了一些课程视频，反响热烈，几周内就有超过10万名学习者观看了这些视频。</blockquote></p><p>This would becomeoneof the pioneering examples of MOOCs (Massive Open Online Courses), but at the time, it was not clear if there was a viable business model. Would this be a good alternative to traditional instruction? What would the business model be?</p><p><blockquote>这将成为MOOC（大规模开放在线课程）的先驱范例之一，但当时尚不清楚是否存在可行的商业模式。这会是传统教育的好替代方案吗？商业模式会是什么？</blockquote></p><p>Well, Ng and Koller kept at it – and Coursera continued to grow at a rapid pace.&nbsp; The cofounders also brought on savvy business managers to help scale the operations. In June 2017, they recruited Jeff Maggioncalda to take on the CEO spot. Before this, he was the CEO atFinancial Engines, which he took public.</p><p><blockquote>Ng和Koller坚持了下来，Coursera继续快速增长。联合创始人还引进了精明的业务经理来帮助扩大运营规模。2017 年 6 月，他们聘请 Jeff Maggioncalda 担任首席执行官一职。在此之前，他是 Financial Engines 的首席执行官，并将其上市。</blockquote></p><p><b>Background On Coursera</b></p><p><blockquote><b>Coursera背景</b></blockquote></p><p>The online educational model has a variety of advantages. For example, a student can get access to some of the world’s top instructors and there is also a diverse set of course offerings.</p><p><blockquote>在线教育模式有多种优势。例如，学生可以接触到一些世界顶尖的讲师，而且还有多种多样的课程。</blockquote></p><p>But Coursera has gone above and beyond, with the company focusing on providing curriculum to help its learners get high-paid jobs. To this end, it has forged partnerships with companies like Amazon (<b>AMZN</b>), C3ai (<b>AI</b>),IBM(<b>IBM</b>) and Alphabet (<b>GOOGL</b>).</p><p><blockquote>但Coursera已经走得更远，该公司专注于提供课程来帮助学习者获得高薪工作。为此，它与亚马逊等公司建立了合作伙伴关系（<b>亚马逊</b>)，C3ai(<b>艾</b>)，IBM(<b>IBM</b>）和Alphabet（<b>GOOGL</b>).</blockquote></p><p>It should also be noted that Coursera offers affordable courses, with the pricing starting at $39 per month. In addition, there are certificate programs that range from $2,000 to $6,000 as well as bachelor’s or master’s Degrees, which cost between $9,000 to $45,000.</p><p><blockquote>还应该注意的是，Coursera提供价格实惠的课程，起价为每月39美元。此外，还有 2,000 美元至 6,000 美元不等的证书课程，以及 9,000 美元至 45,000 美元不等的学士或硕士学位课程。</blockquote></p><p>In terms of the growth, Coursera has been experiencing an acceleration. Last year, revenues jumped by 59%, boosted by the COVID-19 pandemic. Educational institutions had little choice but to provide their courses online – and Coursera was a big help for this.</p><p><blockquote>就增长而言，Coursera 一直在加速发展。去年，在 COVID-19 大流行的推动下，收入增长了 59%。教育机构别无选择，只能在网上提供课程——Coursera在这方面提供了很大的帮助。</blockquote></p><p>Now it’s true that net losses did increase from $46.7 million to $66.8 million, but this was mainly to build up the infrastructure to handle the influx of new learners, which came in at over 30 million last year.</p><p><blockquote>现在，净亏损确实从 4670 万美元增加到 6680 万美元，但这主要是为了建立基础设施，以应对去年超过 3000 万的新生涌入。</blockquote></p><p>As for the market opportunity, it is definitely large. According to analysis from HolonIQ, the global spending on online degrees was $36 billion in 2019, and is expected to hit $74 billion by 2025.</p><p><blockquote>至于市场机会，肯定是大的。根据HolonIQ的分析，2019年全球在线学位支出为360亿美元，预计到2025年将达到740亿美元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Online education platform Coursera has risen more than 70% since it went public<blockquote>在线教育平台Coursera上市以来上涨了70%以上</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\">\nOnline education platform Coursera has risen more than 70% since it went public<blockquote>在线教育平台Coursera上市以来上涨了70%以上</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\">2021-04-07 21:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Online&nbsp;education&nbsp;platform&nbsp;Coursera&nbsp;has&nbsp;risen&nbsp;more&nbsp;than&nbsp;70%&nbsp;since&nbsp;it&nbsp;went&nbsp;public.The&nbsp;shares&nbsp;rose another&nbsp;1.9% in Wednesday&nbsp;premarket action.</p><p><blockquote>在线教育平台 Coursera 自上市以来已上涨超过 70%。周三盘前股价又上涨 1.9%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/3f96576abdca25a7451887a104d5b166\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The company priced its deal – for 15.7 million shares – at $33, which was at the high end of the $30 to $33 range. The stock jumped by 36%, bringing the market capitalization to $5.9 billion. Additionally, the lead underwriters on the IPO includedMorgan Stanley, Goldman Sachs, Citi and UBS Investment Bank.</p><p><blockquote>该公司将 1,570 万股的交易定价为 33 美元，处于 30 至 33 美元区间的高端。该股上涨 36%，市值达到 59 亿美元。此外，IPO的主承销商包括摩根士丹利、高盛、花旗和瑞银投资银行。</blockquote></p><p>The founders of Coursera are former Stanford professors Andrew Ng and Daphne Koller. In 2011, they posted some videos of their courses online, and the reception was strong, as more than 100,000 learners viewed them within a few weeks.</p><p><blockquote>Coursera的创始人是前斯坦福大学教授Andrew Ng和Daphne Koller。2011年，他们在网上发布了一些课程视频，反响热烈，几周内就有超过10万名学习者观看了这些视频。</blockquote></p><p>This would becomeoneof the pioneering examples of MOOCs (Massive Open Online Courses), but at the time, it was not clear if there was a viable business model. Would this be a good alternative to traditional instruction? What would the business model be?</p><p><blockquote>这将成为MOOC（大规模开放在线课程）的先驱范例之一，但当时尚不清楚是否存在可行的商业模式。这会是传统教育的好替代方案吗？商业模式会是什么？</blockquote></p><p>Well, Ng and Koller kept at it – and Coursera continued to grow at a rapid pace.&nbsp; The cofounders also brought on savvy business managers to help scale the operations. In June 2017, they recruited Jeff Maggioncalda to take on the CEO spot. Before this, he was the CEO atFinancial Engines, which he took public.</p><p><blockquote>Ng和Koller坚持了下来，Coursera继续快速增长。联合创始人还引进了精明的业务经理来帮助扩大运营规模。2017 年 6 月，他们聘请 Jeff Maggioncalda 担任首席执行官一职。在此之前，他是 Financial Engines 的首席执行官，并将其上市。</blockquote></p><p><b>Background On Coursera</b></p><p><blockquote><b>Coursera背景</b></blockquote></p><p>The online educational model has a variety of advantages. For example, a student can get access to some of the world’s top instructors and there is also a diverse set of course offerings.</p><p><blockquote>在线教育模式有多种优势。例如，学生可以接触到一些世界顶尖的讲师，而且还有多种多样的课程。</blockquote></p><p>But Coursera has gone above and beyond, with the company focusing on providing curriculum to help its learners get high-paid jobs. To this end, it has forged partnerships with companies like Amazon (<b>AMZN</b>), C3ai (<b>AI</b>),IBM(<b>IBM</b>) and Alphabet (<b>GOOGL</b>).</p><p><blockquote>但Coursera已经走得更远，该公司专注于提供课程来帮助学习者获得高薪工作。为此，它与亚马逊等公司建立了合作伙伴关系（<b>亚马逊</b>)，C3ai(<b>艾</b>)，IBM(<b>IBM</b>）和Alphabet（<b>GOOGL</b>).</blockquote></p><p>It should also be noted that Coursera offers affordable courses, with the pricing starting at $39 per month. In addition, there are certificate programs that range from $2,000 to $6,000 as well as bachelor’s or master’s Degrees, which cost between $9,000 to $45,000.</p><p><blockquote>还应该注意的是，Coursera提供价格实惠的课程，起价为每月39美元。此外，还有 2,000 美元至 6,000 美元不等的证书课程，以及 9,000 美元至 45,000 美元不等的学士或硕士学位课程。</blockquote></p><p>In terms of the growth, Coursera has been experiencing an acceleration. Last year, revenues jumped by 59%, boosted by the COVID-19 pandemic. Educational institutions had little choice but to provide their courses online – and Coursera was a big help for this.</p><p><blockquote>就增长而言，Coursera 一直在加速发展。去年，在 COVID-19 大流行的推动下，收入增长了 59%。教育机构别无选择，只能在网上提供课程——Coursera在这方面提供了很大的帮助。</blockquote></p><p>Now it’s true that net losses did increase from $46.7 million to $66.8 million, but this was mainly to build up the infrastructure to handle the influx of new learners, which came in at over 30 million last year.</p><p><blockquote>现在，净亏损确实从 4670 万美元增加到 6680 万美元，但这主要是为了建立基础设施，以应对去年超过 3000 万的新生涌入。</blockquote></p><p>As for the market opportunity, it is definitely large. According to analysis from HolonIQ, the global spending on online degrees was $36 billion in 2019, and is expected to hit $74 billion by 2025.</p><p><blockquote>至于市场机会，肯定是大的。根据HolonIQ的分析，2019年全球在线学位支出为360亿美元，预计到2025年将达到740亿美元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COUR":"Coursera, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197775977","content_text":"Online education platform Coursera has risen more than 70% since it went public.The shares rose another 1.9% in Wednesday premarket action.The company priced its deal – for 15.7 million shares – at $33, which was at the high end of the $30 to $33 range. The stock jumped by 36%, bringing the market capitalization to $5.9 billion. Additionally, the lead underwriters on the IPO includedMorgan Stanley, Goldman Sachs, Citi and UBS Investment Bank.The founders of Coursera are former Stanford professors Andrew Ng and Daphne Koller. In 2011, they posted some videos of their courses online, and the reception was strong, as more than 100,000 learners viewed them within a few weeks.This would becomeoneof the pioneering examples of MOOCs (Massive Open Online Courses), but at the time, it was not clear if there was a viable business model. Would this be a good alternative to traditional instruction? What would the business model be?Well, Ng and Koller kept at it – and Coursera continued to grow at a rapid pace.  The cofounders also brought on savvy business managers to help scale the operations. In June 2017, they recruited Jeff Maggioncalda to take on the CEO spot. Before this, he was the CEO atFinancial Engines, which he took public.Background On CourseraThe online educational model has a variety of advantages. For example, a student can get access to some of the world’s top instructors and there is also a diverse set of course offerings.But Coursera has gone above and beyond, with the company focusing on providing curriculum to help its learners get high-paid jobs. To this end, it has forged partnerships with companies like Amazon (AMZN), C3ai (AI),IBM(IBM) and Alphabet (GOOGL).It should also be noted that Coursera offers affordable courses, with the pricing starting at $39 per month. In addition, there are certificate programs that range from $2,000 to $6,000 as well as bachelor’s or master’s Degrees, which cost between $9,000 to $45,000.In terms of the growth, Coursera has been experiencing an acceleration. Last year, revenues jumped by 59%, boosted by the COVID-19 pandemic. Educational institutions had little choice but to provide their courses online – and Coursera was a big help for this.Now it’s true that net losses did increase from $46.7 million to $66.8 million, but this was mainly to build up the infrastructure to handle the influx of new learners, which came in at over 30 million last year.As for the market opportunity, it is definitely large. According to analysis from HolonIQ, the global spending on online degrees was $36 billion in 2019, and is expected to hit $74 billion by 2025.","news_type":1,"symbols_score_info":{"COUR":0.9}},"isVote":1,"tweetType":1,"viewCount":3507,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343661929,"gmtCreate":1617713994861,"gmtModify":1634296979687,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like and comment in this post so your holdings will +100%","listText":"Like and comment in this post so your holdings will +100%","text":"Like and comment in this post so your holdings will +100%","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/343661929","repostId":"1101907559","repostType":4,"repost":{"id":"1101907559","kind":"news","pubTimestamp":1617672655,"share":"https://www.laohunote.com/m/news/1101907559?lang=zh_CN&edition=full","pubTime":"2021-04-06 09:30","market":"us","language":"en","title":"Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每 10 年就会引发一次——Archegos 可能是对的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101907559","media":"marketwatch","summary":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management. Its reach and operating practices were","content":"<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能确定所谓家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机永远不会完全相同。20 世纪 80 年代末，全国近三分之一的储蓄和贷款协会倒闭，最终纳税人获得了约 2650 亿美元的救助（按 2021 年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄罗斯的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运作方式如此之大，以至于美联储主席艾伦-格林斯潘（Alan Greenspan）说，当 LTCM 失败时，“他一生中从未见过任何能与他感受到的恐怖相提并论的东西”。LTCM 被认为 “大到不能倒”，他策划了 14 家美国主要金融机构的救助计划。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构过度使用杠杆，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行又一次被认为太大而不能倒，纳税人出手相救。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆炸，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于门外汉来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思： 咨询公司安永估计，全球约有 10,000 家家族理财室，但市场研究公司坎普登研究公司（Campden Research）的另一项估计显示，管理规模接近 6 万亿美元。鉴于 2019 年的数据，这 6 万亿美元现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的资金管理人</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这就是潜在的危险。家族理财室一般不受监管。1940 年的《投资顾问法》规定，拥有 15 家或以下客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元在起作用，没有人能真正说出谁在管理这笔钱，投资了什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大力押注某些中国股票，包括电子商务公司唯品会控股有限公司（Vipshop Holdings Ltd.VIPS），-1.19%，美国上市中国辅导公司跟谁学公司（GSX），-10.63%，以及美国媒体公司ViacomCBS Inc.VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。股价最近暴跌，引发了 Archegos 的大规模出售——约 300 亿美元。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道 Archegos 与华尔街的一些大公司合作，包括瑞士信贷集团 AGCS（+1.59%）、瑞银集团 AGUBS（+1.01%）、高盛集团 GS（-1.25%）、摩根士丹利 MS（-0.28%）、德意志银行 AGDB，+0.74% 和野村控股公司 NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但是，由于家族理财室在很大程度上被允许不受监管地运营，谁能说出这里到底涉及多少钱，市场风险有多大？我的同事马克-德坎布雷（Mark DeCambre）上周报道称，Archegos 的真实不良交易风险实际上可能接近 1000 亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的来源。随着 Archegos 的赌注走向南方，上述银行--考虑到自己的损失--用保证金评级打击了该公司。德意志银行很快抛售了约 40 亿美元的持股，而据说高盛和摩根士丹利也已解除头寸，这或许限制了它们的下行空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎并非如此。即便如此，美国证券交易委员会已对 Archegos 及其创始人 Bill Hwang 展开初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>一位同行，Fundstrat Global Advisors 的研究主管 Tom Lee，将评级-黄（John Hwang）列为他所知道的 “十大最佳投资头脑 ”之一。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012 年，黄的前对冲基金老虎亚洲管理公司（Tiger Asia Management）被指控利用有关中国银行的非法线索进行交易，认罪并支付了 6000 多万美元的罚款。美国证券交易委员会禁止黄代表客户管理资金——实质上将他逐出了对冲基金行业。于是 Hwang 开了 Archegos，再说一遍，家族办公室一般都不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特-耶伦（Janet Yellen）的关注。她上周表示，需要对金融业的这些私人角落进行更严格的监管。她监管的金融稳定监督委员会（FSOC）重新启动了一个特别工作组，以帮助各机构更好地 “共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯的话来说，家族理财室——一个价值数万亿美元的行业，在很大程度上被允许在比以往任何时候都更加错综复杂的全球金融体系的阴影中运作——属于超级富豪，由超级富豪拥有，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的崩溃可能是也可能不是另一场金融危机的开始。但是，谁能说成千上万的其他家族理财室如何处理他们的数万亿美元，以及类似的问题是否会爆发？</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每 10 年就会引发一次——Archegos 可能是对的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每 10 年就会引发一次——Archegos 可能是对的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-04-06 09:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能确定所谓家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机永远不会完全相同。20 世纪 80 年代末，全国近三分之一的储蓄和贷款协会倒闭，最终纳税人获得了约 2650 亿美元的救助（按 2021 年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄罗斯的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运作方式如此之大，以至于美联储主席艾伦-格林斯潘（Alan Greenspan）说，当 LTCM 失败时，“他一生中从未见过任何能与他感受到的恐怖相提并论的东西”。LTCM 被认为 “大到不能倒”，他策划了 14 家美国主要金融机构的救助计划。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构过度使用杠杆，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行又一次被认为太大而不能倒，纳税人出手相救。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆炸，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于门外汉来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思： 咨询公司安永估计，全球约有 10,000 家家族理财室，但市场研究公司坎普登研究公司（Campden Research）的另一项估计显示，管理规模接近 6 万亿美元。鉴于 2019 年的数据，这 6 万亿美元现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的资金管理人</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这就是潜在的危险。家族理财室一般不受监管。1940 年的《投资顾问法》规定，拥有 15 家或以下客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元在起作用，没有人能真正说出谁在管理这笔钱，投资了什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大力押注某些中国股票，包括电子商务公司唯品会控股有限公司（Vipshop Holdings Ltd.VIPS），-1.19%，美国上市中国辅导公司跟谁学公司（GSX），-10.63%，以及美国媒体公司ViacomCBS Inc.VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。股价最近暴跌，引发了 Archegos 的大规模出售——约 300 亿美元。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道 Archegos 与华尔街的一些大公司合作，包括瑞士信贷集团 AGCS（+1.59%）、瑞银集团 AGUBS（+1.01%）、高盛集团 GS（-1.25%）、摩根士丹利 MS（-0.28%）、德意志银行 AGDB，+0.74% 和野村控股公司 NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但是，由于家族理财室在很大程度上被允许不受监管地运营，谁能说出这里到底涉及多少钱，市场风险有多大？我的同事马克-德坎布雷（Mark DeCambre）上周报道称，Archegos 的真实不良交易风险实际上可能接近 1000 亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的来源。随着 Archegos 的赌注走向南方，上述银行--考虑到自己的损失--用保证金评级打击了该公司。德意志银行很快抛售了约 40 亿美元的持股，而据说高盛和摩根士丹利也已解除头寸，这或许限制了它们的下行空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎并非如此。即便如此，美国证券交易委员会已对 Archegos 及其创始人 Bill Hwang 展开初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>一位同行，Fundstrat Global Advisors 的研究主管 Tom Lee，将评级-黄（John Hwang）列为他所知道的 “十大最佳投资头脑 ”之一。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012 年，黄的前对冲基金老虎亚洲管理公司（Tiger Asia Management）被指控利用有关中国银行的非法线索进行交易，认罪并支付了 6000 多万美元的罚款。美国证券交易委员会禁止黄代表客户管理资金——实质上将他逐出了对冲基金行业。于是 Hwang 开了 Archegos，再说一遍，家族办公室一般都不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特-耶伦（Janet Yellen）的关注。她上周表示，需要对金融业的这些私人角落进行更严格的监管。她监管的金融稳定监督委员会（FSOC）重新启动了一个特别工作组，以帮助各机构更好地 “共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯的话来说，家族理财室——一个价值数万亿美元的行业，在很大程度上被允许在比以往任何时候都更加错综复杂的全球金融体系的阴影中运作——属于超级富豪，由超级富豪拥有，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的崩溃可能是也可能不是另一场金融危机的开始。但是，谁能说成千上万的其他家族理财室如何处理他们的数万亿美元，以及类似的问题是否会爆发？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101907559","content_text":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.\n\nFinancial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.\nIn 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.\nExactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.\nThe trend? Every 10 years or so, and they all look different. Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?\nA family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.\nUnregulated money managers\nHere’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)\nThis appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player Vipshop Holdings Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company GSX Techedu Inc.GSX,-10.63%and U.S. media companiesViacomCBS Inc.VIAC,-3.90%and Discovery Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.\nThe problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%, Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc. NMR,+1.87%.\nBut since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.\nDanger of counterparty risk\nThis is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.\nSo is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.\nOne peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.\nBut federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.\nYellen on the case\nThis issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”\nMost financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.\nThe Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":783,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349647426,"gmtCreate":1617610647265,"gmtModify":1634297607153,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like my comment please&nbsp;","listText":"Like my comment please&nbsp;","text":"Like my comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/349647426","repostId":"2125509847","repostType":4,"isVote":1,"tweetType":1,"viewCount":673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349039396,"gmtCreate":1617503159115,"gmtModify":1634520760005,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like my comment if you want to win, thanks","listText":"Like my comment if you want to win, thanks","text":"Like my comment if you want to win, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/349039396","repostId":"2124875875","repostType":4,"isVote":1,"tweetType":1,"viewCount":546,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340117270,"gmtCreate":1617355545390,"gmtModify":1634521263486,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like and comment on this pls, tq very much","listText":"Like and comment on this pls, tq very much","text":"Like and comment on this pls, tq very much","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/340117270","repostId":"2124732330","repostType":4,"isVote":1,"tweetType":1,"viewCount":773,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340117815,"gmtCreate":1617355507637,"gmtModify":1634521263729,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Comment on it.","listText":"Comment on it.","text":"Comment on it.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/340117815","repostId":"1180941072","repostType":4,"isVote":1,"tweetType":1,"viewCount":855,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340117331,"gmtCreate":1617355463823,"gmtModify":1634521263952,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/340117331","repostId":"1113135434","repostType":4,"isVote":1,"tweetType":1,"viewCount":568,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":357908215,"gmtCreate":1617226646237,"gmtModify":1634521998629,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/357908215","repostId":"2123795275","repostType":4,"isVote":1,"tweetType":1,"viewCount":1015,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354347156,"gmtCreate":1617148164075,"gmtModify":1634522451811,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Comment on this pls, tq","listText":"Comment on this pls, tq","text":"Comment on this pls, tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/354347156","repostId":"1120257160","repostType":4,"isVote":1,"tweetType":1,"viewCount":741,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354344496,"gmtCreate":1617148123815,"gmtModify":1634522452153,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Please like this, tq!!!","listText":"Please like this, tq!!!","text":"Please like this, tq!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/354344496","repostId":"1197036473","repostType":4,"isVote":1,"tweetType":1,"viewCount":835,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":355749658,"gmtCreate":1617109355374,"gmtModify":1634522621292,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576767429158952","idStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Hahahahah","listText":"Hahahahah","text":"Hahahahah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/355749658","repostId":"2123729756","repostType":4,"isVote":1,"tweetType":1,"viewCount":772,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":352097642,"gmtCreate":1616826223786,"gmtModify":1634523796378,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576767429158952","authorIdStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like this comment&nbsp;","listText":"Like this comment&nbsp;","text":"Like this comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/352097642","repostId":"1141686975","repostType":4,"repost":{"id":"1141686975","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1616780260,"share":"https://www.laohunote.com/m/news/1141686975?lang=zh_CN&edition=full","pubTime":"2021-03-27 01:37","market":"us","language":"en","title":"Zhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141686975","media":"Tiger Newspress","summary":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO pri","content":"<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股 8.02 美元，比公司 9.5 美元的 IPO 价格低约 15.6%。知乎的 IPO 价格处于区间的低端，公司估值约为 53 亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五公布了首次公开募股的定价，为每股美国存托股9.50美元，处于预期范围的低端。这家总部位于中国的在线内容公司在IPO中提供了5500万份广告，筹集了5.225亿美元，而定价对该公司的估值约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎有一个类似于Quora的商业模式，数百万人提出问题，交流他们的观点和经验。知乎已经成为中国最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。我们预计广告占收入的百分比将在未来五年逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们估计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年增加到31.5%，在2025年增加到37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率由2019年的46.6%提升至2020年的56.0%。我们假设毛利率将进一步提高至2021年的57.4%和2025年的62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用及营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总营运开支占收入的百分比由二零一九年的204.4%大幅下降至二零二零年的100.6%。我们预计这一比率将在2021年进一步提高至79%，2022年达到69.2%，2025年达到57.2%。运营费用的大部分改善来自于未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>截至2020年底，知乎累计拥有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户7570万，同比增长33%。该公司的主要优势之一是它被公认为最值得信赖的在线内容社区之一，并被认为提供中国最高质量的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎从百度和快手科技等领先投资者那里获得了4.34亿美元的资金，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率为36倍。如果我们将相同的市盈率应用于该公司 2020 年 2.07 亿美元的销售额，这将表明隐含估值为 75 亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初开发于2010年，是一个问答在线社区。截至2020年底，共有3.15亿条问答，涵盖1000多个垂直领域和57.1万个主题。就2020年的平均移动MAU和收入而言，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周源拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>主要人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性占用户总数的56.9%。30岁以下的人占其总用户群的78.7%。一线及新一线城市占总用户群的52.6%。知乎的很多用户都是学生和白领职场人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。本公司的广告收入主要由其每月活跃用户及每月活跃用户的广告收入推动。2020年，该公司的MAU同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年推出付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，平均每月会员人数同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，该公司推出了Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了无限制访问约340万个付费内容的机会，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它展示了高质量的数据和内容如何产生大量的收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划、将最相关的内容创作者分配给感兴趣的用户以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将是未来几年增长最快的行业之一。根据灼识谘询，预计2019年至2025年，中国内容商务解决方案市场将实现46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指以UGC（用户生成内容）为中心的（包括PUGC（专业用户生成内容）为中心的在线内容市场参与者，其中内容创建者也是用户，他们在社区内积极参与。与PGC（专业生成内容）玩家相比，内容社区通常可以刺激更高水平的用户参与、更多交互式的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由二零一五年的386亿元人民币增长至二零一九年的2758亿元人民币，预计二零二五年将进一步增长至1.3万亿元人民币，二零一九年至二零二五年的复合年增长率为30.3%，高于整体在线内容市场的增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电子商务、内容商务解决方案、直播中的虚拟礼物、网络游戏和在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一大积极因素是越来越多的中国消费者愿意为更高质量的内容付费。2019 年至 2025 年间，中国在线内容社区的付费用户数量预计将以 17.1% 的复合年增长率增长，这意味着到 2025 年，在线内容社区的付费用户数量将增加 3.604 亿，达到 5.882 亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国网络内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场从2015年增长了两倍，到2019年达到1.2万亿元人民币。该市场预计将于2025年增长至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容社区市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国付费会员市场规模（按收入计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供集成的内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到分发给感兴趣的用户。中国内容商务解决方案市场预计将从2019年的114亿元人民币增长至2025年的1123亿元人民币，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国内容商务解决方案市场规模（按收入计），2015-2025E</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZhihu Technology fall on its first day of trading<blockquote>知乎科技首日交易下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-03-27 01:37</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Zhihu Technology shares opened at $8.02&nbsp;each on Friday, about 15.6% lower than the company’s IPO price&nbsp;$9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.</p><p><blockquote>知乎科技股价周五开盘价为每股 8.02 美元，比公司 9.5 美元的 IPO 价格低约 15.6%。知乎的 IPO 价格处于区间的低端，公司估值约为 53 亿美元。</blockquote></p><p><img src=\"https://static.tigerbbs.com/4672a089b4ebb0a889cbfbeb32b48594\" tg-width=\"1920\" tg-height=\"959\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Zhihu Inc.&nbsp;announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.</p><p><blockquote>知乎公司周五公布了首次公开募股的定价，为每股美国存托股9.50美元，处于预期范围的低端。这家总部位于中国的在线内容公司在IPO中提供了5500万份广告，筹集了5.225亿美元，而定价对该公司的估值约为53.1亿美元。</blockquote></p><p>Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.</p><p><blockquote>知乎有一个类似于Quora的商业模式，数百万人提出问题，交流他们的观点和经验。知乎已经成为中国最大的在线问答社区。</blockquote></p><p><b>Sales Breakdown</b></p><p><blockquote><b>销售明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。我们预计广告占收入的百分比将在未来五年逐渐下降，因为它被更快增长的付费会员和内容商务解决方案所抵消。我们估计广告占销售额的百分比将在2021年下降至34.1%，在2025年下降至22.3%。</blockquote></p><p>Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。我们假设付费会员收入占总收入的百分比将在2021年增加到31.5%，在2025年增加到37.8%。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划。我们假设内容商务解决方案占总收入的百分比将从2020年的10%跃升至2021年的17.8%和2025年的32.3%。</blockquote></p><p><b>Gross Margins</b></p><p><blockquote><b>毛利率</b></blockquote></p><p>The company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.</p><p><blockquote>在业务可扩展性整体提升的推动下，公司毛利率由2019年的46.6%提升至2020年的56.0%。我们假设毛利率将进一步提高至2021年的57.4%和2025年的62.3%。</blockquote></p><p><b>Total Operating Expenses and Operating Margins</b></p><p><blockquote><b>总营业费用及营业利润率</b></blockquote></p><p>Total operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&amp;A and R&amp;D expenses as a percentage of revenues in the next five years.</p><p><blockquote>总营运开支占收入的百分比由二零一九年的204.4%大幅下降至二零二零年的100.6%。我们预计这一比率将在2021年进一步提高至79%，2022年达到69.2%，2025年达到57.2%。运营费用的大部分改善来自于未来五年SG&amp;A和R&amp;D费用占收入百分比的降低。</blockquote></p><p><img src=\"https://static.tigerbbs.com/c019cc86f4d4c1d9ffe15d3b4a4bfa75\" tg-width=\"772\" tg-height=\"480\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ef629be32d2c34d625cb287ad648206d\" tg-width=\"757\" tg-height=\"488\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b9561a02993fbc88c2cad88e68c08730\" tg-width=\"920\" tg-height=\"485\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Company Background</b></p><p><blockquote><b>公司背景</b></blockquote></p><p>At the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.</p><p><blockquote>截至2020年底，知乎累计拥有超过4310万内容创作者，贡献了3.15亿个问答。2020年第四季度，该公司平均月活跃用户7570万，同比增长33%。该公司的主要优势之一是它被公认为最值得信赖的在线内容社区之一，并被认为提供中国最高质量的内容之一。知乎试图利用其庞大的用户群提供众多多媒体功能，包括直播、电子商务、在线教育和其他视频内容。</blockquote></p><p>In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.</p><p><blockquote>2019年8月，知乎从百度和快手科技等领先投资者那里获得了4.34亿美元的资金，公司估值为35亿美元。鉴于该公司2019年的销售额为9700万美元，这意味着市盈率为36倍。如果我们将相同的市盈率应用于该公司 2020 年 2.07 亿美元的销售额，这将表明隐含估值为 75 亿美元。</blockquote></p><p>Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&amp;As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.</p><p><blockquote>知乎最初开发于2010年，是一个问答在线社区。截至2020年底，共有3.15亿条问答，涵盖1000多个垂直领域和57.1万个主题。就2020年的平均移动MAU和收入而言，知乎是中国五大综合在线内容社区之一。该公司使用人工智能、云和大数据算法来提高其内容和服务的优化。</blockquote></p><p><b>Major Shareholders of Zhihu</b></p><p><blockquote><b>知乎主要股东</b></blockquote></p><p>The founder &amp; CEO&nbsp;Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.</p><p><blockquote>创始人兼首席执行官周源拥有该公司8.2%的股份（但拥有46.6%的投票权）。创新工场拥有知乎13.1%的股份，腾讯控股控股有限公司拥有知乎12.3%的股份。</blockquote></p><p><b>Key Demographics</b></p><p><blockquote><b>主要人口统计</b></blockquote></p><p></p><p>The diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.</p><p><blockquote>下图提供了知乎用户群的一些关键人口统计数据。男性占用户总数的56.9%。30岁以下的人占其总用户群的78.7%。一线及新一线城市占总用户群的52.6%。知乎的很多用户都是学生和白领职场人士。</blockquote></p><p><img src=\"https://static.tigerbbs.com/524d689472daad1c99491d74dfdbfe24\" tg-width=\"295\" tg-height=\"389\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Revenue Breakdown</b></p><p><blockquote><b>收入明细</b></blockquote></p><p>Advertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.</p><p><blockquote>广告和付费会员占该公司收入的最大部分。于二零一九年及二零二零年，广告分别占总收入的86.1%及62.4%。本公司的广告收入主要由其每月活跃用户及每月活跃用户的广告收入推动。2020年，该公司的MAU同比增长42.7%至6850万。该公司于2016年开始在线广告业务，并于2018年推出付费内容。</blockquote></p><p>Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.</p><p><blockquote>付费会员占2019年总收入的13.1%，2020年增至总收入的23.7%。2020年，平均每月会员人数同比增长311.5%至236万，这证明越来越多的客户重视知乎上的优质内容。</blockquote></p><p>In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions &amp; answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.</p><p><blockquote>2019年3月，该公司推出了Yan Selection会员计划，使其成为第一个基于付费的问答社区。它为会员提供了无限制访问约340万个付费内容的机会，包括在线讲座、专栏、有声读物和电子期刊。这是该公司最大的优势之一，因为它展示了高质量的数据和内容如何产生大量的收入，并且还提供了更稳定的每月收入流入。</blockquote></p><p>Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.</p><p><blockquote>内容商务解决方案和其他销售额在2020年也大幅增长。内容商务解决方案收入由2019年的人民币60万元跃升至2020年的人民币1.358亿元。2020年初，该公司推出了内容商务解决方案，为商家和品牌提供一站式服务，满足他们所有的销售和营销需求，包括营销计划、将最相关的内容创作者分配给感兴趣的用户以及促进内容创作。</blockquote></p><p>China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).</p><p><blockquote>中国的内容商务解决方案市场预计将是未来几年增长最快的行业之一。根据灼识谘询，预计2019年至2025年，中国内容商务解决方案市场将实现46.4%的强劲复合年增长率（1,123亿元人民币）。</blockquote></p><p><b>Market Opportunities</b></p><p><blockquote><b>市场机会</b></blockquote></p><p><b>China’s Online Content Communities Market Size</b></p><p><blockquote><b>中国在线内容社区市场规模</b></blockquote></p><p>Online content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.</p><p><blockquote>在线内容社区是指以UGC（用户生成内容）为中心的（包括PUGC（专业用户生成内容）为中心的在线内容市场参与者，其中内容创建者也是用户，他们在社区内积极参与。与PGC（专业生成内容）玩家相比，内容社区通常可以刺激更高水平的用户参与、更多交互式的用户体验，并享受更低的内容成本。PGC是由品牌公司或组织创建的内容。</blockquote></p><p>China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.</p><p><blockquote>中国在线内容社区市场规模由二零一五年的386亿元人民币增长至二零一九年的2758亿元人民币，预计二零二五年将进一步增长至1.3万亿元人民币，二零一九年至二零二五年的复合年增长率为30.3%，高于整体在线内容市场的增长。</blockquote></p><p>China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.</p><p><blockquote>中国在线内容社区市场拥有更多元化的变现渠道，包括在线广告、付费会员、内容电子商务、内容商务解决方案、直播中的虚拟礼物、网络游戏和在线教育服务。相比之下，美国在线内容社区的变现主要是通过广告。</blockquote></p><p>One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.</p><p><blockquote>该公司的一大积极因素是越来越多的中国消费者愿意为更高质量的内容付费。2019 年至 2025 年间，中国在线内容社区的付费用户数量预计将以 17.1% 的复合年增长率增长，这意味着到 2025 年，在线内容社区的付费用户数量将增加 3.604 亿，达到 5.882 亿。</blockquote></p><p><b>China's Online Content Market</b></p><p><blockquote><b>中国网络内容市场</b></blockquote></p><p>China's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.</p><p><blockquote>中国在线内容市场从2015年增长了两倍，到2019年达到1.2万亿元人民币。该市场预计将于2025年增长至3.7万亿元人民币，2019年至2025年的复合年增长率为21.4%。</blockquote></p><p><b>China’s Online Content Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/69a7db9cacf26245273702a255aabdb8\" tg-width=\"573\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Market Size of China’s Online Content Communities (in terms of revenue),2015-2025E</b></p><p><blockquote><b>2015-2025年中国在线内容社区市场规模（按收入计）</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/aee42792caf4aa2cbdcd17f757a75727\" tg-width=\"584\" tg-height=\"285\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>China’s Paid Membership Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>2015-2025年中国付费会员市场规模（按收入计）</b></blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/77ff121d78cb1dd922d524a78570152e\" tg-width=\"520\" tg-height=\"286\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p><b>Content-commerce solutions</b></p><p><blockquote><b>内容商务解决方案</b></blockquote></p><p>To provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.</p><p><blockquote>为了提供整合营销服务，在线内容社区为内容创建、内容分发和内容转换提供内容商务解决方案。该公司提供集成的内容商务解决方案，为商家和品牌的所有销售和营销需求提供一站式服务，从制定营销计划、促进内容创作、分配最相关的内容创作者，到分发给感兴趣的用户。中国内容商务解决方案市场预计将从2019年的114亿元人民币增长至2025年的1123亿元人民币，复合年增长率为46.4%。</blockquote></p><p><b>China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E</b></p><p><blockquote><b>中国内容商务解决方案市场规模（按收入计），2015-2025E</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/01a230d3fb2d4cf4aeeebfd5c3c691c3\" tg-width=\"520\" tg-height=\"269\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZH":"知乎"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141686975","content_text":"Zhihu Technology shares opened at $8.02 each on Friday, about 15.6% lower than the company’s IPO price $9.5.Zhihu IPO prices at low end of the range, valuing company at about $5.3 billion.Zhihu Inc. announced Friday the pricing of its initial public offering, at $9.50 per American depositary share, which was at the low end of the expected range. The China-based online content company offered 55 million ADS in the IPO to raise $522.5 million, while the pricing valued the company at about $5.31 billion.Zhihu has a similar business model as Quora where millions of people ask questions and exchange their views and experiences. Zhihu has become the largest online question and answer community in China.Sales BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. We estimate advertising as a percentage of revenues to gradually decline in the next five years as it is offset by the faster growing Paid Memberships and Content Commerce Solutions. We estimate advertising as a percentage of sales to decline to 34.1% in 2021 and 22.3% in 2025.Paid Memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. We have assumed Paid Membership revenues as a percentage of total revenues to increase to 31.5% in 2021 and 37.8% in 2025.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans. We have assumed Content Commerce Solutions as a percentage of total revenue to jump from 10% in 2020 to 17.8% in 2021 and 32.3% in 2025.Gross MarginsThe company's gross margins improved from 46.6% in 2019 to 56.0% in 2020, driven by an overall improving business scalability. We have assumed further improvements in gross margins to 57.4% in 2021 and 62.3% in 2025.Total Operating Expenses and Operating MarginsTotal operating expenses as a percentage of revenues declined significantly from 204.4% in 2019 to 100.6% in 2020. We expect this ratio to improve further to 79% in 2021, 69.2% in 2022, and 57.2% in 2025. The bulk of the improvements in operating expenses is coming from lower SG&A and R&D expenses as a percentage of revenues in the next five years.Company BackgroundAt the end of 2020, Zhihu had more than 43.1 million cumulative content creators that contributed 315 million questions and answers. In 4Q 2020, the company had 75.7 million average monthly active users, up 33% YoY. One of the key strengths of the company is that it is recognized as one of the most trustworthy online content communities and regarded as providing one of the highest quality content in China. Zhihu has tried to capitalize on its large user base to provide numerous multimedia functions including live streaming, e-commerce, online education, and other video content.In August 2019, Zhihu received $434 million in funding from leading investors including Baidu and Kuaishou Technology, valuing the company at $3.5 billion. Given that the company had $97 million in sales in 2019, this would suggest a P/S valuation multiple of 36x. If we take the same P/S multiple apply to the company's 2020 sales of $207 million, this would suggest an implied valuation of $7.5 billion.Zhihu was originally developed as a question and answer online community in 2010. At the end of 2020, there were a total of 315 million Q&As spanning more than 1,000 verticals and 571,000 topics. Zhihu is one of the top five comprehensive online content communities in China, in terms of average mobile MAUs and revenue in 2020. The company uses artificial intelligence, cloud, and big data algorithms to improve the optimization of its content and services.Major Shareholders of ZhihuThe founder & CEO Zhou Yuanowns an 8.2% stake in the company (but 46.6% voting rights). Sinovation Ventures owns a 13.1% stake and Tencent Holdings Ltd. owns a 12.3% stake of Zhihu.Key DemographicsThe diagram below provides some of the key demographics of Zhihu user base. Males accounted for 56.9% of total users. People under 30 years old accounted for 78.7% of its total user base. Tier I and new tier I cities represented 52.6% of total user base. Many of the users of Zhihu are students and white collar professionals.Revenue BreakdownAdvertising and paid memberships account for the biggest portion of the company's revenues. Advertising accounted for 86.1% and 62.4% of total revenues in 2019 and 2020, respectively. The company's advertising revenue is mainly driven by its MAUs and advertising revenue per MAU. The company's MAUs increased by 42.7% YoY to 68.5 million in 2020. The company started its online advertising business in 2016 and introduced paid content in 2018.Paid memberships represented 13.1% of total revenues in 2019, which increased to 23.7% of total revenues in 2020. Average monthly members jumped by 311.5% YoY to 2.36 million in 2020, which is a testament of an increasing number of customers that value the premium content available on Zhihu.In March 2019, the company introduced the Yan Selection membership program, making it the first payment-based questions & answers community. It provides its members with unlimited access to about 3.4 million paid content including online lectures, columns, audio books, and e-journals. This is one of the biggest strengths of the company as it shows how high quality data and content can generate serious amount of revenues and it also provides a more steady monthly revenue inflow.Content Commerce Solutions and Other sales also increased sharply in 2020. Content Commerce Solutions revenues jumped from 0.6 million RMB in 2019 to 135.8 million RMB in 2020. In early 2020, the company launched Content-Commerce solutions, which provide merchants and brands a one-stop shop for all of their sales and marketing needs, including marketing plans, assigning the most relevant content creators to interested users, and facilitating content creation.China's content-commerce solution market is expected to be one of the fastest growing sectors in the next several years. According to CIC Consultancy, China's content-commerce solution market is expected to enjoy a strong CAGR growth of 46.4% from 2019 to 2025 (112.3 billion RMB).Market OpportunitiesChina’s Online Content Communities Market SizeOnline content communities refer to UGC (user generated content)-focused (including PUGC (professional user generated content) focused online content market players where content creators are also users, who are actively engaged within the communities. The content communities generally can stimulate higher level of user engagement, more interactive user experience, and enjoy lower content cost, compared to PGC (professionally generated content) players. PGC is content created by the branded company or organization.China's online content communities market size increased from 38.6 billion RMB in 2015 to 275.8 billion RMB in 2019 and is further expected to rise to 1.3 trillion RMB in 2025, representing a CAGR of 30.3% from 2019 to 2025, which is higher than the overall online content market growth.China's online content community market has more diversified monetization channels including online advertising, paid membership, content e-commerce, content-commerce solutions, virtual gifting in live streaming, online games, and online education services. In comparison, the US online content community's monetization is mainly through advertising.One of the major positives about the company is the growing trend of more Chinese consumers that are willing to pay money for higher quality content. The number of paying users in China’s online content communities is expected to increase at a CAGR of 17.1% between 2019 and 2025, which means an increase of 360.4 million extra paying users of online content communities to 588.2 million in 2025.China's Online Content MarketChina's online content market tripled from 2015 to reach 1.2 trillion RMB in 2019. This market is expected to increase to 3.7 trillion RMB in 2025, representing a CAGR of 21.4% from 2019 to 2025.China’s Online Content Market Size (in terms of revenue), 2015-2025EMarket Size of China’s Online Content Communities (in terms of revenue),2015-2025EChina’s Paid Membership Market Size (in terms of revenue), 2015-2025EContent-commerce solutionsTo provide integrated marketing services, the online content communities provide content-commerce solutions for content creation, content distribution, and content conversion. The company provides integrated content-commerce solutions, providing merchants and brands one-stop services for all their sales and marketing needs, from making marketing plans, facilitating content creation, assigning the most relevant content creators, to distributing to the interested users. China's content commerce solution market is expected to grow from 11.4 billion RMB in 2019 to 112.3 billion RMB in 2025, at a CAGR of 46.4%.China’s Content-Commerce Solution Market Size (in terms of revenue), 2015-2025E","news_type":1,"symbols_score_info":{"ZH":0.9}},"isVote":1,"tweetType":1,"viewCount":508,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":345031476,"gmtCreate":1618257759195,"gmtModify":1634294153760,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576767429158952","authorIdStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like this comment and like this comment too tq","listText":"Like this comment and like this comment too tq","text":"Like this comment and like this comment too tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/345031476","repostId":"2126060590","repostType":4,"isVote":1,"tweetType":1,"viewCount":2559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349039396,"gmtCreate":1617503159115,"gmtModify":1634520760005,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576767429158952","authorIdStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like my comment if you want to win, thanks","listText":"Like my comment if you want to win, thanks","text":"Like my comment if you want to win, thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/349039396","repostId":"2124875875","repostType":4,"isVote":1,"tweetType":1,"viewCount":546,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354347156,"gmtCreate":1617148164075,"gmtModify":1634522451811,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576767429158952","authorIdStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Comment on this pls, tq","listText":"Comment on this pls, tq","text":"Comment on this pls, tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/354347156","repostId":"1120257160","repostType":4,"isVote":1,"tweetType":1,"viewCount":741,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194378214,"gmtCreate":1621345824538,"gmtModify":1634192275885,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576767429158952","authorIdStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/194378214","repostId":"1165434763","repostType":4,"repost":{"id":"1165434763","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":1621345231,"share":"https://www.laohunote.com/m/news/1165434763?lang=zh_CN&edition=full","pubTime":"2021-05-18 21:40","market":"us","language":"en","title":"Express stock surged 10% in Tuesday morning trading<blockquote>Express 股价在周二早盘交易中飙升 10%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1165434763","media":"Tiger Newspress","summary":"Express stock surged 10% in Tuesday morning trading on brand unveiling Tiktok hashtag challenge for ","content":"<p>Express stock surged 10% in Tuesday morning trading&nbsp;on&nbsp;brand unveiling Tiktok hashtag challenge for customers to share their style as they return to doing what they love most.</p><p><blockquote>Express 股价在周二早盘交易中飙升 10%，品牌推出 Tiktok 标签挑战，让客户在回到自己最喜欢的事情时分享自己的风格。</blockquote></p><p><img src=\"https://static.tigerbbs.com/9ab01fa1de7ebf9c339a7854e0fef973\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Express, Inc.  introduced its #ExpressReentry campaign and TikTok Hashtag Challenge to help customers reconnect with style as they reenter some pre-pandemic daily routines. By posting a TikTok video of the outfits they’ll be wearing as they get back to their favorite activities, along with hashtag #ExpressReentry and #ExpressContest, customers can enter to and may be selected by fashion expert and TV personality, Tan France, to win a gift card to put towards their summer wardrobe from Express.</p><p><blockquote>Express，Inc.推出了#ExpressReentry活动和抖音标签挑战，以帮助客户在重新进入一些疫情前的日常生活时重新与时尚建立联系。顾客只需在 TikTok 上发布一段视频，展示他们重返喜爱的活动时要穿的服装，以及 #ExpressReentry 和 #ExpressContest 标签，就可以参加并被时尚专家兼电视名人 Tan France 选中，赢取 Express 提供的礼品卡，用于搭配他们的夏季衣橱。</blockquote></p><p>\"The #ExpressReentry campaign is a way to connect our brand and our customers through a shared enthusiasm for style as we return to dressing for work, social gatherings and special occasions,\" said Sara Tervo, Express Executive Vice President and Chief Marketing Officer. \"TikTok is a cultural beacon and a place of discovery which made it the perfect platform for this idea.\"</p><p><blockquote>Express 执行副总裁兼首席营销官 Sara Tervo 表示：“#ExpressReentry 活动是一种将我们的品牌和客户联系起来的方式，当我们回归工作、社交聚会和特殊场合着装时，通过对时尚的共同热情。”“TikTok 是一个文化灯塔和发现之地，这使其成为这一想法的完美平台。”</blockquote></p><p>The TikTok component of the #ExpressReentry campaign asks consumers to share what they plan to wear on an upcoming summer adventure or during the return tooneof the things they love. To participate, TikTok users can search the custom sound titled<i>#ExpressReentry - Tan France for Express</i>which features question prompts cueing video creators to share where they are from, an occasion they are looking forward to getting back to, and what they will be wearing. Beginning on May 17 and continuing through May 27, Tan France will be commenting on posted TikTok videos. After the contest period is over, selected, eligible winners will receive a gift card to Express. The brand has also partnered with actress and singer,<b>Elizabeth Gillies</b>,television personality &amp; podcast host,<b>Tayshia Adams</b>,and TikTok creators,<b>Rashad Little</b>,<b>TwoTrends</b>,<b>Niamh Adkins</b>,<b>Jess Wang</b>,<b>Ellie Zeiler</b>, and<b>Devan Anderson</b>,to create content across Instagram and TikTok, highlighting their own reentry style and to inspire customers to participate.</p><p><blockquote>#ExpressReentry活动的抖音部分要求消费者分享他们计划在即将到来的夏季冒险或他们喜欢的东西回归时穿什么。要参与，TikTok 用户可以搜索名为<i>#ExpressReentry - Tan France for Express</i>其中的特点是问题提示，提示视频创作者分享他们来自哪里，他们期待回到的场合，以及他们将穿什么。从5月17日开始，一直持续到5月27日，Tan France将对发布的抖音视频发表评论。比赛结束后，被选中的合格获奖者将收到一张礼品卡。该品牌还与女演员和歌手合作，<b>伊丽莎白·吉利斯</b>电视名人兼播客主持人，<b>泰希亚·亚当斯</b>和TikTok创作者，<b>拉沙德利特尔</b>,<b>两种趋势</b>,<b>尼亚姆·阿德金斯</b>,<b>杰西·王</b>,<b>艾莉·泽勒</b>，和<b>德文·安德森</b>，在Instagram和TikTok上创建内容，突出他们自己的重返风格，并激励客户参与。</blockquote></p><p>\"Fashion has always played such an important role in my life, and I’m excited to partner once again with the Express team to help inspire people with the incredible power of self-expression through style,\" said Tan France. \"I’ll be selecting the 20 TikTok submissions I find most creative so remember everyone, have fun with this #ExpressReentry campaign and be sure to Express YOU!\"</p><p><blockquote>“时尚在我的生活中一直扮演着如此重要的角色，我很高兴能再次与 Express 团队合作，帮助人们通过时尚来激励自我表达的不可思议的力量，”Tan France 说。“我将选出我认为最有创意的 20 个 TikTok 作品，所以请记住每个人，享受这个 #ExpressReentry 活动的乐趣，一定要表达自己!”</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>Express stock surged 10% in Tuesday morning trading<blockquote>Express 股价在周二早盘交易中飙升 10%</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\">\nExpress stock surged 10% in Tuesday morning trading<blockquote>Express 股价在周二早盘交易中飙升 10%</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 21:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Express stock surged 10% in Tuesday morning trading&nbsp;on&nbsp;brand unveiling Tiktok hashtag challenge for customers to share their style as they return to doing what they love most.</p><p><blockquote>Express 股价在周二早盘交易中飙升 10%，品牌推出 Tiktok 标签挑战，让客户在回到自己最喜欢的事情时分享自己的风格。</blockquote></p><p><img src=\"https://static.tigerbbs.com/9ab01fa1de7ebf9c339a7854e0fef973\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Express, Inc.  introduced its #ExpressReentry campaign and TikTok Hashtag Challenge to help customers reconnect with style as they reenter some pre-pandemic daily routines. By posting a TikTok video of the outfits they’ll be wearing as they get back to their favorite activities, along with hashtag #ExpressReentry and #ExpressContest, customers can enter to and may be selected by fashion expert and TV personality, Tan France, to win a gift card to put towards their summer wardrobe from Express.</p><p><blockquote>Express，Inc.推出了#ExpressReentry活动和抖音标签挑战，以帮助客户在重新进入一些疫情前的日常生活时重新与时尚建立联系。顾客只需在 TikTok 上发布一段视频，展示他们重返喜爱的活动时要穿的服装，以及 #ExpressReentry 和 #ExpressContest 标签，就可以参加并被时尚专家兼电视名人 Tan France 选中，赢取 Express 提供的礼品卡，用于搭配他们的夏季衣橱。</blockquote></p><p>\"The #ExpressReentry campaign is a way to connect our brand and our customers through a shared enthusiasm for style as we return to dressing for work, social gatherings and special occasions,\" said Sara Tervo, Express Executive Vice President and Chief Marketing Officer. \"TikTok is a cultural beacon and a place of discovery which made it the perfect platform for this idea.\"</p><p><blockquote>Express 执行副总裁兼首席营销官 Sara Tervo 表示：“#ExpressReentry 活动是一种将我们的品牌和客户联系起来的方式，当我们回归工作、社交聚会和特殊场合着装时，通过对时尚的共同热情。”“TikTok 是一个文化灯塔和发现之地，这使其成为这一想法的完美平台。”</blockquote></p><p>The TikTok component of the #ExpressReentry campaign asks consumers to share what they plan to wear on an upcoming summer adventure or during the return tooneof the things they love. To participate, TikTok users can search the custom sound titled<i>#ExpressReentry - Tan France for Express</i>which features question prompts cueing video creators to share where they are from, an occasion they are looking forward to getting back to, and what they will be wearing. Beginning on May 17 and continuing through May 27, Tan France will be commenting on posted TikTok videos. After the contest period is over, selected, eligible winners will receive a gift card to Express. The brand has also partnered with actress and singer,<b>Elizabeth Gillies</b>,television personality &amp; podcast host,<b>Tayshia Adams</b>,and TikTok creators,<b>Rashad Little</b>,<b>TwoTrends</b>,<b>Niamh Adkins</b>,<b>Jess Wang</b>,<b>Ellie Zeiler</b>, and<b>Devan Anderson</b>,to create content across Instagram and TikTok, highlighting their own reentry style and to inspire customers to participate.</p><p><blockquote>#ExpressReentry活动的抖音部分要求消费者分享他们计划在即将到来的夏季冒险或他们喜欢的东西回归时穿什么。要参与，TikTok 用户可以搜索名为<i>#ExpressReentry - Tan France for Express</i>其中的特点是问题提示，提示视频创作者分享他们来自哪里，他们期待回到的场合，以及他们将穿什么。从5月17日开始，一直持续到5月27日，Tan France将对发布的抖音视频发表评论。比赛结束后，被选中的合格获奖者将收到一张礼品卡。该品牌还与女演员和歌手合作，<b>伊丽莎白·吉利斯</b>电视名人兼播客主持人，<b>泰希亚·亚当斯</b>和TikTok创作者，<b>拉沙德利特尔</b>,<b>两种趋势</b>,<b>尼亚姆·阿德金斯</b>,<b>杰西·王</b>,<b>艾莉·泽勒</b>，和<b>德文·安德森</b>，在Instagram和TikTok上创建内容，突出他们自己的重返风格，并激励客户参与。</blockquote></p><p>\"Fashion has always played such an important role in my life, and I’m excited to partner once again with the Express team to help inspire people with the incredible power of self-expression through style,\" said Tan France. \"I’ll be selecting the 20 TikTok submissions I find most creative so remember everyone, have fun with this #ExpressReentry campaign and be sure to Express YOU!\"</p><p><blockquote>“时尚在我的生活中一直扮演着如此重要的角色，我很高兴能再次与 Express 团队合作，帮助人们通过时尚来激励自我表达的不可思议的力量，”Tan France 说。“我将选出我认为最有创意的 20 个 TikTok 作品，所以请记住每个人，享受这个 #ExpressReentry 活动的乐趣，一定要表达自己!”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EXPR":"Express, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165434763","content_text":"Express stock surged 10% in Tuesday morning trading on brand unveiling Tiktok hashtag challenge for customers to share their style as they return to doing what they love most.Express, Inc.  introduced its #ExpressReentry campaign and TikTok Hashtag Challenge to help customers reconnect with style as they reenter some pre-pandemic daily routines. By posting a TikTok video of the outfits they’ll be wearing as they get back to their favorite activities, along with hashtag #ExpressReentry and #ExpressContest, customers can enter to and may be selected by fashion expert and TV personality, Tan France, to win a gift card to put towards their summer wardrobe from Express.\"The #ExpressReentry campaign is a way to connect our brand and our customers through a shared enthusiasm for style as we return to dressing for work, social gatherings and special occasions,\" said Sara Tervo, Express Executive Vice President and Chief Marketing Officer. \"TikTok is a cultural beacon and a place of discovery which made it the perfect platform for this idea.\"The TikTok component of the #ExpressReentry campaign asks consumers to share what they plan to wear on an upcoming summer adventure or during the return tooneof the things they love. To participate, TikTok users can search the custom sound titled#ExpressReentry - Tan France for Expresswhich features question prompts cueing video creators to share where they are from, an occasion they are looking forward to getting back to, and what they will be wearing. Beginning on May 17 and continuing through May 27, Tan France will be commenting on posted TikTok videos. After the contest period is over, selected, eligible winners will receive a gift card to Express. The brand has also partnered with actress and singer,Elizabeth Gillies,television personality & podcast host,Tayshia Adams,and TikTok creators,Rashad Little,TwoTrends,Niamh Adkins,Jess Wang,Ellie Zeiler, andDevan Anderson,to create content across Instagram and TikTok, highlighting their own reentry style and to inspire customers to participate.\"Fashion has always played such an important role in my life, and I’m excited to partner once again with the Express team to help inspire people with the incredible power of self-expression through style,\" said Tan France. \"I’ll be selecting the 20 TikTok submissions I find most creative so remember everyone, have fun with this #ExpressReentry campaign and be sure to Express YOU!\"","news_type":1,"symbols_score_info":{"EXPR":0.9}},"isVote":1,"tweetType":1,"viewCount":2140,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":354344496,"gmtCreate":1617148123815,"gmtModify":1634522452153,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576767429158952","authorIdStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Please like this, tq!!!","listText":"Please like this, tq!!!","text":"Please like this, tq!!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/354344496","repostId":"1197036473","repostType":4,"isVote":1,"tweetType":1,"viewCount":835,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347694266,"gmtCreate":1618491445255,"gmtModify":1634292590512,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576767429158952","authorIdStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like this comment and I like back you","listText":"Like this comment and I like back you","text":"Like this comment and I like back you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/347694266","repostId":"1107106238","repostType":4,"isVote":1,"tweetType":1,"viewCount":2346,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":340117270,"gmtCreate":1617355545390,"gmtModify":1634521263486,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576767429158952","authorIdStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like and comment on this pls, tq very much","listText":"Like and comment on this pls, tq very much","text":"Like and comment on this pls, tq very much","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/340117270","repostId":"2124732330","repostType":4,"isVote":1,"tweetType":1,"viewCount":773,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353253103,"gmtCreate":1616503813502,"gmtModify":1634525496717,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576767429158952","authorIdStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Looking gooddddd","listText":"Looking gooddddd","text":"Looking gooddddd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/353253103","repostId":"2121084489","repostType":4,"isVote":1,"tweetType":1,"viewCount":517,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343661929,"gmtCreate":1617713994861,"gmtModify":1634296979687,"author":{"id":"3576767429158952","authorId":"3576767429158952","name":"Jo118","avatar":"https://static.tigerbbs.com/f1ae84ac95a5e852625f0045a719714c","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576767429158952","authorIdStr":"3576767429158952"},"themes":[],"title":"","htmlText":"Like and comment in this post so your holdings will +100%","listText":"Like and comment in this post so your holdings will +100%","text":"Like and comment in this post so your holdings will +100%","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/343661929","repostId":"1101907559","repostType":4,"repost":{"id":"1101907559","kind":"news","pubTimestamp":1617672655,"share":"https://www.laohunote.com/m/news/1101907559?lang=zh_CN&edition=full","pubTime":"2021-04-06 09:30","market":"us","language":"en","title":"Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每 10 年就会引发一次——Archegos 可能是对的</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101907559","media":"marketwatch","summary":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management. Its reach and operating practices were","content":"<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能确定所谓家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机永远不会完全相同。20 世纪 80 年代末，全国近三分之一的储蓄和贷款协会倒闭，最终纳税人获得了约 2650 亿美元的救助（按 2021 年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄罗斯的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运作方式如此之大，以至于美联储主席艾伦-格林斯潘（Alan Greenspan）说，当 LTCM 失败时，“他一生中从未见过任何能与他感受到的恐怖相提并论的东西”。LTCM 被认为 “大到不能倒”，他策划了 14 家美国主要金融机构的救助计划。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构过度使用杠杆，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行又一次被认为太大而不能倒，纳税人出手相救。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆炸，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于门外汉来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思： 咨询公司安永估计，全球约有 10,000 家家族理财室，但市场研究公司坎普登研究公司（Campden Research）的另一项估计显示，管理规模接近 6 万亿美元。鉴于 2019 年的数据，这 6 万亿美元现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的资金管理人</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这就是潜在的危险。家族理财室一般不受监管。1940 年的《投资顾问法》规定，拥有 15 家或以下客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元在起作用，没有人能真正说出谁在管理这笔钱，投资了什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大力押注某些中国股票，包括电子商务公司唯品会控股有限公司（Vipshop Holdings Ltd.VIPS），-1.19%，美国上市中国辅导公司跟谁学公司（GSX），-10.63%，以及美国媒体公司ViacomCBS Inc.VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。股价最近暴跌，引发了 Archegos 的大规模出售——约 300 亿美元。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道 Archegos 与华尔街的一些大公司合作，包括瑞士信贷集团 AGCS（+1.59%）、瑞银集团 AGUBS（+1.01%）、高盛集团 GS（-1.25%）、摩根士丹利 MS（-0.28%）、德意志银行 AGDB，+0.74% 和野村控股公司 NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但是，由于家族理财室在很大程度上被允许不受监管地运营，谁能说出这里到底涉及多少钱，市场风险有多大？我的同事马克-德坎布雷（Mark DeCambre）上周报道称，Archegos 的真实不良交易风险实际上可能接近 1000 亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的来源。随着 Archegos 的赌注走向南方，上述银行--考虑到自己的损失--用保证金评级打击了该公司。德意志银行很快抛售了约 40 亿美元的持股，而据说高盛和摩根士丹利也已解除头寸，这或许限制了它们的下行空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎并非如此。即便如此，美国证券交易委员会已对 Archegos 及其创始人 Bill Hwang 展开初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>一位同行，Fundstrat Global Advisors 的研究主管 Tom Lee，将评级-黄（John Hwang）列为他所知道的 “十大最佳投资头脑 ”之一。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012 年，黄的前对冲基金老虎亚洲管理公司（Tiger Asia Management）被指控利用有关中国银行的非法线索进行交易，认罪并支付了 6000 多万美元的罚款。美国证券交易委员会禁止黄代表客户管理资金——实质上将他逐出了对冲基金行业。于是 Hwang 开了 Archegos，再说一遍，家族办公室一般都不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特-耶伦（Janet Yellen）的关注。她上周表示，需要对金融业的这些私人角落进行更严格的监管。她监管的金融稳定监督委员会（FSOC）重新启动了一个特别工作组，以帮助各机构更好地 “共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯的话来说，家族理财室——一个价值数万亿美元的行业，在很大程度上被允许在比以往任何时候都更加错综复杂的全球金融体系的阴影中运作——属于超级富豪，由超级富豪拥有，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的崩溃可能是也可能不是另一场金融危机的开始。但是，谁能说成千上万的其他家族理财室如何处理他们的数万亿美元，以及类似的问题是否会爆发？</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每 10 年就会引发一次——Archegos 可能是对的</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOpinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每 10 年就会引发一次——Archegos 可能是对的</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-04-06 09:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能确定所谓家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机永远不会完全相同。20 世纪 80 年代末，全国近三分之一的储蓄和贷款协会倒闭，最终纳税人获得了约 2650 亿美元的救助（按 2021 年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄罗斯的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运作方式如此之大，以至于美联储主席艾伦-格林斯潘（Alan Greenspan）说，当 LTCM 失败时，“他一生中从未见过任何能与他感受到的恐怖相提并论的东西”。LTCM 被认为 “大到不能倒”，他策划了 14 家美国主要金融机构的救助计划。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构过度使用杠杆，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行又一次被认为太大而不能倒，纳税人出手相救。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆炸，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于门外汉来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思： 咨询公司安永估计，全球约有 10,000 家家族理财室，但市场研究公司坎普登研究公司（Campden Research）的另一项估计显示，管理规模接近 6 万亿美元。鉴于 2019 年的数据，这 6 万亿美元现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的资金管理人</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这就是潜在的危险。家族理财室一般不受监管。1940 年的《投资顾问法》规定，拥有 15 家或以下客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元在起作用，没有人能真正说出谁在管理这笔钱，投资了什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大力押注某些中国股票，包括电子商务公司唯品会控股有限公司（Vipshop Holdings Ltd.VIPS），-1.19%，美国上市中国辅导公司跟谁学公司（GSX），-10.63%，以及美国媒体公司ViacomCBS Inc.VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。股价最近暴跌，引发了 Archegos 的大规模出售——约 300 亿美元。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道 Archegos 与华尔街的一些大公司合作，包括瑞士信贷集团 AGCS（+1.59%）、瑞银集团 AGUBS（+1.01%）、高盛集团 GS（-1.25%）、摩根士丹利 MS（-0.28%）、德意志银行 AGDB，+0.74% 和野村控股公司 NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但是，由于家族理财室在很大程度上被允许不受监管地运营，谁能说出这里到底涉及多少钱，市场风险有多大？我的同事马克-德坎布雷（Mark DeCambre）上周报道称，Archegos 的真实不良交易风险实际上可能接近 1000 亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的来源。随着 Archegos 的赌注走向南方，上述银行--考虑到自己的损失--用保证金评级打击了该公司。德意志银行很快抛售了约 40 亿美元的持股，而据说高盛和摩根士丹利也已解除头寸，这或许限制了它们的下行空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎并非如此。即便如此，美国证券交易委员会已对 Archegos 及其创始人 Bill Hwang 展开初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>一位同行，Fundstrat Global Advisors 的研究主管 Tom Lee，将评级-黄（John Hwang）列为他所知道的 “十大最佳投资头脑 ”之一。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012 年，黄的前对冲基金老虎亚洲管理公司（Tiger Asia Management）被指控利用有关中国银行的非法线索进行交易，认罪并支付了 6000 多万美元的罚款。美国证券交易委员会禁止黄代表客户管理资金——实质上将他逐出了对冲基金行业。于是 Hwang 开了 Archegos，再说一遍，家族办公室一般都不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特-耶伦（Janet Yellen）的关注。她上周表示，需要对金融业的这些私人角落进行更严格的监管。她监管的金融稳定监督委员会（FSOC）重新启动了一个特别工作组，以帮助各机构更好地 “共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯的话来说，家族理财室——一个价值数万亿美元的行业，在很大程度上被允许在比以往任何时候都更加错综复杂的全球金融体系的阴影中运作——属于超级富豪，由超级富豪拥有，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的崩溃可能是也可能不是另一场金融危机的开始。但是，谁能说成千上万的其他家族理财室如何处理他们的数万亿美元，以及类似的问题是否会爆发？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page\">marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101907559","content_text":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.\n\nFinancial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.\nIn 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.\nExactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.\nThe trend? Every 10 years or so, and they all look different. Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?\nA family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.\nUnregulated money managers\nHere’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)\nThis appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player Vipshop Holdings Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company GSX Techedu Inc.GSX,-10.63%and U.S. media companiesViacomCBS Inc.VIAC,-3.90%and Discovery Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.\nThe problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%, Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc. NMR,+1.87%.\nBut since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.\nDanger of counterparty risk\nThis is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.\nSo is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.\nOne peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.\nBut federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.\nYellen on the case\nThis issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”\nMost financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.\nThe Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":783,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}