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MiniInvester

MiniInvester

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2021-10-25

Next news update will be P bought over P and it went up 15% premarket 🤣

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2021-10-26

🚀🐅

UP Fintech Holding Limited Receives Approval from SFC of Acquisition of Ocean Joy Securities Limited<blockquote>老虎证券控股有限公司收购远洋证券有限公司获证监会批准</blockquote>

2021-08-05

Memes of memes indeed 🤣

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2021-06-28

Great

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2021-11-19

No way it can hit back like few years ago. All thanks to one man.

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2021-06-22

LOL money losing company how to progress 🤣

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2021-06-15

Pfizer never wrong

Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>

2021-07-30

$Robinhood Markets, Inc.(HOOD)$makes me recall a song "I saw red" [开心]

2021-06-19

LOL

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2021-10-28

Good news

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去老虎APP查看更多动态

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The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.</p><p><blockquote>老虎证券控股有限公司是一家专注于全球投资者的领先在线经纪公司。该公司专有的移动和在线交易平台使投资者能够在全球多个交易所交易股票和其他金融工具。本公司透过「移动优先」策略，为客户提供创新的产品及服务，以及卓越的用户体验，使其能够更好地服务及留住现有客户，并吸引新客户。该公司为客户提供全面的经纪和增值服务，包括交易订单下达和执行、保证金融资、首次公开募股认购、员工持股计划管理、投资者教育、社区讨论和客户支持。公司的专有基础设施和先进技术能够支持跨多种货币、多个市场、多种产品、多个执行场所和多个清算所的交易。</blockquote></p><p> For more information on the Company, please visit：<a href=\"https://ir.itiger.com\" target=\"_blank\">https://ir.itiger.com</a></p><p><blockquote>有关公司的更多信息，请访问：<a href=\"https://ir.itiger.com\" target=\"_blank\">https://ir.itiger.com</a></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>UP Fintech Holding Limited Receives Approval from SFC of Acquisition of Ocean Joy Securities Limited<blockquote>老虎证券控股有限公司收购远洋证券有限公司获证监会批准</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUP Fintech Holding Limited Receives Approval from SFC of Acquisition of Ocean Joy Securities Limited<blockquote>老虎证券控股有限公司收购远洋证券有限公司获证监会批准</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\">2021-10-26 16:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>BEIJING, Oct. 26, 2021 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced that it has received approval from The Hong Kong Securities and Futures Commission (\"SFC\") to complete the acquisition of Ocean Joy Securities Limited (\"OJSL\"), a firm licensed with the SFC for Type I (Dealing in Securities) and Type II (Dealing in Futures Contracts) regulated activities.</p><p><blockquote>北京， 2021 年 10 月 26 日 （环球通讯社） -- 专注于全球投资者的领先在线经纪公司老虎证券控股有限公司（纳斯达克代码：TIGR）（“老虎证券”或“公司”）今日宣布，已获得香港证券及期货事务监察委员会（“证监会”）批准，完成对海洋愉悦证券有限公司（“海洋愉悦证券”）的收购，海洋愉悦证券有限公司是一家获得证监会牌照的公司，可从事第一类（证券交易）和第二类（期货合约交易）受规管活动。</blockquote></p><p> The Company expects to complete the acquisition and, upon completion, expects to start to operate its brokerage business in Hong Kong.</p><p><blockquote>本公司预期完成收购事项，并预期于完成后开始于香港经营其经纪业务。</blockquote></p><p> About UP Fintech Holding Limited</p><p><blockquote>关于老虎证券控股有限公司</blockquote></p><p> UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.</p><p><blockquote>老虎证券控股有限公司是一家专注于全球投资者的领先在线经纪公司。该公司专有的移动和在线交易平台使投资者能够在全球多个交易所交易股票和其他金融工具。本公司透过「移动优先」策略，为客户提供创新的产品及服务，以及卓越的用户体验，使其能够更好地服务及留住现有客户，并吸引新客户。该公司为客户提供全面的经纪和增值服务，包括交易订单下达和执行、保证金融资、首次公开募股认购、员工持股计划管理、投资者教育、社区讨论和客户支持。公司的专有基础设施和先进技术能够支持跨多种货币、多个市场、多种产品、多个执行场所和多个清算所的交易。</blockquote></p><p> For more information on the Company, please visit：<a href=\"https://ir.itiger.com\" target=\"_blank\">https://ir.itiger.com</a></p><p><blockquote>有关公司的更多信息，请访问：<a href=\"https://ir.itiger.com\" target=\"_blank\">https://ir.itiger.com</a></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134836974","content_text":"BEIJING, Oct. 26, 2021 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced that it has received approval from The Hong Kong Securities and Futures Commission (\"SFC\") to complete the acquisition of Ocean Joy Securities Limited (\"OJSL\"), a firm licensed with the SFC for Type I (Dealing in Securities) and Type II (Dealing in Futures Contracts) regulated activities.\nThe Company expects to complete the acquisition and, upon completion, expects to start to operate its brokerage business in Hong Kong.\nAbout UP Fintech Holding Limited\nUP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.\nFor more information on the Company, please visit：https://ir.itiger.com","news_type":1,"symbols_score_info":{"TIGR":0.9}},"isVote":1,"tweetType":1,"viewCount":2403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":856388643,"gmtCreate":1635151134529,"gmtModify":1635151317137,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Next news update will be P bought over P and it went up 15% premarket 🤣","listText":"Next news update will be P bought over P and it went up 15% premarket 🤣","text":"Next news update will be P bought over P and it went up 15% premarket 🤣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/856388643","repostId":"1193102815","repostType":4,"repost":{"id":"1193102815","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":1635148966,"share":"https://www.laohunote.com/m/news/1193102815?lang=zh_CN&edition=full","pubTime":"2021-10-25 16:02","market":"us","language":"en","title":"Paypal jumped more than 5% while Pinterest dropped over 8% in premarket trading as PayPal said it was not pursuing acquisition of Pinterest<blockquote>由于PayPal表示不会收购Pinterest，PayPal股价在盘前交易中上涨超过 5%，而Pinterest股价下跌超过 8%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193102815","media":"Tiger Newspress","summary":"Paypal jumped more than 5% while Pinterest dropped over 8% in premarket trading.PayPal is not pursui","content":"<p>Paypal jumped more&nbsp;than&nbsp;5% while Pinterest dropped over&nbsp;8% in premarket trading.<img src=\"https://static.tigerbbs.com/e73ec33465b0dfe90509948b00067e89\" tg-width=\"777\" tg-height=\"563\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/68a410b900a07175fabccfa1ad5cdce6\" tg-width=\"762\" tg-height=\"564\" referrerpolicy=\"no-referrer\">PayPal&nbsp;is not pursuing an acquisition of Pinterest Inc&nbsp;at this time, the online payments provider said on Sunday, responding to market rumors.</p><p><blockquote>Paypal在盘前交易中上涨超过 5%，而Pinterest则下跌超过 8%。在线支付提供商PayPal周日在回应市场传言时表示，目前不会寻求收购Pinterest公司。</blockquote></p><p> Earlier in the week, it was reported that the payments behemoth had offered to buy digital pinboard site Pinterest for $45 billion, or about $70 per share, mostly in stock.</p><p><blockquote>本周早些时候，有报道称，这家支付巨头已提出以 450 亿美元（约合每股 70 美元）收购数字插板网站Pinterest，其中大部分是股票。</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>Paypal jumped more than 5% while Pinterest dropped over 8% in premarket trading as PayPal said it was not pursuing acquisition of Pinterest<blockquote>由于PayPal表示不会收购Pinterest，PayPal股价在盘前交易中上涨超过 5%，而Pinterest股价下跌超过 8%</blockquote></title>\n<style 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}\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\">\nPaypal jumped more than 5% while Pinterest dropped over 8% in premarket trading as PayPal said it was not pursuing acquisition of Pinterest<blockquote>由于PayPal表示不会收购Pinterest，PayPal股价在盘前交易中上涨超过 5%，而Pinterest股价下跌超过 8%</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\">2021-10-25 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Paypal jumped more&nbsp;than&nbsp;5% while Pinterest dropped over&nbsp;8% in premarket trading.<img src=\"https://static.tigerbbs.com/e73ec33465b0dfe90509948b00067e89\" tg-width=\"777\" tg-height=\"563\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/68a410b900a07175fabccfa1ad5cdce6\" tg-width=\"762\" tg-height=\"564\" referrerpolicy=\"no-referrer\">PayPal&nbsp;is not pursuing an acquisition of Pinterest Inc&nbsp;at this time, the online payments provider said on Sunday, responding to market rumors.</p><p><blockquote>Paypal在盘前交易中上涨超过 5%，而Pinterest则下跌超过 8%。在线支付提供商PayPal周日在回应市场传言时表示，目前不会寻求收购Pinterest公司。</blockquote></p><p> Earlier in the week, it was reported that the payments behemoth had offered to buy digital pinboard site Pinterest for $45 billion, or about $70 per share, mostly in stock.</p><p><blockquote>本周早些时候，有报道称，这家支付巨头已提出以 450 亿美元（约合每股 70 美元）收购数字插板网站Pinterest，其中大部分是股票。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PYPL":"PayPal","PINS":"Pinterest, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193102815","content_text":"Paypal jumped more than 5% while Pinterest dropped over 8% in premarket trading.PayPal is not pursuing an acquisition of Pinterest Inc at this time, the online payments provider said on Sunday, responding to market rumors.\nEarlier in the week, it was reported that the payments behemoth had offered to buy digital pinboard site Pinterest for $45 billion, or about $70 per share, mostly in stock.","news_type":1,"symbols_score_info":{"PINS":0.9,"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":853713756,"gmtCreate":1634838409054,"gmtModify":1634838409160,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/DWAC\">$Digital World Acquisition Corp(DWAC)$</a>Incredible&nbsp;","listText":"<a href=\"https://laohu8.com/S/DWAC\">$Digital World Acquisition Corp(DWAC)$</a>Incredible&nbsp;","text":"$Digital World Acquisition Corp(DWAC)$Incredible","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/853713756","isVote":1,"tweetType":1,"viewCount":2948,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":816539411,"gmtCreate":1630506679433,"gmtModify":1632475645414,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Keep pumping money why not... 🤭","listText":"Keep pumping money why not... 🤭","text":"Keep pumping money why not... 🤭","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/816539411","repostId":"2163319158","repostType":2,"isVote":1,"tweetType":1,"viewCount":3802,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890528085,"gmtCreate":1628124702447,"gmtModify":1633753386160,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Memes of memes indeed 🤣","listText":"Memes of memes indeed 🤣","text":"Memes of memes indeed 🤣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890528085","repostId":"1183617346","repostType":2,"isVote":1,"tweetType":1,"viewCount":2466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808642600,"gmtCreate":1627577753500,"gmtModify":1631887044800,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/HOOD\">$Robinhood Markets, Inc.(HOOD)$</a>makes me recall a song \"I saw red\"&nbsp;[开心]&nbsp;&nbsp;","listText":"<a href=\"https://laohu8.com/S/HOOD\">$Robinhood Markets, Inc.(HOOD)$</a>makes me recall a song \"I saw red\"&nbsp;[开心]&nbsp;&nbsp;","text":"$Robinhood Markets, Inc.(HOOD)$makes me recall a song \"I saw red\" [开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808642600","isVote":1,"tweetType":1,"viewCount":2653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":150199725,"gmtCreate":1624888959467,"gmtModify":1633947451541,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/150199725","repostId":"1103992527","repostType":4,"isVote":1,"tweetType":1,"viewCount":2297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126303145,"gmtCreate":1624543496887,"gmtModify":1634004620393,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Up is good indeed[微笑]&nbsp;","listText":"Up is good indeed[微笑]&nbsp;","text":"Up is good indeed[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126303145","repostId":"1167326019","repostType":4,"repost":{"id":"1167326019","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":1624541460,"share":"https://www.laohunote.com/m/news/1167326019?lang=zh_CN&edition=full","pubTime":"2021-06-24 21:31","market":"us","language":"en","title":"S&P 500 rises to retake record at the open, wiping out last week’s Fed swoon<blockquote>标普500股价上涨，重新夺回公开赛纪录，抹去了上周美联储的颓势</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167326019","media":"Tiger Newspress","summary":"(June 24) The S&P 500 climbed on Thursday, surpassing its record high set a week ago as the market f","content":"<p>(June 24)&nbsp;The S&amp;P 500 climbed on Thursday, surpassing its record high set a week ago as the market fully recovered losses triggered by the Federal Reserve’s surprise policy pivot.</p><p><blockquote>(6月24日)标普500周四攀升，超过一周前创下的历史新高，市场完全收复了美联储意外政策转向引发的损失。</blockquote></p><p> The broad equity benchmark rose 0.5% to hit an all-time high, retaking its previous record on June 14. The Dow Jones Industrial Average added 207 points, or 0.6%. The Nasdaq Composite jumped 0.6% to reach another record.</p><p><blockquote>大盘股票基准上涨 0.5%，创下历史新高，刷新了 6 月 14 日的先前纪录。道琼斯工业平均指数上涨 207 点，涨幅 0.6%。纳斯达克综合指数上涨 0.6%，再创历史新高。</blockquote></p><p> A broad group of stocks gained to push the benchmarks to new highs. Tesla added more than 2%, while GM and Caterpillar each gained about 1%.</p><p><blockquote>一大批股票上涨，将基准推至新高。特斯拉上涨超过2%，通用汽车和卡特彼勒各上涨约1%。</blockquote></p><p> Data out Thursday showed jobless claimstotaled 411,000for the week ended June 19, higher than an estimate of 380,000 from economists polled by Dow Jones.</p><p><blockquote>周四公布的数据显示，截至 6 月 19 日当周，申请失业救济人数总计 41.1 万人，高于道琼斯调查的经济学家估计的 38 万人。</blockquote></p><p> Traders are also monitoringinfrastructure package negotiations.A bipartisan group of Senators that have made progress on a plan will meet President Joe Biden at the White House Thursday. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. Republicans have fought the president’s proposal to hike the corporate tax rate to 28% from 21%</p><p><blockquote>交易员也在关注基础设施一揽子计划谈判。在一项计划上取得进展的两党参议员小组将于周四在白宫会见乔·拜登总统。立法者们已经工作了几个星期，制定了一个大约1万亿美元的一揽子计划，可以在两党的支持下通过国会。共和党人反对总统将企业税率从 21% 提高到 28% 的提议</blockquote></p><p> Bank shares gained ahead of theFed's annual bank stress test results, which are scheduled for release after the bell on Thursday. The test examines how banks fare during various hypothetical economic downturns. Banks were forced to freeze dividends and stop buybacks during the pandemic. These results should give them the greenlight to eventually raise payouts. Goldman Sachs shares rose about 1%.</p><p><blockquote>在美联储年度银行压力测试结果公布之前，银行股上涨，该结果定于周四盘后公布。该测试考察了银行在各种假设的经济衰退期间的表现。疫情期间，银行被迫冻结股息并停止回购。这些结果应该会为他们最终提高支出开绿灯。高盛股价上涨约1%。</blockquote></p><p> Despite Wednesday's hiccup, the three major indexes are up more than 1% this week, rallying from a sell-off last week after the Fed heightened inflation expectations and forecast rate hikes as soon as 2023. Comments from Fed Chair Jerome Powell during a Congressional testimony Tuesdayreiterated that inflation pressures should be temporary, which seemed to soothe market sentiment.</p><p><blockquote>尽管周三出现小插曲，但三大股指本周仍上涨超过 1%，从上周美联储上调通胀预期并预测最早于 2023 年加息后的抛售中反弹。美联储主席杰罗姆·鲍威尔周二在国会作证时发表评论，重申通胀压力应该是暂时的，这似乎安抚了市场情绪。</blockquote></p><p> \"Beneath the optimism, markets are at risk of becoming complacent – and vulnerable to shocks. Any signal that interest rates and bond yields could rise, even in the absence of pronounced inflationary pressure, could shatter market exuberance,\" Gaurav Mallik,&nbsp;chief portfolio strategist&nbsp;at&nbsp;State Street&nbsp;Global Advisors, said.</p><p><blockquote>“在乐观情绪之下，市场有变得自满的风险，并且容易受到冲击。任何表明利率和债券收益率可能上升的信号，即使没有明显的通胀压力，都可能粉碎市场繁荣，”道富环球顾问公司首席投资组合策略师高拉夫·马利克表示。</blockquote></p><p> \"Central banks will walk a tightrope between allowing the economy to run hot – which history has shown to be a bad idea – and managing inflation risk,\" he added.</p><p><blockquote>他补充说：“各国央行将在允许经济过热（历史表明这是一个坏主意）和管理通胀风险之间走钢丝。”</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>S&P 500 rises to retake record at the open, wiping out last week’s Fed swoon<blockquote>标普500股价上涨，重新夺回公开赛纪录，抹去了上周美联储的颓势</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\">\nS&P 500 rises to retake record at the open, wiping out last week’s Fed swoon<blockquote>标普500股价上涨，重新夺回公开赛纪录，抹去了上周美联储的颓势</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-24 21:31</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(June 24)&nbsp;The S&amp;P 500 climbed on Thursday, surpassing its record high set a week ago as the market fully recovered losses triggered by the Federal Reserve’s surprise policy pivot.</p><p><blockquote>(6月24日)标普500周四攀升，超过一周前创下的历史新高，市场完全收复了美联储意外政策转向引发的损失。</blockquote></p><p> The broad equity benchmark rose 0.5% to hit an all-time high, retaking its previous record on June 14. The Dow Jones Industrial Average added 207 points, or 0.6%. The Nasdaq Composite jumped 0.6% to reach another record.</p><p><blockquote>大盘股票基准上涨 0.5%，创下历史新高，刷新了 6 月 14 日的先前纪录。道琼斯工业平均指数上涨 207 点，涨幅 0.6%。纳斯达克综合指数上涨 0.6%，再创历史新高。</blockquote></p><p> A broad group of stocks gained to push the benchmarks to new highs. Tesla added more than 2%, while GM and Caterpillar each gained about 1%.</p><p><blockquote>一大批股票上涨，将基准推至新高。特斯拉上涨超过2%，通用汽车和卡特彼勒各上涨约1%。</blockquote></p><p> Data out Thursday showed jobless claimstotaled 411,000for the week ended June 19, higher than an estimate of 380,000 from economists polled by Dow Jones.</p><p><blockquote>周四公布的数据显示，截至 6 月 19 日当周，申请失业救济人数总计 41.1 万人，高于道琼斯调查的经济学家估计的 38 万人。</blockquote></p><p> Traders are also monitoringinfrastructure package negotiations.A bipartisan group of Senators that have made progress on a plan will meet President Joe Biden at the White House Thursday. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. Republicans have fought the president’s proposal to hike the corporate tax rate to 28% from 21%</p><p><blockquote>交易员也在关注基础设施一揽子计划谈判。在一项计划上取得进展的两党参议员小组将于周四在白宫会见乔·拜登总统。立法者们已经工作了几个星期，制定了一个大约1万亿美元的一揽子计划，可以在两党的支持下通过国会。共和党人反对总统将企业税率从 21% 提高到 28% 的提议</blockquote></p><p> Bank shares gained ahead of theFed's annual bank stress test results, which are scheduled for release after the bell on Thursday. The test examines how banks fare during various hypothetical economic downturns. Banks were forced to freeze dividends and stop buybacks during the pandemic. These results should give them the greenlight to eventually raise payouts. Goldman Sachs shares rose about 1%.</p><p><blockquote>在美联储年度银行压力测试结果公布之前，银行股上涨，该结果定于周四盘后公布。该测试考察了银行在各种假设的经济衰退期间的表现。疫情期间，银行被迫冻结股息并停止回购。这些结果应该会为他们最终提高支出开绿灯。高盛股价上涨约1%。</blockquote></p><p> Despite Wednesday's hiccup, the three major indexes are up more than 1% this week, rallying from a sell-off last week after the Fed heightened inflation expectations and forecast rate hikes as soon as 2023. Comments from Fed Chair Jerome Powell during a Congressional testimony Tuesdayreiterated that inflation pressures should be temporary, which seemed to soothe market sentiment.</p><p><blockquote>尽管周三出现小插曲，但三大股指本周仍上涨超过 1%，从上周美联储上调通胀预期并预测最早于 2023 年加息后的抛售中反弹。美联储主席杰罗姆·鲍威尔周二在国会作证时发表评论，重申通胀压力应该是暂时的，这似乎安抚了市场情绪。</blockquote></p><p> \"Beneath the optimism, markets are at risk of becoming complacent – and vulnerable to shocks. Any signal that interest rates and bond yields could rise, even in the absence of pronounced inflationary pressure, could shatter market exuberance,\" Gaurav Mallik,&nbsp;chief portfolio strategist&nbsp;at&nbsp;State Street&nbsp;Global Advisors, said.</p><p><blockquote>“在乐观情绪之下，市场有变得自满的风险，并且容易受到冲击。任何表明利率和债券收益率可能上升的信号，即使没有明显的通胀压力，都可能粉碎市场繁荣，”道富环球顾问公司首席投资组合策略师高拉夫·马利克表示。</blockquote></p><p> \"Central banks will walk a tightrope between allowing the economy to run hot – which history has shown to be a bad idea – and managing inflation risk,\" he added.</p><p><blockquote>他补充说：“各国央行将在允许经济过热（历史表明这是一个坏主意）和管理通胀风险之间走钢丝。”</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167326019","content_text":"(June 24) The S&P 500 climbed on Thursday, surpassing its record high set a week ago as the market fully recovered losses triggered by the Federal Reserve’s surprise policy pivot.\nThe broad equity benchmark rose 0.5% to hit an all-time high, retaking its previous record on June 14. The Dow Jones Industrial Average added 207 points, or 0.6%. The Nasdaq Composite jumped 0.6% to reach another record.\nA broad group of stocks gained to push the benchmarks to new highs. Tesla added more than 2%, while GM and Caterpillar each gained about 1%.\nData out Thursday showed jobless claimstotaled 411,000for the week ended June 19, higher than an estimate of 380,000 from economists polled by Dow Jones.\nTraders are also monitoringinfrastructure package negotiations.A bipartisan group of Senators that have made progress on a plan will meet President Joe Biden at the White House Thursday. The lawmakers have worked for weeks to craft a roughly $1 trillion package that could get through Congress with support from both parties. Republicans have fought the president’s proposal to hike the corporate tax rate to 28% from 21%\nBank shares gained ahead of theFed's annual bank stress test results, which are scheduled for release after the bell on Thursday. The test examines how banks fare during various hypothetical economic downturns. Banks were forced to freeze dividends and stop buybacks during the pandemic. These results should give them the greenlight to eventually raise payouts. Goldman Sachs shares rose about 1%.\nDespite Wednesday's hiccup, the three major indexes are up more than 1% this week, rallying from a sell-off last week after the Fed heightened inflation expectations and forecast rate hikes as soon as 2023. Comments from Fed Chair Jerome Powell during a Congressional testimony Tuesdayreiterated that inflation pressures should be temporary, which seemed to soothe market sentiment.\n\"Beneath the optimism, markets are at risk of becoming complacent – and vulnerable to shocks. Any signal that interest rates and bond yields could rise, even in the absence of pronounced inflationary pressure, could shatter market exuberance,\" Gaurav Mallik, chief portfolio strategist at State Street Global Advisors, said.\n\"Central banks will walk a tightrope between allowing the economy to run hot – which history has shown to be a bad idea – and managing inflation risk,\" he added.","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2424,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":121547837,"gmtCreate":1624485588629,"gmtModify":1634005571834,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Wishful[龇牙]&nbsp;","listText":"Wishful[龇牙]&nbsp;","text":"Wishful[龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/121547837","repostId":"1148768572","repostType":2,"repost":{"id":"1148768572","kind":"news","pubTimestamp":1623822306,"share":"https://www.laohunote.com/m/news/1148768572?lang=zh_CN&edition=full","pubTime":"2021-06-16 13:45","market":"us","language":"en","title":"Wish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish 股票：耐心的投资者可能很快就会再次看到 20 美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148768572","media":"seekingalpha","summary":"Summary\n\nWish (ContextLogic) remains one of the most underappreciated assets within e-commerce tradi","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Wish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.</li>  <li>Wish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.</li>  <li>While accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.</li>  <li>I believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/983667978a1675a8b256d7b0478a876c\" tg-width=\"1536\" tg-height=\"934\" referrerpolicy=\"no-referrer\"><span>JuSun/iStock via Getty Images</span></p><p><blockquote><ul><li>Wish (ContextLogic) 仍然是电子商务交易中最被低估的资产之一，远期销售额仅为 1.3 倍。</li><li>Wish与PrestaShop的最新合作伙伴关系将进一步加速国际扩张和增长计划。</li><li>虽然由于其大部分流通量仍被锁定，因此很难找到有关其空头权益的准确数据，但我估计空头权益在 30-40% 之间。</li><li>我认为，包括高营销支出和停滞不前的用户数量在内的熊市论点已经在当前的股价中形成。</li></ul><p class=\"t-img-caption\"><span>JuSun/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> ContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.</p><p><blockquote>ContextLogic (WISH) 对股东来说是一次疯狂的旅程，因为最近几周高波动性继续导致价格大幅波动。该电子商务平台最初于 12 月以每股 20 美元的价格上市，但由于势头驱动的反弹，2 月份股价飙升至 32 美元的历史新高。尽管如此，此后股价一直在稳步暴跌，6 月份触及 7 美元的历史低点，但在零售交易行业兴趣增加后，股价现在正在迅速复苏。在这里，该股因其高波动性、短期利息和巨大的上涨潜力而受到青睐。</blockquote></p><p> In this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.</p><p><blockquote>在这种背景下，我认为高空头利息越来越多地将股价推至公允价值以下，耐心的投资者可能很快就会再次看到 20 美元或更高，因为该公司正在克服物流挑战，并将很快恢复规模经济。在这方面，电子商务平台具有独特的价值主张，并处于有利地位，可以在6万亿美元的电子商务行业中获得市场份额。</blockquote></p><p> <b>The Digital Dollar Tree</b></p><p><blockquote><b>数字美元树</b></blockquote></p><p> Wish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.</p><p><blockquote>Wish 作为一个电子商务平台受到了严厉批评，我几乎可以说，迄今为止，它作为中国商家第三方“直运”网站的形象让投资者远离了该股票。然而，这可能只是部分正确。从本质上讲，Wish 通过低价（低质量）产品和可能导致长达数周的缓慢交货时间颠覆了亚马逊（纳斯达克股票代码：AMZN）的商业模式。这是因为Wish不处理运输本身，这就是为什么它可以提供这些超低的价格，以2美元加2美元的运费提供一件连帽衫。</blockquote></p><p> Frankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.</p><p><blockquote>坦率地说，Wish仍然依赖中国商家，占其产品目录的大部分。考虑到大多数商品都是在中国生产的，因为生产成本是世界上最低的之一，这并不奇怪。亚马逊或 eBay（纳斯达克股票代码：eBay）上销售的大多数商品也是在中国生产的，尽管由于一日送达运输计划或更高的价格，它们获得了更高的知名度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2bea733440e86851af57559c6a5fd6bd\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Now, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.</p><p><blockquote>现在，我把Wish看作是数字美元树，网上购物者可以在这里发现他们想要的而不是需要的商品。在这个过程中，客户对产品有了更多的耐心，愿意等待更长时间才能到货。随着其平台越来越受欢迎，Wish正在努力解决这两个问题（质量和商家多元化）。在这里，它一直在投资物流以提供更快的交付速度，物流收入同比增长 275% 就证明了这一点。由于这些收入提供的利润率较低，其整体毛利率也相应下降。然而，一旦该领域实现规模经济，利润率增长应该会逆转并回落至 70%。</blockquote></p><p> It is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.</p><p><blockquote>它还通过不断扩大其国际商户基础来解决第二个问题。在这里，美国商家同比增长超过400%，其他国家也有类似的趋势。此外，它正在发展Wish Local，这是一项将本地企业连接到平台的服务，占所有Wish订单的7%。Wish local主要（或只）在美国有售，因此越来越多地与网站上的其他产品混合使用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eb88453d075db6b7b8edd21f981b4a\" tg-width=\"640\" tg-height=\"381\"><span>Source: Sensor Tower</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：传感器塔</span></p></blockquote></p><p> I also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.</p><p><blockquote>我也喜欢Wish通过利用人工智能匹配系统来吸引和留住用户的策略，该系统优化了平台增长、用户体验和商家投资回报。创建交互式移动购物体验的策略似乎运行良好：令人印象深刻的是，Wish每天从用户那里获得超过50万条评论，在这方面甚至超过了亚马逊和其他购物网站，这表明了该平台的吸引力。大约80%的首次购物者会再次购买。</blockquote></p><p></p><p> Wish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.</p><p><blockquote>因此，Wish能够在竞争激烈的电子商务市场中立足，为增长提供了巨大的跑道。目前，约40%的电子商务市场份额仅由亚马逊拥有。与亚马逊相比，其 TAM 可能有限，因为它专注于低收入市场，这也是它最初流行的原因。尽管如此，这仍然代表着 Wish 可以利用的价值 3 万亿美元的市场机会。还值得注意的是，据toreports报道，亚马逊试图以100亿美元收购Wish，但Wish拒绝了，认为将业务年销售额增长到1000亿美元，届时其估值将明显更高。</blockquote></p><p> <b>Negative Sentiment Baked In</b></p><p><blockquote><b>负面情绪持续存在</b></blockquote></p><p> Wish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.</p><p><blockquote>Wish 的前两个季度有点令人失望。虽然该公司轻松超出了收入预期，但为了投资物流，该公司烧掉了超过 3 亿美元的现金。然而，更重要的是，MAU 稳步下降，该公司将此归咎于公司在应对今年早些时候面临的物流挑战时不再强调广告和客户获取。</blockquote></p><p> <table>  <tbody>   <tr>    <td>Year</td>    <td>2020</td>    <td>2019</td>    <td>2018</td>   </tr>   <tr>    <td>Revenue</td>    <td>$2.54B</td>    <td>$1.9B</td>    <td>$1.73B</td>   </tr>   <tr>    <td>Gross Profit</td>    <td>$1.59B</td>    <td>$1.46B</td>    <td>$1.45B</td>   </tr>   <tr>    <td><b>Sales and Marketing</b></td>    <td><b>$1.71B (+17%)</b></td>    <td><b>$1.46B (-7%)</b></td>    <td><b>$1.57B</b></td>   </tr>   <tr>    <td>MAUs</td>    <td>107M (+19%)</td>    <td>90M (+10%)</p><p><blockquote><table><tbody><tr><td>年</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>收入</td><td>$254B</td><td>19亿美元</td><td>17.3亿美元</td></tr><tr><td>毛利</td><td>15.9亿美元</td><td>14.6亿美元</td><td>14.5亿美元</td></tr><tr><td><b>销售及市场推广</b></td><td><b>17.1亿美元（+17%）</b></td><td><b>14.6亿美元（-7%）</b></td><td><b>$15.7B</b></td></tr><tr><td>老鼠</td><td>1.07亿（+19%）</td><td>90米（+10%）</td></tr></tbody></table></blockquote></p><p></td>    <td>82M</td>   </tr>   <tr>    <td><b>Active Buyers</b></td>    <td><b>64M (+3%)</b></td>    <td><b>62M (-3%)</b></td>    <td><b>64M</b></td>   </tr>  </tbody> </table> *Growth (Year-over-Year)</p><p><blockquote><td>82米</td><tr><td><b>活跃买家</b></td><td><b>6400万（+3%）</b></td><td><b>6200万（-3%）</b></td><td><b>64米</b></td></tr>*增长（同比）</blockquote></p><p> The largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.</p><p><blockquote>反对 Wish 的最大理由是其高昂的营销费用，占其总收入的 60%，毛利润的 100% 以上。这完全没问题，除非它通过营销来增加活跃买家，但不幸的是，情况并非如此。这是一个危险信号，令人质疑 Wish 商业模式的长期可持续性。然而，该公司的现金流已接近正，并表示如果不是因为大量的营销费用，它已经实现了盈利。也就是说，只要Wish获得新的MAU并通过物流服务增加价值，从长远来看，其营销费用就会得到回报。此外，Wish 的营销费用占总收入的比例已从上一年的 67% 降至 60%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e18c23728274ee708d896923820b282\" tg-width=\"635\" tg-height=\"278\"><span>Source: Wish IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Wish IR</span></p></blockquote></p><p> In terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).</p><p><blockquote>就前景而言，这是该公司本质上强调的。它认为营销费用可以降至 40-45%，从而使 EBITDA 利润率在中点范围内达到 25%。如果它实现这些雄心勃勃的目标（这是很有可能的），其利润率将与 eBay 或 MercadoLibre（纳斯达克股票代码：MELI）相似。无论哪种方式，Wish 的商业模式都并不完美，但在我看来，所有这些担忧都不仅仅体现在其当前的估值中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54029f94c37f301d26e93a11636280e7\" tg-width=\"635\" tg-height=\"470\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> Even after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.</p><p><blockquote>即使在最近一次上涨 +50% 之后，股价仍然远远落后于 Poshmark（纳斯达克股票代码：POSH）、eBay、亚马逊和 (Shopify（纽约证券交易所股票代码：SHOP）) 等同行。Wish 的预计收入超过 30 亿美元，其市销率仅为 1.8 倍，仅为 eBay 当前估值的一半，远低于 Poshmark。目前的估计是，到 2025 年，收入将超过 60 亿美元，自由现金流将达到 10 亿美元，这意味着 Wish 的交易价格仅为自由现金流估计的 7 倍，即销售额的 1 倍。2021年初，其市盈率接近5倍，因此存在估值扩张的潜力。</blockquote></p><p> <b>What about the Lawsuits?</b></p><p><blockquote><b>诉讼呢？</b></blockquote></p><p> Perhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.</p><p><blockquote>也许你已经看过关于集体诉讼的新闻（尤其是在雅虎财经上）。这些诉讼被广泛发布，以提醒投资者在近几个月股价下跌后挽回遭受的损失。当股票在短时间内大幅下跌时，此类诉讼并不罕见，投资者可能不会担心。这些诉讼还包括 CloverHealth（纳斯达克股票代码：CLOV）、Skillz（纽约证券交易所股票代码：SKLZ）、Array Technologies（纳斯达克股票代码：ARRY）等公司。</blockquote></p><p> Short Interest - Still High</p><p><blockquote>空头利息 - 仍然很高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/875b3fdaf74f1ef639b51d77a3aac01f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Fintel</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Fintel</span></p></blockquote></p><p></p><p> Wish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.</p><p><blockquote>Wish 获得了散户投资者的巨大吸引力，因为投资者正在寻找下一次大规模的空头挤压。由于Wish的大部分股票仍被锁定，其确切的空头比率很难估计。根据Seeking Alpha的数据，目前的空头比率仅为7%，但这个数字可能会更高。根据彭博终端数据，上周其空头权益占其股本流通量的百分比约为 48%。Fintel 等其他来源将当前空头交易量固定在 20-30%。现在，很难给出一个准确的估计，但总的来说，大概在这个范围内的某个地方，很多空头评级还有待覆盖。从长远来看，高空头利息可能是一个优势，如果股票开始上涨，就会导致更快的加速。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> I believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.</p><p><blockquote>我相信Wish仍然是电子商务中最被低估的资产之一，其平台上每月拥有超过1亿用户，并连接了来自世界各地的数千家商家。移动购物应用程序仍然是该领域下载量最高的购物应用程序之一，并具有独特的价值主张，这比乍一看更智能。此外，其与 PrestaShop 的最新合作伙伴关系将使超过 300,000 家商家免费获得直接集成，将他们直接连接到 Wish 的商家仪表板，从而进一步推动增长。虽然 Wish 不完善的商业模式存在风险，例如盈利能力滞后，但耐心的投资者可能会获得丰厚的回报。</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>Wish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish 股票：耐心的投资者可能很快就会再次看到 20 美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish 股票：耐心的投资者可能很快就会再次看到 20 美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-16 13:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Wish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.</li>  <li>Wish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.</li>  <li>While accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.</li>  <li>I believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/983667978a1675a8b256d7b0478a876c\" tg-width=\"1536\" tg-height=\"934\" referrerpolicy=\"no-referrer\"><span>JuSun/iStock via Getty Images</span></p><p><blockquote><ul><li>Wish (ContextLogic) 仍然是电子商务交易中最被低估的资产之一，远期销售额仅为 1.3 倍。</li><li>Wish与PrestaShop的最新合作伙伴关系将进一步加速国际扩张和增长计划。</li><li>虽然由于其大部分流通量仍被锁定，因此很难找到有关其空头权益的准确数据，但我估计空头权益在 30-40% 之间。</li><li>我认为，包括高营销支出和停滞不前的用户数量在内的熊市论点已经在当前的股价中形成。</li></ul><p class=\"t-img-caption\"><span>JuSun/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> ContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.</p><p><blockquote>ContextLogic (WISH) 对股东来说是一次疯狂的旅程，因为最近几周高波动性继续导致价格大幅波动。该电子商务平台最初于 12 月以每股 20 美元的价格上市，但由于势头驱动的反弹，2 月份股价飙升至 32 美元的历史新高。尽管如此，此后股价一直在稳步暴跌，6 月份触及 7 美元的历史低点，但在零售交易行业兴趣增加后，股价现在正在迅速复苏。在这里，该股因其高波动性、短期利息和巨大的上涨潜力而受到青睐。</blockquote></p><p> In this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.</p><p><blockquote>在这种背景下，我认为高空头利息越来越多地将股价推至公允价值以下，耐心的投资者可能很快就会再次看到 20 美元或更高，因为该公司正在克服物流挑战，并将很快恢复规模经济。在这方面，电子商务平台具有独特的价值主张，并处于有利地位，可以在6万亿美元的电子商务行业中获得市场份额。</blockquote></p><p> <b>The Digital Dollar Tree</b></p><p><blockquote><b>数字美元树</b></blockquote></p><p> Wish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.</p><p><blockquote>Wish 作为一个电子商务平台受到了严厉批评，我几乎可以说，迄今为止，它作为中国商家第三方“直运”网站的形象让投资者远离了该股票。然而，这可能只是部分正确。从本质上讲，Wish 通过低价（低质量）产品和可能导致长达数周的缓慢交货时间颠覆了亚马逊（纳斯达克股票代码：AMZN）的商业模式。这是因为Wish不处理运输本身，这就是为什么它可以提供这些超低的价格，以2美元加2美元的运费提供一件连帽衫。</blockquote></p><p> Frankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.</p><p><blockquote>坦率地说，Wish仍然依赖中国商家，占其产品目录的大部分。考虑到大多数商品都是在中国生产的，因为生产成本是世界上最低的之一，这并不奇怪。亚马逊或 eBay（纳斯达克股票代码：eBay）上销售的大多数商品也是在中国生产的，尽管由于一日送达运输计划或更高的价格，它们获得了更高的知名度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2bea733440e86851af57559c6a5fd6bd\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Now, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.</p><p><blockquote>现在，我把Wish看作是数字美元树，网上购物者可以在这里发现他们想要的而不是需要的商品。在这个过程中，客户对产品有了更多的耐心，愿意等待更长时间才能到货。随着其平台越来越受欢迎，Wish正在努力解决这两个问题（质量和商家多元化）。在这里，它一直在投资物流以提供更快的交付速度，物流收入同比增长 275% 就证明了这一点。由于这些收入提供的利润率较低，其整体毛利率也相应下降。然而，一旦该领域实现规模经济，利润率增长应该会逆转并回落至 70%。</blockquote></p><p> It is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.</p><p><blockquote>它还通过不断扩大其国际商户基础来解决第二个问题。在这里，美国商家同比增长超过400%，其他国家也有类似的趋势。此外，它正在发展Wish Local，这是一项将本地企业连接到平台的服务，占所有Wish订单的7%。Wish local主要（或只）在美国有售，因此越来越多地与网站上的其他产品混合使用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eb88453d075db6b7b8edd21f981b4a\" tg-width=\"640\" tg-height=\"381\"><span>Source: Sensor Tower</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：传感器塔</span></p></blockquote></p><p> I also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.</p><p><blockquote>我也喜欢Wish通过利用人工智能匹配系统来吸引和留住用户的策略，该系统优化了平台增长、用户体验和商家投资回报。创建交互式移动购物体验的策略似乎运行良好：令人印象深刻的是，Wish每天从用户那里获得超过50万条评论，在这方面甚至超过了亚马逊和其他购物网站，这表明了该平台的吸引力。大约80%的首次购物者会再次购买。</blockquote></p><p></p><p> Wish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.</p><p><blockquote>因此，Wish能够在竞争激烈的电子商务市场中立足，为增长提供了巨大的跑道。目前，约40%的电子商务市场份额仅由亚马逊拥有。与亚马逊相比，其 TAM 可能有限，因为它专注于低收入市场，这也是它最初流行的原因。尽管如此，这仍然代表着 Wish 可以利用的价值 3 万亿美元的市场机会。还值得注意的是，据toreports报道，亚马逊试图以100亿美元收购Wish，但Wish拒绝了，认为将业务年销售额增长到1000亿美元，届时其估值将明显更高。</blockquote></p><p> <b>Negative Sentiment Baked In</b></p><p><blockquote><b>负面情绪持续存在</b></blockquote></p><p> Wish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.</p><p><blockquote>Wish 的前两个季度有点令人失望。虽然该公司轻松超出了收入预期，但为了投资物流，该公司烧掉了超过 3 亿美元的现金。然而，更重要的是，MAU 稳步下降，该公司将此归咎于公司在应对今年早些时候面临的物流挑战时不再强调广告和客户获取。</blockquote></p><p> <table>  <tbody>   <tr>    <td>Year</td>    <td>2020</td>    <td>2019</td>    <td>2018</td>   </tr>   <tr>    <td>Revenue</td>    <td>$2.54B</td>    <td>$1.9B</td>    <td>$1.73B</td>   </tr>   <tr>    <td>Gross Profit</td>    <td>$1.59B</td>    <td>$1.46B</td>    <td>$1.45B</td>   </tr>   <tr>    <td><b>Sales and Marketing</b></td>    <td><b>$1.71B (+17%)</b></td>    <td><b>$1.46B (-7%)</b></td>    <td><b>$1.57B</b></td>   </tr>   <tr>    <td>MAUs</td>    <td>107M (+19%)</td>    <td>90M (+10%)</p><p><blockquote><table><tbody><tr><td>年</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>收入</td><td>$254B</td><td>19亿美元</td><td>17.3亿美元</td></tr><tr><td>毛利</td><td>15.9亿美元</td><td>14.6亿美元</td><td>14.5亿美元</td></tr><tr><td><b>销售及市场推广</b></td><td><b>17.1亿美元（+17%）</b></td><td><b>14.6亿美元（-7%）</b></td><td><b>$15.7B</b></td></tr><tr><td>老鼠</td><td>1.07亿（+19%）</td><td>90米（+10%）</td></tr></tbody></table></blockquote></p><p></td>    <td>82M</td>   </tr>   <tr>    <td><b>Active Buyers</b></td>    <td><b>64M (+3%)</b></td>    <td><b>62M (-3%)</b></td>    <td><b>64M</b></td>   </tr>  </tbody> </table> *Growth (Year-over-Year)</p><p><blockquote><td>82米</td><tr><td><b>活跃买家</b></td><td><b>6400万（+3%）</b></td><td><b>6200万（-3%）</b></td><td><b>64米</b></td></tr>*增长（同比）</blockquote></p><p> The largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.</p><p><blockquote>反对 Wish 的最大理由是其高昂的营销费用，占其总收入的 60%，毛利润的 100% 以上。这完全没问题，除非它通过营销来增加活跃买家，但不幸的是，情况并非如此。这是一个危险信号，令人质疑 Wish 商业模式的长期可持续性。然而，该公司的现金流已接近正，并表示如果不是因为大量的营销费用，它已经实现了盈利。也就是说，只要Wish获得新的MAU并通过物流服务增加价值，从长远来看，其营销费用就会得到回报。此外，Wish 的营销费用占总收入的比例已从上一年的 67% 降至 60%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e18c23728274ee708d896923820b282\" tg-width=\"635\" tg-height=\"278\"><span>Source: Wish IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Wish IR</span></p></blockquote></p><p> In terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).</p><p><blockquote>就前景而言，这是该公司本质上强调的。它认为营销费用可以降至 40-45%，从而使 EBITDA 利润率在中点范围内达到 25%。如果它实现这些雄心勃勃的目标（这是很有可能的），其利润率将与 eBay 或 MercadoLibre（纳斯达克股票代码：MELI）相似。无论哪种方式，Wish 的商业模式都并不完美，但在我看来，所有这些担忧都不仅仅体现在其当前的估值中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54029f94c37f301d26e93a11636280e7\" tg-width=\"635\" tg-height=\"470\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> Even after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.</p><p><blockquote>即使在最近一次上涨 +50% 之后，股价仍然远远落后于 Poshmark（纳斯达克股票代码：POSH）、eBay、亚马逊和 (Shopify（纽约证券交易所股票代码：SHOP）) 等同行。Wish 的预计收入超过 30 亿美元，其市销率仅为 1.8 倍，仅为 eBay 当前估值的一半，远低于 Poshmark。目前的估计是，到 2025 年，收入将超过 60 亿美元，自由现金流将达到 10 亿美元，这意味着 Wish 的交易价格仅为自由现金流估计的 7 倍，即销售额的 1 倍。2021年初，其市盈率接近5倍，因此存在估值扩张的潜力。</blockquote></p><p> <b>What about the Lawsuits?</b></p><p><blockquote><b>诉讼呢？</b></blockquote></p><p> Perhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.</p><p><blockquote>也许你已经看过关于集体诉讼的新闻（尤其是在雅虎财经上）。这些诉讼被广泛发布，以提醒投资者在近几个月股价下跌后挽回遭受的损失。当股票在短时间内大幅下跌时，此类诉讼并不罕见，投资者可能不会担心。这些诉讼还包括 CloverHealth（纳斯达克股票代码：CLOV）、Skillz（纽约证券交易所股票代码：SKLZ）、Array Technologies（纳斯达克股票代码：ARRY）等公司。</blockquote></p><p> Short Interest - Still High</p><p><blockquote>空头利息 - 仍然很高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/875b3fdaf74f1ef639b51d77a3aac01f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Fintel</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Fintel</span></p></blockquote></p><p></p><p> Wish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.</p><p><blockquote>Wish 获得了散户投资者的巨大吸引力，因为投资者正在寻找下一次大规模的空头挤压。由于Wish的大部分股票仍被锁定，其确切的空头比率很难估计。根据Seeking Alpha的数据，目前的空头比率仅为7%，但这个数字可能会更高。根据彭博终端数据，上周其空头权益占其股本流通量的百分比约为 48%。Fintel 等其他来源将当前空头交易量固定在 20-30%。现在，很难给出一个准确的估计，但总的来说，大概在这个范围内的某个地方，很多空头评级还有待覆盖。从长远来看，高空头利息可能是一个优势，如果股票开始上涨，就会导致更快的加速。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> I believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.</p><p><blockquote>我相信Wish仍然是电子商务中最被低估的资产之一，其平台上每月拥有超过1亿用户，并连接了来自世界各地的数千家商家。移动购物应用程序仍然是该领域下载量最高的购物应用程序之一，并具有独特的价值主张，这比乍一看更智能。此外，其与 PrestaShop 的最新合作伙伴关系将使超过 300,000 家商家免费获得直接集成，将他们直接连接到 Wish 的商家仪表板，从而进一步推动增长。虽然 Wish 不完善的商业模式存在风险，例如盈利能力滞后，但耐心的投资者可能会获得丰厚的回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4434950-wish-stock-patient-investors-could-soon-see-20-again\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4434950-wish-stock-patient-investors-could-soon-see-20-again","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148768572","content_text":"Summary\n\nWish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.\nWish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.\nWhile accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.\nI believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.\n\nJuSun/iStock via Getty Images\nOverview\nContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.\nIn this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.\nThe Digital Dollar Tree\nWish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.\nFrankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.\n\nNow, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.\nIt is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.\nSource: Sensor Tower\nI also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.\nWish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.\nNegative Sentiment Baked In\nWish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.\n\n\n\nYear\n2020\n2019\n2018\n\n\nRevenue\n$2.54B\n$1.9B\n$1.73B\n\n\nGross Profit\n$1.59B\n$1.46B\n$1.45B\n\n\nSales and Marketing\n$1.71B (+17%)\n$1.46B (-7%)\n$1.57B\n\n\nMAUs\n107M (+19%)\n90M (+10%)\n82M\n\n\nActive Buyers\n64M (+3%)\n62M (-3%)\n64M\n\n\n\n*Growth (Year-over-Year)\nThe largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.\nSource: Wish IR\nIn terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).\nData byYCharts\nEven after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.\nWhat about the Lawsuits?\nPerhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.\nShort Interest - Still High\nSource: Fintel\nWish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.\nThe Bottom Line\nI believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.","news_type":1,"symbols_score_info":{"WISH":0.9}},"isVote":1,"tweetType":1,"viewCount":1577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":129327471,"gmtCreate":1624361020093,"gmtModify":1634007314326,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/01810\">$XIAOMI-W(01810)$</a>$ in&nbsp;[财迷]&nbsp;","listText":"<a href=\"https://laohu8.com/S/01810\">$XIAOMI-W(01810)$</a>$ in&nbsp;[财迷]&nbsp;","text":"$XIAOMI-W(01810)$$ in [财迷]","images":[{"img":"https://static.tigerbbs.com/9aab876140ea4e795f2e31db5a25b6e5","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/129327471","isVote":1,"tweetType":1,"viewCount":1689,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":120704691,"gmtCreate":1624335860713,"gmtModify":1634007594037,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>[财迷]&nbsp;","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>[财迷]&nbsp;","text":"$Apple(AAPL)$[财迷]","images":[{"img":"https://static.tigerbbs.com/17bbfb26c67ad378f170bc5281c86d6b","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120704691","isVote":1,"tweetType":1,"viewCount":1776,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":120477493,"gmtCreate":1624335460512,"gmtModify":1631889015207,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Digital yuan Vs Bitcoin","listText":"Digital yuan Vs Bitcoin","text":"Digital yuan Vs Bitcoin","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120477493","repostId":"2145032768","repostType":4,"isVote":1,"tweetType":1,"viewCount":1031,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120470249,"gmtCreate":1624334955781,"gmtModify":1634007608801,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"LOL money losing company how to progress 🤣","listText":"LOL money losing company how to progress 🤣","text":"LOL money losing company how to progress 🤣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120470249","repostId":"1132601414","repostType":4,"isVote":1,"tweetType":1,"viewCount":892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162504575,"gmtCreate":1624066903097,"gmtModify":1634023310854,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"LOL","listText":"LOL","text":"LOL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162504575","repostId":"2144791267","repostType":4,"isVote":1,"tweetType":1,"viewCount":1057,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166489916,"gmtCreate":1624022537135,"gmtModify":1634023995037,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Added","listText":"Added","text":"Added","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166489916","repostId":"2144775754","repostType":4,"isVote":1,"tweetType":1,"viewCount":715,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166355194,"gmtCreate":1623993345118,"gmtModify":1634024423264,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Yeah😉","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Yeah😉","text":"$Apple(AAPL)$Yeah😉","images":[{"img":"https://static.tigerbbs.com/0444fad51e1095567228cf0f14cc0a10","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/166355194","isVote":1,"tweetType":1,"viewCount":858,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":169724409,"gmtCreate":1623851663701,"gmtModify":1634027084877,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Wishful thinking&nbsp;[笑哭]&nbsp;","listText":"Wishful thinking&nbsp;[笑哭]&nbsp;","text":"Wishful thinking [笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169724409","repostId":"1148768572","repostType":2,"repost":{"id":"1148768572","kind":"news","pubTimestamp":1623822306,"share":"https://www.laohunote.com/m/news/1148768572?lang=zh_CN&edition=full","pubTime":"2021-06-16 13:45","market":"us","language":"en","title":"Wish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish 股票：耐心的投资者可能很快就会再次看到 20 美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148768572","media":"seekingalpha","summary":"Summary\n\nWish (ContextLogic) remains one of the most underappreciated assets within e-commerce tradi","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Wish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.</li>  <li>Wish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.</li>  <li>While accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.</li>  <li>I believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/983667978a1675a8b256d7b0478a876c\" tg-width=\"1536\" tg-height=\"934\" referrerpolicy=\"no-referrer\"><span>JuSun/iStock via Getty Images</span></p><p><blockquote><ul><li>Wish (ContextLogic) 仍然是电子商务交易中最被低估的资产之一，远期销售额仅为 1.3 倍。</li><li>Wish与PrestaShop的最新合作伙伴关系将进一步加速国际扩张和增长计划。</li><li>虽然由于其大部分流通量仍被锁定，因此很难找到有关其空头权益的准确数据，但我估计空头权益在 30-40% 之间。</li><li>我认为，包括高营销支出和停滞不前的用户数量在内的熊市论点已经在当前的股价中形成。</li></ul><p class=\"t-img-caption\"><span>JuSun/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> ContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.</p><p><blockquote>ContextLogic (WISH) 对股东来说是一次疯狂的旅程，因为最近几周高波动性继续导致价格大幅波动。该电子商务平台最初于 12 月以每股 20 美元的价格上市，但由于势头驱动的反弹，2 月份股价飙升至 32 美元的历史新高。尽管如此，此后股价一直在稳步暴跌，6 月份触及 7 美元的历史低点，但在零售交易行业兴趣增加后，股价现在正在迅速复苏。在这里，该股因其高波动性、短期利息和巨大的上涨潜力而受到青睐。</blockquote></p><p> In this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.</p><p><blockquote>在这种背景下，我认为高空头利息越来越多地将股价推至公允价值以下，耐心的投资者可能很快就会再次看到 20 美元或更高，因为该公司正在克服物流挑战，并将很快恢复规模经济。在这方面，电子商务平台具有独特的价值主张，并处于有利地位，可以在6万亿美元的电子商务行业中获得市场份额。</blockquote></p><p> <b>The Digital Dollar Tree</b></p><p><blockquote><b>数字美元树</b></blockquote></p><p> Wish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.</p><p><blockquote>Wish 作为一个电子商务平台受到了严厉批评，我几乎可以说，迄今为止，它作为中国商家第三方“直运”网站的形象让投资者远离了该股票。然而，这可能只是部分正确。从本质上讲，Wish 通过低价（低质量）产品和可能导致长达数周的缓慢交货时间颠覆了亚马逊（纳斯达克股票代码：AMZN）的商业模式。这是因为Wish不处理运输本身，这就是为什么它可以提供这些超低的价格，以2美元加2美元的运费提供一件连帽衫。</blockquote></p><p> Frankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.</p><p><blockquote>坦率地说，Wish仍然依赖中国商家，占其产品目录的大部分。考虑到大多数商品都是在中国生产的，因为生产成本是世界上最低的之一，这并不奇怪。亚马逊或 eBay（纳斯达克股票代码：eBay）上销售的大多数商品也是在中国生产的，尽管由于一日送达运输计划或更高的价格，它们获得了更高的知名度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2bea733440e86851af57559c6a5fd6bd\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Now, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.</p><p><blockquote>现在，我把Wish看作是数字美元树，网上购物者可以在这里发现他们想要的而不是需要的商品。在这个过程中，客户对产品有了更多的耐心，愿意等待更长时间才能到货。随着其平台越来越受欢迎，Wish正在努力解决这两个问题（质量和商家多元化）。在这里，它一直在投资物流以提供更快的交付速度，物流收入同比增长 275% 就证明了这一点。由于这些收入提供的利润率较低，其整体毛利率也相应下降。然而，一旦该领域实现规模经济，利润率增长应该会逆转并回落至 70%。</blockquote></p><p> It is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.</p><p><blockquote>它还通过不断扩大其国际商户基础来解决第二个问题。在这里，美国商家同比增长超过400%，其他国家也有类似的趋势。此外，它正在发展Wish Local，这是一项将本地企业连接到平台的服务，占所有Wish订单的7%。Wish local主要（或只）在美国有售，因此越来越多地与网站上的其他产品混合使用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eb88453d075db6b7b8edd21f981b4a\" tg-width=\"640\" tg-height=\"381\"><span>Source: Sensor Tower</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：传感器塔</span></p></blockquote></p><p> I also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.</p><p><blockquote>我也喜欢Wish通过利用人工智能匹配系统来吸引和留住用户的策略，该系统优化了平台增长、用户体验和商家投资回报。创建交互式移动购物体验的策略似乎运行良好：令人印象深刻的是，Wish每天从用户那里获得超过50万条评论，在这方面甚至超过了亚马逊和其他购物网站，这表明了该平台的吸引力。大约80%的首次购物者会再次购买。</blockquote></p><p></p><p> Wish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.</p><p><blockquote>因此，Wish能够在竞争激烈的电子商务市场中立足，为增长提供了巨大的跑道。目前，约40%的电子商务市场份额仅由亚马逊拥有。与亚马逊相比，其 TAM 可能有限，因为它专注于低收入市场，这也是它最初流行的原因。尽管如此，这仍然代表着 Wish 可以利用的价值 3 万亿美元的市场机会。还值得注意的是，据toreports报道，亚马逊试图以100亿美元收购Wish，但Wish拒绝了，认为将业务年销售额增长到1000亿美元，届时其估值将明显更高。</blockquote></p><p> <b>Negative Sentiment Baked In</b></p><p><blockquote><b>负面情绪持续存在</b></blockquote></p><p> Wish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.</p><p><blockquote>Wish 的前两个季度有点令人失望。虽然该公司轻松超出了收入预期，但为了投资物流，该公司烧掉了超过 3 亿美元的现金。然而，更重要的是，MAU 稳步下降，该公司将此归咎于公司在应对今年早些时候面临的物流挑战时不再强调广告和客户获取。</blockquote></p><p> <table>  <tbody>   <tr>    <td>Year</td>    <td>2020</td>    <td>2019</td>    <td>2018</td>   </tr>   <tr>    <td>Revenue</td>    <td>$2.54B</td>    <td>$1.9B</td>    <td>$1.73B</td>   </tr>   <tr>    <td>Gross Profit</td>    <td>$1.59B</td>    <td>$1.46B</td>    <td>$1.45B</td>   </tr>   <tr>    <td><b>Sales and Marketing</b></td>    <td><b>$1.71B (+17%)</b></td>    <td><b>$1.46B (-7%)</b></td>    <td><b>$1.57B</b></td>   </tr>   <tr>    <td>MAUs</td>    <td>107M (+19%)</td>    <td>90M (+10%)</p><p><blockquote><table><tbody><tr><td>年</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>收入</td><td>$254B</td><td>19亿美元</td><td>17.3亿美元</td></tr><tr><td>毛利</td><td>15.9亿美元</td><td>14.6亿美元</td><td>14.5亿美元</td></tr><tr><td><b>销售及市场推广</b></td><td><b>17.1亿美元（+17%）</b></td><td><b>14.6亿美元（-7%）</b></td><td><b>$15.7B</b></td></tr><tr><td>老鼠</td><td>1.07亿（+19%）</td><td>90米（+10%）</td></tr></tbody></table></blockquote></p><p></td>    <td>82M</td>   </tr>   <tr>    <td><b>Active Buyers</b></td>    <td><b>64M (+3%)</b></td>    <td><b>62M (-3%)</b></td>    <td><b>64M</b></td>   </tr>  </tbody> </table> *Growth (Year-over-Year)</p><p><blockquote><td>82米</td><tr><td><b>活跃买家</b></td><td><b>6400万（+3%）</b></td><td><b>6200万（-3%）</b></td><td><b>64米</b></td></tr>*增长（同比）</blockquote></p><p> The largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.</p><p><blockquote>反对 Wish 的最大理由是其高昂的营销费用，占其总收入的 60%，毛利润的 100% 以上。这完全没问题，除非它通过营销来增加活跃买家，但不幸的是，情况并非如此。这是一个危险信号，令人质疑 Wish 商业模式的长期可持续性。然而，该公司的现金流已接近正，并表示如果不是因为大量的营销费用，它已经实现了盈利。也就是说，只要Wish获得新的MAU并通过物流服务增加价值，从长远来看，其营销费用就会得到回报。此外，Wish 的营销费用占总收入的比例已从上一年的 67% 降至 60%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e18c23728274ee708d896923820b282\" tg-width=\"635\" tg-height=\"278\"><span>Source: Wish IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Wish IR</span></p></blockquote></p><p> In terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).</p><p><blockquote>就前景而言，这是该公司本质上强调的。它认为营销费用可以降至 40-45%，从而使 EBITDA 利润率在中点范围内达到 25%。如果它实现这些雄心勃勃的目标（这是很有可能的），其利润率将与 eBay 或 MercadoLibre（纳斯达克股票代码：MELI）相似。无论哪种方式，Wish 的商业模式都并不完美，但在我看来，所有这些担忧都不仅仅体现在其当前的估值中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54029f94c37f301d26e93a11636280e7\" tg-width=\"635\" tg-height=\"470\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> Even after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.</p><p><blockquote>即使在最近一次上涨 +50% 之后，股价仍然远远落后于 Poshmark（纳斯达克股票代码：POSH）、eBay、亚马逊和 (Shopify（纽约证券交易所股票代码：SHOP）) 等同行。Wish 的预计收入超过 30 亿美元，其市销率仅为 1.8 倍，仅为 eBay 当前估值的一半，远低于 Poshmark。目前的估计是，到 2025 年，收入将超过 60 亿美元，自由现金流将达到 10 亿美元，这意味着 Wish 的交易价格仅为自由现金流估计的 7 倍，即销售额的 1 倍。2021年初，其市盈率接近5倍，因此存在估值扩张的潜力。</blockquote></p><p> <b>What about the Lawsuits?</b></p><p><blockquote><b>诉讼呢？</b></blockquote></p><p> Perhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.</p><p><blockquote>也许你已经看过关于集体诉讼的新闻（尤其是在雅虎财经上）。这些诉讼被广泛发布，以提醒投资者在近几个月股价下跌后挽回遭受的损失。当股票在短时间内大幅下跌时，此类诉讼并不罕见，投资者可能不会担心。这些诉讼还包括 CloverHealth（纳斯达克股票代码：CLOV）、Skillz（纽约证券交易所股票代码：SKLZ）、Array Technologies（纳斯达克股票代码：ARRY）等公司。</blockquote></p><p> Short Interest - Still High</p><p><blockquote>空头利息 - 仍然很高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/875b3fdaf74f1ef639b51d77a3aac01f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Fintel</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Fintel</span></p></blockquote></p><p></p><p> Wish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.</p><p><blockquote>Wish 获得了散户投资者的巨大吸引力，因为投资者正在寻找下一次大规模的空头挤压。由于Wish的大部分股票仍被锁定，其确切的空头比率很难估计。根据Seeking Alpha的数据，目前的空头比率仅为7%，但这个数字可能会更高。根据彭博终端数据，上周其空头权益占其股本流通量的百分比约为 48%。Fintel 等其他来源将当前空头交易量固定在 20-30%。现在，很难给出一个准确的估计，但总的来说，大概在这个范围内的某个地方，很多空头评级还有待覆盖。从长远来看，高空头利息可能是一个优势，如果股票开始上涨，就会导致更快的加速。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> I believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.</p><p><blockquote>我相信Wish仍然是电子商务中最被低估的资产之一，其平台上每月拥有超过1亿用户，并连接了来自世界各地的数千家商家。移动购物应用程序仍然是该领域下载量最高的购物应用程序之一，并具有独特的价值主张，这比乍一看更智能。此外，其与 PrestaShop 的最新合作伙伴关系将使超过 300,000 家商家免费获得直接集成，将他们直接连接到 Wish 的商家仪表板，从而进一步推动增长。虽然 Wish 不完善的商业模式存在风险，例如盈利能力滞后，但耐心的投资者可能会获得丰厚的回报。</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>Wish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish 股票：耐心的投资者可能很快就会再次看到 20 美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWish Stock: Patient Investors Could Soon See $20 Again<blockquote>Wish 股票：耐心的投资者可能很快就会再次看到 20 美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-16 13:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Wish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.</li>  <li>Wish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.</li>  <li>While accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.</li>  <li>I believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/983667978a1675a8b256d7b0478a876c\" tg-width=\"1536\" tg-height=\"934\" referrerpolicy=\"no-referrer\"><span>JuSun/iStock via Getty Images</span></p><p><blockquote><ul><li>Wish (ContextLogic) 仍然是电子商务交易中最被低估的资产之一，远期销售额仅为 1.3 倍。</li><li>Wish与PrestaShop的最新合作伙伴关系将进一步加速国际扩张和增长计划。</li><li>虽然由于其大部分流通量仍被锁定，因此很难找到有关其空头权益的准确数据，但我估计空头权益在 30-40% 之间。</li><li>我认为，包括高营销支出和停滞不前的用户数量在内的熊市论点已经在当前的股价中形成。</li></ul><p class=\"t-img-caption\"><span>JuSun/iStock 来自盖蒂图片社</span></p></blockquote></p><p> <b>Overview</b></p><p><blockquote><b>概述</b></blockquote></p><p> ContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.</p><p><blockquote>ContextLogic (WISH) 对股东来说是一次疯狂的旅程，因为最近几周高波动性继续导致价格大幅波动。该电子商务平台最初于 12 月以每股 20 美元的价格上市，但由于势头驱动的反弹，2 月份股价飙升至 32 美元的历史新高。尽管如此，此后股价一直在稳步暴跌，6 月份触及 7 美元的历史低点，但在零售交易行业兴趣增加后，股价现在正在迅速复苏。在这里，该股因其高波动性、短期利息和巨大的上涨潜力而受到青睐。</blockquote></p><p> In this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.</p><p><blockquote>在这种背景下，我认为高空头利息越来越多地将股价推至公允价值以下，耐心的投资者可能很快就会再次看到 20 美元或更高，因为该公司正在克服物流挑战，并将很快恢复规模经济。在这方面，电子商务平台具有独特的价值主张，并处于有利地位，可以在6万亿美元的电子商务行业中获得市场份额。</blockquote></p><p> <b>The Digital Dollar Tree</b></p><p><blockquote><b>数字美元树</b></blockquote></p><p> Wish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.</p><p><blockquote>Wish 作为一个电子商务平台受到了严厉批评，我几乎可以说，迄今为止，它作为中国商家第三方“直运”网站的形象让投资者远离了该股票。然而，这可能只是部分正确。从本质上讲，Wish 通过低价（低质量）产品和可能导致长达数周的缓慢交货时间颠覆了亚马逊（纳斯达克股票代码：AMZN）的商业模式。这是因为Wish不处理运输本身，这就是为什么它可以提供这些超低的价格，以2美元加2美元的运费提供一件连帽衫。</blockquote></p><p> Frankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.</p><p><blockquote>坦率地说，Wish仍然依赖中国商家，占其产品目录的大部分。考虑到大多数商品都是在中国生产的，因为生产成本是世界上最低的之一，这并不奇怪。亚马逊或 eBay（纳斯达克股票代码：eBay）上销售的大多数商品也是在中国生产的，尽管由于一日送达运输计划或更高的价格，它们获得了更高的知名度。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/2bea733440e86851af57559c6a5fd6bd\" tg-width=\"640\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Now, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.</p><p><blockquote>现在，我把Wish看作是数字美元树，网上购物者可以在这里发现他们想要的而不是需要的商品。在这个过程中，客户对产品有了更多的耐心，愿意等待更长时间才能到货。随着其平台越来越受欢迎，Wish正在努力解决这两个问题（质量和商家多元化）。在这里，它一直在投资物流以提供更快的交付速度，物流收入同比增长 275% 就证明了这一点。由于这些收入提供的利润率较低，其整体毛利率也相应下降。然而，一旦该领域实现规模经济，利润率增长应该会逆转并回落至 70%。</blockquote></p><p> It is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.</p><p><blockquote>它还通过不断扩大其国际商户基础来解决第二个问题。在这里，美国商家同比增长超过400%，其他国家也有类似的趋势。此外，它正在发展Wish Local，这是一项将本地企业连接到平台的服务，占所有Wish订单的7%。Wish local主要（或只）在美国有售，因此越来越多地与网站上的其他产品混合使用。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/09eb88453d075db6b7b8edd21f981b4a\" tg-width=\"640\" tg-height=\"381\"><span>Source: Sensor Tower</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：传感器塔</span></p></blockquote></p><p> I also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.</p><p><blockquote>我也喜欢Wish通过利用人工智能匹配系统来吸引和留住用户的策略，该系统优化了平台增长、用户体验和商家投资回报。创建交互式移动购物体验的策略似乎运行良好：令人印象深刻的是，Wish每天从用户那里获得超过50万条评论，在这方面甚至超过了亚马逊和其他购物网站，这表明了该平台的吸引力。大约80%的首次购物者会再次购买。</blockquote></p><p></p><p> Wish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.</p><p><blockquote>因此，Wish能够在竞争激烈的电子商务市场中立足，为增长提供了巨大的跑道。目前，约40%的电子商务市场份额仅由亚马逊拥有。与亚马逊相比，其 TAM 可能有限，因为它专注于低收入市场，这也是它最初流行的原因。尽管如此，这仍然代表着 Wish 可以利用的价值 3 万亿美元的市场机会。还值得注意的是，据toreports报道，亚马逊试图以100亿美元收购Wish，但Wish拒绝了，认为将业务年销售额增长到1000亿美元，届时其估值将明显更高。</blockquote></p><p> <b>Negative Sentiment Baked In</b></p><p><blockquote><b>负面情绪持续存在</b></blockquote></p><p> Wish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.</p><p><blockquote>Wish 的前两个季度有点令人失望。虽然该公司轻松超出了收入预期，但为了投资物流，该公司烧掉了超过 3 亿美元的现金。然而，更重要的是，MAU 稳步下降，该公司将此归咎于公司在应对今年早些时候面临的物流挑战时不再强调广告和客户获取。</blockquote></p><p> <table>  <tbody>   <tr>    <td>Year</td>    <td>2020</td>    <td>2019</td>    <td>2018</td>   </tr>   <tr>    <td>Revenue</td>    <td>$2.54B</td>    <td>$1.9B</td>    <td>$1.73B</td>   </tr>   <tr>    <td>Gross Profit</td>    <td>$1.59B</td>    <td>$1.46B</td>    <td>$1.45B</td>   </tr>   <tr>    <td><b>Sales and Marketing</b></td>    <td><b>$1.71B (+17%)</b></td>    <td><b>$1.46B (-7%)</b></td>    <td><b>$1.57B</b></td>   </tr>   <tr>    <td>MAUs</td>    <td>107M (+19%)</td>    <td>90M (+10%)</p><p><blockquote><table><tbody><tr><td>年</td><td>2020</td><td>2019</td><td>2018</td></tr><tr><td>收入</td><td>$254B</td><td>19亿美元</td><td>17.3亿美元</td></tr><tr><td>毛利</td><td>15.9亿美元</td><td>14.6亿美元</td><td>14.5亿美元</td></tr><tr><td><b>销售及市场推广</b></td><td><b>17.1亿美元（+17%）</b></td><td><b>14.6亿美元（-7%）</b></td><td><b>$15.7B</b></td></tr><tr><td>老鼠</td><td>1.07亿（+19%）</td><td>90米（+10%）</td></tr></tbody></table></blockquote></p><p></td>    <td>82M</td>   </tr>   <tr>    <td><b>Active Buyers</b></td>    <td><b>64M (+3%)</b></td>    <td><b>62M (-3%)</b></td>    <td><b>64M</b></td>   </tr>  </tbody> </table> *Growth (Year-over-Year)</p><p><blockquote><td>82米</td><tr><td><b>活跃买家</b></td><td><b>6400万（+3%）</b></td><td><b>6200万（-3%）</b></td><td><b>64米</b></td></tr>*增长（同比）</blockquote></p><p> The largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.</p><p><blockquote>反对 Wish 的最大理由是其高昂的营销费用，占其总收入的 60%，毛利润的 100% 以上。这完全没问题，除非它通过营销来增加活跃买家，但不幸的是，情况并非如此。这是一个危险信号，令人质疑 Wish 商业模式的长期可持续性。然而，该公司的现金流已接近正，并表示如果不是因为大量的营销费用，它已经实现了盈利。也就是说，只要Wish获得新的MAU并通过物流服务增加价值，从长远来看，其营销费用就会得到回报。此外，Wish 的营销费用占总收入的比例已从上一年的 67% 降至 60%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e18c23728274ee708d896923820b282\" tg-width=\"635\" tg-height=\"278\"><span>Source: Wish IR</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Wish IR</span></p></blockquote></p><p> In terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).</p><p><blockquote>就前景而言，这是该公司本质上强调的。它认为营销费用可以降至 40-45%，从而使 EBITDA 利润率在中点范围内达到 25%。如果它实现这些雄心勃勃的目标（这是很有可能的），其利润率将与 eBay 或 MercadoLibre（纳斯达克股票代码：MELI）相似。无论哪种方式，Wish 的商业模式都并不完美，但在我看来，所有这些担忧都不仅仅体现在其当前的估值中。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/54029f94c37f301d26e93a11636280e7\" tg-width=\"635\" tg-height=\"470\"><span>Data byYCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据来源：YCharts</span></p></blockquote></p><p> Even after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.</p><p><blockquote>即使在最近一次上涨 +50% 之后，股价仍然远远落后于 Poshmark（纳斯达克股票代码：POSH）、eBay、亚马逊和 (Shopify（纽约证券交易所股票代码：SHOP）) 等同行。Wish 的预计收入超过 30 亿美元，其市销率仅为 1.8 倍，仅为 eBay 当前估值的一半，远低于 Poshmark。目前的估计是，到 2025 年，收入将超过 60 亿美元，自由现金流将达到 10 亿美元，这意味着 Wish 的交易价格仅为自由现金流估计的 7 倍，即销售额的 1 倍。2021年初，其市盈率接近5倍，因此存在估值扩张的潜力。</blockquote></p><p> <b>What about the Lawsuits?</b></p><p><blockquote><b>诉讼呢？</b></blockquote></p><p> Perhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.</p><p><blockquote>也许你已经看过关于集体诉讼的新闻（尤其是在雅虎财经上）。这些诉讼被广泛发布，以提醒投资者在近几个月股价下跌后挽回遭受的损失。当股票在短时间内大幅下跌时，此类诉讼并不罕见，投资者可能不会担心。这些诉讼还包括 CloverHealth（纳斯达克股票代码：CLOV）、Skillz（纽约证券交易所股票代码：SKLZ）、Array Technologies（纳斯达克股票代码：ARRY）等公司。</blockquote></p><p> Short Interest - Still High</p><p><blockquote>空头利息 - 仍然很高</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/875b3fdaf74f1ef639b51d77a3aac01f\" tg-width=\"640\" tg-height=\"360\"><span>Source: Fintel</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Fintel</span></p></blockquote></p><p></p><p> Wish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.</p><p><blockquote>Wish 获得了散户投资者的巨大吸引力，因为投资者正在寻找下一次大规模的空头挤压。由于Wish的大部分股票仍被锁定，其确切的空头比率很难估计。根据Seeking Alpha的数据，目前的空头比率仅为7%，但这个数字可能会更高。根据彭博终端数据，上周其空头权益占其股本流通量的百分比约为 48%。Fintel 等其他来源将当前空头交易量固定在 20-30%。现在，很难给出一个准确的估计，但总的来说，大概在这个范围内的某个地方，很多空头评级还有待覆盖。从长远来看，高空头利息可能是一个优势，如果股票开始上涨，就会导致更快的加速。</blockquote></p><p> <b>The Bottom Line</b></p><p><blockquote><b>底线</b></blockquote></p><p> I believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.</p><p><blockquote>我相信Wish仍然是电子商务中最被低估的资产之一，其平台上每月拥有超过1亿用户，并连接了来自世界各地的数千家商家。移动购物应用程序仍然是该领域下载量最高的购物应用程序之一，并具有独特的价值主张，这比乍一看更智能。此外，其与 PrestaShop 的最新合作伙伴关系将使超过 300,000 家商家免费获得直接集成，将他们直接连接到 Wish 的商家仪表板，从而进一步推动增长。虽然 Wish 不完善的商业模式存在风险，例如盈利能力滞后，但耐心的投资者可能会获得丰厚的回报。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4434950-wish-stock-patient-investors-could-soon-see-20-again\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/article/4434950-wish-stock-patient-investors-could-soon-see-20-again","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148768572","content_text":"Summary\n\nWish (ContextLogic) remains one of the most underappreciated assets within e-commerce trading at just 1.3x forward EV to Sales.\nWish's latest partnership with PrestaShop will further accelerate international expansion and growth initiatives.\nWhile accurate data regarding its short interest is difficult to find as most of its float is still locked up, I estimate a short interest between 30-40%.\nI believe bear arguments including high marketing spend and stalling user numbers are already baked in the current share price.\n\nJuSun/iStock via Getty Images\nOverview\nContextLogic (WISH) has been a wild ride for shareholders, as high volatility continues to cause significant price movements in recent weeks. The e-commerce platform initially went public in December at $20 per share before surging to an all-time high of $32 in February due to a momentum-driven rally. That said, shares have steadily plunged ever since, hitting an all-time low of just $7 in June, but are now recovering swiftly after increased interest from the retail trading sector. Here, the stock is favored due to its high volatility, short interest, and enormous upside potential.\nIn this context, I believe that the high short interest has increasingly pushed shares below fair value and that patient investors could soon see $20 or more again as the company is working through logistic challenges and will soon return to economies of scale. In this regard, the e-commerce platform has a unique value proposition and is well-positioned to gain market share in a $6 trillion e-commerce industry.\nThe Digital Dollar Tree\nWish has been criticized heavily as an e-commerce platform, and I would almost argue that its image of being a third-party 'dropshipping' site for Chinese merchants has kept investors away from the stock so far. However, this may only be partially true. Essentially, Wish has inverted Amazon's(NASDAQ:AMZN)business model through low-priced (low-quality) products and sluggish delivery times that may lead to week-long delivery times. This is because Wish does not handle shipping itself, which is why it can offer these ultra-low prices of offering a hoodie for $2 plus $2 shipping.\nFrankly, Wish is still dependent on Chinese merchants, accounting for most of its product catalogs. This is unsurprising, considering that most goods are produced in China as the production costs are among the lowest in the world. Most of the goods being sold on Amazon or eBay(NASDAQ:EBAY)were also produced in China, although they earn a higher perception due to one-day delivery shipping programs or higher prices.\n\nNow, I view Wish as the digital dollar tree, where online shoppers discover items that they want, not need. In the process, customers have more patience for products and are willing to wait longer for them to arrive. Wish is working towards addressing both of these issues (quality and merchant diversification) as its platform is gaining popularity. Here, it has been investing in logistics to offer quicker delivery, demonstrated by a 275% YoY increase in logistics revenue. Since these revenues provide low margins, its overall gross margins have decreased in accordance. However, once it achieves economies of scale in the segment, margin growth should reverse and trail back towards 70%.\nIt is also addressing the second issue by continuously growing its international merchant base. Here, U.S. merchants increased by over 400% YoY, and a similar trend is to be seen in other countries. Moreover, it is growing Wish Local, a service connecting local businesses to the platform, accounting for 7% of all Wish orders. Wish local is mostly (or exclusively) available in the United States and thus increasingly mixes with other products on the website.\nSource: Sensor Tower\nI also like Wish's strategy to engage and retain users by utilizing an AI matching system that optimizes platform growth, user experience, and merchant return on investment. The strategy to create an interactive mobile shopping experience appears to be working well: Impressively, Wish gets over500,000reviews per day from users, surpassing even Amazon and other shopping sites in this regard, demonstrating just about how engaging the platform is. Around 80% of first-time shoppersreturnto buy again.\nWish is, therefore, able to establish itself in the highly competitive E-commerce market that offers a tremendous runway for growth. Currently, around 40% of the E-commerce market share is owned just by Amazon. Compared to Amazon, its TAM may be limited as it concentrates on its lower-income niche, which is how it became popular in the first place. Still, this represents a +$3 trillion market opportunity for Wish to tap into. It is also worth noting that according toreports, Amazon tried to acquire Wish for $10 billion, yet Wish rejected, believing growing the business to $100 billion in annual sales, at which point it would be valued significantly higher.\nNegative Sentiment Baked In\nWish's first two quarters have been slightly disappointing. While the company handily beat revenue estimates, the company burned through over $300 million in cash in order to invest in logistics. More importantly, however, is the fact that MAUs have dropped steadily, which the company blames on de-de-emphasizing advertising and customer acquisition as the company worked through logistics challenges it faced earlier in the year.\n\n\n\nYear\n2020\n2019\n2018\n\n\nRevenue\n$2.54B\n$1.9B\n$1.73B\n\n\nGross Profit\n$1.59B\n$1.46B\n$1.45B\n\n\nSales and Marketing\n$1.71B (+17%)\n$1.46B (-7%)\n$1.57B\n\n\nMAUs\n107M (+19%)\n90M (+10%)\n82M\n\n\nActive Buyers\n64M (+3%)\n62M (-3%)\n64M\n\n\n\n*Growth (Year-over-Year)\nThe largest bear argument against Wish is its high marketing expenses, which account for 60% of its total revenues and over 100% of its gross profits. This is totally fine unless it grows its active buyers through marketing, which unfortunately has not been the case. This is a red flag and questions the long-term sustainability of Wish's business model. However, the company has been close to being cash flow positive, and it stated it already would be profitable if it weren't for its extensive marketing expense. That said, as long as Wish acquires new MAUs and increases value through logistic services, its marketing expenses pay off in the long run. Moreover, as a percentage of total revenues, Wish's marketing expenses have dropped to 60%, down from 67% in the year prior.\nSource: Wish IR\nIn terms of the outlook, this is what the company is essentially stressing. It believes marketing expenses can decrease to 40-45%, leading to EBITDA margins of 25% at the midpoint range. If it achieves these ambitious goals (which is very well possible), its profitability margins would be similar to those of eBay or MercadoLibre(NASDAQ:MELI). In either way, Wish's business model is not perfect, but all these concerns are more than baked in its current valuation, IMO (In My Opinion).\nData byYCharts\nEven after the latest +50% rise, shares are still trailing far behind peers such as Poshmark(NASDAQ:POSH), eBay, Amazon, and (Shopify(NYSE:SHOP)). At over $3 billion estimated revenues, Wish is trading at just 1.8x Price to Sales, just half of eBay's current valuation and much lower than Poshmark. Current estimates are calling for over $6 billion in revenues by 2025 and $1 billion in free cash flow, meaning that Wish trades at just 7x free cash flow estimates, or 1 times sales. In early 2021, its P/S ratio stood closer to 5x, so there is potential for a valuation expansion.\nWhat about the Lawsuits?\nPerhaps you've seen the news (especially on Yahoo Finance) regarding the class actionlawsuits. These lawsuits are extensively posted to remind investors of recovering incurred losses after its share price dropped in recent months. Such lawsuits are not unusual when stocks drop sharply in a short period of time and are likely of no concern to investors. These lawsuits have also included companies such asCloverHealth(NASDAQ:CLOV), Skillz(NYSE:SKLZ), Array Technologies(NASDAQ:ARRY), etc.\nShort Interest - Still High\nSource: Fintel\nWish has gained significant attraction from retail investors, as investors were looking for the next big short squeeze. Since most of Wish's shares have still been locked up, its exact short ratio was difficult to estimate. According to Seeking Alpha, the current short ratio stands at just 7%, but the figure is likely higher. Last week, its short interest as a percent of its equity float stood at roughly 48%, according to Bloomberg Terminal data. Other sources such as Fintel pin the current short volume at 20-30%. Now, it's difficult to give an exact estimate, but generally speaking, it's probably somewhere within this range, and many short calls are still to be covered. In the long term, the high-short interest could be an advantage, leading to a quicker acceleration if the stock begins trending upwards.\nThe Bottom Line\nI believe that Wish remains one of the most underappreciated assets within e-commerce, boasting over 100 million monthly users on its platform and connecting thousands of merchants from all over the world. The mobile shopping app continues to be one of the top downloaded shopping apps in the space and has a unique value proposition, which is smarter than it appears at first sight. Moreover, its latestpartnershipwith PrestaShop will give over 300,000 merchants free access to a direct integration that connects them directly to Wish's merchant dashboard, further driving growth. While there are risks to Wish's imperfect business model, such as lagging profitability, patient investors could be rewarded mightily.","news_type":1,"symbols_score_info":{"WISH":0.9}},"isVote":1,"tweetType":1,"viewCount":1110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":187204616,"gmtCreate":1623754322335,"gmtModify":1634028992803,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Pfizer never wrong","listText":"Pfizer never wrong","text":"Pfizer never wrong","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/187204616","repostId":"1167457915","repostType":4,"repost":{"id":"1167457915","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1623750756,"share":"https://www.laohunote.com/m/news/1167457915?lang=zh_CN&edition=full","pubTime":"2021-06-15 17:52","market":"us","language":"en","title":"Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167457915","media":"Benzinga Earnings","summary":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announ","content":"<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</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>Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</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\">\nNovavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-15 17:52</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞","NVAX":"诺瓦瓦克斯医药","MRNA":"Moderna, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167457915","content_text":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.\nHere's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namelyPfizer Inc.PFE 0.05%-BioNTech SEBNTXandModerna, Inc.MRNA, both of which have authorized vaccines in the market.\nVaccine Type: Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.\nThe Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.\nThis spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.\nNovavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.\nThe Vaccine Doses: The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.\nThe interval between the two doses — the priming and booster dose — is 21 days each for Pfizer and Novavax and 28 days for Moderna.\nThe Target Population: The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants ages 16 years and older. The trial enrolled 43,448 participants.\nModerna'sPhase 3 COVE study enrolled 30,000 participants ages 18 years and up.\nSince then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.\nBothcompanieshave also initiated studies in the pediatric population.\nNovavax's study enrolled 29,960 participants 18 years of age and older across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.\nVaccine Logistics: Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.\nPreviously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.\nNVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.\nVaccine Efficacy: Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.\nThe vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.\nModerna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.\nNovavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.\nAgainst variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.\nOverall efficacy was 90.4%, meeting the primary endpoint.\nCantor Fitzgerald On Novavax's Vaccine:A differentiating factor for NVX-2373 is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.\n\"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.\nShowing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.\nThis profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.\nVaccine Safety Data:Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.\nFor Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.\nPreliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.\nIn assessing reactogenicity seven days after dose one and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.","news_type":1,"symbols_score_info":{"NVAX":0.9,"MRNA":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":796,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":856388643,"gmtCreate":1635151134529,"gmtModify":1635151317137,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Next news update will be P bought over P and it went up 15% premarket 🤣","listText":"Next news update will be P bought over P and it went up 15% premarket 🤣","text":"Next news update will be P bought over P and it went up 15% premarket 🤣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/856388643","repostId":"1193102815","repostType":4,"isVote":1,"tweetType":1,"viewCount":2605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":852306116,"gmtCreate":1635238712035,"gmtModify":1635238712116,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"🚀🐅","listText":"🚀🐅","text":"🚀🐅","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/852306116","repostId":"1134836974","repostType":2,"repost":{"id":"1134836974","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":1635235567,"share":"https://www.laohunote.com/m/news/1134836974?lang=zh_CN&edition=full","pubTime":"2021-10-26 16:06","market":"us","language":"en","title":"UP Fintech Holding Limited Receives Approval from SFC of Acquisition of Ocean Joy Securities Limited<blockquote>老虎证券控股有限公司收购远洋证券有限公司获证监会批准</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1134836974","media":"Tiger Newspress","summary":"BEIJING, Oct. 26, 2021 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” o","content":"<p>BEIJING, Oct. 26, 2021 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced that it has received approval from The Hong Kong Securities and Futures Commission (\"SFC\") to complete the acquisition of Ocean Joy Securities Limited (\"OJSL\"), a firm licensed with the SFC for Type I (Dealing in Securities) and Type II (Dealing in Futures Contracts) regulated activities.</p><p><blockquote>北京， 2021 年 10 月 26 日 （环球通讯社） -- 专注于全球投资者的领先在线经纪公司老虎证券控股有限公司（纳斯达克代码：TIGR）（“老虎证券”或“公司”）今日宣布，已获得香港证券及期货事务监察委员会（“证监会”）批准，完成对海洋愉悦证券有限公司（“海洋愉悦证券”）的收购，海洋愉悦证券有限公司是一家获得证监会牌照的公司，可从事第一类（证券交易）和第二类（期货合约交易）受规管活动。</blockquote></p><p> The Company expects to complete the acquisition and, upon completion, expects to start to operate its brokerage business in Hong Kong.</p><p><blockquote>本公司预期完成收购事项，并预期于完成后开始于香港经营其经纪业务。</blockquote></p><p> About UP Fintech Holding Limited</p><p><blockquote>关于老虎证券控股有限公司</blockquote></p><p> UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.</p><p><blockquote>老虎证券控股有限公司是一家专注于全球投资者的领先在线经纪公司。该公司专有的移动和在线交易平台使投资者能够在全球多个交易所交易股票和其他金融工具。本公司透过「移动优先」策略，为客户提供创新的产品及服务，以及卓越的用户体验，使其能够更好地服务及留住现有客户，并吸引新客户。该公司为客户提供全面的经纪和增值服务，包括交易订单下达和执行、保证金融资、首次公开募股认购、员工持股计划管理、投资者教育、社区讨论和客户支持。公司的专有基础设施和先进技术能够支持跨多种货币、多个市场、多种产品、多个执行场所和多个清算所的交易。</blockquote></p><p> For more information on the Company, please visit：<a href=\"https://ir.itiger.com\" target=\"_blank\">https://ir.itiger.com</a></p><p><blockquote>有关公司的更多信息，请访问：<a href=\"https://ir.itiger.com\" target=\"_blank\">https://ir.itiger.com</a></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>UP Fintech Holding Limited Receives Approval from SFC of Acquisition of Ocean Joy Securities Limited<blockquote>老虎证券控股有限公司收购远洋证券有限公司获证监会批准</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUP Fintech Holding Limited Receives Approval from SFC of Acquisition of Ocean Joy Securities Limited<blockquote>老虎证券控股有限公司收购远洋证券有限公司获证监会批准</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\">2021-10-26 16:06</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>BEIJING, Oct. 26, 2021 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced that it has received approval from The Hong Kong Securities and Futures Commission (\"SFC\") to complete the acquisition of Ocean Joy Securities Limited (\"OJSL\"), a firm licensed with the SFC for Type I (Dealing in Securities) and Type II (Dealing in Futures Contracts) regulated activities.</p><p><blockquote>北京， 2021 年 10 月 26 日 （环球通讯社） -- 专注于全球投资者的领先在线经纪公司老虎证券控股有限公司（纳斯达克代码：TIGR）（“老虎证券”或“公司”）今日宣布，已获得香港证券及期货事务监察委员会（“证监会”）批准，完成对海洋愉悦证券有限公司（“海洋愉悦证券”）的收购，海洋愉悦证券有限公司是一家获得证监会牌照的公司，可从事第一类（证券交易）和第二类（期货合约交易）受规管活动。</blockquote></p><p> The Company expects to complete the acquisition and, upon completion, expects to start to operate its brokerage business in Hong Kong.</p><p><blockquote>本公司预期完成收购事项，并预期于完成后开始于香港经营其经纪业务。</blockquote></p><p> About UP Fintech Holding Limited</p><p><blockquote>关于老虎证券控股有限公司</blockquote></p><p> UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.</p><p><blockquote>老虎证券控股有限公司是一家专注于全球投资者的领先在线经纪公司。该公司专有的移动和在线交易平台使投资者能够在全球多个交易所交易股票和其他金融工具。本公司透过「移动优先」策略，为客户提供创新的产品及服务，以及卓越的用户体验，使其能够更好地服务及留住现有客户，并吸引新客户。该公司为客户提供全面的经纪和增值服务，包括交易订单下达和执行、保证金融资、首次公开募股认购、员工持股计划管理、投资者教育、社区讨论和客户支持。公司的专有基础设施和先进技术能够支持跨多种货币、多个市场、多种产品、多个执行场所和多个清算所的交易。</blockquote></p><p> For more information on the Company, please visit：<a href=\"https://ir.itiger.com\" target=\"_blank\">https://ir.itiger.com</a></p><p><blockquote>有关公司的更多信息，请访问：<a href=\"https://ir.itiger.com\" target=\"_blank\">https://ir.itiger.com</a></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134836974","content_text":"BEIJING, Oct. 26, 2021 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced that it has received approval from The Hong Kong Securities and Futures Commission (\"SFC\") to complete the acquisition of Ocean Joy Securities Limited (\"OJSL\"), a firm licensed with the SFC for Type I (Dealing in Securities) and Type II (Dealing in Futures Contracts) regulated activities.\nThe Company expects to complete the acquisition and, upon completion, expects to start to operate its brokerage business in Hong Kong.\nAbout UP Fintech Holding Limited\nUP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.\nFor more information on the Company, please visit：https://ir.itiger.com","news_type":1,"symbols_score_info":{"TIGR":0.9}},"isVote":1,"tweetType":1,"viewCount":2403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":890528085,"gmtCreate":1628124702447,"gmtModify":1633753386160,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Memes of memes indeed 🤣","listText":"Memes of memes indeed 🤣","text":"Memes of memes indeed 🤣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890528085","repostId":"1183617346","repostType":2,"isVote":1,"tweetType":1,"viewCount":2466,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150199725,"gmtCreate":1624888959467,"gmtModify":1633947451541,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/150199725","repostId":"1103992527","repostType":4,"isVote":1,"tweetType":1,"viewCount":2297,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":876832641,"gmtCreate":1637289526397,"gmtModify":1637289526470,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"No way it can hit back like few years ago. All thanks to one man.&nbsp;","listText":"No way it can hit back like few years ago. All thanks to one man.&nbsp;","text":"No way it can hit back like few years ago. All thanks to one man.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876832641","repostId":"2184899191","repostType":2,"isVote":1,"tweetType":1,"viewCount":3265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":120470249,"gmtCreate":1624334955781,"gmtModify":1634007608801,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"LOL money losing company how to progress 🤣","listText":"LOL money losing company how to progress 🤣","text":"LOL money losing company how to progress 🤣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/120470249","repostId":"1132601414","repostType":4,"isVote":1,"tweetType":1,"viewCount":892,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187204616,"gmtCreate":1623754322335,"gmtModify":1634028992803,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Pfizer never wrong","listText":"Pfizer never wrong","text":"Pfizer never wrong","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/187204616","repostId":"1167457915","repostType":4,"repost":{"id":"1167457915","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga Earnings","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1623750756,"share":"https://www.laohunote.com/m/news/1167457915?lang=zh_CN&edition=full","pubTime":"2021-06-15 17:52","market":"us","language":"en","title":"Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167457915","media":"Benzinga Earnings","summary":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announ","content":"<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</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>Novavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</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\">\nNovavax Vs. Pfizer Vs. Moderna: How COVID-19 Vaccines Stack Up<blockquote>Novavax、辉瑞、Moderna：COVID-19 疫苗如何叠加</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga Earnings </p>\n<p class=\"h-time smaller\">2021-06-15 17:52</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>It was \"better late than never\" for&nbsp;<b>Novavax, Inc.</b>NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.</p><p><blockquote>“迟到总比不到好”<b>诺瓦瓦克斯公司。</b>NVAX，这家生物制药公司终于宣布了其针对新型冠状病毒的候选疫苗 NVX-CoV2371 的 3 期研究在美国和墨西哥的中期结果。</blockquote></p><p> Here's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namely<b>Pfizer Inc.</b>PFE 0.05%-<b>BioNTech SE</b>BNTXand<b>Moderna, Inc.</b>MRNA, both of which have authorized vaccines in the market.</p><p><blockquote>以下是 Novavax 候选疫苗和领先者的比较视角，即<b>辉瑞公司。</b>PFE 0.05%-<b>生物科技公司</b>BNTXand<b>现代公司。</b>MRNA，两者都有市场上的授权疫苗。</blockquote></p><p> <b>Vaccine Type:</b>&nbsp;Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.</p><p><blockquote><b>疫苗类型：</b>Novavax 的 NVX-CoV2371 是一种基于重组纳米颗粒蛋白的 COVID-19 疫苗，包装有该公司专有的 Matrix-M 佐剂。</blockquote></p><p> The Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern&nbsp;vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.</p><p><blockquote>辉瑞-BioNTech和Moderna的产品是mRNA疫苗，或现代疫苗，通过使用一种称为mRNA的遗传密码来工作，这种密码指示我们的免疫细胞制造刺突蛋白，刺突蛋白存在于导致新冠肺炎的病毒表面。</blockquote></p><p> This spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.</p><p><blockquote>这种刺突蛋白虽然无害，但能够触发我们的免疫系统产生抗体，防止未来的感染。</blockquote></p><p> Novavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle&nbsp;that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.</p><p><blockquote>Novavax的疫苗是一种蛋白质佐剂，含有冠状病毒本身的刺突蛋白，但配制成不会致病的纳米颗粒。然后，注射的疫苗刺激免疫系统产生抗体和T细胞免疫反应。</blockquote></p><p> <b>The Vaccine Doses:</b>&nbsp;The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.</p><p><blockquote><b>疫苗剂量：</b>这三家公司的疫苗都需要两剂。辉瑞的每剂疫苗由30微克和Moderna的100微克组成，而Novavax的每剂疫苗由5微克NVX-CoV2371和50微克Matrix-M1佐剂组成，它们是共同配制的。</blockquote></p><p> The interval between the two doses —&nbsp;the priming and booster dose —&nbsp;is 21 days each for Pfizer and Novavax and 28 days for Moderna.</p><p><blockquote>辉瑞和Novavax两种剂量（启动剂量和加强剂量）之间的间隔分别为21天，Moderna为28天。</blockquote></p><p> <b>The Target Population:</b>&nbsp;The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants&nbsp;ages 16 years and older. The trial enrolled 43,448 participants.</p><p><blockquote><b>目标人群：</b>辉瑞-BioNTech最初的后期试验在16岁及以上的参与者中评估了疫苗。该试验招募了43,448名参与者。</blockquote></p><p> Moderna'sPhase 3 COVE study enrolled 30,000 participants&nbsp;ages 18 years and up.</p><p><blockquote>Moderna的第三阶段COVE研究招募了30,000名18岁及以上的参与者。</blockquote></p><p> Since then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.</p><p><blockquote>此后，这两家公司获得了各自疫苗用于青少年的授权。</blockquote></p><p> Bothcompanieshave also initiated studies in the pediatric population.</p><p><blockquote>两家公司还启动了儿科人群的研究。</blockquote></p><p> Novavax's study enrolled 29,960 participants&nbsp;18 years of age and older&nbsp;across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.</p><p><blockquote>Novavax 的研究招募了美国和墨西哥 119 个地点的 29,960 名 18 岁及以上的参与者。PREVENT-19的安慰剂对照部分继续在12至18岁以下的青少年中进行，最近完成了2,248名参与者的入组。</blockquote></p><p> <b>Vaccine Logistics:</b>&nbsp;Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.</p><p><blockquote><b>疫苗物流：</b>辉瑞最近获得了FDA的授权，可以在2°C至8°C的冰箱中储存未稀释、解冻的疫苗小瓶长达一个月。</blockquote></p><p> Previously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five&nbsp;days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.</p><p><blockquote>以前，解冻的未稀释的疫苗小瓶可以在冰箱中储存长达五天。在首次使用前，Moderna的疫苗可以在2°C至8°C之间冷藏储存长达30天。</blockquote></p><p> NVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.</p><p><blockquote>NVX-CoV2373在2°-8°C下储存并稳定，允许使用现有的疫苗供应链渠道进行分销。它包装在10剂小瓶中的即用型液体制剂中。</blockquote></p><p> <b>Vaccine Efficacy:</b>&nbsp;Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven&nbsp;days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.</p><p><blockquote><b>疫苗效力：</b>辉瑞-BioNTech 于 12 月发布的 3 期试验的中期数据显示，该疫苗耐受性良好，并在第二剂疫苗接种后 7 天或更长时间内，在先前未感染的人群中预防 COVID-19 的功效为 95%。第二次给药后长达六个月的更新顶线结果确认疗效为91.3%。</blockquote></p><p> The vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.</p><p><blockquote>发现该疫苗对美国疾病控制和预防中心定义的严重疾病100%有效，对FDA定义的严重新冠肺炎有效95.3%。在实验室研究中，它还被证明对英国菌株有效。</blockquote></p><p> Moderna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.</p><p><blockquote>Moderna 的疫苗对 COVID-19 的有效率为 94.1%。该公司于 5 月份宣布了其 2 期研究的初步数据，显示单次 50 微克剂量的 mRNA-1273 或 mRNA-1273.351 作为加强剂给予先前接种疫苗的个体，可增加针对 SARS-CoV-2 和两种令人担忧的变体的中和抗体滴度反应，B.1.351 首先在南非发现，P.1 首先在巴西发现。</blockquote></p><p> Novavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.</p><p><blockquote>Novavax的研究性疫苗证明了对不涉及关注变异或感兴趣变异的中度和重度疾病的100%保护。</blockquote></p><p> Against variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.</p><p><blockquote>针对关注变异和关注变异，疗效为93.2%，在高危人群（定义为65岁以上或65岁以下患有某些合并症或频繁接触新冠肺炎的情况）中，疗效为91%。</blockquote></p><p> Overall efficacy was 90.4%, meeting the primary endpoint.</p><p><blockquote>总有效率为90.4%，符合主要终点。</blockquote></p><p></p><p> <b>Cantor Fitzgerald On Novavax's Vaccine:</b>A differentiating factor for NVX-2373&nbsp;is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.</p><p><blockquote><b>Cantor Fitzgerald 谈 Novavax 疫苗：</b>Cantor Fitzgerald 分析师 Charles Duncan 在周一上午的一份报告中表示，NVX-2373 的一个与众不同的因素是，它对 VoC/VoI 的疫苗效力为 93.2%，这证明了对多种 SARS-CoV-2 毒株的保护作用。</blockquote></p><p> \"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.</p><p><blockquote>“总的来说，这些结果增强了我们对新型冠状病毒候选疫苗‘2373’不同临床和后勤特征的信念，”这位分析师说。</blockquote></p><p> Showing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.</p><p><blockquote>他说，在两项 3 期临床试验中显示对新毒株的功效，而不是从培养皿中进行的中和抗体测定中推断潜在功效，这将 NVX-CoV2373 与其他获得紧急使用授权的疫苗区分开来。</blockquote></p><p> This profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.</p><p><blockquote>根据Cantor的说法，这一概况降低了2373新型冠状病毒预防性候选疫苗的监管/商业风险，并且随着2020年3月报告的NanoFlu的积极3期数据，应该会提高Novavax平台的整体形象。</blockquote></p><p> <b>Vaccine Safety Data:</b>Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from&nbsp;BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.</p><p><blockquote><b>疫苗安全性数据：</b>辉瑞-BioNTech的疫苗显示出良好的耐受性和安全性，BNT162b2最常见的不良事件是短暂的，注射部位轻度至中度疼痛、疲劳和头痛，这些通常在两天内消失。</blockquote></p><p> For Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.</p><p><blockquote>对于Moderna，最常见的不良反应包括注射部位疼痛、疲劳、肌痛、关节痛、头痛和注射部位红斑/发红。在第二次给药后，mRNA-1273组中征集的不良反应的频率和严重程度增加。</blockquote></p><p> Preliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.</p><p><blockquote>Novavax试验的初步安全性数据显示，该疫苗通常具有良好的耐受性。严重和严重不良事件数量较少，疫苗组和安慰剂组之间保持平衡。</blockquote></p><p> In assessing reactogenicity seven&nbsp;days after dose one&nbsp;and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.</p><p><blockquote>在第1次和第2次给药后7天评估反应原性时，注射部位疼痛和压痛（严重程度通常为轻度至中度）是最常见的局部症状，持续时间少于3天。疲劳、头痛和肌肉疼痛是最常见的全身症状，持续不到两天。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞","NVAX":"诺瓦瓦克斯医药","MRNA":"Moderna, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167457915","content_text":"It was \"better late than never\" for Novavax, Inc.NVAX, as the biopharma finally got around to announcing interim results from the U.S. and Mexico leg of the Phase 3 study of NVX-CoV2371, its vaccine candidate against the novel coronavirus.\nHere's a comparative perspective of the vaccine candidates from Novavax, and the frontrunners, namelyPfizer Inc.PFE 0.05%-BioNTech SEBNTXandModerna, Inc.MRNA, both of which have authorized vaccines in the market.\nVaccine Type: Novavax's NVX-CoV2371 is a recombinant nano-particle protein-based COVID-19 vaccine that is packaged with the company's proprietary Matrix-M adjuvant.\nThe Pfizer-BioNTech and Moderna products are mRNA vaccines, or modern vaccines that work by using a genetic code called mRNA that instructs our immune cells to make spike protein, which is found on the surface of the virus that causes COVID-19.\nThis spike protein, though harmless, is capable of triggering our immune system to produce antibodies that offer protection against future infection.\nNovavax's vaccine is a protein adjuvant that contains the spike protein of the coronavirus itself, but formulated as a nanoparticle that cannot cause disease. The injected vaccine then stimulates the immune system to produce antibodies and T-cell immune responses.\nThe Vaccine Doses: The vaccines from each of the three companies require two doses. Each dose consists of 30 mcg for Pfizer and 100 mcg for Moderna, while for Novavax, each vaccine dose consists of 5 mcg of NVX-CoV2371 and 50 mcg of Matrix-M1 adjuvant that are co-formulated.\nThe interval between the two doses — the priming and booster dose — is 21 days each for Pfizer and Novavax and 28 days for Moderna.\nThe Target Population: The original late-stage trial of Pfizer-BioNTech evaluated the vaccine in participants ages 16 years and older. The trial enrolled 43,448 participants.\nModerna'sPhase 3 COVE study enrolled 30,000 participants ages 18 years and up.\nSince then, these two companies have obtained authorizations for their respective vaccines to be used in adolescents.\nBothcompanieshave also initiated studies in the pediatric population.\nNovavax's study enrolled 29,960 participants 18 years of age and older across 119 sites in the U.S. and Mexico. The placebo-controlled portion of PREVENT-19 continues in adolescents from 12 to less than 18 years of age and recently completed enrollment with 2,248 participants.\nVaccine Logistics: Pfizer recently secured FDA authorization for storing undiluted, thawed vaccine vials in the refrigerator at 2°C to 8°C for up to one month.\nPreviously, thawed, undiluted vaccine vials could be stored in the refrigerator for up to five days. Moderna's vaccine can be stored refrigerated between 2° and 8°C for up to 30 days prior to first use.\nNVX-CoV2373 is stored and stable at 2°- 8°C, allowing the use of existing vaccine supply chain channels for its distribution. It is packaged in a ready-to-use liquid formulation in 10-dose vials.\nVaccine Efficacy: Interim data from Pfizer-BioNTech's Phase 3 trials released in December showed the vaccine was well-tolerated and demonstrated 95% efficacy in preventing COVID-19 in those without prior infection seven days or more after the second dose. Updated top-line results released for up to six months after the second dose confirmed efficacy at 91.3%.\nThe vaccine was found 100% effective against severe disease as defined by the U.S. Centers for Disease Control and Prevention, and 95.3% effective against severe COVID-19 as defined by the FDA. It was also proved effective against the U.K. strain in lab studies.\nModerna's vaccine showed efficacy of 94.1% against COVID-19. The company announced in May initial data from its Phase 2 study showing that a single 50 mcg dose of mRNA-1273 or mRNA-1273.351 given as a booster to previously vaccinated individuals increased neutralizing antibody titer responses against SARS-CoV-2 and two variants of concern, B.1.351, first identified in South Africa, and P.1, first identified in Brazil.\nNovavax's investigational vaccine demonstrated 100% protection against moderate and severe disease not involving variants of concern or variants of interest.\nAgainst variants of concern and variants of interest, the efficacy was 93.2% and in high-risk populations, defined as over 65 or under 65 years with certain comorbidities or having circumstances with frequent COVID-19 exposure, the efficacy was 91%.\nOverall efficacy was 90.4%, meeting the primary endpoint.\nCantor Fitzgerald On Novavax's Vaccine:A differentiating factor for NVX-2373 is that it showed vaccine efficacy of 93.2% against VoC/VoI, which demonstrates protection across a broad range of SARS-CoV-2 strains, Cantor Fitzgerald analyst Charles Duncan said in a Monday morning note.\n\"Overall, these results enhance our conviction for a differentiated clinical and logistics profile from the SARS-CoV-2 vaccine candidate ‘2373,\" the analyst said.\nShowing efficacy against new strains in two Phase 3 clinical trials, rather than extrapolating potential efficacy from a neutralizing antibody assay conducted in a petri dish, differentiates NVX-CoV2373 from other vaccines that have emergency use authorization, he said.\nThis profile, according to Cantor reduces regulatory/ commercial risk for the ‘2373 SARS-CoV-2 prophylactic vaccine candidate and, with positive Phase 3 data for NanoFlu reported in March 2020, should raise the profile for Novavax's platform as a whole.\nVaccine Safety Data:Pfizer-BioNTech's vaccine showed a favorable tolerability and safety profile, with the most common adverse events from BNT162b2 being transient, mild to moderate pain at the injection site, fatigue and headache, and these generally resolved within two days.\nFor Moderna, the most common adverse reactions included injection site pain, fatigue, myalgia, arthralgia, headache, and erythema/redness at the injection site. Solicited adverse reactions increased in frequency and severity in the mRNA-1273 group after the second dose.\nPreliminary safety data from Novavax's trial showed the vaccine to be generally well-tolerated. Serious and severe adverse events were low in number and balanced between vaccine and placebo groups.\nIn assessing reactogenicity seven days after dose one and dose two, injection site pain and tenderness, generally mild to moderate in severity, were the most common local symptoms, lasting less than three days. Fatigue, headache and muscle pain were the most common systemic symptoms, lasting less than two days.","news_type":1,"symbols_score_info":{"NVAX":0.9,"MRNA":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":796,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808642600,"gmtCreate":1627577753500,"gmtModify":1631887044800,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/HOOD\">$Robinhood Markets, Inc.(HOOD)$</a>makes me recall a song \"I saw red\"&nbsp;[开心]&nbsp;&nbsp;","listText":"<a href=\"https://laohu8.com/S/HOOD\">$Robinhood Markets, Inc.(HOOD)$</a>makes me recall a song \"I saw red\"&nbsp;[开心]&nbsp;&nbsp;","text":"$Robinhood Markets, Inc.(HOOD)$makes me recall a song \"I saw red\" [开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808642600","isVote":1,"tweetType":1,"viewCount":2653,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":162504575,"gmtCreate":1624066903097,"gmtModify":1634023310854,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"LOL","listText":"LOL","text":"LOL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162504575","repostId":"2144791267","repostType":4,"isVote":1,"tweetType":1,"viewCount":1057,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":854338501,"gmtCreate":1635418318114,"gmtModify":1635418836246,"author":{"id":"3586301571475567","authorId":"3586301571475567","name":"MiniInvester","avatar":"https://static.tigerbbs.com/2f067eaec6a1f22201adef62f619a002","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3586301571475567","authorIdStr":"3586301571475567"},"themes":[],"title":"","htmlText":"Good news&nbsp;","listText":"Good news&nbsp;","text":"Good news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/854338501","repostId":"2178259001","repostType":2,"isVote":1,"tweetType":1,"viewCount":3197,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}