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2021-10-27

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2021-10-12

Hi

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2021-10-12

Hi

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2021-09-20

Huhih

港版"投资盲盒"游戏来了！并购标的看齐IPO！明星们还能玩转吗？

2021-09-20

Hhhhhhhhh

美股恐进一步回落！“财政版”减码真正让美国经济痛苦

2021-09-20

Hi

提醒：中秋节休市安排来了！港股22日休市

2021-09-14

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2021-09-06

Hhhhhh

2021-09-05

hello

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2021-09-05

Hello there nice to be here

2021-09-02

Hhhhhhhhhhhh

2021-08-09

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2021-08-09

Hi

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2021-08-05

hi

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2021-08-05

Great ariticle, would you like to share it?

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2021-08-04

Great ariticle, would you like to share it?

@小虎活动:【老虎财报季】写财报分析，赢取老虎限量商务套装

2021-08-04

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2021-08-03

Hi

Moderna, Pfizer Hike Vaccine Prices By Up To 25%

2021-08-03

Hi

Moderna, Pfizer Hike Vaccine Prices By Up To 25%

2021-08-03

Hello

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15:10","market":"hk","language":"zh","title":"港版\"投资盲盒\"游戏来了！并购标的看齐IPO！明星们还能玩转吗？","url":"https://stock-news.laohu8.com/highlight/detail?id=1156524086","media":"券商中国","summary":"港交所计划推出监管更为严格的SPAC上市机制。\n近日，港交所发出咨询文件，对推行“特殊目的收购公司”（SPAC）上市机制征询市场意见。据了解，咨询期45天，10月31日为截止日。\nSPAC模式去年以来","content":"<p>港交所计划推出监管更为严格的SPAC上市机制。</p>\n<p><b>近日，港交所发出咨询文件，对推行“特殊目的收购公司”（SPAC）上市机制征询市场意见。据了解，咨询期45天，10月31日为截止日。</b></p>\n<p>SPAC模式去年以来在华尔街盛行，但也备受争议。业内人士认为，SPAC是一场击鼓传花的“投资盲盒”游戏，反映出并购标的质量有可能不高、投资回报被夸大、投机氛围浓厚等问题。</p>\n<p>从咨询文件来看，港交所致力于维持高质素市场声誉，对SPAC上市申请人以及并购标的收紧监管，以确保SPAC发起人具备丰富的经验及良好的声誉，并且以优质SPAC并购为目标。</p>\n<p><b>旨在吸引大中华区、东南亚企业上市</b></p>\n<p>去年以来，美股SPAC上市热潮吸引全球资本市场的目光。据了解，SPAC模式通常而言，是发起人造壳上市并向市场投资者募集资金，计划在2年内寻找标的并完成收购，若规定时间内未完成并购，那么投资者能拿回本金及一定利息。对于标的企业而言，这是区别于传统IPO和借壳上市的另一种上市方式。</p>\n<p><b>数据显示，美股今年一季度SPAC的IPO无论是数量亦或募资总额均已超过去年全年，上市热度创下十年新高。</b></p>\n<p>多地交易所受此吸引，计划引入或修订SPAC上市机制以提升当地资本市场的吸引力。</p>\n<p>港交所在今年年初早有酝酿。9月17日港交所正式对SPAC上市机制征求市场意见。咨询文件提到，引入SPAC上市制度对香港市场有多项益处。</p>\n<p><b>一是争取SPAC来港上市。</b>港交所表示，截至2021年7月13日，有25家总部位于大中华区的SPAC在美国上市，首次公开发售所得款项共约42亿美元（331亿港元)，当中有20家的总部设于香港，5家总部设于中国内地。此外，也有数家总部不在这些地点的SPAC，却是以大中华区为业务重心。</p>\n<p>在港交所看来，以物色大中华目标为重心的SPAC若能来港上市，可能有助于确保这些目标公司选择在香港而非美国上市。</p>\n<p><b>二是争取大中华与东南亚公司来港上市。</b>数据显示，过去三年来，先后有2家中国香港、8家中国内地及2家新加坡公司通过SPAC并购交易在美国上市。截至2021年7月13日，这12家公司的市值合共约260亿港元。</p>\n<p>港交所与市场进行初步讨论时了解到，不少上市申请人实际上想以“双轨”方式上市，即一方面透过传统IPO上市，另一方面也计划通过SPAC上市。若香港市场也可提供这种“双轨”方案，或有助争取大中华公司来香港上市。</p>\n<p><img src=\"https://static.tigerbbs.com/6f2a687ce2b56c1f40130146887aae60\" tg-width=\"1080\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p>\n<p>港交所上市主管陈翊庭表示，“我们深信，香港引入SPAC上市制度可为市场提供传统首次公开招股以外的另一渠道，吸引更多来自大中华区、东南亚以至世界各地的公司来港上市。”</p>\n<p><b>强调SPAC发起人专业素养</b></p>\n<p>由于SPAC市场空前火爆，除了专业投资机构外，美国有体育明星、乐坛歌星也参与SPAC的发起，比如有篮球明星奥尼尔，说唱歌手Jay-Z等。美国证券交易委员提醒投资者：仅仅由于某个名人参与发起某个SPAC、投资了某个SPAC或认为这项投资很好，就跟风买入，从来都不是一个好想法。</p>\n<p>对于SPAC发起人的专业素养，港交所在此次咨询文件中也提出要求。</p>\n<p><b>港交所表示，由于SPAC都无经营往绩记录，不同SPAC的区别主要在于发起人的经验和声誉，投资者在决定投资SPAC时也主要以此为依据。如果SPAC发起人有经验，便有较大机会找到合适的并购标的，并协商较有利于投资者的并购交易条款。</b></p>\n<p>港交所建议规定，SPAC在上市时和直至SPAC并购交易完成之前，都须令港交所满意每名SPAC发起人的个性、经验及诚信以及信任其具备足够的才干胜任其职务。</p>\n<p>港交所旨在让一些由能力及经验高于平均标准的SPAC发起人所管理的SPAC上市。建议指引将指出，如能证明SPAC发起人具有以下经验之一，则对SPAC发起人较有利：</p>\n<p>1. 连续三个财政年度或以上管理平均合共价值至少80亿港元的资产；</p>\n<p>2. 于目前或曾经为恒生指数或同等旗舰指数成份股的发行人担任高级行政职务(例如行政总裁或营运总监)。</p>\n<p>另外，为了确保SPAC发起人质素高，并与其他SPAC投资者的利益更一致，港交所建议，SPAC在上市时及在其整个存续期中，都至少要有一名SPAC发起人持续持有：香港证监会发出的第6类(就机构融资提供意见)及/或第9类(提供资产管理)牌照，以及发起人股份的至少10%。</p>\n<p><b>对于发行定价，港交所建议，SPAC发行SPAC股份的发行价为10港元或以上。</b></p>\n<p>在募集资金规模方面，港交所建议，SPAC预期上市时从首次发售筹集到的资金至少为10亿港元，有助于确保SPAC有足够资金物色高质素且交易价值相对较高的并购标的。据了解，美国交易所并没有规定SPAC首次公开发售集资的最低规模。</p>\n<p><b>提高投资者门槛</b></p>\n<p><b>此前SPAC被部分市场人士诟病，在于概念被热炒，存在估值泡沫，散户埋单。</b></p>\n<p>一名香港券商人士曾告诉券商中国记者，根据其统计，在美股SPAC上市初期，散户占比极小，主要以机构投资者和专业投资者为主；但当SPAC公告拟重组对象时，部分SPAC公司的散户会激增。（详见《它是贾跃亭\"救命稻草\"？！FF通过SPAC上市，有啥魅力？1月IPO超2019年全年，上市热创新高》）</p>\n<p>一份针对韩国上市SPAC的市场研究报告指出，当地SPAC的股价波动是因为韩国市场以散户为主。研究指出，散户的投机活动往往将SPAC的股价推高至首次公开发售价格以上，削弱了SPAC向投资者提供股份赎回权的保障作用，因为SPAC单位只能以发售价(而不是散户投资者购买时的高价)赎回。该研究也指出，由于机构投资者会利用散户投机活动将自身的投资收益变现，投机活动会因此导致更大部分的SPAC单位落入散户手中。</p>\n<p><b>根据港交所咨询文件披露，大部分在美国上市的SPAC，在进行SPAC并购交易前的股价波动与债券类似，波幅小而股价只徘徊于首次公开发售价。</b></p>\n<p>尽管如此，个别SPAC也有受市场谣言影响，推动股价超出赎回价。2020年12月，类似消息传出后，一家SPAC的股价上涨至13美元以上，两周后在建议的SPAC并购目标确认该消息后，该家SPAC的股价进一步攀升至17.22美元的历史新高(较10美元的发行价高出72%)。随着合并传言平息，该家SPAC的股价跌至10.50美元的低位(较历来最高价低出39.6%)，直至2021年4月，市场传出另一宗合并传言时，股价重拾升势，单日升了12.7%。在SPAC股价高于10美元时购入股份的投资者，由于只能以10美元赎回股份，若行使股份赎回权便可能会承受重大损失。</p>\n<p>一般而言，在完成SPAC并购交易时，或在临近完成前的最后阶段期间，SPAC的回报波动最大。2020年完成收购的55家SPAC于合并公告发布起计一个月内的股价表现，相对于标普500指数而言，其超额回报的标准差(波幅)高达40%，而同年标普500指数的每月波幅只有9.6%。</p>\n<p>据了解，美国和英国均没有限定专业投资者才可认购和买卖SPAC证券，并容许所有投资者(包括散户)买卖这些证券。新交所亦不限新加坡的专业投资者认购和买卖SPAC证券。</p>\n<p><b>而在本次咨询文件中，港交所明确表示，在进行SPAC并购交易前，建议仅限专业投资者认购和买卖SPAC证券，即包括机构专业投资者和个人专业投资者。所有SPAC交易所参与者均须经港交所批准，才可于港交所交易系统输入SPAC证券的买卖盘或进行有关交易。</b></p>\n<p><b>并购标的须符合新上市规定</b></p>\n<p><b>此前有市场人士认为，SPAC是一场击鼓传花的“投资盲盒游戏”，主要因为由于SPAC的发起人有强烈意愿促成并购交易，在这种动机下，标的质量好坏不确定，标的企业经营状况实际上不一定能支撑得起高估值。</b></p>\n<p>另有券商人士曾向券商中国记者表示，对SPAC感兴趣的企业一般而言是，业绩规模不大，但有概念吸引投资者，令人怀疑是进行监管套利。（详见《太疯狂！SPAC方式上市飙增，国际投行暴赚，各界名流竞相参与！业内：击鼓传花何时结束？》）</p>\n<p>对于“继承公司”（即完成了并购交易后的上市主体）问题，港交所在咨询文件中明确提出，建议对SPAC并购交易採用新上市规定，即继承公司须符合所有新上市规定，包括最低市值规定及财务资格测试。</p>\n<p>港交所认为，这可解决SPAC可能会被利用来规避新上市的定量及定性准则的风险。容许这种规避行为可能会导致不符合标准的业务及/或资产上市。这会使香港市场整体的质素和声誉受损。</p>\n<p>目前，港交所《上市规则》规定反收购行动的目标须通过新上市的财务资格测试。另外，因反收购行动而产生的公司须符合所有新上市规定(财务资格测试除外)。这种做法可确保有关目标独自亦能通过财务资格测试，而不受加入进行交易的上市发行人的财务往绩纪录所产生的正面或负面影响。</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>港版\"投资盲盒\"游戏来了！并购标的看齐IPO！明星们还能玩转吗？</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{ 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class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time\">2021-09-20 15:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>港交所计划推出监管更为严格的SPAC上市机制。</p>\n<p><b>近日，港交所发出咨询文件，对推行“特殊目的收购公司”（SPAC）上市机制征询市场意见。据了解，咨询期45天，10月31日为截止日。</b></p>\n<p>SPAC模式去年以来在华尔街盛行，但也备受争议。业内人士认为，SPAC是一场击鼓传花的“投资盲盒”游戏，反映出并购标的质量有可能不高、投资回报被夸大、投机氛围浓厚等问题。</p>\n<p>从咨询文件来看，港交所致力于维持高质素市场声誉，对SPAC上市申请人以及并购标的收紧监管，以确保SPAC发起人具备丰富的经验及良好的声誉，并且以优质SPAC并购为目标。</p>\n<p><b>旨在吸引大中华区、东南亚企业上市</b></p>\n<p>去年以来，美股SPAC上市热潮吸引全球资本市场的目光。据了解，SPAC模式通常而言，是发起人造壳上市并向市场投资者募集资金，计划在2年内寻找标的并完成收购，若规定时间内未完成并购，那么投资者能拿回本金及一定利息。对于标的企业而言，这是区别于传统IPO和借壳上市的另一种上市方式。</p>\n<p><b>数据显示，美股今年一季度SPAC的IPO无论是数量亦或募资总额均已超过去年全年，上市热度创下十年新高。</b></p>\n<p>多地交易所受此吸引，计划引入或修订SPAC上市机制以提升当地资本市场的吸引力。</p>\n<p>港交所在今年年初早有酝酿。9月17日港交所正式对SPAC上市机制征求市场意见。咨询文件提到，引入SPAC上市制度对香港市场有多项益处。</p>\n<p><b>一是争取SPAC来港上市。</b>港交所表示，截至2021年7月13日，有25家总部位于大中华区的SPAC在美国上市，首次公开发售所得款项共约42亿美元（331亿港元)，当中有20家的总部设于香港，5家总部设于中国内地。此外，也有数家总部不在这些地点的SPAC，却是以大中华区为业务重心。</p>\n<p>在港交所看来，以物色大中华目标为重心的SPAC若能来港上市，可能有助于确保这些目标公司选择在香港而非美国上市。</p>\n<p><b>二是争取大中华与东南亚公司来港上市。</b>数据显示，过去三年来，先后有2家中国香港、8家中国内地及2家新加坡公司通过SPAC并购交易在美国上市。截至2021年7月13日，这12家公司的市值合共约260亿港元。</p>\n<p>港交所与市场进行初步讨论时了解到，不少上市申请人实际上想以“双轨”方式上市，即一方面透过传统IPO上市，另一方面也计划通过SPAC上市。若香港市场也可提供这种“双轨”方案，或有助争取大中华公司来香港上市。</p>\n<p><img src=\"https://static.tigerbbs.com/6f2a687ce2b56c1f40130146887aae60\" tg-width=\"1080\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p>\n<p>港交所上市主管陈翊庭表示，“我们深信，香港引入SPAC上市制度可为市场提供传统首次公开招股以外的另一渠道，吸引更多来自大中华区、东南亚以至世界各地的公司来港上市。”</p>\n<p><b>强调SPAC发起人专业素养</b></p>\n<p>由于SPAC市场空前火爆，除了专业投资机构外，美国有体育明星、乐坛歌星也参与SPAC的发起，比如有篮球明星奥尼尔，说唱歌手Jay-Z等。美国证券交易委员提醒投资者：仅仅由于某个名人参与发起某个SPAC、投资了某个SPAC或认为这项投资很好，就跟风买入，从来都不是一个好想法。</p>\n<p>对于SPAC发起人的专业素养，港交所在此次咨询文件中也提出要求。</p>\n<p><b>港交所表示，由于SPAC都无经营往绩记录，不同SPAC的区别主要在于发起人的经验和声誉，投资者在决定投资SPAC时也主要以此为依据。如果SPAC发起人有经验，便有较大机会找到合适的并购标的，并协商较有利于投资者的并购交易条款。</b></p>\n<p>港交所建议规定，SPAC在上市时和直至SPAC并购交易完成之前，都须令港交所满意每名SPAC发起人的个性、经验及诚信以及信任其具备足够的才干胜任其职务。</p>\n<p>港交所旨在让一些由能力及经验高于平均标准的SPAC发起人所管理的SPAC上市。建议指引将指出，如能证明SPAC发起人具有以下经验之一，则对SPAC发起人较有利：</p>\n<p>1. 连续三个财政年度或以上管理平均合共价值至少80亿港元的资产；</p>\n<p>2. 于目前或曾经为恒生指数或同等旗舰指数成份股的发行人担任高级行政职务(例如行政总裁或营运总监)。</p>\n<p>另外，为了确保SPAC发起人质素高，并与其他SPAC投资者的利益更一致，港交所建议，SPAC在上市时及在其整个存续期中，都至少要有一名SPAC发起人持续持有：香港证监会发出的第6类(就机构融资提供意见)及/或第9类(提供资产管理)牌照，以及发起人股份的至少10%。</p>\n<p><b>对于发行定价，港交所建议，SPAC发行SPAC股份的发行价为10港元或以上。</b></p>\n<p>在募集资金规模方面，港交所建议，SPAC预期上市时从首次发售筹集到的资金至少为10亿港元，有助于确保SPAC有足够资金物色高质素且交易价值相对较高的并购标的。据了解，美国交易所并没有规定SPAC首次公开发售集资的最低规模。</p>\n<p><b>提高投资者门槛</b></p>\n<p><b>此前SPAC被部分市场人士诟病，在于概念被热炒，存在估值泡沫，散户埋单。</b></p>\n<p>一名香港券商人士曾告诉券商中国记者，根据其统计，在美股SPAC上市初期，散户占比极小，主要以机构投资者和专业投资者为主；但当SPAC公告拟重组对象时，部分SPAC公司的散户会激增。（详见《它是贾跃亭\"救命稻草\"？！FF通过SPAC上市，有啥魅力？1月IPO超2019年全年，上市热创新高》）</p>\n<p>一份针对韩国上市SPAC的市场研究报告指出，当地SPAC的股价波动是因为韩国市场以散户为主。研究指出，散户的投机活动往往将SPAC的股价推高至首次公开发售价格以上，削弱了SPAC向投资者提供股份赎回权的保障作用，因为SPAC单位只能以发售价(而不是散户投资者购买时的高价)赎回。该研究也指出，由于机构投资者会利用散户投机活动将自身的投资收益变现，投机活动会因此导致更大部分的SPAC单位落入散户手中。</p>\n<p><b>根据港交所咨询文件披露，大部分在美国上市的SPAC，在进行SPAC并购交易前的股价波动与债券类似，波幅小而股价只徘徊于首次公开发售价。</b></p>\n<p>尽管如此，个别SPAC也有受市场谣言影响，推动股价超出赎回价。2020年12月，类似消息传出后，一家SPAC的股价上涨至13美元以上，两周后在建议的SPAC并购目标确认该消息后，该家SPAC的股价进一步攀升至17.22美元的历史新高(较10美元的发行价高出72%)。随着合并传言平息，该家SPAC的股价跌至10.50美元的低位(较历来最高价低出39.6%)，直至2021年4月，市场传出另一宗合并传言时，股价重拾升势，单日升了12.7%。在SPAC股价高于10美元时购入股份的投资者，由于只能以10美元赎回股份，若行使股份赎回权便可能会承受重大损失。</p>\n<p>一般而言，在完成SPAC并购交易时，或在临近完成前的最后阶段期间，SPAC的回报波动最大。2020年完成收购的55家SPAC于合并公告发布起计一个月内的股价表现，相对于标普500指数而言，其超额回报的标准差(波幅)高达40%，而同年标普500指数的每月波幅只有9.6%。</p>\n<p>据了解，美国和英国均没有限定专业投资者才可认购和买卖SPAC证券，并容许所有投资者(包括散户)买卖这些证券。新交所亦不限新加坡的专业投资者认购和买卖SPAC证券。</p>\n<p><b>而在本次咨询文件中，港交所明确表示，在进行SPAC并购交易前，建议仅限专业投资者认购和买卖SPAC证券，即包括机构专业投资者和个人专业投资者。所有SPAC交易所参与者均须经港交所批准，才可于港交所交易系统输入SPAC证券的买卖盘或进行有关交易。</b></p>\n<p><b>并购标的须符合新上市规定</b></p>\n<p><b>此前有市场人士认为，SPAC是一场击鼓传花的“投资盲盒游戏”，主要因为由于SPAC的发起人有强烈意愿促成并购交易，在这种动机下，标的质量好坏不确定，标的企业经营状况实际上不一定能支撑得起高估值。</b></p>\n<p>另有券商人士曾向券商中国记者表示，对SPAC感兴趣的企业一般而言是，业绩规模不大，但有概念吸引投资者，令人怀疑是进行监管套利。（详见《太疯狂！SPAC方式上市飙增，国际投行暴赚，各界名流竞相参与！业内：击鼓传花何时结束？》）</p>\n<p>对于“继承公司”（即完成了并购交易后的上市主体）问题，港交所在咨询文件中明确提出，建议对SPAC并购交易採用新上市规定，即继承公司须符合所有新上市规定，包括最低市值规定及财务资格测试。</p>\n<p>港交所认为，这可解决SPAC可能会被利用来规避新上市的定量及定性准则的风险。容许这种规避行为可能会导致不符合标准的业务及/或资产上市。这会使香港市场整体的质素和声誉受损。</p>\n<p>目前，港交所《上市规则》规定反收购行动的目标须通过新上市的财务资格测试。另外，因反收购行动而产生的公司须符合所有新上市规定(财务资格测试除外)。这种做法可确保有关目标独自亦能通过财务资格测试，而不受加入进行交易的上市发行人的财务往绩纪录所产生的正面或负面影响。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f7c16a58f492e7b566d5e6182a80f721","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156524086","content_text":"港交所计划推出监管更为严格的SPAC上市机制。\n近日，港交所发出咨询文件，对推行“特殊目的收购公司”（SPAC）上市机制征询市场意见。据了解，咨询期45天，10月31日为截止日。\nSPAC模式去年以来在华尔街盛行，但也备受争议。业内人士认为，SPAC是一场击鼓传花的“投资盲盒”游戏，反映出并购标的质量有可能不高、投资回报被夸大、投机氛围浓厚等问题。\n从咨询文件来看，港交所致力于维持高质素市场声誉，对SPAC上市申请人以及并购标的收紧监管，以确保SPAC发起人具备丰富的经验及良好的声誉，并且以优质SPAC并购为目标。\n旨在吸引大中华区、东南亚企业上市\n去年以来，美股SPAC上市热潮吸引全球资本市场的目光。据了解，SPAC模式通常而言，是发起人造壳上市并向市场投资者募集资金，计划在2年内寻找标的并完成收购，若规定时间内未完成并购，那么投资者能拿回本金及一定利息。对于标的企业而言，这是区别于传统IPO和借壳上市的另一种上市方式。\n数据显示，美股今年一季度SPAC的IPO无论是数量亦或募资总额均已超过去年全年，上市热度创下十年新高。\n多地交易所受此吸引，计划引入或修订SPAC上市机制以提升当地资本市场的吸引力。\n港交所在今年年初早有酝酿。9月17日港交所正式对SPAC上市机制征求市场意见。咨询文件提到，引入SPAC上市制度对香港市场有多项益处。\n一是争取SPAC来港上市。港交所表示，截至2021年7月13日，有25家总部位于大中华区的SPAC在美国上市，首次公开发售所得款项共约42亿美元（331亿港元)，当中有20家的总部设于香港，5家总部设于中国内地。此外，也有数家总部不在这些地点的SPAC，却是以大中华区为业务重心。\n在港交所看来，以物色大中华目标为重心的SPAC若能来港上市，可能有助于确保这些目标公司选择在香港而非美国上市。\n二是争取大中华与东南亚公司来港上市。数据显示，过去三年来，先后有2家中国香港、8家中国内地及2家新加坡公司通过SPAC并购交易在美国上市。截至2021年7月13日，这12家公司的市值合共约260亿港元。\n港交所与市场进行初步讨论时了解到，不少上市申请人实际上想以“双轨”方式上市，即一方面透过传统IPO上市，另一方面也计划通过SPAC上市。若香港市场也可提供这种“双轨”方案，或有助争取大中华公司来香港上市。\n\n港交所上市主管陈翊庭表示，“我们深信，香港引入SPAC上市制度可为市场提供传统首次公开招股以外的另一渠道，吸引更多来自大中华区、东南亚以至世界各地的公司来港上市。”\n强调SPAC发起人专业素养\n由于SPAC市场空前火爆，除了专业投资机构外，美国有体育明星、乐坛歌星也参与SPAC的发起，比如有篮球明星奥尼尔，说唱歌手Jay-Z等。美国证券交易委员提醒投资者：仅仅由于某个名人参与发起某个SPAC、投资了某个SPAC或认为这项投资很好，就跟风买入，从来都不是一个好想法。\n对于SPAC发起人的专业素养，港交所在此次咨询文件中也提出要求。\n港交所表示，由于SPAC都无经营往绩记录，不同SPAC的区别主要在于发起人的经验和声誉，投资者在决定投资SPAC时也主要以此为依据。如果SPAC发起人有经验，便有较大机会找到合适的并购标的，并协商较有利于投资者的并购交易条款。\n港交所建议规定，SPAC在上市时和直至SPAC并购交易完成之前，都须令港交所满意每名SPAC发起人的个性、经验及诚信以及信任其具备足够的才干胜任其职务。\n港交所旨在让一些由能力及经验高于平均标准的SPAC发起人所管理的SPAC上市。建议指引将指出，如能证明SPAC发起人具有以下经验之一，则对SPAC发起人较有利：\n1. 连续三个财政年度或以上管理平均合共价值至少80亿港元的资产；\n2. 于目前或曾经为恒生指数或同等旗舰指数成份股的发行人担任高级行政职务(例如行政总裁或营运总监)。\n另外，为了确保SPAC发起人质素高，并与其他SPAC投资者的利益更一致，港交所建议，SPAC在上市时及在其整个存续期中，都至少要有一名SPAC发起人持续持有：香港证监会发出的第6类(就机构融资提供意见)及/或第9类(提供资产管理)牌照，以及发起人股份的至少10%。\n对于发行定价，港交所建议，SPAC发行SPAC股份的发行价为10港元或以上。\n在募集资金规模方面，港交所建议，SPAC预期上市时从首次发售筹集到的资金至少为10亿港元，有助于确保SPAC有足够资金物色高质素且交易价值相对较高的并购标的。据了解，美国交易所并没有规定SPAC首次公开发售集资的最低规模。\n提高投资者门槛\n此前SPAC被部分市场人士诟病，在于概念被热炒，存在估值泡沫，散户埋单。\n一名香港券商人士曾告诉券商中国记者，根据其统计，在美股SPAC上市初期，散户占比极小，主要以机构投资者和专业投资者为主；但当SPAC公告拟重组对象时，部分SPAC公司的散户会激增。（详见《它是贾跃亭\"救命稻草\"？！FF通过SPAC上市，有啥魅力？1月IPO超2019年全年，上市热创新高》）\n一份针对韩国上市SPAC的市场研究报告指出，当地SPAC的股价波动是因为韩国市场以散户为主。研究指出，散户的投机活动往往将SPAC的股价推高至首次公开发售价格以上，削弱了SPAC向投资者提供股份赎回权的保障作用，因为SPAC单位只能以发售价(而不是散户投资者购买时的高价)赎回。该研究也指出，由于机构投资者会利用散户投机活动将自身的投资收益变现，投机活动会因此导致更大部分的SPAC单位落入散户手中。\n根据港交所咨询文件披露，大部分在美国上市的SPAC，在进行SPAC并购交易前的股价波动与债券类似，波幅小而股价只徘徊于首次公开发售价。\n尽管如此，个别SPAC也有受市场谣言影响，推动股价超出赎回价。2020年12月，类似消息传出后，一家SPAC的股价上涨至13美元以上，两周后在建议的SPAC并购目标确认该消息后，该家SPAC的股价进一步攀升至17.22美元的历史新高(较10美元的发行价高出72%)。随着合并传言平息，该家SPAC的股价跌至10.50美元的低位(较历来最高价低出39.6%)，直至2021年4月，市场传出另一宗合并传言时，股价重拾升势，单日升了12.7%。在SPAC股价高于10美元时购入股份的投资者，由于只能以10美元赎回股份，若行使股份赎回权便可能会承受重大损失。\n一般而言，在完成SPAC并购交易时，或在临近完成前的最后阶段期间，SPAC的回报波动最大。2020年完成收购的55家SPAC于合并公告发布起计一个月内的股价表现，相对于标普500指数而言，其超额回报的标准差(波幅)高达40%，而同年标普500指数的每月波幅只有9.6%。\n据了解，美国和英国均没有限定专业投资者才可认购和买卖SPAC证券，并容许所有投资者(包括散户)买卖这些证券。新交所亦不限新加坡的专业投资者认购和买卖SPAC证券。\n而在本次咨询文件中，港交所明确表示，在进行SPAC并购交易前，建议仅限专业投资者认购和买卖SPAC证券，即包括机构专业投资者和个人专业投资者。所有SPAC交易所参与者均须经港交所批准，才可于港交所交易系统输入SPAC证券的买卖盘或进行有关交易。\n并购标的须符合新上市规定\n此前有市场人士认为，SPAC是一场击鼓传花的“投资盲盒游戏”，主要因为由于SPAC的发起人有强烈意愿促成并购交易，在这种动机下，标的质量好坏不确定，标的企业经营状况实际上不一定能支撑得起高估值。\n另有券商人士曾向券商中国记者表示，对SPAC感兴趣的企业一般而言是，业绩规模不大，但有概念吸引投资者，令人怀疑是进行监管套利。（详见《太疯狂！SPAC方式上市飙增，国际投行暴赚，各界名流竞相参与！业内：击鼓传花何时结束？》）\n对于“继承公司”（即完成了并购交易后的上市主体）问题，港交所在咨询文件中明确提出，建议对SPAC并购交易採用新上市规定，即继承公司须符合所有新上市规定，包括最低市值规定及财务资格测试。\n港交所认为，这可解决SPAC可能会被利用来规避新上市的定量及定性准则的风险。容许这种规避行为可能会导致不符合标准的业务及/或资产上市。这会使香港市场整体的质素和声誉受损。\n目前，港交所《上市规则》规定反收购行动的目标须通过新上市的财务资格测试。另外，因反收购行动而产生的公司须符合所有新上市规定(财务资格测试除外)。这种做法可确保有关目标独自亦能通过财务资格测试，而不受加入进行交易的上市发行人的财务往绩纪录所产生的正面或负面影响。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860920634,"gmtCreate":1632124296928,"gmtModify":1632802691690,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hhhhhhhhh","listText":"Hhhhhhhhh","text":"Hhhhhhhhh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860920634","repostId":"1126176538","repostType":4,"repost":{"id":"1126176538","kind":"news","pubTimestamp":1632123201,"share":"https://www.laohu8.com/m/news/1126176538?lang=&edition=full","pubTime":"2021-09-20 15:33","market":"us","language":"zh","title":"美股恐进一步回落！“财政版”减码真正让美国经济痛苦","url":"https://stock-news.laohu8.com/highlight/detail?id=1126176538","media":"汇通网","summary":"9月19日，市场分析师Rich Miller撰文称，美联储“减码年”即将到来，但真正让经济痛楚的却会是财政支持的收缩。美联储尚未公布的减码计划一直是美国金融市场热议话题，这掩盖了一件重要的事情：联邦政","content":"<p>9月19日，市场分析师Rich&nbsp;Miller撰文称，美联储“减码年”即将到来，但真正让经济痛楚的却会是财政支持的收缩。美联储尚未公布的减码计划一直是美国金融市场热议话题，这掩盖了一件重要的事情：联邦政府已经在削减预算支持，而这对明年经济增长的影响恐怕会大得多。</p>\n<p><img src=\"https://static.tigerbbs.com/584572a2c309b1fb840f8edea36aeea2\" tg-width=\"640\" tg-height=\"400\" referrerpolicy=\"no-referrer\"></p>\n<p>财政支持的收缩打击美国经济</p>\n<p>美国经济增速势将在2022年下半年大幅放缓，因为政府在疫情期间实施的经济支持措施--从发放给家庭现金支票，到提供给小公司无成本融资，正在渐渐撤出。</p>\n<p>即使美国总统拜登设法赢得了国会对3.5万亿美元经济重建计划的批准，情况也不会得到改变。因为这是一项长期支出计划，对2022年影响是有限的。另外，该计划至少部分资金来源是加税，会拖累而非推动美国的经济增长。</p>\n<p>美国政府花费创纪录的资金支撑疫情期间的美国经济，撤销的话将导致巨大的财政悬崖。图中蓝色柱代表财政政策对美国GDP的贡献，而红色柱代表预测2022年将对经济造成拖累</p>\n<p><img src=\"https://static.tigerbbs.com/84c3a2042aa56ba3b9e392928449bd93\" tg-width=\"526\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p>\n<p>“美国经济不见增长”</p>\n<p>布鲁金斯学会(Brookings&nbsp;Institution)汉密尔顿项目主任Wendy&nbsp;Edelberg称，预计2022年末和进入2023年，美国的经济增长率会非常低。即便有些季度经济基本上不见增长，她也不会惊讶。</p>\n<p>预测美国经济急剧放缓的不只有她一个。<b><a href=\"https://laohu8.com/S/GS\">高盛</a>首席经济学家Jan&nbsp;Hatzius预测，到2022年年底美国经济将以1.5%的速度增长，低于2021年5.7%的增速。</b></p>\n<p>经济减速对将美股推上纪录高位的投资者而言可谓噩耗。</p>\n<p>美国经济减速也可能给拜登和国会民主党议员带来麻烦，特别是同时失业率还上升的话，因为他们寻求在2022年11月中期选举中保住微弱多数席位。不过，多数经济学家预计美国的失业率不会上升。</p>\n<p>经济减速有一个潜在好处：降低通胀。今年以来受供应链瓶颈和消费需求回暖影响，价格水平大幅上升。Edelberg称：“我们需要降降温，因为美国的快速反弹到明年年中将把劳动力市场和经济推向极限。”</p>\n<p>财政政策逆风</p>\n<p>美联储主席鲍威尔曾表示，美联储可能今年开始收缩购债规模。整个购债计划可能到2022年某个时候才会结束，在此之前美联储将继续支持经济和金融市场。</p>\n<p>财政政策不然，它已经开始对美国经济构成拖累。<b>据布鲁金斯学会Hutchins中心估算，联邦、州和地方政府税收支出政策的经济影响已经在第二季度变为负值，这种情况将持续到2023年。</b></p>\n<p>如下图所示，接下来的财政减码程度将是美国历史上最大的</p>\n<p><img src=\"https://static.tigerbbs.com/3044289cfd275999b160e8323f67340f\" tg-width=\"500\" tg-height=\"313\" referrerpolicy=\"no-referrer\"></p>\n<p><a href=\"https://laohu8.com/S/MCO\">穆迪</a>首席经济学家Mark&nbsp;Zandi表示：“财政政策已经开始从顺风变成逆风，到明年春这股逆风会变得非常严重。如果没有任何额外的财政支持，2022年选举日前经济会感觉有些脆弱。”</p>\n<p><b>投资者开始担心经济即将放缓。<a href=\"https://laohu8.com/S/BAC\">美国银行</a>最新的全球基金经理调查显示，他们对美国经济前景看法的乐观程度明显下降。</b></p>\n<p>汇通网提醒，&nbsp;市场预期美联储本周将释放削减购债的信号，11月或者12月采取行动，但综合以上信息可以看到，美国政府缩减财政支持将真正打击美国的经济，特别是在疫情持续的情况下，这可能打击创纪录的美股，未来面临大幅回调的风险，投资者需保持警惕。</p>\n<p><img src=\"https://static.tigerbbs.com/52aadd728673a22a44349727b9b3cca2\" tg-width=\"1250\" tg-height=\"594\" referrerpolicy=\"no-referrer\"></p>\n<p>(标普500指数日线图）</p>","source":"HTW","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>美股恐进一步回落！“财政版”减码真正让美国经济痛苦</title>\n<style 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margin: 0;line-height: 11px;}\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\">\n美股恐进一步回落！“财政版”减码真正让美国经济痛苦\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-20 15:33 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.fx678.com/C/20210920/202109201343162079.html><strong>汇通网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>9月19日，市场分析师Rich Miller撰文称，美联储“减码年”即将到来，但真正让经济痛楚的却会是财政支持的收缩。美联储尚未公布的减码计划一直是美国金融市场热议话题，这掩盖了一件重要的事情：联邦政府已经在削减预算支持，而这对明年经济增长的影响恐怕会大得多。\n\n财政支持的收缩打击美国经济\n美国经济增速势将在2022年下半年大幅放缓，因为政府在疫情期间实施的经济支持措施--从发放给家庭现金支票，到...</p>\n\n<a href=\"https://www.fx678.com/C/20210920/202109201343162079.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.fx678.com/C/20210920/202109201343162079.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126176538","content_text":"9月19日，市场分析师Rich Miller撰文称，美联储“减码年”即将到来，但真正让经济痛楚的却会是财政支持的收缩。美联储尚未公布的减码计划一直是美国金融市场热议话题，这掩盖了一件重要的事情：联邦政府已经在削减预算支持，而这对明年经济增长的影响恐怕会大得多。\n\n财政支持的收缩打击美国经济\n美国经济增速势将在2022年下半年大幅放缓，因为政府在疫情期间实施的经济支持措施--从发放给家庭现金支票，到提供给小公司无成本融资，正在渐渐撤出。\n即使美国总统拜登设法赢得了国会对3.5万亿美元经济重建计划的批准，情况也不会得到改变。因为这是一项长期支出计划，对2022年影响是有限的。另外，该计划至少部分资金来源是加税，会拖累而非推动美国的经济增长。\n美国政府花费创纪录的资金支撑疫情期间的美国经济，撤销的话将导致巨大的财政悬崖。图中蓝色柱代表财政政策对美国GDP的贡献，而红色柱代表预测2022年将对经济造成拖累\n\n“美国经济不见增长”\n布鲁金斯学会(Brookings Institution)汉密尔顿项目主任Wendy Edelberg称，预计2022年末和进入2023年，美国的经济增长率会非常低。即便有些季度经济基本上不见增长，她也不会惊讶。\n预测美国经济急剧放缓的不只有她一个。高盛首席经济学家Jan Hatzius预测，到2022年年底美国经济将以1.5%的速度增长，低于2021年5.7%的增速。\n经济减速对将美股推上纪录高位的投资者而言可谓噩耗。\n美国经济减速也可能给拜登和国会民主党议员带来麻烦，特别是同时失业率还上升的话，因为他们寻求在2022年11月中期选举中保住微弱多数席位。不过，多数经济学家预计美国的失业率不会上升。\n经济减速有一个潜在好处：降低通胀。今年以来受供应链瓶颈和消费需求回暖影响，价格水平大幅上升。Edelberg称：“我们需要降降温，因为美国的快速反弹到明年年中将把劳动力市场和经济推向极限。”\n财政政策逆风\n美联储主席鲍威尔曾表示，美联储可能今年开始收缩购债规模。整个购债计划可能到2022年某个时候才会结束，在此之前美联储将继续支持经济和金融市场。\n财政政策不然，它已经开始对美国经济构成拖累。据布鲁金斯学会Hutchins中心估算，联邦、州和地方政府税收支出政策的经济影响已经在第二季度变为负值，这种情况将持续到2023年。\n如下图所示，接下来的财政减码程度将是美国历史上最大的\n\n穆迪首席经济学家Mark Zandi表示：“财政政策已经开始从顺风变成逆风，到明年春这股逆风会变得非常严重。如果没有任何额外的财政支持，2022年选举日前经济会感觉有些脆弱。”\n投资者开始担心经济即将放缓。美国银行最新的全球基金经理调查显示，他们对美国经济前景看法的乐观程度明显下降。\n汇通网提醒， 市场预期美联储本周将释放削减购债的信号，11月或者12月采取行动，但综合以上信息可以看到，美国政府缩减财政支持将真正打击美国的经济，特别是在疫情持续的情况下，这可能打击创纪录的美股，未来面临大幅回调的风险，投资者需保持警惕。\n\n(标普500指数日线图）","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860920153,"gmtCreate":1632124274772,"gmtModify":1632802691932,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/860920153","repostId":"1100031374","repostType":4,"repost":{"id":"1100031374","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1631587259,"share":"https://www.laohu8.com/m/news/1100031374?lang=&edition=full","pubTime":"2021-09-14 10:40","market":"sh","language":"zh","title":"提醒：中秋节休市安排来了！港股22日休市","url":"https://stock-news.laohu8.com/highlight/detail?id=1100031374","media":"老虎资讯综合","summary":"2021年中秋节假期即将来临！各主要市场休市安排如下：港股：\n\n\n9月22日（周三）休市。9月23日（周四）起照常开市。\n\n\nA股：\n\n\n9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。\n\n\n美股、英股、澳股、新加坡股市照常交易。\n\n\n沪股通和深股通：\n\n\n9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。\n\n\n港股通：\n\n\n9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。","content":"<p>2021年中秋节假期即将来临！各主要市场休市安排如下：<img src=\"https://static.tigerbbs.com/a514042f0cc485274181ed3db4bcf541\" tg-width=\"1103\" tg-height=\"746\" width=\"100%\" height=\"auto\"><b>港股：</b></p>\n<p>9月22日（周三）休市。9月23日（周四）起照常开市。</p>\n<p><b>A股：</b></p>\n<p>9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。</p>\n<p><b>美股、英股、澳股、新加坡股市照常交易。</b></p>\n<p><b>沪股通和深股通：</b></p>\n<p>9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。</p>\n<p><b>港股通：</b></p>\n<p>9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。</p>\n<p><img src=\"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9\" tg-width=\"2048\" tg-height=\"1311\" referrerpolicy=\"no-referrer\"></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>提醒：中秋节休市安排来了！港股22日休市</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n提醒：中秋节休市安排来了！港股22日休市\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-09-14 10:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>2021年中秋节假期即将来临！各主要市场休市安排如下：<img src=\"https://static.tigerbbs.com/a514042f0cc485274181ed3db4bcf541\" tg-width=\"1103\" tg-height=\"746\" width=\"100%\" height=\"auto\"><b>港股：</b></p>\n<p>9月22日（周三）休市。9月23日（周四）起照常开市。</p>\n<p><b>A股：</b></p>\n<p>9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。</p>\n<p><b>美股、英股、澳股、新加坡股市照常交易。</b></p>\n<p><b>沪股通和深股通：</b></p>\n<p>9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。</p>\n<p><b>港股通：</b></p>\n<p>9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。</p>\n<p><img src=\"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9\" tg-width=\"2048\" tg-height=\"1311\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100031374","content_text":"2021年中秋节假期即将来临！各主要市场休市安排如下：港股：\n9月22日（周三）休市。9月23日（周四）起照常开市。\nA股：\n9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。\n美股、英股、澳股、新加坡股市照常交易。\n沪股通和深股通：\n9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。\n港股通：\n9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":886370186,"gmtCreate":1631571411845,"gmtModify":1631889258343,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/886370186","repostId":"1146713993","repostType":4,"isVote":1,"tweetType":1,"viewCount":2176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":817093796,"gmtCreate":1630889100815,"gmtModify":1631889258347,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hhhhhh","listText":"Hhhhhh","text":"Hhhhhh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/817093796","isVote":1,"tweetType":1,"viewCount":1752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":814526350,"gmtCreate":1630848068670,"gmtModify":1631889258352,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"title":"hello","htmlText":"Hhhhhhhhhhhhhbhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh","listText":"Hhhhhhhhhhhhhbhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh","text":"Hhhhhhhhhhhhhbhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh","images":[],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814526350","isVote":1,"tweetType":1,"viewCount":1606,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":814528520,"gmtCreate":1630848022860,"gmtModify":1631889258358,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hello 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ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890277885","repostId":"1116621163","repostType":4,"isVote":1,"tweetType":1,"viewCount":656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":890037303,"gmtCreate":1628065653502,"gmtModify":1631889258378,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890037303","repostId":"146135203","repostType":1,"repost":{"id":146135203,"gmtCreate":1626057999999,"gmtModify":1631899069481,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"【老虎财报季】写财报分析，赢取老虎限量商务套装","htmlText":"参与《老虎财报季》赢取老虎限量商务套装，免佣卡，还有虎友们最最最喜欢的限量保温杯。Q2财报季即将拉开序幕，美国六大银行将在本周率先公布财报，随后将迎来大家最关心的科技股财报。小虎君想邀请虎友们，分享你最看好的财报是哪家？说说为什么？你持有它吗？解读其最新业绩，发表你对公司的看法，就有机会赢取老虎限量商务套装，免佣卡，还有虎友们最最最喜欢的限量保温杯。【参与方式】 在“<a href=\"https://laohu8.com/RN?name=RNTheme&amp;page=/theme/special/discussion&amp;rndata={&quot;themeId&quot;:&quot;fa946d497d894de8863f2348305e2a7e&quot;}\" target=\"_blank\">老虎财报季</a>”主题下发帖，或者题目中包含“老虎财报季”等关键字分享你最看好的财报是哪家？说说为什么？你持有它吗？解读其最新业绩，发表你对公司的看法，字数不少于300字。并<a target=\"_blank\" href=\"https://laohu8.com/U/36984908995200\">@小虎活动</a>、<a target=\"_blank\" href=\"https://laohu8.com/U/20722186463466\">@爱发红包的虎妞</a> 或者<a target=\"_blank\" href=\"https://laohu8.com/U/3514329116425907\">@小虎AV</a> 写什么？虎友们可以自由发挥！如果没有现成的idea，也可以参考以下模版： 关注公司的财报业绩（营收，净利润，主营业务表现，关键指标增长等） 公司基本面分析（包括主营业务分析、所属行业竞争优劣势、未来发展点等） 财报前后你是否有调整仓位？未来是否会继续投资？","listText":"参与《老虎财报季》赢取老虎限量商务套装，免佣卡，还有虎友们最最最喜欢的限量保温杯。Q2财报季即将拉开序幕，美国六大银行将在本周率先公布财报，随后将迎来大家最关心的科技股财报。小虎君想邀请虎友们，分享你最看好的财报是哪家？说说为什么？你持有它吗？解读其最新业绩，发表你对公司的看法，就有机会赢取老虎限量商务套装，免佣卡，还有虎友们最最最喜欢的限量保温杯。【参与方式】 在“<a href=\"https://laohu8.com/RN?name=RNTheme&amp;page=/theme/special/discussion&amp;rndata={&quot;themeId&quot;:&quot;fa946d497d894de8863f2348305e2a7e&quot;}\" target=\"_blank\">老虎财报季</a>”主题下发帖，或者题目中包含“老虎财报季”等关键字分享你最看好的财报是哪家？说说为什么？你持有它吗？解读其最新业绩，发表你对公司的看法，字数不少于300字。并<a target=\"_blank\" href=\"https://laohu8.com/U/36984908995200\">@小虎活动</a>、<a target=\"_blank\" href=\"https://laohu8.com/U/20722186463466\">@爱发红包的虎妞</a> 或者<a target=\"_blank\" href=\"https://laohu8.com/U/3514329116425907\">@小虎AV</a> 写什么？虎友们可以自由发挥！如果没有现成的idea，也可以参考以下模版： 关注公司的财报业绩（营收，净利润，主营业务表现，关键指标增长等） 公司基本面分析（包括主营业务分析、所属行业竞争优劣势、未来发展点等） 财报前后你是否有调整仓位？未来是否会继续投资？","text":"参与《老虎财报季》赢取老虎限量商务套装，免佣卡，还有虎友们最最最喜欢的限量保温杯。Q2财报季即将拉开序幕，美国六大银行将在本周率先公布财报，随后将迎来大家最关心的科技股财报。小虎君想邀请虎友们，分享你最看好的财报是哪家？说说为什么？你持有它吗？解读其最新业绩，发表你对公司的看法，就有机会赢取老虎限量商务套装，免佣卡，还有虎友们最最最喜欢的限量保温杯。【参与方式】 在“老虎财报季”主题下发帖，或者题目中包含“老虎财报季”等关键字分享你最看好的财报是哪家？说说为什么？你持有它吗？解读其最新业绩，发表你对公司的看法，字数不少于300字。并@小虎活动、@爱发红包的虎妞 或者@小虎AV 写什么？虎友们可以自由发挥！如果没有现成的idea，也可以参考以下模版： 关注公司的财报业绩（营收，净利润，主营业务表现，关键指标增长等） 公司基本面分析（包括主营业务分析、所属行业竞争优劣势、未来发展点等） 财报前后你是否有调整仓位？未来是否会继续投资？","images":[{"img":"https://static.tigerbbs.com/82e19e2adebbf2c25108f6926818deea","width":"1080","height":"648"},{"img":"https://static.tigerbbs.com/18f14b2fa2c5e868274e699566b71f54","width":"840","height":"540"},{"img":"https://static.tigerbbs.com/ac10aad89763946afd17f38ae564756a","width":"1084","height":"1086"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/146135203","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":749,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":807465241,"gmtCreate":1628051293783,"gmtModify":1631892093321,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807465241","repostId":"1124524228","repostType":4,"isVote":1,"tweetType":1,"viewCount":603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":804189189,"gmtCreate":1627945492541,"gmtModify":1631892093330,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804189189","repostId":"1172231827","repostType":4,"repost":{"id":"1172231827","kind":"news","pubTimestamp":1627910581,"share":"https://www.laohu8.com/m/news/1172231827?lang=&edition=full","pubTime":"2021-08-02 21:23","market":"us","language":"en","title":"Moderna, Pfizer Hike Vaccine Prices By Up To 25%","url":"https://stock-news.laohu8.com/highlight/detail?id=1172231827","media":"zerohedge","summary":"Pfizer and Moderna, Inc. have both made clear that they see their COVID vaccination businesses as lo","content":"<p><a href=\"https://laohu8.com/S/PFE\">Pfizer</a> and <a href=\"https://laohu8.com/S/MRNA\">Moderna, Inc.</a> have both made clear that they see their COVID vaccination businesses as long-term profit drivers, not the public service that enabled them to receive billions of dollars in public money to effectively subsidize their development. And now that jabs from <a href=\"https://laohu8.com/S/CAAS\">China</a> and Russia are facing newfound skepticism across Europe and the emerging world, Big Pharma is showing its true colors, and demanding a massive premium from all buyers of its jabs as Pfizer rolls out its first 'booster jabs'.</p>\n<p>It's interesting that they're raising prices, considering thatthe Pfizer jabhasn't exactlyheld up to the original promise of its efficacy.</p>\n<p>Despite their original promises not to profit off the vaccines until the pandemic had ended, both companies are now seizing the opportunity to hike prices charged to governments like those in the EU.</p>\n<p>According to the latest EU supply contracts seen by the FT, Pfizer raised the price of its COVID vaccine by more than 25% and Moderna raised its price by more than 10%. Both companies are expected to generate tens of billions of dollars in revenue this year as they sign new deals with countries anxious to secure supplies for potential booster shots.</p>\n<p>Perthe FT,the companies are raising prices now that Phase 3 trial data has showed that their mRNA jabs are more effective than the AstraZeneca and JNJ jabs. But let's not forget another important factor: that both the AstraZeneca and JNJ jabs have been linked to rare yet sometimes fatal blood clots that have made millions of people wary of taking the jabs. In Australia, for example, the AstraZeneca jab is much more available than the Pfizer jabs...but most patients would prefer to wait, despite the intense lockdowns imposed on the population.</p>\n<p>The new price for a Pfizer shot was €19.50 ($23) vs. €15.50 ($18) previously, according to the contracts seen by the FT.</p>\n<p>The insider who leaked the data to the FT said the pharmaceutical companies argued they deserved more money because their jabs offered increased \"value\" vs. competing vaccines.</p>\n<p>In reality, Big Pharma is just trying to do right by its shareholders as sales are expected to boom.</p>\n<p><img src=\"https://static.tigerbbs.com/cb20962b05dd2a1a50089742b71bd99c\" tg-width=\"1280\" tg-height=\"889\" referrerpolicy=\"no-referrer\">As the FT points out, the EU supply deal was struck at a difficult time for the EU. The AstraZeneca jab that public health leaders had hoped would be the workhorse of the global rollout had been damaged by scandal. The big pharma firms effectively had their government customers over a barrel. What's more, EU members were grousing about \"unfair\" distribution of shots that left some countries short on jabs.</p>\n<p><a href=\"https://laohu8.com/S/JE\">Just</a> last week, Pfizer last week raised its guidance for annual vaccine revenue by nearly <a href=\"https://laohu8.com/S/AONE.U\">one</a>-third to $33.5 billion, after sales of the shot helped almost double sales in the second quarter.</p>\n<p><img src=\"https://static.tigerbbs.com/5b4fabb71aac47f3f630bde49b1c1c8b\" tg-width=\"1280\" tg-height=\"937\" referrerpolicy=\"no-referrer\"></p>\n<p>Fortunately for shareholders, sales to high-income countries likely won't be slowing any time soon as governments prepare to start inoculating minors, and booster shots are being doled out already in Israel.</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>Moderna, Pfizer Hike Vaccine Prices By Up To 25%</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nModerna, Pfizer Hike Vaccine Prices By Up To 25%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-02 21:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/covid-19/moderna-pfizer-hike-vaccine-prices-25?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Pfizer and Moderna, Inc. have both made clear that they see their COVID vaccination businesses as long-term profit drivers, not the public service that enabled them to receive billions of dollars in ...</p>\n\n<a href=\"https://www.zerohedge.com/covid-19/moderna-pfizer-hike-vaccine-prices-25?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞","MRNA":"Moderna, Inc."},"source_url":"https://www.zerohedge.com/covid-19/moderna-pfizer-hike-vaccine-prices-25?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172231827","content_text":"Pfizer and Moderna, Inc. have both made clear that they see their COVID vaccination businesses as long-term profit drivers, not the public service that enabled them to receive billions of dollars in public money to effectively subsidize their development. And now that jabs from China and Russia are facing newfound skepticism across Europe and the emerging world, Big Pharma is showing its true colors, and demanding a massive premium from all buyers of its jabs as Pfizer rolls out its first 'booster jabs'.\nIt's interesting that they're raising prices, considering thatthe Pfizer jabhasn't exactlyheld up to the original promise of its efficacy.\nDespite their original promises not to profit off the vaccines until the pandemic had ended, both companies are now seizing the opportunity to hike prices charged to governments like those in the EU.\nAccording to the latest EU supply contracts seen by the FT, Pfizer raised the price of its COVID vaccine by more than 25% and Moderna raised its price by more than 10%. Both companies are expected to generate tens of billions of dollars in revenue this year as they sign new deals with countries anxious to secure supplies for potential booster shots.\nPerthe FT,the companies are raising prices now that Phase 3 trial data has showed that their mRNA jabs are more effective than the AstraZeneca and JNJ jabs. But let's not forget another important factor: that both the AstraZeneca and JNJ jabs have been linked to rare yet sometimes fatal blood clots that have made millions of people wary of taking the jabs. In Australia, for example, the AstraZeneca jab is much more available than the Pfizer jabs...but most patients would prefer to wait, despite the intense lockdowns imposed on the population.\nThe new price for a Pfizer shot was €19.50 ($23) vs. €15.50 ($18) previously, according to the contracts seen by the FT.\nThe insider who leaked the data to the FT said the pharmaceutical companies argued they deserved more money because their jabs offered increased \"value\" vs. competing vaccines.\nIn reality, Big Pharma is just trying to do right by its shareholders as sales are expected to boom.\nAs the FT points out, the EU supply deal was struck at a difficult time for the EU. The AstraZeneca jab that public health leaders had hoped would be the workhorse of the global rollout had been damaged by scandal. The big pharma firms effectively had their government customers over a barrel. What's more, EU members were grousing about \"unfair\" distribution of shots that left some countries short on jabs.\nJust last week, Pfizer last week raised its guidance for annual vaccine revenue by nearly one-third to $33.5 billion, after sales of the shot helped almost double sales in the second quarter.\n\nFortunately for shareholders, sales to high-income countries likely won't be slowing any time soon as governments prepare to start inoculating minors, and booster shots are being doled out already in Israel.","news_type":1,"symbols_score_info":{"MRNA":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":735,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":804189068,"gmtCreate":1627945485954,"gmtModify":1631892093345,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804189068","repostId":"1172231827","repostType":4,"repost":{"id":"1172231827","kind":"news","pubTimestamp":1627910581,"share":"https://www.laohu8.com/m/news/1172231827?lang=&edition=full","pubTime":"2021-08-02 21:23","market":"us","language":"en","title":"Moderna, Pfizer Hike Vaccine Prices By Up To 25%","url":"https://stock-news.laohu8.com/highlight/detail?id=1172231827","media":"zerohedge","summary":"Pfizer and Moderna, Inc. have both made clear that they see their COVID vaccination businesses as lo","content":"<p><a href=\"https://laohu8.com/S/PFE\">Pfizer</a> and <a href=\"https://laohu8.com/S/MRNA\">Moderna, Inc.</a> have both made clear that they see their COVID vaccination businesses as long-term profit drivers, not the public service that enabled them to receive billions of dollars in public money to effectively subsidize their development. And now that jabs from <a href=\"https://laohu8.com/S/CAAS\">China</a> and Russia are facing newfound skepticism across Europe and the emerging world, Big Pharma is showing its true colors, and demanding a massive premium from all buyers of its jabs as Pfizer rolls out its first 'booster jabs'.</p>\n<p>It's interesting that they're raising prices, considering thatthe Pfizer jabhasn't exactlyheld up to the original promise of its efficacy.</p>\n<p>Despite their original promises not to profit off the vaccines until the pandemic had ended, both companies are now seizing the opportunity to hike prices charged to governments like those in the EU.</p>\n<p>According to the latest EU supply contracts seen by the FT, Pfizer raised the price of its COVID vaccine by more than 25% and Moderna raised its price by more than 10%. Both companies are expected to generate tens of billions of dollars in revenue this year as they sign new deals with countries anxious to secure supplies for potential booster shots.</p>\n<p>Perthe FT,the companies are raising prices now that Phase 3 trial data has showed that their mRNA jabs are more effective than the AstraZeneca and JNJ jabs. But let's not forget another important factor: that both the AstraZeneca and JNJ jabs have been linked to rare yet sometimes fatal blood clots that have made millions of people wary of taking the jabs. In Australia, for example, the AstraZeneca jab is much more available than the Pfizer jabs...but most patients would prefer to wait, despite the intense lockdowns imposed on the population.</p>\n<p>The new price for a Pfizer shot was €19.50 ($23) vs. €15.50 ($18) previously, according to the contracts seen by the FT.</p>\n<p>The insider who leaked the data to the FT said the pharmaceutical companies argued they deserved more money because their jabs offered increased \"value\" vs. competing vaccines.</p>\n<p>In reality, Big Pharma is just trying to do right by its shareholders as sales are expected to boom.</p>\n<p><img src=\"https://static.tigerbbs.com/cb20962b05dd2a1a50089742b71bd99c\" tg-width=\"1280\" tg-height=\"889\" referrerpolicy=\"no-referrer\">As the FT points out, the EU supply deal was struck at a difficult time for the EU. The AstraZeneca jab that public health leaders had hoped would be the workhorse of the global rollout had been damaged by scandal. The big pharma firms effectively had their government customers over a barrel. What's more, EU members were grousing about \"unfair\" distribution of shots that left some countries short on jabs.</p>\n<p><a href=\"https://laohu8.com/S/JE\">Just</a> last week, Pfizer last week raised its guidance for annual vaccine revenue by nearly <a href=\"https://laohu8.com/S/AONE.U\">one</a>-third to $33.5 billion, after sales of the shot helped almost double sales in the second quarter.</p>\n<p><img src=\"https://static.tigerbbs.com/5b4fabb71aac47f3f630bde49b1c1c8b\" tg-width=\"1280\" tg-height=\"937\" referrerpolicy=\"no-referrer\"></p>\n<p>Fortunately for shareholders, sales to high-income countries likely won't be slowing any time soon as governments prepare to start inoculating minors, and booster shots are being doled out already in Israel.</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>Moderna, Pfizer Hike Vaccine Prices By Up To 25%</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nModerna, Pfizer Hike Vaccine Prices By Up To 25%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-02 21:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/covid-19/moderna-pfizer-hike-vaccine-prices-25?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Pfizer and Moderna, Inc. have both made clear that they see their COVID vaccination businesses as long-term profit drivers, not the public service that enabled them to receive billions of dollars in ...</p>\n\n<a href=\"https://www.zerohedge.com/covid-19/moderna-pfizer-hike-vaccine-prices-25?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞","MRNA":"Moderna, Inc."},"source_url":"https://www.zerohedge.com/covid-19/moderna-pfizer-hike-vaccine-prices-25?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172231827","content_text":"Pfizer and Moderna, Inc. have both made clear that they see their COVID vaccination businesses as long-term profit drivers, not the public service that enabled them to receive billions of dollars in public money to effectively subsidize their development. And now that jabs from China and Russia are facing newfound skepticism across Europe and the emerging world, Big Pharma is showing its true colors, and demanding a massive premium from all buyers of its jabs as Pfizer rolls out its first 'booster jabs'.\nIt's interesting that they're raising prices, considering thatthe Pfizer jabhasn't exactlyheld up to the original promise of its efficacy.\nDespite their original promises not to profit off the vaccines until the pandemic had ended, both companies are now seizing the opportunity to hike prices charged to governments like those in the EU.\nAccording to the latest EU supply contracts seen by the FT, Pfizer raised the price of its COVID vaccine by more than 25% and Moderna raised its price by more than 10%. Both companies are expected to generate tens of billions of dollars in revenue this year as they sign new deals with countries anxious to secure supplies for potential booster shots.\nPerthe FT,the companies are raising prices now that Phase 3 trial data has showed that their mRNA jabs are more effective than the AstraZeneca and JNJ jabs. But let's not forget another important factor: that both the AstraZeneca and JNJ jabs have been linked to rare yet sometimes fatal blood clots that have made millions of people wary of taking the jabs. In Australia, for example, the AstraZeneca jab is much more available than the Pfizer jabs...but most patients would prefer to wait, despite the intense lockdowns imposed on the population.\nThe new price for a Pfizer shot was €19.50 ($23) vs. €15.50 ($18) previously, according to the contracts seen by the FT.\nThe insider who leaked the data to the FT said the pharmaceutical companies argued they deserved more money because their jabs offered increased \"value\" vs. competing vaccines.\nIn reality, Big Pharma is just trying to do right by its shareholders as sales are expected to boom.\nAs the FT points out, the EU supply deal was struck at a difficult time for the EU. The AstraZeneca jab that public health leaders had hoped would be the workhorse of the global rollout had been damaged by scandal. The big pharma firms effectively had their government customers over a barrel. What's more, EU members were grousing about \"unfair\" distribution of shots that left some countries short on jabs.\nJust last week, Pfizer last week raised its guidance for annual vaccine revenue by nearly one-third to $33.5 billion, after sales of the shot helped almost double sales in the second quarter.\n\nFortunately for shareholders, sales to high-income countries likely won't be slowing any time soon as governments prepare to start inoculating minors, and booster shots are being doled out already in Israel.","news_type":1,"symbols_score_info":{"MRNA":0.9,"PFE":0.9}},"isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":804180516,"gmtCreate":1627945464235,"gmtModify":1631892093354,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089869254726910","idStr":"4089869254726910"},"themes":[],"htmlText":"Hello&nbsp;","listText":"Hello&nbsp;","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804180516","repostId":"2156116807","repostType":4,"isVote":1,"tweetType":1,"viewCount":1051,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":898629063,"gmtCreate":1628494657352,"gmtModify":1631889258365,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/898629063","repostId":"1184000657","repostType":4,"isVote":1,"tweetType":1,"viewCount":1092,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":886370186,"gmtCreate":1631571411845,"gmtModify":1631889258343,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/886370186","repostId":"1146713993","repostType":4,"isVote":1,"tweetType":1,"viewCount":2176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":804180096,"gmtCreate":1627945442615,"gmtModify":1631892093366,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804180096","repostId":"1107596279","repostType":4,"isVote":1,"tweetType":1,"viewCount":767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":807465241,"gmtCreate":1628051293783,"gmtModify":1631892093321,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/807465241","repostId":"1124524228","repostType":4,"isVote":1,"tweetType":1,"viewCount":603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":802527675,"gmtCreate":1627790185897,"gmtModify":1631892093399,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hihihi","listText":"Hihihi","text":"Hihihi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802527675","repostId":"2155001152","repostType":4,"isVote":1,"tweetType":1,"viewCount":641,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":890500486,"gmtCreate":1628122318745,"gmtModify":1631889258370,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/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10:28","market":"us","language":"en","title":"Expect More Underwhelming Performance for SoFi Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=1147877145","media":"InvestorPlace","summary":"The odds of a rapid rebound for fintech play SOFI stock appear dim.\n\nAsSoFiTechnologies(NASDAQ:SOFI)","content":"<blockquote>\n <b>The odds of a rapid rebound for fintech play SOFI stock appear dim.</b>\n</blockquote>\n<p>As<b>SoFiTechnologies</b>(NASDAQ:<b><u>SOFI</u></b>) stock falls back to around $15 per share, is now the time to buy? Not really. Over a long enough timeframe, entering a position in the fintech company’s shares right now could end up being a highly profitable move.</p>\n<p>Assuming of course, that it becomes the next<b>PayPal</b>(NASDAQ:<b><u>PYPL</u></b>) or<b>Square</b>(NYSE:<b><u>SQ</u></b>). Even so, that doesn’t mean there’s an urgent need to rush out and buy it today. More likely than not, the stock will deliver underwhelming returns in the months ahead.</p>\n<p>Why? The negative factors that have been weighing down on growth stocks. First, the risk that a hike in interest rates will result in avaluation contraction for richly priced namessuch as this one. Second, slowing economic growth could be another risk for shares. If today’s booming economy takes a breather, it may be tough for SoFi to deliver the blockbuster quarterly results investors expect from it.</p>\n<p>With the possibility of it languishing at $15 per share. Or worse yet, falling to $10 per share or less, the best move hasn’t changed in the past month. If you’re still bullish on it? Take your time when it comes to entering a position.</p>\n<p><b>SOFI Stock and Possible Further Downside</b></p>\n<p>After itsJune 1 deSPACing, SoFi shares seemed primed to make a comeback. Not only that, it seemed like the reputation of Chamath Palihapitiya, the sponsor of this former SPAC (special purpose acquisition company) was making a comeback as well.</p>\n<p>Yet, flash-forward around two months, and it seems like things are getting to where they were after last spring’s“SPAC Wipeout.”Investors haven’t shown much interest in Palihapitiya’slatest SPAC venture has been met with a yawn. Shares in his higher-profile holdings, like SOFI stock, along with<b>Clover Health</b>(NASDAQ:<b><u>CLOV</u></b>) stock have again lost their luster as well.</p>\n<p>SoFi has fallen back once again. But don’t assume it’s bottomed out. Not as much to do with any issues with the company itself. Instead, due to economy-wide factors that may result in it making another move to lower price levels. Again, as I’ve discussed previously, rising interest rates could have a big negative impact on its share price. Even as rising rates will be good for the company’s lending operations, this could be more than countered by valuation contraction.</p>\n<p>Giving things another look, it’s clear there’s another risk factor that could knock down the stock once again. That’s the potential for economic growth to start slowing down.</p>\n<p><b>High Valuation</b></p>\n<p>SOFI stock may be down big from its all-time high. But at today’s levels, it remains a “priced for perfection” situation. With projections calling for high double-digit growth, and recent results pointing to itbeating guidance, investors continue to have no trouble giving this stock a rich valuation.</p>\n<p>At $15 per share, shares trade for around 8.4x estimated 2022 revenues. Some, including<i>InvestorPlace’s</i>Larry Ramer, have questioned whether it makes sense to value this companymore like a tech firm than a bank. I also see this as an area of concern. Yet I don’t expect this factor alone to be what knocks it down to lower prices.</p>\n<p>What will? Again, it’s a sooner-than-expected rise in interest rates that could send shares down to even lower prices. But that’s not the only thing that could do so. Even if the Federal Reserve doesn’t turn on a dime, and shift from dovish to hawkish monetary policy, SOFI stock could find itself in trouble. How? If it starts delivering disappointing quarterly results.</p>\n<p>Sure, this may not happen in the immediate future. Yet, the above-average economic growth seen during the pandemic recovery/reopeningcould be running out of gas. If the economy starts to slow? It may get tougher for SoFi to live up to the high expectations currently priced into shares. Along with the valuation contraction risk, this is something else that could it down before it starts to rally once again.</p>\n<p><b>No Rush to Dive in at Today’s Prices</b></p>\n<p>Now may seem like an opportune time to scoop up SoFi shares on the cheap. But after selling off again, I wouldn’t expect any sort of rapid recovery. Just like a few weeks back, the risk of valuation contraction runs high. As more comes out of today’s still-booming economy could be set to slow down? The risk of underwhelming results in future quarters is starting to loom as well.</p>\n<p>So, with more negatives than positives, SOFI stock is likely to either going to trade sideways in the short term or worse, head down to lower prices. With this in mind, even investors who believe it’s a long-term winner shouldn’t hastily dive into it.</p>","source":"lsy1606302653667","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>Expect More Underwhelming Performance for SoFi Shares</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nExpect More Underwhelming Performance for SoFi Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-01 10:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/07/sofi-stock-expect-continued-underwhelming-performance/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The odds of a rapid rebound for fintech play SOFI stock appear dim.\n\nAsSoFiTechnologies(NASDAQ:SOFI) stock falls back to around $15 per share, is now the time to buy? Not really. Over a long enough ...</p>\n\n<a href=\"https://investorplace.com/2021/07/sofi-stock-expect-continued-underwhelming-performance/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOFI":"SoFi Technologies Inc."},"source_url":"https://investorplace.com/2021/07/sofi-stock-expect-continued-underwhelming-performance/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147877145","content_text":"The odds of a rapid rebound for fintech play SOFI stock appear dim.\n\nAsSoFiTechnologies(NASDAQ:SOFI) stock falls back to around $15 per share, is now the time to buy? Not really. Over a long enough timeframe, entering a position in the fintech company’s shares right now could end up being a highly profitable move.\nAssuming of course, that it becomes the nextPayPal(NASDAQ:PYPL) orSquare(NYSE:SQ). Even so, that doesn’t mean there’s an urgent need to rush out and buy it today. More likely than not, the stock will deliver underwhelming returns in the months ahead.\nWhy? The negative factors that have been weighing down on growth stocks. First, the risk that a hike in interest rates will result in avaluation contraction for richly priced namessuch as this one. Second, slowing economic growth could be another risk for shares. If today’s booming economy takes a breather, it may be tough for SoFi to deliver the blockbuster quarterly results investors expect from it.\nWith the possibility of it languishing at $15 per share. Or worse yet, falling to $10 per share or less, the best move hasn’t changed in the past month. If you’re still bullish on it? Take your time when it comes to entering a position.\nSOFI Stock and Possible Further Downside\nAfter itsJune 1 deSPACing, SoFi shares seemed primed to make a comeback. Not only that, it seemed like the reputation of Chamath Palihapitiya, the sponsor of this former SPAC (special purpose acquisition company) was making a comeback as well.\nYet, flash-forward around two months, and it seems like things are getting to where they were after last spring’s“SPAC Wipeout.”Investors haven’t shown much interest in Palihapitiya’slatest SPAC venture has been met with a yawn. Shares in his higher-profile holdings, like SOFI stock, along withClover Health(NASDAQ:CLOV) stock have again lost their luster as well.\nSoFi has fallen back once again. But don’t assume it’s bottomed out. Not as much to do with any issues with the company itself. Instead, due to economy-wide factors that may result in it making another move to lower price levels. Again, as I’ve discussed previously, rising interest rates could have a big negative impact on its share price. Even as rising rates will be good for the company’s lending operations, this could be more than countered by valuation contraction.\nGiving things another look, it’s clear there’s another risk factor that could knock down the stock once again. That’s the potential for economic growth to start slowing down.\nHigh Valuation\nSOFI stock may be down big from its all-time high. But at today’s levels, it remains a “priced for perfection” situation. With projections calling for high double-digit growth, and recent results pointing to itbeating guidance, investors continue to have no trouble giving this stock a rich valuation.\nAt $15 per share, shares trade for around 8.4x estimated 2022 revenues. Some, includingInvestorPlace’sLarry Ramer, have questioned whether it makes sense to value this companymore like a tech firm than a bank. I also see this as an area of concern. Yet I don’t expect this factor alone to be what knocks it down to lower prices.\nWhat will? Again, it’s a sooner-than-expected rise in interest rates that could send shares down to even lower prices. But that’s not the only thing that could do so. Even if the Federal Reserve doesn’t turn on a dime, and shift from dovish to hawkish monetary policy, SOFI stock could find itself in trouble. How? If it starts delivering disappointing quarterly results.\nSure, this may not happen in the immediate future. Yet, the above-average economic growth seen during the pandemic recovery/reopeningcould be running out of gas. If the economy starts to slow? It may get tougher for SoFi to live up to the high expectations currently priced into shares. Along with the valuation contraction risk, this is something else that could it down before it starts to rally once again.\nNo Rush to Dive in at Today’s Prices\nNow may seem like an opportune time to scoop up SoFi shares on the cheap. But after selling off again, I wouldn’t expect any sort of rapid recovery. Just like a few weeks back, the risk of valuation contraction runs high. As more comes out of today’s still-booming economy could be set to slow down? The risk of underwhelming results in future quarters is starting to loom as well.\nSo, with more negatives than positives, SOFI stock is likely to either going to trade sideways in the short term or worse, head down to lower prices. With this in mind, even investors who believe it’s a long-term winner shouldn’t hastily dive into it.","news_type":1,"symbols_score_info":{"SOFI":0.9}},"isVote":1,"tweetType":1,"viewCount":579,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826441883,"gmtCreate":1634049294078,"gmtModify":1634049294396,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826441883","repostId":"1125833702","repostType":4,"isVote":1,"tweetType":1,"viewCount":1721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860920221,"gmtCreate":1632124381563,"gmtModify":1632802691571,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Huhih","listText":"Huhih","text":"Huhih","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860920221","repostId":"1156524086","repostType":4,"repost":{"id":"1156524086","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯，最专业的解读分析，覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1632121857,"share":"https://www.laohu8.com/m/news/1156524086?lang=&edition=full","pubTime":"2021-09-20 15:10","market":"hk","language":"zh","title":"港版\"投资盲盒\"游戏来了！并购标的看齐IPO！明星们还能玩转吗？","url":"https://stock-news.laohu8.com/highlight/detail?id=1156524086","media":"券商中国","summary":"港交所计划推出监管更为严格的SPAC上市机制。\n近日，港交所发出咨询文件，对推行“特殊目的收购公司”（SPAC）上市机制征询市场意见。据了解，咨询期45天，10月31日为截止日。\nSPAC模式去年以来","content":"<p>港交所计划推出监管更为严格的SPAC上市机制。</p>\n<p><b>近日，港交所发出咨询文件，对推行“特殊目的收购公司”（SPAC）上市机制征询市场意见。据了解，咨询期45天，10月31日为截止日。</b></p>\n<p>SPAC模式去年以来在华尔街盛行，但也备受争议。业内人士认为，SPAC是一场击鼓传花的“投资盲盒”游戏，反映出并购标的质量有可能不高、投资回报被夸大、投机氛围浓厚等问题。</p>\n<p>从咨询文件来看，港交所致力于维持高质素市场声誉，对SPAC上市申请人以及并购标的收紧监管，以确保SPAC发起人具备丰富的经验及良好的声誉，并且以优质SPAC并购为目标。</p>\n<p><b>旨在吸引大中华区、东南亚企业上市</b></p>\n<p>去年以来，美股SPAC上市热潮吸引全球资本市场的目光。据了解，SPAC模式通常而言，是发起人造壳上市并向市场投资者募集资金，计划在2年内寻找标的并完成收购，若规定时间内未完成并购，那么投资者能拿回本金及一定利息。对于标的企业而言，这是区别于传统IPO和借壳上市的另一种上市方式。</p>\n<p><b>数据显示，美股今年一季度SPAC的IPO无论是数量亦或募资总额均已超过去年全年，上市热度创下十年新高。</b></p>\n<p>多地交易所受此吸引，计划引入或修订SPAC上市机制以提升当地资本市场的吸引力。</p>\n<p>港交所在今年年初早有酝酿。9月17日港交所正式对SPAC上市机制征求市场意见。咨询文件提到，引入SPAC上市制度对香港市场有多项益处。</p>\n<p><b>一是争取SPAC来港上市。</b>港交所表示，截至2021年7月13日，有25家总部位于大中华区的SPAC在美国上市，首次公开发售所得款项共约42亿美元（331亿港元)，当中有20家的总部设于香港，5家总部设于中国内地。此外，也有数家总部不在这些地点的SPAC，却是以大中华区为业务重心。</p>\n<p>在港交所看来，以物色大中华目标为重心的SPAC若能来港上市，可能有助于确保这些目标公司选择在香港而非美国上市。</p>\n<p><b>二是争取大中华与东南亚公司来港上市。</b>数据显示，过去三年来，先后有2家中国香港、8家中国内地及2家新加坡公司通过SPAC并购交易在美国上市。截至2021年7月13日，这12家公司的市值合共约260亿港元。</p>\n<p>港交所与市场进行初步讨论时了解到，不少上市申请人实际上想以“双轨”方式上市，即一方面透过传统IPO上市，另一方面也计划通过SPAC上市。若香港市场也可提供这种“双轨”方案，或有助争取大中华公司来香港上市。</p>\n<p><img src=\"https://static.tigerbbs.com/6f2a687ce2b56c1f40130146887aae60\" tg-width=\"1080\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p>\n<p>港交所上市主管陈翊庭表示，“我们深信，香港引入SPAC上市制度可为市场提供传统首次公开招股以外的另一渠道，吸引更多来自大中华区、东南亚以至世界各地的公司来港上市。”</p>\n<p><b>强调SPAC发起人专业素养</b></p>\n<p>由于SPAC市场空前火爆，除了专业投资机构外，美国有体育明星、乐坛歌星也参与SPAC的发起，比如有篮球明星奥尼尔，说唱歌手Jay-Z等。美国证券交易委员提醒投资者：仅仅由于某个名人参与发起某个SPAC、投资了某个SPAC或认为这项投资很好，就跟风买入，从来都不是一个好想法。</p>\n<p>对于SPAC发起人的专业素养，港交所在此次咨询文件中也提出要求。</p>\n<p><b>港交所表示，由于SPAC都无经营往绩记录，不同SPAC的区别主要在于发起人的经验和声誉，投资者在决定投资SPAC时也主要以此为依据。如果SPAC发起人有经验，便有较大机会找到合适的并购标的，并协商较有利于投资者的并购交易条款。</b></p>\n<p>港交所建议规定，SPAC在上市时和直至SPAC并购交易完成之前，都须令港交所满意每名SPAC发起人的个性、经验及诚信以及信任其具备足够的才干胜任其职务。</p>\n<p>港交所旨在让一些由能力及经验高于平均标准的SPAC发起人所管理的SPAC上市。建议指引将指出，如能证明SPAC发起人具有以下经验之一，则对SPAC发起人较有利：</p>\n<p>1. 连续三个财政年度或以上管理平均合共价值至少80亿港元的资产；</p>\n<p>2. 于目前或曾经为恒生指数或同等旗舰指数成份股的发行人担任高级行政职务(例如行政总裁或营运总监)。</p>\n<p>另外，为了确保SPAC发起人质素高，并与其他SPAC投资者的利益更一致，港交所建议，SPAC在上市时及在其整个存续期中，都至少要有一名SPAC发起人持续持有：香港证监会发出的第6类(就机构融资提供意见)及/或第9类(提供资产管理)牌照，以及发起人股份的至少10%。</p>\n<p><b>对于发行定价，港交所建议，SPAC发行SPAC股份的发行价为10港元或以上。</b></p>\n<p>在募集资金规模方面，港交所建议，SPAC预期上市时从首次发售筹集到的资金至少为10亿港元，有助于确保SPAC有足够资金物色高质素且交易价值相对较高的并购标的。据了解，美国交易所并没有规定SPAC首次公开发售集资的最低规模。</p>\n<p><b>提高投资者门槛</b></p>\n<p><b>此前SPAC被部分市场人士诟病，在于概念被热炒，存在估值泡沫，散户埋单。</b></p>\n<p>一名香港券商人士曾告诉券商中国记者，根据其统计，在美股SPAC上市初期，散户占比极小，主要以机构投资者和专业投资者为主；但当SPAC公告拟重组对象时，部分SPAC公司的散户会激增。（详见《它是贾跃亭\"救命稻草\"？！FF通过SPAC上市，有啥魅力？1月IPO超2019年全年，上市热创新高》）</p>\n<p>一份针对韩国上市SPAC的市场研究报告指出，当地SPAC的股价波动是因为韩国市场以散户为主。研究指出，散户的投机活动往往将SPAC的股价推高至首次公开发售价格以上，削弱了SPAC向投资者提供股份赎回权的保障作用，因为SPAC单位只能以发售价(而不是散户投资者购买时的高价)赎回。该研究也指出，由于机构投资者会利用散户投机活动将自身的投资收益变现，投机活动会因此导致更大部分的SPAC单位落入散户手中。</p>\n<p><b>根据港交所咨询文件披露，大部分在美国上市的SPAC，在进行SPAC并购交易前的股价波动与债券类似，波幅小而股价只徘徊于首次公开发售价。</b></p>\n<p>尽管如此，个别SPAC也有受市场谣言影响，推动股价超出赎回价。2020年12月，类似消息传出后，一家SPAC的股价上涨至13美元以上，两周后在建议的SPAC并购目标确认该消息后，该家SPAC的股价进一步攀升至17.22美元的历史新高(较10美元的发行价高出72%)。随着合并传言平息，该家SPAC的股价跌至10.50美元的低位(较历来最高价低出39.6%)，直至2021年4月，市场传出另一宗合并传言时，股价重拾升势，单日升了12.7%。在SPAC股价高于10美元时购入股份的投资者，由于只能以10美元赎回股份，若行使股份赎回权便可能会承受重大损失。</p>\n<p>一般而言，在完成SPAC并购交易时，或在临近完成前的最后阶段期间，SPAC的回报波动最大。2020年完成收购的55家SPAC于合并公告发布起计一个月内的股价表现，相对于标普500指数而言，其超额回报的标准差(波幅)高达40%，而同年标普500指数的每月波幅只有9.6%。</p>\n<p>据了解，美国和英国均没有限定专业投资者才可认购和买卖SPAC证券，并容许所有投资者(包括散户)买卖这些证券。新交所亦不限新加坡的专业投资者认购和买卖SPAC证券。</p>\n<p><b>而在本次咨询文件中，港交所明确表示，在进行SPAC并购交易前，建议仅限专业投资者认购和买卖SPAC证券，即包括机构专业投资者和个人专业投资者。所有SPAC交易所参与者均须经港交所批准，才可于港交所交易系统输入SPAC证券的买卖盘或进行有关交易。</b></p>\n<p><b>并购标的须符合新上市规定</b></p>\n<p><b>此前有市场人士认为，SPAC是一场击鼓传花的“投资盲盒游戏”，主要因为由于SPAC的发起人有强烈意愿促成并购交易，在这种动机下，标的质量好坏不确定，标的企业经营状况实际上不一定能支撑得起高估值。</b></p>\n<p>另有券商人士曾向券商中国记者表示，对SPAC感兴趣的企业一般而言是，业绩规模不大，但有概念吸引投资者，令人怀疑是进行监管套利。（详见《太疯狂！SPAC方式上市飙增，国际投行暴赚，各界名流竞相参与！业内：击鼓传花何时结束？》）</p>\n<p>对于“继承公司”（即完成了并购交易后的上市主体）问题，港交所在咨询文件中明确提出，建议对SPAC并购交易採用新上市规定，即继承公司须符合所有新上市规定，包括最低市值规定及财务资格测试。</p>\n<p>港交所认为，这可解决SPAC可能会被利用来规避新上市的定量及定性准则的风险。容许这种规避行为可能会导致不符合标准的业务及/或资产上市。这会使香港市场整体的质素和声誉受损。</p>\n<p>目前，港交所《上市规则》规定反收购行动的目标须通过新上市的财务资格测试。另外，因反收购行动而产生的公司须符合所有新上市规定(财务资格测试除外)。这种做法可确保有关目标独自亦能通过财务资格测试，而不受加入进行交易的上市发行人的财务往绩纪录所产生的正面或负面影响。</p>","collect":0,"html":"<!DOCTYPE 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{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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n港版\"投资盲盒\"游戏来了！并购标的看齐IPO！明星们还能玩转吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time\">2021-09-20 15:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>港交所计划推出监管更为严格的SPAC上市机制。</p>\n<p><b>近日，港交所发出咨询文件，对推行“特殊目的收购公司”（SPAC）上市机制征询市场意见。据了解，咨询期45天，10月31日为截止日。</b></p>\n<p>SPAC模式去年以来在华尔街盛行，但也备受争议。业内人士认为，SPAC是一场击鼓传花的“投资盲盒”游戏，反映出并购标的质量有可能不高、投资回报被夸大、投机氛围浓厚等问题。</p>\n<p>从咨询文件来看，港交所致力于维持高质素市场声誉，对SPAC上市申请人以及并购标的收紧监管，以确保SPAC发起人具备丰富的经验及良好的声誉，并且以优质SPAC并购为目标。</p>\n<p><b>旨在吸引大中华区、东南亚企业上市</b></p>\n<p>去年以来，美股SPAC上市热潮吸引全球资本市场的目光。据了解，SPAC模式通常而言，是发起人造壳上市并向市场投资者募集资金，计划在2年内寻找标的并完成收购，若规定时间内未完成并购，那么投资者能拿回本金及一定利息。对于标的企业而言，这是区别于传统IPO和借壳上市的另一种上市方式。</p>\n<p><b>数据显示，美股今年一季度SPAC的IPO无论是数量亦或募资总额均已超过去年全年，上市热度创下十年新高。</b></p>\n<p>多地交易所受此吸引，计划引入或修订SPAC上市机制以提升当地资本市场的吸引力。</p>\n<p>港交所在今年年初早有酝酿。9月17日港交所正式对SPAC上市机制征求市场意见。咨询文件提到，引入SPAC上市制度对香港市场有多项益处。</p>\n<p><b>一是争取SPAC来港上市。</b>港交所表示，截至2021年7月13日，有25家总部位于大中华区的SPAC在美国上市，首次公开发售所得款项共约42亿美元（331亿港元)，当中有20家的总部设于香港，5家总部设于中国内地。此外，也有数家总部不在这些地点的SPAC，却是以大中华区为业务重心。</p>\n<p>在港交所看来，以物色大中华目标为重心的SPAC若能来港上市，可能有助于确保这些目标公司选择在香港而非美国上市。</p>\n<p><b>二是争取大中华与东南亚公司来港上市。</b>数据显示，过去三年来，先后有2家中国香港、8家中国内地及2家新加坡公司通过SPAC并购交易在美国上市。截至2021年7月13日，这12家公司的市值合共约260亿港元。</p>\n<p>港交所与市场进行初步讨论时了解到，不少上市申请人实际上想以“双轨”方式上市，即一方面透过传统IPO上市，另一方面也计划通过SPAC上市。若香港市场也可提供这种“双轨”方案，或有助争取大中华公司来香港上市。</p>\n<p><img src=\"https://static.tigerbbs.com/6f2a687ce2b56c1f40130146887aae60\" tg-width=\"1080\" tg-height=\"661\" referrerpolicy=\"no-referrer\"></p>\n<p>港交所上市主管陈翊庭表示，“我们深信，香港引入SPAC上市制度可为市场提供传统首次公开招股以外的另一渠道，吸引更多来自大中华区、东南亚以至世界各地的公司来港上市。”</p>\n<p><b>强调SPAC发起人专业素养</b></p>\n<p>由于SPAC市场空前火爆，除了专业投资机构外，美国有体育明星、乐坛歌星也参与SPAC的发起，比如有篮球明星奥尼尔，说唱歌手Jay-Z等。美国证券交易委员提醒投资者：仅仅由于某个名人参与发起某个SPAC、投资了某个SPAC或认为这项投资很好，就跟风买入，从来都不是一个好想法。</p>\n<p>对于SPAC发起人的专业素养，港交所在此次咨询文件中也提出要求。</p>\n<p><b>港交所表示，由于SPAC都无经营往绩记录，不同SPAC的区别主要在于发起人的经验和声誉，投资者在决定投资SPAC时也主要以此为依据。如果SPAC发起人有经验，便有较大机会找到合适的并购标的，并协商较有利于投资者的并购交易条款。</b></p>\n<p>港交所建议规定，SPAC在上市时和直至SPAC并购交易完成之前，都须令港交所满意每名SPAC发起人的个性、经验及诚信以及信任其具备足够的才干胜任其职务。</p>\n<p>港交所旨在让一些由能力及经验高于平均标准的SPAC发起人所管理的SPAC上市。建议指引将指出，如能证明SPAC发起人具有以下经验之一，则对SPAC发起人较有利：</p>\n<p>1. 连续三个财政年度或以上管理平均合共价值至少80亿港元的资产；</p>\n<p>2. 于目前或曾经为恒生指数或同等旗舰指数成份股的发行人担任高级行政职务(例如行政总裁或营运总监)。</p>\n<p>另外，为了确保SPAC发起人质素高，并与其他SPAC投资者的利益更一致，港交所建议，SPAC在上市时及在其整个存续期中，都至少要有一名SPAC发起人持续持有：香港证监会发出的第6类(就机构融资提供意见)及/或第9类(提供资产管理)牌照，以及发起人股份的至少10%。</p>\n<p><b>对于发行定价，港交所建议，SPAC发行SPAC股份的发行价为10港元或以上。</b></p>\n<p>在募集资金规模方面，港交所建议，SPAC预期上市时从首次发售筹集到的资金至少为10亿港元，有助于确保SPAC有足够资金物色高质素且交易价值相对较高的并购标的。据了解，美国交易所并没有规定SPAC首次公开发售集资的最低规模。</p>\n<p><b>提高投资者门槛</b></p>\n<p><b>此前SPAC被部分市场人士诟病，在于概念被热炒，存在估值泡沫，散户埋单。</b></p>\n<p>一名香港券商人士曾告诉券商中国记者，根据其统计，在美股SPAC上市初期，散户占比极小，主要以机构投资者和专业投资者为主；但当SPAC公告拟重组对象时，部分SPAC公司的散户会激增。（详见《它是贾跃亭\"救命稻草\"？！FF通过SPAC上市，有啥魅力？1月IPO超2019年全年，上市热创新高》）</p>\n<p>一份针对韩国上市SPAC的市场研究报告指出，当地SPAC的股价波动是因为韩国市场以散户为主。研究指出，散户的投机活动往往将SPAC的股价推高至首次公开发售价格以上，削弱了SPAC向投资者提供股份赎回权的保障作用，因为SPAC单位只能以发售价(而不是散户投资者购买时的高价)赎回。该研究也指出，由于机构投资者会利用散户投机活动将自身的投资收益变现，投机活动会因此导致更大部分的SPAC单位落入散户手中。</p>\n<p><b>根据港交所咨询文件披露，大部分在美国上市的SPAC，在进行SPAC并购交易前的股价波动与债券类似，波幅小而股价只徘徊于首次公开发售价。</b></p>\n<p>尽管如此，个别SPAC也有受市场谣言影响，推动股价超出赎回价。2020年12月，类似消息传出后，一家SPAC的股价上涨至13美元以上，两周后在建议的SPAC并购目标确认该消息后，该家SPAC的股价进一步攀升至17.22美元的历史新高(较10美元的发行价高出72%)。随着合并传言平息，该家SPAC的股价跌至10.50美元的低位(较历来最高价低出39.6%)，直至2021年4月，市场传出另一宗合并传言时，股价重拾升势，单日升了12.7%。在SPAC股价高于10美元时购入股份的投资者，由于只能以10美元赎回股份，若行使股份赎回权便可能会承受重大损失。</p>\n<p>一般而言，在完成SPAC并购交易时，或在临近完成前的最后阶段期间，SPAC的回报波动最大。2020年完成收购的55家SPAC于合并公告发布起计一个月内的股价表现，相对于标普500指数而言，其超额回报的标准差(波幅)高达40%，而同年标普500指数的每月波幅只有9.6%。</p>\n<p>据了解，美国和英国均没有限定专业投资者才可认购和买卖SPAC证券，并容许所有投资者(包括散户)买卖这些证券。新交所亦不限新加坡的专业投资者认购和买卖SPAC证券。</p>\n<p><b>而在本次咨询文件中，港交所明确表示，在进行SPAC并购交易前，建议仅限专业投资者认购和买卖SPAC证券，即包括机构专业投资者和个人专业投资者。所有SPAC交易所参与者均须经港交所批准，才可于港交所交易系统输入SPAC证券的买卖盘或进行有关交易。</b></p>\n<p><b>并购标的须符合新上市规定</b></p>\n<p><b>此前有市场人士认为，SPAC是一场击鼓传花的“投资盲盒游戏”，主要因为由于SPAC的发起人有强烈意愿促成并购交易，在这种动机下，标的质量好坏不确定，标的企业经营状况实际上不一定能支撑得起高估值。</b></p>\n<p>另有券商人士曾向券商中国记者表示，对SPAC感兴趣的企业一般而言是，业绩规模不大，但有概念吸引投资者，令人怀疑是进行监管套利。（详见《太疯狂！SPAC方式上市飙增，国际投行暴赚，各界名流竞相参与！业内：击鼓传花何时结束？》）</p>\n<p>对于“继承公司”（即完成了并购交易后的上市主体）问题，港交所在咨询文件中明确提出，建议对SPAC并购交易採用新上市规定，即继承公司须符合所有新上市规定，包括最低市值规定及财务资格测试。</p>\n<p>港交所认为，这可解决SPAC可能会被利用来规避新上市的定量及定性准则的风险。容许这种规避行为可能会导致不符合标准的业务及/或资产上市。这会使香港市场整体的质素和声誉受损。</p>\n<p>目前，港交所《上市规则》规定反收购行动的目标须通过新上市的财务资格测试。另外，因反收购行动而产生的公司须符合所有新上市规定(财务资格测试除外)。这种做法可确保有关目标独自亦能通过财务资格测试，而不受加入进行交易的上市发行人的财务往绩纪录所产生的正面或负面影响。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f7c16a58f492e7b566d5e6182a80f721","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156524086","content_text":"港交所计划推出监管更为严格的SPAC上市机制。\n近日，港交所发出咨询文件，对推行“特殊目的收购公司”（SPAC）上市机制征询市场意见。据了解，咨询期45天，10月31日为截止日。\nSPAC模式去年以来在华尔街盛行，但也备受争议。业内人士认为，SPAC是一场击鼓传花的“投资盲盒”游戏，反映出并购标的质量有可能不高、投资回报被夸大、投机氛围浓厚等问题。\n从咨询文件来看，港交所致力于维持高质素市场声誉，对SPAC上市申请人以及并购标的收紧监管，以确保SPAC发起人具备丰富的经验及良好的声誉，并且以优质SPAC并购为目标。\n旨在吸引大中华区、东南亚企业上市\n去年以来，美股SPAC上市热潮吸引全球资本市场的目光。据了解，SPAC模式通常而言，是发起人造壳上市并向市场投资者募集资金，计划在2年内寻找标的并完成收购，若规定时间内未完成并购，那么投资者能拿回本金及一定利息。对于标的企业而言，这是区别于传统IPO和借壳上市的另一种上市方式。\n数据显示，美股今年一季度SPAC的IPO无论是数量亦或募资总额均已超过去年全年，上市热度创下十年新高。\n多地交易所受此吸引，计划引入或修订SPAC上市机制以提升当地资本市场的吸引力。\n港交所在今年年初早有酝酿。9月17日港交所正式对SPAC上市机制征求市场意见。咨询文件提到，引入SPAC上市制度对香港市场有多项益处。\n一是争取SPAC来港上市。港交所表示，截至2021年7月13日，有25家总部位于大中华区的SPAC在美国上市，首次公开发售所得款项共约42亿美元（331亿港元)，当中有20家的总部设于香港，5家总部设于中国内地。此外，也有数家总部不在这些地点的SPAC，却是以大中华区为业务重心。\n在港交所看来，以物色大中华目标为重心的SPAC若能来港上市，可能有助于确保这些目标公司选择在香港而非美国上市。\n二是争取大中华与东南亚公司来港上市。数据显示，过去三年来，先后有2家中国香港、8家中国内地及2家新加坡公司通过SPAC并购交易在美国上市。截至2021年7月13日，这12家公司的市值合共约260亿港元。\n港交所与市场进行初步讨论时了解到，不少上市申请人实际上想以“双轨”方式上市，即一方面透过传统IPO上市，另一方面也计划通过SPAC上市。若香港市场也可提供这种“双轨”方案，或有助争取大中华公司来香港上市。\n\n港交所上市主管陈翊庭表示，“我们深信，香港引入SPAC上市制度可为市场提供传统首次公开招股以外的另一渠道，吸引更多来自大中华区、东南亚以至世界各地的公司来港上市。”\n强调SPAC发起人专业素养\n由于SPAC市场空前火爆，除了专业投资机构外，美国有体育明星、乐坛歌星也参与SPAC的发起，比如有篮球明星奥尼尔，说唱歌手Jay-Z等。美国证券交易委员提醒投资者：仅仅由于某个名人参与发起某个SPAC、投资了某个SPAC或认为这项投资很好，就跟风买入，从来都不是一个好想法。\n对于SPAC发起人的专业素养，港交所在此次咨询文件中也提出要求。\n港交所表示，由于SPAC都无经营往绩记录，不同SPAC的区别主要在于发起人的经验和声誉，投资者在决定投资SPAC时也主要以此为依据。如果SPAC发起人有经验，便有较大机会找到合适的并购标的，并协商较有利于投资者的并购交易条款。\n港交所建议规定，SPAC在上市时和直至SPAC并购交易完成之前，都须令港交所满意每名SPAC发起人的个性、经验及诚信以及信任其具备足够的才干胜任其职务。\n港交所旨在让一些由能力及经验高于平均标准的SPAC发起人所管理的SPAC上市。建议指引将指出，如能证明SPAC发起人具有以下经验之一，则对SPAC发起人较有利：\n1. 连续三个财政年度或以上管理平均合共价值至少80亿港元的资产；\n2. 于目前或曾经为恒生指数或同等旗舰指数成份股的发行人担任高级行政职务(例如行政总裁或营运总监)。\n另外，为了确保SPAC发起人质素高，并与其他SPAC投资者的利益更一致，港交所建议，SPAC在上市时及在其整个存续期中，都至少要有一名SPAC发起人持续持有：香港证监会发出的第6类(就机构融资提供意见)及/或第9类(提供资产管理)牌照，以及发起人股份的至少10%。\n对于发行定价，港交所建议，SPAC发行SPAC股份的发行价为10港元或以上。\n在募集资金规模方面，港交所建议，SPAC预期上市时从首次发售筹集到的资金至少为10亿港元，有助于确保SPAC有足够资金物色高质素且交易价值相对较高的并购标的。据了解，美国交易所并没有规定SPAC首次公开发售集资的最低规模。\n提高投资者门槛\n此前SPAC被部分市场人士诟病，在于概念被热炒，存在估值泡沫，散户埋单。\n一名香港券商人士曾告诉券商中国记者，根据其统计，在美股SPAC上市初期，散户占比极小，主要以机构投资者和专业投资者为主；但当SPAC公告拟重组对象时，部分SPAC公司的散户会激增。（详见《它是贾跃亭\"救命稻草\"？！FF通过SPAC上市，有啥魅力？1月IPO超2019年全年，上市热创新高》）\n一份针对韩国上市SPAC的市场研究报告指出，当地SPAC的股价波动是因为韩国市场以散户为主。研究指出，散户的投机活动往往将SPAC的股价推高至首次公开发售价格以上，削弱了SPAC向投资者提供股份赎回权的保障作用，因为SPAC单位只能以发售价(而不是散户投资者购买时的高价)赎回。该研究也指出，由于机构投资者会利用散户投机活动将自身的投资收益变现，投机活动会因此导致更大部分的SPAC单位落入散户手中。\n根据港交所咨询文件披露，大部分在美国上市的SPAC，在进行SPAC并购交易前的股价波动与债券类似，波幅小而股价只徘徊于首次公开发售价。\n尽管如此，个别SPAC也有受市场谣言影响，推动股价超出赎回价。2020年12月，类似消息传出后，一家SPAC的股价上涨至13美元以上，两周后在建议的SPAC并购目标确认该消息后，该家SPAC的股价进一步攀升至17.22美元的历史新高(较10美元的发行价高出72%)。随着合并传言平息，该家SPAC的股价跌至10.50美元的低位(较历来最高价低出39.6%)，直至2021年4月，市场传出另一宗合并传言时，股价重拾升势，单日升了12.7%。在SPAC股价高于10美元时购入股份的投资者，由于只能以10美元赎回股份，若行使股份赎回权便可能会承受重大损失。\n一般而言，在完成SPAC并购交易时，或在临近完成前的最后阶段期间，SPAC的回报波动最大。2020年完成收购的55家SPAC于合并公告发布起计一个月内的股价表现，相对于标普500指数而言，其超额回报的标准差(波幅)高达40%，而同年标普500指数的每月波幅只有9.6%。\n据了解，美国和英国均没有限定专业投资者才可认购和买卖SPAC证券，并容许所有投资者(包括散户)买卖这些证券。新交所亦不限新加坡的专业投资者认购和买卖SPAC证券。\n而在本次咨询文件中，港交所明确表示，在进行SPAC并购交易前，建议仅限专业投资者认购和买卖SPAC证券，即包括机构专业投资者和个人专业投资者。所有SPAC交易所参与者均须经港交所批准，才可于港交所交易系统输入SPAC证券的买卖盘或进行有关交易。\n并购标的须符合新上市规定\n此前有市场人士认为，SPAC是一场击鼓传花的“投资盲盒游戏”，主要因为由于SPAC的发起人有强烈意愿促成并购交易，在这种动机下，标的质量好坏不确定，标的企业经营状况实际上不一定能支撑得起高估值。\n另有券商人士曾向券商中国记者表示，对SPAC感兴趣的企业一般而言是，业绩规模不大，但有概念吸引投资者，令人怀疑是进行监管套利。（详见《太疯狂！SPAC方式上市飙增，国际投行暴赚，各界名流竞相参与！业内：击鼓传花何时结束？》）\n对于“继承公司”（即完成了并购交易后的上市主体）问题，港交所在咨询文件中明确提出，建议对SPAC并购交易採用新上市规定，即继承公司须符合所有新上市规定，包括最低市值规定及财务资格测试。\n港交所认为，这可解决SPAC可能会被利用来规避新上市的定量及定性准则的风险。容许这种规避行为可能会导致不符合标准的业务及/或资产上市。这会使香港市场整体的质素和声誉受损。\n目前，港交所《上市规则》规定反收购行动的目标须通过新上市的财务资格测试。另外，因反收购行动而产生的公司须符合所有新上市规定(财务资格测试除外)。这种做法可确保有关目标独自亦能通过财务资格测试，而不受加入进行交易的上市发行人的财务往绩纪录所产生的正面或负面影响。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1793,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860920153,"gmtCreate":1632124274772,"gmtModify":1632802691932,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/860920153","repostId":"1100031374","repostType":4,"repost":{"id":"1100031374","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1631587259,"share":"https://www.laohu8.com/m/news/1100031374?lang=&edition=full","pubTime":"2021-09-14 10:40","market":"sh","language":"zh","title":"提醒：中秋节休市安排来了！港股22日休市","url":"https://stock-news.laohu8.com/highlight/detail?id=1100031374","media":"老虎资讯综合","summary":"2021年中秋节假期即将来临！各主要市场休市安排如下：港股：\n\n\n9月22日（周三）休市。9月23日（周四）起照常开市。\n\n\nA股：\n\n\n9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。\n\n\n美股、英股、澳股、新加坡股市照常交易。\n\n\n沪股通和深股通：\n\n\n9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。\n\n\n港股通：\n\n\n9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。","content":"<p>2021年中秋节假期即将来临！各主要市场休市安排如下：<img src=\"https://static.tigerbbs.com/a514042f0cc485274181ed3db4bcf541\" tg-width=\"1103\" tg-height=\"746\" width=\"100%\" height=\"auto\"><b>港股：</b></p>\n<p>9月22日（周三）休市。9月23日（周四）起照常开市。</p>\n<p><b>A股：</b></p>\n<p>9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。</p>\n<p><b>美股、英股、澳股、新加坡股市照常交易。</b></p>\n<p><b>沪股通和深股通：</b></p>\n<p>9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。</p>\n<p><b>港股通：</b></p>\n<p>9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。</p>\n<p><img src=\"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9\" tg-width=\"2048\" tg-height=\"1311\" referrerpolicy=\"no-referrer\"></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>提醒：中秋节休市安排来了！港股22日休市</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n提醒：中秋节休市安排来了！港股22日休市\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\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\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-09-14 10:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>2021年中秋节假期即将来临！各主要市场休市安排如下：<img src=\"https://static.tigerbbs.com/a514042f0cc485274181ed3db4bcf541\" tg-width=\"1103\" tg-height=\"746\" width=\"100%\" height=\"auto\"><b>港股：</b></p>\n<p>9月22日（周三）休市。9月23日（周四）起照常开市。</p>\n<p><b>A股：</b></p>\n<p>9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。</p>\n<p><b>美股、英股、澳股、新加坡股市照常交易。</b></p>\n<p><b>沪股通和深股通：</b></p>\n<p>9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。</p>\n<p><b>港股通：</b></p>\n<p>9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。</p>\n<p><img src=\"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9\" tg-width=\"2048\" tg-height=\"1311\" referrerpolicy=\"no-referrer\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/75ca986d45037f1a0b113e295b82f3f9","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1100031374","content_text":"2021年中秋节假期即将来临！各主要市场休市安排如下：港股：\n9月22日（周三）休市。9月23日（周四）起照常开市。\nA股：\n9月20日（周一）至9月21日（周二）休市。9月22日（周三）起照常开市。\n美股、英股、澳股、新加坡股市照常交易。\n沪股通和深股通：\n9月17日（周五）至9月22日（周三）关闭。9月23日（周四）起照常开通。\n港股通：\n9月16日（周四）至9月22日（周三）关闭。9月23日（周四）起照常开通。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1837,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":890277885,"gmtCreate":1628122275047,"gmtModify":1631889258373,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Great ariticle, would you like to share it?","listText":"Great ariticle, would you like to share it?","text":"Great ariticle, would you like to share it?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890277885","repostId":"1116621163","repostType":4,"isVote":1,"tweetType":1,"viewCount":656,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":802524251,"gmtCreate":1627790113173,"gmtModify":1631892093422,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802524251","repostId":"1153879814","repostType":4,"repost":{"id":"1153879814","kind":"news","pubTimestamp":1627784753,"share":"https://www.laohu8.com/m/news/1153879814?lang=&edition=full","pubTime":"2021-08-01 10:25","market":"sg","language":"en","title":"SIA, SIAE, Singtel potential candidates for company restructuring: Maybank","url":"https://stock-news.laohu8.com/highlight/detail?id=1153879814","media":"Singapore Business","summary":"Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?\n\nDrivers are in play f","content":"<blockquote>\n <b><i>Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?</i></b>\n</blockquote>\n<p>Drivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore &amp; Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.</p>\n<p>According to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.</p>\n<p>Some Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.</p>\n<p>Maybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.</p>\n<p>Continued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.</p>","source":"lsy1618986048053","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>SIA, SIAE, Singtel potential candidates for company restructuring: Maybank</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nSIA, SIAE, Singtel potential candidates for company restructuring: Maybank\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-01 10:25 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://sbr.com.sg/economy/news/sia-siae-singtel-potential-candidates-company-restructuring-maybank><strong>Singapore Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?\n\nDrivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of ...</p>\n\n<a href=\"https://sbr.com.sg/economy/news/sia-siae-singtel-potential-candidates-company-restructuring-maybank\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C6L.SI":"新加坡航空公司"},"source_url":"https://sbr.com.sg/economy/news/sia-siae-singtel-potential-candidates-company-restructuring-maybank","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153879814","content_text":"Who will follow in SPH, Keppel and Sembcorp steps in corporate restructuring?\n\nDrivers are in play for more corporate restructuring from Singapore firms following the major restructuring plans of Singapore Press Holdings (SPH) and a possible merger between Keppel Offshore & Marine and Sembcorp Marine Ltd, according to a report by Maybank Kim Eng.\nAccording to the report, the drivers catalyzing these restructurings remain in play and are unlikely to retreat in the near-term.\nSome Singapore companies named by Maybank that are potential candidates for a corporate restructuring are Singtel, Singapore Airlines Group and the Singapore Institute of Aerospace Engineers.\nMaybank said Singtel is currently exploring options to review its stakes in associates and infrastructure assets to unlock latent value.\nContinued weakness and expected long lead time to recovery of international air travel may force certain rationalization for SIA and SIAE. Meanwhile, big developers like CityDev and UOL also have sizable development businesses similar to CAPL.","news_type":1,"symbols_score_info":{"C6L.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":623,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826441251,"gmtCreate":1634049302541,"gmtModify":1634049303065,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826441251","repostId":"1125833702","repostType":4,"isVote":1,"tweetType":1,"viewCount":1711,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":812291797,"gmtCreate":1630589150119,"gmtModify":1631889258358,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hhhhhhhhhhhh","listText":"Hhhhhhhhhhhh","text":"Hhhhhhhhhhhh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/812291797","isVote":1,"tweetType":1,"viewCount":955,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":804117163,"gmtCreate":1627945416752,"gmtModify":1631892093378,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hihu","listText":"Hihu","text":"Hihu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804117163","repostId":"1107596279","repostType":4,"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":808329809,"gmtCreate":1627558857801,"gmtModify":1633763824528,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hello&nbsp;","listText":"Hello&nbsp;","text":"Hello","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808329809","repostId":"1165497040","repostType":2,"isVote":1,"tweetType":1,"viewCount":512,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":809766769,"gmtCreate":1627393533051,"gmtModify":1633765438216,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"hi there 77","listText":"hi there 77","text":"hi there 77","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/809766769","isVote":1,"tweetType":1,"viewCount":218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":860920634,"gmtCreate":1632124296928,"gmtModify":1632802691690,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hhhhhhhhh","listText":"Hhhhhhhhh","text":"Hhhhhhhhh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/860920634","repostId":"1126176538","repostType":4,"repost":{"id":"1126176538","kind":"news","pubTimestamp":1632123201,"share":"https://www.laohu8.com/m/news/1126176538?lang=&edition=full","pubTime":"2021-09-20 15:33","market":"us","language":"zh","title":"美股恐进一步回落！“财政版”减码真正让美国经济痛苦","url":"https://stock-news.laohu8.com/highlight/detail?id=1126176538","media":"汇通网","summary":"9月19日，市场分析师Rich Miller撰文称，美联储“减码年”即将到来，但真正让经济痛楚的却会是财政支持的收缩。美联储尚未公布的减码计划一直是美国金融市场热议话题，这掩盖了一件重要的事情：联邦政","content":"<p>9月19日，市场分析师Rich&nbsp;Miller撰文称，美联储“减码年”即将到来，但真正让经济痛楚的却会是财政支持的收缩。美联储尚未公布的减码计划一直是美国金融市场热议话题，这掩盖了一件重要的事情：联邦政府已经在削减预算支持，而这对明年经济增长的影响恐怕会大得多。</p>\n<p><img src=\"https://static.tigerbbs.com/584572a2c309b1fb840f8edea36aeea2\" tg-width=\"640\" tg-height=\"400\" referrerpolicy=\"no-referrer\"></p>\n<p>财政支持的收缩打击美国经济</p>\n<p>美国经济增速势将在2022年下半年大幅放缓，因为政府在疫情期间实施的经济支持措施--从发放给家庭现金支票，到提供给小公司无成本融资，正在渐渐撤出。</p>\n<p>即使美国总统拜登设法赢得了国会对3.5万亿美元经济重建计划的批准，情况也不会得到改变。因为这是一项长期支出计划，对2022年影响是有限的。另外，该计划至少部分资金来源是加税，会拖累而非推动美国的经济增长。</p>\n<p>美国政府花费创纪录的资金支撑疫情期间的美国经济，撤销的话将导致巨大的财政悬崖。图中蓝色柱代表财政政策对美国GDP的贡献，而红色柱代表预测2022年将对经济造成拖累</p>\n<p><img src=\"https://static.tigerbbs.com/84c3a2042aa56ba3b9e392928449bd93\" tg-width=\"526\" tg-height=\"314\" referrerpolicy=\"no-referrer\"></p>\n<p>“美国经济不见增长”</p>\n<p>布鲁金斯学会(Brookings&nbsp;Institution)汉密尔顿项目主任Wendy&nbsp;Edelberg称，预计2022年末和进入2023年，美国的经济增长率会非常低。即便有些季度经济基本上不见增长，她也不会惊讶。</p>\n<p>预测美国经济急剧放缓的不只有她一个。<b><a href=\"https://laohu8.com/S/GS\">高盛</a>首席经济学家Jan&nbsp;Hatzius预测，到2022年年底美国经济将以1.5%的速度增长，低于2021年5.7%的增速。</b></p>\n<p>经济减速对将美股推上纪录高位的投资者而言可谓噩耗。</p>\n<p>美国经济减速也可能给拜登和国会民主党议员带来麻烦，特别是同时失业率还上升的话，因为他们寻求在2022年11月中期选举中保住微弱多数席位。不过，多数经济学家预计美国的失业率不会上升。</p>\n<p>经济减速有一个潜在好处：降低通胀。今年以来受供应链瓶颈和消费需求回暖影响，价格水平大幅上升。Edelberg称：“我们需要降降温，因为美国的快速反弹到明年年中将把劳动力市场和经济推向极限。”</p>\n<p>财政政策逆风</p>\n<p>美联储主席鲍威尔曾表示，美联储可能今年开始收缩购债规模。整个购债计划可能到2022年某个时候才会结束，在此之前美联储将继续支持经济和金融市场。</p>\n<p>财政政策不然，它已经开始对美国经济构成拖累。<b>据布鲁金斯学会Hutchins中心估算，联邦、州和地方政府税收支出政策的经济影响已经在第二季度变为负值，这种情况将持续到2023年。</b></p>\n<p>如下图所示，接下来的财政减码程度将是美国历史上最大的</p>\n<p><img src=\"https://static.tigerbbs.com/3044289cfd275999b160e8323f67340f\" tg-width=\"500\" tg-height=\"313\" referrerpolicy=\"no-referrer\"></p>\n<p><a href=\"https://laohu8.com/S/MCO\">穆迪</a>首席经济学家Mark&nbsp;Zandi表示：“财政政策已经开始从顺风变成逆风，到明年春这股逆风会变得非常严重。如果没有任何额外的财政支持，2022年选举日前经济会感觉有些脆弱。”</p>\n<p><b>投资者开始担心经济即将放缓。<a href=\"https://laohu8.com/S/BAC\">美国银行</a>最新的全球基金经理调查显示，他们对美国经济前景看法的乐观程度明显下降。</b></p>\n<p>汇通网提醒，&nbsp;市场预期美联储本周将释放削减购债的信号，11月或者12月采取行动，但综合以上信息可以看到，美国政府缩减财政支持将真正打击美国的经济，特别是在疫情持续的情况下，这可能打击创纪录的美股，未来面临大幅回调的风险，投资者需保持警惕。</p>\n<p><img src=\"https://static.tigerbbs.com/52aadd728673a22a44349727b9b3cca2\" tg-width=\"1250\" tg-height=\"594\" referrerpolicy=\"no-referrer\"></p>\n<p>(标普500指数日线图）</p>","source":"HTW","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>美股恐进一步回落！“财政版”减码真正让美国经济痛苦</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n美股恐进一步回落！“财政版”减码真正让美国经济痛苦\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-20 15:33 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.fx678.com/C/20210920/202109201343162079.html><strong>汇通网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>9月19日，市场分析师Rich Miller撰文称，美联储“减码年”即将到来，但真正让经济痛楚的却会是财政支持的收缩。美联储尚未公布的减码计划一直是美国金融市场热议话题，这掩盖了一件重要的事情：联邦政府已经在削减预算支持，而这对明年经济增长的影响恐怕会大得多。\n\n财政支持的收缩打击美国经济\n美国经济增速势将在2022年下半年大幅放缓，因为政府在疫情期间实施的经济支持措施--从发放给家庭现金支票，到...</p>\n\n<a href=\"https://www.fx678.com/C/20210920/202109201343162079.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fd680cd945fd32917c8ece66ec685e5f","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.fx678.com/C/20210920/202109201343162079.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126176538","content_text":"9月19日，市场分析师Rich Miller撰文称，美联储“减码年”即将到来，但真正让经济痛楚的却会是财政支持的收缩。美联储尚未公布的减码计划一直是美国金融市场热议话题，这掩盖了一件重要的事情：联邦政府已经在削减预算支持，而这对明年经济增长的影响恐怕会大得多。\n\n财政支持的收缩打击美国经济\n美国经济增速势将在2022年下半年大幅放缓，因为政府在疫情期间实施的经济支持措施--从发放给家庭现金支票，到提供给小公司无成本融资，正在渐渐撤出。\n即使美国总统拜登设法赢得了国会对3.5万亿美元经济重建计划的批准，情况也不会得到改变。因为这是一项长期支出计划，对2022年影响是有限的。另外，该计划至少部分资金来源是加税，会拖累而非推动美国的经济增长。\n美国政府花费创纪录的资金支撑疫情期间的美国经济，撤销的话将导致巨大的财政悬崖。图中蓝色柱代表财政政策对美国GDP的贡献，而红色柱代表预测2022年将对经济造成拖累\n\n“美国经济不见增长”\n布鲁金斯学会(Brookings Institution)汉密尔顿项目主任Wendy Edelberg称，预计2022年末和进入2023年，美国的经济增长率会非常低。即便有些季度经济基本上不见增长，她也不会惊讶。\n预测美国经济急剧放缓的不只有她一个。高盛首席经济学家Jan Hatzius预测，到2022年年底美国经济将以1.5%的速度增长，低于2021年5.7%的增速。\n经济减速对将美股推上纪录高位的投资者而言可谓噩耗。\n美国经济减速也可能给拜登和国会民主党议员带来麻烦，特别是同时失业率还上升的话，因为他们寻求在2022年11月中期选举中保住微弱多数席位。不过，多数经济学家预计美国的失业率不会上升。\n经济减速有一个潜在好处：降低通胀。今年以来受供应链瓶颈和消费需求回暖影响，价格水平大幅上升。Edelberg称：“我们需要降降温，因为美国的快速反弹到明年年中将把劳动力市场和经济推向极限。”\n财政政策逆风\n美联储主席鲍威尔曾表示，美联储可能今年开始收缩购债规模。整个购债计划可能到2022年某个时候才会结束，在此之前美联储将继续支持经济和金融市场。\n财政政策不然，它已经开始对美国经济构成拖累。据布鲁金斯学会Hutchins中心估算，联邦、州和地方政府税收支出政策的经济影响已经在第二季度变为负值，这种情况将持续到2023年。\n如下图所示，接下来的财政减码程度将是美国历史上最大的\n\n穆迪首席经济学家Mark Zandi表示：“财政政策已经开始从顺风变成逆风，到明年春这股逆风会变得非常严重。如果没有任何额外的财政支持，2022年选举日前经济会感觉有些脆弱。”\n投资者开始担心经济即将放缓。美国银行最新的全球基金经理调查显示，他们对美国经济前景看法的乐观程度明显下降。\n汇通网提醒， 市场预期美联储本周将释放削减购债的信号，11月或者12月采取行动，但综合以上信息可以看到，美国政府缩减财政支持将真正打击美国的经济，特别是在疫情持续的情况下，这可能打击创纪录的美股，未来面临大幅回调的风险，投资者需保持警惕。\n\n(标普500指数日线图）","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":898629601,"gmtCreate":1628494681503,"gmtModify":1631889258361,"author":{"id":"4089869254726910","authorId":"4089869254726910","name":"24627d80","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4089869254726910","authorIdStr":"4089869254726910"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/898629601","repostId":"1100440711","repostType":4,"isVote":1,"tweetType":1,"viewCount":586,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}