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2021-11-18

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JD.com rose over 1% in premarket trading with its net revenues reaching RMB218.7 billion<blockquote>京东盘前涨超1%净收入达2187亿元</blockquote>

2021-11-18

Ok

Novavax shares jumped 5% in premarket trading<blockquote>Novavax股价在盘前交易中上涨5%</blockquote>

2021-11-06

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2021-10-26

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2021-09-12

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2021-09-07

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Sea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</blockquote>

2021-09-05

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The Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</blockquote>

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stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1637226121,"share":"https://www.laohu8.com/m/news/1128233316?lang=zh_CN&edition=full","pubTime":"2021-11-18 17:02","market":"us","language":"en","title":"JD.com rose over 1% in premarket trading with its net revenues reaching RMB218.7 billion<blockquote>京东盘前涨超1%净收入达2187亿元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128233316","media":"Tiger Newspress","summary":"JD.com rose over 1% in premarket trading after showing its financial report.Its stocks in Hong Kong ","content":"<p>JD.com rose over&nbsp;1% in&nbsp;premarket&nbsp;trading&nbsp;after showing its financial report.Its stocks in Hong Kong dipped 3.58% today.<img src=\"https://static.tigerbbs.com/681c2a47b000ca0a97b0c5bf213c9d2b\" tg-width=\"772\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p><blockquote>京东公布财报后，盘前交易涨超1%。其港股今日下跌3.58%。</blockquote></p><p> The&nbsp;company&nbsp;today announced its unaudited financial results for the three months ended September 30, 2021.</p><p><blockquote>该公司今天公布了截至2021年9月30日的三个月未经审计的财务业绩。</blockquote></p><p> <b>Third Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第三季度亮点</b></blockquote></p><p> <ul>  <li><b>Net revenues</b>&nbsp;for the third quarter of 2021 were RMB218.7 billion (US$133.9 billion), an increase of 25.5% from the third quarter of 2020. Net service revenues for the third quarter of 2021 were RMB32.7 billion (US$5.1 billion), an increase of 43.3% from the third quarter of 2020.</li>  <li><b>Income from operations</b>&nbsp;for the third quarter of 2021 was RMB2.6 billion (US$0.4 billion), compared to RMB4.4 billion for the same period last year.<b>Non-GAAP</b>&nbsp;<b>income from operations</b>for the third quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated items for the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020.</li>  <li><b>Net loss attributable to ordinary shareholders</b>&nbsp;for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion), compared to a net income of RMB7.6 billion for the same period last year.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;for the third quarter of 2021 was RMB5.0 billion (US$0.8 billion), compared to RMB5.6 billion for the same period last year.</li>  <li><b>Diluted net loss per ADS</b>&nbsp;for the third quarter of 2021 was RMB1.81 (US$0.28), compared to an income per ADS of RMB4.70 for the third quarter of 2020.<b>Non-GAAP diluted net income per ADS</b>for the third quarter of 2021 was RMB3.16 (US$0.49), compared to RMB3.42 for the same period last year.</li>  <li><b>Operating cash flow</b>&nbsp;for the twelve months ended September 30, 2021 increased to RMB41.0 billion (US$6.4 billion) from RMB37.3 billion for the twelve months ended September 30, 2020. Free cash flow, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the twelve months ended September 30, 2021 was RMB28.5 billion (US$4.4 billion), compared to RMB30.2 billion for the twelve months ended September 30, 2020.</li>  <li><b>Annual active customer accounts</b>&nbsp;increased by 25.0% to 552.2 million in the twelve months ended September 30, 2021 from 441.6 million in the twelve months ended September 30, 2020.</li> </ul> <b><i>Business Highlights</i></b></p><p><blockquote><ul><li><b>净收入</b>2021年第三季度为人民币2187亿元（1339亿美元），较2020年第三季度增长25.5%。2021年第三季度净服务收入为人民币327亿元（51亿美元），较2020年第三季度增长43.3%。</li><li><b>营业收入</b>2021年第三季度为人民币26亿元（4亿美元），而去年同期为人民币44亿元。<b>非公认会计准则</b> <b>营业收入</b>2021年第三季度为人民币46亿元（7亿美元），而2020年第三季度为人民币53亿元。京东零售2021年第三季度未分配项目前的营业利润率为4.0%，而2020年第三季度为4.2%。</li><li><b>归属于普通股股东的净亏损</b>2021年第三季度净利润为人民币28亿元（4亿美元），而去年同期净利润为人民币76亿元。<b>非公认会计准则归属于普通股股东的净利润</b>2021年第三季度为人民币50亿元（8亿美元），而去年同期为人民币56亿元。</li><li><b>每股美国存托凭证摊薄净亏损</b>2021年第三季度每股美国存托凭证收入为人民币1.81元（0.28美元），而2020年第三季度每股美国存托凭证收入为人民币4.70元。<b>非公认会计准则每股美国存托凭证摊薄净利润</b>2021年第三季度为人民币3.16元（0.49美元），而去年同期为人民币3.42元。</li><li><b>经营现金流量</b>截至2021年9月30日止十二个月的收入从截至2020年9月30日止十二个月的人民币373亿元增加至人民币410亿元（64亿美元）。截至2021年9月30日止十二个月的自由现金流（不包括计入经营现金流的京东白条应收款项的影响）为人民币285亿元（44亿美元），而截至2021年9月30日止十二个月为人民币302亿元2020年。</li><li><b>年度活跃客户账户</b>从截至2020年9月30日止十二个月的4.416亿增加25.0%至截至2021年9月30日止十二个月的5.522亿。</li></ul><b><i>业务亮点</i></b></blockquote></p><p> <b><u>Environment, Social and Governance</u></b></p><p><blockquote><b><u>环境、社会及管治</u></b></blockquote></p><p> <ul>  <li>In August, Jingxi, a platform for everyday shopping under JD.com, donated over 100,000 prevention supply kits, including facemasks and hand sanitizers to local residents in Nanjing in response to the COVID-19 outbreak. Nanjing residents can apply to receive kits free of charge through Jingxi’s multiple online platforms.</li>  <li>During the 4th Chinese Farmers’ Harvest Festival in September, JD.com announced that in 2021, the company’s supportive measures for agriculture in rural areas have promoted the development of local brands from scratch, such as Suqian King Crabs in Jiangsu Province, and increased the transaction volume of local agricultural products by more than 200%. In continuing its commitment to rural rejuvenation, JD.com has constructed logistics infrastructure in production regions, and built an agricultural product marketing ecosystem which integrates JD’s sales channels.</li> </ul> <b><u>JD Retail</u></b></p><p><blockquote><ul><li>8月，京东旗下日常购物平台京喜向南京当地居民捐赠了超过100,000套防疫用品，包括口罩和洗手液，以应对COVID-19疫情。南京居民可通过京喜多个线上平台申请免费领取试剂盒。</li><li>9月第四届中国农民丰收节期间，京东宣布，2021年，公司在农村的支农举措，推动了江苏省宿迁帝王蟹等本土品牌从无到有的发展，使当地农产品交易额增长超过200%。京东继续致力于乡村振兴，在产区建设物流基础设施，构建整合京东销售渠道的农产品营销生态圈。</li></ul><b><u>京东零售</u></b></blockquote></p><p></p><p> <ul>  <li>In September, JD.com opened its first “JD MALL” offline store in Xi’an offering consumers an immersive omni-channel shopping experience. In addition to traditional electronic categories offered by JD Super Experience Store, JD MALL provides over 200,000 items from more than 150 brands, in categories including home, furniture, kids, smart healthcare products and auto accessories. Through its partnership with furniture maker Shangpin Home Collection, JD MALL meets the demand among younger consumers for bespoke one-stop-shop home design services that incorporate furniture and home appliances categories.</li>  <li>In the third quarter, over 20 domestic and international household and home decor brands launched official stores on JD.com, including Camerich, Lost &amp; Found, QEEBOO, and Lattoflex, bringing a variety of high-quality and stylish home goods to address consumers’ increasingly diverse lifestyle preferences.</li>  <li>Sephora, a high-end beauty retailer owned by LVMH, recently joined JD.com’s omni-channel service network. Products ordered through the Sephora store on JD.com can be delivered to consumers’ doorsteps within one hour from nearby Sephora offline stores. Chinese beauty brand Perfect Diary also joined JD.com’s omni-channel service network to offer delivery from its 120 offline stores in 84 cities.</li>  <li>During the quarter, JD.com and Dada Group formed a strategic partnership with ASUS, a global technology leader, launching more than 150 ASUS stores on JD Daojia (JDDJ) and “Shop Now”, JD.com’s new on-demand consumer retail section. The three parties will further accelerate the digital transformation of physical stores in the second half of 2021 to improve the offline shopping experience for computer and digital products, including the extension of “one-hour delivery” service to all ASUS offline stores in China.</li> </ul> <b><u>JD Health</u></b></p><p><blockquote><ul><li>9月，京东在西安开设首家“京东商城”线下门店，为消费者提供沉浸式全渠道购物体验。除了京东超级体验店提供的传统电子品类外，京东商城还提供来自150多个品牌的超过200,000件商品，类别包括家居、家具、儿童、智能医疗产品和汽车配件。通过与家具制造商尚品家居系列的合作，京东商城满足了年轻消费者对融合家具和家电品类的定制一站式家居设计服务的需求。</li><li>第三季度，Camerich、Lost&amp;Found、QEEBOO、Lattoflex等20多个国内外家居和家居装饰品牌在京东上推出官方商店，带来各种高品质、时尚的家居用品，满足消费者日益多样化的生活方式偏好。</li><li>LVMH旗下的高端美妆零售商丝芙兰（Sephora）最近加入了京东的全渠道服务网络。通过京东丝芙兰专卖店订购的产品，附近的丝芙兰线下专卖店可在1小时内送货上门。中国美妆品牌完美日记也加入了京东的全渠道服务网络，在84个城市的120家线下门店提供送货服务。</li><li>本季度，京东和达达集团与全球科技领导者华硕结成战略合作伙伴关系，在京东到家（JDDJ）和京东新的按需消费零售板块“Shop Now”上推出了150多家华硕商店。三方将在2021年下半年进一步加快实体店数字化转型，提升电脑数码产品线下购物体验，包括将“一小时达”服务延伸至华硕中国区所有线下门店。</li></ul><b><u>京东健康</u></b></blockquote></p><p> <ul>  <li>In July, JD Health and Allianz JD, JD.com’s joint venture with Allianz, one of the world’s leading insurers and asset managers, jointly launched a comprehensive online clinical insurance service offering a one-stop platform for healthcare, medicine purchasing and insurance services. By connecting users directly with doctors, pharmacies and insurance companies, JD Health improves the experience of insured users through its full cycle service that provide online health consultations, prescriptions, direct claims and reimbursements as well as medicine purchasing and door-to-door delivery.</li>  <li>In September, over 200 institutional exhibitors and participants attended JD Health’s third Online Pharmaceutical Expo under the theme “Intelligent Digital Empowerment and Ecosystem Interconnection”. JD Health helped to facilitate transactions between up and downstream players among the participating companies to create a “Intelligent Digital Pharmaceutical Circulation Supply Chain Ecosystem” to support digital transformation and optimize user experience in the health care industry.</li> </ul> <b><u>JD Logistics</u></b></p><p><blockquote><ul><li>7月，京东健康和京东与全球领先的保险公司和资产管理公司之一安联的合资企业安联京东联合推出了全面的在线临床保险服务，提供医疗保健、购药和保险服务的一站式平台。通过将用户与医生、药店和保险公司直接连接起来，京东健康通过提供在线健康咨询、处方、直接理赔和报销以及购药和送货上门的全周期服务，改善了参保用户的体验。</li><li>9月，京东健康第三届线上药博会以“智数赋能生态互联”为主题，吸引了超过200家机构参展商和与会者。京东健康帮助参与公司之间的上下游参与者之间的交易，创建“智能数字化医药流通供应链生态系统”，以支持医疗保健行业的数字化转型和优化用户体验。</li></ul><b><u>京东物流</u></b></blockquote></p><p> <ul>  <li>In September, JD Logistics launched an air cargo route between East China and London marking JD Logistics’s first regular cargo charter flight between China and Europe. Further expanding JD Logistics’s international transportation network, the route will deliver products from China’s major manufacturing regions with same day port-to-port delivery and product arrival within one week.</li>  <li>In the third quarter, JD Logistics established a strategic partnership with Volvo Cars to build integrated supply chain services for the mid and high-end auto aftermarket. The two parties will cooperate in areas such as supply chain warehouse networks planning, inventory management and store delivery.</li>  <li>As of September 30, 2021, JD Logistics operated approximately 1,300 warehouses, which covered an aggregate gross floor area of over 23 million square meters, including space in cloud warehouses managed under the JD Logistics Open Warehouse Platform.</li> </ul> <b>Third Quarter 2021 Financial Results</b></p><p><blockquote><ul><li>9月，京东物流开通华东至伦敦航空货运航线，标志着京东物流首次开通中欧定期货运包机。该航线进一步扩大了京东物流的国际运输网络，将从中国主要制造地区运送产品，实现当天港口到港口交付，产品在一周内到达。</li><li>三季度，京东物流与沃尔沃汽车建立战略合作伙伴关系，打造面向中高端汽车后市场的一体化供应链服务。双方将在供应链仓库网络规划、库存管理和门店交付等领域展开合作。</li><li>截至2021年9月30日，京东物流运营约1300个仓库，总建筑面积超过2300万平方米，其中包括京东物流开放仓库平台管理的云仓库空间。</li></ul><b>2021年第三季度财务业绩</b></blockquote></p><p> <b><i>Net Revenues.</i></b>&nbsp;For the third quarter of 2021, JD.com reported net revenues of RMB218.7 billion (US$33.9 billion), representing a 25.5% increase from the same period of 2020. Net product revenues increased by 22.9%, while net service revenues increased by 43.3% for the third quarter of 2021, as compared to the same period of 2020.</p><p><blockquote><b><i>净收入。</i></b>2021年第三季度，京东报告净收入为人民币2187亿元（339亿美元），较2020年同期增长25.5%。与2020年同期相比，2021年第三季度产品净收入增长22.9%，服务净收入增长43.3%。</blockquote></p><p> <b><i>Cost of Revenues</i></b><b>.</b>Cost of revenues increased by 27.3% to RMB187.6 billion (US$29.1 billion) for the third quarter of 2021 from RMB147.4 billion for the third quarter of 2020.</p><p><blockquote><b><i>收入成本</i></b><b>.</b>收入成本从2020年第三季度的人民币1,474亿元增长27.3%至2021年第三季度的人民币1,876亿元（291亿美元）。</blockquote></p><p></p><p> <b><i>Fulfillment Expenses</i></b><b>.</b>Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 23.2% to RMB14.3 billion (US$2.2 billion) for the third quarter of 2021 from RMB11.6 billion for the third quarter of 2020. Fulfillment expenses as a percentage of net revenues was 6.5% for the third quarter of 2021, compared to 6.7% for the same period last year.</p><p><blockquote><b><i>履行费用</i></b><b>.</b>履约费用主要包括采购、仓储、交付、客户服务和支付处理费用，从2020年第三季度的人民币116亿元增长23.2%至2021年第三季度的人民币143亿元（22亿美元）。2021年第三季度履行费用占净收入的百分比为6.5%，而去年同期为6.7%。</blockquote></p><p> <b><i>Marketing Expenses</i></b><b>.</b>Marketing expenses increased by 42.3% to RMB7.8 billion (US$1.2 billion) for the third quarter of 2021 from RMB5.5 billion for the third quarter of 2020.</p><p><blockquote><b><i>营销费用</i></b><b>.</b>营销费用从2020年第三季度的人民币55亿元增长42.3%至2021年第三季度的人民币78亿元（12亿美元）。</blockquote></p><p> <b><i>Research and Development Expenses</i></b><b>.</b>Research and development expenses was RMB4.0 billion (US$0.6 billion) for the third quarter of 2021, as compared to RMB4.1 billion for the third quarter of 2020.</p><p><blockquote><b><i>研发费用</i></b><b>.</b>2021年第三季度研发费用为人民币40亿元（6亿美元），而2020年第三季度为人民币41亿元。</blockquote></p><p> <b><i>General and Administrative Expenses</i></b><b>.</b>&nbsp;General and administrative expenses increased by 91.1% to RMB3.1 billion (US$0.5 billion) for the third quarter of 2021 from RMB1.6 billion for the third quarter of 2020. The increase was primarily due to the increase in share-based compensation expenses.</p><p><blockquote><b><i>一般及行政开支</i></b><b>.</b>一般及行政费用从2020年第三季度的人民币16亿元增长91.1%至2021年第三季度的人民币31亿元（5亿美元）。该增加主要由于以股份为基础的薪酬开支增加所致。</blockquote></p><p> <b><i>Income from Operations and Non-GAAP Income from Operations.</i></b>Income from operations for the third quarter of 2021 was RMB2.6 billion (US$0.4 billion), compared to RMB4.4 billion for the same period last year. Non-GAAP income from operations for the third quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated items for the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020.</p><p><blockquote><b><i>运营收入和非公认会计准则运营收入。</i></b>2021年第三季度营业收入为人民币26亿元（4亿美元），去年同期为人民币44亿元。2021年第三季度非公认会计准则运营收入为人民币46亿元（7亿美元），而2020年第三季度为人民币53亿元。京东零售2021年第三季度未分配项目前的营业利润率为4.0%，而2020年第三季度为4.2%。</blockquote></p><p> <b><i>Non-GAAP EBITDA.</i></b>Non-GAAP EBITDA for the third quarter of 2021 was RMB5.9 billion (US$0.9 billion), compared to RMB6.6 billion for the third quarter of 2020.</p><p><blockquote><b><i>非公认会计准则EBITDA。</i></b>2021年第三季度非GAAP EBITDA为人民币59亿元（9亿美元），而2020年第三季度为人民币66亿元。</blockquote></p><p> <b><i>Share of Results of Equity Investees.</i></b>&nbsp;Share of results of equity investees was a loss of RMB1.9 billion (US$0.3 billion) for the third quarter of 2021, as compared to a loss of RMB0.3 billion for the third quarter of 2020. The loss for the third quarter of 2021 was primarily due to non-cash impairment in certain equity investees.</p><p><blockquote><b><i>应佔权益被投资方业绩。</i></b>2021年第三季度应占股权投资公司业绩亏损人民币19亿元（3亿美元），而2020年第三季度亏损人民币3亿元。2021年第三季度的亏损主要是由于某些股权投资公司的非现金减值。</blockquote></p><p> <b><i>Others, net.</i></b>Other non-operating loss was RMB3.1 billion (US$0.5 billion) for the third quarter of 2021, as compared to other non-operating income of RMB4.5 billion for the third quarter of 2020. The decrease was primarily due to fair value change of investment securities, which resulting from decreases in the market prices of equity investments in publicly-traded companies.</p><p><blockquote><b><i>其他，净。</i></b>2021年第三季度其他营业外亏损为人民币31亿元（5亿美元），而2020年第三季度其他营业外收入为人民币45亿元。该减少主要由于投资证券的公平值变动，而该变动乃由于于上市公司的股本投资的市价下跌所致。</blockquote></p><p> <b><i>Net Income/(Loss)Attributable to Ordinary Shareholdersand Non-GAAP Net IncomeAttributable to Ordinary Shareholders.</i></b>Net loss attributable to ordinary shareholders for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion), compared to a net income of RMB7.6 billion for the same period last year. Non-GAAP net income attributable to ordinary shareholders for the third quarter of 2021 was RMB5.0 billion (US$0.8 billion), compared to RMB5.6 billion for the same period last year.</p><p><blockquote><b><i>归属于普通股股东的净利润/（亏损）和非公认会计准则归属于普通股股东的净利润。</i></b>2021年第三季度归属于普通股股东的净亏损为人民币28亿元（4亿美元），而去年同期净利润为人民币76亿元。2021年第三季度非公认会计准则归属于普通股股东的净利润为人民币50亿元（8亿美元），而去年同期为人民币56亿元。</blockquote></p><p> <b><i>Diluted EPS and Non-GAAP Diluted EPS.</i></b>Diluted net loss per ADS for the third quarter of 2021 was RMB1.81 (US$0.28), compared to a diluted net income per ADS of RMB4.70 for the third quarter of 2020. Non-GAAP diluted net income per ADS for the third quarter of 2021 was RMB3.16 (US$0.49), compared to RMB3.42 for the third quarter of 2020.</p><p><blockquote><b><i>稀释每股收益和非公认会计准则稀释每股收益。</i></b>2021年第三季度每股美国存托凭证摊薄净亏损为人民币1.81元（0.28美元），而2020年第三季度每股美国存托凭证摊薄净利润为人民币4.70元。2021年第三季度非公认会计准则摊薄后每股美国存托凭证净利润为人民币3.16元（0.49美元），而2020年第三季度为人民币3.42元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JD.com rose over 1% in premarket trading with its net revenues reaching RMB218.7 billion<blockquote>京东盘前涨超1%净收入达2187亿元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJD.com rose over 1% in premarket trading with its net revenues reaching RMB218.7 billion<blockquote>京东盘前涨超1%净收入达2187亿元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-18 17:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>JD.com rose over&nbsp;1% in&nbsp;premarket&nbsp;trading&nbsp;after showing its financial report.Its stocks in Hong Kong dipped 3.58% today.<img src=\"https://static.tigerbbs.com/681c2a47b000ca0a97b0c5bf213c9d2b\" tg-width=\"772\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p><blockquote>京东公布财报后，盘前交易涨超1%。其港股今日下跌3.58%。</blockquote></p><p> The&nbsp;company&nbsp;today announced its unaudited financial results for the three months ended September 30, 2021.</p><p><blockquote>该公司今天公布了截至2021年9月30日的三个月未经审计的财务业绩。</blockquote></p><p> <b>Third Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第三季度亮点</b></blockquote></p><p> <ul>  <li><b>Net revenues</b>&nbsp;for the third quarter of 2021 were RMB218.7 billion (US$133.9 billion), an increase of 25.5% from the third quarter of 2020. Net service revenues for the third quarter of 2021 were RMB32.7 billion (US$5.1 billion), an increase of 43.3% from the third quarter of 2020.</li>  <li><b>Income from operations</b>&nbsp;for the third quarter of 2021 was RMB2.6 billion (US$0.4 billion), compared to RMB4.4 billion for the same period last year.<b>Non-GAAP</b>&nbsp;<b>income from operations</b>for the third quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated items for the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020.</li>  <li><b>Net loss attributable to ordinary shareholders</b>&nbsp;for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion), compared to a net income of RMB7.6 billion for the same period last year.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;for the third quarter of 2021 was RMB5.0 billion (US$0.8 billion), compared to RMB5.6 billion for the same period last year.</li>  <li><b>Diluted net loss per ADS</b>&nbsp;for the third quarter of 2021 was RMB1.81 (US$0.28), compared to an income per ADS of RMB4.70 for the third quarter of 2020.<b>Non-GAAP diluted net income per ADS</b>for the third quarter of 2021 was RMB3.16 (US$0.49), compared to RMB3.42 for the same period last year.</li>  <li><b>Operating cash flow</b>&nbsp;for the twelve months ended September 30, 2021 increased to RMB41.0 billion (US$6.4 billion) from RMB37.3 billion for the twelve months ended September 30, 2020. Free cash flow, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the twelve months ended September 30, 2021 was RMB28.5 billion (US$4.4 billion), compared to RMB30.2 billion for the twelve months ended September 30, 2020.</li>  <li><b>Annual active customer accounts</b>&nbsp;increased by 25.0% to 552.2 million in the twelve months ended September 30, 2021 from 441.6 million in the twelve months ended September 30, 2020.</li> </ul> <b><i>Business Highlights</i></b></p><p><blockquote><ul><li><b>净收入</b>2021年第三季度为人民币2187亿元（1339亿美元），较2020年第三季度增长25.5%。2021年第三季度净服务收入为人民币327亿元（51亿美元），较2020年第三季度增长43.3%。</li><li><b>营业收入</b>2021年第三季度为人民币26亿元（4亿美元），而去年同期为人民币44亿元。<b>非公认会计准则</b> <b>营业收入</b>2021年第三季度为人民币46亿元（7亿美元），而2020年第三季度为人民币53亿元。京东零售2021年第三季度未分配项目前的营业利润率为4.0%，而2020年第三季度为4.2%。</li><li><b>归属于普通股股东的净亏损</b>2021年第三季度净利润为人民币28亿元（4亿美元），而去年同期净利润为人民币76亿元。<b>非公认会计准则归属于普通股股东的净利润</b>2021年第三季度为人民币50亿元（8亿美元），而去年同期为人民币56亿元。</li><li><b>每股美国存托凭证摊薄净亏损</b>2021年第三季度每股美国存托凭证收入为人民币1.81元（0.28美元），而2020年第三季度每股美国存托凭证收入为人民币4.70元。<b>非公认会计准则每股美国存托凭证摊薄净利润</b>2021年第三季度为人民币3.16元（0.49美元），而去年同期为人民币3.42元。</li><li><b>经营现金流量</b>截至2021年9月30日止十二个月的收入从截至2020年9月30日止十二个月的人民币373亿元增加至人民币410亿元（64亿美元）。截至2021年9月30日止十二个月的自由现金流（不包括计入经营现金流的京东白条应收款项的影响）为人民币285亿元（44亿美元），而截至2021年9月30日止十二个月为人民币302亿元2020年。</li><li><b>年度活跃客户账户</b>从截至2020年9月30日止十二个月的4.416亿增加25.0%至截至2021年9月30日止十二个月的5.522亿。</li></ul><b><i>业务亮点</i></b></blockquote></p><p> <b><u>Environment, Social and Governance</u></b></p><p><blockquote><b><u>环境、社会及管治</u></b></blockquote></p><p> <ul>  <li>In August, Jingxi, a platform for everyday shopping under JD.com, donated over 100,000 prevention supply kits, including facemasks and hand sanitizers to local residents in Nanjing in response to the COVID-19 outbreak. Nanjing residents can apply to receive kits free of charge through Jingxi’s multiple online platforms.</li>  <li>During the 4th Chinese Farmers’ Harvest Festival in September, JD.com announced that in 2021, the company’s supportive measures for agriculture in rural areas have promoted the development of local brands from scratch, such as Suqian King Crabs in Jiangsu Province, and increased the transaction volume of local agricultural products by more than 200%. In continuing its commitment to rural rejuvenation, JD.com has constructed logistics infrastructure in production regions, and built an agricultural product marketing ecosystem which integrates JD’s sales channels.</li> </ul> <b><u>JD Retail</u></b></p><p><blockquote><ul><li>8月，京东旗下日常购物平台京喜向南京当地居民捐赠了超过100,000套防疫用品，包括口罩和洗手液，以应对COVID-19疫情。南京居民可通过京喜多个线上平台申请免费领取试剂盒。</li><li>9月第四届中国农民丰收节期间，京东宣布，2021年，公司在农村的支农举措，推动了江苏省宿迁帝王蟹等本土品牌从无到有的发展，使当地农产品交易额增长超过200%。京东继续致力于乡村振兴，在产区建设物流基础设施，构建整合京东销售渠道的农产品营销生态圈。</li></ul><b><u>京东零售</u></b></blockquote></p><p></p><p> <ul>  <li>In September, JD.com opened its first “JD MALL” offline store in Xi’an offering consumers an immersive omni-channel shopping experience. In addition to traditional electronic categories offered by JD Super Experience Store, JD MALL provides over 200,000 items from more than 150 brands, in categories including home, furniture, kids, smart healthcare products and auto accessories. Through its partnership with furniture maker Shangpin Home Collection, JD MALL meets the demand among younger consumers for bespoke one-stop-shop home design services that incorporate furniture and home appliances categories.</li>  <li>In the third quarter, over 20 domestic and international household and home decor brands launched official stores on JD.com, including Camerich, Lost &amp; Found, QEEBOO, and Lattoflex, bringing a variety of high-quality and stylish home goods to address consumers’ increasingly diverse lifestyle preferences.</li>  <li>Sephora, a high-end beauty retailer owned by LVMH, recently joined JD.com’s omni-channel service network. Products ordered through the Sephora store on JD.com can be delivered to consumers’ doorsteps within one hour from nearby Sephora offline stores. Chinese beauty brand Perfect Diary also joined JD.com’s omni-channel service network to offer delivery from its 120 offline stores in 84 cities.</li>  <li>During the quarter, JD.com and Dada Group formed a strategic partnership with ASUS, a global technology leader, launching more than 150 ASUS stores on JD Daojia (JDDJ) and “Shop Now”, JD.com’s new on-demand consumer retail section. The three parties will further accelerate the digital transformation of physical stores in the second half of 2021 to improve the offline shopping experience for computer and digital products, including the extension of “one-hour delivery” service to all ASUS offline stores in China.</li> </ul> <b><u>JD Health</u></b></p><p><blockquote><ul><li>9月，京东在西安开设首家“京东商城”线下门店，为消费者提供沉浸式全渠道购物体验。除了京东超级体验店提供的传统电子品类外，京东商城还提供来自150多个品牌的超过200,000件商品，类别包括家居、家具、儿童、智能医疗产品和汽车配件。通过与家具制造商尚品家居系列的合作，京东商城满足了年轻消费者对融合家具和家电品类的定制一站式家居设计服务的需求。</li><li>第三季度，Camerich、Lost&amp;Found、QEEBOO、Lattoflex等20多个国内外家居和家居装饰品牌在京东上推出官方商店，带来各种高品质、时尚的家居用品，满足消费者日益多样化的生活方式偏好。</li><li>LVMH旗下的高端美妆零售商丝芙兰（Sephora）最近加入了京东的全渠道服务网络。通过京东丝芙兰专卖店订购的产品，附近的丝芙兰线下专卖店可在1小时内送货上门。中国美妆品牌完美日记也加入了京东的全渠道服务网络，在84个城市的120家线下门店提供送货服务。</li><li>本季度，京东和达达集团与全球科技领导者华硕结成战略合作伙伴关系，在京东到家（JDDJ）和京东新的按需消费零售板块“Shop Now”上推出了150多家华硕商店。三方将在2021年下半年进一步加快实体店数字化转型，提升电脑数码产品线下购物体验，包括将“一小时达”服务延伸至华硕中国区所有线下门店。</li></ul><b><u>京东健康</u></b></blockquote></p><p> <ul>  <li>In July, JD Health and Allianz JD, JD.com’s joint venture with Allianz, one of the world’s leading insurers and asset managers, jointly launched a comprehensive online clinical insurance service offering a one-stop platform for healthcare, medicine purchasing and insurance services. By connecting users directly with doctors, pharmacies and insurance companies, JD Health improves the experience of insured users through its full cycle service that provide online health consultations, prescriptions, direct claims and reimbursements as well as medicine purchasing and door-to-door delivery.</li>  <li>In September, over 200 institutional exhibitors and participants attended JD Health’s third Online Pharmaceutical Expo under the theme “Intelligent Digital Empowerment and Ecosystem Interconnection”. JD Health helped to facilitate transactions between up and downstream players among the participating companies to create a “Intelligent Digital Pharmaceutical Circulation Supply Chain Ecosystem” to support digital transformation and optimize user experience in the health care industry.</li> </ul> <b><u>JD Logistics</u></b></p><p><blockquote><ul><li>7月，京东健康和京东与全球领先的保险公司和资产管理公司之一安联的合资企业安联京东联合推出了全面的在线临床保险服务，提供医疗保健、购药和保险服务的一站式平台。通过将用户与医生、药店和保险公司直接连接起来，京东健康通过提供在线健康咨询、处方、直接理赔和报销以及购药和送货上门的全周期服务，改善了参保用户的体验。</li><li>9月，京东健康第三届线上药博会以“智数赋能生态互联”为主题，吸引了超过200家机构参展商和与会者。京东健康帮助参与公司之间的上下游参与者之间的交易，创建“智能数字化医药流通供应链生态系统”，以支持医疗保健行业的数字化转型和优化用户体验。</li></ul><b><u>京东物流</u></b></blockquote></p><p> <ul>  <li>In September, JD Logistics launched an air cargo route between East China and London marking JD Logistics’s first regular cargo charter flight between China and Europe. Further expanding JD Logistics’s international transportation network, the route will deliver products from China’s major manufacturing regions with same day port-to-port delivery and product arrival within one week.</li>  <li>In the third quarter, JD Logistics established a strategic partnership with Volvo Cars to build integrated supply chain services for the mid and high-end auto aftermarket. The two parties will cooperate in areas such as supply chain warehouse networks planning, inventory management and store delivery.</li>  <li>As of September 30, 2021, JD Logistics operated approximately 1,300 warehouses, which covered an aggregate gross floor area of over 23 million square meters, including space in cloud warehouses managed under the JD Logistics Open Warehouse Platform.</li> </ul> <b>Third Quarter 2021 Financial Results</b></p><p><blockquote><ul><li>9月，京东物流开通华东至伦敦航空货运航线，标志着京东物流首次开通中欧定期货运包机。该航线进一步扩大了京东物流的国际运输网络，将从中国主要制造地区运送产品，实现当天港口到港口交付，产品在一周内到达。</li><li>三季度，京东物流与沃尔沃汽车建立战略合作伙伴关系，打造面向中高端汽车后市场的一体化供应链服务。双方将在供应链仓库网络规划、库存管理和门店交付等领域展开合作。</li><li>截至2021年9月30日，京东物流运营约1300个仓库，总建筑面积超过2300万平方米，其中包括京东物流开放仓库平台管理的云仓库空间。</li></ul><b>2021年第三季度财务业绩</b></blockquote></p><p> <b><i>Net Revenues.</i></b>&nbsp;For the third quarter of 2021, JD.com reported net revenues of RMB218.7 billion (US$33.9 billion), representing a 25.5% increase from the same period of 2020. Net product revenues increased by 22.9%, while net service revenues increased by 43.3% for the third quarter of 2021, as compared to the same period of 2020.</p><p><blockquote><b><i>净收入。</i></b>2021年第三季度，京东报告净收入为人民币2187亿元（339亿美元），较2020年同期增长25.5%。与2020年同期相比，2021年第三季度产品净收入增长22.9%，服务净收入增长43.3%。</blockquote></p><p> <b><i>Cost of Revenues</i></b><b>.</b>Cost of revenues increased by 27.3% to RMB187.6 billion (US$29.1 billion) for the third quarter of 2021 from RMB147.4 billion for the third quarter of 2020.</p><p><blockquote><b><i>收入成本</i></b><b>.</b>收入成本从2020年第三季度的人民币1,474亿元增长27.3%至2021年第三季度的人民币1,876亿元（291亿美元）。</blockquote></p><p></p><p> <b><i>Fulfillment Expenses</i></b><b>.</b>Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 23.2% to RMB14.3 billion (US$2.2 billion) for the third quarter of 2021 from RMB11.6 billion for the third quarter of 2020. Fulfillment expenses as a percentage of net revenues was 6.5% for the third quarter of 2021, compared to 6.7% for the same period last year.</p><p><blockquote><b><i>履行费用</i></b><b>.</b>履约费用主要包括采购、仓储、交付、客户服务和支付处理费用，从2020年第三季度的人民币116亿元增长23.2%至2021年第三季度的人民币143亿元（22亿美元）。2021年第三季度履行费用占净收入的百分比为6.5%，而去年同期为6.7%。</blockquote></p><p> <b><i>Marketing Expenses</i></b><b>.</b>Marketing expenses increased by 42.3% to RMB7.8 billion (US$1.2 billion) for the third quarter of 2021 from RMB5.5 billion for the third quarter of 2020.</p><p><blockquote><b><i>营销费用</i></b><b>.</b>营销费用从2020年第三季度的人民币55亿元增长42.3%至2021年第三季度的人民币78亿元（12亿美元）。</blockquote></p><p> <b><i>Research and Development Expenses</i></b><b>.</b>Research and development expenses was RMB4.0 billion (US$0.6 billion) for the third quarter of 2021, as compared to RMB4.1 billion for the third quarter of 2020.</p><p><blockquote><b><i>研发费用</i></b><b>.</b>2021年第三季度研发费用为人民币40亿元（6亿美元），而2020年第三季度为人民币41亿元。</blockquote></p><p> <b><i>General and Administrative Expenses</i></b><b>.</b>&nbsp;General and administrative expenses increased by 91.1% to RMB3.1 billion (US$0.5 billion) for the third quarter of 2021 from RMB1.6 billion for the third quarter of 2020. The increase was primarily due to the increase in share-based compensation expenses.</p><p><blockquote><b><i>一般及行政开支</i></b><b>.</b>一般及行政费用从2020年第三季度的人民币16亿元增长91.1%至2021年第三季度的人民币31亿元（5亿美元）。该增加主要由于以股份为基础的薪酬开支增加所致。</blockquote></p><p> <b><i>Income from Operations and Non-GAAP Income from Operations.</i></b>Income from operations for the third quarter of 2021 was RMB2.6 billion (US$0.4 billion), compared to RMB4.4 billion for the same period last year. Non-GAAP income from operations for the third quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated items for the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020.</p><p><blockquote><b><i>运营收入和非公认会计准则运营收入。</i></b>2021年第三季度营业收入为人民币26亿元（4亿美元），去年同期为人民币44亿元。2021年第三季度非公认会计准则运营收入为人民币46亿元（7亿美元），而2020年第三季度为人民币53亿元。京东零售2021年第三季度未分配项目前的营业利润率为4.0%，而2020年第三季度为4.2%。</blockquote></p><p> <b><i>Non-GAAP EBITDA.</i></b>Non-GAAP EBITDA for the third quarter of 2021 was RMB5.9 billion (US$0.9 billion), compared to RMB6.6 billion for the third quarter of 2020.</p><p><blockquote><b><i>非公认会计准则EBITDA。</i></b>2021年第三季度非GAAP EBITDA为人民币59亿元（9亿美元），而2020年第三季度为人民币66亿元。</blockquote></p><p> <b><i>Share of Results of Equity Investees.</i></b>&nbsp;Share of results of equity investees was a loss of RMB1.9 billion (US$0.3 billion) for the third quarter of 2021, as compared to a loss of RMB0.3 billion for the third quarter of 2020. The loss for the third quarter of 2021 was primarily due to non-cash impairment in certain equity investees.</p><p><blockquote><b><i>应佔权益被投资方业绩。</i></b>2021年第三季度应占股权投资公司业绩亏损人民币19亿元（3亿美元），而2020年第三季度亏损人民币3亿元。2021年第三季度的亏损主要是由于某些股权投资公司的非现金减值。</blockquote></p><p> <b><i>Others, net.</i></b>Other non-operating loss was RMB3.1 billion (US$0.5 billion) for the third quarter of 2021, as compared to other non-operating income of RMB4.5 billion for the third quarter of 2020. The decrease was primarily due to fair value change of investment securities, which resulting from decreases in the market prices of equity investments in publicly-traded companies.</p><p><blockquote><b><i>其他，净。</i></b>2021年第三季度其他营业外亏损为人民币31亿元（5亿美元），而2020年第三季度其他营业外收入为人民币45亿元。该减少主要由于投资证券的公平值变动，而该变动乃由于于上市公司的股本投资的市价下跌所致。</blockquote></p><p> <b><i>Net Income/(Loss)Attributable to Ordinary Shareholdersand Non-GAAP Net IncomeAttributable to Ordinary Shareholders.</i></b>Net loss attributable to ordinary shareholders for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion), compared to a net income of RMB7.6 billion for the same period last year. Non-GAAP net income attributable to ordinary shareholders for the third quarter of 2021 was RMB5.0 billion (US$0.8 billion), compared to RMB5.6 billion for the same period last year.</p><p><blockquote><b><i>归属于普通股股东的净利润/（亏损）和非公认会计准则归属于普通股股东的净利润。</i></b>2021年第三季度归属于普通股股东的净亏损为人民币28亿元（4亿美元），而去年同期净利润为人民币76亿元。2021年第三季度非公认会计准则归属于普通股股东的净利润为人民币50亿元（8亿美元），而去年同期为人民币56亿元。</blockquote></p><p> <b><i>Diluted EPS and Non-GAAP Diluted EPS.</i></b>Diluted net loss per ADS for the third quarter of 2021 was RMB1.81 (US$0.28), compared to a diluted net income per ADS of RMB4.70 for the third quarter of 2020. Non-GAAP diluted net income per ADS for the third quarter of 2021 was RMB3.16 (US$0.49), compared to RMB3.42 for the third quarter of 2020.</p><p><blockquote><b><i>稀释每股收益和非公认会计准则稀释每股收益。</i></b>2021年第三季度每股美国存托凭证摊薄净亏损为人民币1.81元（0.28美元），而2020年第三季度每股美国存托凭证摊薄净利润为人民币4.70元。2021年第三季度非公认会计准则摊薄后每股美国存托凭证净利润为人民币3.16元（0.49美元），而2020年第三季度为人民币3.42元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JD":"京东"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128233316","content_text":"JD.com rose over 1% in premarket trading after showing its financial report.Its stocks in Hong Kong dipped 3.58% today.\nThe company today announced its unaudited financial results for the three months ended September 30, 2021.\nThird Quarter 2021 Highlights\n\nNet revenues for the third quarter of 2021 were RMB218.7 billion (US$133.9 billion), an increase of 25.5% from the third quarter of 2020. Net service revenues for the third quarter of 2021 were RMB32.7 billion (US$5.1 billion), an increase of 43.3% from the third quarter of 2020.\nIncome from operations for the third quarter of 2021 was RMB2.6 billion (US$0.4 billion), compared to RMB4.4 billion for the same period last year.Non-GAAP income from operationsfor the third quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated items for the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020.\nNet loss attributable to ordinary shareholders for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion), compared to a net income of RMB7.6 billion for the same period last year.Non-GAAP net income attributable to ordinary shareholders for the third quarter of 2021 was RMB5.0 billion (US$0.8 billion), compared to RMB5.6 billion for the same period last year.\nDiluted net loss per ADS for the third quarter of 2021 was RMB1.81 (US$0.28), compared to an income per ADS of RMB4.70 for the third quarter of 2020.Non-GAAP diluted net income per ADSfor the third quarter of 2021 was RMB3.16 (US$0.49), compared to RMB3.42 for the same period last year.\nOperating cash flow for the twelve months ended September 30, 2021 increased to RMB41.0 billion (US$6.4 billion) from RMB37.3 billion for the twelve months ended September 30, 2020. Free cash flow, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the twelve months ended September 30, 2021 was RMB28.5 billion (US$4.4 billion), compared to RMB30.2 billion for the twelve months ended September 30, 2020.\nAnnual active customer accounts increased by 25.0% to 552.2 million in the twelve months ended September 30, 2021 from 441.6 million in the twelve months ended September 30, 2020.\n\nBusiness Highlights\nEnvironment, Social and Governance\n\nIn August, Jingxi, a platform for everyday shopping under JD.com, donated over 100,000 prevention supply kits, including facemasks and hand sanitizers to local residents in Nanjing in response to the COVID-19 outbreak. Nanjing residents can apply to receive kits free of charge through Jingxi’s multiple online platforms.\nDuring the 4th Chinese Farmers’ Harvest Festival in September, JD.com announced that in 2021, the company’s supportive measures for agriculture in rural areas have promoted the development of local brands from scratch, such as Suqian King Crabs in Jiangsu Province, and increased the transaction volume of local agricultural products by more than 200%. In continuing its commitment to rural rejuvenation, JD.com has constructed logistics infrastructure in production regions, and built an agricultural product marketing ecosystem which integrates JD’s sales channels.\n\nJD Retail\n\nIn September, JD.com opened its first “JD MALL” offline store in Xi’an offering consumers an immersive omni-channel shopping experience. In addition to traditional electronic categories offered by JD Super Experience Store, JD MALL provides over 200,000 items from more than 150 brands, in categories including home, furniture, kids, smart healthcare products and auto accessories. Through its partnership with furniture maker Shangpin Home Collection, JD MALL meets the demand among younger consumers for bespoke one-stop-shop home design services that incorporate furniture and home appliances categories.\nIn the third quarter, over 20 domestic and international household and home decor brands launched official stores on JD.com, including Camerich, Lost & Found, QEEBOO, and Lattoflex, bringing a variety of high-quality and stylish home goods to address consumers’ increasingly diverse lifestyle preferences.\nSephora, a high-end beauty retailer owned by LVMH, recently joined JD.com’s omni-channel service network. Products ordered through the Sephora store on JD.com can be delivered to consumers’ doorsteps within one hour from nearby Sephora offline stores. Chinese beauty brand Perfect Diary also joined JD.com’s omni-channel service network to offer delivery from its 120 offline stores in 84 cities.\nDuring the quarter, JD.com and Dada Group formed a strategic partnership with ASUS, a global technology leader, launching more than 150 ASUS stores on JD Daojia (JDDJ) and “Shop Now”, JD.com’s new on-demand consumer retail section. The three parties will further accelerate the digital transformation of physical stores in the second half of 2021 to improve the offline shopping experience for computer and digital products, including the extension of “one-hour delivery” service to all ASUS offline stores in China.\n\nJD Health\n\nIn July, JD Health and Allianz JD, JD.com’s joint venture with Allianz, one of the world’s leading insurers and asset managers, jointly launched a comprehensive online clinical insurance service offering a one-stop platform for healthcare, medicine purchasing and insurance services. By connecting users directly with doctors, pharmacies and insurance companies, JD Health improves the experience of insured users through its full cycle service that provide online health consultations, prescriptions, direct claims and reimbursements as well as medicine purchasing and door-to-door delivery.\nIn September, over 200 institutional exhibitors and participants attended JD Health’s third Online Pharmaceutical Expo under the theme “Intelligent Digital Empowerment and Ecosystem Interconnection”. JD Health helped to facilitate transactions between up and downstream players among the participating companies to create a “Intelligent Digital Pharmaceutical Circulation Supply Chain Ecosystem” to support digital transformation and optimize user experience in the health care industry.\n\nJD Logistics\n\nIn September, JD Logistics launched an air cargo route between East China and London marking JD Logistics’s first regular cargo charter flight between China and Europe. Further expanding JD Logistics’s international transportation network, the route will deliver products from China’s major manufacturing regions with same day port-to-port delivery and product arrival within one week.\nIn the third quarter, JD Logistics established a strategic partnership with Volvo Cars to build integrated supply chain services for the mid and high-end auto aftermarket. The two parties will cooperate in areas such as supply chain warehouse networks planning, inventory management and store delivery.\nAs of September 30, 2021, JD Logistics operated approximately 1,300 warehouses, which covered an aggregate gross floor area of over 23 million square meters, including space in cloud warehouses managed under the JD Logistics Open Warehouse Platform.\n\nThird Quarter 2021 Financial Results\nNet Revenues. For the third quarter of 2021, JD.com reported net revenues of RMB218.7 billion (US$33.9 billion), representing a 25.5% increase from the same period of 2020. Net product revenues increased by 22.9%, while net service revenues increased by 43.3% for the third quarter of 2021, as compared to the same period of 2020.\nCost of Revenues.Cost of revenues increased by 27.3% to RMB187.6 billion (US$29.1 billion) for the third quarter of 2021 from RMB147.4 billion for the third quarter of 2020.\nFulfillment Expenses.Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 23.2% to RMB14.3 billion (US$2.2 billion) for the third quarter of 2021 from RMB11.6 billion for the third quarter of 2020. Fulfillment expenses as a percentage of net revenues was 6.5% for the third quarter of 2021, compared to 6.7% for the same period last year.\nMarketing Expenses.Marketing expenses increased by 42.3% to RMB7.8 billion (US$1.2 billion) for the third quarter of 2021 from RMB5.5 billion for the third quarter of 2020.\nResearch and Development Expenses.Research and development expenses was RMB4.0 billion (US$0.6 billion) for the third quarter of 2021, as compared to RMB4.1 billion for the third quarter of 2020.\nGeneral and Administrative Expenses. General and administrative expenses increased by 91.1% to RMB3.1 billion (US$0.5 billion) for the third quarter of 2021 from RMB1.6 billion for the third quarter of 2020. The increase was primarily due to the increase in share-based compensation expenses.\nIncome from Operations and Non-GAAP Income from Operations.Income from operations for the third quarter of 2021 was RMB2.6 billion (US$0.4 billion), compared to RMB4.4 billion for the same period last year. Non-GAAP income from operations for the third quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated items for the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020.\nNon-GAAP EBITDA.Non-GAAP EBITDA for the third quarter of 2021 was RMB5.9 billion (US$0.9 billion), compared to RMB6.6 billion for the third quarter of 2020.\nShare of Results of Equity Investees. Share of results of equity investees was a loss of RMB1.9 billion (US$0.3 billion) for the third quarter of 2021, as compared to a loss of RMB0.3 billion for the third quarter of 2020. The loss for the third quarter of 2021 was primarily due to non-cash impairment in certain equity investees.\nOthers, net.Other non-operating loss was RMB3.1 billion (US$0.5 billion) for the third quarter of 2021, as compared to other non-operating income of RMB4.5 billion for the third quarter of 2020. The decrease was primarily due to fair value change of investment securities, which resulting from decreases in the market prices of equity investments in publicly-traded companies.\nNet Income/(Loss)Attributable to Ordinary Shareholdersand Non-GAAP Net IncomeAttributable to Ordinary Shareholders.Net loss attributable to ordinary shareholders for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion), compared to a net income of RMB7.6 billion for the same period last year. Non-GAAP net income attributable to ordinary shareholders for the third quarter of 2021 was RMB5.0 billion (US$0.8 billion), compared to RMB5.6 billion for the same period last year.\nDiluted EPS and Non-GAAP Diluted EPS.Diluted net loss per ADS for the third quarter of 2021 was RMB1.81 (US$0.28), compared to a diluted net income per ADS of RMB4.70 for the third quarter of 2020. Non-GAAP diluted net income per ADS for the third quarter of 2021 was RMB3.16 (US$0.49), compared to RMB3.42 for the third quarter of 2020.","news_type":1,"symbols_score_info":{"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":2076,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":878700983,"gmtCreate":1637227406411,"gmtModify":1637227406556,"author":{"id":"4093934996011550","authorId":"4093934996011550","name":"lilykoh","avatar":"https://static.tigerbbs.com/5e693f1d8cedc3c169cb20a422580f48","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093934996011550","idStr":"4093934996011550"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/878700983","repostId":"1168434077","repostType":4,"repost":{"id":"1168434077","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1637227046,"share":"https://www.laohu8.com/m/news/1168434077?lang=zh_CN&edition=full","pubTime":"2021-11-18 17:17","market":"us","language":"en","title":"Novavax shares jumped 5% in premarket trading<blockquote>Novavax股价在盘前交易中上涨5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168434077","media":"Tiger Newspress","summary":"Novavax shares jumped 5% in premarket trading as EU decision on Novavax COVID-19 shot could come 'wi","content":"<p>Novavax shares jumped 5% in premarket trading&nbsp;as&nbsp;EU decision on Novavax COVID-19 shot could come 'within weeks'.</p><p><blockquote>由于欧盟可能在“几周内”就Novavax COVID-19疫苗做出决定，Novavax股价在盘前交易中上涨5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6082341ff6cf8c02e6284028a5ba5cd6\" tg-width=\"848\" tg-height=\"620\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The European Union’s drug regulator said on Wednesday it could decide on Novavax’s COVID-19 vaccine approval “within weeks” if the data it has received from the drugmaker was sufficient to prove the shot’s effectiveness.</p><p><blockquote>欧盟药品监管机构周三表示，如果从制药商那里收到的数据足以证明疫苗的有效性，它可能会在“几周内”决定批准Novavax的COVID-19疫苗。</blockquote></p><p> The protein-based vaccine, branded Nuvaxovid, has been under a rolling review since February, the European Medicines Agency (EMA) said. Such reviews allow for a speedy approval.</p><p><blockquote>欧洲药品管理局(EMA)表示，这种名为Nuvaxovid的蛋白质疫苗自2月份以来一直在接受滚动审查。这种审查允许快速批准。</blockquote></p><p> If approved by the EMA, the shot would be the region’s fifth coronavirus vaccine, joining those from Pfizer-BioNTech, Moderna, AstraZeneca and Johnson &amp; Johnson.</p><p><blockquote>如果获得EMA批准，该疫苗将成为该地区的第五种冠状病毒疫苗，加入辉瑞-BioNTech、Moderna、阿斯利康和强生公司的行列。</blockquote></p><p> The major approval could come much ahead of authorisation in the United States, where Novavax had to resolve manufacturing issues and expects to file for approval by the end of the year.</p><p><blockquote>重大批准可能会远远早于美国的授权，Novavax必须在美国解决制造问题，并预计在今年年底前申请批准。</blockquote></p><p> The EMA said two of its advisory panels were looking into various plans submitted by Novavax on risk management, and development and studies of the vaccine for use in children.</p><p><blockquote>EMA表示，其两个顾问小组正在研究Novavax提交的关于风险管理以及儿童疫苗开发和研究的各种计划。</blockquote></p><p> Novavax’s shot received its first emergency use approval earlier this month in Indonesia. The company has also sought backing from the World Health Organization. The Philippines on Wednesday authorised emergency use of a version made by India’s Serum Institute.</p><p><blockquote>Novavax的疫苗本月早些时候在印度尼西亚获得了首次紧急使用批准。该公司还寻求世界卫生组织的支持。菲律宾周三授权紧急使用印度血清研究所制造的版本。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Novavax shares jumped 5% in premarket trading<blockquote>Novavax股价在盘前交易中上涨5%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNovavax shares jumped 5% in premarket trading<blockquote>Novavax股价在盘前交易中上涨5%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-18 17:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Novavax shares jumped 5% in premarket trading&nbsp;as&nbsp;EU decision on Novavax COVID-19 shot could come 'within weeks'.</p><p><blockquote>由于欧盟可能在“几周内”就Novavax COVID-19疫苗做出决定，Novavax股价在盘前交易中上涨5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6082341ff6cf8c02e6284028a5ba5cd6\" tg-width=\"848\" tg-height=\"620\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The European Union’s drug regulator said on Wednesday it could decide on Novavax’s COVID-19 vaccine approval “within weeks” if the data it has received from the drugmaker was sufficient to prove the shot’s effectiveness.</p><p><blockquote>欧盟药品监管机构周三表示，如果从制药商那里收到的数据足以证明疫苗的有效性，它可能会在“几周内”决定批准Novavax的COVID-19疫苗。</blockquote></p><p> The protein-based vaccine, branded Nuvaxovid, has been under a rolling review since February, the European Medicines Agency (EMA) said. Such reviews allow for a speedy approval.</p><p><blockquote>欧洲药品管理局(EMA)表示，这种名为Nuvaxovid的蛋白质疫苗自2月份以来一直在接受滚动审查。这种审查允许快速批准。</blockquote></p><p> If approved by the EMA, the shot would be the region’s fifth coronavirus vaccine, joining those from Pfizer-BioNTech, Moderna, AstraZeneca and Johnson &amp; Johnson.</p><p><blockquote>如果获得EMA批准，该疫苗将成为该地区的第五种冠状病毒疫苗，加入辉瑞-BioNTech、Moderna、阿斯利康和强生公司的行列。</blockquote></p><p> The major approval could come much ahead of authorisation in the United States, where Novavax had to resolve manufacturing issues and expects to file for approval by the end of the year.</p><p><blockquote>重大批准可能会远远早于美国的授权，Novavax必须在美国解决制造问题，并预计在今年年底前申请批准。</blockquote></p><p> The EMA said two of its advisory panels were looking into various plans submitted by Novavax on risk management, and development and studies of the vaccine for use in children.</p><p><blockquote>EMA表示，其两个顾问小组正在研究Novavax提交的关于风险管理以及儿童疫苗开发和研究的各种计划。</blockquote></p><p> Novavax’s shot received its first emergency use approval earlier this month in Indonesia. The company has also sought backing from the World Health Organization. The Philippines on Wednesday authorised emergency use of a version made by India’s Serum Institute.</p><p><blockquote>Novavax的疫苗本月早些时候在印度尼西亚获得了首次紧急使用批准。该公司还寻求世界卫生组织的支持。菲律宾周三授权紧急使用印度血清研究所制造的版本。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168434077","content_text":"Novavax shares jumped 5% in premarket trading as EU decision on Novavax COVID-19 shot could come 'within weeks'.\n\nThe European Union’s drug regulator said on Wednesday it could decide on Novavax’s COVID-19 vaccine approval “within weeks” if the data it has received from the drugmaker was sufficient to prove the shot’s effectiveness.\nThe protein-based vaccine, branded Nuvaxovid, has been under a rolling review since February, the European Medicines Agency (EMA) said. Such reviews allow for a speedy approval.\nIf approved by the EMA, the shot would be the region’s fifth coronavirus vaccine, joining those from Pfizer-BioNTech, Moderna, AstraZeneca and Johnson & Johnson.\nThe major approval could come much ahead of authorisation in the United States, where Novavax had to resolve manufacturing issues and expects to file for approval by the end of the year.\nThe EMA said two of its advisory panels were looking into various plans submitted by Novavax on risk management, and development and studies of the vaccine for use in children.\nNovavax’s shot received its first emergency use approval earlier this month in Indonesia. The company has also sought backing from the World Health Organization. The Philippines on Wednesday authorised emergency use of a version made by India’s Serum Institute.","news_type":1,"symbols_score_info":{"NVAX":0.9}},"isVote":1,"tweetType":1,"viewCount":1822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842648145,"gmtCreate":1636174550607,"gmtModify":1636174550785,"author":{"id":"4093934996011550","authorId":"4093934996011550","name":"lilykoh","avatar":"https://static.tigerbbs.com/5e693f1d8cedc3c169cb20a422580f48","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093934996011550","idStr":"4093934996011550"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/842648145","repostId":"1173813098","repostType":4,"isVote":1,"tweetType":1,"viewCount":2296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":852331577,"gmtCreate":1635240539951,"gmtModify":1635240587496,"author":{"id":"4093934996011550","authorId":"4093934996011550","name":"lilykoh","avatar":"https://static.tigerbbs.com/5e693f1d8cedc3c169cb20a422580f48","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093934996011550","idStr":"4093934996011550"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/852331577","repostId":"1115363639","repostType":4,"isVote":1,"tweetType":1,"viewCount":1747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":888374299,"gmtCreate":1631448521411,"gmtModify":1632810379820,"author":{"id":"4093934996011550","authorId":"4093934996011550","name":"lilykoh","avatar":"https://static.tigerbbs.com/5e693f1d8cedc3c169cb20a422580f48","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093934996011550","idStr":"4093934996011550"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/888374299","repostId":"2166377772","repostType":4,"isVote":1,"tweetType":1,"viewCount":1306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880982109,"gmtCreate":1631009665301,"gmtModify":1632904628921,"author":{"id":"4093934996011550","authorId":"4093934996011550","name":"lilykoh","avatar":"https://static.tigerbbs.com/5e693f1d8cedc3c169cb20a422580f48","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093934996011550","idStr":"4093934996011550"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880982109","repostId":"1190153270","repostType":4,"repost":{"id":"1190153270","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1631002085,"share":"https://www.laohu8.com/m/news/1190153270?lang=zh_CN&edition=full","pubTime":"2021-09-07 16:08","market":"us","language":"en","title":"Sea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190153270","media":"Tiger Newspress","summary":"(Sept 7) Sea reached record high in pre-market trading Tuesday.\nSea Ltd's Shopee is preparing to lau","content":"<p>(Sept 7)&nbsp;Sea reached record high in pre-market trading&nbsp;Tuesday.</p><p><blockquote>（9月7日）Sea在周二盘前交易中创下历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4e4b0288d320c178ce3ce27e45bdb98\" tg-width=\"1057\" tg-height=\"527\" referrerpolicy=\"no-referrer\">Sea Ltd's Shopee is preparing to launch in Poland and is currently recruiting sellers, two company sources with knowledge of the matter told Reuters.</p><p><blockquote>两位知情的公司消息人士告诉路透社，Sea Ltd的Shopee正准备在波兰推出，目前正在招募卖家。</blockquote></p><p> The move will be the first expansion into European e-commerce for the $190 billion Singapore-headquartered technology group, whose gaming arm Garena is already active in the region.</p><p><blockquote>此举将是这家总部位于新加坡、价值1900亿美元的科技集团首次向欧洲电子商务扩张，其游戏部门Garena已经活跃在该地区。</blockquote></p><p> Shopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.</p><p><blockquote>据路透社上周报道，Shopee自今年早些时候以来在拉丁美洲积极扩张后，同时准备在印度推出。</blockquote></p><p> One of the sources told Reuters that Shopee is cautiously scaling up its global expansion by testing out possible new markets.</p><p><blockquote>其中一位消息人士告诉路透社，Shopee正在通过测试可能的新市场，谨慎地扩大其全球扩张。</blockquote></p><p> The two sources, who requested anonymity because they were not authorised to speak to media, said Shopee will also launch in Argentina in the coming months.</p><p><blockquote>这两位因无权接受媒体采访而要求匿名的消息人士表示，Shopee也将在未来几个月内在阿根廷推出。</blockquote></p><p> The firm is already the dominant player in e-commerce in Southeast Asia, according to market researchers, bringing in $1.2 billion globally in revenue for the quarter ending June 30.</p><p><blockquote>据市场研究人员称，该公司已经是东南亚电子商务领域的主导者，截至6月30日的季度在全球范围内带来了12亿美元的收入。</blockquote></p><p> Polish news website Wiadomoscihandlowe.pl first reported the Shopee expansion into Poland. Sea did not immediately answer a Reuters request for comment.</p><p><blockquote>波兰新闻网站Wiadomoscihandlowe.pl首先报道了Shopee向波兰的扩张。Sea没有立即回应路透社的置评请求。</blockquote></p><p> Market research firm Euromonitor estimates the Polish e-commerce market to be worth 16 billion euros ($19 billion), with significant room for growth compared to Western countries.</p><p><blockquote>市场研究公司Euromonitor估计，波兰电子商务市场价值160亿欧元（190亿美元），与西方国家相比，增长空间巨大。</blockquote></p><p> Amazon launched its local website this year, while the biggest home e-commerce firm Allegro is ramping up installation of its own parcel lockers.</p><p><blockquote>亚马逊今年推出了本地网站，而最大的家庭电子商务公司Allegro正在加紧安装自己的包裹柜。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-07 16:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 7)&nbsp;Sea reached record high in pre-market trading&nbsp;Tuesday.</p><p><blockquote>（9月7日）Sea在周二盘前交易中创下历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4e4b0288d320c178ce3ce27e45bdb98\" tg-width=\"1057\" tg-height=\"527\" referrerpolicy=\"no-referrer\">Sea Ltd's Shopee is preparing to launch in Poland and is currently recruiting sellers, two company sources with knowledge of the matter told Reuters.</p><p><blockquote>两位知情的公司消息人士告诉路透社，Sea Ltd的Shopee正准备在波兰推出，目前正在招募卖家。</blockquote></p><p> The move will be the first expansion into European e-commerce for the $190 billion Singapore-headquartered technology group, whose gaming arm Garena is already active in the region.</p><p><blockquote>此举将是这家总部位于新加坡、价值1900亿美元的科技集团首次向欧洲电子商务扩张，其游戏部门Garena已经活跃在该地区。</blockquote></p><p> Shopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.</p><p><blockquote>据路透社上周报道，Shopee自今年早些时候以来在拉丁美洲积极扩张后，同时准备在印度推出。</blockquote></p><p> One of the sources told Reuters that Shopee is cautiously scaling up its global expansion by testing out possible new markets.</p><p><blockquote>其中一位消息人士告诉路透社，Shopee正在通过测试可能的新市场，谨慎地扩大其全球扩张。</blockquote></p><p> The two sources, who requested anonymity because they were not authorised to speak to media, said Shopee will also launch in Argentina in the coming months.</p><p><blockquote>这两位因无权接受媒体采访而要求匿名的消息人士表示，Shopee也将在未来几个月内在阿根廷推出。</blockquote></p><p> The firm is already the dominant player in e-commerce in Southeast Asia, according to market researchers, bringing in $1.2 billion globally in revenue for the quarter ending June 30.</p><p><blockquote>据市场研究人员称，该公司已经是东南亚电子商务领域的主导者，截至6月30日的季度在全球范围内带来了12亿美元的收入。</blockquote></p><p> Polish news website Wiadomoscihandlowe.pl first reported the Shopee expansion into Poland. Sea did not immediately answer a Reuters request for comment.</p><p><blockquote>波兰新闻网站Wiadomoscihandlowe.pl首先报道了Shopee向波兰的扩张。Sea没有立即回应路透社的置评请求。</blockquote></p><p> Market research firm Euromonitor estimates the Polish e-commerce market to be worth 16 billion euros ($19 billion), with significant room for growth compared to Western countries.</p><p><blockquote>市场研究公司Euromonitor估计，波兰电子商务市场价值160亿欧元（190亿美元），与西方国家相比，增长空间巨大。</blockquote></p><p> Amazon launched its local website this year, while the biggest home e-commerce firm Allegro is ramping up installation of its own parcel lockers.</p><p><blockquote>亚马逊今年推出了本地网站，而最大的家庭电子商务公司Allegro正在加紧安装自己的包裹柜。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190153270","content_text":"(Sept 7) Sea reached record high in pre-market trading Tuesday.\nSea Ltd's Shopee is preparing to launch in Poland and is currently recruiting sellers, two company sources with knowledge of the matter told Reuters.\nThe move will be the first expansion into European e-commerce for the $190 billion Singapore-headquartered technology group, whose gaming arm Garena is already active in the region.\nShopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.\nOne of the sources told Reuters that Shopee is cautiously scaling up its global expansion by testing out possible new markets.\nThe two sources, who requested anonymity because they were not authorised to speak to media, said Shopee will also launch in Argentina in the coming months.\nThe firm is already the dominant player in e-commerce in Southeast Asia, according to market researchers, bringing in $1.2 billion globally in revenue for the quarter ending June 30.\nPolish news website Wiadomoscihandlowe.pl first reported the Shopee expansion into Poland. Sea did not immediately answer a Reuters request for comment.\nMarket research firm Euromonitor estimates the Polish e-commerce market to be worth 16 billion euros ($19 billion), with significant room for growth compared to Western countries.\nAmazon launched its local website this year, while the biggest home e-commerce firm Allegro is ramping up installation of its own parcel lockers.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":1093,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814273479,"gmtCreate":1630833998291,"gmtModify":1632905638051,"author":{"id":"4093934996011550","authorId":"4093934996011550","name":"lilykoh","avatar":"https://static.tigerbbs.com/5e693f1d8cedc3c169cb20a422580f48","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4093934996011550","idStr":"4093934996011550"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814273479","repostId":"1198049168","repostType":4,"repost":{"id":"1198049168","kind":"news","pubTimestamp":1630657800,"share":"https://www.laohu8.com/m/news/1198049168?lang=zh_CN&edition=full","pubTime":"2021-09-03 16:30","market":"us","language":"en","title":"The Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198049168","media":"Barron's","summary":"About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and ","content":"<p><i>About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and regulatory outreach, at the CFA Institute. He joined the institute after more than nine years at the U.S. Securities and Exchange Commission.</i></p><p><blockquote><i>作者简介：Stephen Deane，特许金融分析师，CFA协会立法和监管外联高级总监。他在美国证券交易委员会工作了九年多后加入了该研究所。</i></blockquote></p><p> Ever since Covid disrupted our lives, two themes have emerged.&nbsp;First, a feeling that we are living in an antechamber to a new and still-undefined era. And second, a pattern of hybrids, from homes converted into hybrid spaces of living/working/schooling, to expectations of a new office hybrid that will mix virtual and in-person meetings.</p><p><blockquote>自从Covid扰乱了我们的生活，出现了两个主题。首先，一种我们生活在一个新的、仍未定义的时代的前厅的感觉。第二，混合模式，从家庭转变为生活/工作/上学的混合空间，到对混合虚拟和面对面会议的新办公室混合的期望。</blockquote></p><p> But what about the world of finance and securities markets?&nbsp;There, too, we can find patterns of transition and hybrids.&nbsp;Consider three phenomena that began before Covid but have exploded in growth since then:&nbsp;digital assets, Robinhood, and SPACs.</p><p><blockquote>但是金融和证券市场的世界呢？在那里，我们也可以找到过渡和混合的模式。考虑三种现象，它们始于Covid之前，但自那以后增长迅速：数字资产、Robinhood和SPACs。</blockquote></p><p> Start with the rise of cryptocurrencies, digital tokens and other such assets, which remain very much in a transitory stage (like the “Wild West,” SEC Chairman Gary Genslerrecently observed).&nbsp;Even as the crypto asset class has grown to an estimated $1.6 trillion, basic questions remain unanswered.&nbsp;Are digital tokens securities or commodities?&nbsp;Are decentralized finance platforms really securities exchanges?&nbsp;Are data miners and other digital service providers really broker-dealers?&nbsp;Should the SEC permit Bitcoin ETFs?&nbsp;And who should regulate these products, services and entities—the SEC, the CFTC, or banking regulators?</p><p><blockquote>从加密货币、数字代币和其他此类资产的兴起开始，它们在很大程度上仍处于过渡阶段（就像美国证券交易委员会主席加里·詹斯勒最近观察到的“狂野西部”）。即使加密资产类别已经增长到估计的1.6万亿美元，基本问题仍然没有答案。数字代币是证券还是商品？去中心化金融平台真的是证券交易所吗？数据挖掘者和其他数字服务提供商真的是经纪自营商吗？SEC应该允许比特币ETF吗？谁应该监管这些产品、服务和实体——SEC、CFTC还是银行监管机构？</blockquote></p><p> Genslerhas calledon Congress to give the SEC “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.” Specifically, he wants “additional plenary authority to write rules for and attach guardrails to crypto trading and lending.”&nbsp;And the U.S. House has passed a bill (H.R. 1602, the Eliminate Barriers to Innovation Act of 2021), which would require the SEC and CFTC to establish a working group on digital assets.</p><p><blockquote>Gensler呼吁国会赋予SEC“额外的权力，以防止交易、产品和平台陷入监管漏洞”。具体来说，他希望“获得额外的全权来为加密货币交易和借贷制定规则并为其设置护栏。”美国众议院已经通过了一项法案（H.R.1602，2021年消除创新障碍法案），要求SEC和CFTC成立一个数字资产工作组。</blockquote></p><p> Some of what passes as crypto innovations pretty clearly seems to be old-fashioned investment products dressed up in digital garb.&nbsp;That would include any stablecoins that function like money market funds and those tokens that fall within the definition of a security. Nonetheless, there is no denying that crypto mixes digital technology with traditional forms of finance in a hybrid of innovation.</p><p><blockquote>一些被称为加密创新的东西显然是披着数字外衣的老式投资产品。这将包括任何功能类似货币市场基金的稳定币，以及那些属于证券定义的代币。尽管如此，不可否认的是，加密货币将数字技术与传统金融形式混合在一起，形成了创新的混合体。</blockquote></p><p> Second, consider Robinhood, which has exploded into view along with Redditor-fueled moonshot trades in meme stocks.&nbsp;Its proclaimedmission“to democratize finance for all” may invite skepticism, but the company can make a strong claim to having attracted a surge of first-time retail investors, representing a younger and more ethnically diverse customer base.&nbsp;Powering that success is Robinhood’s sleek mobile app—and its arsenal of gamification tools to entice and engage customers.&nbsp;But do the nudges and gamification tools cross the line into the realm of investment advice?</p><p><blockquote>其次，考虑一下Robinhood，它与Redditor推动的meme股票登月交易一起出现在人们的视野中。其宣称的“为所有人实现金融民主化”的使命可能会招致怀疑，但该公司可以强有力地声称吸引了大量首次投资的散户投资者，代表了更年轻、种族更多元化的客户群。推动这一成功的是Robinhood时尚的移动应用程序——以及吸引和吸引客户的游戏化工具。但是，轻推和游戏化工具是否跨越了投资建议领域？</blockquote></p><p> “Once individuals become customers, Robinhood relentlessly bombards them with a number of strategies designed to encourage and incentivize continuous and repeated engagement with this application,” the Massachusetts state securities regulator alleges in alawsuitagainst Robinhood.&nbsp;The complaint points to several such techniques, from celebrating customer trades with confetti (a practice Robinhood has since abandoned) to plying customers with lists of most-traded and most-popular securities on its platform.</p><p><blockquote>马萨诸塞州证券监管机构在alawsuitagainst Robinhood中声称：“一旦个人成为客户，Robinhood就会无情地用一系列旨在鼓励和激励持续和重复参与该应用程序的策略轰炸他们。”投诉指出了几种此类技术，从用五彩纸屑庆祝客户交易（Robinhood后来放弃了这种做法）到向客户提供其平台上交易量最大和最受欢迎的证券列表。</blockquote></p><p> Should practices like these be subject to the fiduciary standard of an investment adviser?&nbsp;Or to the new Best Interest standard for broker-dealers?&nbsp;Robinhood hascalledthe regulator elitist and says it isn’t making recommendations. Whatever the outcome of the lawsuit, these gamification techniques make Robinhood appear different in kind from the (boring?) practices of traditional broker-dealers that merely execute customers’ trades.&nbsp;The gamification of mobile trading apps may represent a hybrid between standard broker-dealer practices and full-fledged investment advice.</p><p><blockquote>像这样的做法应该遵守投资顾问的信托标准吗？还是新的经纪自营商最佳利益标准？罗宾汉称监管机构为精英主义者，并表示不会提出建议。无论诉讼结果如何，这些游戏化技术让Robinhood在本质上看起来不同于（无聊？）传统经纪自营商仅执行客户交易的做法。移动交易应用的游戏化可能代表了标准经纪自营商实践和成熟投资建议之间的混合。</blockquote></p><p> Third, consider SPACs, which have been around since 2003 but have exploded in popularity in the Covid era.&nbsp;In a hugely successful marketing campaign, SPACs have presented themselves as a kind of poor man’s private equity.&nbsp;If true, that would make SPACs a hybrid between private investment opportunities and public markets.</p><p><blockquote>第三，考虑一下SPAC，它们自2003年就已经存在，但在Covid时代大受欢迎。在一场非常成功的营销活动中，SPAC将自己描绘成一种穷人的私募股权。如果属实，这将使SPAC成为私人投资机会和公共市场的混合体。</blockquote></p><p> The deSPAC merger—the key event in the life of a SPAC—is also a hybrid.&nbsp;This is when the SPAC merges with a private operating company, allowing the target to become a public company without going through an IPO.&nbsp;Or is the merger itself really an IPO?</p><p><blockquote>deSPAC合并——特殊目的收购公司生命中的关键事件——也是一种混合。这是特殊目的收购公司与一家私人运营公司合并，允许目标公司在不通过IPO的情况下成为一家上市公司。还是合并本身真的是IPO？</blockquote></p><p></p><p> That’s precisely the question raised by John Coates, a Harvard Law professor who has become a top SEC official.&nbsp;In a provocativespeechon April 8, Coates argued that the deSPAC merger is an initial public offering, because it is the first time the private operating company is introduced to the public.&nbsp;One speech, however, does not make SEC policy. And Coates’ theory remains untested in court. Nonetheless, it suggests how the deSPAC merger can be considered a hybrid between traditional forms of IPO and merger transactions.</p><p><blockquote>这正是哈佛大学法学教授约翰·科茨提出的问题，他已经成为美国证券交易委员会的高级官员。在4月8日的一次挑衅性演讲中，科茨认为deSPAC的合并是首次公开募股，因为这是第一次向公众介绍这家私营运营公司。然而，一次演讲并不能制定SEC的政策。科茨的理论尚未在法庭上得到检验。尽管如此，它表明deSPAC合并可以被视为传统形式的IPO和合并交易的混合体。</blockquote></p><p> At a House Financial Services subcommitteehearingon May 24, Michael San Nicolas, Guam’s delegate, asked how a SPAC differed from a closed-end equity (mutual) fund.&nbsp;The question may have seemed arcane at the time, but in retrospect it appears to have foreshadowed a series of blockbuster lawsuits against SPACs.&nbsp;Former SEC Commissioner Robert J. Jackson, Jr. and Yale Law Professor John Morley have joined in alawsuitagainst Bill Ackman’s SPAC,Pershing Square Tontine Holdings Ltd.&nbsp;(ticker: PSTH), which raised $4 billion to become the single largest SPAC, and followed up with suits against two other SPACs,GO Acquisition Corp.and E.Merge Technology.&nbsp;The suits allege that the SPACs are really investment companies, like mutual funds and ETFs, because they invest in securities while searching for a merger partner.</p><p><blockquote>在5月24日的众议院金融服务小组委员会听证会上，关岛代表迈克尔·圣尼古拉斯（Michael San Nicolas）询问特殊目的收购公司与封闭式股票（共同）基金有何不同。这个问题在当时似乎很神秘，但回想起来，它似乎预示着一系列针对特殊目的收购公司的重磅诉讼。前SEC专员小罗伯特·J·杰克逊（Robert J.Jackson Jr.）和耶鲁大学法学教授约翰·莫利（John Morley）加入了对比尔·阿克曼（Bill Ackman）的特殊目的收购公司潘兴广场通廷控股有限公司（Pershing Square Tontine Holdings Ltd.）（股票代码：PSTH）的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司，随后又对另外两家特殊目的收购公司GO Acquisition Corp.）和E.Merge Technology）提起的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司。诉讼称，特殊目的收购公司实际上是投资公司，就像共同基金和ETF一样，因为它们在寻找合并伙伴的同时投资证券。</blockquote></p><p> “Under the [Investment Company Act of 1940], an Investment Company is an entity whose primary business is investing in securities,” the lawsuit against PSTH argues.&nbsp;“And investing in securities is basically the only thing that PSTH has ever done.”</p><p><blockquote>“根据[1940年投资公司法]，投资公司是主要业务是投资证券的实体，”针对PSTH的诉讼称，“而投资证券基本上是PSTH唯一做过的事情。”</blockquote></p><p> Ackmansaysthe suit against his SPAC is meritless, but warns, “Because the basic issues raised here apply to every SPAC, a successful claim would imply that every SPAC may also be an illegal investment company.”&nbsp;The suit suggests one more way that SPACs could be considered a hybrid—a cross between an investment company (like a mutual fund) and a publicly traded company.</p><p><blockquote>阿克曼表示，针对他的SPAC的诉讼毫无根据，但警告说，“因为这里提出的基本问题适用于每个SPAC，成功的索赔将意味着每个SPAC也可能是非法投资公司。”该诉讼提出了SPAC可以被视为混合体的另一种方式——投资公司（如共同基金）和上市公司之间的混合体。</blockquote></p><p> One wonders how we will look back on these market developments a decade from now.&nbsp;Will SPACs, cryptoassets, and mobile trading apps be seen as hybrids that emerged in the antechamber we are living in now?</p><p><blockquote>人们不禁要问，十年后我们将如何回顾这些市场发展。SPAC、加密资产和移动交易应用会被视为出现在我们现在生活的前厅中的混合体吗？</blockquote></p><p></p>","source":"lsy1610680873436","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>The Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-03 16:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and regulatory outreach, at the CFA Institute. He joined the institute after more than nine years at the U.S. Securities and Exchange Commission.</i></p><p><blockquote><i>作者简介：Stephen Deane，特许金融分析师，CFA协会立法和监管外联高级总监。他在美国证券交易委员会工作了九年多后加入了该研究所。</i></blockquote></p><p> Ever since Covid disrupted our lives, two themes have emerged.&nbsp;First, a feeling that we are living in an antechamber to a new and still-undefined era. And second, a pattern of hybrids, from homes converted into hybrid spaces of living/working/schooling, to expectations of a new office hybrid that will mix virtual and in-person meetings.</p><p><blockquote>自从Covid扰乱了我们的生活，出现了两个主题。首先，一种我们生活在一个新的、仍未定义的时代的前厅的感觉。第二，混合模式，从家庭转变为生活/工作/上学的混合空间，到对混合虚拟和面对面会议的新办公室混合的期望。</blockquote></p><p> But what about the world of finance and securities markets?&nbsp;There, too, we can find patterns of transition and hybrids.&nbsp;Consider three phenomena that began before Covid but have exploded in growth since then:&nbsp;digital assets, Robinhood, and SPACs.</p><p><blockquote>但是金融和证券市场的世界呢？在那里，我们也可以找到过渡和混合的模式。考虑三种现象，它们始于Covid之前，但自那以后增长迅速：数字资产、Robinhood和SPACs。</blockquote></p><p> Start with the rise of cryptocurrencies, digital tokens and other such assets, which remain very much in a transitory stage (like the “Wild West,” SEC Chairman Gary Genslerrecently observed).&nbsp;Even as the crypto asset class has grown to an estimated $1.6 trillion, basic questions remain unanswered.&nbsp;Are digital tokens securities or commodities?&nbsp;Are decentralized finance platforms really securities exchanges?&nbsp;Are data miners and other digital service providers really broker-dealers?&nbsp;Should the SEC permit Bitcoin ETFs?&nbsp;And who should regulate these products, services and entities—the SEC, the CFTC, or banking regulators?</p><p><blockquote>从加密货币、数字代币和其他此类资产的兴起开始，它们在很大程度上仍处于过渡阶段（就像美国证券交易委员会主席加里·詹斯勒最近观察到的“狂野西部”）。即使加密资产类别已经增长到估计的1.6万亿美元，基本问题仍然没有答案。数字代币是证券还是商品？去中心化金融平台真的是证券交易所吗？数据挖掘者和其他数字服务提供商真的是经纪自营商吗？SEC应该允许比特币ETF吗？谁应该监管这些产品、服务和实体——SEC、CFTC还是银行监管机构？</blockquote></p><p> Genslerhas calledon Congress to give the SEC “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.” Specifically, he wants “additional plenary authority to write rules for and attach guardrails to crypto trading and lending.”&nbsp;And the U.S. House has passed a bill (H.R. 1602, the Eliminate Barriers to Innovation Act of 2021), which would require the SEC and CFTC to establish a working group on digital assets.</p><p><blockquote>Gensler呼吁国会赋予SEC“额外的权力，以防止交易、产品和平台陷入监管漏洞”。具体来说，他希望“获得额外的全权来为加密货币交易和借贷制定规则并为其设置护栏。”美国众议院已经通过了一项法案（H.R.1602，2021年消除创新障碍法案），要求SEC和CFTC成立一个数字资产工作组。</blockquote></p><p> Some of what passes as crypto innovations pretty clearly seems to be old-fashioned investment products dressed up in digital garb.&nbsp;That would include any stablecoins that function like money market funds and those tokens that fall within the definition of a security. Nonetheless, there is no denying that crypto mixes digital technology with traditional forms of finance in a hybrid of innovation.</p><p><blockquote>一些被称为加密创新的东西显然是披着数字外衣的老式投资产品。这将包括任何功能类似货币市场基金的稳定币，以及那些属于证券定义的代币。尽管如此，不可否认的是，加密货币将数字技术与传统金融形式混合在一起，形成了创新的混合体。</blockquote></p><p> Second, consider Robinhood, which has exploded into view along with Redditor-fueled moonshot trades in meme stocks.&nbsp;Its proclaimedmission“to democratize finance for all” may invite skepticism, but the company can make a strong claim to having attracted a surge of first-time retail investors, representing a younger and more ethnically diverse customer base.&nbsp;Powering that success is Robinhood’s sleek mobile app—and its arsenal of gamification tools to entice and engage customers.&nbsp;But do the nudges and gamification tools cross the line into the realm of investment advice?</p><p><blockquote>其次，考虑一下Robinhood，它与Redditor推动的meme股票登月交易一起出现在人们的视野中。其宣称的“为所有人实现金融民主化”的使命可能会招致怀疑，但该公司可以强有力地声称吸引了大量首次投资的散户投资者，代表了更年轻、种族更多元化的客户群。推动这一成功的是Robinhood时尚的移动应用程序——以及吸引和吸引客户的游戏化工具。但是，轻推和游戏化工具是否跨越了投资建议领域？</blockquote></p><p> “Once individuals become customers, Robinhood relentlessly bombards them with a number of strategies designed to encourage and incentivize continuous and repeated engagement with this application,” the Massachusetts state securities regulator alleges in alawsuitagainst Robinhood.&nbsp;The complaint points to several such techniques, from celebrating customer trades with confetti (a practice Robinhood has since abandoned) to plying customers with lists of most-traded and most-popular securities on its platform.</p><p><blockquote>马萨诸塞州证券监管机构在alawsuitagainst Robinhood中声称：“一旦个人成为客户，Robinhood就会无情地用一系列旨在鼓励和激励持续和重复参与该应用程序的策略轰炸他们。”投诉指出了几种此类技术，从用五彩纸屑庆祝客户交易（Robinhood后来放弃了这种做法）到向客户提供其平台上交易量最大和最受欢迎的证券列表。</blockquote></p><p> Should practices like these be subject to the fiduciary standard of an investment adviser?&nbsp;Or to the new Best Interest standard for broker-dealers?&nbsp;Robinhood hascalledthe regulator elitist and says it isn’t making recommendations. Whatever the outcome of the lawsuit, these gamification techniques make Robinhood appear different in kind from the (boring?) practices of traditional broker-dealers that merely execute customers’ trades.&nbsp;The gamification of mobile trading apps may represent a hybrid between standard broker-dealer practices and full-fledged investment advice.</p><p><blockquote>像这样的做法应该遵守投资顾问的信托标准吗？还是新的经纪自营商最佳利益标准？罗宾汉称监管机构为精英主义者，并表示不会提出建议。无论诉讼结果如何，这些游戏化技术让Robinhood在本质上看起来不同于（无聊？）传统经纪自营商仅执行客户交易的做法。移动交易应用的游戏化可能代表了标准经纪自营商实践和成熟投资建议之间的混合。</blockquote></p><p> Third, consider SPACs, which have been around since 2003 but have exploded in popularity in the Covid era.&nbsp;In a hugely successful marketing campaign, SPACs have presented themselves as a kind of poor man’s private equity.&nbsp;If true, that would make SPACs a hybrid between private investment opportunities and public markets.</p><p><blockquote>第三，考虑一下SPAC，它们自2003年就已经存在，但在Covid时代大受欢迎。在一场非常成功的营销活动中，SPAC将自己描绘成一种穷人的私募股权。如果属实，这将使SPAC成为私人投资机会和公共市场的混合体。</blockquote></p><p> The deSPAC merger—the key event in the life of a SPAC—is also a hybrid.&nbsp;This is when the SPAC merges with a private operating company, allowing the target to become a public company without going through an IPO.&nbsp;Or is the merger itself really an IPO?</p><p><blockquote>deSPAC合并——特殊目的收购公司生命中的关键事件——也是一种混合。这是特殊目的收购公司与一家私人运营公司合并，允许目标公司在不通过IPO的情况下成为一家上市公司。还是合并本身真的是IPO？</blockquote></p><p></p><p> That’s precisely the question raised by John Coates, a Harvard Law professor who has become a top SEC official.&nbsp;In a provocativespeechon April 8, Coates argued that the deSPAC merger is an initial public offering, because it is the first time the private operating company is introduced to the public.&nbsp;One speech, however, does not make SEC policy. And Coates’ theory remains untested in court. Nonetheless, it suggests how the deSPAC merger can be considered a hybrid between traditional forms of IPO and merger transactions.</p><p><blockquote>这正是哈佛大学法学教授约翰·科茨提出的问题，他已经成为美国证券交易委员会的高级官员。在4月8日的一次挑衅性演讲中，科茨认为deSPAC的合并是首次公开募股，因为这是第一次向公众介绍这家私营运营公司。然而，一次演讲并不能制定SEC的政策。科茨的理论尚未在法庭上得到检验。尽管如此，它表明deSPAC合并可以被视为传统形式的IPO和合并交易的混合体。</blockquote></p><p> At a House Financial Services subcommitteehearingon May 24, Michael San Nicolas, Guam’s delegate, asked how a SPAC differed from a closed-end equity (mutual) fund.&nbsp;The question may have seemed arcane at the time, but in retrospect it appears to have foreshadowed a series of blockbuster lawsuits against SPACs.&nbsp;Former SEC Commissioner Robert J. Jackson, Jr. and Yale Law Professor John Morley have joined in alawsuitagainst Bill Ackman’s SPAC,Pershing Square Tontine Holdings Ltd.&nbsp;(ticker: PSTH), which raised $4 billion to become the single largest SPAC, and followed up with suits against two other SPACs,GO Acquisition Corp.and E.Merge Technology.&nbsp;The suits allege that the SPACs are really investment companies, like mutual funds and ETFs, because they invest in securities while searching for a merger partner.</p><p><blockquote>在5月24日的众议院金融服务小组委员会听证会上，关岛代表迈克尔·圣尼古拉斯（Michael San Nicolas）询问特殊目的收购公司与封闭式股票（共同）基金有何不同。这个问题在当时似乎很神秘，但回想起来，它似乎预示着一系列针对特殊目的收购公司的重磅诉讼。前SEC专员小罗伯特·J·杰克逊（Robert J.Jackson Jr.）和耶鲁大学法学教授约翰·莫利（John Morley）加入了对比尔·阿克曼（Bill Ackman）的特殊目的收购公司潘兴广场通廷控股有限公司（Pershing Square Tontine Holdings Ltd.）（股票代码：PSTH）的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司，随后又对另外两家特殊目的收购公司GO Acquisition Corp.）和E.Merge Technology）提起的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司。诉讼称，特殊目的收购公司实际上是投资公司，就像共同基金和ETF一样，因为它们在寻找合并伙伴的同时投资证券。</blockquote></p><p> “Under the [Investment Company Act of 1940], an Investment Company is an entity whose primary business is investing in securities,” the lawsuit against PSTH argues.&nbsp;“And investing in securities is basically the only thing that PSTH has ever done.”</p><p><blockquote>“根据[1940年投资公司法]，投资公司是主要业务是投资证券的实体，”针对PSTH的诉讼称，“而投资证券基本上是PSTH唯一做过的事情。”</blockquote></p><p> Ackmansaysthe suit against his SPAC is meritless, but warns, “Because the basic issues raised here apply to every SPAC, a successful claim would imply that every SPAC may also be an illegal investment company.”&nbsp;The suit suggests one more way that SPACs could be considered a hybrid—a cross between an investment company (like a mutual fund) and a publicly traded company.</p><p><blockquote>阿克曼表示，针对他的SPAC的诉讼毫无根据，但警告说，“因为这里提出的基本问题适用于每个SPAC，成功的索赔将意味着每个SPAC也可能是非法投资公司。”该诉讼提出了SPAC可以被视为混合体的另一种方式——投资公司（如共同基金）和上市公司之间的混合体。</blockquote></p><p> One wonders how we will look back on these market developments a decade from now.&nbsp;Will SPACs, cryptoassets, and mobile trading apps be seen as hybrids that emerged in the antechamber we are living in now?</p><p><blockquote>人们不禁要问，十年后我们将如何回顾这些市场发展。SPAC、加密资产和移动交易应用会被视为出现在我们现在生活的前厅中的混合体吗？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-three-big-transitions-reshaping-finance-51630526645?mod=hp_COMMENTARY_1\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/the-three-big-transitions-reshaping-finance-51630526645?mod=hp_COMMENTARY_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198049168","content_text":"About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and regulatory outreach, at the CFA Institute. He joined the institute after more than nine years at the U.S. Securities and Exchange Commission.\nEver since Covid disrupted our lives, two themes have emerged. First, a feeling that we are living in an antechamber to a new and still-undefined era. And second, a pattern of hybrids, from homes converted into hybrid spaces of living/working/schooling, to expectations of a new office hybrid that will mix virtual and in-person meetings.\nBut what about the world of finance and securities markets? There, too, we can find patterns of transition and hybrids. Consider three phenomena that began before Covid but have exploded in growth since then: digital assets, Robinhood, and SPACs.\nStart with the rise of cryptocurrencies, digital tokens and other such assets, which remain very much in a transitory stage (like the “Wild West,” SEC Chairman Gary Genslerrecently observed). Even as the crypto asset class has grown to an estimated $1.6 trillion, basic questions remain unanswered. Are digital tokens securities or commodities? Are decentralized finance platforms really securities exchanges? Are data miners and other digital service providers really broker-dealers? Should the SEC permit Bitcoin ETFs? And who should regulate these products, services and entities—the SEC, the CFTC, or banking regulators?\nGenslerhas calledon Congress to give the SEC “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.” Specifically, he wants “additional plenary authority to write rules for and attach guardrails to crypto trading and lending.” And the U.S. House has passed a bill (H.R. 1602, the Eliminate Barriers to Innovation Act of 2021), which would require the SEC and CFTC to establish a working group on digital assets.\nSome of what passes as crypto innovations pretty clearly seems to be old-fashioned investment products dressed up in digital garb. That would include any stablecoins that function like money market funds and those tokens that fall within the definition of a security. Nonetheless, there is no denying that crypto mixes digital technology with traditional forms of finance in a hybrid of innovation.\nSecond, consider Robinhood, which has exploded into view along with Redditor-fueled moonshot trades in meme stocks. Its proclaimedmission“to democratize finance for all” may invite skepticism, but the company can make a strong claim to having attracted a surge of first-time retail investors, representing a younger and more ethnically diverse customer base. Powering that success is Robinhood’s sleek mobile app—and its arsenal of gamification tools to entice and engage customers. But do the nudges and gamification tools cross the line into the realm of investment advice?\n“Once individuals become customers, Robinhood relentlessly bombards them with a number of strategies designed to encourage and incentivize continuous and repeated engagement with this application,” the Massachusetts state securities regulator alleges in alawsuitagainst Robinhood. The complaint points to several such techniques, from celebrating customer trades with confetti (a practice Robinhood has since abandoned) to plying customers with lists of most-traded and most-popular securities on its platform.\nShould practices like these be subject to the fiduciary standard of an investment adviser? Or to the new Best Interest standard for broker-dealers? Robinhood hascalledthe regulator elitist and says it isn’t making recommendations. Whatever the outcome of the lawsuit, these gamification techniques make Robinhood appear different in kind from the (boring?) practices of traditional broker-dealers that merely execute customers’ trades. The gamification of mobile trading apps may represent a hybrid between standard broker-dealer practices and full-fledged investment advice.\nThird, consider SPACs, which have been around since 2003 but have exploded in popularity in the Covid era. In a hugely successful marketing campaign, SPACs have presented themselves as a kind of poor man’s private equity. If true, that would make SPACs a hybrid between private investment opportunities and public markets.\nThe deSPAC merger—the key event in the life of a SPAC—is also a hybrid. This is when the SPAC merges with a private operating company, allowing the target to become a public company without going through an IPO. Or is the merger itself really an IPO?\nThat’s precisely the question raised by John Coates, a Harvard Law professor who has become a top SEC official. In a provocativespeechon April 8, Coates argued that the deSPAC merger is an initial public offering, because it is the first time the private operating company is introduced to the public. One speech, however, does not make SEC policy. And Coates’ theory remains untested in court. Nonetheless, it suggests how the deSPAC merger can be considered a hybrid between traditional forms of IPO and merger transactions.\nAt a House Financial Services subcommitteehearingon May 24, Michael San Nicolas, Guam’s delegate, asked how a SPAC differed from a closed-end equity (mutual) fund. The question may have seemed arcane at the time, but in retrospect it appears to have foreshadowed a series of blockbuster lawsuits against SPACs. Former SEC Commissioner Robert J. Jackson, Jr. and Yale Law Professor John Morley have joined in alawsuitagainst Bill Ackman’s SPAC,Pershing Square Tontine Holdings Ltd. (ticker: PSTH), which raised $4 billion to become the single largest SPAC, and followed up with suits against two other SPACs,GO Acquisition Corp.and E.Merge Technology. The suits allege that the SPACs are really investment companies, like mutual funds and ETFs, because they invest in securities while searching for a merger partner.\n“Under the [Investment Company Act of 1940], an Investment Company is an entity whose primary business is investing in securities,” the lawsuit against PSTH argues. “And investing in securities is basically the only thing that PSTH has ever done.”\nAckmansaysthe suit against his SPAC is meritless, but warns, “Because the basic issues raised here apply to every SPAC, a successful claim would imply that every SPAC may also be an illegal investment company.” The suit suggests one more way that SPACs could be considered a hybrid—a cross between an investment company (like a mutual fund) and a publicly traded company.\nOne wonders how we will look back on these market developments a decade from now. Will SPACs, cryptoassets, and mobile trading apps be seen as hybrids that emerged in the antechamber we are living in now?","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2111,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":878700983,"gmtCreate":1637227406411,"gmtModify":1637227406556,"author":{"id":"4093934996011550","authorId":"4093934996011550","name":"lilykoh","avatar":"https://static.tigerbbs.com/5e693f1d8cedc3c169cb20a422580f48","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093934996011550","authorIdStr":"4093934996011550"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":11,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/878700983","repostId":"1168434077","repostType":4,"repost":{"id":"1168434077","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1637227046,"share":"https://www.laohu8.com/m/news/1168434077?lang=zh_CN&edition=full","pubTime":"2021-11-18 17:17","market":"us","language":"en","title":"Novavax shares jumped 5% in premarket trading<blockquote>Novavax股价在盘前交易中上涨5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1168434077","media":"Tiger Newspress","summary":"Novavax shares jumped 5% in premarket trading as EU decision on Novavax COVID-19 shot could come 'wi","content":"<p>Novavax shares jumped 5% in premarket trading&nbsp;as&nbsp;EU decision on Novavax COVID-19 shot could come 'within weeks'.</p><p><blockquote>由于欧盟可能在“几周内”就Novavax COVID-19疫苗做出决定，Novavax股价在盘前交易中上涨5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6082341ff6cf8c02e6284028a5ba5cd6\" tg-width=\"848\" tg-height=\"620\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The European Union’s drug regulator said on Wednesday it could decide on Novavax’s COVID-19 vaccine approval “within weeks” if the data it has received from the drugmaker was sufficient to prove the shot’s effectiveness.</p><p><blockquote>欧盟药品监管机构周三表示，如果从制药商那里收到的数据足以证明疫苗的有效性，它可能会在“几周内”决定批准Novavax的COVID-19疫苗。</blockquote></p><p> The protein-based vaccine, branded Nuvaxovid, has been under a rolling review since February, the European Medicines Agency (EMA) said. Such reviews allow for a speedy approval.</p><p><blockquote>欧洲药品管理局(EMA)表示，这种名为Nuvaxovid的蛋白质疫苗自2月份以来一直在接受滚动审查。这种审查允许快速批准。</blockquote></p><p> If approved by the EMA, the shot would be the region’s fifth coronavirus vaccine, joining those from Pfizer-BioNTech, Moderna, AstraZeneca and Johnson &amp; Johnson.</p><p><blockquote>如果获得EMA批准，该疫苗将成为该地区的第五种冠状病毒疫苗，加入辉瑞-BioNTech、Moderna、阿斯利康和强生公司的行列。</blockquote></p><p> The major approval could come much ahead of authorisation in the United States, where Novavax had to resolve manufacturing issues and expects to file for approval by the end of the year.</p><p><blockquote>重大批准可能会远远早于美国的授权，Novavax必须在美国解决制造问题，并预计在今年年底前申请批准。</blockquote></p><p> The EMA said two of its advisory panels were looking into various plans submitted by Novavax on risk management, and development and studies of the vaccine for use in children.</p><p><blockquote>EMA表示，其两个顾问小组正在研究Novavax提交的关于风险管理以及儿童疫苗开发和研究的各种计划。</blockquote></p><p> Novavax’s shot received its first emergency use approval earlier this month in Indonesia. The company has also sought backing from the World Health Organization. The Philippines on Wednesday authorised emergency use of a version made by India’s Serum Institute.</p><p><blockquote>Novavax的疫苗本月早些时候在印度尼西亚获得了首次紧急使用批准。该公司还寻求世界卫生组织的支持。菲律宾周三授权紧急使用印度血清研究所制造的版本。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Novavax shares jumped 5% in premarket trading<blockquote>Novavax股价在盘前交易中上涨5%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNovavax shares jumped 5% in premarket trading<blockquote>Novavax股价在盘前交易中上涨5%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-18 17:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Novavax shares jumped 5% in premarket trading&nbsp;as&nbsp;EU decision on Novavax COVID-19 shot could come 'within weeks'.</p><p><blockquote>由于欧盟可能在“几周内”就Novavax COVID-19疫苗做出决定，Novavax股价在盘前交易中上涨5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6082341ff6cf8c02e6284028a5ba5cd6\" tg-width=\"848\" tg-height=\"620\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> The European Union’s drug regulator said on Wednesday it could decide on Novavax’s COVID-19 vaccine approval “within weeks” if the data it has received from the drugmaker was sufficient to prove the shot’s effectiveness.</p><p><blockquote>欧盟药品监管机构周三表示，如果从制药商那里收到的数据足以证明疫苗的有效性，它可能会在“几周内”决定批准Novavax的COVID-19疫苗。</blockquote></p><p> The protein-based vaccine, branded Nuvaxovid, has been under a rolling review since February, the European Medicines Agency (EMA) said. Such reviews allow for a speedy approval.</p><p><blockquote>欧洲药品管理局(EMA)表示，这种名为Nuvaxovid的蛋白质疫苗自2月份以来一直在接受滚动审查。这种审查允许快速批准。</blockquote></p><p> If approved by the EMA, the shot would be the region’s fifth coronavirus vaccine, joining those from Pfizer-BioNTech, Moderna, AstraZeneca and Johnson &amp; Johnson.</p><p><blockquote>如果获得EMA批准，该疫苗将成为该地区的第五种冠状病毒疫苗，加入辉瑞-BioNTech、Moderna、阿斯利康和强生公司的行列。</blockquote></p><p> The major approval could come much ahead of authorisation in the United States, where Novavax had to resolve manufacturing issues and expects to file for approval by the end of the year.</p><p><blockquote>重大批准可能会远远早于美国的授权，Novavax必须在美国解决制造问题，并预计在今年年底前申请批准。</blockquote></p><p> The EMA said two of its advisory panels were looking into various plans submitted by Novavax on risk management, and development and studies of the vaccine for use in children.</p><p><blockquote>EMA表示，其两个顾问小组正在研究Novavax提交的关于风险管理以及儿童疫苗开发和研究的各种计划。</blockquote></p><p> Novavax’s shot received its first emergency use approval earlier this month in Indonesia. The company has also sought backing from the World Health Organization. The Philippines on Wednesday authorised emergency use of a version made by India’s Serum Institute.</p><p><blockquote>Novavax的疫苗本月早些时候在印度尼西亚获得了首次紧急使用批准。该公司还寻求世界卫生组织的支持。菲律宾周三授权紧急使用印度血清研究所制造的版本。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NVAX":"诺瓦瓦克斯医药"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1168434077","content_text":"Novavax shares jumped 5% in premarket trading as EU decision on Novavax COVID-19 shot could come 'within weeks'.\n\nThe European Union’s drug regulator said on Wednesday it could decide on Novavax’s COVID-19 vaccine approval “within weeks” if the data it has received from the drugmaker was sufficient to prove the shot’s effectiveness.\nThe protein-based vaccine, branded Nuvaxovid, has been under a rolling review since February, the European Medicines Agency (EMA) said. Such reviews allow for a speedy approval.\nIf approved by the EMA, the shot would be the region’s fifth coronavirus vaccine, joining those from Pfizer-BioNTech, Moderna, AstraZeneca and Johnson & Johnson.\nThe major approval could come much ahead of authorisation in the United States, where Novavax had to resolve manufacturing issues and expects to file for approval by the end of the year.\nThe EMA said two of its advisory panels were looking into various plans submitted by Novavax on risk management, and development and studies of the vaccine for use in children.\nNovavax’s shot received its first emergency use approval earlier this month in Indonesia. The company has also sought backing from the World Health Organization. The Philippines on Wednesday authorised emergency use of a version made by India’s Serum Institute.","news_type":1,"symbols_score_info":{"NVAX":0.9}},"isVote":1,"tweetType":1,"viewCount":1822,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":842648145,"gmtCreate":1636174550607,"gmtModify":1636174550785,"author":{"id":"4093934996011550","authorId":"4093934996011550","name":"lilykoh","avatar":"https://static.tigerbbs.com/5e693f1d8cedc3c169cb20a422580f48","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093934996011550","authorIdStr":"4093934996011550"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/842648145","repostId":"1173813098","repostType":4,"isVote":1,"tweetType":1,"viewCount":2296,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":888374299,"gmtCreate":1631448521411,"gmtModify":1632810379820,"author":{"id":"4093934996011550","authorId":"4093934996011550","name":"lilykoh","avatar":"https://static.tigerbbs.com/5e693f1d8cedc3c169cb20a422580f48","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093934996011550","authorIdStr":"4093934996011550"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/888374299","repostId":"2166377772","repostType":4,"isVote":1,"tweetType":1,"viewCount":1306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880982109,"gmtCreate":1631009665301,"gmtModify":1632904628921,"author":{"id":"4093934996011550","authorId":"4093934996011550","name":"lilykoh","avatar":"https://static.tigerbbs.com/5e693f1d8cedc3c169cb20a422580f48","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093934996011550","authorIdStr":"4093934996011550"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/880982109","repostId":"1190153270","repostType":4,"repost":{"id":"1190153270","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1631002085,"share":"https://www.laohu8.com/m/news/1190153270?lang=zh_CN&edition=full","pubTime":"2021-09-07 16:08","market":"us","language":"en","title":"Sea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1190153270","media":"Tiger Newspress","summary":"(Sept 7) Sea reached record high in pre-market trading Tuesday.\nSea Ltd's Shopee is preparing to lau","content":"<p>(Sept 7)&nbsp;Sea reached record high in pre-market trading&nbsp;Tuesday.</p><p><blockquote>（9月7日）Sea在周二盘前交易中创下历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4e4b0288d320c178ce3ce27e45bdb98\" tg-width=\"1057\" tg-height=\"527\" referrerpolicy=\"no-referrer\">Sea Ltd's Shopee is preparing to launch in Poland and is currently recruiting sellers, two company sources with knowledge of the matter told Reuters.</p><p><blockquote>两位知情的公司消息人士告诉路透社，Sea Ltd的Shopee正准备在波兰推出，目前正在招募卖家。</blockquote></p><p> The move will be the first expansion into European e-commerce for the $190 billion Singapore-headquartered technology group, whose gaming arm Garena is already active in the region.</p><p><blockquote>此举将是这家总部位于新加坡、价值1900亿美元的科技集团首次向欧洲电子商务扩张，其游戏部门Garena已经活跃在该地区。</blockquote></p><p> Shopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.</p><p><blockquote>据路透社上周报道，Shopee自今年早些时候以来在拉丁美洲积极扩张后，同时准备在印度推出。</blockquote></p><p> One of the sources told Reuters that Shopee is cautiously scaling up its global expansion by testing out possible new markets.</p><p><blockquote>其中一位消息人士告诉路透社，Shopee正在通过测试可能的新市场，谨慎地扩大其全球扩张。</blockquote></p><p> The two sources, who requested anonymity because they were not authorised to speak to media, said Shopee will also launch in Argentina in the coming months.</p><p><blockquote>这两位因无权接受媒体采访而要求匿名的消息人士表示，Shopee也将在未来几个月内在阿根廷推出。</blockquote></p><p> The firm is already the dominant player in e-commerce in Southeast Asia, according to market researchers, bringing in $1.2 billion globally in revenue for the quarter ending June 30.</p><p><blockquote>据市场研究人员称，该公司已经是东南亚电子商务领域的主导者，截至6月30日的季度在全球范围内带来了12亿美元的收入。</blockquote></p><p> Polish news website Wiadomoscihandlowe.pl first reported the Shopee expansion into Poland. Sea did not immediately answer a Reuters request for comment.</p><p><blockquote>波兰新闻网站Wiadomoscihandlowe.pl首先报道了Shopee向波兰的扩张。Sea没有立即回应路透社的置评请求。</blockquote></p><p> Market research firm Euromonitor estimates the Polish e-commerce market to be worth 16 billion euros ($19 billion), with significant room for growth compared to Western countries.</p><p><blockquote>市场研究公司Euromonitor估计，波兰电子商务市场价值160亿欧元（190亿美元），与西方国家相比，增长空间巨大。</blockquote></p><p> Amazon launched its local website this year, while the biggest home e-commerce firm Allegro is ramping up installation of its own parcel lockers.</p><p><blockquote>亚马逊今年推出了本地网站，而最大的家庭电子商务公司Allegro正在加紧安装自己的包裹柜。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSea reached record high in pre-market trading<blockquote>Sea在盘前交易中创下历史新高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-07 16:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 7)&nbsp;Sea reached record high in pre-market trading&nbsp;Tuesday.</p><p><blockquote>（9月7日）Sea在周二盘前交易中创下历史新高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4e4b0288d320c178ce3ce27e45bdb98\" tg-width=\"1057\" tg-height=\"527\" referrerpolicy=\"no-referrer\">Sea Ltd's Shopee is preparing to launch in Poland and is currently recruiting sellers, two company sources with knowledge of the matter told Reuters.</p><p><blockquote>两位知情的公司消息人士告诉路透社，Sea Ltd的Shopee正准备在波兰推出，目前正在招募卖家。</blockquote></p><p> The move will be the first expansion into European e-commerce for the $190 billion Singapore-headquartered technology group, whose gaming arm Garena is already active in the region.</p><p><blockquote>此举将是这家总部位于新加坡、价值1900亿美元的科技集团首次向欧洲电子商务扩张，其游戏部门Garena已经活跃在该地区。</blockquote></p><p> Shopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.</p><p><blockquote>据路透社上周报道，Shopee自今年早些时候以来在拉丁美洲积极扩张后，同时准备在印度推出。</blockquote></p><p> One of the sources told Reuters that Shopee is cautiously scaling up its global expansion by testing out possible new markets.</p><p><blockquote>其中一位消息人士告诉路透社，Shopee正在通过测试可能的新市场，谨慎地扩大其全球扩张。</blockquote></p><p> The two sources, who requested anonymity because they were not authorised to speak to media, said Shopee will also launch in Argentina in the coming months.</p><p><blockquote>这两位因无权接受媒体采访而要求匿名的消息人士表示，Shopee也将在未来几个月内在阿根廷推出。</blockquote></p><p> The firm is already the dominant player in e-commerce in Southeast Asia, according to market researchers, bringing in $1.2 billion globally in revenue for the quarter ending June 30.</p><p><blockquote>据市场研究人员称，该公司已经是东南亚电子商务领域的主导者，截至6月30日的季度在全球范围内带来了12亿美元的收入。</blockquote></p><p> Polish news website Wiadomoscihandlowe.pl first reported the Shopee expansion into Poland. Sea did not immediately answer a Reuters request for comment.</p><p><blockquote>波兰新闻网站Wiadomoscihandlowe.pl首先报道了Shopee向波兰的扩张。Sea没有立即回应路透社的置评请求。</blockquote></p><p> Market research firm Euromonitor estimates the Polish e-commerce market to be worth 16 billion euros ($19 billion), with significant room for growth compared to Western countries.</p><p><blockquote>市场研究公司Euromonitor估计，波兰电子商务市场价值160亿欧元（190亿美元），与西方国家相比，增长空间巨大。</blockquote></p><p> Amazon launched its local website this year, while the biggest home e-commerce firm Allegro is ramping up installation of its own parcel lockers.</p><p><blockquote>亚马逊今年推出了本地网站，而最大的家庭电子商务公司Allegro正在加紧安装自己的包裹柜。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SE":"Sea Ltd"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190153270","content_text":"(Sept 7) Sea reached record high in pre-market trading Tuesday.\nSea Ltd's Shopee is preparing to launch in Poland and is currently recruiting sellers, two company sources with knowledge of the matter told Reuters.\nThe move will be the first expansion into European e-commerce for the $190 billion Singapore-headquartered technology group, whose gaming arm Garena is already active in the region.\nShopee is simultaneously preparing to launch in India, Reuters reported last week, after aggressively expanding in Latin America since earlier this year.\nOne of the sources told Reuters that Shopee is cautiously scaling up its global expansion by testing out possible new markets.\nThe two sources, who requested anonymity because they were not authorised to speak to media, said Shopee will also launch in Argentina in the coming months.\nThe firm is already the dominant player in e-commerce in Southeast Asia, according to market researchers, bringing in $1.2 billion globally in revenue for the quarter ending June 30.\nPolish news website Wiadomoscihandlowe.pl first reported the Shopee expansion into Poland. Sea did not immediately answer a Reuters request for comment.\nMarket research firm Euromonitor estimates the Polish e-commerce market to be worth 16 billion euros ($19 billion), with significant room for growth compared to Western countries.\nAmazon launched its local website this year, while the biggest home e-commerce firm Allegro is ramping up installation of its own parcel lockers.","news_type":1,"symbols_score_info":{"SE":0.9}},"isVote":1,"tweetType":1,"viewCount":1093,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":814273479,"gmtCreate":1630833998291,"gmtModify":1632905638051,"author":{"id":"4093934996011550","authorId":"4093934996011550","name":"lilykoh","avatar":"https://static.tigerbbs.com/5e693f1d8cedc3c169cb20a422580f48","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093934996011550","authorIdStr":"4093934996011550"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/814273479","repostId":"1198049168","repostType":4,"repost":{"id":"1198049168","kind":"news","pubTimestamp":1630657800,"share":"https://www.laohu8.com/m/news/1198049168?lang=zh_CN&edition=full","pubTime":"2021-09-03 16:30","market":"us","language":"en","title":"The Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198049168","media":"Barron's","summary":"About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and ","content":"<p><i>About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and regulatory outreach, at the CFA Institute. He joined the institute after more than nine years at the U.S. Securities and Exchange Commission.</i></p><p><blockquote><i>作者简介：Stephen Deane，特许金融分析师，CFA协会立法和监管外联高级总监。他在美国证券交易委员会工作了九年多后加入了该研究所。</i></blockquote></p><p> Ever since Covid disrupted our lives, two themes have emerged.&nbsp;First, a feeling that we are living in an antechamber to a new and still-undefined era. And second, a pattern of hybrids, from homes converted into hybrid spaces of living/working/schooling, to expectations of a new office hybrid that will mix virtual and in-person meetings.</p><p><blockquote>自从Covid扰乱了我们的生活，出现了两个主题。首先，一种我们生活在一个新的、仍未定义的时代的前厅的感觉。第二，混合模式，从家庭转变为生活/工作/上学的混合空间，到对混合虚拟和面对面会议的新办公室混合的期望。</blockquote></p><p> But what about the world of finance and securities markets?&nbsp;There, too, we can find patterns of transition and hybrids.&nbsp;Consider three phenomena that began before Covid but have exploded in growth since then:&nbsp;digital assets, Robinhood, and SPACs.</p><p><blockquote>但是金融和证券市场的世界呢？在那里，我们也可以找到过渡和混合的模式。考虑三种现象，它们始于Covid之前，但自那以后增长迅速：数字资产、Robinhood和SPACs。</blockquote></p><p> Start with the rise of cryptocurrencies, digital tokens and other such assets, which remain very much in a transitory stage (like the “Wild West,” SEC Chairman Gary Genslerrecently observed).&nbsp;Even as the crypto asset class has grown to an estimated $1.6 trillion, basic questions remain unanswered.&nbsp;Are digital tokens securities or commodities?&nbsp;Are decentralized finance platforms really securities exchanges?&nbsp;Are data miners and other digital service providers really broker-dealers?&nbsp;Should the SEC permit Bitcoin ETFs?&nbsp;And who should regulate these products, services and entities—the SEC, the CFTC, or banking regulators?</p><p><blockquote>从加密货币、数字代币和其他此类资产的兴起开始，它们在很大程度上仍处于过渡阶段（就像美国证券交易委员会主席加里·詹斯勒最近观察到的“狂野西部”）。即使加密资产类别已经增长到估计的1.6万亿美元，基本问题仍然没有答案。数字代币是证券还是商品？去中心化金融平台真的是证券交易所吗？数据挖掘者和其他数字服务提供商真的是经纪自营商吗？SEC应该允许比特币ETF吗？谁应该监管这些产品、服务和实体——SEC、CFTC还是银行监管机构？</blockquote></p><p> Genslerhas calledon Congress to give the SEC “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.” Specifically, he wants “additional plenary authority to write rules for and attach guardrails to crypto trading and lending.”&nbsp;And the U.S. House has passed a bill (H.R. 1602, the Eliminate Barriers to Innovation Act of 2021), which would require the SEC and CFTC to establish a working group on digital assets.</p><p><blockquote>Gensler呼吁国会赋予SEC“额外的权力，以防止交易、产品和平台陷入监管漏洞”。具体来说，他希望“获得额外的全权来为加密货币交易和借贷制定规则并为其设置护栏。”美国众议院已经通过了一项法案（H.R.1602，2021年消除创新障碍法案），要求SEC和CFTC成立一个数字资产工作组。</blockquote></p><p> Some of what passes as crypto innovations pretty clearly seems to be old-fashioned investment products dressed up in digital garb.&nbsp;That would include any stablecoins that function like money market funds and those tokens that fall within the definition of a security. Nonetheless, there is no denying that crypto mixes digital technology with traditional forms of finance in a hybrid of innovation.</p><p><blockquote>一些被称为加密创新的东西显然是披着数字外衣的老式投资产品。这将包括任何功能类似货币市场基金的稳定币，以及那些属于证券定义的代币。尽管如此，不可否认的是，加密货币将数字技术与传统金融形式混合在一起，形成了创新的混合体。</blockquote></p><p> Second, consider Robinhood, which has exploded into view along with Redditor-fueled moonshot trades in meme stocks.&nbsp;Its proclaimedmission“to democratize finance for all” may invite skepticism, but the company can make a strong claim to having attracted a surge of first-time retail investors, representing a younger and more ethnically diverse customer base.&nbsp;Powering that success is Robinhood’s sleek mobile app—and its arsenal of gamification tools to entice and engage customers.&nbsp;But do the nudges and gamification tools cross the line into the realm of investment advice?</p><p><blockquote>其次，考虑一下Robinhood，它与Redditor推动的meme股票登月交易一起出现在人们的视野中。其宣称的“为所有人实现金融民主化”的使命可能会招致怀疑，但该公司可以强有力地声称吸引了大量首次投资的散户投资者，代表了更年轻、种族更多元化的客户群。推动这一成功的是Robinhood时尚的移动应用程序——以及吸引和吸引客户的游戏化工具。但是，轻推和游戏化工具是否跨越了投资建议领域？</blockquote></p><p> “Once individuals become customers, Robinhood relentlessly bombards them with a number of strategies designed to encourage and incentivize continuous and repeated engagement with this application,” the Massachusetts state securities regulator alleges in alawsuitagainst Robinhood.&nbsp;The complaint points to several such techniques, from celebrating customer trades with confetti (a practice Robinhood has since abandoned) to plying customers with lists of most-traded and most-popular securities on its platform.</p><p><blockquote>马萨诸塞州证券监管机构在alawsuitagainst Robinhood中声称：“一旦个人成为客户，Robinhood就会无情地用一系列旨在鼓励和激励持续和重复参与该应用程序的策略轰炸他们。”投诉指出了几种此类技术，从用五彩纸屑庆祝客户交易（Robinhood后来放弃了这种做法）到向客户提供其平台上交易量最大和最受欢迎的证券列表。</blockquote></p><p> Should practices like these be subject to the fiduciary standard of an investment adviser?&nbsp;Or to the new Best Interest standard for broker-dealers?&nbsp;Robinhood hascalledthe regulator elitist and says it isn’t making recommendations. Whatever the outcome of the lawsuit, these gamification techniques make Robinhood appear different in kind from the (boring?) practices of traditional broker-dealers that merely execute customers’ trades.&nbsp;The gamification of mobile trading apps may represent a hybrid between standard broker-dealer practices and full-fledged investment advice.</p><p><blockquote>像这样的做法应该遵守投资顾问的信托标准吗？还是新的经纪自营商最佳利益标准？罗宾汉称监管机构为精英主义者，并表示不会提出建议。无论诉讼结果如何，这些游戏化技术让Robinhood在本质上看起来不同于（无聊？）传统经纪自营商仅执行客户交易的做法。移动交易应用的游戏化可能代表了标准经纪自营商实践和成熟投资建议之间的混合。</blockquote></p><p> Third, consider SPACs, which have been around since 2003 but have exploded in popularity in the Covid era.&nbsp;In a hugely successful marketing campaign, SPACs have presented themselves as a kind of poor man’s private equity.&nbsp;If true, that would make SPACs a hybrid between private investment opportunities and public markets.</p><p><blockquote>第三，考虑一下SPAC，它们自2003年就已经存在，但在Covid时代大受欢迎。在一场非常成功的营销活动中，SPAC将自己描绘成一种穷人的私募股权。如果属实，这将使SPAC成为私人投资机会和公共市场的混合体。</blockquote></p><p> The deSPAC merger—the key event in the life of a SPAC—is also a hybrid.&nbsp;This is when the SPAC merges with a private operating company, allowing the target to become a public company without going through an IPO.&nbsp;Or is the merger itself really an IPO?</p><p><blockquote>deSPAC合并——特殊目的收购公司生命中的关键事件——也是一种混合。这是特殊目的收购公司与一家私人运营公司合并，允许目标公司在不通过IPO的情况下成为一家上市公司。还是合并本身真的是IPO？</blockquote></p><p></p><p> That’s precisely the question raised by John Coates, a Harvard Law professor who has become a top SEC official.&nbsp;In a provocativespeechon April 8, Coates argued that the deSPAC merger is an initial public offering, because it is the first time the private operating company is introduced to the public.&nbsp;One speech, however, does not make SEC policy. And Coates’ theory remains untested in court. Nonetheless, it suggests how the deSPAC merger can be considered a hybrid between traditional forms of IPO and merger transactions.</p><p><blockquote>这正是哈佛大学法学教授约翰·科茨提出的问题，他已经成为美国证券交易委员会的高级官员。在4月8日的一次挑衅性演讲中，科茨认为deSPAC的合并是首次公开募股，因为这是第一次向公众介绍这家私营运营公司。然而，一次演讲并不能制定SEC的政策。科茨的理论尚未在法庭上得到检验。尽管如此，它表明deSPAC合并可以被视为传统形式的IPO和合并交易的混合体。</blockquote></p><p> At a House Financial Services subcommitteehearingon May 24, Michael San Nicolas, Guam’s delegate, asked how a SPAC differed from a closed-end equity (mutual) fund.&nbsp;The question may have seemed arcane at the time, but in retrospect it appears to have foreshadowed a series of blockbuster lawsuits against SPACs.&nbsp;Former SEC Commissioner Robert J. Jackson, Jr. and Yale Law Professor John Morley have joined in alawsuitagainst Bill Ackman’s SPAC,Pershing Square Tontine Holdings Ltd.&nbsp;(ticker: PSTH), which raised $4 billion to become the single largest SPAC, and followed up with suits against two other SPACs,GO Acquisition Corp.and E.Merge Technology.&nbsp;The suits allege that the SPACs are really investment companies, like mutual funds and ETFs, because they invest in securities while searching for a merger partner.</p><p><blockquote>在5月24日的众议院金融服务小组委员会听证会上，关岛代表迈克尔·圣尼古拉斯（Michael San Nicolas）询问特殊目的收购公司与封闭式股票（共同）基金有何不同。这个问题在当时似乎很神秘，但回想起来，它似乎预示着一系列针对特殊目的收购公司的重磅诉讼。前SEC专员小罗伯特·J·杰克逊（Robert J.Jackson Jr.）和耶鲁大学法学教授约翰·莫利（John Morley）加入了对比尔·阿克曼（Bill Ackman）的特殊目的收购公司潘兴广场通廷控股有限公司（Pershing Square Tontine Holdings Ltd.）（股票代码：PSTH）的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司，随后又对另外两家特殊目的收购公司GO Acquisition Corp.）和E.Merge Technology）提起的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司。诉讼称，特殊目的收购公司实际上是投资公司，就像共同基金和ETF一样，因为它们在寻找合并伙伴的同时投资证券。</blockquote></p><p> “Under the [Investment Company Act of 1940], an Investment Company is an entity whose primary business is investing in securities,” the lawsuit against PSTH argues.&nbsp;“And investing in securities is basically the only thing that PSTH has ever done.”</p><p><blockquote>“根据[1940年投资公司法]，投资公司是主要业务是投资证券的实体，”针对PSTH的诉讼称，“而投资证券基本上是PSTH唯一做过的事情。”</blockquote></p><p> Ackmansaysthe suit against his SPAC is meritless, but warns, “Because the basic issues raised here apply to every SPAC, a successful claim would imply that every SPAC may also be an illegal investment company.”&nbsp;The suit suggests one more way that SPACs could be considered a hybrid—a cross between an investment company (like a mutual fund) and a publicly traded company.</p><p><blockquote>阿克曼表示，针对他的SPAC的诉讼毫无根据，但警告说，“因为这里提出的基本问题适用于每个SPAC，成功的索赔将意味着每个SPAC也可能是非法投资公司。”该诉讼提出了SPAC可以被视为混合体的另一种方式——投资公司（如共同基金）和上市公司之间的混合体。</blockquote></p><p> One wonders how we will look back on these market developments a decade from now.&nbsp;Will SPACs, cryptoassets, and mobile trading apps be seen as hybrids that emerged in the antechamber we are living in now?</p><p><blockquote>人们不禁要问，十年后我们将如何回顾这些市场发展。SPAC、加密资产和移动交易应用会被视为出现在我们现在生活的前厅中的混合体吗？</blockquote></p><p></p>","source":"lsy1610680873436","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>The Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Three Big Transitions Reshaping Finance<blockquote>重塑金融的三大转型</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-09-03 16:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i>About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and regulatory outreach, at the CFA Institute. He joined the institute after more than nine years at the U.S. Securities and Exchange Commission.</i></p><p><blockquote><i>作者简介：Stephen Deane，特许金融分析师，CFA协会立法和监管外联高级总监。他在美国证券交易委员会工作了九年多后加入了该研究所。</i></blockquote></p><p> Ever since Covid disrupted our lives, two themes have emerged.&nbsp;First, a feeling that we are living in an antechamber to a new and still-undefined era. And second, a pattern of hybrids, from homes converted into hybrid spaces of living/working/schooling, to expectations of a new office hybrid that will mix virtual and in-person meetings.</p><p><blockquote>自从Covid扰乱了我们的生活，出现了两个主题。首先，一种我们生活在一个新的、仍未定义的时代的前厅的感觉。第二，混合模式，从家庭转变为生活/工作/上学的混合空间，到对混合虚拟和面对面会议的新办公室混合的期望。</blockquote></p><p> But what about the world of finance and securities markets?&nbsp;There, too, we can find patterns of transition and hybrids.&nbsp;Consider three phenomena that began before Covid but have exploded in growth since then:&nbsp;digital assets, Robinhood, and SPACs.</p><p><blockquote>但是金融和证券市场的世界呢？在那里，我们也可以找到过渡和混合的模式。考虑三种现象，它们始于Covid之前，但自那以后增长迅速：数字资产、Robinhood和SPACs。</blockquote></p><p> Start with the rise of cryptocurrencies, digital tokens and other such assets, which remain very much in a transitory stage (like the “Wild West,” SEC Chairman Gary Genslerrecently observed).&nbsp;Even as the crypto asset class has grown to an estimated $1.6 trillion, basic questions remain unanswered.&nbsp;Are digital tokens securities or commodities?&nbsp;Are decentralized finance platforms really securities exchanges?&nbsp;Are data miners and other digital service providers really broker-dealers?&nbsp;Should the SEC permit Bitcoin ETFs?&nbsp;And who should regulate these products, services and entities—the SEC, the CFTC, or banking regulators?</p><p><blockquote>从加密货币、数字代币和其他此类资产的兴起开始，它们在很大程度上仍处于过渡阶段（就像美国证券交易委员会主席加里·詹斯勒最近观察到的“狂野西部”）。即使加密资产类别已经增长到估计的1.6万亿美元，基本问题仍然没有答案。数字代币是证券还是商品？去中心化金融平台真的是证券交易所吗？数据挖掘者和其他数字服务提供商真的是经纪自营商吗？SEC应该允许比特币ETF吗？谁应该监管这些产品、服务和实体——SEC、CFTC还是银行监管机构？</blockquote></p><p> Genslerhas calledon Congress to give the SEC “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.” Specifically, he wants “additional plenary authority to write rules for and attach guardrails to crypto trading and lending.”&nbsp;And the U.S. House has passed a bill (H.R. 1602, the Eliminate Barriers to Innovation Act of 2021), which would require the SEC and CFTC to establish a working group on digital assets.</p><p><blockquote>Gensler呼吁国会赋予SEC“额外的权力，以防止交易、产品和平台陷入监管漏洞”。具体来说，他希望“获得额外的全权来为加密货币交易和借贷制定规则并为其设置护栏。”美国众议院已经通过了一项法案（H.R.1602，2021年消除创新障碍法案），要求SEC和CFTC成立一个数字资产工作组。</blockquote></p><p> Some of what passes as crypto innovations pretty clearly seems to be old-fashioned investment products dressed up in digital garb.&nbsp;That would include any stablecoins that function like money market funds and those tokens that fall within the definition of a security. Nonetheless, there is no denying that crypto mixes digital technology with traditional forms of finance in a hybrid of innovation.</p><p><blockquote>一些被称为加密创新的东西显然是披着数字外衣的老式投资产品。这将包括任何功能类似货币市场基金的稳定币，以及那些属于证券定义的代币。尽管如此，不可否认的是，加密货币将数字技术与传统金融形式混合在一起，形成了创新的混合体。</blockquote></p><p> Second, consider Robinhood, which has exploded into view along with Redditor-fueled moonshot trades in meme stocks.&nbsp;Its proclaimedmission“to democratize finance for all” may invite skepticism, but the company can make a strong claim to having attracted a surge of first-time retail investors, representing a younger and more ethnically diverse customer base.&nbsp;Powering that success is Robinhood’s sleek mobile app—and its arsenal of gamification tools to entice and engage customers.&nbsp;But do the nudges and gamification tools cross the line into the realm of investment advice?</p><p><blockquote>其次，考虑一下Robinhood，它与Redditor推动的meme股票登月交易一起出现在人们的视野中。其宣称的“为所有人实现金融民主化”的使命可能会招致怀疑，但该公司可以强有力地声称吸引了大量首次投资的散户投资者，代表了更年轻、种族更多元化的客户群。推动这一成功的是Robinhood时尚的移动应用程序——以及吸引和吸引客户的游戏化工具。但是，轻推和游戏化工具是否跨越了投资建议领域？</blockquote></p><p> “Once individuals become customers, Robinhood relentlessly bombards them with a number of strategies designed to encourage and incentivize continuous and repeated engagement with this application,” the Massachusetts state securities regulator alleges in alawsuitagainst Robinhood.&nbsp;The complaint points to several such techniques, from celebrating customer trades with confetti (a practice Robinhood has since abandoned) to plying customers with lists of most-traded and most-popular securities on its platform.</p><p><blockquote>马萨诸塞州证券监管机构在alawsuitagainst Robinhood中声称：“一旦个人成为客户，Robinhood就会无情地用一系列旨在鼓励和激励持续和重复参与该应用程序的策略轰炸他们。”投诉指出了几种此类技术，从用五彩纸屑庆祝客户交易（Robinhood后来放弃了这种做法）到向客户提供其平台上交易量最大和最受欢迎的证券列表。</blockquote></p><p> Should practices like these be subject to the fiduciary standard of an investment adviser?&nbsp;Or to the new Best Interest standard for broker-dealers?&nbsp;Robinhood hascalledthe regulator elitist and says it isn’t making recommendations. Whatever the outcome of the lawsuit, these gamification techniques make Robinhood appear different in kind from the (boring?) practices of traditional broker-dealers that merely execute customers’ trades.&nbsp;The gamification of mobile trading apps may represent a hybrid between standard broker-dealer practices and full-fledged investment advice.</p><p><blockquote>像这样的做法应该遵守投资顾问的信托标准吗？还是新的经纪自营商最佳利益标准？罗宾汉称监管机构为精英主义者，并表示不会提出建议。无论诉讼结果如何，这些游戏化技术让Robinhood在本质上看起来不同于（无聊？）传统经纪自营商仅执行客户交易的做法。移动交易应用的游戏化可能代表了标准经纪自营商实践和成熟投资建议之间的混合。</blockquote></p><p> Third, consider SPACs, which have been around since 2003 but have exploded in popularity in the Covid era.&nbsp;In a hugely successful marketing campaign, SPACs have presented themselves as a kind of poor man’s private equity.&nbsp;If true, that would make SPACs a hybrid between private investment opportunities and public markets.</p><p><blockquote>第三，考虑一下SPAC，它们自2003年就已经存在，但在Covid时代大受欢迎。在一场非常成功的营销活动中，SPAC将自己描绘成一种穷人的私募股权。如果属实，这将使SPAC成为私人投资机会和公共市场的混合体。</blockquote></p><p> The deSPAC merger—the key event in the life of a SPAC—is also a hybrid.&nbsp;This is when the SPAC merges with a private operating company, allowing the target to become a public company without going through an IPO.&nbsp;Or is the merger itself really an IPO?</p><p><blockquote>deSPAC合并——特殊目的收购公司生命中的关键事件——也是一种混合。这是特殊目的收购公司与一家私人运营公司合并，允许目标公司在不通过IPO的情况下成为一家上市公司。还是合并本身真的是IPO？</blockquote></p><p></p><p> That’s precisely the question raised by John Coates, a Harvard Law professor who has become a top SEC official.&nbsp;In a provocativespeechon April 8, Coates argued that the deSPAC merger is an initial public offering, because it is the first time the private operating company is introduced to the public.&nbsp;One speech, however, does not make SEC policy. And Coates’ theory remains untested in court. Nonetheless, it suggests how the deSPAC merger can be considered a hybrid between traditional forms of IPO and merger transactions.</p><p><blockquote>这正是哈佛大学法学教授约翰·科茨提出的问题，他已经成为美国证券交易委员会的高级官员。在4月8日的一次挑衅性演讲中，科茨认为deSPAC的合并是首次公开募股，因为这是第一次向公众介绍这家私营运营公司。然而，一次演讲并不能制定SEC的政策。科茨的理论尚未在法庭上得到检验。尽管如此，它表明deSPAC合并可以被视为传统形式的IPO和合并交易的混合体。</blockquote></p><p> At a House Financial Services subcommitteehearingon May 24, Michael San Nicolas, Guam’s delegate, asked how a SPAC differed from a closed-end equity (mutual) fund.&nbsp;The question may have seemed arcane at the time, but in retrospect it appears to have foreshadowed a series of blockbuster lawsuits against SPACs.&nbsp;Former SEC Commissioner Robert J. Jackson, Jr. and Yale Law Professor John Morley have joined in alawsuitagainst Bill Ackman’s SPAC,Pershing Square Tontine Holdings Ltd.&nbsp;(ticker: PSTH), which raised $4 billion to become the single largest SPAC, and followed up with suits against two other SPACs,GO Acquisition Corp.and E.Merge Technology.&nbsp;The suits allege that the SPACs are really investment companies, like mutual funds and ETFs, because they invest in securities while searching for a merger partner.</p><p><blockquote>在5月24日的众议院金融服务小组委员会听证会上，关岛代表迈克尔·圣尼古拉斯（Michael San Nicolas）询问特殊目的收购公司与封闭式股票（共同）基金有何不同。这个问题在当时似乎很神秘，但回想起来，它似乎预示着一系列针对特殊目的收购公司的重磅诉讼。前SEC专员小罗伯特·J·杰克逊（Robert J.Jackson Jr.）和耶鲁大学法学教授约翰·莫利（John Morley）加入了对比尔·阿克曼（Bill Ackman）的特殊目的收购公司潘兴广场通廷控股有限公司（Pershing Square Tontine Holdings Ltd.）（股票代码：PSTH）的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司，随后又对另外两家特殊目的收购公司GO Acquisition Corp.）和E.Merge Technology）提起的诉讼，该公司筹集了40亿美元，成为最大的单一特殊目的收购公司。诉讼称，特殊目的收购公司实际上是投资公司，就像共同基金和ETF一样，因为它们在寻找合并伙伴的同时投资证券。</blockquote></p><p> “Under the [Investment Company Act of 1940], an Investment Company is an entity whose primary business is investing in securities,” the lawsuit against PSTH argues.&nbsp;“And investing in securities is basically the only thing that PSTH has ever done.”</p><p><blockquote>“根据[1940年投资公司法]，投资公司是主要业务是投资证券的实体，”针对PSTH的诉讼称，“而投资证券基本上是PSTH唯一做过的事情。”</blockquote></p><p> Ackmansaysthe suit against his SPAC is meritless, but warns, “Because the basic issues raised here apply to every SPAC, a successful claim would imply that every SPAC may also be an illegal investment company.”&nbsp;The suit suggests one more way that SPACs could be considered a hybrid—a cross between an investment company (like a mutual fund) and a publicly traded company.</p><p><blockquote>阿克曼表示，针对他的SPAC的诉讼毫无根据，但警告说，“因为这里提出的基本问题适用于每个SPAC，成功的索赔将意味着每个SPAC也可能是非法投资公司。”该诉讼提出了SPAC可以被视为混合体的另一种方式——投资公司（如共同基金）和上市公司之间的混合体。</blockquote></p><p> One wonders how we will look back on these market developments a decade from now.&nbsp;Will SPACs, cryptoassets, and mobile trading apps be seen as hybrids that emerged in the antechamber we are living in now?</p><p><blockquote>人们不禁要问，十年后我们将如何回顾这些市场发展。SPAC、加密资产和移动交易应用会被视为出现在我们现在生活的前厅中的混合体吗？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-three-big-transitions-reshaping-finance-51630526645?mod=hp_COMMENTARY_1\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/the-three-big-transitions-reshaping-finance-51630526645?mod=hp_COMMENTARY_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198049168","content_text":"About the author: Stephen Deane, a chartered financial analyst, is senior director, legislative and regulatory outreach, at the CFA Institute. He joined the institute after more than nine years at the U.S. Securities and Exchange Commission.\nEver since Covid disrupted our lives, two themes have emerged. First, a feeling that we are living in an antechamber to a new and still-undefined era. And second, a pattern of hybrids, from homes converted into hybrid spaces of living/working/schooling, to expectations of a new office hybrid that will mix virtual and in-person meetings.\nBut what about the world of finance and securities markets? There, too, we can find patterns of transition and hybrids. Consider three phenomena that began before Covid but have exploded in growth since then: digital assets, Robinhood, and SPACs.\nStart with the rise of cryptocurrencies, digital tokens and other such assets, which remain very much in a transitory stage (like the “Wild West,” SEC Chairman Gary Genslerrecently observed). Even as the crypto asset class has grown to an estimated $1.6 trillion, basic questions remain unanswered. Are digital tokens securities or commodities? Are decentralized finance platforms really securities exchanges? Are data miners and other digital service providers really broker-dealers? Should the SEC permit Bitcoin ETFs? And who should regulate these products, services and entities—the SEC, the CFTC, or banking regulators?\nGenslerhas calledon Congress to give the SEC “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks.” Specifically, he wants “additional plenary authority to write rules for and attach guardrails to crypto trading and lending.” And the U.S. House has passed a bill (H.R. 1602, the Eliminate Barriers to Innovation Act of 2021), which would require the SEC and CFTC to establish a working group on digital assets.\nSome of what passes as crypto innovations pretty clearly seems to be old-fashioned investment products dressed up in digital garb. That would include any stablecoins that function like money market funds and those tokens that fall within the definition of a security. Nonetheless, there is no denying that crypto mixes digital technology with traditional forms of finance in a hybrid of innovation.\nSecond, consider Robinhood, which has exploded into view along with Redditor-fueled moonshot trades in meme stocks. Its proclaimedmission“to democratize finance for all” may invite skepticism, but the company can make a strong claim to having attracted a surge of first-time retail investors, representing a younger and more ethnically diverse customer base. Powering that success is Robinhood’s sleek mobile app—and its arsenal of gamification tools to entice and engage customers. But do the nudges and gamification tools cross the line into the realm of investment advice?\n“Once individuals become customers, Robinhood relentlessly bombards them with a number of strategies designed to encourage and incentivize continuous and repeated engagement with this application,” the Massachusetts state securities regulator alleges in alawsuitagainst Robinhood. The complaint points to several such techniques, from celebrating customer trades with confetti (a practice Robinhood has since abandoned) to plying customers with lists of most-traded and most-popular securities on its platform.\nShould practices like these be subject to the fiduciary standard of an investment adviser? Or to the new Best Interest standard for broker-dealers? Robinhood hascalledthe regulator elitist and says it isn’t making recommendations. Whatever the outcome of the lawsuit, these gamification techniques make Robinhood appear different in kind from the (boring?) practices of traditional broker-dealers that merely execute customers’ trades. The gamification of mobile trading apps may represent a hybrid between standard broker-dealer practices and full-fledged investment advice.\nThird, consider SPACs, which have been around since 2003 but have exploded in popularity in the Covid era. In a hugely successful marketing campaign, SPACs have presented themselves as a kind of poor man’s private equity. If true, that would make SPACs a hybrid between private investment opportunities and public markets.\nThe deSPAC merger—the key event in the life of a SPAC—is also a hybrid. This is when the SPAC merges with a private operating company, allowing the target to become a public company without going through an IPO. Or is the merger itself really an IPO?\nThat’s precisely the question raised by John Coates, a Harvard Law professor who has become a top SEC official. In a provocativespeechon April 8, Coates argued that the deSPAC merger is an initial public offering, because it is the first time the private operating company is introduced to the public. One speech, however, does not make SEC policy. And Coates’ theory remains untested in court. Nonetheless, it suggests how the deSPAC merger can be considered a hybrid between traditional forms of IPO and merger transactions.\nAt a House Financial Services subcommitteehearingon May 24, Michael San Nicolas, Guam’s delegate, asked how a SPAC differed from a closed-end equity (mutual) fund. The question may have seemed arcane at the time, but in retrospect it appears to have foreshadowed a series of blockbuster lawsuits against SPACs. Former SEC Commissioner Robert J. Jackson, Jr. and Yale Law Professor John Morley have joined in alawsuitagainst Bill Ackman’s SPAC,Pershing Square Tontine Holdings Ltd. (ticker: PSTH), which raised $4 billion to become the single largest SPAC, and followed up with suits against two other SPACs,GO Acquisition Corp.and E.Merge Technology. The suits allege that the SPACs are really investment companies, like mutual funds and ETFs, because they invest in securities while searching for a merger partner.\n“Under the [Investment Company Act of 1940], an Investment Company is an entity whose primary business is investing in securities,” the lawsuit against PSTH argues. “And investing in securities is basically the only thing that PSTH has ever done.”\nAckmansaysthe suit against his SPAC is meritless, but warns, “Because the basic issues raised here apply to every SPAC, a successful claim would imply that every SPAC may also be an illegal investment company.” The suit suggests one more way that SPACs could be considered a hybrid—a cross between an investment company (like a mutual fund) and a publicly traded company.\nOne wonders how we will look back on these market developments a decade from now. Will SPACs, cryptoassets, and mobile trading apps be seen as hybrids that emerged in the antechamber we are living in now?","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":2111,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":878709085,"gmtCreate":1637227496667,"gmtModify":1637227496753,"author":{"id":"4093934996011550","authorId":"4093934996011550","name":"lilykoh","avatar":"https://static.tigerbbs.com/5e693f1d8cedc3c169cb20a422580f48","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093934996011550","authorIdStr":"4093934996011550"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/878709085","repostId":"1128233316","repostType":4,"repost":{"id":"1128233316","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1637226121,"share":"https://www.laohu8.com/m/news/1128233316?lang=zh_CN&edition=full","pubTime":"2021-11-18 17:02","market":"us","language":"en","title":"JD.com rose over 1% in premarket trading with its net revenues reaching RMB218.7 billion<blockquote>京东盘前涨超1%净收入达2187亿元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128233316","media":"Tiger Newspress","summary":"JD.com rose over 1% in premarket trading after showing its financial report.Its stocks in Hong Kong ","content":"<p>JD.com rose over&nbsp;1% in&nbsp;premarket&nbsp;trading&nbsp;after showing its financial report.Its stocks in Hong Kong dipped 3.58% today.<img src=\"https://static.tigerbbs.com/681c2a47b000ca0a97b0c5bf213c9d2b\" tg-width=\"772\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p><blockquote>京东公布财报后，盘前交易涨超1%。其港股今日下跌3.58%。</blockquote></p><p> The&nbsp;company&nbsp;today announced its unaudited financial results for the three months ended September 30, 2021.</p><p><blockquote>该公司今天公布了截至2021年9月30日的三个月未经审计的财务业绩。</blockquote></p><p> <b>Third Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第三季度亮点</b></blockquote></p><p> <ul>  <li><b>Net revenues</b>&nbsp;for the third quarter of 2021 were RMB218.7 billion (US$133.9 billion), an increase of 25.5% from the third quarter of 2020. Net service revenues for the third quarter of 2021 were RMB32.7 billion (US$5.1 billion), an increase of 43.3% from the third quarter of 2020.</li>  <li><b>Income from operations</b>&nbsp;for the third quarter of 2021 was RMB2.6 billion (US$0.4 billion), compared to RMB4.4 billion for the same period last year.<b>Non-GAAP</b>&nbsp;<b>income from operations</b>for the third quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated items for the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020.</li>  <li><b>Net loss attributable to ordinary shareholders</b>&nbsp;for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion), compared to a net income of RMB7.6 billion for the same period last year.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;for the third quarter of 2021 was RMB5.0 billion (US$0.8 billion), compared to RMB5.6 billion for the same period last year.</li>  <li><b>Diluted net loss per ADS</b>&nbsp;for the third quarter of 2021 was RMB1.81 (US$0.28), compared to an income per ADS of RMB4.70 for the third quarter of 2020.<b>Non-GAAP diluted net income per ADS</b>for the third quarter of 2021 was RMB3.16 (US$0.49), compared to RMB3.42 for the same period last year.</li>  <li><b>Operating cash flow</b>&nbsp;for the twelve months ended September 30, 2021 increased to RMB41.0 billion (US$6.4 billion) from RMB37.3 billion for the twelve months ended September 30, 2020. Free cash flow, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the twelve months ended September 30, 2021 was RMB28.5 billion (US$4.4 billion), compared to RMB30.2 billion for the twelve months ended September 30, 2020.</li>  <li><b>Annual active customer accounts</b>&nbsp;increased by 25.0% to 552.2 million in the twelve months ended September 30, 2021 from 441.6 million in the twelve months ended September 30, 2020.</li> </ul> <b><i>Business Highlights</i></b></p><p><blockquote><ul><li><b>净收入</b>2021年第三季度为人民币2187亿元（1339亿美元），较2020年第三季度增长25.5%。2021年第三季度净服务收入为人民币327亿元（51亿美元），较2020年第三季度增长43.3%。</li><li><b>营业收入</b>2021年第三季度为人民币26亿元（4亿美元），而去年同期为人民币44亿元。<b>非公认会计准则</b> <b>营业收入</b>2021年第三季度为人民币46亿元（7亿美元），而2020年第三季度为人民币53亿元。京东零售2021年第三季度未分配项目前的营业利润率为4.0%，而2020年第三季度为4.2%。</li><li><b>归属于普通股股东的净亏损</b>2021年第三季度净利润为人民币28亿元（4亿美元），而去年同期净利润为人民币76亿元。<b>非公认会计准则归属于普通股股东的净利润</b>2021年第三季度为人民币50亿元（8亿美元），而去年同期为人民币56亿元。</li><li><b>每股美国存托凭证摊薄净亏损</b>2021年第三季度每股美国存托凭证收入为人民币1.81元（0.28美元），而2020年第三季度每股美国存托凭证收入为人民币4.70元。<b>非公认会计准则每股美国存托凭证摊薄净利润</b>2021年第三季度为人民币3.16元（0.49美元），而去年同期为人民币3.42元。</li><li><b>经营现金流量</b>截至2021年9月30日止十二个月的收入从截至2020年9月30日止十二个月的人民币373亿元增加至人民币410亿元（64亿美元）。截至2021年9月30日止十二个月的自由现金流（不包括计入经营现金流的京东白条应收款项的影响）为人民币285亿元（44亿美元），而截至2021年9月30日止十二个月为人民币302亿元2020年。</li><li><b>年度活跃客户账户</b>从截至2020年9月30日止十二个月的4.416亿增加25.0%至截至2021年9月30日止十二个月的5.522亿。</li></ul><b><i>业务亮点</i></b></blockquote></p><p> <b><u>Environment, Social and Governance</u></b></p><p><blockquote><b><u>环境、社会及管治</u></b></blockquote></p><p> <ul>  <li>In August, Jingxi, a platform for everyday shopping under JD.com, donated over 100,000 prevention supply kits, including facemasks and hand sanitizers to local residents in Nanjing in response to the COVID-19 outbreak. Nanjing residents can apply to receive kits free of charge through Jingxi’s multiple online platforms.</li>  <li>During the 4th Chinese Farmers’ Harvest Festival in September, JD.com announced that in 2021, the company’s supportive measures for agriculture in rural areas have promoted the development of local brands from scratch, such as Suqian King Crabs in Jiangsu Province, and increased the transaction volume of local agricultural products by more than 200%. In continuing its commitment to rural rejuvenation, JD.com has constructed logistics infrastructure in production regions, and built an agricultural product marketing ecosystem which integrates JD’s sales channels.</li> </ul> <b><u>JD Retail</u></b></p><p><blockquote><ul><li>8月，京东旗下日常购物平台京喜向南京当地居民捐赠了超过100,000套防疫用品，包括口罩和洗手液，以应对COVID-19疫情。南京居民可通过京喜多个线上平台申请免费领取试剂盒。</li><li>9月第四届中国农民丰收节期间，京东宣布，2021年，公司在农村的支农举措，推动了江苏省宿迁帝王蟹等本土品牌从无到有的发展，使当地农产品交易额增长超过200%。京东继续致力于乡村振兴，在产区建设物流基础设施，构建整合京东销售渠道的农产品营销生态圈。</li></ul><b><u>京东零售</u></b></blockquote></p><p></p><p> <ul>  <li>In September, JD.com opened its first “JD MALL” offline store in Xi’an offering consumers an immersive omni-channel shopping experience. In addition to traditional electronic categories offered by JD Super Experience Store, JD MALL provides over 200,000 items from more than 150 brands, in categories including home, furniture, kids, smart healthcare products and auto accessories. Through its partnership with furniture maker Shangpin Home Collection, JD MALL meets the demand among younger consumers for bespoke one-stop-shop home design services that incorporate furniture and home appliances categories.</li>  <li>In the third quarter, over 20 domestic and international household and home decor brands launched official stores on JD.com, including Camerich, Lost &amp; Found, QEEBOO, and Lattoflex, bringing a variety of high-quality and stylish home goods to address consumers’ increasingly diverse lifestyle preferences.</li>  <li>Sephora, a high-end beauty retailer owned by LVMH, recently joined JD.com’s omni-channel service network. Products ordered through the Sephora store on JD.com can be delivered to consumers’ doorsteps within one hour from nearby Sephora offline stores. Chinese beauty brand Perfect Diary also joined JD.com’s omni-channel service network to offer delivery from its 120 offline stores in 84 cities.</li>  <li>During the quarter, JD.com and Dada Group formed a strategic partnership with ASUS, a global technology leader, launching more than 150 ASUS stores on JD Daojia (JDDJ) and “Shop Now”, JD.com’s new on-demand consumer retail section. The three parties will further accelerate the digital transformation of physical stores in the second half of 2021 to improve the offline shopping experience for computer and digital products, including the extension of “one-hour delivery” service to all ASUS offline stores in China.</li> </ul> <b><u>JD Health</u></b></p><p><blockquote><ul><li>9月，京东在西安开设首家“京东商城”线下门店，为消费者提供沉浸式全渠道购物体验。除了京东超级体验店提供的传统电子品类外，京东商城还提供来自150多个品牌的超过200,000件商品，类别包括家居、家具、儿童、智能医疗产品和汽车配件。通过与家具制造商尚品家居系列的合作，京东商城满足了年轻消费者对融合家具和家电品类的定制一站式家居设计服务的需求。</li><li>第三季度，Camerich、Lost&amp;Found、QEEBOO、Lattoflex等20多个国内外家居和家居装饰品牌在京东上推出官方商店，带来各种高品质、时尚的家居用品，满足消费者日益多样化的生活方式偏好。</li><li>LVMH旗下的高端美妆零售商丝芙兰（Sephora）最近加入了京东的全渠道服务网络。通过京东丝芙兰专卖店订购的产品，附近的丝芙兰线下专卖店可在1小时内送货上门。中国美妆品牌完美日记也加入了京东的全渠道服务网络，在84个城市的120家线下门店提供送货服务。</li><li>本季度，京东和达达集团与全球科技领导者华硕结成战略合作伙伴关系，在京东到家（JDDJ）和京东新的按需消费零售板块“Shop Now”上推出了150多家华硕商店。三方将在2021年下半年进一步加快实体店数字化转型，提升电脑数码产品线下购物体验，包括将“一小时达”服务延伸至华硕中国区所有线下门店。</li></ul><b><u>京东健康</u></b></blockquote></p><p> <ul>  <li>In July, JD Health and Allianz JD, JD.com’s joint venture with Allianz, one of the world’s leading insurers and asset managers, jointly launched a comprehensive online clinical insurance service offering a one-stop platform for healthcare, medicine purchasing and insurance services. By connecting users directly with doctors, pharmacies and insurance companies, JD Health improves the experience of insured users through its full cycle service that provide online health consultations, prescriptions, direct claims and reimbursements as well as medicine purchasing and door-to-door delivery.</li>  <li>In September, over 200 institutional exhibitors and participants attended JD Health’s third Online Pharmaceutical Expo under the theme “Intelligent Digital Empowerment and Ecosystem Interconnection”. JD Health helped to facilitate transactions between up and downstream players among the participating companies to create a “Intelligent Digital Pharmaceutical Circulation Supply Chain Ecosystem” to support digital transformation and optimize user experience in the health care industry.</li> </ul> <b><u>JD Logistics</u></b></p><p><blockquote><ul><li>7月，京东健康和京东与全球领先的保险公司和资产管理公司之一安联的合资企业安联京东联合推出了全面的在线临床保险服务，提供医疗保健、购药和保险服务的一站式平台。通过将用户与医生、药店和保险公司直接连接起来，京东健康通过提供在线健康咨询、处方、直接理赔和报销以及购药和送货上门的全周期服务，改善了参保用户的体验。</li><li>9月，京东健康第三届线上药博会以“智数赋能生态互联”为主题，吸引了超过200家机构参展商和与会者。京东健康帮助参与公司之间的上下游参与者之间的交易，创建“智能数字化医药流通供应链生态系统”，以支持医疗保健行业的数字化转型和优化用户体验。</li></ul><b><u>京东物流</u></b></blockquote></p><p> <ul>  <li>In September, JD Logistics launched an air cargo route between East China and London marking JD Logistics’s first regular cargo charter flight between China and Europe. Further expanding JD Logistics’s international transportation network, the route will deliver products from China’s major manufacturing regions with same day port-to-port delivery and product arrival within one week.</li>  <li>In the third quarter, JD Logistics established a strategic partnership with Volvo Cars to build integrated supply chain services for the mid and high-end auto aftermarket. The two parties will cooperate in areas such as supply chain warehouse networks planning, inventory management and store delivery.</li>  <li>As of September 30, 2021, JD Logistics operated approximately 1,300 warehouses, which covered an aggregate gross floor area of over 23 million square meters, including space in cloud warehouses managed under the JD Logistics Open Warehouse Platform.</li> </ul> <b>Third Quarter 2021 Financial Results</b></p><p><blockquote><ul><li>9月，京东物流开通华东至伦敦航空货运航线，标志着京东物流首次开通中欧定期货运包机。该航线进一步扩大了京东物流的国际运输网络，将从中国主要制造地区运送产品，实现当天港口到港口交付，产品在一周内到达。</li><li>三季度，京东物流与沃尔沃汽车建立战略合作伙伴关系，打造面向中高端汽车后市场的一体化供应链服务。双方将在供应链仓库网络规划、库存管理和门店交付等领域展开合作。</li><li>截至2021年9月30日，京东物流运营约1300个仓库，总建筑面积超过2300万平方米，其中包括京东物流开放仓库平台管理的云仓库空间。</li></ul><b>2021年第三季度财务业绩</b></blockquote></p><p> <b><i>Net Revenues.</i></b>&nbsp;For the third quarter of 2021, JD.com reported net revenues of RMB218.7 billion (US$33.9 billion), representing a 25.5% increase from the same period of 2020. Net product revenues increased by 22.9%, while net service revenues increased by 43.3% for the third quarter of 2021, as compared to the same period of 2020.</p><p><blockquote><b><i>净收入。</i></b>2021年第三季度，京东报告净收入为人民币2187亿元（339亿美元），较2020年同期增长25.5%。与2020年同期相比，2021年第三季度产品净收入增长22.9%，服务净收入增长43.3%。</blockquote></p><p> <b><i>Cost of Revenues</i></b><b>.</b>Cost of revenues increased by 27.3% to RMB187.6 billion (US$29.1 billion) for the third quarter of 2021 from RMB147.4 billion for the third quarter of 2020.</p><p><blockquote><b><i>收入成本</i></b><b>.</b>收入成本从2020年第三季度的人民币1,474亿元增长27.3%至2021年第三季度的人民币1,876亿元（291亿美元）。</blockquote></p><p></p><p> <b><i>Fulfillment Expenses</i></b><b>.</b>Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 23.2% to RMB14.3 billion (US$2.2 billion) for the third quarter of 2021 from RMB11.6 billion for the third quarter of 2020. Fulfillment expenses as a percentage of net revenues was 6.5% for the third quarter of 2021, compared to 6.7% for the same period last year.</p><p><blockquote><b><i>履行费用</i></b><b>.</b>履约费用主要包括采购、仓储、交付、客户服务和支付处理费用，从2020年第三季度的人民币116亿元增长23.2%至2021年第三季度的人民币143亿元（22亿美元）。2021年第三季度履行费用占净收入的百分比为6.5%，而去年同期为6.7%。</blockquote></p><p> <b><i>Marketing Expenses</i></b><b>.</b>Marketing expenses increased by 42.3% to RMB7.8 billion (US$1.2 billion) for the third quarter of 2021 from RMB5.5 billion for the third quarter of 2020.</p><p><blockquote><b><i>营销费用</i></b><b>.</b>营销费用从2020年第三季度的人民币55亿元增长42.3%至2021年第三季度的人民币78亿元（12亿美元）。</blockquote></p><p> <b><i>Research and Development Expenses</i></b><b>.</b>Research and development expenses was RMB4.0 billion (US$0.6 billion) for the third quarter of 2021, as compared to RMB4.1 billion for the third quarter of 2020.</p><p><blockquote><b><i>研发费用</i></b><b>.</b>2021年第三季度研发费用为人民币40亿元（6亿美元），而2020年第三季度为人民币41亿元。</blockquote></p><p> <b><i>General and Administrative Expenses</i></b><b>.</b>&nbsp;General and administrative expenses increased by 91.1% to RMB3.1 billion (US$0.5 billion) for the third quarter of 2021 from RMB1.6 billion for the third quarter of 2020. The increase was primarily due to the increase in share-based compensation expenses.</p><p><blockquote><b><i>一般及行政开支</i></b><b>.</b>一般及行政费用从2020年第三季度的人民币16亿元增长91.1%至2021年第三季度的人民币31亿元（5亿美元）。该增加主要由于以股份为基础的薪酬开支增加所致。</blockquote></p><p> <b><i>Income from Operations and Non-GAAP Income from Operations.</i></b>Income from operations for the third quarter of 2021 was RMB2.6 billion (US$0.4 billion), compared to RMB4.4 billion for the same period last year. Non-GAAP income from operations for the third quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated items for the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020.</p><p><blockquote><b><i>运营收入和非公认会计准则运营收入。</i></b>2021年第三季度营业收入为人民币26亿元（4亿美元），去年同期为人民币44亿元。2021年第三季度非公认会计准则运营收入为人民币46亿元（7亿美元），而2020年第三季度为人民币53亿元。京东零售2021年第三季度未分配项目前的营业利润率为4.0%，而2020年第三季度为4.2%。</blockquote></p><p> <b><i>Non-GAAP EBITDA.</i></b>Non-GAAP EBITDA for the third quarter of 2021 was RMB5.9 billion (US$0.9 billion), compared to RMB6.6 billion for the third quarter of 2020.</p><p><blockquote><b><i>非公认会计准则EBITDA。</i></b>2021年第三季度非GAAP EBITDA为人民币59亿元（9亿美元），而2020年第三季度为人民币66亿元。</blockquote></p><p> <b><i>Share of Results of Equity Investees.</i></b>&nbsp;Share of results of equity investees was a loss of RMB1.9 billion (US$0.3 billion) for the third quarter of 2021, as compared to a loss of RMB0.3 billion for the third quarter of 2020. The loss for the third quarter of 2021 was primarily due to non-cash impairment in certain equity investees.</p><p><blockquote><b><i>应佔权益被投资方业绩。</i></b>2021年第三季度应占股权投资公司业绩亏损人民币19亿元（3亿美元），而2020年第三季度亏损人民币3亿元。2021年第三季度的亏损主要是由于某些股权投资公司的非现金减值。</blockquote></p><p> <b><i>Others, net.</i></b>Other non-operating loss was RMB3.1 billion (US$0.5 billion) for the third quarter of 2021, as compared to other non-operating income of RMB4.5 billion for the third quarter of 2020. The decrease was primarily due to fair value change of investment securities, which resulting from decreases in the market prices of equity investments in publicly-traded companies.</p><p><blockquote><b><i>其他，净。</i></b>2021年第三季度其他营业外亏损为人民币31亿元（5亿美元），而2020年第三季度其他营业外收入为人民币45亿元。该减少主要由于投资证券的公平值变动，而该变动乃由于于上市公司的股本投资的市价下跌所致。</blockquote></p><p> <b><i>Net Income/(Loss)Attributable to Ordinary Shareholdersand Non-GAAP Net IncomeAttributable to Ordinary Shareholders.</i></b>Net loss attributable to ordinary shareholders for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion), compared to a net income of RMB7.6 billion for the same period last year. Non-GAAP net income attributable to ordinary shareholders for the third quarter of 2021 was RMB5.0 billion (US$0.8 billion), compared to RMB5.6 billion for the same period last year.</p><p><blockquote><b><i>归属于普通股股东的净利润/（亏损）和非公认会计准则归属于普通股股东的净利润。</i></b>2021年第三季度归属于普通股股东的净亏损为人民币28亿元（4亿美元），而去年同期净利润为人民币76亿元。2021年第三季度非公认会计准则归属于普通股股东的净利润为人民币50亿元（8亿美元），而去年同期为人民币56亿元。</blockquote></p><p> <b><i>Diluted EPS and Non-GAAP Diluted EPS.</i></b>Diluted net loss per ADS for the third quarter of 2021 was RMB1.81 (US$0.28), compared to a diluted net income per ADS of RMB4.70 for the third quarter of 2020. Non-GAAP diluted net income per ADS for the third quarter of 2021 was RMB3.16 (US$0.49), compared to RMB3.42 for the third quarter of 2020.</p><p><blockquote><b><i>稀释每股收益和非公认会计准则稀释每股收益。</i></b>2021年第三季度每股美国存托凭证摊薄净亏损为人民币1.81元（0.28美元），而2020年第三季度每股美国存托凭证摊薄净利润为人民币4.70元。2021年第三季度非公认会计准则摊薄后每股美国存托凭证净利润为人民币3.16元（0.49美元），而2020年第三季度为人民币3.42元。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JD.com rose over 1% in premarket trading with its net revenues reaching RMB218.7 billion<blockquote>京东盘前涨超1%净收入达2187亿元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJD.com rose over 1% in premarket trading with its net revenues reaching RMB218.7 billion<blockquote>京东盘前涨超1%净收入达2187亿元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-11-18 17:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>JD.com rose over&nbsp;1% in&nbsp;premarket&nbsp;trading&nbsp;after showing its financial report.Its stocks in Hong Kong dipped 3.58% today.<img src=\"https://static.tigerbbs.com/681c2a47b000ca0a97b0c5bf213c9d2b\" tg-width=\"772\" tg-height=\"563\" referrerpolicy=\"no-referrer\"></p><p><blockquote>京东公布财报后，盘前交易涨超1%。其港股今日下跌3.58%。</blockquote></p><p> The&nbsp;company&nbsp;today announced its unaudited financial results for the three months ended September 30, 2021.</p><p><blockquote>该公司今天公布了截至2021年9月30日的三个月未经审计的财务业绩。</blockquote></p><p> <b>Third Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第三季度亮点</b></blockquote></p><p> <ul>  <li><b>Net revenues</b>&nbsp;for the third quarter of 2021 were RMB218.7 billion (US$133.9 billion), an increase of 25.5% from the third quarter of 2020. Net service revenues for the third quarter of 2021 were RMB32.7 billion (US$5.1 billion), an increase of 43.3% from the third quarter of 2020.</li>  <li><b>Income from operations</b>&nbsp;for the third quarter of 2021 was RMB2.6 billion (US$0.4 billion), compared to RMB4.4 billion for the same period last year.<b>Non-GAAP</b>&nbsp;<b>income from operations</b>for the third quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated items for the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020.</li>  <li><b>Net loss attributable to ordinary shareholders</b>&nbsp;for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion), compared to a net income of RMB7.6 billion for the same period last year.<b>Non-GAAP net income attributable to ordinary shareholders</b>&nbsp;for the third quarter of 2021 was RMB5.0 billion (US$0.8 billion), compared to RMB5.6 billion for the same period last year.</li>  <li><b>Diluted net loss per ADS</b>&nbsp;for the third quarter of 2021 was RMB1.81 (US$0.28), compared to an income per ADS of RMB4.70 for the third quarter of 2020.<b>Non-GAAP diluted net income per ADS</b>for the third quarter of 2021 was RMB3.16 (US$0.49), compared to RMB3.42 for the same period last year.</li>  <li><b>Operating cash flow</b>&nbsp;for the twelve months ended September 30, 2021 increased to RMB41.0 billion (US$6.4 billion) from RMB37.3 billion for the twelve months ended September 30, 2020. Free cash flow, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the twelve months ended September 30, 2021 was RMB28.5 billion (US$4.4 billion), compared to RMB30.2 billion for the twelve months ended September 30, 2020.</li>  <li><b>Annual active customer accounts</b>&nbsp;increased by 25.0% to 552.2 million in the twelve months ended September 30, 2021 from 441.6 million in the twelve months ended September 30, 2020.</li> </ul> <b><i>Business Highlights</i></b></p><p><blockquote><ul><li><b>净收入</b>2021年第三季度为人民币2187亿元（1339亿美元），较2020年第三季度增长25.5%。2021年第三季度净服务收入为人民币327亿元（51亿美元），较2020年第三季度增长43.3%。</li><li><b>营业收入</b>2021年第三季度为人民币26亿元（4亿美元），而去年同期为人民币44亿元。<b>非公认会计准则</b> <b>营业收入</b>2021年第三季度为人民币46亿元（7亿美元），而2020年第三季度为人民币53亿元。京东零售2021年第三季度未分配项目前的营业利润率为4.0%，而2020年第三季度为4.2%。</li><li><b>归属于普通股股东的净亏损</b>2021年第三季度净利润为人民币28亿元（4亿美元），而去年同期净利润为人民币76亿元。<b>非公认会计准则归属于普通股股东的净利润</b>2021年第三季度为人民币50亿元（8亿美元），而去年同期为人民币56亿元。</li><li><b>每股美国存托凭证摊薄净亏损</b>2021年第三季度每股美国存托凭证收入为人民币1.81元（0.28美元），而2020年第三季度每股美国存托凭证收入为人民币4.70元。<b>非公认会计准则每股美国存托凭证摊薄净利润</b>2021年第三季度为人民币3.16元（0.49美元），而去年同期为人民币3.42元。</li><li><b>经营现金流量</b>截至2021年9月30日止十二个月的收入从截至2020年9月30日止十二个月的人民币373亿元增加至人民币410亿元（64亿美元）。截至2021年9月30日止十二个月的自由现金流（不包括计入经营现金流的京东白条应收款项的影响）为人民币285亿元（44亿美元），而截至2021年9月30日止十二个月为人民币302亿元2020年。</li><li><b>年度活跃客户账户</b>从截至2020年9月30日止十二个月的4.416亿增加25.0%至截至2021年9月30日止十二个月的5.522亿。</li></ul><b><i>业务亮点</i></b></blockquote></p><p> <b><u>Environment, Social and Governance</u></b></p><p><blockquote><b><u>环境、社会及管治</u></b></blockquote></p><p> <ul>  <li>In August, Jingxi, a platform for everyday shopping under JD.com, donated over 100,000 prevention supply kits, including facemasks and hand sanitizers to local residents in Nanjing in response to the COVID-19 outbreak. Nanjing residents can apply to receive kits free of charge through Jingxi’s multiple online platforms.</li>  <li>During the 4th Chinese Farmers’ Harvest Festival in September, JD.com announced that in 2021, the company’s supportive measures for agriculture in rural areas have promoted the development of local brands from scratch, such as Suqian King Crabs in Jiangsu Province, and increased the transaction volume of local agricultural products by more than 200%. In continuing its commitment to rural rejuvenation, JD.com has constructed logistics infrastructure in production regions, and built an agricultural product marketing ecosystem which integrates JD’s sales channels.</li> </ul> <b><u>JD Retail</u></b></p><p><blockquote><ul><li>8月，京东旗下日常购物平台京喜向南京当地居民捐赠了超过100,000套防疫用品，包括口罩和洗手液，以应对COVID-19疫情。南京居民可通过京喜多个线上平台申请免费领取试剂盒。</li><li>9月第四届中国农民丰收节期间，京东宣布，2021年，公司在农村的支农举措，推动了江苏省宿迁帝王蟹等本土品牌从无到有的发展，使当地农产品交易额增长超过200%。京东继续致力于乡村振兴，在产区建设物流基础设施，构建整合京东销售渠道的农产品营销生态圈。</li></ul><b><u>京东零售</u></b></blockquote></p><p></p><p> <ul>  <li>In September, JD.com opened its first “JD MALL” offline store in Xi’an offering consumers an immersive omni-channel shopping experience. In addition to traditional electronic categories offered by JD Super Experience Store, JD MALL provides over 200,000 items from more than 150 brands, in categories including home, furniture, kids, smart healthcare products and auto accessories. Through its partnership with furniture maker Shangpin Home Collection, JD MALL meets the demand among younger consumers for bespoke one-stop-shop home design services that incorporate furniture and home appliances categories.</li>  <li>In the third quarter, over 20 domestic and international household and home decor brands launched official stores on JD.com, including Camerich, Lost &amp; Found, QEEBOO, and Lattoflex, bringing a variety of high-quality and stylish home goods to address consumers’ increasingly diverse lifestyle preferences.</li>  <li>Sephora, a high-end beauty retailer owned by LVMH, recently joined JD.com’s omni-channel service network. Products ordered through the Sephora store on JD.com can be delivered to consumers’ doorsteps within one hour from nearby Sephora offline stores. Chinese beauty brand Perfect Diary also joined JD.com’s omni-channel service network to offer delivery from its 120 offline stores in 84 cities.</li>  <li>During the quarter, JD.com and Dada Group formed a strategic partnership with ASUS, a global technology leader, launching more than 150 ASUS stores on JD Daojia (JDDJ) and “Shop Now”, JD.com’s new on-demand consumer retail section. The three parties will further accelerate the digital transformation of physical stores in the second half of 2021 to improve the offline shopping experience for computer and digital products, including the extension of “one-hour delivery” service to all ASUS offline stores in China.</li> </ul> <b><u>JD Health</u></b></p><p><blockquote><ul><li>9月，京东在西安开设首家“京东商城”线下门店，为消费者提供沉浸式全渠道购物体验。除了京东超级体验店提供的传统电子品类外，京东商城还提供来自150多个品牌的超过200,000件商品，类别包括家居、家具、儿童、智能医疗产品和汽车配件。通过与家具制造商尚品家居系列的合作，京东商城满足了年轻消费者对融合家具和家电品类的定制一站式家居设计服务的需求。</li><li>第三季度，Camerich、Lost&amp;Found、QEEBOO、Lattoflex等20多个国内外家居和家居装饰品牌在京东上推出官方商店，带来各种高品质、时尚的家居用品，满足消费者日益多样化的生活方式偏好。</li><li>LVMH旗下的高端美妆零售商丝芙兰（Sephora）最近加入了京东的全渠道服务网络。通过京东丝芙兰专卖店订购的产品，附近的丝芙兰线下专卖店可在1小时内送货上门。中国美妆品牌完美日记也加入了京东的全渠道服务网络，在84个城市的120家线下门店提供送货服务。</li><li>本季度，京东和达达集团与全球科技领导者华硕结成战略合作伙伴关系，在京东到家（JDDJ）和京东新的按需消费零售板块“Shop Now”上推出了150多家华硕商店。三方将在2021年下半年进一步加快实体店数字化转型，提升电脑数码产品线下购物体验，包括将“一小时达”服务延伸至华硕中国区所有线下门店。</li></ul><b><u>京东健康</u></b></blockquote></p><p> <ul>  <li>In July, JD Health and Allianz JD, JD.com’s joint venture with Allianz, one of the world’s leading insurers and asset managers, jointly launched a comprehensive online clinical insurance service offering a one-stop platform for healthcare, medicine purchasing and insurance services. By connecting users directly with doctors, pharmacies and insurance companies, JD Health improves the experience of insured users through its full cycle service that provide online health consultations, prescriptions, direct claims and reimbursements as well as medicine purchasing and door-to-door delivery.</li>  <li>In September, over 200 institutional exhibitors and participants attended JD Health’s third Online Pharmaceutical Expo under the theme “Intelligent Digital Empowerment and Ecosystem Interconnection”. JD Health helped to facilitate transactions between up and downstream players among the participating companies to create a “Intelligent Digital Pharmaceutical Circulation Supply Chain Ecosystem” to support digital transformation and optimize user experience in the health care industry.</li> </ul> <b><u>JD Logistics</u></b></p><p><blockquote><ul><li>7月，京东健康和京东与全球领先的保险公司和资产管理公司之一安联的合资企业安联京东联合推出了全面的在线临床保险服务，提供医疗保健、购药和保险服务的一站式平台。通过将用户与医生、药店和保险公司直接连接起来，京东健康通过提供在线健康咨询、处方、直接理赔和报销以及购药和送货上门的全周期服务，改善了参保用户的体验。</li><li>9月，京东健康第三届线上药博会以“智数赋能生态互联”为主题，吸引了超过200家机构参展商和与会者。京东健康帮助参与公司之间的上下游参与者之间的交易，创建“智能数字化医药流通供应链生态系统”，以支持医疗保健行业的数字化转型和优化用户体验。</li></ul><b><u>京东物流</u></b></blockquote></p><p> <ul>  <li>In September, JD Logistics launched an air cargo route between East China and London marking JD Logistics’s first regular cargo charter flight between China and Europe. Further expanding JD Logistics’s international transportation network, the route will deliver products from China’s major manufacturing regions with same day port-to-port delivery and product arrival within one week.</li>  <li>In the third quarter, JD Logistics established a strategic partnership with Volvo Cars to build integrated supply chain services for the mid and high-end auto aftermarket. The two parties will cooperate in areas such as supply chain warehouse networks planning, inventory management and store delivery.</li>  <li>As of September 30, 2021, JD Logistics operated approximately 1,300 warehouses, which covered an aggregate gross floor area of over 23 million square meters, including space in cloud warehouses managed under the JD Logistics Open Warehouse Platform.</li> </ul> <b>Third Quarter 2021 Financial Results</b></p><p><blockquote><ul><li>9月，京东物流开通华东至伦敦航空货运航线，标志着京东物流首次开通中欧定期货运包机。该航线进一步扩大了京东物流的国际运输网络，将从中国主要制造地区运送产品，实现当天港口到港口交付，产品在一周内到达。</li><li>三季度，京东物流与沃尔沃汽车建立战略合作伙伴关系，打造面向中高端汽车后市场的一体化供应链服务。双方将在供应链仓库网络规划、库存管理和门店交付等领域展开合作。</li><li>截至2021年9月30日，京东物流运营约1300个仓库，总建筑面积超过2300万平方米，其中包括京东物流开放仓库平台管理的云仓库空间。</li></ul><b>2021年第三季度财务业绩</b></blockquote></p><p> <b><i>Net Revenues.</i></b>&nbsp;For the third quarter of 2021, JD.com reported net revenues of RMB218.7 billion (US$33.9 billion), representing a 25.5% increase from the same period of 2020. Net product revenues increased by 22.9%, while net service revenues increased by 43.3% for the third quarter of 2021, as compared to the same period of 2020.</p><p><blockquote><b><i>净收入。</i></b>2021年第三季度，京东报告净收入为人民币2187亿元（339亿美元），较2020年同期增长25.5%。与2020年同期相比，2021年第三季度产品净收入增长22.9%，服务净收入增长43.3%。</blockquote></p><p> <b><i>Cost of Revenues</i></b><b>.</b>Cost of revenues increased by 27.3% to RMB187.6 billion (US$29.1 billion) for the third quarter of 2021 from RMB147.4 billion for the third quarter of 2020.</p><p><blockquote><b><i>收入成本</i></b><b>.</b>收入成本从2020年第三季度的人民币1,474亿元增长27.3%至2021年第三季度的人民币1,876亿元（291亿美元）。</blockquote></p><p></p><p> <b><i>Fulfillment Expenses</i></b><b>.</b>Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 23.2% to RMB14.3 billion (US$2.2 billion) for the third quarter of 2021 from RMB11.6 billion for the third quarter of 2020. Fulfillment expenses as a percentage of net revenues was 6.5% for the third quarter of 2021, compared to 6.7% for the same period last year.</p><p><blockquote><b><i>履行费用</i></b><b>.</b>履约费用主要包括采购、仓储、交付、客户服务和支付处理费用，从2020年第三季度的人民币116亿元增长23.2%至2021年第三季度的人民币143亿元（22亿美元）。2021年第三季度履行费用占净收入的百分比为6.5%，而去年同期为6.7%。</blockquote></p><p> <b><i>Marketing Expenses</i></b><b>.</b>Marketing expenses increased by 42.3% to RMB7.8 billion (US$1.2 billion) for the third quarter of 2021 from RMB5.5 billion for the third quarter of 2020.</p><p><blockquote><b><i>营销费用</i></b><b>.</b>营销费用从2020年第三季度的人民币55亿元增长42.3%至2021年第三季度的人民币78亿元（12亿美元）。</blockquote></p><p> <b><i>Research and Development Expenses</i></b><b>.</b>Research and development expenses was RMB4.0 billion (US$0.6 billion) for the third quarter of 2021, as compared to RMB4.1 billion for the third quarter of 2020.</p><p><blockquote><b><i>研发费用</i></b><b>.</b>2021年第三季度研发费用为人民币40亿元（6亿美元），而2020年第三季度为人民币41亿元。</blockquote></p><p> <b><i>General and Administrative Expenses</i></b><b>.</b>&nbsp;General and administrative expenses increased by 91.1% to RMB3.1 billion (US$0.5 billion) for the third quarter of 2021 from RMB1.6 billion for the third quarter of 2020. The increase was primarily due to the increase in share-based compensation expenses.</p><p><blockquote><b><i>一般及行政开支</i></b><b>.</b>一般及行政费用从2020年第三季度的人民币16亿元增长91.1%至2021年第三季度的人民币31亿元（5亿美元）。该增加主要由于以股份为基础的薪酬开支增加所致。</blockquote></p><p> <b><i>Income from Operations and Non-GAAP Income from Operations.</i></b>Income from operations for the third quarter of 2021 was RMB2.6 billion (US$0.4 billion), compared to RMB4.4 billion for the same period last year. Non-GAAP income from operations for the third quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated items for the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020.</p><p><blockquote><b><i>运营收入和非公认会计准则运营收入。</i></b>2021年第三季度营业收入为人民币26亿元（4亿美元），去年同期为人民币44亿元。2021年第三季度非公认会计准则运营收入为人民币46亿元（7亿美元），而2020年第三季度为人民币53亿元。京东零售2021年第三季度未分配项目前的营业利润率为4.0%，而2020年第三季度为4.2%。</blockquote></p><p> <b><i>Non-GAAP EBITDA.</i></b>Non-GAAP EBITDA for the third quarter of 2021 was RMB5.9 billion (US$0.9 billion), compared to RMB6.6 billion for the third quarter of 2020.</p><p><blockquote><b><i>非公认会计准则EBITDA。</i></b>2021年第三季度非GAAP EBITDA为人民币59亿元（9亿美元），而2020年第三季度为人民币66亿元。</blockquote></p><p> <b><i>Share of Results of Equity Investees.</i></b>&nbsp;Share of results of equity investees was a loss of RMB1.9 billion (US$0.3 billion) for the third quarter of 2021, as compared to a loss of RMB0.3 billion for the third quarter of 2020. The loss for the third quarter of 2021 was primarily due to non-cash impairment in certain equity investees.</p><p><blockquote><b><i>应佔权益被投资方业绩。</i></b>2021年第三季度应占股权投资公司业绩亏损人民币19亿元（3亿美元），而2020年第三季度亏损人民币3亿元。2021年第三季度的亏损主要是由于某些股权投资公司的非现金减值。</blockquote></p><p> <b><i>Others, net.</i></b>Other non-operating loss was RMB3.1 billion (US$0.5 billion) for the third quarter of 2021, as compared to other non-operating income of RMB4.5 billion for the third quarter of 2020. The decrease was primarily due to fair value change of investment securities, which resulting from decreases in the market prices of equity investments in publicly-traded companies.</p><p><blockquote><b><i>其他，净。</i></b>2021年第三季度其他营业外亏损为人民币31亿元（5亿美元），而2020年第三季度其他营业外收入为人民币45亿元。该减少主要由于投资证券的公平值变动，而该变动乃由于于上市公司的股本投资的市价下跌所致。</blockquote></p><p> <b><i>Net Income/(Loss)Attributable to Ordinary Shareholdersand Non-GAAP Net IncomeAttributable to Ordinary Shareholders.</i></b>Net loss attributable to ordinary shareholders for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion), compared to a net income of RMB7.6 billion for the same period last year. Non-GAAP net income attributable to ordinary shareholders for the third quarter of 2021 was RMB5.0 billion (US$0.8 billion), compared to RMB5.6 billion for the same period last year.</p><p><blockquote><b><i>归属于普通股股东的净利润/（亏损）和非公认会计准则归属于普通股股东的净利润。</i></b>2021年第三季度归属于普通股股东的净亏损为人民币28亿元（4亿美元），而去年同期净利润为人民币76亿元。2021年第三季度非公认会计准则归属于普通股股东的净利润为人民币50亿元（8亿美元），而去年同期为人民币56亿元。</blockquote></p><p> <b><i>Diluted EPS and Non-GAAP Diluted EPS.</i></b>Diluted net loss per ADS for the third quarter of 2021 was RMB1.81 (US$0.28), compared to a diluted net income per ADS of RMB4.70 for the third quarter of 2020. Non-GAAP diluted net income per ADS for the third quarter of 2021 was RMB3.16 (US$0.49), compared to RMB3.42 for the third quarter of 2020.</p><p><blockquote><b><i>稀释每股收益和非公认会计准则稀释每股收益。</i></b>2021年第三季度每股美国存托凭证摊薄净亏损为人民币1.81元（0.28美元），而2020年第三季度每股美国存托凭证摊薄净利润为人民币4.70元。2021年第三季度非公认会计准则摊薄后每股美国存托凭证净利润为人民币3.16元（0.49美元），而2020年第三季度为人民币3.42元。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JD":"京东"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128233316","content_text":"JD.com rose over 1% in premarket trading after showing its financial report.Its stocks in Hong Kong dipped 3.58% today.\nThe company today announced its unaudited financial results for the three months ended September 30, 2021.\nThird Quarter 2021 Highlights\n\nNet revenues for the third quarter of 2021 were RMB218.7 billion (US$133.9 billion), an increase of 25.5% from the third quarter of 2020. Net service revenues for the third quarter of 2021 were RMB32.7 billion (US$5.1 billion), an increase of 43.3% from the third quarter of 2020.\nIncome from operations for the third quarter of 2021 was RMB2.6 billion (US$0.4 billion), compared to RMB4.4 billion for the same period last year.Non-GAAP income from operationsfor the third quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated items for the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020.\nNet loss attributable to ordinary shareholders for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion), compared to a net income of RMB7.6 billion for the same period last year.Non-GAAP net income attributable to ordinary shareholders for the third quarter of 2021 was RMB5.0 billion (US$0.8 billion), compared to RMB5.6 billion for the same period last year.\nDiluted net loss per ADS for the third quarter of 2021 was RMB1.81 (US$0.28), compared to an income per ADS of RMB4.70 for the third quarter of 2020.Non-GAAP diluted net income per ADSfor the third quarter of 2021 was RMB3.16 (US$0.49), compared to RMB3.42 for the same period last year.\nOperating cash flow for the twelve months ended September 30, 2021 increased to RMB41.0 billion (US$6.4 billion) from RMB37.3 billion for the twelve months ended September 30, 2020. Free cash flow, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the twelve months ended September 30, 2021 was RMB28.5 billion (US$4.4 billion), compared to RMB30.2 billion for the twelve months ended September 30, 2020.\nAnnual active customer accounts increased by 25.0% to 552.2 million in the twelve months ended September 30, 2021 from 441.6 million in the twelve months ended September 30, 2020.\n\nBusiness Highlights\nEnvironment, Social and Governance\n\nIn August, Jingxi, a platform for everyday shopping under JD.com, donated over 100,000 prevention supply kits, including facemasks and hand sanitizers to local residents in Nanjing in response to the COVID-19 outbreak. Nanjing residents can apply to receive kits free of charge through Jingxi’s multiple online platforms.\nDuring the 4th Chinese Farmers’ Harvest Festival in September, JD.com announced that in 2021, the company’s supportive measures for agriculture in rural areas have promoted the development of local brands from scratch, such as Suqian King Crabs in Jiangsu Province, and increased the transaction volume of local agricultural products by more than 200%. In continuing its commitment to rural rejuvenation, JD.com has constructed logistics infrastructure in production regions, and built an agricultural product marketing ecosystem which integrates JD’s sales channels.\n\nJD Retail\n\nIn September, JD.com opened its first “JD MALL” offline store in Xi’an offering consumers an immersive omni-channel shopping experience. In addition to traditional electronic categories offered by JD Super Experience Store, JD MALL provides over 200,000 items from more than 150 brands, in categories including home, furniture, kids, smart healthcare products and auto accessories. Through its partnership with furniture maker Shangpin Home Collection, JD MALL meets the demand among younger consumers for bespoke one-stop-shop home design services that incorporate furniture and home appliances categories.\nIn the third quarter, over 20 domestic and international household and home decor brands launched official stores on JD.com, including Camerich, Lost & Found, QEEBOO, and Lattoflex, bringing a variety of high-quality and stylish home goods to address consumers’ increasingly diverse lifestyle preferences.\nSephora, a high-end beauty retailer owned by LVMH, recently joined JD.com’s omni-channel service network. Products ordered through the Sephora store on JD.com can be delivered to consumers’ doorsteps within one hour from nearby Sephora offline stores. Chinese beauty brand Perfect Diary also joined JD.com’s omni-channel service network to offer delivery from its 120 offline stores in 84 cities.\nDuring the quarter, JD.com and Dada Group formed a strategic partnership with ASUS, a global technology leader, launching more than 150 ASUS stores on JD Daojia (JDDJ) and “Shop Now”, JD.com’s new on-demand consumer retail section. The three parties will further accelerate the digital transformation of physical stores in the second half of 2021 to improve the offline shopping experience for computer and digital products, including the extension of “one-hour delivery” service to all ASUS offline stores in China.\n\nJD Health\n\nIn July, JD Health and Allianz JD, JD.com’s joint venture with Allianz, one of the world’s leading insurers and asset managers, jointly launched a comprehensive online clinical insurance service offering a one-stop platform for healthcare, medicine purchasing and insurance services. By connecting users directly with doctors, pharmacies and insurance companies, JD Health improves the experience of insured users through its full cycle service that provide online health consultations, prescriptions, direct claims and reimbursements as well as medicine purchasing and door-to-door delivery.\nIn September, over 200 institutional exhibitors and participants attended JD Health’s third Online Pharmaceutical Expo under the theme “Intelligent Digital Empowerment and Ecosystem Interconnection”. JD Health helped to facilitate transactions between up and downstream players among the participating companies to create a “Intelligent Digital Pharmaceutical Circulation Supply Chain Ecosystem” to support digital transformation and optimize user experience in the health care industry.\n\nJD Logistics\n\nIn September, JD Logistics launched an air cargo route between East China and London marking JD Logistics’s first regular cargo charter flight between China and Europe. Further expanding JD Logistics’s international transportation network, the route will deliver products from China’s major manufacturing regions with same day port-to-port delivery and product arrival within one week.\nIn the third quarter, JD Logistics established a strategic partnership with Volvo Cars to build integrated supply chain services for the mid and high-end auto aftermarket. The two parties will cooperate in areas such as supply chain warehouse networks planning, inventory management and store delivery.\nAs of September 30, 2021, JD Logistics operated approximately 1,300 warehouses, which covered an aggregate gross floor area of over 23 million square meters, including space in cloud warehouses managed under the JD Logistics Open Warehouse Platform.\n\nThird Quarter 2021 Financial Results\nNet Revenues. For the third quarter of 2021, JD.com reported net revenues of RMB218.7 billion (US$33.9 billion), representing a 25.5% increase from the same period of 2020. Net product revenues increased by 22.9%, while net service revenues increased by 43.3% for the third quarter of 2021, as compared to the same period of 2020.\nCost of Revenues.Cost of revenues increased by 27.3% to RMB187.6 billion (US$29.1 billion) for the third quarter of 2021 from RMB147.4 billion for the third quarter of 2020.\nFulfillment Expenses.Fulfillment expenses, which primarily include procurement, warehousing, delivery, customer service and payment processing expenses, increased by 23.2% to RMB14.3 billion (US$2.2 billion) for the third quarter of 2021 from RMB11.6 billion for the third quarter of 2020. Fulfillment expenses as a percentage of net revenues was 6.5% for the third quarter of 2021, compared to 6.7% for the same period last year.\nMarketing Expenses.Marketing expenses increased by 42.3% to RMB7.8 billion (US$1.2 billion) for the third quarter of 2021 from RMB5.5 billion for the third quarter of 2020.\nResearch and Development Expenses.Research and development expenses was RMB4.0 billion (US$0.6 billion) for the third quarter of 2021, as compared to RMB4.1 billion for the third quarter of 2020.\nGeneral and Administrative Expenses. General and administrative expenses increased by 91.1% to RMB3.1 billion (US$0.5 billion) for the third quarter of 2021 from RMB1.6 billion for the third quarter of 2020. The increase was primarily due to the increase in share-based compensation expenses.\nIncome from Operations and Non-GAAP Income from Operations.Income from operations for the third quarter of 2021 was RMB2.6 billion (US$0.4 billion), compared to RMB4.4 billion for the same period last year. Non-GAAP income from operations for the third quarter of 2021 was RMB4.6 billion (US$0.7 billion), compared to RMB5.3 billion for the third quarter of 2020. Operating margin of JD Retail before unallocated items for the third quarter of 2021 was 4.0%, compared to 4.2% for the third quarter of 2020.\nNon-GAAP EBITDA.Non-GAAP EBITDA for the third quarter of 2021 was RMB5.9 billion (US$0.9 billion), compared to RMB6.6 billion for the third quarter of 2020.\nShare of Results of Equity Investees. Share of results of equity investees was a loss of RMB1.9 billion (US$0.3 billion) for the third quarter of 2021, as compared to a loss of RMB0.3 billion for the third quarter of 2020. The loss for the third quarter of 2021 was primarily due to non-cash impairment in certain equity investees.\nOthers, net.Other non-operating loss was RMB3.1 billion (US$0.5 billion) for the third quarter of 2021, as compared to other non-operating income of RMB4.5 billion for the third quarter of 2020. The decrease was primarily due to fair value change of investment securities, which resulting from decreases in the market prices of equity investments in publicly-traded companies.\nNet Income/(Loss)Attributable to Ordinary Shareholdersand Non-GAAP Net IncomeAttributable to Ordinary Shareholders.Net loss attributable to ordinary shareholders for the third quarter of 2021 was RMB2.8 billion (US$0.4 billion), compared to a net income of RMB7.6 billion for the same period last year. Non-GAAP net income attributable to ordinary shareholders for the third quarter of 2021 was RMB5.0 billion (US$0.8 billion), compared to RMB5.6 billion for the same period last year.\nDiluted EPS and Non-GAAP Diluted EPS.Diluted net loss per ADS for the third quarter of 2021 was RMB1.81 (US$0.28), compared to a diluted net income per ADS of RMB4.70 for the third quarter of 2020. Non-GAAP diluted net income per ADS for the third quarter of 2021 was RMB3.16 (US$0.49), compared to RMB3.42 for the third quarter of 2020.","news_type":1,"symbols_score_info":{"JD":0.9}},"isVote":1,"tweetType":1,"viewCount":2076,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":852331577,"gmtCreate":1635240539951,"gmtModify":1635240587496,"author":{"id":"4093934996011550","authorId":"4093934996011550","name":"lilykoh","avatar":"https://static.tigerbbs.com/5e693f1d8cedc3c169cb20a422580f48","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4093934996011550","authorIdStr":"4093934996011550"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/852331577","repostId":"1115363639","repostType":4,"isVote":1,"tweetType":1,"viewCount":1747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}