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LYYTZ
2021-12-16

Should have done so long ago

SEC Proposes Tighter Rules on Insider Trading, Stock Buybacks<blockquote>SEC提议对内幕交易和股票回购制定更严格的规则</blockquote>

WASHINGTON—Wall Street’s regulator is putting forward tighter rules on how and when corporate inside

SEC Proposes Tighter Rules on Insider Trading, Stock Buybacks<blockquote>SEC提议对内幕交易和股票回购制定更严格的规则</blockquote>

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If most of the SEC’s five commissioners support these proposals, along with two others, the agency will put the changes out for public comment before voting to complete them, potentially next year.<blockquote>美国证券交易委员会在周三的一次会议上提议对高管股票交易实施新的限制，并对公司股票回购提出更高的披露要求。如果SEC五名委员中的大多数以及另外两名委员支持这些提案，该机构将在投票完成这些提案之前征求公众意见，可能会在明年进行。</blockquote> “The core issue is that these insiders regularly have material information that the public doesn’t have,” SEC Chairman Gary Gensler said in a statement. Wednesday’s proposal seeks to ensure their stock trading is done “in a way that’s fair to the marketplace,” he added.<blockquote>SEC主席Gary Gensler在一份声明中表示：“核心问题是，这些内部人士经常掌握公众没有的重要信息。”他补充说，周三的提议旨在确保他们的股票交易“以对市场公平的方式”进行。</blockquote> Under current rules, corporate officers and directors establish 10b5-1 plans, which schedule future share purchases or sales, to avoid running afoul of insider-trading claims.<blockquote>根据现行规定，公司高管和董事制定10b5-1计划，安排未来的股票购买或出售，以避免与内幕交易索赔发生冲突。</blockquote> The plans&nbsp;have been controversial for years&nbsp;because there is no required public disclosure at the time a company insider sets up a plan. Some investors say the arrangements can be abused because executives can modify or cancel them, or establish a plan to sell shares the same day.<blockquote>这些计划多年来一直存在争议，因为公司内部人士制定计划时不需要公开披露。一些投资者表示，这些安排可能会被滥用，因为高管可以修改或取消这些安排，或者制定当天出售股票的计划。</blockquote> The proposed rule would require corporate directors or officers to wait 120 days before trading after either adopting or modifying a 10b5-1 plan. Executives would also have to certify that they are not aware of any important information not available to the public about the company or stock when creating or modifying a plan.<blockquote>拟议的规则将要求公司董事或高管在采用或修改10b5-1计划后等待120天才能进行交易。高管们还必须证明，在制定或修改计划时，他们不知道公众无法获得的有关公司或股票的任何重要信息。</blockquote> Companies would also have to disclose more information about their insider-trading policies and their practices around option grants that are timed within 14 days of a significant news release.<blockquote>公司还必须在重大新闻发布后14天内披露有关其内幕交易政策和期权授予做法的更多信息。</blockquote> Recent academic research has shown that trades occurring within 60 days of a plan’s establishment were more likely to avoid significant losses and to have come ahead of stock-price declines. The advantages disappeared after 60 days.<blockquote>最近的学术研究表明，在计划制定后60天内进行的交易更有可能避免重大损失，并且在股价下跌之前进行。优势在60天后消失。</blockquote> All five SEC commissioners voted to support the 10b5-1 rule, though Republicans Hester Peirce and Elad Roisman voiced concerns that some of the proposed changes would go too far.<blockquote>所有五名SEC委员都投票支持10b5-1规则，尽管共和党人Hester Peirce和Elad Roisman表示担心一些拟议的变化会走得太远。</blockquote> In addition to the executive-trading proposal, commissioners will vote on proposed changes to disclosures around stock buybacks by public companies, which are also hitting records this year.<blockquote>除了高管交易提案外，委员们还将就上市公司股票回购披露的拟议变更进行投票，今年的股票回购也创下了纪录。</blockquote> Repurchases support stock prices by reducing the number of shares outstanding in a company, lifting the firm’s earnings per share. Like dividends, they enable companies to return cash to investors. But critics say buybacks allow executives who are partly paid in equity or options a roundabout way of boosting their own compensation at the expense of workers’ wages or productive investments.<blockquote>回购通过减少公司已发行股票数量、提高公司每股收益来支撑股价。与股息一样，它们使公司能够向投资者返还现金。但批评人士表示，回购让部分通过股权或期权获得报酬的高管成为一种迂回方式，以牺牲工人工资或生产性投资为代价来提高自己的薪酬。</blockquote> The SEC’s proposal would require disclosures of stock buybacks to be more detailed and more frequent. Firms would have to describe the rationale for buybacks and the criteria used to determine the amount of shares to be repurchased.<blockquote>美国证券交易委员会的提议将要求更详细、更频繁地披露股票回购。公司必须描述回购的理由以及用于确定回购股票数量的标准。</blockquote> Rather than disclosing monthly share repurchases once per quarter, companies would have to report buybacks on the next business day. The proposal would also require firms to indicate whether any executives bought or sold shares within 10 business days of the announcement of a buyback program.<blockquote>公司必须在下一个工作日报告回购情况，而不是每季度披露一次每月股票回购情况。该提案还要求公司在宣布回购计划后10个工作日内表明是否有高管购买或出售股票。</blockquote> SEC officials said one goal of the proposal is to help investors determine whether there is any connection between a company’s stock-buyback program and executive compensation.<blockquote>SEC官员表示，该提案的目标之一是帮助投资者确定公司的股票回购计划与高管薪酬之间是否存在任何联系。</blockquote> Ms. Peirce and Mr. Roisman said they wouldn’t support the proposed changes around buybacks, while the commission’s three Democrats said they would.<blockquote>皮尔斯女士和罗斯曼先生表示，他们不会支持围绕回购的拟议变化，而委员会的三名民主党人则表示会支持。</blockquote> “Say ‘dividend,’ and nobody gets angry, but say ‘share buyback,’ and the rage boils over,” Ms. Peirce said. “Today’s proposal channels some of that rage against repurchases in a way that only a regulator can: through painfully granular, unnecessarily frequent disclosure obligations.”<blockquote>“说‘股息’，没有人会生气，但说‘股票回购’，愤怒就会沸腾，”皮尔斯女士说。“今天的提案以只有监管机构才能做到的方式疏导了一些反对回购的愤怒：通过痛苦的细化、不必要的频繁披露义务。”</blockquote> Also on Wednesday, the SEC advanced proposed changes to rules governing money-market mutual funds and to the regulation of opaque swap trades that fueled billions of dollars of losses at global investment banks earlier this year when Archegos Capital Management imploded.<blockquote>同样在周三，美国证券交易委员会提出了对货币市场共同基金管理规则和不透明掉期交易监管的拟议修改，今年早些时候Archegos Capital Management倒闭时，这些交易导致全球投资银行损失数十亿美元。</blockquote> Under the SEC’s swap proposal, companies that place large bets using contracts that track the performance of a company’s stock—but don’t involve holding actual shares—would need to report those bets publicly. Archegos used such swaps to quietly amass big, concentrated positions in companies such as ViacomCBS Inc. and Chinese internet giant Baidu Inc.<blockquote>根据SEC的互换提案，使用跟踪公司股票表现的合同进行大额押注（但不涉及持有实际股票）的公司需要公开报告这些押注。Archegos利用此类互换悄悄地在ViacomCBS Inc.和中国互联网巨头百度等公司积累了大量集中的头寸。</blockquote> Wall Street banks typically broker such swaps. They can allow sophisticated investors to sidestep SEC rules requiring any person or firm that acquires more than 5% of a company’s shares to publicly disclose the stake. Wednesday’s proposal could bring similar disclosure requirements to swap-based trades.<blockquote>华尔街银行通常会经纪此类掉期。它们可以让老练的投资者规避SEC的规定，该规定要求任何收购公司5%以上股份的个人或公司公开披露所持股份。周三的提议可能会给基于掉期的交易带来类似的披露要求。</blockquote>","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>SEC Proposes Tighter Rules on Insider Trading, Stock Buybacks<blockquote>SEC提议对内幕交易和股票回购制定更严格的规则</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\">\nSEC Proposes Tighter Rules on Insider Trading, Stock Buybacks<blockquote>SEC提议对内幕交易和股票回购制定更严格的规则</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nWSJ2021-12-16 13:40\n\n</h4>\n</header>\n<article>\nWASHINGTON—Wall Street’s regulator is putting forward tighter rules on how and when corporate insiders can sell their companies’ stocks, just as executives&nbsp;are cashing in at historic levels.<blockquote>华盛顿——华尔街监管机构正在就企业内部人士如何以及何时出售公司股票提出更严格的规定，就在高管们以历史水平获利之际。</blockquote> The Securities and Exchange Commission proposed new restrictions on executive stock trading and greater disclosure requirements around company share buybacks at a meeting Wednesday. If most of the SEC’s five commissioners support these proposals, along with two others, the agency will put the changes out for public comment before voting to complete them, potentially next year.<blockquote>美国证券交易委员会在周三的一次会议上提议对高管股票交易实施新的限制，并对公司股票回购提出更高的披露要求。如果SEC五名委员中的大多数以及另外两名委员支持这些提案，该机构将在投票完成这些提案之前征求公众意见，可能会在明年进行。</blockquote> “The core issue is that these insiders regularly have material information that the public doesn’t have,” SEC Chairman Gary Gensler said in a statement. Wednesday’s proposal seeks to ensure their stock trading is done “in a way that’s fair to the marketplace,” he added.<blockquote>SEC主席Gary Gensler在一份声明中表示：“核心问题是，这些内部人士经常掌握公众没有的重要信息。”他补充说，周三的提议旨在确保他们的股票交易“以对市场公平的方式”进行。</blockquote> Under current rules, corporate officers and directors establish 10b5-1 plans, which schedule future share purchases or sales, to avoid running afoul of insider-trading claims.<blockquote>根据现行规定，公司高管和董事制定10b5-1计划，安排未来的股票购买或出售，以避免与内幕交易索赔发生冲突。</blockquote> The plans&nbsp;have been controversial for years&nbsp;because there is no required public disclosure at the time a company insider sets up a plan. Some investors say the arrangements can be abused because executives can modify or cancel them, or establish a plan to sell shares the same day.<blockquote>这些计划多年来一直存在争议，因为公司内部人士制定计划时不需要公开披露。一些投资者表示，这些安排可能会被滥用，因为高管可以修改或取消这些安排，或者制定当天出售股票的计划。</blockquote> The proposed rule would require corporate directors or officers to wait 120 days before trading after either adopting or modifying a 10b5-1 plan. Executives would also have to certify that they are not aware of any important information not available to the public about the company or stock when creating or modifying a plan.<blockquote>拟议的规则将要求公司董事或高管在采用或修改10b5-1计划后等待120天才能进行交易。高管们还必须证明，在制定或修改计划时，他们不知道公众无法获得的有关公司或股票的任何重要信息。</blockquote> Companies would also have to disclose more information about their insider-trading policies and their practices around option grants that are timed within 14 days of a significant news release.<blockquote>公司还必须在重大新闻发布后14天内披露有关其内幕交易政策和期权授予做法的更多信息。</blockquote> Recent academic research has shown that trades occurring within 60 days of a plan’s establishment were more likely to avoid significant losses and to have come ahead of stock-price declines. The advantages disappeared after 60 days.<blockquote>最近的学术研究表明，在计划制定后60天内进行的交易更有可能避免重大损失，并且在股价下跌之前进行。优势在60天后消失。</blockquote> All five SEC commissioners voted to support the 10b5-1 rule, though Republicans Hester Peirce and Elad Roisman voiced concerns that some of the proposed changes would go too far.<blockquote>所有五名SEC委员都投票支持10b5-1规则，尽管共和党人Hester Peirce和Elad Roisman表示担心一些拟议的变化会走得太远。</blockquote> In addition to the executive-trading proposal, commissioners will vote on proposed changes to disclosures around stock buybacks by public companies, which are also hitting records this year.<blockquote>除了高管交易提案外，委员们还将就上市公司股票回购披露的拟议变更进行投票，今年的股票回购也创下了纪录。</blockquote> Repurchases support stock prices by reducing the number of shares outstanding in a company, lifting the firm’s earnings per share. Like dividends, they enable companies to return cash to investors. But critics say buybacks allow executives who are partly paid in equity or options a roundabout way of boosting their own compensation at the expense of workers’ wages or productive investments.<blockquote>回购通过减少公司已发行股票数量、提高公司每股收益来支撑股价。与股息一样，它们使公司能够向投资者返还现金。但批评人士表示，回购让部分通过股权或期权获得报酬的高管成为一种迂回方式，以牺牲工人工资或生产性投资为代价来提高自己的薪酬。</blockquote> The SEC’s proposal would require disclosures of stock buybacks to be more detailed and more frequent. Firms would have to describe the rationale for buybacks and the criteria used to determine the amount of shares to be repurchased.<blockquote>美国证券交易委员会的提议将要求更详细、更频繁地披露股票回购。公司必须描述回购的理由以及用于确定回购股票数量的标准。</blockquote> Rather than disclosing monthly share repurchases once per quarter, companies would have to report buybacks on the next business day. The proposal would also require firms to indicate whether any executives bought or sold shares within 10 business days of the announcement of a buyback program.<blockquote>公司必须在下一个工作日报告回购情况，而不是每季度披露一次每月股票回购情况。该提案还要求公司在宣布回购计划后10个工作日内表明是否有高管购买或出售股票。</blockquote> SEC officials said one goal of the proposal is to help investors determine whether there is any connection between a company’s stock-buyback program and executive compensation.<blockquote>SEC官员表示，该提案的目标之一是帮助投资者确定公司的股票回购计划与高管薪酬之间是否存在任何联系。</blockquote> Ms. Peirce and Mr. Roisman said they wouldn’t support the proposed changes around buybacks, while the commission’s three Democrats said they would.<blockquote>皮尔斯女士和罗斯曼先生表示，他们不会支持围绕回购的拟议变化，而委员会的三名民主党人则表示会支持。</blockquote> “Say ‘dividend,’ and nobody gets angry, but say ‘share buyback,’ and the rage boils over,” Ms. Peirce said. “Today’s proposal channels some of that rage against repurchases in a way that only a regulator can: through painfully granular, unnecessarily frequent disclosure obligations.”<blockquote>“说‘股息’，没有人会生气，但说‘股票回购’，愤怒就会沸腾，”皮尔斯女士说。“今天的提案以只有监管机构才能做到的方式疏导了一些反对回购的愤怒：通过痛苦的细化、不必要的频繁披露义务。”</blockquote> Also on Wednesday, the SEC advanced proposed changes to rules governing money-market mutual funds and to the regulation of opaque swap trades that fueled billions of dollars of losses at global investment banks earlier this year when Archegos Capital Management imploded.<blockquote>同样在周三，美国证券交易委员会提出了对货币市场共同基金管理规则和不透明掉期交易监管的拟议修改，今年早些时候Archegos Capital Management倒闭时，这些交易导致全球投资银行损失数十亿美元。</blockquote> Under the SEC’s swap proposal, companies that place large bets using contracts that track the performance of a company’s stock—but don’t involve holding actual shares—would need to report those bets publicly. Archegos used such swaps to quietly amass big, concentrated positions in companies such as ViacomCBS Inc. and Chinese internet giant Baidu Inc.<blockquote>根据SEC的互换提案，使用跟踪公司股票表现的合同进行大额押注（但不涉及持有实际股票）的公司需要公开报告这些押注。Archegos利用此类互换悄悄地在ViacomCBS Inc.和中国互联网巨头百度等公司积累了大量集中的头寸。</blockquote> Wall Street banks typically broker such swaps. They can allow sophisticated investors to sidestep SEC rules requiring any person or firm that acquires more than 5% of a company’s shares to publicly disclose the stake. Wednesday’s proposal could bring similar disclosure requirements to swap-based trades.<blockquote>华尔街银行通常会经纪此类掉期。它们可以让老练的投资者规避SEC的规定，该规定要求任何收购公司5%以上股份的个人或公司公开披露所持股份。周三的提议可能会给基于掉期的交易带来类似的披露要求。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/sec-proposes-tighter-rules-on-insider-trading-stock-buybacks-11639580403?mod=markets_major_pos11\">WSJ</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.wsj.com/articles/sec-proposes-tighter-rules-on-insider-trading-stock-buybacks-11639580403?mod=markets_major_pos11","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162912899","content_text":"WASHINGTON—Wall Street’s regulator is putting forward tighter rules on how and when corporate insiders can sell their companies’ stocks, just as executives are cashing in at historic levels.\nThe Securities and Exchange Commission proposed new restrictions on executive stock trading and greater disclosure requirements around company share buybacks at a meeting Wednesday. If most of the SEC’s five commissioners support these proposals, along with two others, the agency will put the changes out for public comment before voting to complete them, potentially next year.\n“The core issue is that these insiders regularly have material information that the public doesn’t have,” SEC Chairman Gary Gensler said in a statement. Wednesday’s proposal seeks to ensure their stock trading is done “in a way that’s fair to the marketplace,” he added.\nUnder current rules, corporate officers and directors establish 10b5-1 plans, which schedule future share purchases or sales, to avoid running afoul of insider-trading claims.\nThe plans have been controversial for years because there is no required public disclosure at the time a company insider sets up a plan. Some investors say the arrangements can be abused because executives can modify or cancel them, or establish a plan to sell shares the same day.\nThe proposed rule would require corporate directors or officers to wait 120 days before trading after either adopting or modifying a 10b5-1 plan. Executives would also have to certify that they are not aware of any important information not available to the public about the company or stock when creating or modifying a plan.\nCompanies would also have to disclose more information about their insider-trading policies and their practices around option grants that are timed within 14 days of a significant news release.\nRecent academic research has shown that trades occurring within 60 days of a plan’s establishment were more likely to avoid significant losses and to have come ahead of stock-price declines. The advantages disappeared after 60 days.\nAll five SEC commissioners voted to support the 10b5-1 rule, though Republicans Hester Peirce and Elad Roisman voiced concerns that some of the proposed changes would go too far.\nIn addition to the executive-trading proposal, commissioners will vote on proposed changes to disclosures around stock buybacks by public companies, which are also hitting records this year.\nRepurchases support stock prices by reducing the number of shares outstanding in a company, lifting the firm’s earnings per share. Like dividends, they enable companies to return cash to investors. But critics say buybacks allow executives who are partly paid in equity or options a roundabout way of boosting their own compensation at the expense of workers’ wages or productive investments.\nThe SEC’s proposal would require disclosures of stock buybacks to be more detailed and more frequent. Firms would have to describe the rationale for buybacks and the criteria used to determine the amount of shares to be repurchased.\nRather than disclosing monthly share repurchases once per quarter, companies would have to report buybacks on the next business day. The proposal would also require firms to indicate whether any executives bought or sold shares within 10 business days of the announcement of a buyback program.\nSEC officials said one goal of the proposal is to help investors determine whether there is any connection between a company’s stock-buyback program and executive compensation.\nMs. Peirce and Mr. Roisman said they wouldn’t support the proposed changes around buybacks, while the commission’s three Democrats said they would.\n“Say ‘dividend,’ and nobody gets angry, but say ‘share buyback,’ and the rage boils over,” Ms. Peirce said. “Today’s proposal channels some of that rage against repurchases in a way that only a regulator can: through painfully granular, unnecessarily frequent disclosure obligations.”\nAlso on Wednesday, the SEC advanced proposed changes to rules governing money-market mutual funds and to the regulation of opaque swap trades that fueled billions of dollars of losses at global investment banks earlier this year when Archegos Capital Management imploded.\nUnder the SEC’s swap proposal, companies that place large bets using contracts that track the performance of a company’s stock—but don’t involve holding actual shares—would need to report those bets publicly. Archegos used such swaps to quietly amass big, concentrated positions in companies such as ViacomCBS Inc. and Chinese internet giant Baidu Inc.\nWall Street banks typically broker such swaps. They can allow sophisticated investors to sidestep SEC rules requiring any person or firm that acquires more than 5% of a company’s shares to publicly disclose the stake. Wednesday’s proposal could bring similar disclosure requirements to swap-based trades.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2385,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":23,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}