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KLK June
2022-12-10
$纳指三倍做空ETF(SQQQ)$
KLK June
2022-12-06
$特斯拉(TSLA)$
KLK June
2022-12-05
$美国银行(BAC)$
KLK June
2022-12-03
$苹果(AAPL)$
KLK June
2022-12-01
$特斯拉(TSLA)$
KLK June
2022-11-29
$新加坡交易所(S68.SI)$
KLK June
2022-11-27
$新加坡交易所(S68.SI)$
KLK June
2022-11-26
$新加坡航空公司(C6L.SI)$
KLK June
2022-11-21
$苹果(AAPL)$
KLK June
2022-11-19
$新加坡交易所(S68.SI)$
KLK June
2022-11-18
$新加坡交易所(S68.SI)$
KLK June
2022-11-17
$特斯拉(TSLA)$
KLK June
2022-11-16
$Grab Holdings(GRAB)$
KLK June
2022-11-13
$新加坡交易所(S68.SI)$
KLK June
2022-11-12
$亚马逊(AMZN)$
KLK June
2022-11-11
$特斯拉(TSLA)$
KLK June
2022-11-10
$新加坡航空公司(C6L.SI)$
KLK June
2022-11-08
$特斯拉(TSLA)$
KLK June
2022-11-07
$特斯拉(TSLA)$
KLK June
2022-11-05
$新加坡航空公司(C6L.SI)$
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June","avatar":"https://community-static.tradeup.com/news/f538d85042f93b93a9a5a68ec282aef3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583281139529333","idStr":"3583281139529333"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/806950227","repostId":"1142054143","repostType":4,"repost":{"id":"1142054143","kind":"news","pubTimestamp":1627626608,"share":"https://ttm.financial/m/news/1142054143?lang=en_US&edition=fundamental","pubTime":"2021-07-30 14:30","market":"sh","language":"zh","title":"The dusk of Chinese concept stocks: Has the era of IPOs in the United States passed?","url":"https://stock-news.laohu8.com/highlight/detail?id=1142054143","media":"远川商业评论","summary":"2021年中国互联网公司赴美IPO热潮，在滴滴“抢跑”挂牌纽交所后迎来了急刹车。\n据财新报道，目前已公开递交招股书的哈啰出行、天鹅到家、零氪科技、福佑卡车均已暂停上市。此前，喜马拉雅、Soul也曾在监","content":"<p>In 2021, the IPO boom of Chinese Internet companies in the United States ushered in a sudden brake after Didi \"rushed\" to be listed on the New York Stock Exchange.</p><p>According to Caixin reports, Hellobike Travel, Swan Daojia, Zero Krypton Technology, and Fuyou Truck, which have publicly submitted prospectuses, have all suspended their listing. Previously, Himalaya and Soul had also suspended their listings under regulatory prompts, while Didi and Boss Zhipin ushered in review \"remedial lessons\" after successful listing.</p><p>At the same time, the stock prices of Chinese Internet, which have been listed on the U.S. stock market, also fell collectively. Netizens joked that Chinese concept stocks have become Chinese \"beggar\" stocks.</p><p>Zhonggai share capital is a historical word. Under the tide of overseas listing in the 1990s, financial \"national teams\" such as China Mobile and Tsingtao Brewery took the lead in listing in Hong Kong, absorbing the help of international capital. After the new century, starting with Sina, Chinese Internet companies such as Netease, Sohu, and Ali set off an upsurge of IPOs in the United States.</p><p>From new york to London, from Hong Kong to Singapore, a large number of Chinese companies have appeared in stock markets everywhere. These stocks of Chinese companies listed overseas are also called \"Chinese concept stocks\".</p><p>So, here's the question,</p><p>1. Why do Internet companies that grow up in China continue to set off an upsurge of listing in the United States?</p><p>2. Has the era of IPOs in the United States passed?</p><p><img src=\"https://static.tigerbbs.com/b7b4f21e7221693ec800a63c3feea0f8\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In 1999, around the listing of Sina, Goldman Sachs and Morgan Stanley, two world-class investment banks, started the battle for underwriters.</p><p>At that time, the Internet was still a new thing. Before the formal meeting with Sina, the leaders of Morgan Stanley made up their knowledge for 10 minutes, and talked about the bright future of China's Internet from the good situation of the Internet. During this period, they made the finishing touch with one or two professional words, just like the first generation of Internet trendsetters. The global president of Goldman Sachs also personally called Jiang Fengnian, chairman of Sina, hoping not to change underwriters. A person in charge of the Asia-Pacific region personally flew to Silicon Valley and waited outside Sina's gate for two hours to persuade Wang Zhidong to change his mind.</p><p>The dispute between the two major investment banks eventually fell to Morgan Stanley. In April 2000, with the help of underwriter Morgan Stanley, Sina took the lead in listing on Nasdaq.</p><p>Different from the attention paid to Sina in the European and American markets, at that time, there was generally little knowledge about the Internet in China, and Sina once had many difficulties in financing in China.</p><p>In 1996, the State Science and Technology Commission and the Beijing Economic and Trade Commission approved two projects of Sitong Lifang, and were willing to provide a bank loan of 20 million RMB. However, it is difficult in the bank. Bank mortgage needs collateral, while Sina only has software and cannot evaluate it. When the bank asked Wang Zhidong what mortgage he used, Wang Zhidong said, \"Use the heads of these people\". The bank was very moved after hearing this, and then refused.</p><p>In the end, the world-renowned investment bank headed by Goldman Sachs put a huge sum of US $25 million into Sina's account, which also turned into servers and other equipment urgently needed in the early stage of Sina's development, bearing the surfing enthusiasm of netizens.</p><p>Sina is not an isolated case. Jack Ma also raised funds everywhere without success. He met Masayoshi Son by chance and got $20 million in life-saving money. Pony Ma also tried to sell QQ several times, but finally renewed his life with Li Zekai and IDG for US $2.2 million.</p><p>When the first pot of gold of these Internet companies is mainly overseas financing, it seems that there is a natural driving force for listing in the United States. But Internet companies at that time generally faced a double dilemma:</p><p>(1) First of all, most Internet companies accept overseas financing and become \"foreign-funded companies\", but many relevant national licenses stipulate that they can only be owned by domestic-funded companies.</p><p>(2) Chinese companies need the approval of China Securities Regulatory Commission to go public in the United States, and the review process is complicated.</p><p>As the first Chinese Internet company to eat capitalist crabs, Sina's \"VIE model\" also allowed the later waves to see the dawn of accepting foreign capital and going public in the United States.</p><p>Simply put, VIE mode is old wine in new bottles:</p><p>If Company A can't go public overseas, then set up a shell company B overseas. B (or through its wholly-owned subsidiary C established in China) signs a multi-decade agreement with domestic company A to transfer all debts and equity of A to B, and B successfully lists overseas.</p><p><img src=\"https://static.tigerbbs.com/b705a940524ec1d2cc5eb7670f5ed035\" tg-width=\"800\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>(VIE mode, source: network)</p><p>Subsequently, Sohu, Netease, Ali, Baidu, and Ctrip followed suit and landed on the New York Stock Exchange and Nasdaq. Overseas capital sent them bullets one after another, causing the market value of China's Internet to soar in the next ten years, creating one wealth myth after another.</p><p>There is a simpler reason behind the early listing wave of Internet companies: the strict regulations on listing of A-shares and Hong Kong stocks discouraged them.</p><p><b>First of all, A-shares have strict requirements for listed companies and a long approval time.</b></p><p>U.S. stocks adopt a registration system, and the entire process can usually be completed in a few months. However, A-shares are an audit system, and the approval can take one year at the earliest, and even the IPO has been suspended several times.</p><p>In the period of rapid development of the Internet, whoever gets the food and grass first, quickly arranges troops and seizes the hill-whoever wins the opportunity. There has always been a famous saying in the market that \"pigs on the wind can fly\". In other words, pigs have to run fast enough to stand on the wind.</p><p><b>Secondly, in order to protect small and medium-sized investors, the threshold for A-share listing is very high, with strict restrictions on profitability, cash flow, and revenue, and it also requires companies to have the ability to make sustainable profitability.</b></p><p>Internet companies were big money burners in the early days. For example, JD.com has been losing money for more than ten years in a row. If it is in A-shares, it should be delisted several times. However, U.S. stocks do not set a profit threshold for companies planning to be listed. As long as the company's business grows rapidly and occupies a large market share, it can go public even if it loses money. This will undoubtedly be regarded as life-saving food by Internet companies in urgent need of bullets.</p><p><b>Finally, the regulations of A-shares on equity also make Internet companies hesitate again and again.</b></p><p>Internet companies generally go through angel round, pre-A round, B round, C round, and D round of wheel financing before they can go public. In this process, the equity of the founding team will be continuously diluted.</p><p>Therefore, most Internet companies implement the structure of \"same shares but different rights\", also known as AB shares. Simply put, the stock is divided into two levels: A shares and B shares. The A shares obtained by external investors only have 1 vote, while the B shares held by the management can have N votes. For example, Liu Qiangdong's equity in JD.com is only 15%, but his voting rights are nearly 80%.</p><p>At that time, both A-shares and Hong Kong stocks insisted on \"one share, one right, the same share, the same right\". Such regulations will cause the founding team to gradually lose actual control over the company during the financing process. U.S. stocks have opened the door to such companies with dual ownership structures.</p><p>More than ten years after Sina went public, Nasdaq has become the cradle of global Internet companies. After overseas giants such as Google, ebay, and Yahoo went public, refreshing one myth after another of wealth creation myths, their Chinese versions of Baidu, Ali, Sina/Sohu, and JD.com all made US stock investors excited.</p><p>Behind the glory of Chinese concept stocks in the US stock market, it was the loneliness of Hong Kong stocks and A shares. With the changes of the times, exchanges have also started institutional competitions.</p><p><img src=\"https://static.tigerbbs.com/acfa21c3dc9518f5b73abac651eeb69f\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In 2013, Ali tried to list on the Hong Kong stock market, but the Hong Kong Stock Exchange was quite disgusted with Ali's \"same shares but different rights\" structure. Li Xiaojia, the former chief executive of the Hong Kong Stock Exchange, urged Hong Kong to allow the dual-structure Ali to go public, but there were many obstacles.</p><p>Jack Ma dropped the beautiful words \"Alibaba missed Hong Kong, not Hong Kong missed Alibaba\", turned around and went to the New York Stock Exchange with Alibaba.</p><p>Ali, who was rejected by Hong Kong, achieved great success on the New York Stock Exchange: raising US $21.8 billion, and its market value soared to US $231.4 billion that day, setting a record for the largest IPO in history and becoming the second largest Internet company in the world after Google.</p><p>Ali's success has also put tremendous pressure on the Hong Kong Stock Exchange, and the outside world has questioned it one after another, even calling it \"a shame for Hong Kong's securities industry.\"</p><p>After the loss of Ali, Li Xiaojia pushed back public opinion and persevered in launching two rounds of reforms. Finally, in April 2018, the revised \"Main Board Listing Rules\" stipulated that companies with different rights of the same share (WVR) structure and unprofitable biopharmaceutical companies were allowed to list on the Hong Kong stock market.</p><p>This year, the Hong Kong Stock Exchange welcomed Xiaomi. Subsequently, Ali, NetEase, and JD.com also started the journey of secondary listing of Hong Kong stocks. The Hong Kong market has also attracted fast-growing new economy companies such as Kuaishou, Pop Mart, and JD Health. As of the end of December 2020, the proportion of new economy companies in the total market value of all listed companies in Hong Kong increased to 29%.</p><p><img src=\"https://static.tigerbbs.com/38bc25fcb8de54bcd6532c947b4c719f\" tg-width=\"1016\" tg-height=\"648\" referrerpolicy=\"no-referrer\"></p><p>The reform of the Hong Kong Stock Exchange has also made the performance of the Hong Kong Stock Exchange hit record highs. In 2020, the total operating income of the Hong Kong Stock Exchange was HK $19.2 billion, a year-on-year increase of 18%.</p><p>In 2019, the A-share science and technology innovation board was officially launched and introduced the registration system for the first time. The auditor also changed from the China Securities Regulatory Commission to the Shanghai Stock Exchange. After the Shanghai Stock Exchange approves the review, it will be transferred to the China Securities Regulatory Commission, which will decide within 20 working days. Whether to grant registration. Starting from 2020, main board companies will gradually adopt the registration system for listing.</p><p>The implementation of the registration system means that companies can complete listing in about 6 months, and high-quality companies can quickly obtain financial support. For example, in SMIC, it only took 46 days from application acceptance to listing and trading on the Science and Technology Innovation Board.</p><p>In addition, the Science and Technology Innovation Board has also relaxed restrictions on profitability and dual equity, and even allowed VIE structure. In September last year, the Science and Technology Innovation Board also ushered in the first listed company that integrates VIE structure, AB share structure, and issuance of CDRs-No. 9 Robot.</p><p>The implementation of the registration system and the introduction of the \"source of living water\" of the new economy have also caused great changes to the ecology of A shares.</p><p>On the one hand, this is a \"supply-side reform\" of securities. After the Hong Kong Stock Exchange's new listing policy in 2018, the competitiveness of A-shares once declined. After the reform of the issuance and listing system, A shares made up for their own disadvantages. Moreover, compared with Hong Kong stocks and US stocks, A-shares are closest to domestic investors, so it is easier for local unicorns/new economy companies to obtain good valuations in A-shares. This is clear at a glance from the valuation of hundreds of times in new energy, medical beauty, semiconductor and other industries.</p><p>On the other hand, with the smooth flow of listing channels, the traditional \"shell\" value of A-share listed companies has been declining, and the market value of listed companies is getting closer and closer to or reflecting their intrinsic value.</p><p>Facts have shown that listing in China also has bright prospects.</p><p><img src=\"https://static.tigerbbs.com/2086ae6023f6b647764da521881f2aef\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In the domestic A-share market or financial field, there has always been a so-called cycle of strengthening supervision and relaxing supervision.</p><p>Simply put, it is similar to new share issuance/refinancing/overseas listing/returning to China for listing. It is relaxed for three years and tightened for three years, mended for another three years, and then changed the posture and did it again.</p><p>If you step on the regulatory cycle once, you can make money, but it is difficult to guarantee that you will continue to step on it next time. More importantly, if we look at it from a longer perspective, the so-called regulatory cycle of three years of relaxation and three years of tightening is not a historical process at all.</p><p>In the matter of listing, the real historical process is the supply-side reform driven by the registration system, which increases the securitization rate and lowers the compliance threshold, forming an open system that is more oriented to innovation and encourages competition and survival of the fittest, thus improving financing efficiency and ultimately optimizing the industrial structure.</p><p>The process of this history is sometimes delayed by cycles, or attracted attention by cycles. But in the end, no matter how the cycle ups and downs, it will eventually lead to the course of history.</p><p>Maybe one day, Chinese concept stocks will become the past of the times like the \"Canton Fair\".</p>","source":"lsy1585921707636","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 dusk of Chinese concept stocks: Has the era of IPOs in the United States passed?</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\">\nThe dusk of Chinese concept stocks: Has the era of IPOs in the United States passed?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">远川商业评论</strong><span class=\"h-time small\">2021-07-30 14:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In 2021, the IPO boom of Chinese Internet companies in the United States ushered in a sudden brake after Didi \"rushed\" to be listed on the New York Stock Exchange.</p><p>According to Caixin reports, Hellobike Travel, Swan Daojia, Zero Krypton Technology, and Fuyou Truck, which have publicly submitted prospectuses, have all suspended their listing. Previously, Himalaya and Soul had also suspended their listings under regulatory prompts, while Didi and Boss Zhipin ushered in review \"remedial lessons\" after successful listing.</p><p>At the same time, the stock prices of Chinese Internet, which have been listed on the U.S. stock market, also fell collectively. Netizens joked that Chinese concept stocks have become Chinese \"beggar\" stocks.</p><p>Zhonggai share capital is a historical word. Under the tide of overseas listing in the 1990s, financial \"national teams\" such as China Mobile and Tsingtao Brewery took the lead in listing in Hong Kong, absorbing the help of international capital. After the new century, starting with Sina, Chinese Internet companies such as Netease, Sohu, and Ali set off an upsurge of IPOs in the United States.</p><p>From new york to London, from Hong Kong to Singapore, a large number of Chinese companies have appeared in stock markets everywhere. These stocks of Chinese companies listed overseas are also called \"Chinese concept stocks\".</p><p>So, here's the question,</p><p>1. Why do Internet companies that grow up in China continue to set off an upsurge of listing in the United States?</p><p>2. Has the era of IPOs in the United States passed?</p><p><img src=\"https://static.tigerbbs.com/b7b4f21e7221693ec800a63c3feea0f8\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In 1999, around the listing of Sina, Goldman Sachs and Morgan Stanley, two world-class investment banks, started the battle for underwriters.</p><p>At that time, the Internet was still a new thing. Before the formal meeting with Sina, the leaders of Morgan Stanley made up their knowledge for 10 minutes, and talked about the bright future of China's Internet from the good situation of the Internet. During this period, they made the finishing touch with one or two professional words, just like the first generation of Internet trendsetters. The global president of Goldman Sachs also personally called Jiang Fengnian, chairman of Sina, hoping not to change underwriters. A person in charge of the Asia-Pacific region personally flew to Silicon Valley and waited outside Sina's gate for two hours to persuade Wang Zhidong to change his mind.</p><p>The dispute between the two major investment banks eventually fell to Morgan Stanley. In April 2000, with the help of underwriter Morgan Stanley, Sina took the lead in listing on Nasdaq.</p><p>Different from the attention paid to Sina in the European and American markets, at that time, there was generally little knowledge about the Internet in China, and Sina once had many difficulties in financing in China.</p><p>In 1996, the State Science and Technology Commission and the Beijing Economic and Trade Commission approved two projects of Sitong Lifang, and were willing to provide a bank loan of 20 million RMB. However, it is difficult in the bank. Bank mortgage needs collateral, while Sina only has software and cannot evaluate it. When the bank asked Wang Zhidong what mortgage he used, Wang Zhidong said, \"Use the heads of these people\". The bank was very moved after hearing this, and then refused.</p><p>In the end, the world-renowned investment bank headed by Goldman Sachs put a huge sum of US $25 million into Sina's account, which also turned into servers and other equipment urgently needed in the early stage of Sina's development, bearing the surfing enthusiasm of netizens.</p><p>Sina is not an isolated case. Jack Ma also raised funds everywhere without success. He met Masayoshi Son by chance and got $20 million in life-saving money. Pony Ma also tried to sell QQ several times, but finally renewed his life with Li Zekai and IDG for US $2.2 million.</p><p>When the first pot of gold of these Internet companies is mainly overseas financing, it seems that there is a natural driving force for listing in the United States. But Internet companies at that time generally faced a double dilemma:</p><p>(1) First of all, most Internet companies accept overseas financing and become \"foreign-funded companies\", but many relevant national licenses stipulate that they can only be owned by domestic-funded companies.</p><p>(2) Chinese companies need the approval of China Securities Regulatory Commission to go public in the United States, and the review process is complicated.</p><p>As the first Chinese Internet company to eat capitalist crabs, Sina's \"VIE model\" also allowed the later waves to see the dawn of accepting foreign capital and going public in the United States.</p><p>Simply put, VIE mode is old wine in new bottles:</p><p>If Company A can't go public overseas, then set up a shell company B overseas. B (or through its wholly-owned subsidiary C established in China) signs a multi-decade agreement with domestic company A to transfer all debts and equity of A to B, and B successfully lists overseas.</p><p><img src=\"https://static.tigerbbs.com/b705a940524ec1d2cc5eb7670f5ed035\" tg-width=\"800\" tg-height=\"500\" referrerpolicy=\"no-referrer\"></p><p>(VIE mode, source: network)</p><p>Subsequently, Sohu, Netease, Ali, Baidu, and Ctrip followed suit and landed on the New York Stock Exchange and Nasdaq. Overseas capital sent them bullets one after another, causing the market value of China's Internet to soar in the next ten years, creating one wealth myth after another.</p><p>There is a simpler reason behind the early listing wave of Internet companies: the strict regulations on listing of A-shares and Hong Kong stocks discouraged them.</p><p><b>First of all, A-shares have strict requirements for listed companies and a long approval time.</b></p><p>U.S. stocks adopt a registration system, and the entire process can usually be completed in a few months. However, A-shares are an audit system, and the approval can take one year at the earliest, and even the IPO has been suspended several times.</p><p>In the period of rapid development of the Internet, whoever gets the food and grass first, quickly arranges troops and seizes the hill-whoever wins the opportunity. There has always been a famous saying in the market that \"pigs on the wind can fly\". In other words, pigs have to run fast enough to stand on the wind.</p><p><b>Secondly, in order to protect small and medium-sized investors, the threshold for A-share listing is very high, with strict restrictions on profitability, cash flow, and revenue, and it also requires companies to have the ability to make sustainable profitability.</b></p><p>Internet companies were big money burners in the early days. For example, JD.com has been losing money for more than ten years in a row. If it is in A-shares, it should be delisted several times. However, U.S. stocks do not set a profit threshold for companies planning to be listed. As long as the company's business grows rapidly and occupies a large market share, it can go public even if it loses money. This will undoubtedly be regarded as life-saving food by Internet companies in urgent need of bullets.</p><p><b>Finally, the regulations of A-shares on equity also make Internet companies hesitate again and again.</b></p><p>Internet companies generally go through angel round, pre-A round, B round, C round, and D round of wheel financing before they can go public. In this process, the equity of the founding team will be continuously diluted.</p><p>Therefore, most Internet companies implement the structure of \"same shares but different rights\", also known as AB shares. Simply put, the stock is divided into two levels: A shares and B shares. The A shares obtained by external investors only have 1 vote, while the B shares held by the management can have N votes. For example, Liu Qiangdong's equity in JD.com is only 15%, but his voting rights are nearly 80%.</p><p>At that time, both A-shares and Hong Kong stocks insisted on \"one share, one right, the same share, the same right\". Such regulations will cause the founding team to gradually lose actual control over the company during the financing process. U.S. stocks have opened the door to such companies with dual ownership structures.</p><p>More than ten years after Sina went public, Nasdaq has become the cradle of global Internet companies. After overseas giants such as Google, ebay, and Yahoo went public, refreshing one myth after another of wealth creation myths, their Chinese versions of Baidu, Ali, Sina/Sohu, and JD.com all made US stock investors excited.</p><p>Behind the glory of Chinese concept stocks in the US stock market, it was the loneliness of Hong Kong stocks and A shares. With the changes of the times, exchanges have also started institutional competitions.</p><p><img src=\"https://static.tigerbbs.com/acfa21c3dc9518f5b73abac651eeb69f\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In 2013, Ali tried to list on the Hong Kong stock market, but the Hong Kong Stock Exchange was quite disgusted with Ali's \"same shares but different rights\" structure. Li Xiaojia, the former chief executive of the Hong Kong Stock Exchange, urged Hong Kong to allow the dual-structure Ali to go public, but there were many obstacles.</p><p>Jack Ma dropped the beautiful words \"Alibaba missed Hong Kong, not Hong Kong missed Alibaba\", turned around and went to the New York Stock Exchange with Alibaba.</p><p>Ali, who was rejected by Hong Kong, achieved great success on the New York Stock Exchange: raising US $21.8 billion, and its market value soared to US $231.4 billion that day, setting a record for the largest IPO in history and becoming the second largest Internet company in the world after Google.</p><p>Ali's success has also put tremendous pressure on the Hong Kong Stock Exchange, and the outside world has questioned it one after another, even calling it \"a shame for Hong Kong's securities industry.\"</p><p>After the loss of Ali, Li Xiaojia pushed back public opinion and persevered in launching two rounds of reforms. Finally, in April 2018, the revised \"Main Board Listing Rules\" stipulated that companies with different rights of the same share (WVR) structure and unprofitable biopharmaceutical companies were allowed to list on the Hong Kong stock market.</p><p>This year, the Hong Kong Stock Exchange welcomed Xiaomi. Subsequently, Ali, NetEase, and JD.com also started the journey of secondary listing of Hong Kong stocks. The Hong Kong market has also attracted fast-growing new economy companies such as Kuaishou, Pop Mart, and JD Health. As of the end of December 2020, the proportion of new economy companies in the total market value of all listed companies in Hong Kong increased to 29%.</p><p><img src=\"https://static.tigerbbs.com/38bc25fcb8de54bcd6532c947b4c719f\" tg-width=\"1016\" tg-height=\"648\" referrerpolicy=\"no-referrer\"></p><p>The reform of the Hong Kong Stock Exchange has also made the performance of the Hong Kong Stock Exchange hit record highs. In 2020, the total operating income of the Hong Kong Stock Exchange was HK $19.2 billion, a year-on-year increase of 18%.</p><p>In 2019, the A-share science and technology innovation board was officially launched and introduced the registration system for the first time. The auditor also changed from the China Securities Regulatory Commission to the Shanghai Stock Exchange. After the Shanghai Stock Exchange approves the review, it will be transferred to the China Securities Regulatory Commission, which will decide within 20 working days. Whether to grant registration. Starting from 2020, main board companies will gradually adopt the registration system for listing.</p><p>The implementation of the registration system means that companies can complete listing in about 6 months, and high-quality companies can quickly obtain financial support. For example, in SMIC, it only took 46 days from application acceptance to listing and trading on the Science and Technology Innovation Board.</p><p>In addition, the Science and Technology Innovation Board has also relaxed restrictions on profitability and dual equity, and even allowed VIE structure. In September last year, the Science and Technology Innovation Board also ushered in the first listed company that integrates VIE structure, AB share structure, and issuance of CDRs-No. 9 Robot.</p><p>The implementation of the registration system and the introduction of the \"source of living water\" of the new economy have also caused great changes to the ecology of A shares.</p><p>On the one hand, this is a \"supply-side reform\" of securities. After the Hong Kong Stock Exchange's new listing policy in 2018, the competitiveness of A-shares once declined. After the reform of the issuance and listing system, A shares made up for their own disadvantages. Moreover, compared with Hong Kong stocks and US stocks, A-shares are closest to domestic investors, so it is easier for local unicorns/new economy companies to obtain good valuations in A-shares. This is clear at a glance from the valuation of hundreds of times in new energy, medical beauty, semiconductor and other industries.</p><p>On the other hand, with the smooth flow of listing channels, the traditional \"shell\" value of A-share listed companies has been declining, and the market value of listed companies is getting closer and closer to or reflecting their intrinsic value.</p><p>Facts have shown that listing in China also has bright prospects.</p><p><img src=\"https://static.tigerbbs.com/2086ae6023f6b647764da521881f2aef\" tg-width=\"1080\" tg-height=\"312\" referrerpolicy=\"no-referrer\"></p><p>In the domestic A-share market or financial field, there has always been a so-called cycle of strengthening supervision and relaxing supervision.</p><p>Simply put, it is similar to new share issuance/refinancing/overseas listing/returning to China for listing. It is relaxed for three years and tightened for three years, mended for another three years, and then changed the posture and did it again.</p><p>If you step on the regulatory cycle once, you can make money, but it is difficult to guarantee that you will continue to step on it next time. More importantly, if we look at it from a longer perspective, the so-called regulatory cycle of three years of relaxation and three years of tightening is not a historical process at all.</p><p>In the matter of listing, the real historical process is the supply-side reform driven by the registration system, which increases the securitization rate and lowers the compliance threshold, forming an open system that is more oriented to innovation and encourages competition and survival of the fittest, thus improving financing efficiency and ultimately optimizing the industrial structure.</p><p>The process of this history is sometimes delayed by cycles, or attracted attention by cycles. But in the end, no matter how the cycle ups and downs, it will eventually lead to the course of history.</p><p>Maybe one day, Chinese concept stocks will become the past of the times like the \"Canton Fair\".</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/gu1eUNVmmW5rAFABlLkUzg\">远川商业评论</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/06cae21fc7d62efef7e8ddec15e2bb0b","relate_stocks":{"QNETCN":"纳斯达克中美互联网老虎指数","TTTN":"老虎中美互联网巨头ETF"},"source_url":"https://mp.weixin.qq.com/s/gu1eUNVmmW5rAFABlLkUzg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142054143","content_text":"2021年中国互联网公司赴美IPO热潮，在滴滴“抢跑”挂牌纽交所后迎来了急刹车。\n据财新报道，目前已公开递交招股书的哈啰出行、天鹅到家、零氪科技、福佑卡车均已暂停上市。此前，喜马拉雅、Soul也曾在监管提示下暂停上市，而滴滴和Boss直聘则是在顺利挂牌后迎来了审查“补课”。\n与此同时，在美股已上市的中国互联网股价也集体走跌，网友段子称中概股已成中“丐”股。\n中概股本是一个颇具历史色彩的词汇。90年代境外上市大潮下，中国移动、青岛啤酒等金融“国家队”率先在香港上市，吸收了国际资本的助力。新世纪后，以新浪为开端，网易、搜狐、阿里等中国互联网公司掀起了赴美IPO热潮。\n从纽约到伦敦，从中国香港到新加坡，各地的股市都出现了大量中国公司的身影。这些在境外上市的中国公司股票也被称为“中概股”。\n那么，问题来了，\n1. 为什么成长在国内的互联网公司，会不断掀起赴美上市热潮？\n2. 赴美IPO的时代已经过去了吗？\n\n1999年，围绕着新浪上市，高盛和摩根斯坦利两大世界级投行开启了承销商争夺战。\n当时的互联网还是新鲜事物，大摩的领导在与新浪正式会面前10分钟恶补知识，从国际互联网的大好形势谈到中国互联网的锦绣前景，其间画龙点睛地冠以一两个专业词汇，俨然第一代网络弄潮儿。高盛全球总裁也曾亲自致电新浪董事长姜丰年，希望不要更换承销商，亚太区的一位负责人更是亲自飞到硅谷，在新浪门外等了足足两个小时，劝说王志东回心转意。\n两大投行之争，最终花落摩根斯坦利。2000年4月，新浪在承销商摩根斯坦利的帮助下，率先在纳斯达克敲钟上市。\n与欧美市场对新浪的瞩目不同，那个时期国内普遍对互联网知之甚少，新浪曾经在国内融资困难重重。\n在1996年的时候，国家科委和北京市经贸委批准了四通利方两个项目，并愿意提供2000万人民币银行贷款。但在银行这一关犯了难，银行抵押需要抵押物，而新浪只有软件，无法评估。银行问王志东用什么抵押，王志东说了句，“用这帮人的脑袋”。银行听后十分感动，然后拒绝了。\n最后还是高盛为首的世界知名投资银行将2500万美元的巨款打入了新浪的账户，也化成了新浪发展早期急需的服务器等设备，承载着网民们的冲浪热情。\n新浪并不是孤例。马云也曾四处融资无果，偶然结识孙正义，才拿到了2000万美元的救命钱。马化腾也曾几次想卖掉QQ，最后还是在李泽楷和IDG220万美元下续了命。\n当这批互联网公司的第一桶金主要为海外融资时，赴美上市似乎就有了天然的驱动力。但当时的互联网公司普遍面临着双重困境：\n（1）首先大多互联网公司接受境外融资而成为“外资公司”，但国家许多相关牌照规定是只能内资公司拥有的。\n（2）中国公司要去美国上市需要中国证监会审批同意，审核流程复杂。\n作为第一个吃资本主义螃蟹的中国互联网公司，新浪的“VIE模式”也让后浪们看到了接受外资和赴美上市的曙光。\n简单来说，VIE模式就是新瓶装旧酒：\nA公司无法去海外上市，那就在海外成立一家壳公司B，B（或者通过其在国内设立的全资子公司C）与内资的公司A签订一份几十年的协议，将A所有债务和权益都转给B，B以此在海外成功上市。\n\n（VIE模式，来源：网络）\n随后，搜狐、网易、阿里、百度、携程也纷纷效仿登陆纽交所和纳斯达克。海外资本为它们送来一发发子弹，使得中国互联网之后十年内市值飙升，创造了一个又一个的财富神话。\n而早期的互联网公司上市潮背后还有一个更简单的原因：A股和港股对上市的严格规定，使他们望而却步。\n首先，A股对上市公司的要求严格，审批时间长。\n美股采取注册制，一般几个月就能走完全部的流程。但A股是审核制，审批最快也得一年，甚至几度暂停IPO。\n在互联网飞速发展的时期里，谁先拿到粮草，快速排兵布阵，抢占山头——谁就夺得了先机。坊间一直有句名言“风口上的猪都会飞”，换言之，猪也要跑的够快才能站上风口。\n其次，为了保护中小投资者，A股上市的门槛很高，对盈利、现金流、营收有严格的限制，而且它还要求公司必须有可持续盈利的能力。\n互联网公司早期都是烧钱大户，比如京东就曾连续亏十几年，在A股的话该退市好几次了。但美股对于拟上市公司不设盈利门槛。只要公司业务高速增长，占据很大市场份额，即便亏损也能上市。这无疑会被急需子弹的互联网公司视为救命粮草。\n最后，A股对于股权的规定，也让互联网公司们犹豫再三。\n互联网公司一般都会经过天使轮、pre-A轮、B轮、C轮、D轮车轮式融资，才能到上市这关。在这个过程中，创始团队的股权就会被不断稀释。\n因此，互联网公司大部分实行“同股不同权”的架构，又称AB股。简单来说，就是把股票分成A股和B股两个层次，外部投资者拿到的A股只有1票投票权，而管理层持有的B股美股却可以有N票投票权。比如说，刘强东在京东的股权只有15%，但是投票权近80%。\n在当时，A股和港股都坚持“一股一权、同股同权”。这样的规定会使得创始团队在融资过程中，逐渐失去对公司的实际控制权。而美股则为这类两重股权结构的公司敞开了大门。\n在新浪上市后的十几年内，纳斯达克也就成了全球互联网公司的摇篮。在谷歌、ebay、雅虎等海外巨头上市，刷新一个又一个的创富神话后，他们的中国版百度、阿里、新浪/搜狐、京东无不让美股投资者心潮澎湃。\n中概股在美股刷新一次次辉煌背后，是港股、A股的一度落寞。随着时代变化，交易所们也开启了制度竞赛。\n\n2013年，阿里曾经试图在港股上市，但港交所对阿里“同股不同权”架构相当反感。前港交所行政总裁李小加力主香港允许双重结构的阿里上市，但阻力重重。\n马云丢下一句“是阿里巴巴错失了香港，而不是香港错失了阿里巴巴”的漂亮话，带着阿里转身就上了纽交所。\n被香港拒绝的阿里，在纽交所大获成功：融资218亿美元，当天市值飙到2314亿美元，一举创下史上最大IPO的记录，成为仅次于谷歌的全球第二大互联网公司。\n阿里的成功，也让港交所承受了巨大的压力，外界纷纷投来质疑，甚至把这次称为“香港证券业的耻辱”。\n李小加在痛失阿里后力排众议，锲而不舍地发起了两轮改革。最终在2018年的4月，修订后的《主板上市规则》里规定，同股不同权（WVR）架构公司和未盈利生物医药企业被允许在港股上市。\n这一年，港交所就迎来了小米。随后，阿里、网易、京东也开启了港股的二次上市之旅。香港市场还吸引了快手、泡泡玛特、京东健康等高速成长的新经济公司。截至2020年12月底，新经济公司占香港所有上市公司总市值的比例提升至29%。\n\n港交所的改革，也让港交所的业绩屡创新高。2020年，港交所营业总收入192亿港元，同比增长18%。\n2019年，A股的科创板正式推出并首次引入了注册制，审核方也从证监会变成了上交所，上交所审核通过后，再转给证监会，后者会在20个工作日内决定是否给予注册。从2020年开始，主板企业也会逐步采用注册制上市。\n注册制的推行，意味着企业大概6个月就可以完成上市，优质企业就可以快速获得资金支持。例如在中芯国际，在上交科创板从申请受理到上市交易，只花了短短46天。\n除此以外，科创板也放开了对盈利和双重股权的限制，甚至允许VIE架构。去年9月，科创板也迎来了第一家集VIE架构、AB股结构、发行CDR于一身的上市公司——九号机器人。\n实行注册制、引入新经济的“源头活水”，也对A股的生态造成了巨大的改变。\n一方面，这是一场证券的“供给侧改革”，港交所2018年上市新政之后，A股竞争力一度出现下降。而在发行上市制度改革之后，A股弥补了自身的劣势。而且本身相比港股和美股，A股距离国内投资者最近，所以本土的独角兽/新经济公司更容易在A股能够获得好的估值。这在新能源、医美、半导体等行业动辄几百倍的估值身上已经一目了然。\n另一方面，随着上市渠道的畅通，A股上市公司传统的“壳”价值不断下降，上市公司的市值越来越贴近或反映其内在价值。\n事实已经说明，在国内上市，也有光明的前景。\n\n在国内A股市场或者金融领域上，一向存在所谓的加强监管周期、放松监管周期。\n简单说，就是类似新股发行/再融资/海外上市/回国上市，放松三年收紧三年，缝缝补补又三年，然后换个姿势再来一次。\n踩准一次监管周期，能赚钱，但很难保证下次继续踩准。更重要的是，如果以更长的目光来看，松三年紧三年的所谓监管周期，完全不是历史的进程。\n在上市这件事情上，真正的历史进程是注册制带动的供给侧改革，让证券化率提高、合规门槛降低，形成一个更加面向创新鼓励竞争优胜劣汰的开放体系，从而提高融资效率，最终优化产业结构。\n这个历史的进程有时候会被周期耽误，或者被周期吸引了注意力。但最终，不管周期如何起伏，最终都会通向历史的进程。\n也许有一天，中概股也将和“广交会”一样，成为时代的过去。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"TTTN":0.9}},"isVote":1,"tweetType":1,"viewCount":1083,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966280848,"gmtCreate":1669553531584,"gmtModify":1676538206863,"author":{"id":"3583281139529333","authorId":"3583281139529333","name":"KLK 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